Assignment -D31CI-2008-2009 Contruction Financial Management

8/6/2019 Assignment -D31CI-2008-2009 Contruction Financial Management

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COPORATE ANALYSIS

COSTAIN PLC


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D31CI - *Construction Financial Management Coursework 2009

Saravanan Jayaraman Page 1 of18 Matriculation No: 081386608

TABLE OF CONTENTS

1 Introduction 2

2 Company Name & Reasons For The Selection 2

3 Description Of The Company 3

4 Chairmans Statement ;Review And Analysis 5

5 Auditors Report 6

6 Ratio Analysis 6

6.1 Performance Ratio 7

6.2 Financial Ratio 14

6.3 Investment Ratio 17

7 Future Prospects 19

8 Conclusion 20

9 References 21

Appendix A Ratio Calculations

Appendix B M/s. Costain Group Plc ,Annual Report 2007


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CORPORATE ANALYSIS

1. Introduction :

Corporate analysis is a broad term that expresses the creation of

comprehensive evaluation of a corporate entity. In general, the analysis will

cover all aspects of the company, including current and past financial position,

profit margins, organisational structure, and future growth opportunities. The

objective of the corporate analysis is to understand the general corporate s

health and prospects for future growth and performance.

2. Company Selection and Reasons :

M/s.Costain Group PLC is selected for corporate analysis and their past and

present performance is projected by the financial ratios based on their 2007

annual report.

Reasons for the selection :

M/s. Costains recent recovery from long standing problem since 1990 and

their 143 years of heritage, functioning sectors & international operations

intended to select that group for the corporate analysis.

M/s.Costain Groups principle field of activity is providing construction

service. M/s.Costain is UK based and also operates in the various

countries like the United States of America, United Arab Emirates,

Zimbabwe, Botswana and Malaysia.

M/s.Costain involves almost in all the construction industries sectors,

like Property Development, Retail, Education, Health, Water, Waste,Nuclear, Road, Rail, Marine, Airports, Oil, Gas & Process via their

subsidiary and jointly controlled entities.

The company recovered from the continuous loss and declared first

dividend to shareholders since 1990.

Turnover of the company for 2007 dipped from 886.3million to

877.9million, but the company made a profit of 19.8millon before tax

as compared to loss of 61.7million before tax in 2006.
http://www.wisegeek.com/what-is-corporate-analysis.htmhttp://www.wisegeek.com/what-is-corporate-analysis.htm


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3 Description Of The Company :

Costain was founded by 26 years old Richard Costain in Liverpool on 1865 and

the company was floated as a public company on the London stock exchange in

1933 with a share capital of 600,000. Since 1935, Costain is operating in the

Middle East and since 1947 in central and southern Africa. Costain is the first

UK contractor to win the Queen's Award for Export Achievement in

1971.Costain Group now operates from the registered corporate headquater

at Costain House, Vanwall Business Park, Maidenhead, Berkshire SL6 4UB in

Uk.

The Group's major activity is providing engineering and construction services

through their organised four divisions, namely Civil Engineering which

undertakes infrastructure works in marine, airport, public health, road, rail

and energy sectors; Building division executes contracts through the regional

networks, each regional bases functioning as a local contractor within its

defined geographical area; Oil, Gas and Process provides engineering

solutions in the worldwide energy and process sectors.;Project management

division provides construction management services to a number of major

commercial, retail and hotel projects.

Its project portfolio includes the renowned Thames Barrier, The Channel

Tunnel Rail Link, Newbury Bypass, Trans-Iranian Railway, Dolphin Square,

Lambeth Bridge House and the studios for Channel 4s Big Breakfast

programme.

Costain underwent a turbulent in 1990s, lost almost 450million between

1990 and 1995. London Stock Exchange suspended its share on 1996.However, Costain has grown back to a major player in its fields of expertise by

the efforts taken by chief executives John Armitt, and more recently Stuart

Doughty due to their implementation of new rationalisation strategy and a

refinancing deal.

