SOURCE ENERGY FINANCIAL ANALYSIS 1

Source Energy Limited Financial Analysis

University Canada West

FNCE 623

Oludamola Durodola PhD

SOURCE ENERGY FINANCIAL ANALYSIS 2

Contents
Introduction........................................................................................................................3
Company Background.......................................................................................................3
Financial Ratios................................................................................................................. 4
Short-Term Solvency or Liquidity Ratios....................................................................... 4
Cash Ratio....................................................................................................................5
Current Ratio............................................................................................................... 5
Quick Ratio..................................................................................................................6
Long-Term Solvency or Financial Leverage Ratios........................................................7
Total Debt Ratio.......................................................................................................... 8
Debt to Equity Ratio.................................................................................................... 9
Cash Coverage Ratio................................................................................................. 10
Asset Management or Turnover Ratios......................................................................... 11
Inventory Turnover....................................................................................................12
Days Sales in Inventory............................................................................................. 13
Receivables Turnover................................................................................................ 14
Days Sales in Receivables......................................................................................... 14
Net Working Capital Turnover.................................................................................. 14
Fixed Assets Turnover...............................................................................................15
Total Assets Turnover................................................................................................15
Profitability Ratios.........................................................................................................16
Market Value Ratios...................................................................................................... 16
Capital Asset Pricing Model........................................................................................... 17
Conclusion........................................................................................................................ 18
References..........................................................................................................................19
SOURCE ENERGY FINANCIAL ANALYSIS 3

Source Energy Financial Analysis

Introduction
According to Prasoona & Reddy (2021), financial analysis involves evaluation of a
company’s accounting reports to establish its past and present performance as well as predict the
future performance. Financial analysis enables users of financial information to make better
economic decisions. For example, prospective investors would wish to know the ability of the
firm to give them their desired return before investing in it. Also, lenders want to know if the
company has the ability to finance and repay the loan before lending to it. Purba & Septian (2019)
explain that financial ratios are the most important tool used in financial analysis. They measure
the performance of the company by comparing the financial data presented in the financial
statements. A ratio shows the relationship between different items in the balance sheet, income
statement and cash flows statements. The following report analyses the financial statements of
Source Energy Services Ltd.
Company Background
Source Energy Services Ltd. is a Canadian-based company operating in the oil and gas
industry. It is a producer, a distributor and a supplier of Northern White frac sand across Western
Canadian Sedimentary Basin (WCSB). Source Energy was established in 1998 as a partnership
until its incorporation in 2017. It has its headquarters in Calgary, Canada. It is traded in TSE as
SHLE. The company’s facilities and rail network deliver proppant from its Wisconsin plant to
WCSB. Its facilities are strategically located in the Canadian National rail lines to enable direct
access to its terminals (Source Energy, 2019). The company is committed to meeting its
customers’ needs thus offering proppants sizes of 20/40, 30/50, 40/70 as well as 100 mesh.
Source Energy is the leading oilfield logistics in WCSB. Over the years, the company has
invested in networks, resources and connections which allow it to directly source proppant
efficiently across WCSB. Additionally, Source Energy has the largest network of in-basin
terminal in Western Canada. The network allows streamlined delivery of proppant and well
completion chemicals. The location of its 9 terminals ensures adequate supply of proppant to
customers within a short delivery period. Source Energy has flexible well completion chemical
storage in its Red Deer and Grande Prairie which can be customized according to well
completion needs of each customer. Lastly, the company offers dependable field solutions to its
SOURCE ENERGY FINANCIAL ANALYSIS 4

