Assesment 2 - Step 3

Step 3

TriTornado Multi-Stage Hole Opener - Estimated Selling Price = $5000, Variable Cost =  $1666.66

Contribution Margin = Sales Revenue - Variable Cost

=$5000-$1666.66

=$3333.34

 

Dual-Pot Sand Filter Type A - Estimated Selling Price = $100,000, Variable Cost $60,000

Contribution Margin = Sales Revenue - Variable Cost

=$100,000 - $60,000

= $40,000

High-Voltage HVR/HVC Series - Estimated Selling Price = $350.00 -variable cost = $300.

Contribution Margin = Sales Revenue - Variable Cost

=$350.00 - $325.00

=$25.00

While my company has a comprehensive list of a large number of their products, they do not provide a price for these products. This is because they manufacture and provide equipment to a very specialised industry that requires a lot of customisation of their products. To estimate the price I research products that have a similar function and made a rough average of these products.

All three of these products have a positive contribution margin, meaning that the sales are higher than the variable costs. In other words the positive contribution margin is the figure left over that is not used up by the variable costs and contributes to covering the cost of the fixed cost and so improving profit.

The contribution margin for each of these three products differs largely. This is because they produce a wide variety of products within this field that hold different characteristics. Tritornado multi-stage hole opener is for drilling , the Dual-Pot Sand Filter Type A is for removal, and the High-Voltage HVR/HVC Series is a power supply. As they have differing characteristics they will each have differing selling price due to the different variable costs that are associated to the characteristics of that product. These variable costs are costs that change with the level of activity, these will include the materials and required manpower that are associated with a specific item. So because the Tritornado multi-stage hole opener will require less and different materials and manpower than the Dual-Pot Sand Filter Type A it will require different variable costs for the different products. As the variable costs are different between them they require higher of lower prices to meet those variable costs.

So if the Tritornado multi-stage hole opener has the highest contribution margin, why would Hunter PLC not only produce this product? This is because doing this would only benefit the equity investors in the firm, who are seeking to maximise profits. While the firm may only have a select few major client's, that require a large range of equipment in their field. If they only have one product in an industry where a wide range of products is required, their client base will go elsewhere.

Constraints

The market constrain that is dominant for my company is the oil demand. Typically when there is a high demand for oil there is a high demand for the equipment and services to retrieve the oil and when there is a low demand for oil, the demand for my company's services lower. 

The resource constraint that my company would have to deal with is the cost of materials required to produce their equipment. Some of their electrical equipment is very high tech and requires rare earth elements. As this is a Bristish based company it would need to import these elements from China, which is the majority supplier on the planet. In addition to the large expense of these elements, Hunter PLC will have to deal with the exchange rate.

Assessment 2 - Financial Statements

Assessment 2

Assessment 2

Step 1

Chapter 4: Analysing Financial Statements.

The introduction of this chapter left me with the mix feelings that come from delving into the unknown. While I have a basic understanding of each of my companies financial statements, the main terms in them and why they are used. My company Hunter PLC is enormous, with operations running all over the world and dealing with over a billion in cash flow. I was in no way able to look at my statements and understand how my company ticked, but Martin's advising in the introduction that interpretation of these statements may help us understand the past of the firm and predict it's future left excited to learn to look past what my company highlights for me and see the realities of the business.

4.1 How firms add value

The beginning of 4.1  opens with a solid statement that to find where the firm adds value, we must ignore dividends and focus on the firms free cash flow (FCF) and economic profit, which is the transfer of value within a firm. This FCF is pushed by two things cash flow from operations (C) and the net cash that is invested into a firm's operating assets (I). The more that is invested into operating assets the less FCF the firm will have, and the less value the firm is worth according to the discounted cash approach. I found this very difficult to wrap my head around. From what I gathered about my company they were investing heavily into their operations to meet the oil demand. Millions upon millions into operations that would vastly increase the assets and value of the firm. However, reading on I found that the main factor when looking at this cash flow is whether the profit from the investment will out way the cost of that investment. The more my companies on hand free cash flow that is invested in factories that produces mining equipment, the more it will be rewarded with a high return on that investment, from the additions sales they can make due to the increased assets. Therefore they are adding value by taking capital from investors and using it to generate even more of a return than the cost of the original capital.

