Financial Analysis Of Healthscope And Cochlear Limited In Healthcare Industry

Overview of Healthscope Limited

The purpose of this report is to conduct the study of the financial statements of two Australian entities operating in the Healthcare Industry. The companies selected are: Healthscope Limited and Cochlear Limited. Both the companies fall under the list of top 100 ASX listed companies. The companies from the same industry are chosen so as to make comparative analysis of their financial performances.

 Healthscope Limited is a medical organisation which operates its business through three segments: Hospitals Australia Segment, Pathology Australia Segment and Pathology International Segment.  It is in existence since 1985 and is headquartered at Melbourne. The company is engaged in the business of provision of wide range of clinical services such as medical, surgical, maternity, rehabilitation as well as mental health services. Apart from these services the company is also indulged in the provision of pathology diagnostic services in Australia and other countries like New Zealand, Malaysia and Singapore. Moreover, Healthscope is offering the accommodation as well in-home services to the patients with brain injuries and various other severe disabilities (Bloomberg, 2018).

Cochlear Limited is operating its business since 1983 and its headquarter is based at Sydney. The company offers services in the areas of implantation of hearing solutions in various countries like America, Europe, Asia Pacific regions, African regions and Middle East. Cochlear also provides products like wireless devices which comprise of mini microphones, phone clips, TV streamers, Cochlear Vistafix bone-anchored facial solutions. Moreover, it has formed a strategic collaboration with Sensorion in order to emphasise on improving the hearing treatments of the patients with its implantation processes (Bloomberg, 2018).

Part i

List of items of Equity of Healthscope:

Healthscope Limited	2018	2017	2016
Issued capital	$                                             2,713.40	$                            2,708.20	$  2,706.10
Reserves	-$                                                247.50	-$                               247.20	-$     257.70
Accumulated losses	-$                                                120.30	-$                                 93.30	-$       75.70
Total Equity	$                                             2,345.60	$                            2,367.70	$  2,372.70

Description of each item in the owner’s equity and the changes in the last three financial years:

Issued capital constitutes the amount that is issued by to the shareholders of the company while seeking the funds for the operations. The amount shown as the issued share capital account of the company is the amount of shares held by the shareholders of the company. The change in the issued capital amount of Healthscope Limited is due to the issue of new shares by the company to finance its business operations and assets investment. All the shares that are issued by the company are ordinary shares and are categorised as Equity. All the shares are fully paid in nature. Each share offers one voting right to the shareholders.

Reserves are the part of company’s earnings that are kept aside for some specific or general purpose. There are various types of reserves which are maintained by Healthscope Limited. These are: Group Reorganisation Reserve, Foreign Currency Translation Reserve, Hedging Reserve and the Equity Settled Employee Benefits Reserve. The foreign currency translation reserve is maintained to account for the foreign exchange differences which arise as a result of foreign transaction’s undertaken during the course of business. The translation of the company’s financial statements is required due to the occurrence of foreign operations under the situations where the functional currency is not same as the currency in which financial statements are prepared. The Hedging reserve is created for the purpose of undertaking the hedging transactions so as to account for the profit and loss on such transactions. It comprises of the total net variation in the fair value of the hedging instruments which are created for the hedging transactions which have not been taken place. The share based payment reserves are created for the purpose of granting shares to the employees of the company, in lieu of performance. There are no significant changes in the total value of the reserves held by Healthscope Limited. Over the last two year there has been reported the foreign currency translation losses and gain on the hedging transactions undertaken by the company.   

Overview of Cochlear Limited

Retained earnings are the part of company’s earnings made which are kept aside to be utilised in the business only in the subsequent years for the business purpose and the dividend payments. When the balance of the retained earnings is negative, it is represented under the head of accumulated losses in the statement of financial position under the main heading of equity. When the company does not have sufficient profits to finance its funds requirements internally, then the lack of such funds is represented as the accumulated losses. Over the past three financial years there has been an increase in the balance of accumulated loss account due to the decline in the overall profitability of the business.