customers (Source Energy, 2019). The field solutions deliver and store proppants directly to the
wellsite.
The key people in Source Energy are Brad Thomson, the CEO and Director, Derren
Newell, the CFO, and Scott Melbourn, the COO. The Board is made up of 5 members; Stew
Hanlon (Chair of the Board), Jeff Belford, Chris Johnson, Carrie Lenoradelli, and Steve Sharpe.
It has 354 employees.
Financial Ratios
Financial ratios measure liquidity, solvency, profitability, efficiency and the market value
of a company. As explained by Purba & Septian (2019), the five types of ratios are derived from
what they measure and they consist of liquidity or short term solvency ratios, long-term solvency
or financial leverage ratios, profitability ratios, asset management or turnover ratios, as well as
market value ratios. The financial analysis of Source Energy covers the 2016-2020 fiscal years.
Short-Term Solvency or Liquidity Ratios
Liquidity ratios measure the ability of the firm to cater for its short-term obligations as
and when they fall due. Liquidity ratios are cash ratio, current ratio and quick ratio. A favorable
liquidity ratio should be 1 and above. Source Energy’s liquidity ratios are as shown in the table
below. The data to calculate the ratios were extracted from the company’s website and
finance.yahoo.com (https://www.sourceenergyservices.com/investors/ and
https://finance.yahoo.com/quote/SHLE.TO/financials?p=SHLE.TO)
Table 1: Source Energy’s Liquidity Ratios
Components 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016
Current
Ratio= Current assets/ $91,547 $113,022 $105,005 $108,553 $45,287
current liabilities $42,037 $67,426 $42,020 $73,406 $39,076
Ratio 2.18 1.68 2.50 1.48 1.16

Quick Ratio current assets- $91,547 $113,022 $105,005 $108,553 $45,287

Inventory/ $53,467 $60,930 $67,353 $48,984 $27,710
Current liabilities $42,037 $67,426 $42,020 $73,406 $39,076
Ratio 0.91 0.77 0.90 0.81 0.45

Cash and Cash

Cash Ratio equivalents/ $0 $0 $4,574 $0 $0
SOURCE ENERGY FINANCIAL ANALYSIS 5

Current liabilities $42,037 $67,426 $42,020 $73,406 $39,076

Ratio 0 0 0.11 0.00 0

Cash Ratio
The cash ratio shows the amount of cash available to pay off the short-term obligations
per the cash flows statements. It is calculated by dividing the company’s cash and cash
equivalents by the current liabilities. As shown in Table 1, Source Energy had no cash and cash
equivalents at the end of 2016, 2017, 2019 and 2020. In 2018, the cash ratio was 0.11 which is
way below the favorable cash ratio. That means that the company is facing liquidity risks of
having no sufficient cash to pay its short-term liabilities as and when they fall due.
Current Ratio
Weygandt, Kimmel & Kieso (2018), explain that current ratio measure the extent in
which the company’s current assets cover the short term liabilities. From Table 1, Source Energy
recorded a current ratio of more than 1 over the five years period covered in this financial
analysis. That means its current assets can cover its short term obligations. The graph below
shows a non-linear trend of Source Energy’s current ratio. There was an increase in 2017 and
2018, a decrease in 2019 and another increase in 2020. The decrease in 2019 can be explained by
the company’s adoption of the IFRS 16 Leases in January 1, 2019 which introduced the lease
liability in the company’s balance sheet.
Figure 1: Current Ratio
SOURCE ENERGY FINANCIAL ANALYSIS 6

Quick Ratio
Like current ratio, quick ratio measures the extent in which the company’s current assets
cover its short term obligations. However, quick ratio puts into consideration the fact that it takes
more time to convert inventory into cash. Besides, there is a risk of having obsolete items in the
company’s inventory. Therefore, inventory is deducted from the current assets. As shown in
Table 1, Source Energy has a quick ratio of less than 1. That means inventory accounts for a
significant portion of the current assets which may present the company with liquidity issues.
The trend over the five years follows that of the current ratio in which there was a decrease of
quick ratio in 2019. Nevertheless, the increase in 2020 suggests a positive trend in future.
Figure 2: Quick Ratio
 SOURCE ENERGY FINANCIAL ANALYSIS 7

Long-Term Solvency or Financial Leverage Ratios

The financial leverage ratios measure the ability of the firm to meet its long-term
obligations. They include total debt ratio, debt/equity ratio, times interest earned and cash
coverage ratio. According to Restianti & Agustina (2018), prospective lenders and potential bond
investors use the long-term solvency ratios to assess the creditworthiness of a firm. An
unfavorable financial leverage ratio indicates the possibility of the company defaulting on its
debts. Table 2 shows the financial leverage ratios of Source Energy. The data to calculate the
ratios were extracted from the company’s website and finance.yahoo.com
(https://www.sourceenergyservices.com/investors/ and
https://finance.yahoo.com/quote/SHLE.TO/financials?p=SHLE.TO)
Table 2: Source Energy’s Financial Leverage Ratios
Components 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016
Total Debt Ratio= Total liabilities/ $233,574 $297,356 $215,675 $185,767 $278,625
Total Assets $266,261 $496,665 $520,341 $467,957 $219,406
Ratio 87.72% 59.87% 41.45% 39.70% 126.99%

