...Australia’s oldest and most successful diversified companies, Wesfarmers began in June 1914 as the Westralian Farmers Co-operative and for most of its early history was primarily involved with the provision of services and merchandise to Western Australia's rural community. Its early operations included wool and wheat merchandising, grain and fruit exporting, oil distribution to rural areas, as well as Western Australia’s first public radio station. On the road to diversification In the 1950s Wesfarmers began a major diversification programme with the formation of Kleenheat Gas. Kleenheat pioneered the distribution of liquefied petroleum gas (LPG) and gas appliances to Western Australia's rural areas and now operates a major Australia-wide network of depots, company-operated branches, dealers and franchisees. The 1980s saw significant changes to the company’s operations and structure. In 1984, with the farmers co-operative as its majority shareholder, Wesfarmers Limited listed on the Australian Securities Exchange. In the same year, the company acquired fertiliser manufacturer and distributor CSBP & Farmers, in what was then Australia’s largest corporate takeover. Wesfarmers added to its energy industry investments by moving into coal mining when it acquired Western Collieries in 1989, now Premier. In the 1990s, the company invested in the Bengalla mine in the Hunter Valley in New South Wales. Further expansion of the coal interests occurred in May 2000 through the acquisition...
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...The Wesfarmers Coal division, with mining interests throughout Australia, is part of Wesfarmers Limited, a major diversified Australian public company. They only produce thermal (steam) coal and metallurgical (coking) coal, with the latter being exported (Figure A). As shown in Figure B coking coal is priced much higher than thermal coal. The firm’s coal interests include the Curragh mine in Queensland’s Bowen Basin, the Premier Coal mine at Collie in Western Australia’s south west, and a 40 per cent interest in the Bengalla mine in the Hunter Valley of New South Wales. Before analysing the challenges, it is beneficial to examine the market Wesfarmers operates in. The marketplace for coal is domestic, with the majority exported on the global market. The coal industry can be described by the classic perfect competition model via the following characteristics (Earl & Wakeley, 2005: 226-227): • Large number of potential buyers (global market) • Large number of potential competitors. World Coal Institute estimates that recoverable coal reserves are in more than 70 countries and supply will last approximately 155 years (World Coal Institute: 2007). • Large number of current competitors. Each competitor sells a perfect substitute for Wesfarmers coal. • There is no price regulation in the coal industry. According to Earl and Wakeley (2005: 227), these characteristics would make Wesfarmers a price-taking firm which has no control of the price it charges for coal. It...
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...Cultural Awareness Assignment: Part 1 Part A Cost of Living Living in Australia, students have many choices to choose from when it comes to their accommodations. With each choice the price varies: * Hostels and Guesthouses - $80 to $135 per week * Shared Rental - $70 to $250 per week * On campus - $80 to $250 per week * Homestay - $110 to $270 per week * Rental - $100 to $400 per week * Boarding schools - $10,000 to $20,000 a year There are many other living expenses that should be considered when living abroad such as food costs, transportation, etc. Based on each individual the amounts may differ. Here are the approximate prices: * Groceries and eating out - $80 to $200 per week * Gas, electricity - $60 to $100 per week * Phone and Internet - $20 to $50 per week * Public transport - $10 to $50 per week * Car (after purchase) - $150 to $250 per week * Entertainment - $50 to $100 per week As the Department of Immigration and Citizenship demands you to receive a student visa in order to study in Australia, for one individual it costs about $18,610 Australian dollars. Communication Generally you should stand about an arm’s-length away when speaking to someone face to face but the distance will likely be less when standing side by side. Eye contact is generally considered important when expressing sincerity, although Aboriginal Australians are less comfortable making...
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...Cultural Awareness Assignment: Part 1 Part A Cost of Living Living in Australia, students have many choices to choose from when it comes to their accommodations. With each choice the price varies: * Hostels and Guesthouses - $80 to $135 per week * Shared Rental - $70 to $250 per week * On campus - $80 to $250 per week * Homestay - $110 to $270 per week * Rental - $100 to $400 per week * Boarding schools - $10,000 to $20,000 a year There are many other living expenses that should be considered when living abroad such as food costs, transportation, etc. Based on each individual the amounts may differ. Here are the approximate prices: * Groceries and eating out - $80 to $200 per week * Gas, electricity - $60 to $100 per week * Phone and Internet - $20 to $50 per week * Public transport - $10 to $50 per week * Car (after purchase) - $150 to $250 per week * Entertainment - $50 to $100 per week As the Department of Immigration and Citizenship demands you to receive a student visa in order to study in Australia, for one individual it costs about $18,610 Australian dollars. Communication Generally you should stand about an arm’s-length away when speaking to someone face to face but the distance will likely be less when standing side by side. Eye contact is generally considered important when expressing sincerity, although Aboriginal Australians are less comfortable making...
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...The Business and Politics of Environmental Regulation and Activism 3028IBA – Energy and Environmental Security Dr Tapan Sarker Department of International Business and Asian Studies 3028IBA - 2013 Topics Covered in this Lecture • The business/corporate sector and the environment (essentially business and the climate change issue); and • Emissions trading schemes (the key strategy, considered the most cost-effective strategy, by which economic activity is to be guided towards meeting certain GHG emission reduction targets) 3028IBA - 2013 The Business/Corporate Sector and the Environment 3028IBA - 2013 Some of the questions today’s lecture and tutorial topic considers • In the context of governments attempting to achieve climate security, what have been the key concerns of the business sector? • • How has the business sector attempted to influence decision making on climate change policies? How have businesses responded to the greenhouse gas reduction challenge and policies, and what has motivated their responses? 3028IBA - 2013 The Traditional Behaviour of the Business Sector in Relation to the Environment • Opposition to national and international policies that they believe would impose significant new costs on them or otherwise reduce expected profits When faced with existing strong domestic regulations on an activity with a global environmental dimension, corporations are likely to support international agreements that would impose similar...
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...ANNUAL REPORT 2013 CONTENTS Chairman’s Review Managing Director’s Review Financial Results Board of Directors Senior Management Corporate Governance Statement Financial and Statutory Reports Directors’ Report Financial Report Income Statement Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity Notes to the Financial Statements 1. Summary of Significant Accounting Policies 2. Segment Reporting 3. Revenue 4. Income Statement Disclosures 5. Income Tax Expense 6. Cash and Cash Equivalents 7. Trade and Other Receivables 8. Inventories 9. Other Financial Assets 10. Investment in Joint Venture Entity 11. Investments in Bottlers’ Agreements 12. Property, Plant and Equipment 13. Intangible Assets 14. Impairment Testing of Investments in Bottlers’ Agreements and Intangible Assets with Indefinite Lives 1 2 3 4 6 7 14 14 59 59 60 61 62 63 64 64 72 74 74 76 77 78 79 79 79 80 81 82 83 15. Trade and Other Payables 16. Interest Bearing Liabilities 17. Provisions 18. Deferred Tax Liabilities 19. Defined Benefit Superannuation Plans 20. Share Capital 21. Shares Held by Equity Compensation Plans 22. Reserves 23. Employee Ownership Plans 24. Dividends 25. Earnings Per Share (EPS) 26. Commitments 27. Contingencies 28. Auditors’ Remuneration 29. Business Combinations 30. Key Management Personnel Disclosures 31. Derivatives and Net Debt Reconciliation 32. Capital and Financial Risk Management 33. Related Parties 34. CCA Entity...
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