1

Financial Report Analysis

2015 – 2019
Group Members:

Krishneel Singh Anoshia Niazi

S11022942 S11050574

Nina Tulakepa Litea Matakibau

S11055710 S11004663

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Table of Contents
Executive Summary .................................................................................................................................... 3
Profitability.............................................................................................................................................. 3
Efficiency ................................................................................................................................................. 3
Liquidity .................................................................................................................................................. 3
1.0 Company Background .......................................................................................................................... 4
2.0 Corporate Governance ......................................................................................................................... 5
2.1 Analysis on RBG’s Corporate Governance Practices.................................................................... 5
3.0 Financial Performance for the Last 5 Years....................................................................................... 6
3.1 RB Patel Group Asset- 2019............................................................................................................. 7
3.2 RB Patel Group Liabilities & Equity – 2019 .................................................................................. 7
Ratios............................................................................................................................................................ 8
4.1 Profitability Analysis ........................................................................................................................ 8
4.2 Asset Efficiency Analysis .................................................................................................................. 9
4.3 Liquidity Ratio ................................................................................................................................ 10
4.4 Capital Structure Ratio .................................................................................................................. 10
5.0 Key Budget Assumptions, Strategies and Target ............................................................................. 11
Projected Financial Performance ............................................................................................................ 13
6.1 Profit Trends ................................................................................................................................... 13
6.2 Expansion of Property, Plant & Equipment ................................................................................ 14
7.3 Risk and Mitigation Strategies........................................................................................................... 15
8.0 Recommendations ............................................................................................................................... 16
Conclusion ................................................................................................................................................. 18
Bibliography .............................................................................................................................................. 19
Appendix .................................................................................................................................................... 20
2020 Budget Forecast ............................................................................................................................ 20
2020 Forecast – Balance sheet supporting calculation....................................................................... 20
Property Plant and Equipment............................................................................................................ 20
RB Patel Group Organization Structure ............................................................................................ 23
Top 10 Shareholders ............................................................................................................................. 23
Coles Annual Report Summary 2019 .................................................................................................. 24

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Executive Summary

This report will focus on RB Patel Group (referred to as RBG in this whole report) limited various
financial statements, which included the financial statement and Balance Sheet from 2015 – 2019.
Consequently, results from the analysis are presented in the report.

Based on the analysis of the annual financial statements of 2015 – 2019 of RBG, the following
key results were noted:

Profitability
RBG’s return on equity (ROE) reflects the management's ability to convert shareholders
contribution or equity capital into profit. In 2019 relative to 2018, the ROE declined to 22.3% from
23.8%. For every $1 of shareholders equity generated 22.3 cents of earnings in 2019 and 23.8 cents
in 2019, respectively.

Efficiency
RBG’s asset efficiency ratios highlight the effectiveness of the business in generating revenue
from its investments in current and non-current assets. The Asset turnover ratio highlights that in
2019, 39 cents of sales revenue were generated for every $1 investment in its assets and this is the
lowest compared to the past 5 years.

Liquidity
RBG had 93cents of current assets for every $1 of current liabilities in 2019, and this
was an improvement from 86 cents in 2018 and 90cents in 2017. Although the arbitrary benchmark
is $1.50, the company can operate with lower levels of liquidity due to its short activity cycle.

Capital Structure
RBG’s Capital Structure ratios indicate that the organization has tried to achieve a balance between
debt and equity funding as it shows a slight margin between the 2. In 2015 the Group was reliant
more on debt funding than equity funding to finance its assets however the following years (2016-
2019) it had reduced its reliance on debt funding and had increased its reliance on equity funding.

Nevertheless, the report also analyzed areas that need improvement and has made a few
recommendations such capital investment to open up more store around untapped areas in Fiji and
extend it to Pacific Islands with ultimate aim to become a multinational business increasing market
share exponentially.
Furthermore, knowing that larger customer base is made up off younger generation, a quicker way
to adopt to new digital apps is necessary for digital marketing, e-commerce, luxury with wide
range in a one stop shop. No harm in doing feasibility in cruise ship shopping complex for outer
islands.