Debt/Equity
Ratio Total liabilities/ $233,574 $297,356 $215,675 $185,767 $278,625
Total Shareholder's
Equity $32,687 $199,309 $304,666 $282,190 ($59,219)
 SOURCE ENERGY FINANCIAL ANALYSIS 8

Ratio 714.58% 149.19% 70.79% 65.83% -470.50%

Times Interest
Earned EBIT/ ($124,427) ($85,836) $19,265 $17,228 ($24,423)
Interest Expense $29,689 $28,060 $20,961 $28,342 $19,491
Ratio -4.2 -3.1 0.9 0.6 -1.3

Cash Coverage EBIT+ ($124,427) ($85,836) $19,265 $17,228 ($24,423)

Depreciation/ $13,860 $16,212 $12,009 $6,560 $6,373
Interest Expense $29,689 $28,060 $20,961 $28,342 $19,491
Ratio -3.72 -2.48 1.49 0.84 -0.93

Total Debt Ratio

Total debt is calculated by dividing the total debt by the company’s total assets. It shows
the extent in which the company uses debt to finance its assets. Total debt ratio can be expressed
in decimal or percentage. The objective of the firm is to maintain a total debt ratio of less than 1
or 100%. Too high ratio is an indication that the company is highly leveraged and faces the risk
of being unable to finance and repay its long term obligations. As shown in Table 2, Source
Energy recorded a total debt ratio of less than 100% expect in 2016. This means that the
proportion of the company’s assets funded by debt is low and the company does not face
solvency risk. The graph below compares Source Energy’s total debt ratio over the 5-year
financial period. There was a significant decrease of the ratio in 2017 which can be explained by
the company’s huge investment in acquisition of property, plant and equipment (PPE) worth
$174, 127. Also, in 2017, the company paid off the preferred share obligation and shareholder
loan. The decrease in long term debt from $123,242 to $95,570 in 2017 means that Source
Energy did not rely on debt to finance the acquisition of PPE. Altogether, the trend since 2017 is
worrying as the ratio has been increasing.
Figure 3: Total Debt Ratio
SOURCE ENERGY FINANCIAL ANALYSIS 9

Debt to Equity Ratio

Debt to equity ratio shows the degree in which a company finances its operations using
debt relative to its shareholders’ funds. It is calculated by dividing the total liabilities by the
shareholder’s equity. Just like total debt ratio, a favorable debt to equity ratio should be less than
1.0 or 100%. As indicated in Table 2, Source Energy had a deficient shareholder’s equity. This is
because as at 2016, the company was operating as a partnership. The company needs to address
its increasing debt to equity ratio. The 714.58% debt to equity in 2020 is relatively high as it
threatens the solvency of the company.
Times Interest Earned Ratio
Times interest earned ratio shows the number of times a company can cover its interest
expense with its current earnings. It is calculated by dividing the earnings before interest and tax
(EBIT) with the interest expense. A favorable times interest earned ratio should be above 1 and
the higher the ratio the less leveraged is a company. Source Energy has been operating at a loss
over the years covered in this analysis. Other than 2017 and 2018, the company recorded
negative EBIT and the ratio has been deteriorating over the years as shown in Figure 4.
SOURCE ENERGY FINANCIAL ANALYSIS 10

Cash Coverage Ratio

Cash coverage ratio is quite similar to the times interest earned in the sense that it
measures the number of times its earnings can cover the interest expense. It is important to note
that the interest rate is a cost paid by the company to its lenders. Even before the principal
amount on a loan can be paid, the interest must be paid per the terms on conditions which may be
annually, semiannually, quarterly, or monthly. The difference between cash coverage ratio and
times interest earned is that cash coverage adds back the non-cash items deducted to arrive at the
EBIT. For Source Energy, the non-cash item is the depreciations. It is only in 2018 that Source
Energy had a favorable cash coverage ratio. During the other years, the ratio was below 1 which
means that the company does not have enough earnings to cater for the finance cost. The trend as
shown in Figure 5 is worrisome as lenders may not trust the creditworthiness of the company.
Figure 5: Cash Coverage Ratio
SOURCE ENERGY FINANCIAL ANALYSIS 11

