Comparative Analysis Of Financial Statements Of Myer Holdings And Kathmandu Holdings

Myer Holdings Limited

Myer Holdings Limited

The Myer Holdings Limited was founded in the year 1900 by Sidney Myer. The Myer is one of the largest Australian department store chain group. It is listed in Australian stock exchange with the ticker name as ASX: MYR. It is engaged in retailing of women wear, men wear and children wear, homewares, toys, accessories, footwear, beauty products, furniture, video games, cosmetics, fragrance, travel goods and general merchandises (Myer, 2018). It is operated in approximately 60 retail stores in Australia with approximately more than five million members (Myer, 2018). There are some major brands of Myer such as Topshop Top man, Seed, Jack and Jones, French Connection, Mimco etc. The company head office is situated in Melbourne, Australia. The CEO of the company is John King and approximately more than 14000 people have employed in the company and more than 1200 suppliers (Myer, 2018).

Kathmandu Holdings Limited

The Kathmandu Holdings limited was founded in the year 1987 by Jan Cameron and John Pawson. The Kathmandu holdings was also a retail chain group dealing in apparels related to travelling and adventure outdoor and related tools. It is listed in Australian stock exchange with the ticker name as ASX: KMD (Kathmandu, 2018). The company mainly operates from New Zealand, Australia, Germany and United Kingdom. The Australia has approximately 115 retail stores. The company head office is situated in New Zealand. Approximately more than 2000 people have employed in the company. Kathmandu is with partnership with Australian Himalayan Foundation group. The key people of the company are Xavier Simonel (CEO) and Reuben Casey (COO) (Kathmandu, 2018).

In this assignment both Companies “Myer Holdings limited” and “Kathmandu Holdings limited” are considered. In this report, comparative analysis of debt and equity portion, cash flow statement of all the three categories of cash flows (operating activities, investing activities and financing activities) for three past three years that 2017, 2016 and 2015 is computed. In addition to this, items reported in other comprehensive income statement are disclosed along with the comparative analysis. Moreover, accounting for income tax is explained by disclosing tax expenses and the effective rate of income tax. Also cash tax rate is computed with the disclosure of cash tax amount.

1. Each item of equity:

Myer Holdings Limited

 

(Annual Report, 2017; 2016).

• Dividend paid by the company during the year is included in the statement of changes in equity. From the above consolidated statement of changes in Equity, it is observed that dividend paid by the company in 2017 was $ 49276000 whereas in 2016 dividend paid was $ 16426000 this means dividend was increased by $ 32850000 in current financial year (Myer, 2017; 2016).
• Net profit for the period is included in the statement of changes in equity.  From the above consolidated statement of changes in Equity, it is observed that in 2016 net profit was $ 60543000 whereas in 2017 net profit was only $ 11939000 which means net profit was declined by 80% in 2017. This might due to decrement in sales value in 2017 and also restructuring costs and lease expenses of the company has increased in 2017 from 2016 (Myer, 2017; 2016).
• Total comprehensive income for the period mentioned was $ 45836000 in 2016 whereas in 2017 it was mentioned $12815000 (Myer, 2017; 2016). The reason for such difference in both years is due to net profit was very less in 2017 in comparison to 2016.

Kathmandu Holdings Limited

 

(Annual Report, 2017; 2016).

• The dividend paid was reported in the statement of changes in equity. From the above consolidated statement of changes in Equity, it is observed that dividend paid by the company in 2017 was $ 24179000 whereas in 2016 dividend paid was $ 16119000 this means dividend was increased by $ 8060000 in current financial year (Kathmandu, 2017; 2016).
• From the above table, it is seen that profit after tax is reported in consolidated statement of changes in Equity. The statement reported profit after tax in 2016 was $33521000 whereas in financial year 2017 the same was reported by $38039000. This shows an increment in net profit from the past year by 13.47%. The reason might due to increment in sales revenue in 2017 in comparison to 2016 and decrement in finance expenses (Kathmandu, 2017; 2016).
• Total comprehensive income for the period mentioned was $ 418000 in 2017 whereas in 2016 it was mentioned ($22275000). The reason for such difference in both years is due losses in foreign currency translation reserve and cash flow hedge reserve (Kathmandu, 2017; 2016).

