(c) Financial leverage uses a different ratio, and measures the number of times that total assets exceeds equity.

It is not possible to work out the figures from the information provided in the annual report. The figures for total assets for 2014 and 2015 (from the published balance sheet) are $24,135.5 million and

$25,336.8 million respectively. The equity attributable to equity holders of the parent are $10,252.5 million and $10,834.2 million respectively. Use these figures to arrive at the figure for financial leverage for 2015.

You should note that the figures relate to total assets, with no offsets for any liabilities. Comment on the particular leverage ratio used by Woolworths.