BAHRAIN POLYTECHNIC
Group Case
BSB6400
Name:
Maryam Alzayed 201102731
Mohamed Naser: 201101331
Ahmed Hasan: 201102731
Sayed Ali: 201201312
Sayed Mohamed: 201201305
Table of Contents
Part One:.......................................................................................................................................... 3
(A) ................................................................................................................................................ 3
(B) ................................................................................................................................................ 4
(C) ................................................................................................................................................ 4
(D) ................................................................................................................................................ 5
Part two: .......................................................................................................................................... 6
Evaluation of statements of cash flows:...................................................................................... 6
Ratio analysis: .............................................................................................................................. 6
Horizontal analysis....................................................................................................................... 7
Compliance: ................................................................................................................................. 8
Recommendations: ..................................................................................................................... 9
Part Three: ..................................................................................................................................... 10
Part 3 – A ................................................................................................................................... 10
A- A Goodwill arising on acquisition of 4U Co: ...................................................................... 10
A-B- Consolidated Financial statements for Bahrain Duty Free: ........................................... 10
Part 3 - B .................................................................................................................................... 15
A- General journal entries: .................................................................................................... 15
B- T-Account: ......................................................................................................................... 16
C- Statement of financial Position ......................................................................................... 16
D- Appropriate accounting treatment:.................................................................................. 17
Part Four: ....................................................................................................................................... 18
1.
2.
Ability to pay current liabilities: ......................................................................................... 18
1.1
Current ratio: ............................................................................................................... 18
1.2
Acid ratio: ..................................................................................................................... 19
1.3
Working capital: ........................................................................................................... 21
Profitability:........................................................................................................................ 22
2.1 Rate of return on sales: ................................................................................................... 22
2.2 Rate of return on total assets: ......................................................................................... 24
2.3 Rate of return on ordinary shareholders’ equity: ........................................................... 26
2.4 Earnings per share of ordinary shares: ............................................................................ 28
3.
Analyzing share investment ............................................................................................... 30
3.1 Price / earnings ratio ....................................................................................................... 30
3.2 Dividend yield: ................................................................................................................. 31
3.3 Book value per ordinary share: ....................................................................................... 33
Recommendations: ................................................................................................................... 35
APA Reference: .............................................................................................................................. 38
Lecture Notes: ........................................................................................................................... 38
Research: ................................................................................................................................... 38
Appendix........................................................................................................................................ 41
Part 2 – (Evaluating cash flow statements) ............................................................................... 41
Ratio analysis ......................................................................................................................... 41
Horizontal analysis................................................................................................................. 45
Part One:
In This Case, Our Company (Mohammed) is merging with Yousif creating a partnership company
called 2B.
(A)
Yousif's Account
Yousif
Cash
Trade Receivable
Yousif Statement of Financial Position
Book Value Market Value
16000
16000 Assets
15400
15400 Cash
Yousif
Laibalities
16000 Trade payable
2000
Allowance for doubtful debt
-3000
-5,500 Trade Receivable
15400 Short term note payable
5000
Inventory
PPE
27,500
45,000
-3000 Total Laibility
7000
Accumulated depreciation – PPE
-4,500
26,000 Allowance for doubtful debt
40,000 Inventory
-4,500 PPE
27,500 Equity
45,000 Yousif Capital
80,400
Trade payable
2000
Accumulated depreciation – PPE
-4,500
Short term note payable
5000
Total Assets
96400
Mohammed's Account
Mohammed's Statement of Financial
Position
Mohammed
Cash
Book Value Market Value
20000
20000
Mohammed
Trade Receivable
17000
17000
Assets
Cash
Liabilities
20000 Trade payable
3000
Allowance for doubtful debt
-6000
-8,500
Trade Receivable
17000 Short term note payable
6000
Inventory
30,500
28,000
Allowance for doubtful debt
-6000 Total Liabilities
9000
PPE
50,000
45,000
Inventory
30,500 Equity
-5000
PPE
50,000 Mohammed Capital
-5000
Accumulated depreciation – PPE
Trade payable
3000
Accumulated depreciation – PPE
Short term note payable
6000
Total Assets
106500
87500
(B)
After making both statements of financial position for Mohammed and Yousif we made the
combine statement of financial position.
Assets
Non Current
=
PPE
Accumulated depreciation – PPE
Total Non-Current Assets
Current
Cash
Trade Receivable
Allowance for doubtful debt
Inventory
Total Current Assets
85000
-9500
75500
36000
32400
-14000
54000
108400
Balance
183900
2B Company
Statement of financial position
As at 31st December 2012 for
Laibilities
+
Current
Trade payable
5000
Short term note payable
11000
Total Liabilities
16000
Equity
Capital yousif
Capital 1B
80,400
87500
Total Shareholder's Equity
Balance
167,900
183900
(C)
Profit Sharing, in this part we look at the different scenarios given to us and we calculate the
profit for each scenario to Yousif and Mohammed.
Mohammed
Yousif
Shared equally.
In the ratio of the partners’ initial capital
investments.
Salary allowances of 800 Yousif 700 to 1B,
with the remaining balance shared equally
Interest allowances of 10% on the partners’
initial capital investments, with the
remaining balance shared equally
12,000 ∕ 2 = 6000
= 47.9%
= 12,000 47.9% = 5,748
= 5250
Yousif
10 % = 8040
1B
10 % = 8750
12000 - ( 8040 + 8750 ) = (-4970)
Yousif's Income= -4970/2 = -2395
Total income for Yousif: 8040-2395=5645
Shared equally.
In the ratio of the partners’ initial capital
investments.
Salary allowances of 800 Yousif 700 to 1B,
with the remaining balance shared equally
Interest allowances of 10% on the partners’
initial capital investments, with the remaining
balance shared equally
12,000 ∕ 2 = 6000
= 52.1%
= 12,000 52.2% = 6,252
= 5250
1B
10 % = 8750
Yousif
10 % = 8040
12000 - ( 8040 + 8750 ) = (-4970)
1B Income= -4970/2 = -2395
