20. financial info for dec making -company analysis (GWA Group)

… 29 January 2016 …

COMPANY ANALYSIS REPORT…for the Period 2012 - 2014

Prepared byAngela p. genders& Stephen Fithall

Executive Summary:

The GWA Group has had a recent three year period of tenuous and tumultuousoccurrences. With the withholding of Dividend payouts from Stakeholders due to themajor restructuring and reforming of the Four primary Sub-Divisions of GWA intothe streamlining of returning to foundational contexts of Kitchen and Bathroomfixtures and appliances, as well as the Security Door and Patio arm of the Company.Asset sales have begun within this restructuring stage; China-based manufacturingoffshore for all GWA products has almost been completed. Yet these internalmovements combined with external competition having already completed thisoffshore economic-transition, rising US currency exchange-rates and Ratio identifiedissues of concern, have seen reflected within this Period GWA’s most challenging andhard-hitting economic period to date.

ROSF, ROCE, ROA, operating and gross profit margins have remained steady overthe last 3 years, with just a 0.1% decline and gross profit margin still remains quitehigh at 33.77%. Poor inventory management and issues some subsidiaries have ledtowards disappointing results.

The biggest decline percentage during the period was for that of ROSF, with a 52.7%decrease. This is a direct result from poor inventory management, restructuring costs,and the decision to retain earnings, and without dividend payouts, in order to maintainthe Company’s future stability. This is a major issue to which will be addressedwithin the next financial period following further non-core Sub-Division asset sales.As recent figures reflected within the dividend Yield ratio shows a staggering declineof 75.58% in Share prices over the 3 year period due to the decreasing profits ofGWA Group. And although the long-term effects of the withholding of Dividendpayouts will directly benefit Company Stakeholders, the current status would morethan likely deter new investors from entering the Business.

The primary issues identified have been those of the poor inventory management,specifically, despite reinvestment of liquid assets into GWA, high inventory levelswith low turnover rates is a primary issue to which requires addressing. As despite theGross Profit Margin declining from 36.06% in 2012 to 33.77% in 2014, 1.76% abovethat of direct Competitor Reece. This percentile decrease has been linked back to thedirect consequence of high stock inventory levels.

GWA Group’s highest asset however, has been identified as that of staff. Reflectedwithin Efficiency of Operations stability during the 2012 – 2014 period. GWAshowed steady results in all three years for sales revenue to capital employed andasset turnover, with large Sales increases per Employee over the three-year period.With a $12.6 million dollar increase in sales from 2013 to 2014 with only oneadditional staff member retained.

Efficiencies of Operations were a little disappointing in the average settlement periodfor creditors had also increased; this could potentially spark loss of good will. Despitethe steady decreasing of overall Company Debt, this increase in time-period for thesettlement of creditors reflects the paralleled increased duration period for accountsreceivable, increasing from 69 days in 2012 to 75 days in 2014. Both of whichbecoming a primary focus for GWA to narrow the margin for within both areas.

As per current ratio results, the Acid-Test results showed a decline of 12.86% in 3years. And although the ratio did drop, 1.22 is still at a healthy level compared withthe suggested 1.0 to 1.1 benchmark and shows GWA still has its head above the watereven with reduced profits. Considering this Ratio does not include inventory, GWAshould see some large increases for 2015 when Gainsborough’s “high turnover” stockhas been sold providing payables are met.

2015 will, with strong leadership and employee collaboration, see the benefits of theprevious three-year major restructuring begin to yield Company benefit. Dividendpayouts to invaluable Stakeholders will occur, the completion of the transition tochina-based manufacturing will be completed, and the sell-off of discontinued sub-divisions shall continue.

These occurrences, combined with the continued effort of the GWA Group’s greatestasset, being those of our retail-staff members, will see GWA’s retiring CEO MrCrowley hand over the reign of this long-standing family-established business to thatof incoming CEO Tim Salt’s more than capable and inspiring leadership.

As our invaluable customer’s are all too aware, the restructuring and renovating of afamily-home sees that of chaos before clarity and upheaval before smooth-sailing.GWA Group has endured and identified this period of instability whilst maintaining ahigh-standard of practice and low yet stable economic-results, with our heads abovewater.

Table of Contents

1.0. Introduction …page 1

1.1. Purpose of Analysis …page 1

2.0. COMPANY PROFILE …page 2

2.1. Company & Industry Background …page 2

- 2.1a. Company History …page 2

- 2.1b. Financial Highlights …page 3

- 2.1c. Industry & Current Stat of Industry …page 3

3.0. FINANCIAL INFORMATION …page 5

3.1. Analysis of Financial Data Report …page 5

- 3.1a. Profitability …page 5

ӿ Figure 1.1: Profitability Ratios …page 5

ӿ Graph 1.1: ROSF (Figure 1.2) …page 6

ROCE (Figure 1.3) …page 6

ROA (Figure 1.4) …page 7

Operating Profit Margin (Figure 1.5c) …page 7

Gross Profit Margin (Figure 1.6c) …page 8

- 3.1b. Efficiency and Operations …page 9

ӿ Graph 1.2: Average Inventories Turnover (Figure 2.2) …page 9

Debtor’s Average Settlement Period (Figure 2.3) …page 10

Creditor’s Average Settlement Period (Figure 2.4a) …page 10

Sales Revenue to Capital Employed (Figure 2.5c) …page 11

Asset Turnover Ratio (Figure 2.6c) …page 11

Sales Per Employee (Figure 2.7) …page 12

- 3.1c. Liquidity (Short-Term) …page 13

ӿ Graph 1.3: Current Ratio (Figure 3.2) …page 13

Acid Test Ratio (Figure 3.3) …page 13

- 3.2d. Financial Gearing & Investment …page 15

ӿ Graph 1.4: Gearing Ratio (Figure 4.1a) (Figure 4.1b) …page 15

Interest Ratio (Figure 4.2) …page 16

Dividend Yield Ratio (Figure 4.3) …page 17

3.2. Assessment of Other Relevant Information …page 18

Angela p. gendersStudent ID: 7588690

eLA: Henry LeungDate: 29 January 2016

… GWA Group Limited …

Assessment 3Company Analysis Report

Swinburne UniversityBch Business (Public Relations)

[ACC10007] Financial Information forDecision Making

4.0. NON-FINANCIAL INFORMATION …page 19

4.1. Global Events …page 19

4.2. Industry Developments and Issues …page 19

4.3. Structural Changes …page 20

- 4.3a. Changes in the Board …page 20

- 4.3b. Acquisitions & Divestments …page 20

- 4.3c. Economic Factors …page 23

5.0. Summary …page 24

6.0. Conclusion …page 24

7.0. Appendices …page 25

7.1. Appendix A …page 25

- 7.1a. Profitability Ratios …page 25

- 7.1b. Efficiency Ratios …page 25

- 7.1c. Liquidity …page 26

- 7.1d. Financial Gearing (Leverage) Ratios …page 26

- 7.1e. Investment Ratios …page 26

7.2. Appendix B …page 27- Table 1.1 …page 27

- Table 1.2 …page 28

7.3. Appendix C …page 29

- Figure 1.1 …page 29

- Figure 1.2 …page 29- Figure 1.3 …page 29- Figure 1.4 …page 30- Figure 1.5a …page 30- Figure 1.5b …page 30- Figure 1.5c …page 31- Figure 1.6a …page 31- Figure 1.6b …page 31- Figure 1.6c …page 32- Figure 2.1 …page 32- Figure 2.2 …page 32- Figure 2.3 …page 33- Figure 2.4a …page 33- Figure 2.4b …page 33- Figure 2.5a …page 34- Figure 2.5b …page 34- Figure 2.5c …page 34- Figure 2.6 …page 35







- Figure 2.6b …page 35- Figure 2.6c …page 35- Figure 2.7 …page 36- Figure 3.1 …page 36- Figure 3.2 …page 36- Figure 3.3 …page 37- Figure 4.1a …page 37- Figure 4.1b …page 37- Figure 4.1c …page 38- Figure 4.2 …page 38- Figure 4.3 …page 38

8.0. Referencing …page 39 8.1. Images Reference …page 41







1.0. Introduction…The GWA Group delivered a mixed performance during the 2012-2014 period withmarket conditions reflecting this during all of the financial periods.

