Running Header: Case Study Report-Woolworths Group LTD

Running Header: Case Study Report- Woolworths Group Ltd.
Case Study Report- Woolworths Group Ltd.
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Table of Contents
Financial Analysis...........................................................................................................................2
Return on Equity (ROE)..............................................................................................................2
Return on Assets (ROA)..............................................................................................................5
Current Ratio...............................................................................................................................8
Interest Coverage Ratio (ICR)...................................................................................................11
Organizational Future....................................................................................................................14
Impact of the political and competitive environment....................................................................15
Ethical considerations when an organisation becomes insolvent..................................................16
External factors that need to be taken into consideration in case of a merger or acquisition........17
Recommendations..........................................................................................................................18
1 References......................................................................................................................................19
Financial Analysis
Return on Equity (ROE)
Return on Equity is calculated to determine the shareholders earning on the organizational profit
according to per unit of investment done by the shareholders (Easton & Monahan, 2016).
The formula for the calculation of the Return on Equity is:
Return on Equity = Net Income / Shareholder Equity
Profit and Loss Accounts (All values AUD Thousands.)

Particulars 2018 2017 2016 2015
Sales/Revenue 56,965 55,034 53,664 59,001
COGS excluding D&A 39,153 38,067 37,553 41,722
Depreciation 1,085 1,020 964 1,042
Amortization of Intangibles 18 18 22 21
Depreciation & Amortization Expense 1,103 1,038 986 1,063
Cost of Goods Sold (COGS) incl. D&A 40,256 39,105 38,539 42,785
Gross Income 16,709 15,929 15,125 16,216
2 SG&A Expense 14,383 13,809 12,947 12,511
EBIT 2,326 2,120 2,178 3,705
Unusual Expense 0 38 959 380
Non- Operating Income/Expense 222 244 276 225
Non-Operating Interest Income 14 8 10 27
Gross Interest Expense 202 232 298 337
Interest Capitalized 34 30 42 57
Interest Expense 168 202 256 280
Pre-tax Income 2,394 2,132 1,249 3,297
Income Tax - Current Domestic 718 651 486 996
Income Tax - Deferred Domestic 0 0 0 0
Income Tax 718 651 486 996
Consolidated Net Income 1,676 1,481 763 2,301
Minority Interest Expense 71 59 37 -9
Net Income 1,605 1,422 726 2,310
Extra ordinaries & Discontinued Operations 119 112 -1,961 -163
Net Income After Extra ordinaries 1,486 1,310 2,687 2,473
Return on Equity (All values AUD Thousands.)
Particulars 2018 2017 2016

Net Income 1,605.00 1,422.00 726.00
Total Shareholders' Equity 10,481.00 9,526.00 8,470.00
Return on Equity 0.15 0.15 0.09
Net Income
1,800.00
1,600.00
1,400.00
1,200.00
1,000.00
800.00
600.00
400.00
200.00
0.00
3 2018 2017 2016
Total Shareholders' Equity

12,000.00
10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
0.00
2018 2017 2016
Return on Equity
0.18
0.16
0.14
0.12
0.10
0.08
0.06
0.04
0.02
0.00
2018 2017 2016
Growth Percentage
Particulars 2018 Growth (%) 2017 Growth (%) 2016
Net Income 1,605.00 12.87 1,422.00 95.87 726.00
Total Shareholders' Equity 10,481.00 10.03 9,526.00 12.47 8,470.00
Return on Equity 0.15 0.00 0.15 66.67 0.09
4
It can be seen that the return on equity is at a similar pace in the last two years but from 2016 to
2017 thee have been a significant rise of 66.67 %. It can be seen as the Net Income of the
Woolworths Group Ltd. has seen a tremendous rise of 95.87 % from 2016 to 2017. The Net
Income of the organization has seen a tremendous rise but it is not due to a high rise in the sales
figure but it is cause due to decrease of expenses. It can be seen that the in total revenue have
decreases as the total sales figure have decreases from 2015 and it is rising but till now the sales
figure is still quite less than that of 2015 sales figure. The sales figure have dropped as and there
was also seen some unusual expenses during the phase of 2015 and 2016. This is the reason the
expenses increased and the net profit also got decreased. Woolworths ruled off the Masters
debacle in 2016 as it was incurring loss this is the reason the sales deceased and the unusual
expenses got increased.
2018 2017 2016 2015

