Step 1:
I have edited my Moodle profile and wrote some introduction words.
After that, I created my first blog. Here is my blog link:
I cannot forget to have a look other blog and say Hi. Example :
https://nguyenmyblog.wordpress.com/about/
Step 2:
I received my firm in ‘Find Your Company’ spreadsheet and my company is Medical Australia. At first, I was not interested about the Medicare because I did not understand how human health company can run a business. After searching on Annual Reports, I found out that they focus from senior management as well as additional funding to support working capital requirements and potential acquisitions.
Company’s background:
Medical Australia cares about healthcare. Their responsibility is adding value in all aspect of their business by providing best quality of manufacturing and improving more professional doctors to bring the best outcome for patients. Medical Australia has a large manufacturing base in China and sale through South East Asia, the UK, North Africa and the Middle East. They are looking forward to further expand in Europe and Asia by professional strategy. The company is from two Australian companies which are BMDi Limited and TUTA healthcare, Coming together to form BMDi TUTA Healthcare Pty Ltd in 2008. They want to establish brands for international customer with a low cost manufacturing and sourcing. In the future, they will focus on outsource of manufacture for major international medical companies to pursue the chances developing new products. Their portfolios are TUTA healthcare, TUTA vet and Clement Medical Equipment. Here is the website :
TUTA Healthcare have particular expertise in sterile and non-sterile medical plastics for use in surgery and transfusion. Key to TUTA’s success is innovation and a customer-centric focus that allows us to design and develop new products to enable advances in clinical techniques that meet the requirements of leading medical professionals.
TUTA Vet makes a constant effort to establish an unrivalled reputation for manufacturing and supplying high quality IV products and accessories to the animal healthcare market.
Clements is one of only a small band of Australian manufacturing companies whose international business well exceeds their domestic business.
Here is company website:
Annual Reports:
Comments, Key concepts and questions:
After reading Medical Australia Annual Reports, it is obviously that Medical Australia seeking to have an effective strategy of increasing market share in the human health market by selling organic foods and increasing the range of diversity . As their annual report in 2015,they was lost the profit in the prior year because of the losses incurred in the animal health business, however, they still improve their performance by promoting the sales of organic foods and controlling the expenses of operating. On the other hand, comparing to the last year, the sales revenue was higher 25%. Furthermore, the revenue in human healthcare business was increased 15%. Moreover, the total assets significantly increased by nearly $345000. Because of the retiring of acquired Medivet debt, liabilities were decreased. It is reasonable for company to continue promoting the reputation of TUTA brand by pursuing organic growth with a low-cost in Australia market.
Challenges and solutions:
First of all, they lost profit in last year because of the losses incurred in the animal health business. However, they have significant opportunity in human and animal health business. Hence, they focus on improving the performance by increasing sale growth and managing operation expenses.
Second challenge which is continue achieving full potential and funds back to company without combining two businesses. However, this turns out to be their benefit when they can achieve full potential and release funds back to the parent company.
Their third problem is how to achieve full potential and requirement to establish an independent entity to raise the fund of the Medivet US. They focus on the process is how to achieve Medivet US potential by the supporting of Medical Australia.
Finally, developing of the opportunity in the human health business is their fourth challenge. Therefore, they need full management focus.
Questions
- What is the meaning of Accumulated losses?
- What is Issued capital ? (Ordinary shares are classified as equity, issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects)
- What is in Intangible assets ? (Goodwill and Product Development Costs)
- What is Non-controlling interest on acquisition stand for ?
- What is in Employee benefits expenses ? (Wages, salaries, annual leave, long service leave, sick leave and non-monetary benefit)
- What is Amortisation ?
- Which is Income tax benefit ?
- Why Non-current liabilities does not have Income tax payables ?
- What is Interest bearing liabilities ?
- Why does Foreign currency translation reserve involve in Equity ?
- What is Depreciation ?
- What is in Other comprehensive income ?
- What is R&D tax refund ?
Similarities and Differences:
I see my company having a lot of common in the performance with another firm. They all want to attract more investors and pursuing to establish their products in multi market. However, there are some difference between my company and other health care business such as Ramsay health care. Example, in Ramsay health care statement of changes in equity they have bank loan designated as a hedge of a net investment in subsidiary and vested employee equity.
My concerns:
Overall, I feel fine about my firm because I prefer to another industry However, life is not perfect and my company has some interesting for me to read and research about it. I wish can understand more about the financial statement and I should reschedule my timetable so I can complete this assignment which takes me a lot of time because this is so new for me.
My top three blog :
- Ha My Nguyen: She is my fellow and she helps me a lot with this assignment. Therefore, her comments about MMA Offshore Limited really clear.
- Vu Phan : I like the way introduce his company (Orica) and put a lot of efforts in step 2. He provide the similarities and differences of his company.
- Ly My Phuong: The way introduce about the Collection House really good. She puts some picture so I can easily understand.
I also voted and linked their blog on forum:
https://moodle.cqu.edu.au/mod/forum/discuss.php?d=117135
Step 3:
My company Spreadsheet is in my blog:
Step 4:
Chapter 1: A WAY OF VEWING BUSINESS
First of all, before reading this chapter, I always thought accounting is just a large of complicate and boring numbers reviewing the profit of company. However, after reading this, I release that accounting can give the solid evidence about the future of company by giving exact number to help company making right decision. Nowadays, business is the necessary for the development of whole world. Hence, accounting plays an important role in company. To be more specific, accounting can provide the way of viewing business by the number and reflect the realities of company including running and investing. Moreover, in my opinion, everything must start from the past. It is obviously that accounting starts with keeping records of the firm like a diary and helping management to make right decision which is affect future of operation. Some people are opinion that all aspects of life have two views just like a coin has two sides. Thus, accounting is not expectation, it has debits and credits. Besides, thanks to the development of technology, it helps accounting become more accessible by accounting software packages. Management of medical Australia invested in the US medivet operation to lay a background for company. The new capital of $2.1 million was raised when the necessary to help company’s future. Furthermore, the company needs to raise the fund of the Medivet US business. It is worth pointing out that accounting can measure the value of company future. This is the first time that I know about the five elements in Accounting which are Assets, Liabilities, Revenue, Equity and Expenses (before that I only know about the profit). On the one hand, the Balance Sheet includes Asset, Equity and Liabilities. On the other hand, Expenses, Revenue are in Income Statement. It is really interesting to understand behind accounting.
Chapter 3: INTRODUCING FINANCIAL STATEMENTS
In this chapter, I feel confused about remembering names of all financial statements which is not familiar with me. However, I saw that only four general purpose such as the balance sheet, income statement, statement of changes in equity and cash flow statement. Each firm will set them by different ways and different names. Example, Medical Australia’s balance sheet in annual report called Consolidated Statement of Financial Position. Despite of different names, it uses same or similar items. When looking at balance sheet, I saw it so complicated and boring. But after reading this chapter, I finally can say balance sheet is just accounting equation which is Assets = Liabilities + Equity. To be more specific, balance sheet not only shows the balance sheet of a group of companies but also comprising the total economic entity. I do not even know that Cash flow statement details changes in cash between two balance sheet (how cool is that). Thanks to this chapter, the financial statements make more sense and not so boring as I thought. I have learnt more about two keys of financial statements (the balance sheet and the income statement). Besides, I know that normally two statements will change during the period and the value of an equity will expected future dividends of firms (very important).Finally, I can analyse that financial statement can help me to understand the future and reality of a firm’s economic.
Step 5
Here is my feedback other Drafts:
Loxy Lori 