The performance of Bathrooms and Kitchens was the highlight during the phase; thishowever was offset by the poor performance of Hot Water, reinforcing the Boardsdecision to liquidate sub-divisional assets such as Dux Hot Water and GliderolBusinesses. Returning GWA to its foundational structure of Bathroom and Kitchenfixtures and fittings, as well as the Garage and Security Door Branches.

These divestments will yield market return to which will be utilised to pay theDividend Shares to Stakeholder, whom have so patiently provided this much neededsecurity to be reinvested into GWA during the previous two years, in order tomaintain market stability and sustainability.

The stand-out performance for this restructuring stage of GWA Group has been thoseof the Group’s invaluable retail-employees. With a $12.6 million dollar increase insales from 2013 to 2014 with only one additional staff member retained, GWAshowed steady results in all three years for sales revenue to capital employed andasset turnover.

A combination of a number of restructuring activities and implementation, and off-shore china-based manufacturing facilities undertaken, this recently adopted strategyplaces the Group in a strong position to take advantage of increasing levels of marketactivity, to see CEO Mr Crowley off to a positive final 2015 with GWA Group beforehis much deserved retirement in 2016.

1.1. Purpose of Analysis

The purpose of the following analysis is to provide a brief overview of thepositioning of the GWA Group within the Kitchen and Fixtures Industry. GWA is along-standing industry leader to who has recently been beholdant of aneconomically-challenging period consequenting from major restructuring andstreamlining to Company manufacturing, assets and liquidity.

Subsequent Profit to Asset growth and benefit has been limited to the point of theuncomfortably difficult decision to withhold Dividend-Payouts to Shareholder’s,accordingly reinvested within the Company in order to maintain retail stability.

The following report is designed to provide an intricate overview of currentCompany placement within this restructuring period, expected to be finalised withinthe following 2015 Fiscal-Year.


GWA Group -introduction…

… Page 1 …


2.0. COMPANY PROFILE…

2.1. Company & Industry Background

2.1a. Company History:

GWA Group Limited (“GWA”) was listed on the Australian Stock Exchangeon 20 May 1993 [GWA Group. Company History. 2016. Pp. 1.] andcomprises of six business divisions. This formerly family owned and operatedCompany, based in Brisbane, Australia, was established to provide highquality and performance household fixtures and products by Queensland’sAnderson Family in 1989.

GWA has grown significantly through the growth and expansion of itsbusinesses into neighbouring New Zealand, and the Northern HemispheresNetherlands and Germany, as well as throughout that of Australia also vianumerous mergers and acquisitions with Company’s the likes of“Gainsborough Hardware industries Limited in June 1995, a market leader in acomprehensive range of door security products and door handles” amongothers. [GWA Group. Company History. 2016. Pp. 2.]

GWA Group Limited is an Australian supplier of building fixtures and fittingsto households and commercial premises. GWA has manufacturing anddistribution facilities located across Australia and has branch offices in NewZealand. GWA currently operates through two business divisions includingBathrooms & Kitchens and Door& Access Systems. [TheAustralian. 2016. Pp. 4.]

GWA Bathrooms & Kitchens isAustralia’s foremost designer,manufacturer, importer anddistributor of commercialbathroom and kitchen products.The product range is distributedunder Australian brandsincluding Caroma, Dorf, Fowler,Stylus, Clark and internationalbrands including Hansa, Schell,Virtu, EMCO and Sanitron.

GWA is a member of the ASX 200 index of listed Australian companies.[GWA Group. Company Profile. 2016. Pp. 2.]


GWA Group -company profile…

… Page 2 …


2.1b. Financial Highlights:

Despite recent tumultuous years, GWA Group remains an Industry leaderwithin the Australian Interior Fixtures Landscape. Revenue from continuingoperations reached a peak of $656,089 for the 2009/10 period [GWA GroupFive Year Financial Summary. 2015. Pp. 1.] yet has met with a steady declineduring the periods since. Total earnings before interest and tax (EBIT) fromcontinuing operations of $66 million in 2012/13 were down 13% on the priorperiod. However strong cash generated from trading operations reduced netdebt to $162 million. [GWA Group Performance Highlights. 2014. Index.]

Despite revenues growing by 6.5% in 2014 to $307 million, $37 million inrestructuring expenses and significant items saw a net profit fall from $1.7million last year to a $12.8 million loss this year. And underlying net profitactually rose 9.3% to $19.2 million [King. 2015. Pp. 1.]

Share prices reached an all time low in 2011 at $2.10, yet have steadilyincrease over 2012/13 and 2013/14 from $2.40 to $2.63[GWA Group FiveYear Financial Summary. 2015. Pp. 1.] Yet the decision to decline the payingof an interim dividend, due to insufficient retained earnings for two yearsrunning, combined with restructuring costs, and the sale of non-fixture sub-divisions, will yield a long-term benefit in streamlining the GWA Groupsdominant market-segment.

2.1c. Industry & Current State of the Industry:

In 2013/14 the total number of kitchen instillations in new homes increased by12.3 per cent. Kitchen instillations in new homes are forecast to increase by7.7 per cent in 2014/15 to a new level of 195,936. activity is projected to easeback by 5.7 per cent in 2015/16, with a further decline of 4.7 per cent in2016/17 bringing the total number of new kitchen instillations to 176,035. theoverall risk to the short term outlook is to the upside.

The total value of kitchen instillations in new homes was $3.12 billion in2013/14, a decline of 6.0 per cent on the previous year. The reduction was dueto a decline in the average value of kitchens installed in new homes during theyear. The total value is forecast to increase by 11.0 per cent in the 2014/15financial year. HIA is forecasting a growth of 2.3 per cent in 2015/16, with areduction of 0.8 per cent taking the total value back to $3.52 billion in2016/17.



… Page 3 …


The total number of bathroom instillations in new homes is projected toincrease from 357,300 in 2013/14 to 384,800 in 2014/15. activity is projectedto ease back by 5.7 per cent in 2015/16, with a further decline of 4.7 per centin 2016/17 bringing the total number of new bathroom instillations to 345,800.