Costain has set out a strategy called Being Number One, in order to achieve

double digit growth in profit and turnover over the next three years by being

number one in all of the nine sectors it works in.
http://en.wikipedia.org/wiki/Trans-Iranian_Railwayhttp://en.wikipedia.org/wiki/Dolphin_Squarehttp://www.contractjournal.com/Articles/1995/10/05/29235/lovell-takes-over-helm-at-costain.htmlhttp://www.contractjournal.com/Articles/1995/10/05/29235/lovell-takes-over-helm-at-costain.htmlhttp://www.contractjournal.com/Articles/1995/10/05/29235/lovell-takes-over-helm-at-costain.htmlhttp://www.contractjournal.com/Articles/1995/10/05/29235/lovell-takes-over-helm-at-costain.htmlhttp://en.wikipedia.org/wiki/Dolphin_Squarehttp://en.wikipedia.org/wiki/Trans-Iranian_Railway


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Company Profile Snapshot :

Company Profile : Costain Group PLCTicker : Cost

Exchange : London

2007 Sales : 747,600,000

Major Industry : Construction

Sub Industry : Engineering & Contracting Services

Country : UNITED KINGDOM

Employees : 3622

Organisation Structure :

Note: Only key members shown above to avoid lengthy structure

Chairman

David P Allvey

Chief Executive

Andrew Wyllie

Group FinanceDirector

COO Infrastructure &Community M D - COGAP

Tony Bickerstaff Alan Kay Charles Sweeney

Company Secretary M D - Environment HR Director

Clive L Franks David Jenkins Alex Vaughan

PFI Director M D - OperationsBusiness Development

Director

Alister Handford Alan Kay Stephen Wells


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4. Chairmans Statement ;Review And Analysis :

Costain Group Chairman Mr. David Allvey was delighted to state that the group

had returned to profit in Building operations and profit delivered in Oil, Gas &

process operation for the first time since 2001. On overall company

performance is very good while comparing with the previous year, in terms of

revenue it is 877.9million, approximately 1% low, however, company

regained from the last years loss of 61.7million and made a profit of

19.8million before tax, which is due to decisive management actions in the

previous year, including taking a number of write-downs in respect of the

closure of the international division, certain dispute contracts; improved

efficiency and reduced cost across the group by robust management of costs in

the business.

Further he mentions that on the back of strong performance, a successful

rights issue, which raised 60million(net of expenses), and the extended and

improved banking and bonding facilities of 200million enhanced the group

financial strength to support their operational resource in delivering

companysstrategic goals and expedite the implementation of Being Number

One strategy.

Its clearly evident from Groups chairman statement that Costain is in the right

path of improvement since the Groups profit for the first time since 1990 and

recommendation of dividend to shareholders for the first time in 17 years and

significant strengthened groups cash position to 132.8 million (2006: 53.3

million), including 28.8 million (2006: 22.0 million) cash (Groups Share)

held by construction joint venture arrangements without major borrowings.

Costains strategy to focus on long-term planning on securing more multi-year

frame work contracts & progress through more selective bidding for higher

profit margin works and the lastyears achievements such as preferred bidder

award & 700million secured revenue for the year 2008 definitely make the

group to flourish in coming years.


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5. Auditors Report:

M/s. KPMG Audit Plc audited Costains group financial statement for the year

ended 31st December 2007 comprises the group income statement, the group

& Parent company balance sheets, cash flow statement, recognised income and

expenses and related notes. M/s KPMG conducted audit in accordance with

international standards on auditing (UK and Ireland). Auditors did not adjudge

remarks on any part of accounts. They certified that all financial statements

gives true & fair view and all are maintained & prepared in accordance with

IFRS as adapted by the EU as applied in accordance with the provisions of the

companies Act 1985. Directors reports also reviewed and confirmed by

auditors that the information given is consistent with the financial statement.

6. Ratio Analysis :

Ratio analysis is the calculation of ratios from the information in a company's

financial statements and comparing the same with the past years ratios or with

the similar companies. These analyses can be used to make inference about a

company's past and current performance and to predict its future

performance. According to the objectives ratios are classified as follows;

Performance Ratios

Performance ratios measure the company's use of its resources and

control of its expenses to generate an acceptable rate of return.

Financial Standing

Financial standing measure the availability of cash to pay debt.

Investment Return

Investment return measure investment profitability against other

investments.


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6.1 Performance Ratios :

Return On Capital Employed (ROCE) :

ROCE is a ratio that shows the efficiency and profitability of a company's

capital investments. In other words the ROCE ratio is an indicator of how well

a capital is utilised to generate revenue. ROCE should normally be higher than

the rate at which company borrows, otherwise any increase in borrowings will

reduce shareholders earnings. Return on Capital Employed is calculated by

taking profit before interest and tax and dividing that by the capital employed

which is the difference between total assets and current liabilities. Generally

higher percentage will reflect sound financial position and higher return.