Asset Management or Turnover Ratios

According to Purba & Septian (2019), asset management or turnover ratios measures the
effectiveness of the management in utilizing the available resources to generate income. Each
turnover ratio compare the level of sales and respective asset. Source Energy’s asset management
ratios are as shown in Table 3. The data to calculate the ratios were extracted from the
company’s website and finance.yahoo.com (https://www.sourceenergyservices.com/investors/
and https://finance.yahoo.com/quote/SHLE.TO/financials?p=SHLE.TO)
Table 3: Source Energy Asset Management Ratios
Components 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016
Inventory turnover Cost of goods sold/ $225,221 $295,345 $346,012 $237,875 $131,296
Inventories $53,467 $60,930 $67,353 $48,984 $27,710
Average Inventories 57198.5 64141.5 58168.5 38347 26062.5
Ratio 3.94 4.60 5.95 6.20 5.04

Days sales in Inventory Average Inventories/ 57198.5 64141.5 58168.5 38347 26062.5
Cost of goods sold*365 $225,221 $295,345 $346,012 $237,875 $131,296
Ratio 93 79 61 59 72

Receivables Turnover Net Credit Sales/ $249,878 $332,956 $415,027 $289,498 $139,199
Receivables $33,644 $49,538 $24,533 $54,114 $14,634
Average Receivables 41591 37035.5 39323.5 34374 18195
Ratio 6.0 9.0 10.6 8.4 7.7

Days In Receivables Average receivables/ 41591 37035.5 39323.5 34374 18195

SOURCE ENERGY FINANCIAL ANALYSIS 12

Net credit sales*365 $249,878 $332,956 $415,027 $289,498 $139,199

Ratio 61 41 35 43 48

Net working Capital

Turnover Net Sales/ $249,878 $332,956 $415,027 $289,498 $139,199
Working Capital given
by $49,510 $45,596 $62,985 $35,147 $6,211
Current assets - $91,547 $113,022 $105,005 $108,553 $45,287
current liabilities $42,037 $67,426 $42,020 $73,406 $39,076
Ratio 5.0 7.3 6.6 8.2 22.4

Fixed Assets turnover Net Sales/ $249,878 $332,956 $415,027 $289,498 $139,199
Average Fixed Assets 279178.5 399489.5 387420 238311.5 149405.5
Fixed Assets $174,714 $383,643 $415,336 $359,504 $117,119
Ratio 0.90 0.83 1.07 1.21 0.93

Total Assets Turnover Net Sales $249,878 $332,956 $415,027 $289,498 $139,199
Average total assets 381463 508503 494149 343681.5 225259
Total Assets $266,261 $496,665 $520,341 $467,957 $219,406
Ratio 0.7 0.7 0.8 0.8 0.6

Inventory Turnover
Kwak (2019) explains that inventory turnover is a ratio that shows the number of times a
company has replenished and sold all its inventory in a specified period. The higher the
inventory turnover ratio, the more effective a company is in managing its inventory. That means
the company does not order more merchandise than what is demanded and that it is efficiency in
selling merchandise at hand. Inventory turnover ratio is calculated by dividing the cost of goods
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sold by average inventory. Average inventory is given by 2
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Source Energy has a favorable inventory turnover ratio although it has been decreasing in the
past four accounting years as shown in the figure below.
Figure 6: Inventory Turnover Ratio
SOURCE ENERGY FINANCIAL ANALYSIS 13

Days Sales in Inventory

Days sales in inventory is the number of days a company takes to sell off its inventory.
Less days is an indication of management efficiency in managing inventory. It is calculated by
dividing the average inventory by the cost of goods sold and multiplying the result by 365.
Source Energy’s days sales in inventory has been uneven over the five years but it increased
significantly to 93 days in 2020 as shown in the graph below.
Figure 7: Days Sales in Inventory
SOURCE ENERGY FINANCIAL ANALYSIS 14