The total value of bathroom instillations in new homes was $3.73 billion in2013/14, a decline of 10.1 per cent on the previous year. The reduction wasdue to a decline in the average vale of bathrooms installed in new homesduring the year. The total value is forecast to increase by 25.5 per cent in the2014/15 financial year. HIA are forecasting growth of 2.0 per cent in 2015/16,with a reduction of 4.7 per cent taking the total value back to $4.55 billion in2016/17. [HIA Kitchens and Bathroom Report. 2015. Pp. Overview.]



… Page 4 …


GWA G

3.0. FINANCIAL INFORMATION…

3.1. Analysis of Financial Report Data

The following is an analysis of GWA Group’s financial report broken down into 4main components:

3.1a. Profitability3.1b. Efficiency of Operations3.1c. Liquidity3.1d. Financial Gearing and Investment

In this analysis we will look at a range of key findings that determine:-The analysis result-Its positive or negative effect on the company- Its reflection against 2012 and 2013 results-How this was influenced on the business (Internal/ External)-What effect this will have on the business in future

Results for key findings can be found in the appendix under Table 1.1. All figuresfor components 1 to 4 can be found in the appendix.

3.1a. Profitability:

An analysis on profitability was conducted over a range of different areas andthe key findings were that GWA’s profitability over the last three years hadbeen slowly dropping. However, return on capital employed and operatingprofit margin remained very steady. Poor inventory management and issueswith some subsidiaries has led towards disappointing results. [GWA. 2014.]

Figure 1.1

Profitability Ratios (%)

0

5

10

15

20

25

30

35

40

Return on ordinary

shareholders’ funds

Return on capital

employed

Return on assets Operating profit

margin

Gross profit margin2012 2013 2014

Figure 1.1 shows substantial declines across the board however, return oncapital employed and operating profit margin remained very steady.


roup -financial information…

… Page 5 …


Graph 1.1

ROSF (return on ordinary shareholders’ funds) Figure 1.2

The biggest declinepercentage forprofitability ratios wasROSF with a 52.69%decrease in just threeyears. Reasons suggestthat a combinationbetween poor inventorymanagement and animpairment charge plusrestructuring costs withsubsidiary Gliderol hasled to poor returns statedby Chairman Darryl McDonough [GWA, 2014 Pp.4-6]. GWA decided tofreeze dividends to focus on the company’s stability in order to thrive infuture.

Both McDonough and Peter Crowley (Managing Director) have explainedthese findings in the 2014 financial report and have assured inventorymanagement will be under control in 2015.

Figure 1.2 shows ROSF at 9.3% in 2012 declining to 4.4% in 2014.

ROCE (return on capital employed)

ROCE saw an increase from previous year’s results rising to 14.91%.ROCE being one of the main measures of profit, [Atrill et al. 2015 Pp.259.]shows only a slight decline over three years and appears to be returning tosufficient levels, improving for 2015. GWA’s restructuring could suggestthe positive figures.

Figure 1.3 shows a rise from the previous year’s results to 14.91% in 2014.

ROSF9.3

7.67

4.4

0

2

4

6

8

10

Return on ordinary shareholders’ funds (%)

2012 2013 2014

ROCE15.15

14.02

14.91

13

13.5

14

14.5

15

15.5

Return on capital employed (%)

2012 2013 2014


GWA Group -financial information…

… Page 6 …


GWA G

ROA (return on assets)

ROA had a decline of 36.3% in three years dropping to 5.87% in 2014.

Although Crowley and McDonough state to have inventories under controlfor 2015 [GWA.2014. Pp.4-6.] whichprovoke theseresults, thesefindings also showan increased declinebetween 2012[GWA. 2012] and2013 [GWA. 2013]suggesting thatinventory issues arepast history.

Management hasaddressed stockissues with a high priority which assures there will be some positive resultsin future.

Figure 1.4 shows patterns each following year, less of the company’s assetshave been reinvested back in. This finding goes hand in hand with amountof excess inventory held in 2014.

Operating Profit Margin

Operatingprofit marginstayed steadyover the lastthree yearswith just a0.1% decline.

GWA’s 2014results werealmost 5%higher over itsdirectcompetitorReece but the

key findings are from “other expenses”. GWA had reinvested in Salesforce,an operations/ sales platform which suggests costs in licenses, training andimplementation. [Louis. 2014.]Furthermore, the reduction of costs shows positive signs for operating profitin 2015.

ROA9.22

7.43

5.87

0

2

4

6

8

10

Return on assets (%)

2012 2013 2014

Figure 1.4


GWA/ Reece Comparison

15.65 15.42 15.55

10.63

0

5

10

15

20

Operating profit margin (%)

2012 2013 2014 Reece 2014Figure 1.5c


roup -financial information…

… Page 7 …


Figures 1.1a and 1.1b on operating profit margin can be found in theappendix.

Figure 1.5c shows to be a steady level and almost 5% higher than one ofGWA’s direct competitors Reece. Reece’s reports show the company to bein great health [Reece. 2014.] giving confidence in GWA’s findings over thelast three years.

Gross Profit Margin

Gross profit margin saw a much lesser decline of 6.4% dropping to 33.77%in 2014.

GWA did increase its sales revenue from 2013 to 2014 but high cost ofsales led to a percentage drop of 1.15%. Similar to ROA, it suggests grossprofit margin’s decline is due to excess inventory stock. As per ROA andmanagement’s focus on inventory control, [GWA. 2014. Pp.6.] GWAshould see some positive figures for 2015.

Figures 1.6a and 1.6b on gross profit margin can be found in the appendix.

Figure 1.6c

Figure 1.6c shows that although GWA dropped from 36.06% in 2012 to33.77% in 2014, the company still managed to be above Reece by 1.76%.

Gross Profit Margin

GWA/ Reece Comparison36.06

34.9233.77

32.01

293031323334353637

Gross profit margin (%)

2012 2013 2014 Reece 2014



… Page 8 …


3.1b. Efficiency and Operations:

The efficiency of operations for 2014 showed a lot of stability with 2013 andmore so with 2012 in comparison to the company’s profitability.

GWA show steady results in all three years for sales revenue to capitalemployed and asset turnover and similar levels between 2012 and 2014 foraverage inventories turnover.

Positive shifts for sales per employee from a previous steady 2012 to 2013showed efficient use of staff. The majority of the results were quite positivehowever, efficiencies were a little disappointing in average settle period fordebtors and although average settlement period for creditors had increased,this could potentially spark loss of good will [Atrill et al. 2015. Pp.262.]

Figure 2.1 on efficiency ratios can be found in the appendix.

Graph 1.2

Average Inventories Turnover

Average inventories turnover had taken an unusual path over the course ofthree years from 93 days turnaround in 2012 dropping to 85 days in 2013returning to 92 days in 2014 as shown in figure 2.2. Crowley explains theGainsborough stock was “substantially Low” and inventory will returnsustainable levels in 2015.

Figure 2.2

Figure 2.2 shows the 6.84 day increase from 2013 to 2014 points stronglytowards high inventory levels in GWA’s bathrooms and kitchens divisionalong with the subsidiary Gainsborough. [GWA. 2014. Pp.7.]

Average Inventories Turnover92.88

85.36

92.19

80

82

84

86

88

90

92

94

Average inventories turnover period (Days)

2012 2013 2014



… Page 9 …


Debtor’s Average Settlement Period Figure 2.3

2014 showed poorperformance for thedebtor’s averagesettlement periodrising to a 7.28 dayincrease on theprevious year. Theimplementation ofSales force suggestsbetter accountingmanagement for 2015and in turn reduceddays in settlement.