When reviewing Costains performance over the past five years, it was found

that, during the year 2004 and 2006 company performance was below the

required benchmark level (18%). Year 2006 performance is comparatively

worst. The returns went down to negative due to loss of 64.5 million before

tax & interest. However in 2007 company performed well and made a profit of

16.5million, this boosted the ratio [19.03%] above the required benchmark

level of 18%. This excellent recovery/progress is a good sign for long & short

term investors.

2003 2004 2005 2006 2007

Return on CapitalEmployed (ROCE)

30.45% 15.10% 28.13% -266.5 19.03%

30.45%15.10% 28.13%

-266.53%

19.03%

-300.00%

-250.00%

-200.00%

-150.00%

-100.00%

-50.00%

0.00%

50.00%

ReturnOnCapitalEmployed

Year

Performance Ratios


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Return On Equity (ROE) :

Return on equity measures a companys profitability by revealing how

much profit a company generates using the money shareholders invested with

it. It expresses the sum of net income returned as a percentage of

shareholders equity. Higher percentage return will be a sign of stronger

performance and stability of organisation.

In last five years, except year 2006 Costain offered good returns because the

company went to loss of 54 after tax in 2006 which was mainly due to the

closure of international business and certain dispute contracts. But the year

2007 Costain made returns [58.39%] well above the benchmark ratio of 22%

and this trend shows definite positive outlook for the coming years. In general

it is used to compare investment in the company against other investment

opportunities, such as stocks, real estate, savings, etc

Profit Margin :

A ratio of profitability calculated as profit before tax divided by turnover. It

measures how much out of every pound of sales a company actually keeps in

earnings. Profit margin is very useful when comparing companies operating in

similar industries. A higher profit margin indicates a more profitable company

and it has better control over its costs compared to its competitors.

2003 2004 2005 2006 2007

Return on Equity (ROE) 36.07% 19.78% 104.89 -97.83 58.39%

36.07%19.78%

104.89%

-97.83%

58.39%

-150.00%

-100.00%

-50.00%

0.00%

50.00%

100.00%

150.00%

ReturnonEquity

Year

Performance Ratios


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Overall performance of Costain with respect to profit margin is not

satisfactory. It is lower than the bench mark level of 5%. But factors such as

strong performance and significantly strengthened cash position of 132.8

million, Companys concentration on long-term multi-year network contract

and current growth from the 2006 down fall, anticipate higher profit margin

for the subsequent years.

Net Asset Turnover :

The Net asset turnover ratio calculates the total sales [revenue] for every

pound of assets a company owns. It measures the number of times that assets

are covered by sales. The higher the value, the more sales for each pound

invested and hence more profit generated.

Below chart shows that company has highest turnover ratio for the year 2006

regardless of its loss of 61.7 million before tax which reflect the companys

efficiency in asset management. But in year 2007, net asset turnover ratio gone

down to 8.62, however it is above the benchmark level of 3.6. Hence overall

performance of the company related to net asset is good for the past five years.

2003 2004 2005 2006 2007

Profit Margin 2.58% 1.56% 3.69% -8.24% 2.65%

2.58%1.56%

3.69%

-8.24%

2.65%

-10.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

ProfitMargin

Year

Performance Ratios


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Fixed Asset Turnover :

The fixed-asset turnover ratio measures a company's capability to generate net

sales from fixed-asset investments such as property, plant and equipment. A

higher fixed-asset turnover ratio shows that the company is more efficient in

using fixed assets to generate revenues.

The fixed-asset turnover ratio is calculated as turnover divided by fixed asset.

2003 2004 2005 2006 2007

Net AssetsTurnOver

12.25 10.93 7.45 30.93 8.62

12.25 10.93

7.45

30.93

8.62

0.00

5.00

10.00

15.00

20.00

25.00

30.0035.00

NetAssetTurnover

Year

Performance Ratios

2003 2004 2005 2006 2007

Fixed AssetsTurnover

12.65 11.11 7.88 8.82 10.08

12.65

11.11

7.888.82

10.08

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

FixedAssetTurnOver

Year

Performance Ratios


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From the graph, year 2007 companys fixed asset turnover ratio [10.08] is well

above the benchmark level of 8.2. During the past five years, In the year 2005

only ratio went below the benchmark level. It shows that generally, Costain

effectively managed its fixed assets.