 

1. Comparative analysis:

Myer Holdings limited
Particulars	2017 ($’000)	2016 ($’000)	$ change	% change
LIABILITIES
Current Liabilities
Trade and other payables	379740	400590	-20850	-5%
Provisions	87295	94228	-6933	-7%
Deferred Income	9817	10812	-995	-9%
Derivative financial instruments	7944	7127	817	11%
current tax liabilities	1627	7033	-5406	-77%
Other liabilities	591	795	-204	-26%
Total current liabilities	487014	520585	-33571	-6%
Non-current liabilities
Borrowings	143367	147273	-3906	-3%
Provisions	13821	19754	-5933	-30%
Deferred Income	75927	69702	6225	9%
Deferred tax liabilities	84574	88444	-3870	-4%
Derivative financial instruments	958	2819	-1861	-66%
Total non-current liabilities	318647	327992	-9345	-3%
Total liabilities	805661	848577	-42916	-5%
Net Assets	1072868	1107765	-34897	-3%
EQUITY
Contributed Equity	739239	739338	-99	0%
Retained Earnings	342146	379483	-37337	-10%
Reserves	-8607	-11056	2449	-22%
Total Equity	1072778	1107765	-34987	-3%

Kathmandu Holdings limited
Particulars	2017 ($’000)	2016 ($’000)	$ change	% change
LIABILITIES
Current Liabilities
Trade and other payables	56735	51084	5651	11%
Derivative financial instruments	7034	7529	-495	-7%
current tax liabilities	3475	1212	2263	187%
Total current liabilities	67244	59825	7419	12%
Non-current liabilities
Derivative financial instruments	265	604	-339	-56%
Interest bearing liabilities	10431	43691	-33260	-76%
Deferred tax	34027	33247	780	2%
Total non-current liabilities	44723	77542	-32819	-42%
Total liabilities	111967	137367	-25400	-18%
Net Assets	327100	311683	15417	5%
EQUITY
Contributed Equity	200209	200191	18	0%
Reserves	-23002	-24541	1539	-6%
Retained Earnings	149893	136033	13860	10%
Total Equity	327100	311683	15417	5%

• Each item of cash flow statement:

1. Cash flows from operating activities:

Myer Holdings Limited

• Receipts from customers: This means that the company has collected its receivables from external parties. External parties mean customers, banks, debtors etc. This item will add to the cash flows from operating activities. In this case, receipts from customers in 2017 was $2931853000 whereas in 2016 it was $3101149000. This is slightly decreased from past year by 5.5% (Myer, 2017; 2016).
• Payments to suppliers and employees: This means that the company has paid to suppliers for buying of inventories, other products. Further payments are also made for operating expenses such as salaries and wages to employees etc. This item will reduce from the cash flows from operating activities. In this case, payments to suppliers and employees in 2017 was $2744651000 whereas in 2016 it was $2915467000. This is also slightly decreased from past year by 5.9% (Myer, 2017; 2016).
• Interest Paid: Interest paid are decreased from cash flow from operating activities. In this case, company had reported $ 15894000 and $ 10165000 in 2016 and 2017 respectively. In other words, payment of interest is decreased in current year by $ 5729000 (Myer, 2017; 2016).
• Tax paid: This item is decreased from cash flow from operating activities. In this case, company had reported $ 20369000 and $ 27759000 in 2016 and 2017 respectively. In other words, payment of tax is increased in current year by $ 7390000 (Myer, 2017; 2016).

Kathmandu Holdings Limited

• Receipts from customers: This means that the company has collected its receivables from external parties. External parties mean customers, banks, debtors etc. This item will add to the cash flows from operating activities. In this case, receipts from customers in 2017 was $444100000 whereas in 2016 it was $424182000. This is slightly increased from past year by 4.7% (Kathmandu, 2017; 2016).
• Payments to suppliers and employees: This means that the company has paid to suppliers for buying of inventories, other products. Further payments are also made for operating expenses such as salaries and wages to employees etc. This item will reduce from the cash flows from operating activities. In this case, payments to suppliers and employees in 2017 was $360122000 whereas in 2016 it was $336968000. This is also slightly increased from past year by 6.9% (Kathmandu, 2017; 2016).
• Interest Paid: Interest paid are decreased from cash flow from operating activities. In this case, company had reported $ 2829000 and $ 2162000 in 2016 and 2017 respectively. In other words, payment of interest is decreased in current year by $ 667000.
• Tax paid: This item is decreased from cash flow from operating activities. In this case, company had reported $ 16688000 and $ 14571000 in 2016 and 2017 respectively. In other words, payment of tax is decreased in current year by $ 2117000 (Kathmandu, 2017; 2016).

