ASS#2 Steps 7-10

Feeling both excited and scared, I was feeling really lost at times during these steps so I’m desperately hoping I have it right. I would love any and all feedback.

Ass#2 Steps 7-10

Emeco Holdings Spreadsheet

Ass#2 Step 8


I have gone through my spreadsheet and calculated my ratios but it just does not seem to be right! I have decided to make a list of the things that really stand out to me

  • Do I need to negate every negative? I’m just not sure about that part.
  • Inventories – have I calculated this right?
  • Liquidity, is high, this is very good but I’m not sure how it is so good since everything else seems to be SO BAD!
  • Debt/Equity ratios is terribly bad! Over 7000% in 2016, could this figure be wrong?

That is just a few points that I feel especially stand out to me. The figures in 2013 all seem kind of off. Is it just my business? When I was watching Maria’s tutorial I noticed that her figures are all quite calm in comparison to mine! They seem to flow from year to year but mine are just all over the place! My dividends per share go from over $37,000 in 2013 to $0 in all other years?

Could others post up their firms ratios so that we can compare? Is there anyone else with a similar business to me or with similar figures (ie losses)?

Emeco Holdings Spreadsheet


Feeling behind!

My house is a cesspool of virus! Over the past few weeks we have all been struck down by the flu and this last week it has been my poor baby girl! We’ve had a couple visits to the ER and a ride in the ambulance, every night has been spent sitting in the rocking chair nursing my baby doll while she coughs & gasps. Not very nice at all! In between I have been trying desperately to study and restate my financial statements. Usually by this point I would have already submitted my step 2 (due Monday) and would have finished my restating way before the required time to post it by (Friday 5pm). Well I have just finished my restating! Hopefully at some point soon I will get to wash my hair also!!

I found restating the financial statements quite similar to the first task of inputting all the company data, once I got going and divided it all up I kind of got on a roll. I could not have managed without Maria’s lectures though if only to ensure I was on the right track. There were quite a few things in my statement that I did not know what they meant and so research was required and between the footnotes in my annual reports and good old Google I now feel I have a better understanding of my firms (and others) financial statements purely due to understanding words like “amortisation”. Though I see that we can now easily identify operating activities from financial activities, I still don’t really understand how this could benefit me.

Ass#2 Step 3 and 4

Emeco Holdings Spreadsheet



Ass#2 Step 1 (draft)

Well here it is, finally, my Step 1 draft for assignment 2. I found it so hard to get going with this one, I was left feeling very deflated after my grade for Ass#1 that I found it hard to even begin. I apparently hadn’t done ‘bad’ but I am not happy with my results. It wasn’t until my children, my tiny little impressionable sponges overheard my self-hating rant to my husband that I gave myself a good slap! How could I possibly preach to them that it’s ok to ‘not win’ as long as we try or how being ‘nice’ is more important then being ‘smart’ when I was beating myself up over 3 points! (I have not let myself off the hook completely but decided I had to move on.) I have taken the feedback on board and have been more mindful of the KCQ’s so hopefully I’ve gotten there this time. I value any feedback you have time to give.

ACCT11059 Assignment Stage 2


AH meaning - what does AH stand for?

We need a degree of confidence to learn…actively

“To think for myself and to make my own sense and understanding, I need to think my response and opinions matter; and that I can think about why I think something is true, and be open to discussing this and perhaps changing my mind in the light of new evidence.” Martin Turner, ACCT11059 Study guide, Chapter 1.

I have made a few small changes to my Ass#1 and would appreciate any feedback please…even more so now that I understand the value of it!!! 😉

ACCT11059 Accounting, Learning and Online Communication Ass#1

Emeco Holdings Spreadsheet



Ass#1 Steps 3-5

After a rainy, cloudy day of cooking, washing and cleaning (only to have the boys return from school and play in the mud and then walk said mud across white tiles) I was actually looking forward to sitting at my computer and using my brain tonight. Glass of red in hand (more like a shot these days) and my standard couple squares (couple/few, whatever) of dark chocolate and let the writing begin.

ACCT11059 Accounting, Learning and Online Communication Steps 3-5

I would really love any feedback.

Now I’m off to bed, Wednesday’s are a big day – reading groups at school then home to get all jobs done and cook dinner as we have soccer training for the little man at 4pm and guess who’s the coach… 😉 First game is on Saturday – Go Wolverines!!!!!


My little men loving the dirt, look at the size of those worms!



