Annual Reports

Annual reports for Saunders International.

2013:
http://www.saunders-international.com.au/documents/2013%20-%20SND%20Annual%20Report%20-%20FINAL%20for%20Website.pdf

2012:

http://www.saunders-international.com.au/documents/2012%20-%20SND%20Annual%20Report%20-%20FINAL%20for%20website.pdf

2011:

http://www.saunders-international.com.au/documents/2011%20-%20SND%20Annual%20Report%20-%20FINAL%20for%20Website-Rev%201.pdf

Concerns, Challenges etc

Concerns

• The backlog on projects concerning their industry.
• Large legal expenditures in year 2011-2012, which is attributed to the dispute that Saunders International is involved in.

Challenges

• The main challenge being faced by Saunders International is their backlog on projects.
• This could lead to a loss in profits and an increase in expenses. The more time spent on a project, the more money it needs
• In 2012 Saunders International counteracted this challenge by building a better backlog so that some projects may be completed on time.
• A large legal expenditure in 2010,2011, and 2012,  is a result of the dispute between Saunders International and Built Environs
• The only way that Saunders International is counteracting this challenge is by employing their own legal team, and by ensuring all their practices are legal.

Feelings

• Most of the financial statements present in each organisations are different,  in their own different way, but they all have the same basic information, regarding financial statistics. 
• HOWEVER, Saunders International's reports are roughly 46 pages long as opposed to 220-200 pages long, which makes it easier to read, and a more simplistic summary of statistics.
• I have no major concerns or feelings regarding Saunders International. \
• I am very happy to have an organisation assigned to me in an industry that I am familiar with.

Key concepts 2013

KEY CONCEPTS
Year ending 30 June 2013

OVERALL:

• At year end, the Company remained in a strong financial position with cash of $13 million
• A further $15 million of new contacts have been secured in the first quarter of this financial year.
• BP Santos,Caltex, Shell, Exxon, Mobil, Simpson, Constructio,FMG,Stolthaven,Koppers Transfield Services.
• There were no changes in the board of directors this year.
• During the financial year, the principal activities of Saunders were design, construction and maintenance of steel storage tanks and the project management of ancillary facilities.

2013

• Saunders International has won contracts on previously stalled and delayed projects, and has made progress on these projects.
• This profit was achieved on revenue of $60.5 million which was a 31.5% increase on the previous year.
• During the 2013 financial year, Saunders revenue was $60.5 million. This represents a 31.5% increase on the prior year.
•  The Net Profit after Tax increased by 29.5% to $5.8 million (2012: $4.5 million).
• The directors consider the Company to be in a strong financial position at year end.
• During this financial year, the number of employees ranged between 179 and 221 and it was 196 at year end.
•  Saunders International used Deloitte for their auditing services again this year. 

Key Concepts (2012)

KEY CONCEPTS
Year ending 30 June 2012

OVERALL:

Saunders International's largest or 'Ultimate' clients this year include: Alcoa, RAAF, BP, Rio Tinto, Caltex, Santos, Exxon,Mobil, Shell, FMG, Terminals, Fuel.

 Saunders International are in a very strong financial position.

There has been no changes in the team of directors this year. 

2012

• Revenue for 2012 experienced a decrease from 52 million in 2011 to 46 million in 2012, which is a 13% decrease from the previous year, which is attributed to the softness of the market through the year.
• Profit before Income tax had an increase from 2.8 million to 6.2 million in 2012.
• Income tax expense was also at an increase though, from 806 thousand to 1.7 million in 2012.
• the profit attributable from members of Saunders International was at an increase from 1.8 million to 4.4 million in 2012.
• legal costs for this year were at a decrease to 0.75 million, wherein there was a decision on the dispute in the case of Saunders v Built Environs.
• There is still a delay in the release of major projects this year. Saunders has built a better backlog so that some projects may be completed on time.
• The directors consider the Company to be in very strong financial position at year end. Cash totals $17 million which is equivalent to with no interest bearing debt.
• there has been no changes in the remuneration areas this year.
• Saunders International made use of Deloitte again this year for auditing services.

Key concepts (2011)

KEY CONCEPTS 
Year ending 30 June 2011

OVERALL:

• Saunders International have a recognition section for their "Ultimate", or "best" clients, such as BP, Caltex, Santos, Shell, Newcrest Mining, Rio Tinto, BHP. All larger organisations, outsourcing to get their work completed
• The company directors have not changed over the last four years.