Figure 2.3 shows minimal differences between 2012 and 2013. Crowleymentions improvements in debtors [GWA. 2014. Pp.7.] but the results showotherwise. Poor performance in Gainsborough’s inventory has been blamedfor loss in sales but it does not link directly with the increased settlementperiod.

Creditor’s Average Settlement Period

One of the few positive increases for GWA’s results was creditor’s averagesettlement period with an increase of 10.74% in three years climbing to79.31 days. Crowley discusses the increase as a “improvement” reflecting apositive move for the business and should benefit results in 2015

Figure 2.4b Average settlement period creditors/ debtors comparison can befound in the appendix.

Figure 2.4ashows a largejump of 5.87days from 2013to 2014 whichas 4.03 daysabove thedebtor’saveragesettlementperiod.Although it isreflected as a

positive position to have long creditor’s settlement, too long can suggestdamages to goodwill with suppliers reducing the strength of therelationship and potential increase in stock prices.

Debtor's Average Settlement

Period

68.38 68

75.28

64

66

68

70

72

74

76

Average settlement period for accounts receivable (Days)2012 2013 2014

Creditor's Average Settlement

Period

70.79

73.44

79.31

66

68

70

72

74

76

78

80

Average settlement period for accounts payable (Days)2012 2013 2014

Figure 2.4a



… Page 10 …


Sales Revenue to Capital Employed Figure 2.5c

GWA’s salesrevenue tocapitalemployed hasremainedsteady over thelast three years.2014 showedpositive resultsover 2013 witha 0.05 increase,similar to theresults in 2012.There was nodirect evidence found that GWA’s results were too low, although a higherratio is preferable to a lower one. Positive signs from inventory controlsuggest figures will increase for 2015.

Figures 2.5a and 2.5b on sales revenue to capital employed can be found inthe appendix.

Figure 2.5c shows GWA’s steady results are still quite low in comparison toReece shown in Figure 2.5c. The main differences between the two isGWA’s share capital is substantially higher than Reeces’ and vice versa forretained earnings due to Reece’s’ retail division and fact Reece ispredominately a family owned business. [Reece. 2014.]

Asset Turnover Ratio

GWA’s asset turnover ratio was the most stable of all results with a shift ofjust 0.01 in three years. As per sales revenue to capital employed, there isno evidence to suggest GWA’s asset turnover ratio is below or abovestandard but comparing the sales revenue to capital employed results whichshowed Reece to be 9.53 times more than GWA, Reece was only 1.88 timesmore than GWA in asset turnover ratio which could suggest this to bepositive figures. Furthermore, no evidence has shown a positive or negativeforecast for 2015.

Figures 2.6a and 2.6b on asset turnover ratios can be found in the appendix.

Figure 2.6c shows asset turnover ratio to be the most stable of all resultswith a shift of just 0.01 in three years. The main differences between GWAand Reece were Reece’s’ retail division, driving the asset turnover up.

Sales Revenue to Capital

Employed GWA/ Reece

Comparison

0.97 0.91 0.96

9.15

0

2

4

6

8

10

Sales revenue to capital employed (%)

2012 2013 2014 Reece 2014



… Page 11 …


Figure 2.6c

Sales per Employee

2014 showed great results for sales per employee at $343,839 thousand, anadditional $7312 more than 2013 shown Figure 2.7, The key findings fromthis showed a $12.6 million dollar increase in sales from 2013 to 2014showing some strong efficiencies in staff management and organisationalstructure. 2015 would be expected to grow this figure through theimplementation of Sales force increasing inventory, operations and salescontrol.

Figure 2.7

Figure 2.7 shows great results for2014 with sales per employee at $343,839thousand, an additional $7312 more than 2013. GWA had managed toachieve this result with only one additional staff member.

Sales per Employee

336.76 336.527

343.839

330

333

336

339

342

345

348

Sales revenue per employee ($'000)

2012 2013 2014



0.77 0.76 0.77

1.45

0.70.80.9

11.11.21.31.41.5

Asset turnover ratio (Times)

2012 2013 2014 Reece 2014



… Page 12 …


3.1c. Liquidity (Short Term):

GWA’s results in liquidity showed some moderate to low declines. Suggestedbenchmarks of 2 to 2.1 in Current Ratios and 1 to 1.1 in acid test ratios [Atrillet al. 2015. Pp.265-266] show GWA to still be at healthy levels of 2.09 and1.22. Liquidity ratios for 2014 have been GWA’s most positive over all keyfindings.

Figure 3.1 on liquidity ratios can be found in the appendix.

Graph 1.3

Current Ratio

GWA’s current ratio has decline 11.4% in three years dropping to 2.09 in2014. Key findings of the recurring issue of excess stock required to buildback to sustainable levels [GWA. 2014. Pp.7.] shows the most accuratereasons for the decrease. However a ratio of 2.36 in 2012 shows aboveaverage results which softens the disappointment on 2014. As CrowleystatesGainsboroughinventory has“highturnover”,this shouldhopefullybuild onprofits for2015,increasing thecurrent ratio.

Figure 3.2shows a 0.2drop from 2013 but it’s still reflecting a healthy level from the suggested2.0 to 2.1 benchmark.

Acid Test Ratio

As per current ratio results, the acid test results showed a decline of12.86% in three years dropping the 2014 ratio to 1.22. Key findings showthe decrease is due to increase in trade payables from Gainsboroughinventory bought to bring MOQ levels up furthermore, this shows GWAstill has its head above the water even with reduced profits. Consideringthis ratio does not include inventory, GWA look to see some largeincreases for 2015 when Gainsborough’s “high turnover” stock has beensold providing payables are met.

Figure 3.3 Figure 3.3 shows a spike from 2013’s results dropping 0.26 in1 year. Although the ratio did drop, 1.22 is still at a healthy level

Current Ratio2.36

2.29

2.09

1.95

2

2.05

2.1

2.15

2.2

2.25

2.3

2.35

2.4

Current ratio (Times)

2012 2013 2014

Figure 3.2



… Page 13 …


compared with the suggested 1.0 to 1.1 benchmark [Atrill et al. 2015.Pp.266.]

Figure 3.3

Acid Test Ratio1.4

1.48

1.22

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Acid test ratio (Times)

2012 2013 2014



… Page 14 …


3.1d. Financial Gearing & Investment:

Financial gearing showed some steady declines but some disappointing resultsin investment. 2014 has shown to be a tough year for GWA with declines ingearing ratio and a serious drop in dividend yield. Key findings show GWA iscarrying an increased borrowed capital burden over the last three years;however, its interest cover ratio has not shared the same decline still havingthe strength to cover its debts. The biggest drop in all results was the dividendratio which has been sacrificed in order to stabilise the company to help buildsustainable growth.

Graph 1.4

Gearing Ratio

GWA’s gearing ratio dropped to 32.51% in 2014. High level of shareincreased borrowing has led the decline which shows the company is takingon riskier levels of share capital. GWA would have to drop its share capitalor increase its non-current liabilities in order to bring the levels back up.The different models of GWA and Reece shown below in figure 4.1b showsome distance within the industry.

Figure 4.1c on gearing ratio GWA/ Reece comparison can be found in theappendix.