List of items of Equity of Cochlear:

Cochlear Limited	2018	2017	2016
Share Capital	$                                                 173.00	$                                169.40	$     158.94
Reserves	-$                                                  33.80	-$                                 12.90	-$       14.66
Retained earnings	$                                                 471.60	$                                387.10	$     304.28
Total Equity	$                                                 610.80	$                                543.60	$     448.56

• Share Capital

The share capital of Cochlear Limited as increased over the last three financial years taken into consideration in this report due to the reason that the share options had been exercised by the shareholders. Also, Cochlear had issued employee share plans to its employees during the last two years which has contributed to the increase in the overall share capital of the company since 2016 to 2018.

• Reserves:

The reserves that are maintained by Cochlear Limited are: Treasury Reserve, Translation Reserve, Hedging Reserve, Fair Value Reserve and Share Based Payment Reserves.  Treasury reserve is maintained by the company to account for the shares that were acquired by the trust of the company. The share based payment reserve of the company comprises of the actual cost of shares, options and the performance rights offered to the executives of the company under various schemes. In 2017, the opening balance of treasury stock was -$ 0.4 million but during the year shares of equal value were exercised due to which the balance in the treasury reserve is nullified. During 2017, there had been losses in the translation of foreign exchange transactions but in 2018, the gain in the same transactions was reported. Also, due to the losses in the hedging transactions undertaken in the last three financial years has resulted in the loss of the amount of the reserves.

• Retained earnings:

The balance in the retained earnings has increased over the last three financial years because of increased profitability of the business as a result of normal business transactions.

Part ii Debt-Equity Comparative Analysis
Healthscope Limited	Amounts	Proportion
Debt	$                                             2,524.90	52%
Equity	$                                             2,345.60	48%
Total	$                                             4,870.50	100%
Cochlear Limited	Amounts	Proportion
Debt	$                                                 546.10	47%
Equity	$                                                 610.80	53%
Total	$                                             1,156.90	100%

The capital structure of a firm is comprised of two elements: Debt and Equity. The debt portion of company’s capital structure reflects the amount of funds which are borrowed from the external sources. If more funds are generated through the external financing then it increases the financial leverage on part of company.

List of items of equity of Healthscope

In the present case, the capital structure of Healthscope Limited is observed to be less adequate then the capital structure of Cochlear Limited because of the fact that the former company is holding more debt than its equity. Therefore, it can be said that Healthscope Limited is facing higher risk of insolvency than the Cochlear Limited. Generally, it is preferred that company must raise finance through the internal sources such as issue of share capital, utilisation of funds of retained earnings etc. Since, Cochlear Limited is utilising more of the internal funds for its business operations it does not have to face much financial risk.

Part iii List of cash flow activities: HEALTHSCOPE LIMITED
	2018	2017	2016
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers	$                                             2,436.60	$                            2,410.70	$  2,269.20
Payments to suppliers and employees	-$                                            2,068.70	-$                           1,992.50	-$ 1,877.50
Interest received	$                                                     3.10	$                                    3.70	$          4.50
Interest and costs of finance paid	-$                                                  53.80	-$                                 54.10	-$       47.90
Income tax paid	-$                                                  15.40	-$                                 13.70	-$       13.40
Other income and expense items	-$                                                  18.40	-$                                 23.10	-$       10.50
Net Cash Flow from Operating Activities	$                                                 283.40	$                                331.00	$     324.40
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of property, plant and equipment	$                                                     0.80	$                                    4.00	$          0.80
Proceeds from disposal of operations	$                                                   55.40		$        92.30
Payments for property, plant and equipment	-$                                                  79.20	-$                                 75.80	-$       86.20
Brownfield developments	-$                                                157.70	-$                               179.70	-$     300.50
Northern Beaches facility development	-$                                                154.40	-$                               309.50	-$     134.50
Payments for operating rights		-$                                    1.10	-$         1.20
Net payments for business combinations	-$                                                     0.20	-$                                    0.10	-$       63.60
Net Cash Flow from Investing Activities	-$                                                335.30	-$                               562.20	-$     492.90
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank borrowings			$     155.00
Repayments of bank borrowings			-$     384.10
Proceeds from issue of US Private Placement			$     395.10
Dividend reinvested though Dividend Reinvestment Plan	$                                                     5.20	$                                    2.10
Proceeds from project finance (Northern Beaches)	$                                                 113.10	$                                280.90	$     200.10
Net proceeds from receivables securitisation	$                                                   20.00	$                                    0.80	-$         2.10
Finance leasing	-$                                                     5.20	-$                                    6.50	-$         3.40
Dividends paid	-$                                                116.40	-$                               128.50	-$     124.90
Facility fees paid	-$                                                     0.30	-$                                    0.10	-$         6.30
Net Cash Flow from Financing Activities	$                                                   16.40	$                                148.70	$     229.40
Total Cash Flow	-$                                                  35.50	-$                                 82.50	$        60.90
Opening Balance of Cash and Cash Equivalents	$                                                 195.90	$                                278.80	$     217.70
Cash and cash equivalents transferred to assets classified as held for sale	-$                                                     3.70	-$                                    0.20
Exchange rate differences	$                                                     0.10	-$                                    0.20	$          0.20
Opening Balance of Cash and Cash Equivalents	$                                                 156.80	$                                195.90	$     278.80

