My way of Viewing Woolworths

A powerful way of viewing business is separating financial activities and operational activities.

                                                 Woolworth’s NOA and NFO

	2013 $m	2012 $m	2011 $m	2010 $m
Net Operating Assets(NOA)	10026	9179	8760	7854
Net Financial Obligation(NFO)	726	732	240	225

The Key benefit of restating Woolworth’s balance sheet is separating NOA and NFO. The above table clearly shows that Woolworth's NOA is continuously increasing from $m7854 in 2010 to $m10 026 in 2013. At the same time its investment that is NFO is far too low compared to NOA.