4.2 Operating and financial activities

I feel as though this section is starting to come together for me. It reinforces the advantage of looking at your financial statements and separating them into two activities; operating and financial activities. To be honest when I look at my financial statements I have a general understanding of the title and sub headings but no idea of the profit drivers behind them. To me it's kind of like when I bought my car. Looking at it from the outside of my new car is like looking at my financial statements. I look at them and I can see what my company says what the financial worth is but it doesn't help me to understand the car itself. Opening up the hood and studying the engine is like looking at the operating activities. Only when you know how each part works individually and together can you understand how and why this thing cost so much as it did.

Coming to read about how I would restate my statement of changes in equity caught me a bit off guard. I began to feel well unprepared for what I had to do. For example I knew that the value of equity from the previous periods balance sheet, plus the earnings for the current period from the income statement should equal the value of the equity from the current balance sheet, but mine did not add up. However using Martin's example I slowly realised that the difference was made up from the consolidated statements of comprehensive income, which my firm summarised under other comprehensive income found in the statement of changes in equity.

4.3 Restate two key financial statements

Having gone over the previous section and relating it to my own statement of changes in equity, I felt a lot more confident entering this new section and taking a look at my balance sheet and how I would restate it into my restated statements of financial position.

Martins advising us to separate a firm's operating and financial assets and liabilities by printing out the balance sheet and marking an O for operating and F for financial next to each item was a well received. I couldn't help be feel a little annoyed I didn't think of it first though, as it is a organising tactic I use at work. Part of my job is to sort through lists of residential and development sales and mark which we can use as sales evidence. I print these lists off and mark the usable ones and whether it is residential or development. This stops me from entering the same figures twice, and saves a considerable amount of time.

Originally I thought that restating my cash and cash equivalents into financial assets was the obvious move, I didn't really think about it. However, Martin makes it obvious that it could either be financial or operational. Firms need a portion of it's cash to use in it's day-to-day operations, such as cash registers, in this case it is an operating asset. It also needs to hold it's cash balances and store it with a bank, this makes it a financing asset. The easiest way for me personally to look at it, is to compare it to my own two bank accounts. The first one is my access account. I place a small portion in it from my pay, to use for my operating use. Fuel for my car so I can get to work. Stationary so I can work on my university assignments. It operating, because I would not be able to continue with my day-to-day activities without. The second is my savings account. This cash I do not use at all and store it away for future use, a potential trip overseas most likely. This is a finance asset.

4.4 Profitability and efficiency.

The beginning of this section to me was interesting, and the basics behind it made sense right away, which was a nice for change. I believe this is because of my understanding of my work and it's competition. My work charges a smaller fee than it's competitors at the same quality and with a shorter turn around for a residential valuation report. Because we will earn a lower amount for a single report, we make less profit for each dollar of sales. However, because our clients will provide us with far more work and because we are quicker at getting the report back to them we can handle more of it. Combined with the resources we use are the same cost as our competition we make more overall sales for each dollar we have invested in the company, making us far more efficient.  

I honestly started to get a bit confused from this point onwards as it was unfamiliar. The advantage I had with the topics discussed before this point was that I was comparing it with the relevant points of my assessment  I'm certain it will come together when applying it to my statements.

Step 2

Overall I feel like I didn't have too much trouble completing my financial statements. There wasn't many occasions where I was stopped in my tracks. The original and restated balances match, so I feel mostly feel confident. there is a small part of me that says that because it was easier than I thought I must have missed something.

Separating the headings into operating and financial headings was fairly straight forward. I found that the notes in my annual reports help in some cases in which I struggled. When struggling I also compared my statements to a large number of other examples of restated financial reports. The exemplars, Martins chapter, week 6 lecture. The assessment 2 forum was a great resource to compare and ask for help. A few people where very quick to respond to my post asking for help. Comparing the exemplars was a great way to find the best option of laying out my statements, in a way that made it easy to see the separate and compare the assists and also total them together.  

I did feel quite a bit of pressure working on my restated statement of financial performance. It was a little more complicated than the rest of the statements, and when I completed it my bottom line did not match the bottom line from the original statement by a huge margin. After staring at the these numbers for a couple of hours I finally came to realise it was attributed by two small errors. The first was that I did not copy over the 'from continued operations' heading from my income statement. For whatever reason I assumed that 'from continuing operations' and 'from discontinued operations' was simply a breakdown the 'profit for the year' heading. When I copied this over the spreadsheet updated and came close to matching up my bottom lines. The second mistake I made was in my taxation calculations. I calculated the correct tax benefit, however when calculating the tax expense I added the tax benefit to the tax reported instead of subtracting it. Which was silly because the whole point was to distribute the tax between operating and financial. Once I simply changed the plus to a minus in the calculation, the spreadsheet adjusted and the bottom line matched the original bottom line (much to my relief).