The cash flow statement of Healthscope Limited is prepared under the direct method. The cash flows of the company are basically classified into three categories which are: operating activities, investing activities and the financing activities.

Operating activities are those activities that are undertaken in the normal course of the business. These activities are related to the core business operations. Certain business activities results in the inflow of cash in the business, while others results in the outflow of the cash from the business.  

In case of Healthscope Limited, the cash flow statement contains all the operating activities of the business of the company over a particular year. These activities are receipt of cash from the customers for the sale of goods (medicines and other medical devices) and provision of medical services, payments of cash to the suppliers for the supply of various goods and services related to the business and the employees of the company in lieu of their employment services to the company. The tax has been paid on the operating profits of the business.

The investing activities of Healthscope included purchase and sale of various long term assets and liabilities. Also, the interest earned on investment results in the cash inflow of the company. The purchase of non-current assets like fixed assets and intangible assets results in the cash outflow for the business. However, the proceeds from the sale have contributed to positive cash flows for the business.

The financing activities of Healthscope Limited included raising of funds for the business operations and dividend payments. This has resulted in cash outflow for the business. 

	2018	2017	2016
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers	$                                             1,350.30	$                            1,220.70	$  1,105.50
Payments to suppliers and employees	-$                                                987.80	-$                               878.60	-$     834.90
Grant and other income received	$                                                     4.80	$                                    4.10	$          5.50
Interest received	$                                                     0.60	$                                    0.70	$          0.50
Interest paid	-$                                                     8.50	-$                                    8.60	-$       10.70
Income tax paid	-$                                                101.30	-$                                 78.50	-$       80.70
Net Cash Flow from Operating Activities	$                                                 258.10	$                                259.80	$     185.20
	$                                             1,000.00		$  1,000.00
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of land and buildings	-$                                                     2.60	-$                                 27.56
Acquisition of leasehold improvements and plant and equipment	-$                                                  25.80	-$                                 26.03	-$       28.86
Proceeds from sale of non-current assets	$                                                     0.30	$                                    0.63	$          1.18
Acquisition of enterprise resource planning system	-$                                                  16.20	-$                                    9.25	-$         7.56
Acquisition of other intangible assets	-$                                                     5.10	-$                                    8.23	-$         1.14
Acquisition of investments	-$                                                     6.00	-$                                    1.45	-$       13.76
Acquisition of subsidiary, net of cash acquired		-$                                 63.71
Net Cash Flow from Investing Activities	-$                                                     0.06	-$                                    0.14	-$       50.13
			$  1,000.00
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of bank borrowings	-$                                                321.20	-$                               193.00	-$     332.97
Proceeds from bank borrowings	$                                                 250.00	$                                219.10	$     312.97
proceeds from exercise of share options and performance rights	-$                                                     0.40	$                                    9.10	$          9.20
Dividends paid	-$                                                161.10	-$                               143.50	-$     120.09
Net Cash Flow from Financing Activities	-$                                                232.70	-$                               108.30	-$     130.89
Total Cash Flow	$                                                   25.34	$                                151.36	$          4.18
Opening Balance of Cash and Cash Equivalents	$                                                 195.90	$                                278.80	$     217.70
Exchange rate differences	$                                                     0.10	-$                                    0.20	$          0.20
Opening Balance of Cash and Cash Equivalents	$                                                 221.34	$                                429.96	$     222.08

The operating activities of the business included payment to the suppliers and employees of the company. These activities have resulted in cash outflow for the business. Further the collection from customers has resulted in cash inflow for the business. The tax paid on the business profits is also incorporated in the operating activities as profits are earned as a result of operating activities.

