Caltex Australia Limited Statements of Movements in Equity31st December

2014 2013 2012 2011

Thousands of dollars $'000 $'000 $'000 $'000Balance at 1st January 2,597,032 2,159,579 2,218,075 3,082,596Total comprehensive income for the year (Loss)/profit for the period 22,670 528,757 57,601 (713,221)Total other comprehensive (expense)/income 14,710 31,589 2,190 (27,013)Total Comprehensive (expense)/income for the year 37,380 560,346 59,791 (740,234)Foreign currency translation differences for foreign operations (240) 0 0Own shares acquired (8,971) (21,434) (4,353) (3,629)Shares vested to employees 0 0 0 0Expense on equity settled transactions 7,050 8,181 8,566 6,242Dividends to shareholders (99,900) (109,400) (122,500) (126,900)Balance at 31 December 2,532,591 2,597,032 2,159,579 2,218,075

Caltex Australia Limited Balance Sheets31st December

2014 2013 2012 2011

$'000 $'000 $'000 $'000

Current assets Cash and cash equivilents 53,122 199,922 209,929 1,818Receivables 837,672 988,533 1,047,434 1,001,490Inventories 1,118,084 2,027,857 1,651,509 1,717,732Current tax assets 56,704 - - -Other 33,754 35,416 39,802 35,862Total current assets 2,099,336 3,251,728 2,948,674 2,756,902Non-current assets Receivables 3,246 3,048 2,207 1,566Investments accounted for using the equity method 24,181 23,863 24,157 23,573Other investments 3 3 3 3

Intangibles 188,188 144,247 108,064 95,008Property, plant and equipment 2,363,672 2,125,617 1,769,915 1,535,448Deferred tax assets 442,183 469,890 528,136 446,758Employee benefits 6,719 - - -Other 1,006 2,474 4,480 1,801Total non-current assets 3,029,198 2,769,142 2,436,962 2,104,157Total assets 5,128,534 6,020,870 5,385,636 4,861,059

Current liabilities Payables 1,175,515 1,716,399 1,497,147 1,674,017Interest bearing liabilities 110 71,404 1,188 153,979Current tax liabilities - 55,361 9,862 13,798Employee benefits 163,200 - - -Provisions 165,075 228,993 124,200 139,969Total current liabilities 1,503,900 2,072,157 1,632,397 1,981,763Non-current liabilities Payables 7,642 5,657 6,595 6,726Interest bearing liabilities 692,169 870,921 948,744 464,685Employee benefits 59,253 - - -Provisions 332,979 475,103 638,321 189,810Total non-current liabilities 1,092,043 1,351,681 1,593,660 661,221Total liabilities 2,595,943 3,423,838 3,226,057 2,642,984

Net assets 2,532,591 2,597,032 2,159,579 2,218,075Equity Issued Capital 543,415 543,415 543,415 543,415Treasury stock (607) (610) 20 (430)Reserves (3,498) (10,258) (7,655) (8,337)Retained earnings 1,981,319 2,055,262 1,611,905 1,671,357Total parent entity interest 2,520,629 2,587,809 2,147,684 2,206,005Non-controlling interest 11,962 9,223 11,894 12,070

Total equity 2,532,591 2,597,032 2,159,579 2,218,075

Caltex Australia Limited

Income Statements31st December

2014 2013 2012 2011

Thousands of dollars $'000 $'000 $'000 $'000

Revenue 24,231,200 24,676,383 23,261,885 22,105,204

(16,951,754) (17,912,406) (16,800,492) (16,054,534)Product Duties and Taxes (5,262,166) (5,126,439) (5,027,201) (5,046,904)Inventory (losses)/gains (515,694) 246,445 (131,805) 197,449Cost of goods sold - historical cost (22,729,614) (22,792,400) (21,959,498) (20,903,989)Gross profit 1,501,586 1,883,983 1,302,387 1,201,215

Other income 726 44,881 304,973 296,517Net foreign exchange losses (21,730) (77,876) (8,439) (10,004)Impairment of non-current assets - - - (1,552,780)Supply chain expenses (328,265) (242,632) (667,598) (194,971)Marketing expenses (779,759) (731,302) (665,758) (621,334)Other expenses (231,771) (52,880) (80,876) (72,788)

Results from operating activities 140,787 824,174 184,689 (954,145)

Finance costs (119,604) (97,675) (99,459) (69,240)Finance income 8,234 8,884 - -Net finance costs (111,370) (88,791) (99,549) (69,240)

Share of net profit of entities accounted for using the equity method 917 158 1,634 1,618Profit before income tax expense 30,334 735,541 86,864 (1,021,767)Income tax expense (7,664) (206,784) (29,263) 308,546

Net Profit 22,670 528,757 57,601 (713,221)

Profit/(loss) attributable to:Equity holders of the parent entity 19,931 530,028 56,777 (713,514)Non-controlling interest 2,739 (1,271) 824 293

Net profit 22,670 528,757 57,601 (713,221)