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Being the only supermarket listed as public, RBG has the potential to raise equity funds by issuing
shares and capitalize with intensive wider investments around Fiji and other countries.

1.0 Company Background

RB Patel Group (RBG) has been a publicly listed institution with South Pacific Stock Exchange
(SPX) for the last 19 years, while their core business activities include retail, wholesale and the
ownership & management of property investments (“Commercial Credit Report for R B Patel
Group Limited - Report Preview”). In 1930 RBG was first established as a family-owned business
in Labasa and 90 years later, Fiji Holding Limited Retailing (FHL) announced its acquisition of
RBG management contract- which meant that RBG was now a wholly owned subsidiary of FHL
and that financial and operating policies are now governed by the acquirer (“South Pacific Stock
Exchange - Home”).

Fiji’s supermarket industry is very competitive with various players such as large supermarket
chains such as Max Value, Morris Hedstrom, Rajendra Prasad, New World and Shop ‘N’ Save to
small neighborhood shops and canteens. RBG’s key competitors are the aforementioned
supermarkets which all operate stores in similar locations across Fiji, with the competitors
competing for market shares in a relatively small market.

While the total revenue market for the major supermarkets is estimated at $720 million, RBG holds
between 13% - 15% of the industry’s market share. As of 2019, RBG has 10 supermarket chains
where 5 are located in central part of Viti Levu, 1 in Sigatoka, 2 in Nadi, 1 in Lautoka and 1 in
Labasa.

According to the 2019 annual report, as of 30th June 2019, RBG had 298 shareholders, where the
top 7 shares are owned by local institutions, while the top 20 shareholders range from family,
individual and institutions. RBG’s shareholding structure is concentrated with institutions &
private firms which make the 2% of the shareholders while the remaining 98% are either family
& individuals (refer to appendix).

RBG’s shareholding structure is concentrated with institutions & private firms which make the 2%
of the shareholders while the remaining 98% are either family & individuals (refer to appendix).
This concentrated institution structure could suggest that there is minimal owner – manager agency
(Guilding et al.) problem due to the alignment effect but could create a majority – minority
shareholder agency problem due to entrenchment effect (Lian, 2006). However, due to the
separation of duties and clear directives from the board of directors (BOD), there is no sign of
conflict of interest between the owners and shareholders (Annual Report, 2019).

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2.0 Corporate Governance

When reviewing RBG’s corporate governance (CG) practices, it is evident that the entity has
managed to separate ownership & control, where the owners are not able to get involved in the
management of the business while the control is in the hands of the managers or
controlling shareholders. For RBG, this has been made possible with having a balanced BOD,
where 1/3 of the executive members are independent parties, while the remaining 2/3 is made up
of executives who represent the majority shareholders (Annual Report, 2019).

2.1 Analysis on RBG’s Corporate Governance Practices

According to the RBG Annual Report 2019, the business has complied with the principles of CG.

There is clear outline of the separation of duties and a board charter that is regularly
Principle 1:
reviewed

The composition of the board is evenly distributed with the appointment of female
executives to the board. The board also has nomination committee in place that
Principle 2:
overlooks selection, approvals, renewals & succession plans of Directors, but most
importantly RBG has an audit & risk committee that mitigates strategies for the board

The appointment of the chief executive officer, there is an agreement with FHL
Principle 3: Retailing PTE & RBG that outlines the framework in which executive appointments
are carried out.

Principle 4: RBG’s timely and balanced disclosure are done when disclosures & announcements are
required while payments made to directors are disclosed in the annual report.

RBG appoints competent company secretaries. Jayesh Patel & Deepak Rathod are
currently the company secretaries (RBG annual report 2019). In Jan 2020 appointed
Principle 5:
Yogesh Karan & Abhilash Ram to BOD and MR. Karan was appointed as Chairman
of the BOD.

There is existing code of conduct for Directors, Senior Management & the
Principle 6:
employees.