I'm very stubborn and prefer to handle most problems on my own, but after struggling with these two problems for a couple of hours I relented and posted my woes on the forum. It was late so I ended up figuring it out before my classmates had a chance. However, William and Beverly where both kind enough to have a look anyway and confirm everything was in order. 

Step 5 - Feedback

Step 5

Beverley Nyirenda https://accountinginsightsblog.wordpress.com/about/

Step 1: Intro/Blog: Beverley has a clear profile picture and a great introduction in both her blog and moodle profile, which provided some insight into who she is and what she is studying. She provided a link which was simple to copy and paste for access to the 'about' section blog, in the  blog forum. She did not post a link to her blog in her moodle profile however.

Beverley's blog is set out in a way which enables you to take every post in at once, and pick out which one you need to look at a glance. There convenient links across her blog, of her company's website, annual reports and to relevant news and media.

Step 2:

When first reading Beverley's blog it is obvious that she has put the time in to get to know her company in detail, which is Medical Australia Limited. She provides a well structured overview of this company and the different sectors they invest in. It is clear from her companies annual report that they have been operating at a loss for the last few years and but have managed to generate a profit in 2014. I was very impressed the way Beverley broke down the companies strategies to make this happen.

I completely agree with her negative stance on the management remuneration package being way too high in 2013. Even in 2014 when they cut this back it was still their largest expense by far. Unlike most blogs I've looked at, Beverley does not have open ended questions that I have seen in step 2. Instead she has a section where she posed questions about her cash flow statement and provisions to herself and explained how she discovered the answers. I find this much more impressive as it displays the depth of her problem solving and knowledge of her firm.

Step 3: Company spread sheet is accurate and set out in a very easy to read way. Can't see any problems there at all.

Just wanted to say I appreciate the in-depth feedback I've received from you during this assessment Beverley. It's obvious you put a lot of thought into your comments and it was a great help. I've amended parts of my work and the small touches make a big difference. You blog looks great, and I'm sure you'll be please with your mark.

Benjamin Caleo https://bencaleo.wordpress.com/

Hi Ben, your step one seems to be in order. You have your profile picture, description, link to your blog in your moodle profile and blog forum post.

Your blog is a very nice read Ben. It is well laid out with helpful links to your company website, annual reports, and financial summary. You have introduced your company quite well and their key challenges and their strategies to meet them.

From what I can see there doesn't seem to be much of the key concepts and questions to part 2 of your assessment. These guys seem to want us to get personal and note down the key concepts that stands out to us and our own thoughts and feelings about them, also any questions we come up with.

Good honest responses to the readings in step 4. There was a lot of stuff in those chapters that blew past me as well, but we'll get there.

Overall a good blog. Nice job Ben.

Step 3

Step 4

Step 4

Chapter 1

The first thing I realised when I began reading this chapter is that there will be no easy answers that will be handed to me. The first section poses the question "what is accounting"? It then proceeds to provide examples of what it may be, but mostly what it is not. I at first resented this, I had grown used to the answer provided for me and examples of how it worked. Simple. This is a new style of text for me that attempts to connect on a more personal level and seems to attempt to guide you into finding the correct answer for yourself.

The chapter did a great job in getting me to think on how broad and large a scope accounting is relevant and utilised. Listing off a large number of business in the writers local area, and advising that accountants would be needed to manage the transactions and finances of each one. It also got me thinking that due to this, money can be traced everywhere and is involved in everything and what an advantage being able to interpret the statements of these businesses can be. I may be digressing from the main point, but it poses the question for me. If we followed just how much money is being spent in each business and compared it to the average wage of the populace of the town, could we figure out which business is in the most demand? Why is this so? And how can I or someone else replicate it to take advantage?

It was the first time reading about the different business types. I had naturally assumed that small businesses are sole traders or partnerships. I have experience with the company type as I currently work with one. With a number of directors who run day to day aspect, and shareholders. The trust is a new one for me however. I knew that trusts can be set up for an individual's finance but not in a company dynamic.