Total income for1B: 8750-2395=6355
(D)
Unofficial/illegal partnership (Khalid)
An unregistered ordinary partnership is the type of business organization that requires less
formality in comparison with other types of partnerships. It is simple to establish since it doesn’t
require filing of particulars names of members and their authority, in addition to not providing
the potential contracting party with any information to regarding the partnership creditability.
Therefore, an unregistered partnership may sometimes come across some problems ("Type of
business," n.d.).
Forming a partnership may not require any paper work as it can be established with a simple
agreement in different forms like an oral agreement or even a simple handshake (Spandaccini,
2005). But in order to eliminate any future confusion or dispute regarding the partners’ rights in
relation to the company, a legal written agreement that includes the nature of the company,
partner’s authority and contribution management duties how the interest/income will be
shared, how decision will be made and withdrawal procedures is necessary ("Creating a
partnership," n.d.).
According to Deliotte and BDO international, the IFRS allow an entity to invest in a company for
the purpose of providing rapid potential growth to the company’s capital and its economic
interest rate without having any legal form of partnership (BDO, 2012). Therefore, Khalid can
invest some of his cash in the company and can get a share of the company’s net income.
However, without any legal agreement and without registering this new partnership, if the
official partners refuse to give him his share of income, he cannot sue them for not doing so, as
they are not legally required to do so (Deloitte, 2008).
That’s why it is necessary for this new partnership to be registered under a specific name by the
law with a written contractual agreement that include all the partners’ rights and obligations
regarding their partnership in the company. In this case Khalid can continue being a silent
partner to the company with the involvement that is restricted to the provided capital to the
business in addition to having no opinion in the company’s decisions management and
potential voting, but will have the ability to share the proceeds (Minke, 2011), or he can be a
liable official partner.
Part two:
Evaluation of statements of cash flows:
As requested by the accounting manager of Bahrain Duty free, three annual reports of 3
companies from different industries were obtained and their cash flow trends for 2
years were evaluated. These companies are Batelco, Alba and Bahrain commercial
facilities company BCFC. ("Listed companies in,") The companies’ cash flows were basically
evaluated using two methods of analysis, which are the ratio analysis and the horizontal
analysis.
Ratio analysis:
Under the ratio analysis, 3 ratios were chosen for the evaluation. The first ratio is the
cash flow ratio which is calculated subtracting the Capital expenditure from the cash
flows from operating activities. The capital expenditure is difference between change in
total assets and change in total liabilities. Free cash flow ratio measures the money
generated by the company after paying for acquiring and maintaining its assets(Free
cash flow, n.d)( Capital Expenditure, n.d).
The second ratio is the operating cash flow to sales ratio. It is calculated by dividing the
cash flow from operating activities with the sales revenue. This ratio shows the
percentage of the sales revenue that is available in cash. The collection of accounts
receivable significantly affects this ratio (Operating Cash Flow/Sales Ratio, n.d).
The third ratio is the cash flow coverage ratio. It is calculated by dividing the cash flow
from operating activities by the total liabilities of the company. This ratio measures the
company’s ability to pay its liabilities (Financial Accounting System, lecture 2014).
Ratio analysis
Companies
Years
Free Cash flow ratio
Operating cash flow to sales ratio
Cash flow coverage ratio
Batelco
Alba
BCFC
2012
2013
2012
2013
2012
2013
103,006,000 51,218,000 128,158,000 91,339,000 -12,877,000 -10,882,375
34.29%
33.51%
20.58%
17.37%
-8.20%
-16.83%
0.6176
0.2766
0.4003
0.4201
0.0443
0.08
Note: Calculations in appendix
The results for the ratio analysis can be seen above. From the above explanation of the ratios, it
can be understood that the higher the ratio, the better it is for the company. As for the cash
flow ratio, Alba has the highest ratio while BCFC has the lowest. For the operating cash flow to
sales ratio, Batelco has the highest ratio while BCFC has the lowest. For the last ratio, which is
the cash flow coverage ratio, Batelco again has the highest ratio while BCFC has the lowest.
Horizontal analysis
For the horizontal analysis, we first find the $ change per year which is the difference between
the current and previous year. After that we find the % change which is calculate by dividing the
$ change by the previous year and multiply it by hundred to get the percentage. The horizontal
analysis were made for cash flow from operating, investing and financing activities, net
increase/decrease in cash and cash equivalent, cash and cash equivalents at the beginning and
end of the year as well as the profit for the year (Financial Accounting System, lecture 2014).
Horizontal analysis
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Net increase/decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Profit for the year
Batelco
18.84%
163.44%
-495.51%
-895.97%
-12.30%
111.65%
-21.26%
Alba
-14.95%
47.96%
-49.86%
107.75%
-38.08%
4.76%
-17.37%
BCFC
-126.66%
-28.69%
221.74%
-133.17%
-78.51%
121.15%
6.13%
Note: Calculations in appendix
The results above show that Batelco has the highest percentage changes in cash flow from
operating activities, cash flow from investing activities and cash and cash equivalents at the
beginning of the year. Alba has the highest percentage change in net increase in cash and cash
equivalents only. BCFC has the highest percentage change in cash flow from operating activities,
cash and cash equivalent at the end of the year and profit for the year.
Looking at the results of both, the ratio analysis and the horizontal analysis, it is clear that
Batelco has the best cash flow among the three companies. Alba has the second best cash flow
while BCFC has the worst.
Compliance:
According to IFRS any entity should prepare a cash flow statement in our case Batelco complied
with IFRS in preparing a cash flow statement. (IAS7. Paragraph 1. N.d)
As for the presentation. IAS7 in paragraph 10 specifies that the cash flow statement should
contain the operating, investing and financing activities all of which is specified and displayed by
Batelco in their cash flow statement. Furthermore, the company should include the period the
financial statements are presented which is complied with by Batelco (IAS7. Paragraph 1. N.d).
Also, all the information in each activity is correct in compliance with IAS7 (i.e. Cash receipts
from customers, Acquisitions...).
As for the reporting of the operating activities, Batelco reports them in compliance with the
direct method. As they show the amount of cash received from customers and cash paid to
suppliers and on behalf of employees. Which is something that is encouraged by the IAS7 as it
provides information that may be useful in estimating future cash flows and is not available
under the indirect method. (IAS7. Paragraph 18, 19. N.d)
According to IAS7, paragraph 25 and 26 the company should record foreign currencies with the
entity’s functional currency by the exchanging rate of the day the statement is made. In
Batelco’s case they have other subsidiaries out of Bahrain and the fact that the consolidated
cash flow statement is made in Bahraini Dinars means that Batelco is in compliance with the
IAS7 in this. However, nothing about unrealized gains or losses from the exchanges is mentioned
in the consolidated cash flow statement.
According to IAS7, Paragraph 31, Dividends paid and interest paid should be recorded separately
under the financing activities. And Batelco records them like that as well.
As for non-cash transactions in paragraph 43 and 44. There is nothing that suggests Batelco have
added non cash transactions therefore Batelco are in compliance with IAS7 in this paragraph.
According to IAS7, paragraph 45 the company must disclose the components of cash and cash
equivalents in the notes to the financial statements part. This is not available in Batelco’s Notes
meaning they are not complying with the IAS7 in this paragraph. Also, Batelco are not complying
with paragraph 48 which states that the company must shall disclose, together with a
commentary by management, the amount of significant cash and cash equivalent balances held
by the entity that are not available for use by the group.
Recommendations:



Batelco must comply with IAS7 Paragraph 45 and 48 in disclosing the components of
cash and cash equivalents as well as information about cash and cash equivalents
balances held by the entity that are not available for use by the group in the notes to
the financial statement part.
In Bahrain, Batelco are not required to pay taxes. However, if one of their subsidiary
companies in Jordan, Yemen or the Maldives require the parent company to pay some
kind of taxes that they probably should add them to the consolidated cash flow
statement.
Batelco should add the gains and losses from the foreign currency exchanges in order to
reconcile cash and cash equivalents at the beginning and the end of the financial period.
In other words Batelco’s Cash flow statement is well made in accordance to the IAS but if
they follow these recommendations they will be able present a cash flow statement that is
in more compliance with IAS7 in the next annual report.
Part Three:
Part 3 – A
In This Case We know that Duty free has purchased % of U company’s shares. Due to the
fact that they now own more than 50 % of the company shares they are required by the IFRS to
form a consolidated statement of financial position as well as a consolidated income statement.
But before that there are transactions and calculations that must be done.
A- A Goodwill arising on acquisition of 4U Co:
Goodwill arising on acquisition of 4U Company
Fair value of consideration transferred
BD 191,990
Plus: fair value of non-controlling interest
BD 45000
BD 236990
Less: fair value of net assets at date of
acquisition
Share capital
BD 100000
Retained Earnings at date of acquisition
BD 2000
BD 102000
Goodwill arising on consolidation
BD 134,990
A-B- Consolidated Financial statements for Bahrain Duty Free:
During the year, Bahrain Duty free sold inventories to 4U as an Inter entity transaction.
Therefore calculations must be done to calculate the unrealized profit, the balance of
inventories as well as how the transaction affects the revenue and cost of goods sold balances
respectively.
1) The balance of the revenue (showing the calculation for the selling price of the
transaction)
Revenue
Revenue of Bahrain duty free + Revenue of U Company – selling price of the goods
original cost + profit
2
+ .3
2
27,517,130
95,000
2
Revenue
BD
27,595,930 BD
2) The Unrealized Profit
Unrealized Profit
(
Profit
Total Profit = 16200 - 12000 = 4200
Unrealized Profit
1260
)
3) Cost of goods Sold
Cost of sales
Cost of Sales of Bahrain Duty free+ Cost of sales of U company–selling price of the goods +unrealized profit
15,339,861
52,000
16,200
1260
Cost of sales
15,376,921 BD
4) Inventory Balance
Inventories
Inventories of Bahrain Duty free
inventories of U company
2,076,625
35,000
Unrealized profit
(
Profit
Total Profit = 16200 - 12000 = 4200
Unrealized Profit
1260
Inventories
)
2110365
4U Owes Bahrain Duty free BD8500 as Trades Payable after the transaction in other words
Bahrain Duty free has a trade receivable of BD8500 from 4U. So in order to calculate the
balances of the trade receivable and the trade payable for the consolidated statement we add
the respective accounts from each company and subtract the BD8500 owed by 4U to Bahrain
Duty free.
1)
Trade Receivables
Trade Receivable of Bahrain Duty free
Trade Receivables
Trade Receivable of U company
amount owed by U
2)
Trade payable
Trade payable of Bahrain Duty free
Trade payable of U company
amount owed by U
2
3
Trade Payable
2
Because Bahrain Duty Free owns 70% of the shares, the other 30% are defined as noncontrolling interest
Non-controlling interest (NCI)
Fair value of the NCI at the date of acquisition
45,000
Total
Plus: NCI’s share of post-acquisition profits
2484
47484
Note
Plus: NCI’s share of post-acquisition profits
not controlling interest 70%-100%=30%
Retained earnings of 4U= 10,280
Less: pre-acquisition profits = 2,000
Finally knowing the consolidated profit for the year (2,701,223) we have to know which of it is
attributed to Bahrain Duty free the parent company and which is for the subsidiary 4U. Knowing
that the NCI is 30% calculations for profit attributable to 4U were 7800 and subtracting that
from the total profit gives us the profit attributable to the Parent company (Bahrain Duty Free).
Profit attributable
total profit – profit of Non-controlling interest
2,701,223
2701223
Profit attributable
(
2
7,800
2,701,223
)
Below are the calculations of the retained earnings for the statement of financial position
Retained Earning
Retained earnings of Bahrain Duty free
Retained earnings of Bahrain duty free – unrealized profit
Retained earnings of 4U
Less: pre-acquisition profits
Post-acquisition profits of S
P’s share of post-acquisition profit of S
Percentage of share owned by Bahrain duty free X Retained earnings of U – pre-acquisition retained earning)
. x
2
= 0.70 x 8280
= 5796
2
17,523,866
10,280
2,000
8280
)
Consolidated Retained Earning
Revenue
27,595,930
Cost of sales
15,376,921-
Gross profit
12,219,009
Expenses
Administrative expenses
4,495,839-
Royalty
2,922,150-
Other operating expenses
1,152,379-
Selling expenses
523,792-
Impairment of investments
415,826-
Total expenses
9,509,986-
Profit for the year
2,709,023
Profit attributable to :
Non-controlling interest
5,796
17529662
A-B 1: The Consolidated income Statement for the year ended31 October 2012
Bahrain Duty Free
Consolidated Statement of comprehensive Income
For the year ended 31 October 2012
Owners of the parent
+
2,701,223
7,800
A-B 2: The Consolidated Statement of Financial Position as at 31 October
2012
Bahrain Duty free
Consolidated Statement of Financial Position
As at 31 October 2012
Assets:
Equity
Non-Current assets
Property and equipment
Investment in property
Available for sale investment
Goodwill
Total Non-current assets
Share capital
Statutory reserve
Investments fair value reserve
Property revaluation reserve
Retained earnings
Non-controlling interest
Total Equity
Current assets
Inventories
Trade Receivables
Cash and cash equivalents
Total current Asset
Total Assets
2,671,931
2,533,091
18,310,625
134,990
23,650,637
2,110,365
1,750,911
17,247,876
21,109,152
44,759,789
Liabilities
Non-current liabilities
Provision for employees’ leaving indemnities
Total Non-current liabilities
Current liabilities
Trade payables
Royalty payable
Management fees
Total current liabilities
Total liabilities
Total liabilities and equity
9,717,365
6,279,076
3,681,750
399,117
17,529,662
47,484
37,654,454
561,814
561,814
3,761,629
2,728,149
53,743
6,543,521
7,105,335
44,759,789
Part 3 - B
In this case for Bahrain Duty free, we have a list of transactions relating to investments they
have made during the year 2013 in two companies that are Alba and GFH.
A- General journal entries:
First, we recorded the general journal entries for those transactions:
The first transaction in January 8th Bahrain duty free invested in Alba (available for sale
investment) by buying 1200 shares for the price of 14 BD each totaling BD16800. In the 15th of
March Bahrain Duty free invested in GFH acquiring 26.5% in a long term equity method
investment for BD45000. In April 6th they received dividends from Alba of BD1.7 per share
totaling BD 2040. In the 4th of May they received dividends of BD25000 from GFH which is
recorded in a different way in comparison to the dividends from Alba because they are different
kinds of investments. On October 23rd Bahrain Duty free received BD92750 from their
association with GFH. Finally at the end of the financial year (31st of October 2013) Bahrain Duty
Free had to make adjustments for the unrealized gain on their available for sale investment in
Alba for a total of BD14600.
Date
Transactions
08-Jan Long term investment Avilable for Sale - Alba
Cash
15-Mar Long term investment Equity Method - GFH
Cash
06-Apr Cash
Divdend Income
04-May Cash
Long term investment Equity Method - GFH
23-Oct Long term investment Equity Method - GFH
Income from associates
31-Oct Market Value Adjustments
Unrealized gain on investment
Debit
Credt
16800
16800
45000
45000
2040
2040
25000
25000
92750
92750
14600
14600
B- T-Account:
The T-Account for Long Term Investments in GFH:
In this part we show the T-Account for the Equity method investment made by Bahrain duty
Free acquiring 26.5% of GFH. Firstly, the Original price which is debited at BD 45000 on the 15th
of March. Then on the 4th of May they received dividends of BD25000 (Credit) and finally on the
23rd of October for the share gain from the 26.5% portion is debited with BD 92750 income from
associates. That finally leads for a final debit balance for the Account of BD112750.
Long term
15-Mar
23-Oct
Balance
investment Equity Method - GFH
45000
04-May
25000
92750
112750
C- Statement of financial Position
In this part we show how both Investments (Alba and GFH) are recorded in the Statement of
financial Position. First of all both investments are recorded in the Assets under the non-current
assets part as a long term investment mentioning each type of the investment and the name of
the investment (Available for sale – Alba, Equity method – GFH). And the amount recorded is
the fair market value for the available for sale investment and the closing balance for the Equity
method investment account. As for the Shareholders equity part of the statement of financial
position we record the unrealized gain on investment (from the Alba investment) for a total of
BD14600.
Bahrain Duty Free
Statement of Financial Position
For the year ended 31st oct 2013
Assets
Non Current Assets
long term investment - available for sale - Alba 3140
long term investment - equity - GFH
112750
Shareholder's Equity
Other comprehensive income:
Unrealized gain on investment
14600
D- Appropriate accounting treatment:
As Bahrain Duty Free used the market fair value of the share in the investment made by both
Alba and GFH, the accounting treatment used vary between them. In Alba, the investments are
qualified as available for sale investments, while the investment in GFH, the equity method was
used as Bahrain Duty Free acquired 26.5% as long term investment, in hopes of having
significant control over GFH operating decisions.
The IAS 39, which was replaced by the IFRS 9 is applied on the Alba investment ( Available for
sale) as the value will be based on the fair value of the investment, excluding any changes that
happened in the company’s profit or loss values since they will be included in their statement of
comprehensive income ("IAS 39 —," n.d.)
Moreover, GFH is applying IAS 28 on their investment (Equity method) as it is interpreted to the
investment’s fair value in relations to the value changes in either their profit or loss Unrealized
gain or loss on investment), and Bahrain Duty Free being as their investor has significant control
of more than 20%, which means having the power to participate in the decision making process
of both the financial and operating policy decisions of GFH, but without having joint control ("Ias
28 —," 2011).
Part Four:
1. Ability to pay current liabilities:
Also known as liquidity ratios, they are used to determine the ability of a company to pay its
current liabilities. ("Liquidity ratios," n.d.)
1.1 Current ratio:
This ratio aims to determine the ability to its pay current liabilities by using its current
assets within one fiscal year. For example: if a company has a current ratio of 3 means that
it current assets are sufficient to cover its current liabilities for 3 times. ("Current ratio
interpretation," n.d.)
*Formula: Current Assets / Current Liabilities ("Current ratio interpretation," n.d.)