Principle 7: RGB, has a register that records any conflict of interest that is identified.

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Communication channels with shareholders through AGMs, annual reports, market

Principle 8: announcements and updated websites, allows RBG to achieve zero shareholder
grievance while adopting practicing sustainable approaches indirectly impact the
business bottom-line.
To ensure that accountability is practiced RBG has an audit & risk committee that
Principle 9:
identifies potential risks to the business and presents strategies to the board.

Principle RBG’s Risk management & Whistle blower policy is currently been reviewed at board
10: level and awaiting approval.

Though, there seems to be no conflict of interest, it can be argued that when control or ownership
is held by one concentrated shareholder there can be some misuse to take resources from minority
shareholders. According to Liu and Li (2007), most decisions made by management are made
specifically in favor of the largest shareholders- to either accomplish long term increase
performance and maximum growth. Hence it is crucial that RBG maintains the implementation of
the 10 principles of CG, to ensure that both majority and minority shareholders are looked after
and that all dealings are disclosed accordingly and transparently.

3.0 Financial Performance for the Last 5 Years

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3.1 RB Patel Group Asset- 2019

The pie chart shows that majority of

RBG’s assets in 2019 were non-
current and long term in nature, with
current assets representing 22%
while non-current represented 78%
of the total assets. High non-current
asset is an indicator of improved
return however, this becomes an
equally important concern due to
poor liquidity.

The highest current asset is inventories which makes up 16.6% of total assets. Supermarkets sell
high turnover items, therefore it becomes very important to keep a standard safety stock level at
all times as customers do not prefer stores with empty shelves or unavailability of preferred items.
RBG kept minimum cash balance just enough to meet short term obligations as idle cash do not
provide high return unless invested.

3.2 RB Patel Group Liabilities & Equity – 2019

The pie chart shows that RBG’s

financing reliance is balanced between
debt of 46% and equity making up 54%.
Even though it might seem to be a poor
liquidity indicator, RBG’s equity
financing covers this by making it a
conservative approach to debt with
financial leverage less than 50 per cent.

RBG’s high liability is interest bearing

borrowing representing 27% of total
equity with majority loan from ANZ bank.
Accounts payable makes up just over 10%
of total liability and equity section in the
balance sheet.

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Ratios
4.1 Profitability Analysis

The Return on equity (ROE) reflects the management's ability to convert shareholders contribution
or equity capital into profit. In 2019 relative to 2018, the ROE declined to 22.3% from 23.8%. For
every $1 of shareholders equity generated 22.3 cents of earnings in 2019 and 23.8 cents in 2019,
respectively. Although ROE of around 15% - 20% is considered as good for both current and
potential shareholder the decline in ROE from 2018 could be attributed to return on assets or gross
profit margin. In 2019, RBG generated 12.2 cents profit per dollar of investment in assets
compared to 12.5cents in 2018 and 13.5 cents in 2017 and 2016. In 2019, Coles had a ROE of
43.4%, it is an attractive return however a high return on equity could also be attributed by the fact
that Coles operate with high debt funding (Coles Annual report 2019).

Supermarkets generally have a gross profit margin ratio ranging from 2% to 5% as such
organization deals with a high turnover inventory (Birt & Jacqueline 2017). For RBG however the
gross profit margin ratio is high, in the years 2014 to 2019 weighted average is over 19.5%.
Apparently, the financials do not show sales split on the type of inventory sales between grocery
and other items, as low turnover items [non-grocery] could possibly have a higher markup.
Another possible explanation could be the large sales volume while maintaining or reducing its
cost of goods sold per unit example by sourcing its goods from lower priced suppliers. Comparing
with the past years, the gross profit margin decreased slightly in 2019, one-dollar investment
generated 19.8 cent of gross profit (20 cents in 2018). This could suggest either the cost of goods
had increased, or the selling price had decreased. In 2019, the Gross profit margin of Coles was
23.9% in 2019, an improvement from 22.3% (2018) which the organization attributed to exclusive
liquor brand and improved supplier cooperation (Coles Annual report 2019).