The history of accounting was an interesting touch. This along with the analogy with the typewriters. I believe we shouldn't forget where our knowledge came from, otherwise it loses it's importance and we would do it differently, perhaps wrong. However, the leading up to the double-entry accounting was a little long. Don't get me wrong it was a good read, but whilst reading it I was getting a little impatient for the point to be made.

The journals and ledges section was more straight ford and more what I was used to, clearly explaining that journals are filled with the transactions as they occur at that point in time and ledgers are that information but re-organised into separate accounts. I found it very well explained and easy to understand.

I did have a bit more difficulty understanding the trial balance stage. This is new to me and feels a little intimidating. Basically as I understand it, debit means to take away from one account and credit is to give to another. For example, in my bank account when I pay for something with my bank card, it will be marked as a negative in my left (debit) Column and when I get paid it will show in the right (credit) column, the next line will be my balance. I once thought someone had stolen from me, as the debit column had not yet been updated with my latest purchase.

I'm not sure that I like the idea of proprietorship. Specifically how a company has a separate legal identity to their owners. This section emphasises how firm has a 'two-sided' nature to all transactions of the firm, due to the fact that all transactions with the firm affects the wealth of both the firm and the owner. As the owner's wealth is effected directly by the actions of their firm, shouldn't they be equally responsible for these positive or negative actions? They may not have direct control but they must have some weight.

I found the fundamental accounting equation easy to understand, but only after I finished reading most of the chapter and read more about each variable of the equation. Equity, Assets and liability. I found myself having to scroll up and down the pdf to figure out how they relate.

After reading the extended accounting equation I feel excited to apply it my own company to understand more on it's changes over time. I do still feel as though it is a bit over my head though as I am still getting to know my financial statements.

Questions

• By looking at the financials of your chosen firm are you able to get an idea of how well their competitors are doing and the effect that their competition has on your firm?

• The question that is central to the writing, and perhaps this course is "whether accounting information can help, or perhaps hinder, us to better engage with and understand what is really going on in a firm". I have heard this a number of times over the last few weeks, and it still seems that the second part is a little redundant. How would accounting hinder our understanding on what is going on in a firm? Surely more detailed knowledge of what parts of the business is profitable or bleeding money can be beneficial. Perhaps by focusing too much on the numbers, we get blinded  to the future intentions and goals of the company? Such as invest and spend now and make more later.

• What type of person would be a benefactor for a trust business? Someone who invested the money to start the business? Someone who had originally started the company and decided to step back and let someone else run it on their behalf?

• How large a company would require the full time services of an account? The Brisbane office of my company that I currently work at, generates not an enormous amount of money annually but still significant, but still only requires one account who works from 9am-2pm.

• What accounting software package is best used for a firm depending on size and nature of the company? Currently my work uses Xero.

• Still not sure why double-entry accounting is an historical 'accident'. Is it because it has been developed over the course of history and fell into being the tried and true way of doing things?

• What other ways can someone detect errors in their accounts, other than the trial balance stage?

• Is equity owner another word for shareholders?

Chapter 3

I found the beginning of this chapter quite amusing, but also very relevant. The party scenario, about meeting people for the first time can be intimidating and a little scary was exactly how I felt when I first looked at my company's financial statements. I didn't know anything about them and I was afraid of looking stupid in front of my peers when I posted step 2 of the assessment. But just like people, I have been getting to know these statements more in-depth.

On the flip side though, this chapter was far more direct and to the point, than chapter one. Analogies like the one just mentioned where used, but to a less extent. I believe this is because there is more content to cover and less emphasis on getting our heads around the idea of accounting.

It was beneficial for me to read about the financial statements, after learning about my company and going over my own firm statements. I found it a wise move for our coordinator to have us get to know our firms statements a bit then to flesh out more details of them with this chapter. I find this is how I best learn. Repetition. By going over this chapter a second time, before and after I looked at my firm, I found myself noticing that some of my KCQ's from step 2 where already answered from the chapter. For example, my question of the meaning of the term goodwill, was answered when the chapter mentions foot notes in the annual statement further on, which provided the answer.

I found it very helpful when the writer is explaining the workings of the statements he encourages you to open your own company statements and take you through it in a detailed way. The general layout of the statement of changes in equity, the opening equity; the profit (or loss) and explaining the meaning of other comprehensive income. I feel as though this plays into my active, learn by doing style.