Figure 4.1a

Figure 4.1a shows the gearing ratio for 2014 came in at 32.51% which wasa 10.39% drop from 2012.

Gearing Ratio36.28

34.43

32.51

30

31

32

33

34

35

36

37

Gearing ratio (%)

2012 2013 2014



… Page 15 …


Figure 4.1b

Figure 4.1b shows Reece (predominately a family business) to have a hugegearing ratio due to low levels of capital share and high levels of retainedearnings.

Interest Cover Ratio

The interest cover ratio showed a positive result for 2014. The ratio climbedto 8.03 from 6.54 2013 and 6.61 in 2012. GWA has been focussing onlowering its liabilities dropping the interest from $13,234 in 2013 to$11,201 in 2014. With the focus to drop the company’s liabilities, weshould see some rises in 2015.

Figure 4.2 shows the interest cover ratio climbed to 8.03 in 2014 from 6.542013.

Figure 4.2

Gearing Ratio

GWA/ Reece 2014 Comparison

32.51

92.85

0

20

40

60

80

100

Gearing ratio (%)

GWA 2014 Reece 2014


6.61 6.54

8.03

0

2

4

6

8

10

Interest cover ratio (times interest earned)

2012 2013 2014



… Page 16 …


Dividend Yield Ratio

GWA’s dividend yield ratio shows to be the biggest negative result for2014. GWA management influenced drop due to decreasing profits over thelast three years. These findings suggest the pattern to continue in thecoming years until it can increase profits to a sustainable level, consideringthe company’s focus to increase profits and lowering its operating expenses,signs look positive However, although the future of the business shows toregain some positive trends, the current status of the company would morethan likely deter new investors from entering the business. [Featherstone.2013.]

Figure 4.3 shows a decline of 75.58% in just three years falling to 2.1% in2014

Figure 4.3

Dividend Yield Ratio8.6

5

2.1

0

2

4

6

8

10

Dividend yield ratio (%)

2012 2013 2014



… Page 17 …


3.2. Assessment of Other Relevant Information

GWA’s share price had risen from $2.1 per share in 2012 to $2.63 in 2014. Asurprising result considering all other factors involved such as dividend yield’s dropfrom 8.6% to 2.1%, Trade earnings per share fell 15.1 to 14.3cents, return onshareholders’ equity dropped from 9.3% to 4.4%, and ordinary dividend payoutratio fell 136.4% to 90.2% all in just three years. [GWA. 2014. Pp.1.] It is a possiblesuggestion that the positive result was influenced by the company restructuring,[Allbusiness Editors. 2010.] focusing primarily on the core components of thebusiness.

There were some fantastic results from driving the debt of the business down from$174 million to $145 million. GWA’s focus on bringing the debt down has beenvery successful looks forward to some healthy profits in 2015 providing other areasin the business can turn around.

Employee numbers increased by one person between 2013 and 2014 in comparisonto 108 down from 2012 to 2013. Good signs showing most of, if not all of therestructure has been done. GWA’s lower employee count and increase of salesshows the companies restructure to have worked effectively on an employeestructure basis.

GWA’s net cash from operating activities almost halved from the previous yeardropping to $33.9 million from $63.3 million. However, as of June 30th 2014, cashflow was at $29.9 million compared with 2013’s $32.8 million. The maindifferences in these results were of GWA’s investing activities of acquisition ofproperty, plant, equipment and subsidiaries. [GWA. 2014. Pp.46.]



… Page 18 …


4.0. NON-FINANCIAL INFORMATION…

4.1. Global Events

During the 2012-14 period it was decided by the GWA board to pull out of anyholdings and tradings within that of the Northern Hemisphere. Though someholdings were within Germany, the greatest lean on financial positioning was withthat of Wisa Beheer BV of the Netherlands in which plastic bathroom products weredesigned and produced within Europe.

Refocusing positioning to within that of the Australian Boarders, external influencessuch as the rise and fall of Australian currency exchange rates no longer need beapplied within Business decisions and outcomes.

However, with many operating plants remaining scattered throughout several States,including those of Brisbane and Adelaide, cheaper more affordable China-madeproducts offer our competitors the marketing advantage within the competitivehomewares and fixtures landscape.

Part of future financial recommendations therefore is that of investigating theeconomic feasibility and sustainability of moving manufacturing offshore into thatof China in order to maintain the budget-goers renovation dollar.

Whether a professional or amateur renovator, a client’s primary decision whenpurchasing internal fixture products is that of cost, the lower the costs the higher theprofit yielded. With our primary Competitor “Reece” able to provide these productsat a lower cost due to their offshore manufacturing, despite the compromising ofmore economical plastic-based product quality. A move into pure China-mademanufacturing will return GWA to its competitive positioning within the FixturesIndustry; however American currency exchange-rates will affect the overall marginwithin this external economic-climate.

4.2. Industry Developments and Issues

Despite the best housing market conditions in years, the outlook for GWA Group isdeteriorating due to market share loss and adverse currency movements. Therelatively anaemic sales growth comes amid a home building boom that should bedriving sales of the sinks, toilets, and other fixtures GWA sells.

Most analysts agree that new home building is approaching its peak or has alreadypeaked, but activity is still well above average levels. For the 12 moths toSeptember in 2014, residential building approvals totalled 229.000, RBC CapitalMarkets analyst Andrew Scott said, near record highs. And the broader buildingproduct sector sales volumes are up 10 to 15 percent over the first quarter. [Binsted.2015. Pp. 1.]


GWA Group -non-financial information…

… Page 19 …


4.3. Structural Changes

4.3a. Changes in the Board:

The following Board of Directors “Change of Directors Interest Notice’s”were uploaded to the ASX Announcements on the GWA Group Website. Thefollowing sees the retirement of CEO Peter Crowley to be replaced by Mr TimSalt, formerly of the UK, and the retirement of Mr Les Patterson, ChiefExecutive of GWA’s Bathrooms and Kitchens.

Member of The Board of Directors Date of Change

Peter Crowley

Managing Director30 June 2016

Les Patterson

Chief Executive of GWA’s Bathrooms &Kitchens

7 September 2015

Darryl McDonough

Independent Chairman and non-ExecutiveDirector

John Mulcahy

Independent Deputy Chairman and Non-Executive Director

Bill Bartlett

Independent Non-Executive Director

Robert Anderson


Peter Birtles


Richard Thornton

Executive Director and Company Secretary

[GWA Group. ASX Announcements. 2016. Pp. 1.]

4.3b. Acquisitions & Divestments:

Over the course of a 19 year period, GWA has expanded to become one ofAustralia’s leading Industry specialists through a series of strategicacquisitions and divestments.



… Page 20 …


Due to the overextended nature, however, of the company through itsexpansion into that of the Northern Hemisphere, and resulting in cheaperChina-Made Industry Competitors, the expanding diversification of theCompany has become one of the primary focuses for Financial Streamlining toMaintain Competitive edge and Stakeholder returns.

The following is a list of the primary expansive Company’s enveloped into theGWA Family, however the Financial Decision has been made to withdrawfrom these external fields (security/garage doors and air-conditioning) beyondthat of foundational company fixtures and products inherent to the bathroomaccessory Company inception, predicted to be paid out to those ofShareholders paying both an interim and final dividend in Fiscal 2016.

