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  • Subject Name : Innovation and Technology

Impact of Innovation and Technological Progress on The Economic Growth of The Country

Introduction to Fortescue Metals Group

The report is about a leading company in the iron ore sector in Australia, Fortescue Metals Group. It is the fourth largest iron ore extracting company in the world. It is a pioneer in the iron ore extraction. It operates in two locations in Australia, and in South America. It has its own railway line for the transportation of iron ore (Fortescue, 2019). The private railway line built by the company for the transportation of the iron ore is its major infrastructure. The analysis of the financial statement would help the company to recognise the what can be the impact on the growth opportunities of the innovation and technological advancement in the sector, primarily for the company.

Research Aim

The main of this research is to gain insights in the financial position of the company through the financial analysis which would help the company in understanding the impact of advancement in innovation and technology on the economic growth of the company.

Research Question

How is the economic growth of the company impacted by the financial position of the company?

Literature Review of Fortescue Metals Group

The financial statement of the company is analysed for providing the insights about the revenue drivers and future growth prospects of the company. The financial position is analysed using the financial ratios such as gross margin percentage, net margin percentage, liquidity ratio, inventory turnover ratio, rate of return, CAPM returns. Financial statement analysis helps the company in analysing its position amongst its competitor and also helps it to understand if the company is going financially well or not. Financial statements also help in the identification of the growth trends in the company (Foster, 1986). This would eventually help the company in understanding the impact of the financial trends in the innovation and technology advancement in the company.

Methodology of Fortescue Metals Group

A research methodology is referred to as the procedures which are utilised by the researcher for selecting and analysing the data relevant to the study. It is very important in a study as it ensures that the research is carried out in the best possible manner using the best possible tools for effectively achieving the research objectives (Kumar, 2019). The research design used for this research is descriptive research, as it helps in describing the case and the scenario for the study. The data collected for the study is secondary data as it is obtained from the secondary sources such as company annual reports. Secondary data is the already published data in the market, which was already available for the users to pursue. Further, Microsoft excel will be utilised for the analysis of the collected data. All the financial ratios will be measured and analysed in the Microsoft excel as it is an appropriate analytical tool for financial data, which would help the researcher in his or her study. Thus, the methodology adopted for this study is analysing the secondary quantitative data for helping the company in understanding the impact of financial position on the innovation and technological growth which would eventually help in the economic growth of the company.

References for Fortescue Metals Group

Fortescue. (2019). Who are we. Retrieved from https://www.fmgl.com.au/about-fortescue/who-we-are.

Foster, G. (1986). Financial Statement Analysis, 2/e. Pearson Education India.

Kumar, R. (2019). Research methodology: A step-by-step guide for beginners. India: Sage Publications Limited.

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