Current Ratio for Batelco in 2012 =
216,891,000 BHD / 149,136,000 BHD = 1.5 times
(The answer is to the nearest one decimal place)
This current ratio of . indicates that Batelco’s current assets are sufficient to cover its
current liabilities for 1.5 times.

Current Ratio for Alba in 2012 =
317,010,000 BHD / 297,478,000 BHD = 1.1 times
(The answer is to the nearest one decimal place)
This current ratio of . indicates that Alba’s current assets are sufficient to cover its
current liabilities for 1.1 times.

Notes:
 According to the calculations conducted above, it is noticeable that both companies
have a positive ratio that reflects their strong financial position where Batelco has a
current ratio of 1.5 times and Alba has a current ratio of 1.1 times. Which indicates
that Batelco is expected to have an extra amount of their liquid current assets more
than Alba is expected to have after both of them pay their current liabilities using
their current assets.
Batelco’s screenshots:
Alba’s screenshots:
1.2 Acid ratio:
This ratio aims to determine the ability of a company to pay its current liabilities when they
come due immediately by using its cash and other liquid current assets excluding
inventory. For example, an acid-test ratio of 2 would mean that the company is able to pay
twice for its current liabilities as they due immediately using its most liquid current assets
excluding inventory. ("Quick ratio -," n.d.)
*Formula: Cash + Short-term investments + Net Current Receivables / Current Liabilities
("Quick ratio -," n.d.)

Acid-test Ratio for Batelco in 2012 =
(Cash and Bank balances 94,922,000 BHD) + (Available-for-sale investments- short
term 3,770,000 BHD) + (Trade and other receivables 115,569,000 BHD) / current
liabilities 149,136,000 BHD = 1.4 times
(The answer is to the nearest one decimal place)
This acid-test ratio of . indicates that Batelco’s cash and other liquid assets excluding
inventory) are sufficient to cover its current liabilities when they come due immediately
for 1.4 times.

Acid-test Ratio for Alba in 2012 =
(Bank balances and cash 61,605,000 BHD) + (Current portion of long term receivable
3,438,000 BHD) + (Accounts receivable and prepayments 108,299,000 BHD) / current
liabilities 297,478,000 BHD = 0.6 times
(The answer is to the nearest one decimal place)
This acid-test ratio of . indicates that Alba’s cash and other liquid assets excluding
inventory) are sufficient to cover its current liabilities when they come due immediately
for 0.6 times.