2011

• Revenue went up from 52 million from 44 million, which is a 19% increase, which occurred particularly in the design and construction departments of Saunders International.\
• Income tax expense experienced a decrease from 1.7 million in 2010, to 806 thousand in 2011
• Profit from members of saunders international experienced a decrease from 4,031 million in 2010, to 1,880 million in 2011.
• During this year the principle activities of Saunders were design, construction and maintenance of steel storage tanks and project management of ancillary facilities
• there were LARGE financial costs for this year at 3.6 million due to the ongoing dispute Saunders International was involved in.
• There is a back log on projects in the design and construction industry this year (2011).
• The director believes that Saunders International is in a strong financial position.
• There is a decrease in turnover this year, but an increase in employment opportunities from 170-190.
• Saunders International provides long term remuneration packages for high level management, and key management personnel.
• there was no significant change in state of affairs this year
• Saunders International use external auditing services each year (Deliotte)

KCQ's Annual Report

1. Remuneration- Does anyones report contain remuneration information regarding high level management and directors, etc?

2. Legal expenses- Currently Saunders International is involved in a dispute, does anyone else have any legal expenses present in their organisation, would you please send me a link to your blog so that I can review it?

3.Does anyone have deferred tax assets? does anyone know what this means?

4. Why wouldn't safety figures be reported more efficiently in reports?

5.What causes an organisation to retain their earnings, over giving them as dividends to share holders?

6.Is there a trend in the number of directors meetings held each year? in Saunders International, the minimum number is 8 meetings, and the max is about 10

7.In Saunders International no share options are issued to directors- does anyone elses organisation have this present?

Question 1.2

Here I have answered the Question 1.2, its interesting how much the organisation has to account for monetarily. I hope other people find this interesting!!! Ill be posting to other peoples blogs when the information is available!!

Question 1-2

For your firm, identify three Assets, three Liabilities and three items of Equity. Describe what each item means to you. Put on your blog your answer to this question and comment on the answers to this question of at least three other people. Include links to your blog and also to your comments in other people’s blogs

TITLE	Amount (‘000)	Meaning
ASSETS
Inventories	$1,571	The current on hand stock which is yet to be used and or sold.
Plant and Equipment	$1,792	The value of the equipment and the value of the lease in plant (land) including the accumulated depreciation.
Cash and Cash Equivalents	$12,924	The current cash on hand present within the Saunders International as at 30 June 2013.
LIABILITIES
Provisions	$2,963	Provisions are the costs from the lawsuit that Saunders international is involved in.
Trade and other payables	$6,226	Accounts that are yet to be paid by Saunders International
Current tax liabilities	$1,311	The tax Saunders International is legally obligated to pay as the result of a taxable event
EQUITY
Issued capital	$7,726	The amount of nominal share value held by the shareholders within Saunders International
Retained earnings	$9,099	A portion of the firms income which is withheld by the organisation rather than distributing it to shareholders
Share based payments reserve	$124	The reserve holding the payments to be owed to shareholders

Blogs, Blogs, Blogs!

Though there are many great blogs out there, especially for our ACCT11059 class this semester, the top three in my opinion all have their own unique attributes that make them more interesting, and in a sense more fun to read, and understand, and in no particular order here they are:

1. http://brilouisekempacct11059.blogspot.com.au/

I really enjoy this blog because it has a wealth of information, that isn't stagnant, and boring, the author tries to make it as interesting as possible, the layout is easy to navigate and it contains more than just a welcome message. Here are my top 3.

2. http://dheepaapps.blogspot.com.au/

I chose this blog, because Woolworths Limited has a special place in my heart, after working there for almost four years, it makes sense to me to be interested in its financials, as half of my family have shares in the organisation. I enjoy this blog because it is very much to the point, and doesn't beat around the bush.

and

3. http://irisonvleeacct11059.blogspot.com.au/

I enjoy this blog because there is allot of information regarding the authors organisation, there is interesting news and allot of other information that I think will come in handy understanding my organisation later in the future.

Accounting and Sewing

Hello Everyone!

I just want to say thank you for taking the time to come and have a look at my blog.
As a distance education student studying in Brisbane, currently a fourth year Bachelor of Business undergraduate, with a major in Human Resources, I'm always looking for ways to be social and meet people, because sitting at home all day in my office can lead to me staring out the window dreaming about making friends, then just resorting to finding my cat, and cuddling her all day (I know she probably hates it, but I don't think she knows she is adopted yet!!) 

This is my cat, enjoying the afternoon breeze.

But cuddling my cat all day isn't the only thing that I do. I do infact have allot of free time, and I really really enjoy sewing.I only recently started learning, but its something that has a deep place in my heart.In my spare time cutting out patterns the other day, it occured to me that accounting for decision making is allot like sewing. Especially the first part of our assignment, allow me to explain;

Initially it seems like a daunting task. Its a hard thing to do, you have a pattern to work from, which essentially could be a spread sheet, with patterns, you have to do measurements, and cut it down to the size you want, ever so carefully, because one mistake could mess the whole thing up, much like working in a spreadsheet, if once cell block is wrong it could affect the whole calculation! or in MYOB and double entry bookkeeping, if you don't input the right data in the right places, then there is going to be an error, which is much like cutting out the wrong pattern, for a sleeve, and sewing it on the wrong side, you can't have a left sleeve on the right arm! 