Sales/Revenue 56,965 55,034 53,664 59,001
Sales Growth 3.51% 2.55% -9.05%
Return on Assets (ROA)
Return on Assets is calculated to determine the organizational profitability against the total assets
of the organization. It helps to determine whether the organization is efficiently using the assets
and are the assets providing sufficient among of profit (Heikal, Khaddafi & Ainatul, 2017).
Return on Assets (ROA) = Net Income / Total Assets
Balance Sheet (Assets) (All values AUD Thousands.)
Assets 2018 2017 2016 2015

Cash Only 1,273 909 948 1,333
Short-Term Investments 53 16 56 189
Cash & Short Term Investments 1,326 925 1,004 1,522
Accounts Receivables, Gross 158 140 157 316
Bad Debt/Doubtful Accounts -29 -34 -32 -23
Accounts Receivables, Net 129 106 125 293
Other Receivables 291 305 309 291
Total Accounts Receivable 420 411 434 584
Inventories 4,233 4,207 4,559 4,872
Prepaid Expenses 381 334 330 301
5
Miscellaneous Current Assets 821 1,244 1,101 382
Other Current Assets 5,435 5,785 5,990 5,555
Total Current Assets 7,181 7,121 7,428 7,661
Buildings 1,335 1,436 1,436 2,501
Machinery & Equipment 9,870 9,258 13,937 13,719
Construction in Progress 641 519 358 930
Other Property, Plant & Equipment 2,899 2,719 3,270 3,166
Property, Plant & Equipment - Gross 14,745 13,932 19,001 20,316
Buildings 110 118 116 156
Accumulated Depreciation 5,719 5,494 10,738 10,254
Net Property, Plant & Equipment 9,026 8,438 8,263 10,062
LT Investment - Affiliate Companies 57 38 30 37
Other Long-Term Investments 465 469 608 460
Total Investments and Advances 522 507 638 498
Long-Term Note Receivable 77 71 81 107
Net Goodwill 4,155 4,216 4,250 3,826
Net Other Intangibles 2,310 2,317 2,341 2,418
Intangible Assets 6,465 6,533 6,591 6,244
Other Assets 16 1 5 10
Total Assets 23,287 22,671 23,006 24,582
Return on Assets (All values AUD Thousands.)

Net Income 1,605.00 1,422.00 726.00
Total Assets 23,287.00 22,671.00 23,006.00
Return on Assets 0.07 0.06 0.03
Net Income
1,800.00
1,600.00
1,400.00
1,200.00
1,000.00
800.00
600.00
400.00
200.00
0.00
2018 2017 2016
Total Assets
23,400.00
23,200.00
23,000.00
22,800.00
22,600.00
22,400.00
22,200.00
2018 2017 2016
Return on Assets
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0.00
2018 2017 2016
Growth Percentage
Net Income 1,605 12.87 1,422 95.87 726
Total Assets 23,287 2.72 22,671 -1.46 23,006
Return on Assets 0.07 9.88 0.06 98.76 0.03
It can be seen that the organization is performing quite well in the return in assets and it have
7
increase from 2016 to 2017 and slightly increase in 2018 also. It can be seen that there have been
a huge increase in the net income and slight decrease in the total assets of the organization in the
year 2017. It can be seen that the have been a decrease in the building in 2015 to 2016. The
machinery & equipment and other property, plant & equipment have decrees in 2017. The
depreciation can also be seen in machinery & equipment from 2016 to 2017. This is because the
organisation has shut down one of their branches in 2016 due to heavy losses.
Assets 2018 2017 2016 2015

Buildings 1,335 1,436 1,436 2,501
Property, Plant & Equipment - Gross 14,745 13,932 19,001 20,316
Buildings 110 118 116 156
Accumulated Depreciation 5,719 5,494 10,738 10,254
Net Property, Plant & Equipment 9,026 8,438 8,263 10,062
Current Ratio
Current ratio is calculated to determine the organizational ability to clear the due of the current
liability and for that it is important to sell of the current assets and gain a quick cash to pay off
the current liabilities (Susilowati, 2015).
Current Ratio = (Cash + Marketable securities + Receivables + Inventory) / Current liabilities
Current Assets (All values AUD Thousands.)