Restructuring manufacturing activitiesand selling non-core businesses, suchas Gliderol garage doors to RelianceDoors, are forecast to yield around $7million, with restructuring initiatives tocost between $7 million and $9million. [Courier Mail BusinessSection. 2015. Pp. 1.]

Note there were no acquisitions ordivestments during the unstable periodof the Fiscal Year of 2013.

Acquisitions & DivestmentsFor the Period 1995-2014

1995…acquisition:

Gainsborough Hardware Industries Limited wasacquired in June 1995, and has become the marketleader in a comprehensive range of door securityproducts and door handles.

1996…divestment:

The T H Martin business was sold in September1996.

1997…acquisition:

GWA acquired James Hardie' Bathroom ProductsDivision in March 1997. As a result, Fowlersanitaryware, Irwell taps and Dux hot watersystems were added to the Group’s range ofproducts.

1999…acquisitions:

GWA acquired the Email Kitchen and bathroomProducts Division in March 1999, which included



… Page 21 …


1999…acquisitions:

Clark stainless steel sinks and Dorf tapware.

Wisa Beheer BV of the Netherlands was acquired inJune 1999. Wisa designs and produces cisterns andplastic bathroom products. Wisa operates in theNetherlands and Germany.

… divestment: Poolrite Equipment Pty Ltd was sold in June 1999.

2001…acquisition:

The Stylus Bathroom and Kitchen Productsbusiness was acquired in March 2001. The Stylusrange of products includes baths, spa baths andsanitaryware.

2009…acquisition:

Austral Lock was acquired in January 2009.Austral Lock is a leading Australian manufacturerof locks for the residential security door and patiodoor markets.

2010…acquisition:

Brivis was acquired in April 2010. Brivis is aleading Australian designer, manufacturer anddistributor of ducted climate systems for theresidential market.

… divestment: The Wisa Beheer business was sold in May 2010.

2011…acquisition:

The Australian garage door and opener business ofGliderol was acquired in January 2011. Gliderol is aleading manufacturer and a distributor of garagedoors and openers for the residential andcommercial markets.

… divestments: The Sebel Commercial Furniture business was soldin September 2011.

The Caroma North America business was sold inDecember 2011.

2012…acquisition:

API Locksmiths was acquired in October 2012. APIis a supplier of safes, locks, alarms and locksmithingservices to major commercial enterprises.

2014…divestment:

Dux Hot water business was sold in December 2014.

[GWA Group. Company History. 2016. Pp. 3.]



… Page 22 …


COMPANY ASSETS SUMMARY

Company Name Products

Gainsborough Hardware… door security & door handles

James Hardie' Bathroom… bathroom products

Email Kitchen & BathroomProducts…

stainless steel sinks & tapware

Stylus Bathroom & KitchenProducts…

baths, spa baths & sanitaryware

Austral Lock… residential security door-locks

Brivis… ducted climate systems

Gliderol… garage doors & openers

API Locksmiths… safes, locks, & alarms

4.3c. Economic factors:

The falling Australian Dollar is also putting pressure on GWA Group. Overthe last couple of years GWA has been closing manufacturing capacity andmoving to an import model for products such as vitreous china, which isenamel-coated porcelain. This transition is primarily completed, just as theAustralian dollar has fallen dramatically against the US dollar, increasingcosts for importers. [Binsted. 2015. Pp. 1.]



… Page 23 …


5.0. Summary…ROSF, ROCE, ROA, operating and gross profit margins have remained steady overthe last 3 years, with just a 0.1% decline and gross profit margin still remains quitehigh at 33.77%.

The biggest decline percentage during the period was for that of ROSF, with a 52.7%decrease. This is a direct result from poor inventory management, restructuring costs,and the decision to retain earnings, and without dividend payouts, in order to maintainthe Company’s future stability.

The primary issues identified have been those of the high inventory levels,specifically, despite reinvestment of liquid assets into GWA, high stock volumes withlow turnover rates is a primary issue to which requires addressing.

GWA Group’s highest asset however, has been identified as that of staff. The Groupshowed steady results in all three years for sales revenue to capital employed andasset turnover, with large Sales increases per Employee over the three-year period.

Despite the steady decreasing of overall Company Debt, this increase in time-periodfor the settlement of creditors reflects the paralleled increased duration period foraccounts receivable.

As per current ratio results, the Acid-Test results showed a decline of 12.86% in 3years. And although the ratio did drop, 1.22 is still at a healthy level compared withthe suggested 1.0 to 1.1 benchmark and shows GWA still has its head above the watereven with reduced profits.

6.0. Conclusion…The last few years has seen that of the GWA Group undergoing some majorrestructuring and repositioning within the Australian and Globalised landscapes. Thishas been reflected within the economic margins of the Group and its subsequentStakeholders and Market Shares.

The fact that GWA is a strong and resilient Company within an Industry to whichholds solid footing, is the primary reason GWA has endured this difficult period asstrongly as it has. Though profit margins have been affected, retail-sales have seenincrease, and we can proudly state that no major staff losses were required during thisphase.

The GWA Group are now strongly positioned to enter the forthcoming year with hopeand expectation for not only the future of our Members, Shareholder, and Staff, yetthose also of the GWA invaluable renovating customer.


GWA Group -summary…

… Page 24 …


7.0. Appendices…• 7.1. Appendix A-List of analysis formulas and calculations used• 7.2. Appendix B-List of tables• 7.3. Appendix C-List of graphs

7.1. Appendix A…7.1a. Profitability RatiosReturn on ordinary shareholders’ funds (ROSF) or Return on equity(ROE)ROSF= ((Net profit after taxation and preference dividend)/ (Average ordinaryshare capital plus reserves)) x 100

Return on assets (ROA)ROA= ((Net profit before interest and taxation)/ Average total assets) x 100

Return on capital employed (ROCE)ROCE= (Operating profit/ (Share capital + Reserves + Non-current liabilities))x 100Share capital + Reserves + Non-current liabilities also = Long-term capitalemployed

Operating profit marginOperating profit margin= (Operating profit/ Sales) x 100

Gross profit marginGross profit margin= (Gross profit/ Sales) x 100

7.1b. Efficiency Ratios

Average inventories turnover periodInventories turnover period= (Average inventory held/ Cost of sales) x 365

Average settlement period for accounts receivable (debtors)Average settlement period= (Average accounts receivable/ Credit salesrevenue) x 365

Average settlement period for accounts payable (creditors)Average settlement period= (Average accounts payable/ Credit purchases) x365


GWA Group -appendix…

… Page 25 …


Sales revenue to capital employedSales revenue to capital employed= Sales revenue/ (Share capital + Reserves +Non-current liabilities)

Asset turnover ratio (times)Asset turnover (Times)= Sales/ Average total assets

Sales revenue per employeeSales revenue per employee= Sales revenue/ Number of employees

7.1c. LiquidityCurrent ratioCurrent ratio= Current assets/ Current liabilities

Acid test ratioAcid test ratio= Current assets (excluding inventory and prepayments)/Current liabilities

7.1d. Financial Gearing (Leverage) RatiosGearing ratioGearing ratio= (Non-current liabilities/ (Share capital + Reserves + Non-current liabilities)) x 100