Myer Holdings Limited

• Payments for property, plant and equipment: This means the company has acquired the property, plant and equipment in the accounting period. Thus, in 2017, the company had reported $ 88452000 whereas in 2016 it was reported with $ 40479000. This signifies that the company has purchased more tangible assets in the current year in comparison to last year (Myer, 2017; 2016).
• Payments for intangible assets: This means that the company had paid $ 11891000 and $ 24217000 in 2016 and 2017 respectively for the acquisition of intangible assets such as goodwill, trademark, patent, copyrights etc.

Kathmandu Holdings Limited

• Purchase of property, plant and equipment: This means the company has acquired the property, plant and equipment in the accounting period. Thus, in 2017, the company had reported $ 11419000 (Kathmandu, 2017; 2016) whereas in 2016 it was reported with $ 20729000. This signifies that the company has purchased less property, plant and equipment in the current year in comparison to last year.
• Purchase of intangible assets: This means that the company had paid $ 2467000 and $ 1857000 in 2016 and 2017 respectively for the acquisition of intangible assets such as goodwill, trademark, patent, copyrights etc. (Kathmandu, 2017; 2016).
• Proceeds from sale of property, plant and equipment: This means the company has sold property, plant and equipment in the accounting period. Thus, in 2017, the company had reported $ 1000 whereas in 2016 it was reported with $ 5000.

Myer Holdings Limited

• Repayment of borrowings: This means that the company raises a capital and pay to its investors. In this case, company repays $ 5000000 in 2017 for the borrowings whereas it was $ 295000000 in 2016. This shows a tremendous decrement in payment of borrowings in current year (Myer, 2017; 2016).
• Dividends paid: Any dividend paid is recognised in cash from financing activities. In this case, $ 49276000 and $ 16426000 was reported in FY 2017 and 2016 respectively. This means that in current year dividend has increased.
• Proceeds for issue of shares: This means company has raise its share capital by issuing the shares to the shareholders (Myer, 2017; 2016). In this case, there are issue of shares in 2017 whereas $ 212011000 was reported in 2016.

Kathmandu Holdings Limited

• Repayment of loan advances: This means that the company has paid for the loan taken earlier. In this case, company repays $ 123533000 in 2017 for the loan whereas it has repaid $ 87658000 in 2016 (Kathmandu, 2017; 2016). This shows a tremendous increment in payment of loan advances in current year.
• Dividends paid: Any dividend paid is recognised in cash from financing activities. In this case, $ 24179000 and $ 16119000 was reported in FY 2017 and 2016 respectively. This means that in current year dividend has increased (Kathmandu, 2017; 2016).
• Proceeds for loan advances: This means company has received amount for loan advances. In this case, $ 90330000 was received in 2017 whereas in 2016 company had received $63047000.

 Comparative analysis:

Myer Holdings limited
Particulars	2017 ($’000)	2016 ($’000)	2017 (%)	2015 ($’000)	2016 (%)
cash flows from operating activities
Receipts from customers	29,31,853	31,01,149	-5.46%	3,096,099	0.16%
Payments to suppliers and employees	-27,44,651	-29,15,467	-5.86%	-2946252	-1.04%
	1,87,202	1,85,682	0.82%	1,49,847	23.91%
Other income	0	71	-100.00%	108	-34.26%
Interest paid	-10,165	-15,894	-36.05%	-22601	-29.68%
tax paid	-27,759	-20369	36.28%	-30439	-33.08%
Net cash inflow from operating activities	1,49,278	1,49,490	-0.14%	96,915	54.25%
Cash flows from investing activities
Payments for property, plant and equipment	-88,452	-40,479	118.51%	-63099	-35.85%
payments for intangible assets	-24,217	-11891	103.66%	-17276	-31.17%
payments for acquisition of assets, under business combination	-13,000	0	#DIV/0!	0	#DIV/0!
lease incentives and contribution received	16,758	1856	802.91%	18225	-89.82%
Net investment in associate	-966	-8,680	-88.87%	0	#DIV/0!
Payment for brands acquisition	0	0	#DIV/0!	-1000	-100.00%
Interest received	421	943	-55.36%	800	17.88%
Net cash outflow from investing activities	-1,09,456	-58,251	87.90%	-62,350	-6.57%
Cash flows from financing activities
Repayment of borrowings, net of transaction costs	-5,000	-2,95,000	-98.31%	17927	-1745.56%
Dividends paid to equity holders of the parent	-49276	-16426	199.99%	-73211	-77.56%
Payment for acquisition of treasury shares	-196	0	#DIV/0!	0	#DIV/0!
Proceeds from the issue of shares, net of transaction cost	0	212011	-100.00%	23	921686.96%
Other	34	60	-43.33%	455	-86.81%
Net cash outflow from financing activities	-54,438	-99,355	-45.21%	-54,806	81.28%
Net (decrease)/increase in cash and cash equivalents	-14,616	-8,116	80.09%	-20,241	-59.90%
Cash and cash equivalents at the beginning of the financial period	45207	53323	-15.22%	73564	-27.51%
Cash and cash equivalents at end of period	30,591	45,207	-32.33%	53,323	-15.22%