List of items of equity of Cochlear

As a part of investment decisions, Cochlear has made various investments by purchasing different assets for its business such as property, plant and equipment, intangible assets, assets transferred in business combination transactions. These activities have resulted in the cash outflow for the business. Apart from these activities, Cochlear had also disposed-off its assets which had resulted in cash inflow for the business.

During all the years, Cochlear has borrowed certain amount of funds to finance its operations and for the further investments. At the same time, company has repaid certain amount of loan obligation which fell due in those particular years. Also, the company has paid certain amount of dividend to the shareholders as a consideration for their investment in the company.

The cash and cash equivalent accounts covers the balance of those assets which are either available in the form of cash or are easily convertible into cash. The closing cash and cash equivalent amount is determined by adjusting the net cash flows from all the business activities to the opening cash balances. 

Comparative analysis of company’s individual cash flow performance over the last three financial years:

Healthscope Limited	2018	2017	2016
Net Cash Flow from Operating Activities	$                                                 283.40	$                                331.00	$     324.40
Net Cash Flow from Investing Activities	-$                                                335.30	-$                               562.20	-$     492.90
Net Cash Flow from Financing Activities	$                                                   16.40	$                                148.70	$     229.40

The operating activities of Healthscope Limited have resulted in the cash inflow in all the years but in 2017, maximum cash inflows could be generated by the company by the conduct of basic business operations. The operational performance of the business was at the lowest level in 2018.

In 2017, the company has made larger investments and due to this maximum cash flow of cash out of the business has taken place in this particular year. The quality of investment decisions was best in 2018 among all the concerned three financial years.

In terms of financing decisions, the company performed best in 2016 as the financing activities has resulted maximum cash inflow for the business in this year as compared to other two years.  

Cochlear Limited	2018	2017	2016
Net Cash Flow from Operating Activities	$                                                 258.10	$                                259.80	$     185.20
Net Cash Flow from Investing Activities	-$                                                     0.06	-$                                    0.14	-$       50.13
Net Cash Flow from Financing Activities	-$                                                232.70	-$                               108.30	-$     130.89

The operating activities of Cochlear Limited have resulted in maximum cash inflow in 2017 due best operational performance of the business in 2017. However, in 2016 company could only generate the cash inflow of $ 185 million which was lowest amount of cash inflow among the three financial years (Cochlear, 2016).

The investing activities undertaken while running the business of Cochlear Limited have resulted negative cash flows in all the three years under consideration but the minimum net cash out flow took place in 2018. In 2016, the company had taken such investment decisions which resulted in maximum cash outflows among all the three years.

Debt-Equity Comparative Analysis

The financing activities undertaken by Cochlear Limited in 2018 resulted in maximum cash flow of the business.

Part v

Comparative analysis of both the companies’ cash flow performance over the last three financial years:

Net Cash Flow from Operating Activities	2018	2017	2016
Healthscope Limited	$                                                 283.40	$                                331.00	$     324.40
Cochlear Limited	$                                                 258.10	$                                259.80	$     185.20
Net Cash Flow from Investing Activities	2018	2017	2016
Healthscope Limited	-$                                                335.30	-$                               562.20	-$     492.90
Cochlear Limited	-$                                                     0.06	-$                                    0.14	-$       50.13
Net Cash Flow from Financing Activities	2018	2017	2016
Healthscope Limited	$                                                   16.40	$                                148.70	$     229.40
Cochlear Limited	-$                                                232.70	-$                               108.30	-$     130.89

The operating activities of both the companies taken into consideration for the purpose of this report are producing net cash flows in all the three financial years since 2016. But the cash inflow of Healthscope Limited is higher than the cash inflows of Cochlear Limited because Healthscope is running its business at the wider scale of operations.

From the investment perspective, the quality of investment decisions of Cochlear Limited can be said to be better than that of Healthscope Limited because in case of Cochlear Limited, there is lesser net cash outflows as a result of investing activities (Healthscope, 2018).