Interest cover ratio (times interest earned)Interest cover ratio= Operating profit/ Interest expense

7.1e. Investment RatiosDividend yield ratioDividend yield= ((Dividend per share /(1-t))/ Market value per share) x 100

… Page 26 …


7.2. Appendix B…Table 1.1

… Page 27 …


Table 1.2

… Page 28 …


Figure 1.1

Figure 1.2

Figure 1.3

Profitability Ratios (%)

0

5

10

15

20

25

30

35

40

Return on ordinary

shareholders’ funds

Return on capital

employed

Return on assets Operating profit

margin

Gross profit margin2012 2013 2014

ROCE15.15

14.02

14.91

13

13.5

14

14.5

15

15.5

Return on capital employed (%)

2012 2013 2014

ROSF9.3

7.67

4.4

0

2

4

6

8

10

Return on ordinary shareholders’ funds (%)

2012 2013 2014

… Page 29 …


7.3. Appendix C…

Figure 1.4

Figure 1.5a

Figure 1.5b

Operating Profit Margin15.65

15.42

15.55

15.3

15.35

15.4

15.45

15.5

15.55

15.6

15.65

15.7


2012 2013 2014



15.55

10.65

0

5

10

15

20


GWA 2014 Reece 2014

ROA9.22

7.43

5.87

0

2

4

6

8

10

Return on assets (%)

2012 2013 2014

… Page 30 …


Figure 1.5c

Figure 1.6a

Figure 1.6b



15.65 15.42 15.55

10.65

0

5

10

15

20


2012 2013 2014 Reece 2014

Gross Profit Margin36.06

34.92

33.77

32.5

33

33.5

34

34.5

35

35.5

36

36.5


2012 2013 2014

Gross Profit Margin

GWA/ Reece 2014 Comparison33.77

32.01

31

31.5

32

32.5

33

33.5

34


GWA 2014 Reece 2014

… Page 31 …


Figure 1.6c

Figure 2.1

Figure 2.2

Gross Profit Margin

GWA/ Reece Comparison36.06

34.92

33.77

32.01

293031323334353637


2012 2013 2014 Reece 2014

Efficiency Ratios (Days)

0

10

20

30

40

50

60

70

80

90

100

Average inventories turnover

period

Average settlement period for

accounts receivable


accounts payable

2012 2013 2014

Average Inventories Turnover92.88

85.36

92.19

80

82

84

86

88

90

92

94

Average inventories turnover period (Days)

2012 2013 2014

… Page 32 …


Figure 2.3

Figure 2.4a

Figure 2.4b

Debtor's Average Settlement

Period

68.38 68

75.28

64

66

68

70

72

74

76

Average settlement period for accounts receivable (Days)2012 2013 2014

Creditor's Average Settlement

Period

70.79

73.44

79.31

66

68

70

72

74

76

78

80

Average settlement period for accounts payable (Days)2012 2013 2014

Average Settlement Period

Creditors/ Debtors Comparsion79.31

75.28

73

74

75

76

77

78

79

80


accounts payable (Days)


accounts Receivable (Days)2014

… Page 33 …


Figure 2.5a

Figure 2.5b

Figure 2.5c


Employed0.97

0.91

0.96

0.88

0.9

0.92

0.94

0.96

0.98


2012 2013 2014


Employed GWA/ Reece 2014

Comparison

0.96

9.15

0

2

4

6

8

10


GWA 2014 Reece 2014


Employed GWA/ Reece

Comparison

0.97 0.91 0.96

9.15

0

2

4

6

8

10


2012 2013 2014 Reece 2014

… Page 34 …


Figure 2.6

Figure 2.6b

Figure 2.6c

Asset Turnover Ratio0.77

0.76

0.77

0.7

0.72

0.74

0.76

0.78


2012 2013 2014



0.77

1.45

0.70.80.9

11.11.21.31.41.5


GWA 2014 Reece 2014



0.77 0.76 0.77

1.45

0.70.80.9

11.11.21.31.41.5


2012 2013 2014 Reece 2014

… Page 35 …


Figure 2.7

Figure 3.1

Figure 3.2

Sales per Employee

336.76 336.527

343.839

330

333

336

339

342

345

348

Sales revenue per employee ($'000)

2012 2013 2014

Liquidity Ratios (Times)

0

0.5

1

1.5

2

2.5

Current ratio Acid test ratio

2012 2013 2014

Current Ratio2.36

2.29

2.09

1.95

2

2.05

2.1

2.15

2.2

2.25

2.3

2.35

2.4

Current ratio (Times)

2012 2013 2014

… Page 36 …


Figure 3.3

Figure 4.1a

Figure 4.1b

Acid Test Ratio1.4

1.48

1.22

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Acid test ratio (Times)

2012 2013 2014

Gearing Ratio36.28

34.43

32.51

30

31

32

33

34

35

36

37

Gearing ratio (%)

2012 2013 2014

Gearing Ratio


32.51

92.85

0

20

40

60

80

100

Gearing ratio (%)

GWA 2014 Reece 2014

… Page 37 …


Figure 4.1c

Figure 4.2

Figure 4.3


6.61 6.54

8.03

0

2

4

6

8

10

Interest cover ratio (times interest earned)

2012 2013 2014

Gearing Ratio


36.28 34.43 32.51

92.85

0

20

40

60

80

100

Gearing ratio (%)

2012 2013 2014 Reece 2014

Dividend Yield Ratio8.6

5

2.1

0

2

4

6

8

10

Dividend yield ratio (%)

2012 2013 2014

… Page 38 …


8.0. Referencing…

Allbusiness Editors 2010, Understanding Why Stock Prices Rise and Fall,allBusiness, viewed 28 January 2016 http://www.allbusiness.com/understanding-why-stock-prices-rise-and-fall-8518931-1.html.

Atrill, P, McLaney, E, Harvey, D & Jenner, M 2015, Accounting: An introduction,6th edn, Pearson Australia, pp252-277.

Binsted, T. 2015. GWA group floundering despite new home boom. Sydney Morningherald. 24 January 2016. http://www.smh.com.au/business/gwa-group-floundering-despite-new-home-boom

Courier Mail Business section. 2015. GWA to cut more jobs in latest restructure.Business Breaking News. The Courier Mail. 24 January 2016.http://www.couriermail.com/business/breaking-news/gwa-to-cut-more-jobs-in-latest-restructure

Featherstone T, 2013, 12 Reasons not to buy shares in a turnaround company,Financial review, viewed on 26 January 2016 http://www.afr.com/it-pro/12-reasons-not-to-buy-shares-in-a-turnaround-company-20130405-k041l.

GWA 2012, 2012 Annual Report, GWA Group, viewed 16 January 2016,http://www.gwagroup.com.au/investor-relations/annual-reports/.

GWA 2013, 2013 Annual Report, GWA Group, viewed 16 January 2016,http://www.gwagroup.com.au/investor-relations/annual-reports/

GWA 2014, 2014 Annual Report, GWA Group, viewed 16 January 2016,http://www.gwagroup.com.au/investor-relations/annual-reports/

GWA Group. 2016. GWA Group Limited Company Profile. GWA Group Limited. 24January 2016. http://www.gwagroup.com.au/who-we-are/company-profile/

GWA Group. 2016. GWA Group Limited Company History. GWA Group Limited.24 January 2016. http://www.gwagroup.com.au/who-we-are/company-history/

GWA Group. 2016. GWA Group Limited ASX Announcements. GWA GroupLimited. 24 January 2016. http://www.gwagroup.com.au/who-we-are/asx-announcements/

GWA Group Performance Highlights. 2014. 2013 Annual report. GWA Group 24January 2016. PDF.