The trust relationship in business section was interesting. Every now and then at my work we will receive requests from banks who are red flagged. These are other banks that we will not take work from under any circumstances, even when they are an additional party to a trusted client, who requested our services. When I ask why they are red flagged the answer always is that these firms did not pay their 'debit' in time.  

The second half of the chapter also peaked my interest, as I have often wondered when I went over my statements, how I could potentially make sense of it and compare it to the previous years. Comparing the numbers with ratios seemed like the most straight ford way.

Dividends and cash flow blew right past me to be honest. I will need more time to get to know these tools. I expect that it will become much clearer, like most study does when I compare it and work with it in a more practical manner with my company.

Questions

• How much of the expenses in the income statements can a firm not reveal or keep hidden? The chapter states that they are not required to disclose this, but there must be a point where it would shake the confidence of their investors.

• As firms do not disclosure most of their expenses, how much of an effect would it have on the extended fundamental accounting equation? Also, is there a way around it?

• Is it very likely that once another company or party loses business trust, that they will eventually be able to regain that trust?

• What type of ratios was created during Wall's study? With my experience being so limited I can only picture the very basics, assets, revenue, liabilities and so on.

• The writer advises that he believes ratios are not very helpful on predicting future performance. But can we not use ratios to compare how they are doing against rival firms and where they sit in the industry, together with how much work there is to go around, as an indicator of future performance?

Assessment 1 - Step 2

Company website

Hunting PLC

Annual reports

2014

2013

2012

There doesn't seem to be a wealth of information regarding my company from external sources, what I have seen is fairly brief, listing stock prices and the like. Most of the content in regards to company policy, goals and undertakings have come from the company's own website. I have never had to look into a company in depth before and therefore feel naturally suspicious that what a company shows to the public is not everything. However, I have not seen anything contradictory to what they have stated so far.

Know your firm

The name of my company is Hunting PLC. Hunting PlC is a British company, which is a energy provider to both national and international oil and gas companies. The company's core operating division is Hunting Energy services, which manufactures, supplies and distributes the equipment that enables these companies to extract oil and gas. This video is a bit lengthy but It gives an explanation of what they do and just how specialised and high tech the equipment they provide is.

My initial thoughts of their website and surrounding media is was that it is not very user friendly, especially since my knowledge of engineering is limited to say the least. It seems to me that this company produces equipment for an extremely specialised field, as such their marketing scheme for the sale of their products would be targeted at the major oil companies with a deep understanding of this field. The annual report attempts to simplify their involvement into three sectors of resource extraction. Well construction, well completion and well intervention. While it is still complicated for me, I will do my best to simply it.

The well construction sector provides the products that are required in the drilling phase of exploration and production programs. I won't even attempt to get technical with the products. A simple example are drilling tools, electronics & pipe connections. The well completion sector is concerned with equipment such as, piercing guns and instruments that initiate the flow of the resource from the origin back through to the surface. Well intervention is concerned with maintenance of the current equipment and the redrilling to replace or enhance the utilises technology.

The report opens up in a very positive manner, with a statement from the chairman basically stating that 2014 was a good year for the company, generating a high amount of profit in a strong market. The report backs this claim up with bold eye-catching highlights of $1386.5 million in revenue, a rise from the previous year (2013) of $1,293.6 million. Underlying profits from operations is $217.8Mil up from $200mil the previous year. Dividend per share for the year is 31.0 cents up from 29.5 cents the previous year.

The Industry and the troubles they share

The company's growth in 2014 is reflected by the industry. Worldwide industry in exploration and production of oil and gas increased by 5.8% from 2013 to 2014. Drilling across the globe also increased with the number of active rigs increasing by 3.6% and drilled wells increasing by 5.4%. Along with this the price in oil dropped from $94.5 US per drum in 2012 to $91.91 in 2014. When I saw the drop in price I naturally assumed that the profit margin would take a hit, however it turns out that business momentum stayed the same. It seems to me that the higher demand in oil is countering the lowering in price. The company has advised that it is taking advantage of this by continuing to implement policy of establishing new manufacturing and distribution facilities on a global scale, were demand is high.

In 2014 they progressed with partnerships in Saudi Arabia and Kenya to increase distribution in these area's. Also investment and construction of facilities was done in South Africa, and the gulf of Mexico.  