Receivables Turnover
Receivables turnover shows the effectiveness of the company in formulating a credit
policy. It calculates the number of times a company collects its average receivables in a year. A
high receivables turnover ratio is always favorable. Over the past five financial years, the least
receivables turnover that Source Energy recorded was 6.0. The trend analysis shows that the
company’s receivable’s turnover has been increasing until 2019.
Figure 8: Receivables Turnover

Days Sales in Receivables

Days sales in Receivables is not different from the receivables turnover except that it is
expressed in days. Despite the increasing trend, Source Energy has a favorable days sales in
receivables.
Net Working Capital Turnover
Net working capital turnover measures the relative amount of cash used in financing
operations to the amount of revenues generated in a specific period. It is calculated by dividing
the net sales by working capital. Working capital is given by current assets-current liabilities.
Source Energy’s net working capital turnover is 5 and above which means that the company has
been efficient in managing cash to generate revenues. However, the ratio has been changing
unevenly which requires Source Energy to review its cash management.
Figure 9: Net Working Capital Turnover
SOURCE ENERGY FINANCIAL ANALYSIS 15

Fixed Assets Turnover

Fixed assets turnover measure the effectiveness of the management in utilizing its fixed
assets to generate revenues. The higher the ratio, the efficient is the company’s management.
Source Energy recorded a fixed assets turnover of more than 0.8 over the last five financial years
as shown in Figure 10.
Total Assets Turnover
Total assets turnover measures the company’s effectiveness in using all assets at their
disposal to generate revenues. A high total assets turnover is an indication of efficient asset
management. Source Energy recorded a ratio of more than 0.6 over the past five financial years
as shown in figure 10.
Figure 10: Fixed Assets and Total Assets Turnover
SOURCE ENERGY FINANCIAL ANALYSIS 16

Profitability Ratios
Profitability ratios measure the company’s ability to generate income relative to sales,
operating expenses, assets or shareholders equity. Prospective investors are particularly keen on
the profitability ratios because they do not wish to invest in a company that is making losses. As
shown in Table 4, Source Energy is not a profitable company as it has been making losses over
the past 5 financial years. That means that the company is generating losses relative to net sales,
total assets and total shareholder’s equity. It suggests weak financial health and may make the
company’s stock unattractive. Investors are less likely to invest in a company that does not
guarantee them a return at the end of every financial year in terms of dividends. The data to
calculate the ratios were extracted from the company’s website and finance.yahoo.com
(https://www.sourceenergyservices.com/investors/ and
https://finance.yahoo.com/quote/SHLE.TO/financials?p=SHLE.TO)
Table 4: Source Energy’s Profitability Ratios
Components 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016
Profit Margin Net Loss/ ($182,675) ($88,522) ($2,213) ($8,935) ($43,402)
Net Sales $249,878 $332,956 $415,027 $289,498 $139,199
Ratio -73.11% -26.59% -0.53% -3.09% -31.18%

Return on
Assets Net Loss ($182,675) ($88,522) ($2,213) ($8,935) ($43,402)
Total Assets $266,261 $496,665 $520,341 $467,957 $219,406
Ratio -68.61% -17.82% -0.43% -1.91% -19.78%

Return on
Equity Net Loss ($182,675) ($88,522) ($2,213) ($8,935) ($43,402)
Total Shareholder's
equity $32,687 $199,309 $304,666 $282,190 ($59,219)
Ratio -558.86% -44.41% -0.73% -3.17% 73.29%

Market Value Ratios

Market value ratios evaluate the company’s stock price to determine whether it is
overpriced or underpriced. Source Energy’s market value ratios are as shown in Table 5. The
price earnings ratio is negative which means the company has not started earning since it was
SOURCE ENERGY FINANCIAL ANALYSIS 17

recently incorporated. The market to book ratio in 2017 and 2018 was more than 1 which is an
indication that SHLE was overvalued. On the other hand, the market to book ratio for 2019 and
2020 is below 1 which suggests an undervalued SHLE. EPS measures the earnings the company
generates for every outstanding ordinary shares. Source Energy has been making losses since its
incorporation in 2017 which explains the negative EPS. The data to calculate the ratios were
extracted from the company’s website and finance.yahoo.com
(https://www.sourceenergyservices.com/investors/ and
https://finance.yahoo.com/quote/SHLE.TO/financials?p=SHLE.TO)
Table 5: Source Energy Market Value Ratios
Components 12/31/2020 12/31/2019 12/31/2018 12/31/2017
Price/earnings Ratio Share Price/ $1.50 $2.64 $14.40 $10.50
EPS ($13.49) ($17.43) ($0.04) ($0.14)
Ratio -0.11 -0.15 -404.98 -73.86