Woking Capital Ratio :

The working capital ratio is used to analyse the relationship between the

money used for operations and the sales generated from these operations.

This indicates how effectively a company used its working capital to generate

sales. In general, the higher the working capital ratio, better the

performance because it means that the company generated a lot of sales

compared to the money it used to fund the sales.

In the past five years of operations, only during year 2006 Costain went to

negative working capital ratio & below the benchmark level of 12.10%.The

reason being is company has to pay off bank loans and other liabilities

incurred due to underwritten values & closure of international divisions. In the

year 2007, companys working capital ratio [59.81] was well above the

benchmark level [12.1], it indicates Costain relatively earned more revenue

when compare to fund used for its operations.

2003 2004 2005 2006 2007

Working Capital Ratio 389.69 673.20 138.39 (12.33) 59.81

389.69

673.20

138.39

(12.33)59.81

(100.00)

0.00

100.00

200.00

300.00

400.00

500.00

600.00

700.00

800.00

WorkingCapitalRatio

Year

Performance Ratios


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Stock Turnover :

Stock turnover ratio is one of the accounting liquidity ratios. This ratio

measures the velocity of conversion of stock into sales. In other words amount

of consumable is being stored / stocked in company to be used for works. Its

purpose is to measure the liquidity of the stock and it should be compared

against industry averages. Lower ratio implies poor sales and, therefore,

excess stock. A high ratio shows either strong sales or ineffective buying. High

stock levels are unhealthy because that signifies an investment with a zero rate

of return.

In the past five years, only on year 2004 & 2005 Costains stock turnover went

below the benchmark level. Last year 2007 it reduced to 15.64 from 19.64 but

still above the benchmark level of 14.2, mainly due to increase in number of

works in progress. This signifies company is efficient in stock management.

Debtors Turnover :

Debtor ratio measures the value of secured money dues from clients and

others with respect to sales. Higher ratio implies positive cash flow and

effective management of working capital. Below graph shows decrease in ratio

from 2003 to 2005 and from 2006 it started increasing and reached to 5.14 in

year 2007. Still the Costainsdebtor ratio [5.14] is much lesser than the bench

2003 2004 2005 2006 2007

Stock Turnover 19.07 10.03 10.20 19.64 15.64

19.07

10.03 10.20

19.64

15.64

0.00

5.00

10.00

15.00

20.00

25.00

StockTurnover

Year

Performance Ratios


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mark level of 22. It shows company is adopting relaxed payment terms or

facing difficulties in payment collection. Costain should make stringent

payment terms otherwise this will lead to money borrowing to operate the

ongoing projects.

Creditors Turnover :

Creditors ratio shows how many times in one accounting period the company

turns over (repays) its accounts payable to creditors. A higher ratio indicates

either that the company has decided to hold on to its money longer or that it is

having greater difficulty paying creditors.

2003 2004 2005 2006 2007

Debtors Turnover 5.48 4.55 4.18 4.75 5.14

5.48

4.554.18

4.755.14

0.00

1.00

2.00

3.00

4.00

5.00

6.00

DebtorsTurnover

Year

Performance ratios

2003 2004 2005 2006 2007

Creditors Turnover 9.20 7.77 7.21 5.97 6.27

9.20

7.777.21

5.97 6.27

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.008.00

9.00

10.00

CreditorsTurnover

Year

Performance Ratios


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Costains creditor turnover is consistently reduced from 2003, even though

ratio increased to 6.27 in year 2007 which is below the benchmark level of

18.1.It implies Costain has more liabilities and takes longer period to pay its

subcontractors and suppliers. Companys creditor turnover is higher than the

debtor turnover, it shows company can pay all its credits without liquidating

any assets or borrowing any loans.

6.2 Financial Standing :

Current Ratio :

The current ratio measures the companys general liquidity and mainly used to

assess the company's ability to pay back its short-term liabilities (payables and

debt) with its short-term assets (cash, receivables & inventory).

Higher ratio indicates company is more capable of paying its current

obligations. On other hand if it is less than 1 implies that the

company would be unable to meet its current obligations if they come due at

that point.