Assets 2018 2017 2016 2015
Cash Only 1,273 909 948 1,333
Short-Term Investments 53 16 56 189
Cash & Short Term Investments 1,326 925 1,004 1,522
Accounts Receivables, Gross 158 140 157 316
Bad Debt/Doubtful Accounts -29 -34 -32 -23
Accounts Receivables, Net 129 106 125 293
Other Receivables 291 305 309 291
Total Accounts Receivable 420 411 434 584
Inventories 4,233 4,207 4,559 4,872
Prepaid Expenses 381 334 330 301
8 Miscellaneous Current Assets 821 1,244 1,101 382
Other Current Assets 5,435 5,785 5,990 5,555
Total Current Assets 7,181 7,121 7,428 7,661
Current Liabilities (All values AUD Thousands.)

Particulars 2018 2017 2016 2015
Short Term Debt 16 171 46 10
Current Portion of Long Term Debt 588 83 445 1,635
ST Debt & Current Portion LT Debt 604 254 491 1,645
Accounts Payable 5,316 5,195 4,809 5,040
Income Tax Payable 110 81 40 101
Accrued Payroll 1,018 915 902 848
Miscellaneous Current Liabilities 2,148 2,507 2,751 1,534
Other Current Liabilities 3,166 3,422 3,653 2,382
Total Current Liabilities 9,196 8,952 8,993 9,168
Current Ratio (All values AUD Thousands.)

Total Current Assets 7,181.00 7,121.00 7,428.00
Total Current Liabilities 9,196.00 8,952.00 8,993.00
Current Ratio 0.78 0.80 0.83
Current assets
7,500.00
7,400.00
7,300.00
7,200.00
7,100.00
7,000.00
6,900.00
2018 2017 2016
9
Current liabilities
9,250.00
9,200.00
9,150.00
9,100.00
9,050.00
9,000.00
8,950.00
8,900.00
8,850.00
8,800.00
2018 2017 2016
Current Ratio
0.83
0.82
0.81
0.80
0.79
0.78
0.77
0.76
0.75
2018 2017 2016
Growth Percentage
Current assets 7,181.00 0.84 7,121.00 -4.13 7,428.00
Current liabilities 9,196.00 2.73 8,952.00 -0.46 8,993.00
Current Ratio 0.78 -1.83 0.80 -3.69 0.83
It can be seen that the current ratio is below 1 in all the years which is not a good sign for the
10
organization. The current liabilities are more than the current assets and the current liabilities.
Both current assets and current liabilities are increasing at a very nominal rate but the rate at
which the current liabilities are higher than the current assets this is the reason the current ratios
is continuously decreasing for the past three year.

Interest Coverage Ratio (ICR)
Interest coverage ratio helps an organization to measure the organizational ability to pay the
interest from the debt the organization has taken for the business operations (Fitri, Supriyanto &
Oemar, 2016). The lower the interest coverage ratio will be the higher there will be chance of
bankruptcy or defaulter. The calculation of interest coverage Ratio is:
Interest Coverage Ratio (ICR) = Earnings before Interest & Tax (EBIT) / Interest Expenses
Profit and Loss Accounts (EBIT & EBT) (All values AUD Thousands.)
Particulars 2018 2017 2016 2015

Sales/Revenue 56,965 55,034 53,664 59,001
Sales Growth 3.51% 2.55% -9.05%
COGS excluding D&A 39,153 38,067 37,553 41,722
Depreciation 1,085 1,020 964 1,042
Amortization of Intangibles 18 18 22 21
Depreciation & Amortization Expense 1,103 1,038 986 1,063
11 Cost of Goods Sold (COGS) incl. D&A 40,256 39,105 38,539 42,785
COGS Growth 2.94% 1.47% -9.92%
Gross Income 16,709 15,929 15,125 16,216
SG&A Expense 14,383 13,809 12,947 12,511
EBIT 2,326 2,120 2,178 3,705
Profit and Loss Accounts (Interest Payable) (All values AUD Thousands.)
Particulars 2018 2017 2016 2015

EBIT 2,326 2,120 2,178 3705
Interest Capitalized 34 30 42 57
Non -Operating Income 222 244 276 225
Non-Operating Interest Income 14 8 10 27
Interest Income 270 282 328 309
Gross Interest Expense 202 232 298 337
Interest Expense 202 270 1257 717
Total Interest Payable 68 12 929 408
Pre-tax Income 2,394 2,132 1,249 3,297
Interest Coverage Ratio (All values AUD Thousands.)