Basic and diluted earnings per share - - - -Historical cost - cents per share 7.4 196.3 21.0 (264.3)

Replacement cost of goods sold (excluding product duties and taxes and inventory (losses)/gains)

Receivables Income StatementsOther investments

2014 2013 2012 2011

Thousands of dollars $'000 $'000 $'000 $'000Profit for the period 22,670 528,757 57,601 (713,221)Other comprehensive income Items that wil not be reclassified to profit or loss:Actuarial gain on defined benefit plans 8,608 30,470 6,887 (31,128)Tax on items that will not be reclassified to profit or loss (2,582) (9,141)Total items that will not be reclassified to profit or loss 6,026 21,329 6,887 (31,128)Items that may be reclassified subsequently to profit or loss: Foreign operations - foreign currency translation differences 1,446Effective portion of changes in fair value of cash flow hedges 18,640 88,206 (29,731) (21,434)Net change in fair value of cash flow hedges reclassified to profit or loss (8,299) (73,549) 25,330 14,614Tax on items that may be reclassified subsequently to profit or loss (3,103) (4,397) (296) 10,935Total items that may be reclassified subsequently to profit or loss 8,684 10,260 (4,697) 4,115Other comprehensive income for the period, net of income tax 14,710 31,589 2,190 (27,013)

Total comprehensive income for the period 37,380 560,346 59,791 (740,234)Attributable to: Equity holders of the parent entity 34,641 561,617 58,967 (740,527)Non-controlling interest 2,739 (1,271) 824 293

Total comprehensive income for the period 37,380 560,346 59,791 (740,234)

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Caltex Australia Limited Restated Statements of Movements in Equity31st December

Balance at 1st January (Loss)/profit for the period

Other operating comprehensive income:Total other comprehensive (expense)/income

Other financial comprehensive income:Foreign currency translation differences for foreign operations

Total Comprehensive (expense)/income for the year

Transactions with share holders:Own shares acquired Shares vested to employeesExpense on equity settled transactionsDividends to shareholdersBalance at 31 December

Caltex Australia Limited Restated Statements of Financial Position (balance sheet)31st December

Operating assets:Cash and cash equivilentsReceivables Inventories Current tax assetsOther Investments accounted for using the equity methodOther investments Intangibles Property, plant and equipment Deferred tax assetsEmployee benefits Total Operating Assets (OA)

Operating Liabilities:Payables Employee Benefits Provisions Total Operating Liabilities (OL)

Net Operating Assets (NOA)

Financial assets: Total Financial Assets (FA)

Financial liabilities: Interest bearing liabilities Total Financial Liabilities (FO)

Net Financial Obligations (NFO)

Equity Issued capital Treasury stockReservesRetained earnings Total parent entity interestNon-controlling interest Total equity

Total NFO + Equity

Caltex Australia Limited Restated Statements of Financial Performance (Income Statement) 31st December

Operating Revenue:Revenue Inventory (losses)/gainsOther income Total Operating Revenue

Profit/loss attributable to: Equity holders of the parent entity Non-controlling interest Total Operating Income

Operating Expenses:

Net foreign exchange losses Cost of goods sold - historical cost1

Replacement cost of goods sold (excluding product duties and taxes and inventories (losses)/gains)Product Duties and Taxes Impairment of non-current assets Supply chain expenses Marketing expensesOther expenses Total Operating Expenses

Operating Profit before income tax

Tax expense: Tax reported Tax benefit Tax expense

Other operating comprehensive incomeShare of net profit of entities accounted for using the equity methodActual gain on defined befefit plans Tax on items that will not be reclassified to profit or loss Total Other operating comprehensive income

Comprehensive operating income after tax (OI)

Net financial expense (NFE) Finance costs Finance income Net financial expense before tax

Other financial comprehensive income Foreign operations - foreign currency translation differences Effective portion of changes in fair value of cash flow hedges

Net financial expense after tax (NFE)

Comprehensive income

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Note 1

Tax benefit 2

This is a place where you can copy and paste formulas, play with calculations and generally have fun whilst being able to see the data you are currently working on.

Note 2Tax benefit = Net interest expense x tax rate of the firm

Net interest expense Tax rate of the firm 2011-2014 = 30%

Tax benefit =

The cost of goods sold - historical cost has been included as it was on the Income statement. The value however is not included as I believe this may have been purely just for reference, I cannot see where the figures were applied in the Income Statement

DocumentationCaltex Australia Limited Restated Statements of Movements in Equity31st December

2014 2013 2012 2011

$'000 $'000 $'000 $'000

2,597,032 2,159,579 2,218,075 3,082,59622,670 528,757 57,601 (713,221)

14,710.0 31,589.0 2,190.0 (27,013.0)

0 (240) 0 0

37,380 560,106 59,791 (740,234)

(8,971) (21,434) (4,353) (3,629)0 0 0 0

7,050 8,181 8,566 6,242(99,900) (109,400) (122,500) (126,900)

2,532,591 2,597,032 2,159,579 2,218,075

Caltex Australia Limited Restated Statements of Financial Position (balance sheet)31st December