From the financial perspective, the quality of financial decisions is better in case of Healthscope Limited because the decisions related to financing activities has resulted in net cash inflow for the business but in case of Cochlear Limited, the financial decisions has resulted in the cash outflow in all the years.

List of the items included in other comprehensive income

Healthscope Limited
Other Comprehensive Income	2018
Items that may be reclassified subsequently to profit or loss
Exchanges differences arising on translation of foreign operations	-$                                                     7.50
Gain on cash flow hedges taken directly to equity	$                                                     9.30
Income tax expense relating to other comprehensive income	-$                                                     4.10

Cochlear Limited
Other Comprehensive Income	2018
Items that may be reclassified subsequently to profit or loss
Defined benefit plan actuarial (losses)/gains	-$                                                     0.20
Total items that will not be reclassified subsequently to the income statement	-$                                                     0.20
Items that may be reclassified subsequently to the income statement
Foreign currency translation differences	$                                                     3.70
Effective portion of changes in fair value of cash flow hedges, net of tax	-$                                                  19.40
Net change in fair value of cash flow hedges transferred to the income statement, net of tax	-$                                                     8.60
Net change in fair value of available for sale financial assets, net of tax	$                                                     0.10
Total items that can be reclassified subsequently to the income statement	-$                                                  24.20
Total comprehensive income	-$                                                  24.40

All the items that have been shown in the OCI tables are not included in the profit and loss statement of the companies because of the reason that these transactions involves the gains and losses which have not been realised in cash yet. Other comprehensive income is generally classified into two categories: the items that can be recycled to the profit and loss account in the future periods and the items that cannot be classified in the profit and loss account even in the future periods. Also, the items that form part of other comprehensive income are not the general business transactions of the company i.e. they are not the transactions related to the normal business activities of the reporting entity.   

In the present case of Healthscope Limited, only those transactions that are taken place in 2018 which can be recycled to the profit and loss account in the coming years. These transactions are translation losses and hedging gains. Since, the gains and losses of these transactions are not yet realised, the company cannot account for them in the income statement. If these transactions are included in the income statement, the true profitability status of the business would not have been depicted through the financial statements.

List of cash flow activities

In case of Cochlear Limited, one transaction has taken place whose gain or loss cannot be recycled to the profit and loss account is accounted for in the other comprehensive income statement of the company for the year 2018 (Cochlear, 2018). The gain has resulted out of defined benefit plan. However, the foreign currency translation gains and other losses on fair valuation etc. have been classified as the items that can be reclassified to the income statement of the company. All these items are not included in the income statement because of their nature and the fact that the gains and losses on such transactions have not been realised and inclusion of such items will disrupt the true profitability of the business.

If all the items that have been included in the other comprehensive income statement were included in the income statement of the respective companies, the profit attributable to the shareholders would have affected the income statement will be adjusted for the gains and losses arising on the transactions of non-business nature of the business. 

Yes, the other comprehensive income must be considered while evaluating the overall performance of the business as it helps in identifying the gains and losses that have generated through the activities of non-business nature. Also, the consideration of other comprehensive income helps in separate identification of actual profits or losses that have resulted from the core business activities. The consideration of overall profits and losses as well as other gains and losses helps the managers to assess the financial performance of the business from the holistic point of view.

Tax expense for 2018

	Healthscope Limited	Cochlear Limited
Tax Expense	$                                                   32.10	$                                  94.70

Calculation of effective rate of tax

	Healthscope Limited	Cochlear Limited
	$                                                   32.10	$                                  94.70
Profit before tax	$                                                 107.90	$                                340.50
Effective Tax Rate= Tax Expense /Profit before tax	29.75%	27.81%

The effective tax rate of Healthscope Limited is higher than the Cochlear Limited.

Deferred tax assets are those assets that are created for the differences in the values of tax values calculated as per the taxations provisions applicable to the respective country and the generally accepted accounting principles. When more taxes are paid than actually required tax obligations the company has the right to create deferred tax asset in respect of such amount.  However, deferred tax liabilities are created when tax is actually paid lesser than the required tax obligations due to the differences in the book profits and income tax return profits. The differences must be of temporary nature for the creation of DTAs and DTLs.