EBIT 2,326 2,120 2,178
Total Interest Payable 68.00 12.00 929.00
Interest Coverage Ratio 34.21 176.67 2.34
EBIT
2,350
2,300
2,250
2,200
2,150
2,100
2,050
2,000
12 2018 2017 2016
Interest Expense
1,000.00
900.00
800.00
700.00
600.00
500.00
400.00
300.00
200.00
100.00
0.00
2018 2017 2016
Interest Coverage Ratio

200.00
180.00
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
2018 2017 2016
Growth Percentage

EBIT 2,326 9.72 2,120 -2.66 2,178
Interest Expense 68.00 466.67 12.00 -98.71 929.00
Interest Coverage Ratio 34.21 -80.64 176.67 7,435.51 2.34
13
It can be seen that the Interest Coverage Ratio is quite high in all the years. There has been seen
a huge drop in the interest expenses from 2016 to 2017 as their have shut down one of the
branches and the money received was used to pay off the loans and in 2016. Some loans were
taken in the year 2018 for growth and development of the business.
Organizational Future
The organizations Woolworths Group Ltd. is doing quite well in the current business context and
has been successfully identified the flaws in the business till now. There were some major
problems with the organizational business and was incurring heavy losses in one of their
business Masters Hardware business model. The organization have suffers huge an interim loss
of $973 million and had to cut of man powers, properties and machineries form the accounting
book of the organization (Woolworths unveils $1.235 billion loss, 2018). After the shut-down of
the Woolworths Masters Hardware business the organization bounced back and regained their
market position. The future of the organization seems to be very bright as the management have
enough experience to analyse the market trends and if required cut off certain thing so that it
does not harm the profitability of the Group. The sales figure is continuously increasing so the
14 net profit which is a good sign for an organization as the main motive of any organization is to
increase the revenue and the sales. To gain success in future the organization needs to perform an
extensive research and development to identify the gap in the market and needs to identify those.
Woolworths Group Ltd. is a very reputed organization in Australia and has a high goodwill in
the market. It is very important to have goodwill in the market as it helps the organization to
raise funds that will help in the future growth and development process.
Impact of the political and competitive environment
The current market trend is very competitive so it is important to analyse the market regularly
and develop market strategies according to it. The major problem that is faced in Australia in
terms of government and political environment is the free trade policy in Australia. In case of
free trade police any organization of any foreign country can set up their business in Australia so
the completion level rises even more (Elijah et al., 2017). Due to this factor Woolworths not only
faces a huge completion from the internal companies but from global market also. Woolworths
being an retail chain outlet organization needs to increase the market presence to capture and
target more market. There are huge competitions and majority of the places are already booked
by Woolworths itself or by some competitor. Price also plays and important role as due to high
competition the organization cannot increase the price as any slight difference may cause loss of
15 customers. There is one other major reason that might be very impact full for the organization it
is the increasing demand of the online delivery system. In case of online delivery system
Woolworths has also started delivering the grocery and supermarket items to the customer home.
But the main problem in the competition as to set up an online delivery business there is no
requirement of purchasing or opening a shop or huge capital so the competition level is
increasing on a regular basis.

Ethical considerations when an organisation becomes insolvent
Insolvency is the main reason that an organization requires a high amount of current assets thane
current liabilities. Current liabilities are the liabilities those are for a short period of time mainly
for one year or less. Liabilities are the due of the organization that the organization needs to pay
off within the provided financial year. Current Assets are the short term assets of the
organization those can be easily sold off or en-cashed to gain easy liquid cash (Gitman, Juchau &
Flanagan, 2015). In case of insolvency the organization needs to pay off the entire liabilities by
selling the assets of the organization. The ethical consideration in case of an organization
becomes insolvent is to sell off all the assets and generate all the cash. In the beginning it is
important to pay of the current liabilities holders as those are short term liabilities and needs to
be cleared first. Secondly all the dividends need to be paid to the preference shareholders and
16 debenture holders. The long terms liabilities need to be calculated and pay off and then if there is
any amount left it needs to be distributed among the shareholders based on the ratios of the
investments (Parkinson, 2018).