Did you ever think that financial management and statements are interrelated to sewing? Because I can tell you it is! I can’t remember the number of times I have fallen in love with a beautiful piece of fabric or trim, then having to check my bank to see how much cash on hand I have, and if I don’t have enough, look like I'm going to have to work or get some projects to help increase my revenue so that I can purchase the inventory I need to create the product I want.

Fundamentally, the most important part of the dress is the seams and over locking. If you don’t over lock the material, it’s going to start fraying, and falling apart, much like in accounting, where if you don’t enter and manage the transactions of your organisation then it is going to begin to fail, and if you don’t sew your dress/shirt together (seam) then you aren't going to have anything but pieces on the floor or table, which is also relatable to accounting, because hey, if nothing works together, and all the debts equal the credits, then what chance do you having a successful book keeping system.

The first dress I ever made, inspired by the 1950's!

Basically, I propose that accounting is pretty much relatable to allot of things in life, and once you can figure out what accounting is to you, it makes it easier to understand, and allot of the time, it makes it allot more fun to do. At least I like to think it does!!!

Thank you again for visiting my blog!
Please remember to leave some comments down below, and give feedback to others on the moodle page!!

Evelyn

Challenges and Difficulties

“Difficulties strengthen the mind, as labor does the body.” 
― Seneca

Difficulty is something that Saunders International is not new to, but which company doesn’t have difficulties? Most recently has come about in a large scale lawsuit in which Saunders had to pay vast sums of money towards a legal team to help combat the lawsuit which involves Saunders being subcontracted by Built Environs to build three leaching tanks made of steel for BHP Billiton's Olympic Dam project in 2008.However, Built Environs is suing Saunders, saying it was forced to replace the tanks.

According to Saunders Internationals previous financial statements, legal costs have run into extreme amounts, such as $3.6 million this last financial year and $1.45 million the prior year 

Links to the news article are here:

http://www.adelaidenow.com.au/business/sa-business-journal/bankrupts-asked-for-100000/story-e6fredel-1226218878874

http://www.adelaidenow.com.au/business/two-year-battle-almost-over-for-built-environs-and-saunders/story-e6frede3-1226216558085

My Company- Saunders International

As part of the ACCT11059 Accounting class for term one of 2014, I have been issued with the organisation called “Saunders International”, this blog will provide just a little background information regarding Saunders International, and the work they do, along with other key news and industry relevant information.

Firstly Saunders international is a leading Australian specialist in the design, construction and maintenance of bulk storage facilities for the water, petrochemical and infrastructure industries, which are engineered to the highest quality and safety standards present in Australia.  Saunders International  mission statement delivers the true undertaking the organisation wishes to achieve which is that of providing “…customers with economical and innovative solutions to all their Bulk Liquid Storage requirements. These solutions will be expertly engineered and built the highest Safety and Quality standards”

(http://www.saunders-international.com.au/about-us-vision-statement.htm)

If that doesn’t impress you, their values include people, a core asset on their long term success and future growth, safety and quality, the foundation of their future success, leadership through clearly communicated goals, values and aspirations and develop a culture of innovation and excellence, profitability, targets will consider stakeholders, customers, employees etc, and the ever important: Environment, which their aim is not to damage the environment.

With such an impressive list of mission and values, it’s easy to understand some of Saunders Internationals clientele, which include BP, Rio Tinto, Caltex, Mobil, Fuel Systems, Simpson Construction, Transfield Services, and other major clients.

Some of Saunders Internationals recent projects include:

• A Double Wall Storage Tank in Moranbah, QLD
  
  
  
• Jacking of a Cone Roof Tank Noumea, New Caledonia

• Steel and Elevated Reservoirs and Pumping Station, Eastern Creek, Sydney, NSW

Each project had to be specifically designed to comply with the storage requirements of the elements they were to hold, such as Ammonia, in the storage tank in Moranbah, which needs to remain at a constant temperature of -33 degrees!

Not only do Saunders international provide engineering services for the projects they undertake, Saunders International also offer a range of risk based maintenance prioritizing, such as risk analysis and scenario analysis, and QA compliant inspection services, with API653 Accredited Inspectors, In house engineering analysis, work shop fabrication and mechanical repairs.

So there you have it! All the basics of what you need to know about Saunder International!!!

My next blog will analyse the 2011,2012 and 2013 financial reports!

Welcome to my new blog!

I look forward to blogging about all kinds of useful things to help ACCT 11059 students and to create a better networking environment for all of us!

My name is Evelyn De Lange, I am a distance student in Brisbane, who is studying FIVE subjects in term one 2014. So its safe to say I am a little busy. As an Australian immigrant, I look forward to working in a diverse environment and creating substantial long lasting friendships.