Notes:
 According to the calculations conducted above, not both companies have a positive
Acid-test ratio, where Batelco has an Acid- test ratio of 1.4 times which is positive
and Alba has an Acid-test ratio of 0.6 times which is negative. Which indicates that
Batelco is expected to have an extra amount of current assets after paying their
current liabilities when they due immediately using their liquid current assets. As
Alba is expected to have a shortage where their Acid-test ratio of 0.6 times shows
that they don’t have a sufficient liquid current assets to cover their current liabilities
when they due immediately.
Batelco’s screenshots:
Alba’s screenshots:
1.3 Working capital:
This ratio indicates the ability of a company to pay its current liabilities by using its current
assets in which it would state the operating liquidity available for the company. For example, if a
company has current liabilities with 3000 BHD and current assets with 2500 BHD then the
company has a negative working capital of 500 BHD in shortage of paying its current liabilities
using its current assets. ("Working capital calculator," n.d.)
*Formula: Working capital = Current Assets – Current Liabilities ("Working capital calculator,"
n.d.).
 Working Capital for Batelco in 2012 =
216,891,000 BHD - 149,136,000 BHD = 67,755,000 BHD
This amount of 67,755,000 BHD is the residual amount Batelco will have after paying their
149,136,000 BHD of current liabilities using their 216,891,000 BHD of current assets.
 Working Capital for Alba in 2012 =
317,010,000 BHD - 297,478,000 BHD = 19,532,000 BHD
This amount of 19,532,000 BHD is residual amount Alba will have after paying their 297,478,000
BHD of current liabilities using their 317,010,000 BHD of current assets.

Notes:
 According to the calculations conducted above, it is noticeable that both companies
have a positive working capital that reflects their strong financial position where
Batelco has a working Capital of 67,755,000 BHD and Alba has a working Capital of
19,532,000 BHD. Which indicates that Batelco has a healthier position and expected
to have a surplus of their current assets more than Alba is expected to have after
both of them pay their current liabilities using their current assets.
Batelco’s screenshots:
Alba’s screenshots:
2. Profitability:
Profitability ratios are used to determine how efficient a company is in generating profits using
its resources that consist of their assets, equity and sales. ("Profitability ratios,")
2.1 Rate of return on sales:
This ratio is also known as net profit margin ratio. This ratio aims to determine the portion of
net income is being generated for each BHD of the company’s sales. For example if the Rate
of return on sales = 30% then the company is generating 30% net income from each 1 BHD of
their sales. ("Net profit margin,")
*Formula: (Net Income / Net Sales) * 100 ("Net profit margin,").

Rate of return on sales
for Batelco in 2012 =
(Profit for the year attributable to Equity holders of the Company 60,340,000 BHD /
Revenue 304,710,000 BHD) * 100 = 19.8%
(The answer is to the nearest one decimal place)
This percentage of 19.8% indicates the net income Batelco receives from each 1 BHD
received as net sales.

Rate of return on sales
for Alba in 2012 =
(Profit for the year 96,545,000 BHD / Sales 743,725,000 BHD) * 100 = 13%
(The answer is to the nearest one decimal place)
This percentage of 13% indicates the net income Alba receives from each 1 BHD
received as net sales.

Notes:
 According to the calculations conducted above it’s noticeable that both companies
have a positive ROS portion except that Batelco has a higher portion of 19.8% than
Alba’s portion of 3%. Which reflects Batelco’s higher ability of maintaining their
profits at a sustainable level than Alba could possibly do, as well as it insures
Batelco’s operational efficiency that is higher than Alba’s operational efficiency.
 Profit for the year attributable to equity holders of the company has been used in
order to calculate the portion of return on sales without including the noncontrolling interest in the net income. The Non-controlling interest is the income the
investee or parent company isn’t entitled to due to the portion they cannot control
in the subsidiary company they invested in, so the investor will have more accurate
information.
Batelco’s screenshots:
Alba’s screenshots:
2.2 Rate of return on total assets:
This ratio aims to determine the company’s ability to generate profits using its current assets.
For example, if the rate of return on total assets =15% then the company is generating 15% as a
net income from each 1 BHD of the assets a company controls. ("Profitability ratios," 2010)
*Formula: ((Net Income + Interest Expense) / Average Total Assets)) * 100 ("Profitability
ratios," 2010)

Rate of return on total assets for Batelco in 2012 =
(Profit for the year attributable to Equity holders of the Company 60,340,000 BHD) +
(Interest expense 370,000 BHD) / ((Beginning Assets 659,307,000 BHD + Ending Assets
689,368,000)/ 2) * 100 = 9%
(The answer is to the nearest one decimal place)
This percentage of 9% indicates the net income Batelco receives from each 1 BHD of its
assets.

Rate of return on total assets for Alba in 2012 =
(Profit for the year 96,545,000 BHD + Interest expense 6,121,000 BHD)/ ((Beg Assets
1,304,790,000 BHD + Ending Assets 1,229,103,000)/ 2) * 100 = 8.1%
(The answer is to the nearest one decimal place)
This percentage of 8.1% indicates the net income Alba receives from each 1 BHD of its
assets.

Notes:
 According to the calculations conducted above, it highly noticeable that both
companies have an approximate portion of rate on assets where Batelco’s portion is %
and Alba’s portion is %. Which clarifies that Batelco is generating more profits from
every 1 BHD of their assets than Alba do, as Alba is only generating 8.1% as a net
income from each 1 BHD of their Assets.
 Profit for the year attributable to equity holders of the company has been used in order
to calculate the portion of return on total assets without including the non-controlling
interest in net income. The Non-controlling interest is the income the investee or
parent company isn’t entitled to due to the portion they cannot control in the
subsidiary company they invested in, so the investor will have more accurate
information.
Batelco’s screenshots:
Alba’s screenshots:
2.3 Rate of return on ordinary shareholders’ equity:
This ratio aims to determine the profit a company gains from it’s ordinary shareholders
investments in which it indicates the net income a company gains from each 1 BHD invested by
their ordinary shareholders. For example, if the rate of return on ordinary shareholders equity =
11% then the company is generating 11% of each 1 BHD an ordinary shareholder invests.
("Return on common," 2014)
*Formula: ((Net Income – Preference Dividends) / Average ordinary shareholders’ equity) *
100 ("Return on common," 2014)

Rate of return on ordinary shareholders’ equity for Batelco in 2012 = (Profit for the
year attributable to Equity holders of the Company 60,340,000 BHD - Preference
dividends 0 BHD) / Average ordinary shareholders’ equity ((Beginning ordinary
shareholders’ equity 505,840,000 BHD + Ending ordinary shareholders’ equity
514,348,000 BHD)/2) *100% = 11.8%
(The answer is to the nearest one decimal place)
This percentage of 11.8% indicates the gains Batelco receives from each 1 BHD the
ordinary shareholder invests.

Rate of return on ordinary shareholders’ equity for Alba in 2012 =
(Profit for the year 96,545,000 BHD - Preference dividends 0 BHD) / ((Beginning
ordinary shareholders’ equity 808,793,000 + Ending ordinary shareholders’ equity
829,618,000) / 2) * 100% = 11.8%
(The answer is to the nearest one decimal place)
This percentage of 11.8% indicates the gains Alba receives from each 1 BHD the ordinary
shareholder invests.