External factors that need to be taken into consideration in case of a merger or acquisition
Merge and acquisition are an important part of the business as it is very important for the growth
and development. Generally in case of a small scale company and a large scale company
acquisition takes places (Greve & Man Zhang, 2017). Where the large scale organization
purchases the small scale organization and owns the small scale organization. This is mainly done
for reducing the completion, improving the current organization, increasing the market
capitalization, increasing the customer base and diversifying the product range (Arikan & Stulz,
2016). There are many small scale organization those have new technologies and techniques that
might be helpful for the organization to increase the productivity or reduce the cost of production.
Acquisition means the organization acquiring the other organization will gain the market and the
customer base of the organization too. So there will be gain of market and customer and hence
17 new market can be used to sell the product of the mother company and the customers can also be
targeted to solve the products of the mother company.
In case of merge two or more organization combines together to form a separate identity.
Generally it happens in case of organization those have quite similar financial strength. The
name of the organization will totally be changed as there the will be no existence of the
organization those are merging together (Venzin, Vizzaccaro & Rutschmann, 2018). It may
happen between two or more small scale organization, two or more medium scale organization,
one small scale and one medium scale organization and two or more large scale organization.
Very rarely it can be seen that a large scale organization is merging with medium or small scale
organisation. In both the cases either merge or acquisition is it important to perform an extensive
market research and financial analysis. It will helps to calculate the profit, loss, risks, gains,
potential profitability and cost that can be expend for the merge and acquisition (Gitman, Juchau
& Flanagan, 2015). Any slight miss calculation might result a huge loss. In case of acquisition
huge losses will be beared by the mother company and in case of merge both the organization
needs to bear the loss.
18
Recommendations
Woolworths is one of the most reputed organizations in Australia and is the top super market and
grocery retail store chain in Australia with more than 1000 store all across the country. Still there
are huge changes for growth in the market and the recommendations for the organization are:
 Penetrate in the global market – Globalization has bought a tremendous growth and
development options for all the organization in the world. Woolworths being a very
reputed organization can uses this goodwill to expand the market globally. It will help the
organization to penetrate new markets and will also the organization to increase the
customer base.
 Increase the current ratios of the firm – It is important to have at least twice the amount of
current assets than the amount of current liabilities but the organization have less than
currents assets then current liabilities which is financially bad for the organization.
19
References
Annual Reports - Woolworths Group. (2018). Retrieved from
https://www.woolworthsgroup.com.au/page/investors/our-
performance/reports/Reports/Annual_Reports
Arikan, A. M., & Stulz, R. M. (2016). Corporate acquisitions, diversification, and the firm's life
cycle. The Journal of Finance, 71(1), 139-194.
Bende-Nabende, A. (2017). Globalisation, FDI, regional integration and sustainable
development: theory, evidence and policy. Routledge.
Easton, P. D., & Monahan, S. J. (2016). Review of Recent Research on Improving Earnings
Forecasts and Evaluating Accounting‐based Estimates of the Expected Rate of Return on
Equity Capital. Abacus, 52(1), 35-58.
Elijah, A., Kenyon, D., Hussey, K., & van der Eng, P. (Eds.). (2017). Australia, the European
20
Union and the New Trade Agenda. ANU Press.
Fitri, M. C., Supriyanto, A., & Oemar, A. (2016). Analysis of debt to equity ratio, firm size,
inventory turnover, cash turnover, working capital turnover and current ratio to
profitability company (study on mining companies listed in bei period 2010-
2013). Journal Of Accounting, 2(2).
Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance. Pearson
Higher Education AU.
Greve, H. R., & Man Zhang, C. (2017). Institutional logics and power sources: Merger and
acquisition decisions. Academy of Management Journal, 60(2), 671-694.
Heikal, M., Khaddafi, M., & Ainatul, U. (2017). REVIEWER; Influence analysis of Return on
Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Debt of Equity Ratio
(DER) and Current Ratio (CR), againts Corporate profit growth in Automotive in
Indonesia Stock Exchange.