The above graph shows that Costains current ratio is continuously less than

the benchmark level of 1.2 during the last five year period, this shows the

company is not in good financial health. It does not necessarily mean that

Costain will go bankrupt as there are several ways to access financing, but it is

definitely not a good sign.

2003 2004 2005 2006 2007

Current Ratio 1.01 1.00 1.02 0.78 1.05

1.01 1.00 1.02

0.78

1.05

0.00

0.20

0.40

0.60

0.80

1.00

1.20

CurrentRatio

Year

Financial Standing


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Acid Test Ratio :

A stringent test that signifies whether a company has enough short-term

assets to cover its immediate liabilities without relying on the sale of

inventory. The acid-test ratio is far more strenuous than the current ratio,

primarily because the current ratio allows for the inclusion of inventory assets.

Guideline of the ratio is Generally 1:1. Companies with acid test ratios of less

than one cannot meet their current liabilities. However significantly higher

ratio indicates the funds are not utilised to its best possible level.

In the Costain case as shown in the graph below, the acid-test ratio [0.87] is

less than the benchmark level of 0.90, Company may face difficulties in paying

its current liabilities without selling its inventory. Costains acid-test ratio

[0.87] is not much lower than the current ratio [1.05], it indicates that

currently company is in good financial health and their current assets are not

highly dependent on inventory.

Gearing Ratio :

Gearing ratio is a measure of financial leverage, signifying the degree to which

a company's activities are financed by owner's funds versus creditor's funds.

Higher ratio implies that the higher reliance on borrowing & long term debt,

on other hand lower the gearing ratio, higher the reliance on equity financing.

2003 2004 2005 2006 2007

Acid Test Ratio 0.84 0.69 0.74 0.65 0.87

0.84

0.690.74

0.65

0.87

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.901.00

AcidTestRatio

Year

Financial Standing


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A company with high gearing ratio is more exposed to financial risk

because it must continue to service its debt despite of how bad sales are.

Past five years record shows that Costains gearing ratio is consistently below

the benchmark level of 0.25 which implies that company is good in fund

position and currently not exposed to financial risk.

Interest Cover :

Interest cover used to determines the company's ability to meet interest

payments on outstanding debits. It also assesses the capacity to take on more

debt. The higher the ratio, the greater the company's ability to meet its interest

payments from profits and possibly take on more debt. Similarly, a low value

suggests that the company is potentially in risk of not being able to pay its

interest obligations.

In year the 2005 & 2006, Costain may have faced difficult situation to pay their

interest as the ratio went down to negative. But in year 2007 interest cover

ratio [5] went above the benchmark level of 4.5, at this moment company is in

secured position to meet its interest payments. It obviously shows the

Costains potential for the future growth.

2003 2004 2005 2006 2007

Gearing Ratio 0.02 0.01 0.01 0.03 0.02

0.02

0.010.01

0.03

0.02

-0.01

-0.01

0.00

0.01

0.01

0.020.02

0.03

0.03

0.04

GearingRa

tio

Year

Financial Standing


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6.3 Investment Return :

Dividend Yield :

Dividend yield reveals how much a company pays out in dividends each year

relative to its share price. Generally it is an indication of the income generated

through a share of stock.

On year 2007, Costain declared dividend to shareholders for the first time in

17 years. But the dividend yield [2.13%] is below the benchmark level of 6%,

However this may not be considered as negative trend, since increase in

market price also reduces the yield percentage and provide more benefit

rather than increase in dividend per share.

2003 2004 2005 2006 2007

Interest Cover 25.83 7.75 -42.67 -23.04 5.00

25.83

7.75

-42.67

-23.04

5.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

InterestCover

Year

Financial Standing

2003 2004 2005 2006 2007

Divident yield 0.00% 0.00% 0.00% 0.00% 2.13%

0.00% 0.00% 0.00% 0.00%

2.13%

-0.30%

0.20%

0.70%

1.20%

1.70%

2.20%

2.70%

DividendYield

Year

Investment Return


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Dividend Cover :

The dividend cover ratio advises us how easily a company can pay its dividend

from profits. It generally used to measures the ability of the company to pay

dividend on share which carries a declared rate of return.

In general a ratio of 2 or higher is considered to be safe in the sense that the

company can well afford the dividend but anything below 1.5 is risky. If the

ratio is below 1, it signifies that the company is utilising its retained earnings

from a previous year to pay current year's dividend

The below graph shows, Costains dividend cover for the year 2007 is much

higher [7.2] than the benchmark level of 2. It implies that the company can

easily afford to pay the dividend.