2014 2013 2012 2011

$'000 $'000 $'000 $'000

53,122 199,922 209,929 1,818840,918 991,581 1,049,641 1,003,056

1,118,084 2,027,857 1,651,509 1,717,73256,704 - - -34,760 37,890 44,282 37,66324,181 23,863 24,157 23,573

3 3 3 3188,188 144,247 108,064 95,008

2,363,672 2,125,617 1,769,915 1,535,448442,183 469,890 528,136 446,7586,719 - - -

5,128,534 6,020,870 5,385,636 4,861,059

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1,183,157 1,716,399 1,497,147 1,674,017222,453 - - -498,054 228,993 124,200 139,969

1,903,664 1,945,392 1,621,347 1,813,986

3,224,870 4,075,478 3,764,289 3,047,073

0 0 0 0

692,279 942,325 949,932 618,664692,279 942,325 949,932 618,664

692,279 942,325 949,932 618,664

543,415 543,415 543,415 543,415(607) (610) 20 (430)

(3,498) (10,258) (7,655) (8,337)1,981,319 2,055,262 1,611,905 1,671,3572,520,629 2,587,809 2,147,685 2,206,005

11,962 9,223 11,894 12,0702,532,591 2,597,032 2,159,579 2,218,075

3,224,870 3,539,357 3,109,511 2,836,739

Caltex Australia Limited Restated Statements of Financial Performance (Income Statement) 31st December

2014 2013 2012 2011

$'000 $'000 $'000 $'000

24,231,200 24,676,383 23,261,885 22,105,204(515,694) 246,445 (131,805) 197,449

726 44,881 304,973 296,51723,716,232 24,967,709 23,435,053 22,599,170

19,931 530,028 56,777 (713,514)2,739 (1,271) 824 293

23,738,902 25,496,466 23,492,654 21,885,949

(22,729,614) (22,792,400) (21,959,498) (20,903,989)(21,730) (77,876) (8,439) (10,004)

(16,951,754) (17,912,406) (16,800,492) (16,054,534)(5,262,166) (5,126,439) (5,027,201) (5,046,904)

0 1 2 3(328,265) (242,632) (667,598) (194,971)(779,759) (731,302) (665,758) (621,334)(231,771) (52,880) (80,876) (72,788)

(23,575,445) (24,143,534) (23,250,362) (22,000,532)

163,457 1,352,932 242,292 (114,583)

(7,664) (206,784) (29,263) 308,54625,747 (180,147) 575 329,318

(33,411) (26,637) (29,838) (20,772)

917 158 1,634 1,6188,608 30,470 6,887 (31,128)

(2,582) (9,141) 0 06,943 21,487 8,521 (29,510)

203,811 1,401,056 280,651 (123,321)

(119,604) (97,675) (99,459) (69,240)8,234 8,884 0 0

(111,370) (88,791) (99,459) (69,240)

33,411 26,637 29,838 20,772

1,446 0 0 018,640 88,206 (29,731) (21,434)

53,497 114,843 107 (662)

257,308 1,515,900 280,757 (123,983)

(111,370)0.30

(33,411)

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Caltex Australia Limited RATIOS31st December

2014 2013 2012 2011Profitability RatiosNet Profit Margin Net profit after tax/sales Return on Assets Net profit after tax/total assets

Efficiency (or Asset Management) RatiosTotal Asset Turnover Ratio Sales/total assets

Liquidity Ratios

Current Ratio Current assets/current liabilities

Financial Structure RatiosDebt/Equity Ratio Debt/equity Equity Ratio Equity/total assets

Market RatiosEarnings per Share (EPS) Net profit after tax/nos of issued ordinary shares Dividends per Share (DPS) Dividends/number of issued ordinary sharesPrice Earnings Ratio Market price per share/earnings per share

Ratios Based on Reformulated Financial StatementsReturn on Equity (ROE) Comprehensive Income/shareholders' equity Return on Net Operating Assets (RNOA) Operating income after tax (OI)/net operating assets (NOA)Net Borrowing Cost (NBC) Net fin. expenses after tax/net financial obligationsProfit Margin (PM) Operating income after tax (OI)/salesAsset Turnover (ATO) Sales/net operating assets (NOA) Economic profit (RNOA - cost of capital) x net operating assets (NOA)

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Documentation

Notes Area

Working Area

This is a place where you can copy and paste formulas, play with calculations and generally have fun whilst being able to see the data you are currently working on.

This is an area where we can put documentation.

This area is designed as a space to write notes to yourself. Hopefully this will save you the hassle of attempting to find the pen and paper that is somewhere in the bottom of your bag.

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Yr 0 Yr 1 Yr 2 Yr 3(10,000) 3,000 6,800 6,800

NPV $3,456.05

Yr 0 Yr 1 Yr 2 Yr 3 Yr 4(70,000) 15,000 18,000 21,000 26,000

IRR 14%

Yr 526,000

Financial StatementsRestated Financial StatementsRatiosNPV & IRR