Parkinson, M. M. (2018). Financial Distress, Insolvency and Business Rescue. In Corporate
Governance in Transition (pp. 43-64). Palgrave Macmillan, Cham.
Susilowati, Y. (2015). PENGARUH EARNING PER SHARE (EPS), RETURN ON ASSET
(ROA), RETURN ON EQUITY (ROE), DAN CURRENT RATIO (CR) TERHADAP
HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI
BURSA EFEK INDONESIA TAHUN 2011-2013. Students' Journal of Accounting and
Banking, 4(2).
Venzin, M., Vizzaccaro, M., & Rutschmann, F. (2018). Making Mergers and Acquisitions Work:
From Strategy and Target Selection to Post Merger Integration.
Woolworths unveils $1.235 billion loss. (2018). Retrieved from
https://www.news.com.au/finance/business/retail/woolworths-unveils-1235-billion-
loss/news-story/5a6cd1f33658f536b47d95b305c5bc67
21

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Case Study Report- Woolworths Group Ltd.

NAME AND STUDENT ID:

TERM AND YEAR:

Return on Equity (ROE)..............................................................................................................2

Return on Assets (ROA)..............................................................................................................5

Interest Coverage Ratio (ICR)...................................................................................................11

Impact of the political and competitive environment....................................................................15

Ethical considerations when an organisation becomes insolvent..................................................16

Return on Equity (ROE)

Profit and Loss Accounts (All values AUD Thousands.)

Return on Equity (All values AUD Thousands.)

Particulars 2018 2017 2016

Total Shareholders' Equity

2018 2017 2016 2015

Return on Assets (ROA)

Return on Assets (ROA) = Net Income / Total Assets

Balance Sheet (Assets) (All values AUD Thousands.)

Assets 2018 2017 2016 2015

Return on Assets (All values AUD Thousands.)

Particulars 2018 2017 2016

Assets 2018 2017 2016 2015

Current Ratio = (Cash + Marketable securities + Receivables + Inventory) / Current liabilities

Current Assets (All values AUD Thousands.)

Current Liabilities (All values AUD Thousands.)

Current Ratio (All values AUD Thousands.)

Particulars 2018 2017 2016

is continuously decreasing for the past three year.

Interest Coverage Ratio (ICR)

bankruptcy or defaulter. The calculation of interest coverage Ratio is:

Particulars 2018 2017 2016 2015

Particulars 2018 2017 2016 2015

Interest Coverage Ratio (All values AUD Thousands.)

Particulars 2018 2017 2016

Interest Coverage Ratio

Particulars 2018 Growth (%) 2017 Growth (%) 2016

Impact of the political and competitive environment

requirement of purchasing or opening a shop or huge capital so the competition level is

increasing on a regular basis.

Ethical considerations when an organisation becomes insolvent

investments (Parkinson, 2018).

targeted to solve the products of the mother company.

needs to bear the loss.

Annual Reports - Woolworths Group. (2018). Retrieved from

cycle. The Journal of Finance, 71(1), 139-194.

Bende-Nabende, A. (2017). Globalisation, FDI, regional integration and sustainable

development: theory, evidence and policy. Routledge.

Forecasts and Evaluating Accounting‐based Estimates of the Expected Rate of Return on

Equity Capital. Abacus, 52(1), 35-58.

profitability company (study on mining companies listed in bei period 2010-

Higher Education AU.

acquisition decisions. Academy of Management Journal, 60(2), 671-694.

Indonesia Stock Exchange.

Parkinson, M. M. (2018). Financial Distress, Insolvency and Business Rescue. In Corporate

Governance in Transition (pp. 43-64). Palgrave Macmillan, Cham.

Susilowati, Y. (2015). PENGARUH EARNING PER SHARE (EPS), RETURN ON ASSET

(ROA), RETURN ON EQUITY (ROE), DAN CURRENT RATIO (CR) TERHADAP

HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI

BURSA EFEK INDONESIA TAHUN 2011-2013. Students' Journal of Accounting and

From Strategy and Target Selection to Post Merger Integration.

Woolworths unveils $1.235 billion loss. (2018). Retrieved from

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