Market to book ratio Stock price/ $1.50 $2.64 $14.40 $10.50

Book value per share $2.41 $39.24 $4.90 $4.49
Shareholder's equity $32,687 $199,309 $304,666 $282,190
Outstanding Shares 13545 5079 62237 62852
Ratio 0.62 0.07 2.94 2.34

EPS Net Loss/ ($182,675) ($88,522) ($2,213) ($8,935)

Outstanding Shares 13545 5079 62237 62852
Ratio ($13.49) ($17.43) ($0.04) ($0.14)

Capital Asset Pricing Model

Capital asset pricing model (CAPM) is a model used in calculating a stock’s required rate
of return. According to Cenesizoglu & Reeves (2018), CAPM establishes a relationship between
the beta, risk free rate and the market risk premium. The assumptions made while applying the
model is that investors are risk averse and rely on the expected return and standard deviation of a
portfolio or rather a security to measure its risk and return. Also, CAPM assumes that the risk
averse investors are likely to choose a security that maximizes their expected return with a given
level of variance. Third, CAPM assumes that investors hold a diversified portfolio for the same
period.
SOURCE ENERGY FINANCIAL ANALYSIS 18

The application of CAPM requires one to use the following equation

E (Ri) = Rf + β [E (RM) - Rf]
Where E (Ri)is the expected return, β is the beta, Rf is the risk free rate and E(RM) is the
market’s expected return. Beta measures the volatility of a stock relative to that of market as a
whole. The risk free rate is the rate of the safest security in the market which is the treasury bills.
Per the Bank of Canada, the rate of 10 year Treasury Bills is 1.5% ("Canadian bond yields: 10-
Year lookup," n.d.). The information provided in yahoo.finance about SHLE identifies beta as
3.25. Statistca provides 5.6% as Canada’s risk market premium (Average market risk premium in
Canada 2011-2021, 2021). Therefore, E(Ri)=1.5%+3.25(5.6%)=21.1%. The high expected
return can be explained by the high beta since the risky the stock, the higher the return.
Conclusion
The financial analysis shows that the company is facing liquidity issues because the cash
ratio and the quick ratio are below the recommended ratio. The company should seek to
optimally manage its accounts payables and accounts receivables as well as cut some costs in
order to increase the level of liquidity. Alternatively, it would take advantage of the favorable
financial leverage ratios and use long term financing to increase its liquidity. The asset
management ratios indicate that the company has adequate credit policy that allows them to
collect accounts receivables in less than 60 days. However, the fixed assets and total assets
indicate inefficiency and Source Energy should identify ways it can optimize the resources to
generate revenues. The company was recently incorporated and has not yet started to make
profits. Besides, it is a capital intensive which explains the lower fixed asset and total assets
ratios. Given the prospective of the oil and energy industry in Canada, Source Energy stands to
be highly profitable company.
SOURCE ENERGY FINANCIAL ANALYSIS 19

References
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canada/
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Canada. https://www.bankofcanada.ca/rates/interest-rates/lookup-bond-yields/
Cenesizoglu, T., & Reeves, J. J. (2018). CAPM, components of beta and the cross section of
expected returns. Journal of Empirical Finance, 49, 223-246.
Kwak, J. K. (2019). Analysis of inventory turnover as a performance measure in manufacturing
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Prasoona, J., & Reddy, R. G. (2021). Analysis of financial statements. Biotica Research
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Study of an Energy Service Provider. Journal of Accounting Research, Organization and
Economics, 2(2), 113-122.
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in sub industrial sector company. Accounting Analysis Journal, 7(1), 25-33.
Source energy services Ltd. (SHLE.TO). (n.d.). Yahoo Finance - Stock Market Live, Quotes,
Business & Finance News. https://finance.yahoo.com/quote/SHLE.TO?p=SHLE.TO
Source Energy. (2019, December 4). Solutions. Source Energy
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Source Energy. (2022, January 31). Investors. Source Energy
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Financial Reporting Standards. John Wiley & Sons.