Kathmandu Holdings limited
Particulars	2017 ($’000)	2016 ($’000)	2017 (%)	2015 ($’000)	2016 (%)
cash flows from operating activities
Receipts from customers	4,44,100	4,24,182	4.70%	409506	3.58%
Income tax received	0	1,357	-100.00%	2609
Payments to suppliers and employees	-3,60,122	-3,36,968	6.87%	-363191	-7.22%
Interest Received	28	26	7.69%	56	-53.57%
Interest paid	-2,162	-2,829	-23.58%	-4206	-32.74%
tax paid	-14,571	-16688	-12.69%	-15147	10.17%
Net cash inflow from operating activities	67,273	69,080	-2.62%	29,627	133.17%
Cash flows from investing activities
Purchase of property, plant and equipment	-11,419	-20,729	-44.91%	-16093	28.81%
purchase of intangibles	-1,857	-2467	-24.73%	-3901	-36.76%
Proceeds from sale of property, plant and equipment	1	5	-80.00%	14	-64.29%
Net cash outflow from investing activities	-13,275	-23,191	-42.76%	-19,980	16.07%
Cash flows from financing activities
Repayment of loan advances	-1,23,533	-87,658	40.93%	-93740	-6.49%
Dividends paid	-24179	-16119	50.00%	-24163	-33.29%
Proceeds from loan advances	90330	63047	43.27%	101551	-37.92%
Proceeds from share issues	0	0	#DIV/0!	1454	-100.00%
Net cash outflow from financing activities	-57,382	-40,730	40.88%	-14,898	173.39%
Net (decrease)/increase in cash and cash equivalents	-3,384	5,159	-165.59%	-5,251	-198.25%
Cash and cash equivalents at the beginning of the financial period	6891	1700	305.35%	7192	-76.36%
Effect of foreign exchange rates	30	32	-6.25%	-241	-113.28%
Cash and cash equivalents at end of period	3,537	6,891	-48.67%	1,700	305.35%

Myer Holdings limited: As per the above comparative analysis, it can be said that receipts from customers is decreased by 5.46% in 2017 whereas in 2016 it was increased by 0.16% Similarly, cash paid to suppliers and employees are also decreased by 5.86% in 2017 which is more from 2016. This signifies a better position from point of view of operating activities. In addition to this, company has acquired plant, property and equipment in all the three years but highest amount was paid in 2017 and also interest received by the company is least in 2017. Thus, it is inferred that company has highest amount of net cash outflow in 2017 among three years. Continuing the explanation with financing activities it depicts that company there were no proceeds from issue of shares and company had repaid the least amount in borrowings in 2017 in comparison of three years.

Kathmandu Holdings Limited

Kathmandu Holdings limited: As per the above comparative analysis, receipts from customers was highest in 2017 in comparison to 2016 and 2015 financial years. Further, payments to suppliers and employees is also increased by 6.87% from 2016 whereas it was decreased by 7.22% in 2016 as compare to 2015. Taking the figures of purchase of intangibles and plant, property and equipment it is observed that company has paid minimum amount in 2017 in comparison to 2016 and 2015. Similarly, Proceeds from sale of property, plant and equipment is decreased by 93% from 2015. Continuing the explanation with financing activities it depicts that company has paid dividends higher by 50% in 2017 as paralleled to 2016.