GWA Group Five Year Financial Summary. 2015. 2014 Annual report. GWA Group24 January 2016. PDF.


GWA Group -referencing…

… Page 39 …


http://www.allbusiness.com/understanding-why-stock-prices-rise-and-fall-8518931-1.html

http://www.allbusiness.com/understanding-why-stock-prices-rise-and-fall-8518931-1.html

http://www.smh.com.au/business/gwa-group-floundering-despite-new-home-boom

http://www.smh.com.au/business/gwa-group-floundering-despite-new-home-boom

http://www.couriermail.com/business/breaking-news/gwa-to-cut-more-jobs-in-latest-restructure

http://www.couriermail.com/business/breaking-news/gwa-to-cut-more-jobs-in-latest-restructure

http://www.afr.com/it-pro/12-reasons-not-to-buy-shares-in-a-turnaround-company-20130405-k041l

http://www.afr.com/it-pro/12-reasons-not-to-buy-shares-in-a-turnaround-company-20130405-k041l

http://www.gwagroup.com.au/investor-relations/annual-reports/



http://www.gwagroup.com.au/who-we-are/company-profile/

http://www.gwagroup.com.au/who-we-are/company-history/

http://www.gwagroup.com.au/who-we-are/asx-announcements/

http://www.gwagroup.com.au/who-we-are/asx-announcements/

HIA Kitchens and Bathroom Report. 2015. Kitchens and Bathroom Report. PastGrowth and future Prospects 2014/15. Housing Industry Association. 24 January2016.https://hia.com.au/~/media/HIA%20Website/Files/IndustryBusiness/Economic/publications/Extract_2014_15_HIAKandB_Report.ashx

King, M. 2015. GWA Group Ltd sinks after reporting loss: Time to jump ship?Motley Fool Australia. 24 January 2016. https://www.fool.com.au/2015/02/17/gwa-group-ltd-sinks-sfter-reporting-loss-time-to-jump-ship

Louis R, 2014, How much does it cost to implement Salesforce, Quora, viewed 26January 2016, https://www.quora.com/How-much-does-it-cost-to-implement-Salesforce.

Reece 2014, 2014 Annual Report, Reece Group, viewed 24 January 2016,http://www.reecegroup.com.au/assets/Uploads/2014-Annual-Report.pdf.

The Australian. Markets. 2016. GWA Profile. The Australian. 24 January 2016.http://markets.theaustralian.com.au/shares/GWA/gwa-group-limited


GWA Group -referencing…

… Page 40 …


https://hia.com.au/~/media/HIA Website/Files/IndustryBusiness/Economic/publications/Extract_2014_15_HIAKandB_Report.ashx

https://hia.com.au/~/media/HIA Website/Files/IndustryBusiness/Economic/publications/Extract_2014_15_HIAKandB_Report.ashx

https://www.fool.com.au/2015/02/17/gwa-group-ltd-sinks-sfter-reporting-loss-time-to-jump-ship

https://www.fool.com.au/2015/02/17/gwa-group-ltd-sinks-sfter-reporting-loss-time-to-jump-ship

https://www.quora.com/How-much-does-it-cost-to-implement-Salesforce

https://www.quora.com/How-much-does-it-cost-to-implement-Salesforce

http://www.reecegroup.com.au/assets/Uploads/2014-Annual-Report.pdf

http://markets.theaustralian.com.au/shares/GWA/gwa-group-limited

8.1. Images Reference…

• http://www.mpaq.com.au/Tempdocs/AA/images/GWA%20Group%20Ltd%20Logo%20CMYK%20MASTER.jpg

• http://www.spec-net.com.au/press/1111/images/car091111_img01.jpg

• http://www.insideinfo.com.au/sites/default/files/client/clients-gwa_1.jpg

• http://www.smh.com.au/content/dam/images/1/3/a/c/5/r/image.related.articleLeadwide.620x349.gkopbj.png/1446444501183.jpg

• https://media.licdn.com/media/p/7/005/086/209/255b870.png

• http://media.cirrusmedia.com.au/AnD_Media_Library/ServiceLoad/Article/GWA-Group-launches-new-interactive-website-for-kit.jpg?width=370&height=370&mode=max

• http://www.jedox.com/wp-content/uploads/2014/09/gwa_group-350x260.jpg

• https://thenakedleaf.files.wordpress.com/2014/05/cd1.jpg?w=625

• http://media4.productnews.com.au/cache/5b/eb/5beb44e161f7851f020a482c7ee8a000.jpg

• https://lh3.googleusercontent.com/45oODrXxfAvJzl82IoJkQIzbgSvsQ672nIvxUMk4vr4UeESr-CGpNGa4PE15s7kR9GWA=s755-fcrop64=1,1b892f11db06d08c

• http://www.immoafrica.net/content/uploads/2012/07/GWA-pod-hotel-exterior.jpg


GWA Group -images reference…

… Page 41 …


http://www.mpaq.com.au/Tempdocs/AA/images/GWA Group Ltd Logo CMYK MASTER.jpg

http://www.mpaq.com.au/Tempdocs/AA/images/GWA Group Ltd Logo CMYK MASTER.jpg

http://www.spec-net.com.au/press/1111/images/car091111_img01.jpg

http://www.insideinfo.com.au/sites/default/files/client/clients-gwa_1.jpg

http://www.smh.com.au/content/dam/images/1/3/a/c/5/r/image.related.articleLeadwide.620x349.gkopbj.png/1446444501183.jpg

http://www.smh.com.au/content/dam/images/1/3/a/c/5/r/image.related.articleLeadwide.620x349.gkopbj.png/1446444501183.jpg

https://media.licdn.com/media/p/7/005/086/209/255b870.png

http://media.cirrusmedia.com.au/AnD_Media_Library/ServiceLoad/Article/GWA-Group-launches-new-interactive-website-for-kit.jpg?width=370&height=370&mode=max



http://www.jedox.com/wp-content/uploads/2014/09/gwa_group-350x260.jpg

https://thenakedleaf.files.wordpress.com/2014/05/cd1.jpg?w=625

http://media4.productnews.com.au/cache/5b/eb/5beb44e161f7851f020a482c7ee8a000.jpg

http://media4.productnews.com.au/cache/5b/eb/5beb44e161f7851f020a482c7ee8a000.jpg

https://lh3.googleusercontent.com/45oODrXxfAvJzl82IoJkQIzbgSvsQ672nIvxUMk4vr4UeESr-CGpNGa4PE15s7kR9GWA=s755-fcrop64=1,1b892f11db06d08c



http://www.immoafrica.net/content/uploads/2012/07/GWA-pod-hotel-exterior.jpg

http://www.immoafrica.net/content/uploads/2012/07/GWA-pod-hotel-exterior.jpg

Date post:	13-Apr-2017
Category:	Documents
Upload:	angela-p-genders
View:	722 times
Download:	1 times

20. financial info for dec making -company analysis (GWA Group)

Documents