Ass #1 Step 3 Emeco Holdings

My company is Emeco Holdings, “the worlds largest independent mining equipment rental business”. My initial thoughts on my company can be found on my blog I then downloaded my firms financial statements for the last 3 years from the official website

2016 Annual Report

2015 Annual Report

2014 Annual Report

Emeco’s annual reports average around 150 pages written in a language that mostly seems foreign to me. Remembering Chapter 1 where Martin took us through every business in Yeppoon to show both that accounting is all around and also that we can skim certain information, I perused my annual reports like I would a magazine. I get really taken in by certain parts and find myself researching different things to find out further information and go back and forth through different sections, repeating some areas to gain a better understanding.

Through my husbands work we have been involved in mining, oil and gas for the past 13 years and we also have family and friends involved in these industries. The company my husband works for is Canadian and so are many of his colleagues so there was another sense of familiarity with Emeco having rental equipment there also. I thoroughly enjoyed researching my company; it even had my husband intrigued! In September 2016 Emeco entered into a restructuring agreement to acquire two Australian companies; Orionstone and Andy’s. See article attached These companies currently supply the other largest part of the heavy machinery rental in Australia and that got me wondering, how many of the dump trucks we pass are rented out by Emeco? Are the dump trucks my mother and father in law drive Emeco machines? Another interesting article I found was stating that in the 2017 financial period Emeco has reduced it’s first half net loss after tax by around 70% Initially this had me thinking that the two may have been related, perhaps the profit had come from acquiring Orionstone and Andy’s? But after finding this article dated 15 December 2016 I gathered this was not the case as it seems the deal was not yet done.

In the Chairman’s report for 2016 Peter Richards talks about improved earnings performance despite poor market conditions, the keywords I initially took in from this was “improved earnings” but it actually states “improved earnings PERFORMANCE”. Is this the marketing tricks I read about companies putting in their reports? He also goes on to say how operating conditions have again weekened in Canada resulting in an “Asset sharing partnership” with Heavy Metal Equipment Rentals (HMER). But what does this mean for the Australian and Chile assets? I can’t see where they are itemized in any statements so does that mean that HMER is getting a share of all assets? Would they be itemized or would they come under one of the headings I don’t fully understand?

While entering my firms financial reports into my spreadsheet I realized just how massive the losses have been, with their equity dropping from over 611 million in 2013 to under 6 million in 2016. This is due to lowered commodity prices having an impact on mining and drilling production. This hits close to home for me because it has also had an impact on our family and our friends. I thought back to the article on how Emeco is reporting good numbers for the first half of 2017 and can only hope this is actually because things are on the up in the industry.

I am going to try to attach a copy of my spreadsheet here so that I can compare with other students. When I first looked at the spreadsheet I had no idea what to do! I printed out Amy Plant’s spreadsheet from last year and researched her company (Oroton, yay for handbags!) I then compared her firms financial reports to her spreadsheet to gain a better understanding of the task. There are so many figures to enter so I made sure I used autosum to total each section instead of just entering in the totals, this helped me to both ensure I had entered the correct numbers and also better understand (to a degree) the information in the reports.

Emeco Holdings Spreadsheet


Ass#1 Step 3, my company

Today we were allocated our company, my company is Emeco Holdings who provide heavy earthmoving equipment for mining.

Emeco Holdings was established in Australia in 1972 and now has major operations based across Australia, Chile and Canada providing earthmoving equipment rental to mining companies and contractors. Emeco rent out this equipment in two ways, either as a maintained dry rental with equipment maintenance carried out by the Emeco team or as a dry rental with maintenance being carried out by an existing onsite maintenance capability. They also have used equipment for sale.

Emeco was listed on the Australian stock exchange in 2006 under ASX code EHL.

Having been involved in mining through both location and my husbands and family/friends work I feel I understand what Emeco does and can relate the information (so far) to personal experiences.

I have located my companies past 3 years annual reports and saved these to read…tomorrow night because it’s nearly midnight and the baby will wake soon!

Ass#1 edited

Today did not go to plan, I didn’t make the Brisbane tutorial like I had wanted to. Babies and kids and dog sitting and traffic all got in the way. I really wanted to be there because I knew that being able to communicate face to face with fellow students and our tutor would really help me out with this Assignment. But I took a breath and just let it be, luckily studying online means I don’t HAVE to make it and I knew when I applied to Uni that I would only have the evenings (really late nights) to study. My head was abuzz with ACCT11059 info all day and attached is my edited draft.

ACCT11059 Accounting, Learning and Online Communication