Items listed in Comprehensive income statement:

Myer Holdings limited

• Items included are: Profit for the period plus items reclassified to profit or loss such as cash flow hedges and exchange differences on translation of foreign operations. In this case, total comprehensive income for the period attributable to owners of Myer Holdings Limited was $ 12815000 in FY 2017 and $ 45836000 in FY 2016 (Myer, 2017; 2016).

Kathmandu Holdings limited

• Items included are: Profit for the period plus items reclassified to profit or loss such as cash flow hedge reserve and foreign currency translation reserve. In this case, total comprehensive income for the period attributable to owners of Kathmandu Holdings Limited was $ 38457000 in FY 2017 and $ 11246000 in FY 2016 (Kathmandu, 2017; 2016).
• The statement of comprehensive income comprises of the net profit for the period including all those incomes and expenses that ordinarily avoid the income statement because they are yet to be realized. Examples are: Foreign currency translation movements, cash flow hedge reserves, gains or losses from derivatives etc. Thus, it can be said that above items are not occur frequently and they are not ordinary profit or loss for the company and hence they are unfit to report in profit or loss statement/ income statement.
• Comparative analysis:

Myer Holdings limited
Particulars	2017 ($’000)	2016 ($’000)	$ change	% change
Profit for the period	11939	60543	-48604	-80.28%
Other comprehensive income
Items that may be reclassified to profit or loss:
Cash flow hedges	547	-14486	15033	-103.78%
Exchange differences on translation of foreign operations	329	-221	550	-248.87%
Other comprehensive income for the period, net of tax	876	-14707	15583	-105.96%
Total comprehensive income for the period attributable to owners of Myer Holdings Limited	12815	45836	-33021	-72.04%

Kathmandu Holdings limited
Particulars	2017 ($’000)	2016 ($’000)	$ change	% change
Profit for the period	38039	33521	4518	13.48%
Other comprehensive income
Items that may be reclassified to profit or loss:
Cash flow hedges	209	-15891	16100	-101.32%
Exchange differences on translation of foreign operations	209	-6384	6593	-103.27%
Other comprehensive income for the period, net of tax	418	-22275	22693	-101.88%
Total comprehensive income for the period attributable to owners of Kathmandu Holdings Limited	38457	11246	27211	241.96%

If the above items are recorded in profit or loss statement or income statement, then the profits earned by the company does not show a true and fair view about the company’s performance and stability position to the shareholders of the company because above items have not been realized yet and are not regular in nature. The above events or circumstances have been occurred during a period but does not have any monetary affected and on the basis of which shareholders are mis-guided.

1. Yes, other comprehensive income should be included in evaluating the performance of managers of the company because they are ultimate responsible for the growth of the company. Further, directors and managers of the company puts company’s money in derivative market and if any losses incurred by the company due to derivative instruments then it is the responsibility of managers or directors to compensate the company in losses.

1. Tax expenses:

Particulars	2017 (‘000)	2016 (‘000)
Myer Holdings Limited	$ 18,274	$ 20,152
Kathmandu Holdings Limited	$ 16,935	$ 13,804

Formula:

Effective tax rate = [Income tax expense/ Earnings before tax] *100

Myer Holdings Limited

Particulars	2017 (‘000)	2016 (‘000)
Income tax expense	$ 18,274	$ 20,152
Earnings before tax	$ 30,213	$ 80,695
Effective Tax Rate	60.48%	24.97%

(Myer, 2017; 2016).

Kathmandu Holdings Limited

Particulars	2017 (‘000)	2016 (‘000)
Income tax expense	$ 16,935	$ 13,804
Earnings before tax	$ 54,974	$ 47,325
Effective Tax Rate	30.80%	29.17%

(Kathmandu, 2017; 2016).