In case of Healthscope Limited, DTAs are for provisions, borrowings and derivative financial instruments and DTLs are created for property plant and equipment, intangibles and inventories.

In case of Cochlear Limited, DTAs are for provisions, borrowings and derivative financial instruments and DTLs are created for property plant and equipment, intangibles and inventories (Cochlear, 2018).

Increase/ Decrease in DTA
Healthscope Limited
	Deferred Tax Asset	Deferred Tax Liabilities
Opening Balance	86.1	49.2
Recognised in income	-4.1	0.6
Recognised in other comprehensive income	-3.7	0.4
Transferred to asset classified as held for sale	-0.7	-0.6
Closing Balance	77.6	49.6
Net Increase/(Decrease)	-8.5	0.4
There has been decrease in the DTA of Heathscope Limited between 2017 and 2018. But, there has been an increase in DTLs of Healthscope Limited between 2017 and 2018.
Cochlear Limited
	Deferred Tax Asset/(Liabilities) Amount in $
Opening Balance	60.8
Recognised in income	6.8
Recognised in equity	-1.2
Utilisation of DTA on current year losses	-6.3
Recognised in other comprehensive income	12
Effects of movements in foreign exchange	0.5
Closing Balance	72.6
Net Increase/(Decrease)	11.8

There has an increase in the Net DTAs of Cochlear Limited for $11.8 between 2017 and 2018.

In case of Cochlear Limited, the DTAs and DTLs have been set as the company has legal right to set-off these items and also there is an intention of the company to realise the said asset and settle-down the liabilities. 

Cash Tax Rate Calculation	Healthscope Limited	Cochlear Limited
Book Tax	$                                                   32.10	$                                  94.70
Less: Increase in DTA		$                                  14.10
Add: Increase in DTL/ Decrease in DTA	$                                                     8.90	$                                    2.30
Current income taxes	$                                                   26.90	$                                  82.90
Add: Tax Shield on Finance Cost	$                                                   15.24	$                                    2.37
Unlevered Cash Taxes	$                                                   42.14	$                                  85.27

Part xv

	Healthscope Limited	Cochlear Limited
Unlevered Cash Taxes	$                                                   42.14	$                                  85.27
EBITA	$                                                 158.70	$                                348.40
Cash Tax Rate= Unlevered Cash Tax/ EBITA	26.55%	24.47%

The cash tax rate of the Healthscope Limited is higher than Cochlear Limited.

The difference in cash tax and book tax is due to the different provisions of accounting and taxation in relation of tax treatment on various items of the financial statements. The book profits are calculated using the GAAP rules whereas taxable income is calculated the provisions of federal taxes.

Conclusion:

In conclusion, it can be said that Healthscope Limited is operating at the higher scale than Cochlear Limited and hence its financial risk is also higher.  The importance of each financial statement of the company can be understood after examining each statement in the thorough manner. It has observed that while assessing the overall financial performance of the business, it is of utmost importance to carry out complete examination of all the three main financial statements: income statement, balance sheet and cash flow statement. 

References:

Healthscope Limited. 2018. Annual Report: 2018. Available at: https://www.healthscope.com.au/application/files/3915/3481/6104/HSO_Annual_Report_30_June_18_-_LODGEMENT_VERSION.compressed.pdf Accessed 02.10.2018

Cochlear Limited. 2017. Annual Report: 2017. Available at: https://www.annualreports.com/HostedData/AnnualReports/PDF/ASX_COH_2017.pdf Accessed 02.10.2018

Cochlear Limited. 2017. Annual Report: 2017. Available at: https://www.cochlear.com/43d56bcc-d510-4a20-ab70-6208fa5af77e/en_annualreport2018_cochlear2018annualreport_5.69mb.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE-43d56bcc-d510-4a20-ab70-6208fa5af77e-mkRS5RK Accessed 02.10.2018

Healthscope Limited. 2018. Annual Report: 2018. Available at: https://healthscope.com.au/application/files/3715/0344/5418/HS_Annual%20Report%20FY17_v15_FA_low.pdf Accessed 02.10.2018

Bloomberg. 2018. Company Overview of Healthscope Limited. Available at: https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=127805957 Accessed 02.10.2018

Bloomberg. 2018. Company Overview of Cochlear Limited. Available at: https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=419113 Accessed 02.10.2018