Price / Earnings Ratio :

Price/Earnings ratio is used to assess a company's current share price

compared to its per-share earnings. The P/E ratio is a critical ratio for

investors and is widely used by investors to decide whether or not to invest in

a particular company.

The below graph shows, Costain performed well when compare to last year

negative Price/earnings ratio of [-3.39]. However P/E ratio for the year 2007

[6.53] is much lower than the benchmark ratio of 29. In the past five years,

2003 2004 2005 2006 2007

Divident Cover 0.00 0.00 0.00 0.00 7.20

0.00 0.00 0.00 0.00

7.20

-0.80

0.20

1.20

2.20

3.20

4.20

5.20

6.20

7.20

8.20

Dividend

Cover

Year

Investment Return
http://en.wikipedia.org/wiki/Retained_earningshttp://en.wikipedia.org/wiki/Retained_earnings


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company never reached the benchmark level. It suggests that Costain has to

take appropriate measure to gain its market value in order to attract more

investors.

7 Future Prospects :

Costains significant recovery from last years under performance, current net

cash balance 132.8 [2006: 53.3], relatively good financial ratios against the

benchmark levels and 700million secured order for upcoming year is evidentthat overall future prospect of the company is very good.

Advise to Clients: Without doubt client can go ahead to place an order with

Costain as the company has strong hold of capital and good net cash balance,

this will definitely help the company to sustain in any financial turbulence.

Costain is offering relaxed payment terms as the companys debtor turnover

ratio is very low compared to benchmark level. Other core areas such as

performance, liquidity level, skilled manpower, multicultural approach and the

diversified field of operation will be an added advantage to the clients.

Advise to subcontractors and suppliers: Business with Costain generally is

not favourable for subcontractors and suppliers as the creditors turnover ratio

is nearly one third of the benchmark level which reflects Company is holding

subcontractors and suppliers payment for longer period. Costain is good for

the subcontractor, who can offer longer payment period since they have better

opportunity to get continuous business through their nine different sectors of

operation.

2003 2004 2005 2006 2007

Price / Earnings Ratio 9.80 18.43 6.50 -3.39 6.53

9.80

18.43

6.50

-3.39

6.53

-5.00

0.00

5.00

10.00

15.00

20.00

Pric

e/EarningsRatio

Year

Investment Return


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Advise to investors: Costains current investment ratios such as dividend

cover and price/earnings are well below the benchmark level, however

company has made remarkable progress from the year 2006 to 2007 which is

evident in the above financial ratios. In this period the company has come out

of loss of 61.7million to a profit of 19.8million which is a very good growth

interm of making profits and the overall performance. It will be worth to invest

in it, if the above upward trend continuous.

Advise to job applicant: Construction management professionals are

encouraged to join this company as they have already secured an order of

700million for the upcoming year and currently company is in good financial

health which is apparent by their financial standing ratios. Costains major

performance ratios are well above the benchmark level except profit margin,

which is also expected to gain if the same growth trend continues.

8 Conclusion :

This corporate analysis is prepared based on the information/data which is

collected through annual reports of the Costain group for the year 2007 and

interpretation of the same. Generally company performance and financial

standing is good, but investment returns are well below the benchmark level.

However significantly improved performance when compared to year 2006,

increased finance base and diversification to other potential sectors reflect,

now company is in the improvement path with an ability to produce good

investment returns.


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Saravanan Jayaraman Page 21 of 18 Matriculation No: 081386608

9 References :

9.1) Professor Ammar Kaka. (2005) Construction Financial ManagementClass Notes.

9.2) Costain Group Annual Report for 2007.

9.3) Costains balance Sheet information. [Online] Available From:

http://investing.businessweek.com/businessweek/research/stocks/fin

ancials/financials.asp?symbol=COSG.L&dataset=balanceSheet&period=

A&currency=native[Accessed 21stFebruary 2009].

9.4) Financial Ratios. [Online] Available From:

http://www.investopedia.com [Accessed 21stFebruary 2009].

9.5) Financial Ratios. [Online] Available From:http://www.bized.co.uk/compfact/ratios/index.htm [Accessed 21st

February 2009].
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Assignment -D31CI-2008-2009 Contruction Financial Management

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