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4.2 Asset Efficiency Analysis

The asset efficiency ratios highlights RBG effectiveness in generating revenue from its
investments in current and non-current assets. The Asset turnover ratio highlights that in 2019,
$1.58 of sales revenue was generated for every $1 investment in its assets and this is the lowest
compared to the past 5 years. RBG days inventory shows that it was able to reduce the time it takes
to sell inventory to 50 days compared to 56 days in 2017 and 54 days in 2018, a similar trend is
shown by inventory turnover ratio which was 8 in 2019, the highest compared to the previous
years.

Comparatively, in 2019, Coles sold its inventory in 34 days and had an inventory turnover ratio of
11(Cole Annual Report 2019). The quicker RBG Is able to sell the inventory the more profit the
company will be able to earn as the cost of holding the inventory can be reduced. As inventories
is a major part of RBG assets, proper management of inventories is vital. Debtor days average of
RBG is around 12 days which means accounts receivable is quickly converted to cash, the lower
days is also due to the nature of business which is comprised of 97% cash sales. Lower debtor days
could also mean fewer approvals are granted for credit sales and this can affect the total sales for
RBG. Fixed asset ratio highlights how much sales are generated from the fixed assets, in 2019 for
every dollar investment in fixed assets generated $5.70 in sales revenue. There is an upward trend
in the fixed asset ratio which means that the company is efficiently managing its fixed assets and
less money is tied up in fixed assets for each unit of sales.

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4.3 Liquidity Ratio

Liquidity measures the ability of an entity to pay for short term obligations when they fall due.
RBG had 93cents of current assets for every $1 of current liabilities in 2019, and this was an
improvement from 86 cents in 2018 and 90 cents in 2017. Although the arbitrary benchmark is
$1.50, the company can operate with lower levels of liquidity due to its short activity cycle. The
quick ratios exclude the inventory from the current assets and since RBG has a large investment
in inventories, it is expected that the quick ratio will be on the lower end. In 2019, RBG has 24cents
of current assets excluding inventory for every 1 dollar of current liabilities. In 2019, Coles had
current ratio of 0.79 and quick ratio of 0.34 respectively (Coles Annual report 2019).

4.4 Capital Structure Ratio

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The Capital Structure ratio reflects the RGB’s financing decision. The ratios indicate that the
organization has tried to achieve a balance between debt and equity funding as it shows a slight
margin between the 2. In 2015 the Group was reliant more on debt funding than equity funding to
finance its assets however the following years (2016-2019) it had reduced its reliance on debt
funding and had increased its reliance on equity funding. Based on the RBG reports, one of the
reasons for the change from debt to equity funding could have been the unfavorable loan interest
rates provided by the Banks during the period.

In comparison to Coles 2019 capital structure the results showed a debt to equity ratio of 191%,
debt ratio of 66% and equity ratio of 34% (Coles Annual report 2019). In hindsight, Coles debt
ratio was 47% higher than that of RBG which indicate that Coles has taken on a large amount of
risk. Also, Coles core business is retailing only whilst RBG has a diverse business portfolio,
including retail, wholesale, and the ownership & management of property investments. Over the
years from 2013-2016 RBG has grown its business exponentially via investing in plant, property
& equipment.

The timeline below shows multi-million-dollar projects that RBG had invested in 2013-2019, that
substantiates the need from the entity to finance through debt or equity.

5.0 Key Budget Assumptions, Strategies and Target

Exchange rate for a Fijian business to trade with a business outside Fiji is commonly US dollar
and analysis shows that US currency is getting stronger. A consideration was made on stronger
US dollar in 2020 as RBG financials are reported in Fijian dollars and strengthening US dollar
indicates that import would get expensive. RBF announced in first half of 2019 that global
economy will slow down pushing cost of items to go down as market forces determine the price.

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Below graph shows trend of corporate USD rate from Westpac bank in Fiji.