Notes:
 According to the calculations conducted above, both companies have the same portion
of . % rate of return on ordinary shareholders’ equity that doesn’t distinguish one
company over another in this area.
 Profit for the year attributable to equity holders of the company and total equity
attributable to equity shareholders of the company have been used in order to
calculate the portion of return on ordinary shareholders’ equity without including the
non-controlling interest. The Non-controlling interest is the income the investee or
parent company isn’t entitled to due to the portion they cannot control in the
subsidiary company they invested in, so the investor will have more accurate
information.
Batelco’s screenshots:
Alba’s screenshots:
2.4 Earnings per share of ordinary shares:
This ratio aims to determine the amount a company receives as net income from each
outstanding ordinary share. For example, if the earnings per share of ordinary shares = 33 fils
then the company is generating 33 fils per each ordinary outstanding share. ("Earnings per
share," 2014)
*Formula: ((Net Income – Preference Dividends)/ Weighted average number of ordinary
shares outstanding) * 100 ("Earnings per share," 2014)

Earnings per share of ordinary shares for Batelco in 2012 =
(Profit for the year attributable to Equity holders of the Company 60,340,000 BHD –
Preference dividends 0 BHD) / weighted-average number of ordinary shares outstanding
during the year (in thousands) 1,440,000 BHD = 41.9 fils
(The answer is to the nearest one decimal place)
This amount of 41.9 fils indicates the net income Batelco receives from each ordinary
outstanding share.

Earnings per share of ordinary shares for Alba in 2012 =
(Profit for the year 96,545,000 BHD - Preference dividends 0 BHD) / weighted-average number
of ordinary shares outstanding during the year (in thousands) 1,412,508 BHD = 68.4 fils
(The answer is to the nearest one decimal place)
This amount of 68.4 fils indicates the net income Alba receives from each ordinary outstanding
share.

Notes:
 According to the calculations conducted above it’s highly noticeable that both
companies have a positive EPR of ordinary shares where Batelco’s EPR of
ordinary shares is . fils and Alba’s EPR of ordinary shares is . fils. Which
indicates that Alba has a higher EPR of ordinary shares than Batelco’s.
 Profit for the year attributable to equity holders of the company has been used
in order to calculate the amount of earnings per share of ordinary shares
without including the non-controlling interest. The Non-controlling interest is
the income the investee or parent company isn’t entitled to due to the portion
they cannot control in the subsidiary company they invested in, so the investor
will have more accurate information.
Batelco’s screenshots:
Alba’s screenshots:
3. Analyzing share investment
Also known as valuation ratios, they are used by investors in order determine the suitable value
of a certain stock. (Smith , 2009)
3.1 Price / earnings ratio
This ratio aims to determine the relationship between the market price and the company’s
earning per share, as it shows how much is the investors are willing to pay for the company’s
earnings per share as well as it reflects the company’s performance. For example if the Price /
earnings ratio = 4 times then it means the company is expected to receive 4 times of its earnings
per share from investors. (Little, 2014)
*Formula: Market price per share of ordinary shares / Earning per share (Little, 2014)

Market price per share of ordinary shares / Earning per share for Batelco in 2012 =
Market price per share of ordinary shares 0.334 BHD ("Daily trading summary,") / EPS
0.0419 BHD = 8 times
(The answer is to the nearest one decimal place)
This ratio of 8 times indicates that Batelco is expected to receive from investors as many as 8
times as its earnings per share.

Market price per share of ordinary shares / Earning per share for Alba in 2012 =
Market price per share of ordinary shares 0.498 BHD ("Daily trading summary,") / EPS
0.0608 BHD = 8.2 times
(The answer is to the nearest one decimal place)
This ratio of 8.2 times indicates that Alba is expected to receive from investors as many as
8.2 times as its earnings per share.

Notes:
 According to the calculations conducted above, its highly noticeable that both
companies have a positive nearby price / earnings ratio where Batelco’s price /
earnings ratio is times and Alba’s price / earnings ratio is .2 times. In which
even if it small difference between both companies ratio, it still indicates that
investors are willing to pay for Alba’s earnings per share more than Batelco’s
earnings per share.
Batelco’s screenshots:
Alba’s screenshots:
3.2 Dividend yield:
This ratio aims to determine the relationship between the market value per share and the
dividends the shareholders receive, as it indicates the portion the shareholders receive annually
as a dividend from the current shares market value. For example, if the dividend yield for a
company is . % then it means the company pays . % of the shares’ current market value to its
shareholders as a dividend. ("Dividend yield," 2014)
*Formula: (Dividend per share of ordinary shares / Market price per share of ordinary shares)
* 100 ("Dividend yield," 2014)

Dividend yield for Batelco in 2012 =
(Dividend per share of ordinary shares 0.035 BHD / Market price per share of ordinary
shares 0.334 BHD ("Daily trading summary,")) * 100 = 10.5%
(The answer is to the nearest one decimal place)
This portion of . % indicates the portion Batelco pays from the current shares’ market value
to the ordinary shareholders as dividends.

Dividend yield for Alba in 2012 =
(Dividend per share of ordinary shares 0.028 BHD / Market price per share of ordinary
shares 0.498 BHD ("Daily trading summary,")) * 100 = 5.6%
(The answer is to the nearest one decimal place)
This portion of 5.6% indicates the portion Alba pays from the current shares’ market value to
the ordinary shareholders as dividends.

Notes:
 According to the calculations conducted above it’s highly noticeable that both
companies have a positive dividend yield ratio where Batelco’s dividend yield
ratio is . % and Alba’s dividend yield ratio is . %. Which indicates that
Batelco has a higher dividend yield ratio.
Batelco’s screenshots:
Alba’s screenshots:
3.3 Book value per ordinary share:
This ratio aims to determine the book or accounting value per ordinary share of a company in
relation of its ordinary shareholders equity, as it indicates the amount the shareholders would
receive in case if the company is being liquidated. For example, if a company book value per
share is 100 BHD then it means that each of the shareholders equity would receive 100 BHD
after liquidation and paying all the companies’ debts. ("Book value per,")
*Formula: (Total Shareholders equity – Preference Equity) / Weighted Average number of
ordinary shares outstanding ("Book value per," )

Book value per ordinary share for Batelco in 2012 =
(Total equity attributable to equity holders of the Company 514,348,000 BHD - Preference
equity 0 BHD) / Weighted Average number of ordinary shares outstanding 1,440,000 BHD
= 357.2 BHD
(The answer is to the nearest one decimal place)
This amount of 357.2 BHD indicates the amount Batelco will pay to its shareholders equity after
liquidation and paying the companies debts.

Book value per ordinary share for Alba in 2012 =
(Total shareholders’ equity 829,618,000 BHD - Preference equity 0 BHD) / Weighted
Average number of ordinary shares outstanding 1,412,508 BHD = 587.3 BHD
(The answer is to the nearest one decimal place)
This amount of 587.3 BHD indicates the amount Alba will pay to its shareholders equity after
liquidation and paying the companies debts.