• To reduce the assessable income of the company, deferred tax assets is recorded in the balance sheet. The purpose of creation of deferred tax assets when the company has overpaid the amount of tax and the excess amount will return to the company through tax relief. In addition to this, deferred tax asset is reported when there is a difference in accounting rules and tax rules. Similarly, Deferred tax liability is absolutely contrary to deferred tax assets where the company would necessitate to pay taxes as per accounting rules but have deferred to the future. In other terms, deferred tax liabilities are created when the company has underpaid the amount of tax. Hence in this case, Myer holdings limited has reported Deferred tax liabilities of worth $ 84574000 in financial year 2017 Kathmandu Holdings limited has recorded deferred tax liabilities of worth $ 34027000 in Financial Year 2017.
• Deferred tax assets/deferred tax liabilities:

Myer Holdings limited has reported Deferred tax liabilities of worth $ 84574000 in financial year 2017 and $ 88444000 in financial year 2016. This signifies that the Deferred tax liabilities is decreased in year 2017 in comparison to year 2016. Kathmandu Holdings limited has reported Deferred tax liabilities of worth $ 34027000 in financial year 2017 and $ 33247000 in financial year 2016. This signifies that the Deferred tax liabilities is increased in year 2017 in comparison to year 2016.

Myer holdings limited

Particulars	2017 (‘000)	2016 (‘000)
Current Income tax expense	$ 23,925	$ 26,740
Unlevered income taxes	$ 3,049.5	$ 4,768.2
Cash tax amount	$ 26,974.5	$ 31,508.20

(Myer, 2017; 2016).

Kathmandu holdings limited

Particulars	2017 (‘000)	2016 (‘000)
Current Income tax expense	$ 16,829	$ 14,996
Unlevered income taxes	$ 597.52	$ 784.84
Cash tax amount	$ 17,426.52	$ 15,780.84

(Kathmandu, 2017; 2016).

Formula:

Cash tax rate = [Cash tax expense/ Earnings before tax] *100

Myer Holdings Limited

Particulars	2017 (‘000)	2016 (‘000)
Cash tax amount	$ 26,974.5	$ 31,508.20
Earnings before tax	$ 30,213	$ 80,695
Cash Tax Rate	89.28%	39.05%

(Myer, 2017; 2016).

Kathmandu Holdings Limited

Particulars	2017 (‘000)	2016 (‘000)
Cash tax amount	$ 17,426.52	$ 15,780.84
Earnings before tax	$ 54,974	$ 47,325
Cash Tax Rate	31.70%	33.35%

                                                                                       (Kathmandu, 2017; 2016).

Myer Holdings Limited has higher cash tax rate.

• The cash tax rate is different from book tax rate because cash tax rate is a rate paid to the government authorities and it is computed under taxation laws whereas Book tax rate is shown in the financial statements of the company and it is computed under GAAP policies.

Conclusion

It is concluded that both company’s performance is evaluated from various aspects such as on basis of owners’ equity, cash flow statement, other comprehensive income and corporate tax rate. Doing comparative analysis of both companies it can be said that Kathmandu Holdings limited is performed very well in comparison to Myer Holdings limited.

References

MYER, 2018. History, viewed on 23 September 2018 from https://www.myer.com.au/p/about-myer/the-company/about-us/history/.

Bloomberg, 2018, Myer Holdings Limited, viewed on 23 September 2018 from https://www.bloomberg.com/quote/MYR:AU.

MYER, 2018, About us, viewed on 23 September 2018 from https://www.myer.com.au/p/about-myer/the-company/about-us/history/.

MYER, 2017, Annual Report, viewed on 23 September 2018 from https://investor.myer.com.au/FormBuilder/_Resource/_module/dGngnzELxUikQxL5gb1cgA/file/Myer_Annual_Report_2017.pdf.

MYER, 2016, ASX and Media Release, viewed on 23 September 2018 from https://investor.myer.com.au/FormBuilder/_Resource/_module/dGngnzELxUikQxL5gb1cgA/file/Myer_Annual_Report_2016.pdf.

MYER, 2018, Company Profile, viewed on 23 September 2018 from https://investor.myer.com.au/Investor-Centre/.

Kathmandu, 2018, About us, viewed on 23 September 2018 from https://www.kathmanduholdings.com/about-us/our-history/.

Kathmandu, 2017, Annual Report, viewed on 23 September 2018 from https://www.kathmanduholdings.com/wp-content/uploads/2012/08/Kathmandu-Annual-Report-2017_online.pdf.

Kathmandu, 2016, Annual Report, viewed on 23 September 2018 from https://www.kathmanduholdings.com/wp-content/uploads/2012/08/Kathmandu-AR-2016-online.pdf

Owners Equity

in both years is due losses in foreign currency translation reserve and cash flow hedge r