Inflation assumption to increase slightly has an impact that sales to customers would also be done
at a higher price. We can observe that there is an increase in sales even though Reserve Bank
forecast in first half 2019 showed an economic slowdown. Naturally during tough economic
times, it is expected that luxuries would get an impact first when compared to necessities and RBG
has wider area that deals with necessity sales.
GPD growth for 2019 estimate from Reserve Bank was 2.7% later was revised to 0.5%, which is
all time low from the year 2014 however the impact on food industry has a delayed impact as
people continue purchase of necessities during economic slowdown. Luxuries get affected first
before the necessities during global economic slowdown.

Below is summary of GDP growth from Reserve Bank.

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Competition for RBG still showed growth in sales revenue as it accounts for 13% - 15% market
share out from key competitors Rajendra Supermarket, Morris Hedstrom Supermarket, New
World and Shop ‘N’ Save supermarkets who are operating from nearby location.

Debt financing split between equity and outside is close and it might seem risky when liquidity
comes in question, however intensive asset base with diverse portfolio ensures that for investment
RBG adheres to the going concern. One of the primary aims of financing is to close this gap.

Due to global economic slowdown forecast by Reserve Bank early 2019 we still aimed to maintain
certain ratios and is evident in calculation such as gross profit margin ration from 20.0% in 2019
to 19.8% in 2020 forecast.
The aim to improve inventory turnover days while focusing on supermarket was also achieved as
2020 forecast has 48 days compared to 50 days in 2019.

Aim to improve debtor days was also achieved in 2020 forecast considering last 5 years average
even though economic slowdown should allow debtors to take bit more time to pay out standings.
Aim to reduce cost by reducing cost of sales percentage movement from prior year was also
achieved in 2020 forecast as it moved from 8.7% in 2019 to 5% in 2020.

Projected Financial Performance

6.1 Profit Trends

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Profit for RBG is trending upwards with a greater percentage increase anticipated in year 2020
due to addition of new complex in Nadi. As the population is increasing, it becomes important to
build more shopping complex out of major towns and cities so customers can avoid congestion
and shop at ease. Cities and Towns currently have constraints when it comes to capacity planning
as limited space is affecting expansion and parking availability. Setting up complex out of town
also eliminates flooding risk for RBG.

6.2 Expansion of Property, Plant & Equipment

Cash alone for a stable business cannot promise great future unless it is invested in Property Plant
and Equipment to generate revenue for the business. For RBG their customers have remained their
highest priority and living up to their slogan “We make it easy! Save money, Save time, Great
range!” brought this twist to increase the asset base further. A decision as such would increase
market share (13% - 15%) further attracting more customers to walk in the complex for greater
one stop shopping experience. Increase in portfolio using financial leverage has been evident to
increase return on equity. RBG already displayed impressive performance after addition
of Nadi Jet Point Supercenter and Lami Harbor Point Complex.

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6.3 Days Inventory

Continuous improvement and making

adaptive approach to the dynamic
customer base lead to carefully choosing
what range of items should be displayed.
Cinema, property development and
Supermarket has a greater customer base
made from younger generation
according to the group chairman in the
2019 annual report. Making it easier for
customers to buy a range of items so that
it gets off the shelve quickly and is able
to generate revenue faster thus reducing
inventory days continuously since the
year 2017.

7.3 Risk and Mitigation Strategies

The RBG’s activities exposes it to a variety of risks. The overall risk management program focuses
on the unpredictability of the risks and seeks to mitigate the potential adverse effects on the Groups
Financial performance. Risk Management is carried out by executive management who identifies,
evaluate, and monitors the risk in close cooperation with the operating units. The board provides
policies for overall risk management as well as policies covering specific areas.

The following risks have been identified:

Risks Points of Reference Mitigation Strategy

Financial Risk Includes Market Risk (foreign
exchange risk, and interest rate risk),
credit risk and liquidity risk. Market
risk is the risk that changes in the
market prices, such as foreign
exchange rates, interest rates, equity
prices and credit spreads will affect the
company’s income. Unfavorable
changes to duty and tax regulations
exposes the company to a reduction in
revenues.
To mitigate this risk, the
organization implements
appropriate strategies to
ensure that products and
prices remain attractive.
For example, use pricing
strategies such as penetration
pricing for items that are new
to the market or premium
pricing for premium products
only sold by them.