This relation between the demand of the company services and the demand of oil makes sense to me, as it reminded me of the principles of economics class I took last semester. I learnt that oil and gas is an inelastic demand, meaning they can charge whatever they want and the demand will not drop. As Hunting PLC is the supplier of the equipment that enables the supply of this resource, it stands to reason that the demand for the equipment they provide is just as inelastic. 

A concern to the company from the 2014 report, is that the drop in oil prices will continue to drop going into 2015, and therefore lower drilling activity and lower need for the companies services. This is also of a concern to as Hunting have not released an annual report for 2015. This means that I am unable to be certain how they are coping with the drop in price at this current time.

This article, dated at the end of last year agrees with the annual report's claim of a successful year, and while the prices of oil may cause a slump, they will inevitably turn around and create another rise for the company. For the time being it appears that they are doing well. With the before mentioned increase in revenue in the last two years , they have been able to invest in development and expansion. This generation of cash led to a net debt reduction from $205.8mil the previous to $131.0mil reflecting a gearing of 9%.

My KCQ's

• I feel as this should be fairly basic, however I'm a bit confused by the statements. For example there seems to be two income statements. The consolidated income statement and the consolidated statement of comprehensive income.

• Another part of the income statement that has me troubled is the lack of expenses listed. Revenue and expenses should be present, however they only list revenue, gross profit, profit from continuing operations, profit before tax and so on. They do mention operating expenses of $235.6ml, but that doesn't seem likely to be all of it to me, otherwise the margin profit would be crazy. Earlier in the report it is mentioned that they received an $49.6mil impairment to the value of goodwill held by Hunting electronics. Also, further impairment of $11.3mill to other assets. Capital investment in facilities in various parts of the world was $123.5mill. Perhaps I am simply missing it, or they decided to just list these in the other statements. However, it is interesting that they would not plainly list it in this statement.

• The previous KCQ brings another question. Without all the expenses from the income statement. Is there another way to complete the extended accounting equation of Assets + Expenses = Equity + Revenue + Liabilities?

• There appears to be discrepancy between the revenue listed in the 2014 and 2013 income statements. The 2014 annual report has the 2013 income statements figures different to the 2013's annual reports income statement. for example, the 2014 annual report has the 2013's revenue as $1293.6m, whilst the 2013 annual report has it listed as $1334.0m. The notes in the 2014's annual report's figure says restated. Am I to assume they admitted the mistake and had it changed? Earlier in the 2014 report it also lists the 2012 revenue as $1265.4m, which the 2013 report has $1309.0. Am I to discount this figure as well? I cannot compare it in the 2012 report as it is in pounds.

• I am uncertain of the use of the term good will. I used it in the previous KCQ as I currently believe that this is money that the company had to reimburse for faulty equipment, however I may be wrong.

Are you happy with the firm that you have been given?

Overall I am quite please with my firm. While the 152 page annual report was a bit daunting at first, it was clear that the company is excelling with an increase in profits and a decrease in debt. While the lowing in price seems to have them mildly concerned about their profit, I believe that it will also increase their demand, who doesn't want cheap fuel? They are making a smart move in increasing their productivity globally. My efforts to uncover how they are doing is quite amateur for the time being, but I'm looking forward to digging deep and uncovering more into the how and why they are so successful at this point in time.

My Top 3 Blogs

Tiffany Hall.

I found Tiffany's blog very enjoyable to read. When I began reading it was immediately clear that she questions everything about the company she has been assigned and provides outside the box scenarios.  For example, she noted that it is quite peculiar that her company would produce confectionary and sports betting and suggested that it is likely to target consumers with addictive personalities. I would never have looked twice at the connection, making this a lesson for me to look between the lines.

Sharon Andreassen

Sharon's blog is very inviting, with a relaxed color scheme that runs well with the images and links to her companies website. The thing that stood out to me from this blog, was that it was obvious that Sharon had done her research and followed the breadcrumbs. This was seen when she explained that she saw conflicting R&D rebate figures in different sections of the reports. She went as far as to mention exactly where in the report these conflicts happened and the exact figures.

Jason Holt

Jason's blog was well laid out and very informative. All the major facts of the company are laid out in a simple manor with links to his companies webs pages and media releases providing relevant information. It is refreshing after digging through 150 pages of my own report, to find the main facts of another company laid out for you.