Notes:
 According to the calculations conducted above it’s highly noticeable that both
companies have a positive amount of book value per ordinary share where
Batelco’s book value per ordinary share amount is 3 .2 BHD and Alba’s book
value per ordinary share is 587.3 BHD. Which indicates that Alba has a higher
book value per ordinary share.
 Total equity attributable to equity holders of the company has been used in
order to calculate the amount of book value per ordinary share for Batelco
without including the non-controlling interest. The Non-controlling interest is
the income the investee or parent company isn’t entitled to due to the portion
they cannot control in the subsidiary company they invested in, so the investor
will have more accurate information.
Batelco’s screenshots:
Alba’s screenshots:
Recommendations:
A ratio analysis has been conducted for both of the Bahraini companies that are listed on the
Bahrain Stock Exchange which are Batelco and Alba using their financial statements for the year
of 2012. This ratio analysis aims to provide the investor Bahrain Duty Free with an overall
picture of the two chosen companies Batelco and Alba in the year of 2012 in order to assist
Bahrain Duty Free where to invest their 700,000 BHD.
These ratios are:
Ratio
Company name
Batelco
Alba
1. Ability to pay current liabilities
1.1 Current
1.2 Acid-test
1.3 Working Capital
Ratio
Ratio
1.5 times
1.1 times
1.4 times
0.6 times
67,755,000 BHD
19,532,000 BHD
1. According to the ability to pay current liabilities ratios and figures stated in this table
Batelco’s ratios surpasses Alba ratios. In which the current ratio for Batelco is 1.5 times
and for Alba is 1.1 times, the acid-test ratio for Batelco is 1.4 time and for Alba is 0.6
time, and the working capital for Batelco is 67,755,000 BHD and for Alba is 19,532,000
BHD. These ratios indicate that Batelco have a healthier and safer position than Alba,
because Batelco are willing to satisfy their current debts from their current assets in
case of liquidation, in fact Batelco is even expected to have a residual amount of their
liquidized assets even after paying their current debts. Whereas, Alba is expected to
have a shortage when it comes to pay their current debts using their current assets in
case of liquidation. In addition Batelco’s working capital shows that they have sufficient
money from operations that gives them a higher ability to fund and expand their
activities.
Ratio
Company
name
Batelco
Alba
2.1 Rate of
return on sales
19.8%
13%
2. Profitability
2.2 Rate of
2.3 Rate of
return on
return on
total assets
ordinary
shareholders
equity
9%
11.8%
8.1%
11.8%
2.4 Earnings per
share for
ordinary shares
41.9 fils
68.4 fils
2. According to the profitability ratios and figures stated in this table most Batelco’s ratios
also surpasses Alba’s ratios. In which the Rate of return on sales for Batelco is 19.8%
and for Alba is 13%, Rate of return on total assets for Batelco is 9% and for Alba is 8.1%,
Rate of return on ordinary shareholders equity for Batelco is 11.8% and for Alba 11.8%.
The only ratio that Alba surpasses Batelco in is the Earnings per share for ordinary
shares, where Batelco has earnings per share for ordinary shares of 41.9 fils and Alba
has Earnings per share for ordinary shares of 68.4 fils. The earnings per share for
ordinary shares for Alba might be more than Batelco’s where it might be attractive to
investors, however, Batelco has the advantage in terms of the Rate of return on sales
that is 19.8% and Rate of return on total assets that is 13% in which they are higher
than Alba’s where they show a better ability to generate profits on their sales and
assets as well which might attracts investors as well as they might seek for a more
efficient investment.
Ratio
Company name
Batelco
Alba
3. Analysing share investment
3.1 Price /
3.2 Dividends
3.3 Book value per
earnings
yield
ordinary share
8 times
8.2 times
10.5%
5.6%
357.2 BHD
587.3 BHD
3. According to the analysing share investment ratios and figures stated in this table. Alba
surpasses Batelco in most of the ratios. In which the price / earnings for Batelco is 8
times and for Alba is 8.2 times, dividend yield for Batelco is 10.5% and for Alba is 5.6%,
Book value per ordinary share for Batelco 357.2 BHD and for Alba is 587.3 BHD.
However, this figure of the Book value per ordinary share doesn’t provide a solid
picture of the company because it doesn’t relate to the actual market value and doesn’t
provide sufficient information towards what has been shown in the statement of
financial position. In which in the statement of financial position fro both companies
Batelco has the advantage over Alba in terms of liquidity ratios that can be noticeable in
the analysis above. In addition, despite of Batelco having only one ratio more than Alba,
still this higher dividend yield ratio gives the investor the portion of dividends he/she is
expected to receive from the current market value per share which could be attractive
to the investor where both companies have nearly the same price/ earnings ratio as it
indicates how the market is optimistic of the companies’ performance that could grab
potential investors. ("Book value per,") Which consequently states that Batelco is also
better thatn Alba in relation to Analysing share investment ratios.
Given to the analysis conducted above, Batelco seems to be the company Bahrain Duty
Free might want to invest their 700,000 BHD in. Because, they have a healthier and
safer position than Alba in terms of liquidity ratios in the contrast for Alba where they
might face some difficulties in paying their current liabilities when they come due
immediately as their negative acid-test ratio of 0.6 times indicates that. As for the
profitability ratios, it was Batelco that took the step ahead over Alba in most of the
ratios where Batelco’s ratio indicate the efficiency they have over Alba in terms of
generating profit from their sales, assets and equity. As for the analysing share
investment, Batelco has a higher dividend yield ratio and both companies nearly have
the same price / earnings ratio. Despite of Alba having a higher book value per ordinary
share still this isn’t a solid measurement of how the company is doing as the statements
of financial position for both companies indicates that.
APA Reference:
Lecture Notes:
Financial Accounting System (2014). Statement of Cash flow week 8 notes[PowerPoint slides]. Retrieved
from http://moodle.polytechnic.bh/moodle/
Financial Accounting System (2014). Financial Statement Analysis week 9 notes[PowerPoint slides].
Retrieved from http://moodle.polytechnic.bh/moodle/
Research:
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http://www.albasmelter.com/IR/Publications/Documents/Annual
Reports/AnnualReport2012.pdf
Alba 2013 annual report. (n.d.). Retrieved from
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Reports/AnnualReport2013.pdf
Bahrain commercial facilities company bsc annual report 2012. (n.d.). Retrieved from
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Batelco group annual report 2012. (n.d.). Retrieved from
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Appendix
Part 2 – (Evaluating cash flow statements)
Ratio analysis
Batelco
1. Operating cash flow to sale ratio
OP cash flow/Sales revenue
2012
= 104496000/304710000*100
=34.29% (See appendix a. and b. )
2013
=124182000/370561000*100
=33.51% (See appendix a. and b. )
2. Free Cash flow ratio
OP cash flow-Capital expenditures (PPE)
Captial expenditure= Difference in total assets – difference in total liabilities
2012
=104496000-{(689368000-659307000)-(169187000-140616000)}
=104496000-(30061000-28571000)
=104496000-1490000
=103006000 (See appendix a. , c. and d.)
2013
=124182000-{(1042164000-689368000)-(449019000-169187000)}
=124182000-(352796000-279832000)
=124182000-72964000
=51218000 (See appendix a. , e. and f. )
3. Cash flow coverage ratio
Op cash flow/Total liabilities
2012
=104496000/169187000
=0.6176 times (See appendix a. , e. and f. )
2013
=124182000/449019000
=0.2766 times (See appendix a. , e and f )
Alba
1. Operating cash flow to sale ratio
OP cash flow/Sales revenue
2012
=153059000/743725000*100
=20.58% (See appendix g. and h.)
2013
=130172000/749338000*100
=17.37% (See appendix g. and h. )
2. Free Cash flow ratio
OP cash flow-Capital expenditures (PPE)
Captial expenditure= Difference in total assets – difference in total liabilities
2012
=148983000-{(1229103000-1304790000)-(399485000-495997000)}
=148983000-(-75687000-(-96512000))
=148983000-20825000
=128158000 (See appendix g. and i.)
2013
=130172000-{(1178278000-1211943000)-(309827000-382325000)}
=130172000-(-33665000-(-72498000)
=130172000-38833000
=91339000 (See appendix g. and j. )
3. Cash flow coverage ratio
Op cash flow/Total liabilities
2012
=153059000/382325000
=0.4003 times (See appendix g. and j.)
2013 ( See appendix g. and j.)
=0.4201 times
Bahrain commercial facilities company
1. Operating cash flow to sale ratio
OP cash flow/Sales revenue
2012
=-4798000/58544000*100
=-8.20% (See appendix k. and l.)
2013
=-10875000/64617000*100
=-16.83% (See appendix k and l.)
2. Free Cash flow ratio
OP cash flow-Capital expenditures (PPE)
Capital expenditure= Difference in total assets – difference in total liabilities
2012
=-4564000-{(193661000-176588000)-(108211000-99451000)}
=-4564000-(17073000-8760000)
=-4564000-8313000
=-12877000 (See appendix k. and m.)
2013
=-10875000-{(228681000-193661000)-(135856000-108211000)}
=-10875000-(35020000-27645000)
=-10875000-7375000
=-10882375 (See appendix k. and n.)
3. Cash flow coverage ratio
Op cash flow/Total liabilities
2012
=-4798000/108211000
=-0.0443 times ( See appendix k and n.)
2013
=-10875000/135856000
=-0.0800 times (See appendix k. and n.)
Horizontal analysis
Formula
$ Change= Current year-Previous Year
% change= $change/Previous year*100
1. Batelco
Cash flow from operating activities
$ Change= 124182000-104496000
= 196686000
% Change= 196686000/104496000*100
= 18.84% (See appendix a.)
Cash flow from in investing activities
$ Change= -194178000-(-73708000)
=-120470000
% Change=-120470000/-73708000*100
= 163.44% (See appendix o.)
Cash flow from financing activities
$ Change= 172899000-(-43716000)
=216615000
% Change=216615000/-43716000*100
= -495.51% (See appendix o.)
Net increase/decrease in cash and cash equivalents
$ Change = 102903000-(-12928000)
= 115831000
% Change = 115831000/-12928000*100
= -895.97% (See appendix o.)
Cash and cash equivalent at the beginning of the year
$ Change= 92167000-105095000
= -12928000
% Change= -12928000/105095000*100
= -12.3% (See appendix o.)
Cash and cash equivalent at the end of the year
$Change = 195070000-92167000
= 102903000
% Change = 102903000/92167000*100
= 111.65% (See appendix o.)
Profit for the year
$ Change = 51454000-65343000
= -13889000
% Change = -13889000/65343000*100
= -21.26% (See appendix b.)
Alba
Cash flow from operating activities
$ change = 130172000-153059000
= -22887000
% Change = -22887000/153059000*100
= -14.95% (See appendix g. )
Cash flow from investing activities
$ Change = -47654000-(-32208000)
= -15446000
% Change = -15446000/-32208000*100
= 47.96% (See appendix p.)
Cash flow from financing activities
$ Change = -79583000-(-158733000)
= 79150000
% Change = 79150000/-158733000*100
= -49.86% (See appendix p.)
Increase/decrease in cash and cash equivalents
$ Change = 2935000-(-37882000)
= 40817000
% Change = 40817000/-37882000*100
= 107.75% (See appendix p.)
Cash and cash equivalents at the beginning of the year
$ Change = 61605000-99487000
= -37882000
% Change = -37882000/99487000*100
= -38.08% (See appendix p.)
Cash and cash equivalents at the end of the year
$ Change = 64540000-61605000
=2935000
% Change = 2935000/61605000*100
= 4.76% (See appendix p.)
Profit for the year
$ Change = 79777000-96545000
= -16768000
% Change = -16768000/96545000*100
= -17.37% (See appendix h.)
Bahrain Commercial Facilities Company BCFC
Cash flow from operating activities
$ Change = -10875000-(-4798000)
= -6077000
% Change = -6077000/-4798000*100
= -126.66% (See appendix k.)
Cash flow from investing activities
$ Change = -4028000-(-3130000)
= -898000
% Change = -898000/-3130000*100
= -28.69% (See appendix q.)
Cash flow from financing activities
$ Change = 15894000-4940000
10954000
% Change
= 10954000/4940000*100
= 221.74% (See appendix q.)
Net increase/decrease in cash and cash equivalents
$ Change = 991000-(-2988000)
= 3979000
% Change = 3979000/-2988000*100
= -133.17% (See appendix q.)
Cash and cash equivalents at the beginning of the year
$ Change = 818000-3806000
= -2988000
% Change = -2988000/3806000*100
= -78.51% (See appendix q.)
Cash and cash equivalent at the end of the year
$ Change = 1809000-818000
= 991000
% Change = 991000/818000*100
= 121.15% (See appendix q.)
Profit for the year
$ Change = 13068000-12313000
= 755000
% Change = 755000/12313000*100
= 6.13% (See appendix l.)
a.
("Batelco group annual," )
b. ("Batelco group annual," )
c. ("Batelco group annual," )
d. ("Batelco group annual," )
e. ("Batelco group annual," )
f.
("Batelco group annual," )
g. ("Alba 2013 annual report,")
h.
“Alba 2
3 annual report ”)
i.
“Alba 2
2 annual report ”)
j.
“Alba 2
3 annual report ”)
k.
l.
“Bahrain commercial facilities ”)
m. “Bahrain commercial fasilities ”)
n.
“Bahrain commercial facilities ”)
o.
“Batelco group annual ”)
p.
“Alba 2
3 annual report ”)
q.
“Bahrain commercial facilities ”)