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Credit Risk Refers to risk that a counterparty will

To mitigate this the
default on its contractual obligations
organization has adopted a
resulting in financial loss to the policy of only dealing with
company or as bad debts. creditworthy counterparties.
Exposure and credit ratings of
its counterparties are
continuously monitored.
Legal Regulatory & The Diverse operations of the groups To mitigate this the
Compliance warrants compliance with extensive organization has a board that
legislative requirements and laws. If overlooks compliance &
not properly observed, it may lead to legislative matters pertaining
non-compliances to Regulations and to the company and all update
could incur hefty fines and reputational information or changes are
damages. Examples non-compliance to table in the board meeting and
retail and wholesale prices of various the meetings are published so
products regulated by the Fiji that information is cascaded to
Commerce Commission or Salaries all employees of RBG.
and Wages payable to workers are
subject to relevant wages regulations
and employment legislation.

Operational Risk The risk of loss arising from systems The organization has
failure, human errors, and fraud to mitigated this progressively
external events. This also include by installing solar power
climate change issues due to change in systems at most of its
consumer behavior; demand more food supermarkets.
& products with lower carbon
footprints. Also includes management
of food & plastic waste. If the
organization does not reduce carbon
footprint in accordance with consumer
and government expectations, it could
risk reputational damages.

8.0 Recommendations

Following the recommendations has been collated from the analyzing RBG’s financial statements
& Balance Sheet:

1. The report recommends that RBG expands its business, by establishing supermarkets in
locations where it does not currently have one such as Rakiraki, Tavua, Ba and acquire greater
market share. RBG should not limit itself to Fiji but rather plan to expand into other Pacific
island countries as well, with an ultimate aim to become a multinational company.

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When required, RBG should take advantage of being a public company and raise equity
through additional shares.
2. We recommend that RBG tap into the larger customer base, which is made up off younger
generation, and adapt to the new consumer preferences such as digital marketing, e-commerce,
luxury with wide range in a one stop shop.
3. We recommend that RBG consider cruise ship shopping complex to tap into outer islands as
freight makes it expensive for outer island costumers to purchase good, this is another way
volume RBG can increase its sales volume
4. We recommend that RBG introduce credit sales to consumers to increase overall sales as long
as cost does not increase considerably in collecting credit or by having bad debtors.
5. We recommend that RBG target high end customers by establishing RB premium [like Extra/
NW IGA]
6. WE recommend that RBG should consider E-Commerce for its Supermarkets as it offers
endless advantages, the following are a few:
a. Lower Costs - While supermarkets are heavily regulated through the Price Control
Order and the Fijian Competition and Consumer Commission Act 2010, the
supermarket cannot determine the price in which regulated goods are
traded, therefore to drive profitability the supermarket needs to reduce operational
costs and spending. Costs can be reduced with e-commerce through the following
ways:
i.Advertising & Marketing – Social media traffic are some of the advertising
channels that can be cost-effective.
ii.Personnel – The work normally done by an employee (e.g. cashier) is now
pushed to the consumer through the automation of check-out, billing and
payments and other operational processes decreases the number of employees
required.
iii.Locating niche products can be difficult in the physical world. Online, it is
only a matter of the consumer searching for the product in a search engine.
iv.Create target communication – By placing cookies on a consumer's computer,
RBG can access a lot of information about its online customers and can use
targeted advertising. Example: If you are searching for certain products on
RBG’s website, you will automatically be shown listings of other similar
products.
7. Further enhance their carbon footprint reduction initiatives by implementing the Solar
systems on all their supermarkets and also to their other business portfolios. Not only will this
contribute to Government’s Green Framework initiatives by reducing the use of fuels, it will
also contribute to the bottom line by reducing operating costs.

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Conclusion

RB Patel group like many locally established companies have started from humble beginnings and
expanded to groups of companies or hotels for example Tanoa Hotels.

Hence, analyzing and interpretation a company's financial statement is key in assessing the
company's overall performance. Through our analysis we have managed to understand the
company's strengths and weakness of RBG and if they are prone to any future risks or would
benefit from any of their current investment projects.

According to this report, the group has analyzed that RBG has been incurring profit with the period
of study, hence RBG should focus on getting more returns from existing complexes in the coming
years by taking care of internal & external cost factors and ensure maximum utilization of all
property and equipment.

However, we also believe that due to the changing consumer needs, RBG will need to review their
current marketing approach and also product listing, as a large percentage of their consumer base
are younger generation, they will need to simultaneously invest in IT infrastructure that will allow
them to stay in fashion with the digital world.

We believe that RBG has a lot to offer to its consumers and especially its shareholders if it focuses
on what makes them different and efficient simultaneously being mindful of growing ambitiously
and not achieving the objectives of the company.

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Bibliography

1. RB Patel Group Limited. 2015 – 2019, Annual Report, RB Patel center point building
2. Birt, Jaqueline. Accounting: Business Reporting for Decision Making. Milton, Qld., John Wiley & Sons
Australia, 2017.
3. Coles. Coles Annual Report 2019.
2019, www.colesgroup.com.au/FormBuilder/_Resource/_module/ir5sKeTxxEOndzdh00hWJw/file/Coles_
Annual_Report_2019.pdf. Accessed 1 July 2020.
4. “Commercial Credit Report for R B Patel Group Limited - Report Preview.” Info.Creditriskmonitor.Com,
info.creditriskmonitor.com/Report/ReportPreview.aspx?BusinessId=9529296. Accessed 16 June 2020.
5. CORPORATE SOCIAL RESPONSIBILITY REPORT | Fijian Holdings
Limited. www.fijianholdings.com.fj/corporate-social-responsibility-report/. Accessed 17 June 2020.
6. Fiji Sun. Save the Children Fiji Launches Appeal. 8 Sept. 2017, fijisun.com.fj/2017/09/08/save-the-
children-fiji-launches-appeal/. Accessed 18 June 2020.
7. Guilding, Chris, et al. “An Agency Theory Perspective on the Owner/Manager Relationship in Tourism-
Based Condominiums.” Tourism Management, vol. 26, no. 3, June 2005, pp. 409–420,
10.1016/j.tourman.2003.11.021. Accessed 13 Dec. 2019.
8. Lian, W. P. Z. (2006). Control Right, Ownership of Large Shareholder and Corporate Performance [J].
Journal of Financial Research, 2(010).
9. Liu, Q., and Z Lu. 2007. Corporate governance and earnings management in the Chinese listed companies:
A tunneling perspective. Journal of Corporate Finance 13:881-906
10. “South Pacific Stock Exchange - Home.” Www.Spx.Com.Fj, www.spx.com.fj/.
11. https://rbpatel.com.fj/about-us/ [Accessed on 15 June 2020]
12. http://www.thejetnewspaper.com/the-first-solar-powered-supermarket-in-fiji/ [Accessed on 15 June 2020]
13. What is Asset Turnover Ratio ? Asset Turnover Ratio Meaning - The Economic Times, Definition of
Asset Turnover Ratio. “Definition of Asset Turnover Ratio | What Is Asset Turnover Ratio ? Asset
Turnover Ratio Meaning - The Economic Times.” The Economic Times, 2019,
economictimes.indiatimes.com/definition/asset-turnover-ratio.
14. “August 30, 2019.” RB Patel Group, rbpatel.com.fj/2019/08/30. Accessed 21 June 2020.

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Appendix
2020 Budget Forecast

2020 Forecast – Balance sheet supporting calculation

Property Plant and Equipment

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RB Patel Group Organization Structure

Top 10 Shareholders

Top 10 Shareholders

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Coles Annual Report Summary 2019

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