...CONTE N T S CHAI R M A N ’ S LETTE R DEAR SH AREH OL DERS FY2012 has been a good year for your Company. The key financial results were: ¥ Consolidated revenues increased by 30% to Rs. 96.7 billion in FY2012. ¥ Earnings before interest, taxes, depreciation and amortization (EBITDA)1 rose by 55% to Rs. 25.4 billion. ¥ Profit after Tax (PAT)2 grew by 45% to Rs. 15.3 billion. ¥ Diluted Earnings per Share (EPS) increased from Rs. 64.9 in FY2011 to Rs. 83.8 in FY2012. I am particularly delighted by four developments. First, your Company succeeded in yet another blockbuster generic launch in the USA under 180days marketing exclusivity. Dr. Reddy’s launched olanzapine 20 mg tablets, the generic version of the brand Zyprexa®. Olanzapine is used to treat schizophrenia and bipolar disorder. This product has added around USD 100 million to your Company’s revenues for FY2012. Second, the biosimilars business continues along its impressive growth path. In my letter to you last year, I had discussed the critical importance of developing biosimilars in the years to come. I am happy to note that your Company’s global biosimilars business grew by 45% over last year and recorded sales of USD 26 million. Today, the biosimilars portfolio of Dr. Reddy’s constitutes (i) filgrastim, (ii) peg-filgrastim, (iii) rituximab and (iv) darbepoetin alfa, which have commercial presence in 13 countries among emerging markets. These are helping to treat patients suffering from cancer — and at prices that...
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...Annual Report Analysis for Adidas AG 1. Who are the firm’s auditors? Do they provide a clean opinion on the financial statements? As of 2015, Adidas elected KPMG AG Wirtschaftsprüfungsgesellschaft, a subsidiary of KPMG located in Berlin, to annually audit the company’s annual financial statements. These annual financial statements are completed following the provisions of the German Commercial Code and the German Stock Corporation Act. The auditors do provide a clean opinion on the financial statement of 2015. This can be observed in their closing statement: “Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the annual financial statements comply with the legal requirements and give a true and fair view of the net assets, financial position and result of operations of the Company in accordance with German principles of proper accounting” (Adidas-group.com). 2. Have there been any subsequent events, errors and irregularities, illegal acts, or related-party transactions that have a material effect on the financial statements? There is no mention of any subsequent events, errors, irregularities or illegal acts in the financial statement of 2015. 3. Describe the trend in total assets and total liabilities for the years presented. Adidas’s current total assets, as of March 31st, 2016 is of €7.67 billion euros. This reveals a decrease of 3.1% when compared to March 31st, 2015’s total assets of €7.91 billion euros. The total assets...
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...RCG and PMV Annual Reports Analysis 1. Introduction The purpose of this part is to analyse the major components and features of Trade and Other Receivables and the usefulness based on the Amendments to the Australian Conceptual Framework (AASB). Premier Investments Limited (PMV) and RCG Corporation Limited (RCG) are main participators in Australia’s garment and dress industry, which own and operate a number of cloth and footwear businesses respectively. 2. Components and features Trade and Other Receivables, categorized as loans and receivables, are recognized originally at fair value and play an important role in judging the value of asset. They have two parts, current and non-current. In current part, Trade receivables, other receivables and provision for doubtful debts are major components. As for non-current part, long-term loans for outside shareholders are common. In PMV’s annual report (2014, p. 80), receivables are non-interest-bearing and generally on 30 to 60 day terms. When objective evidence showing an individual receivable balance is impaired, a provision for impairment loss is recognized as bad debt expense, and subsequently measured at amortized cost. In PMV (2014, p. 67), no impairment loss has been recognized since 2013, so the bad debt expense is $nil. Managing the account requires considering a variety of financial risks. For foreign exchange risk, the effect of movement of exchange rate would lead to the variation of value. For credit risk, RCG (2014...
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...Analysis of Target’s 2010 Annual Report In 1902 Target was incorporated in Minneapolis Minnesota (page2). Their business is divided into two segments, credit card and retail (page2). The retail segment would consist of internet sales and merchandising. While the credit card segment supplies credit cards to customers via Target Visa and the Target Card. Like most companies, Target does not operate on a calendar year. They operate on a fiscal year. The date used is determined by “Saturday nearest January 31.” For the year 2010, the fiscal year end date was January 29, 2011. In the 2010 fiscal year Target opened 13 stores to make the yearend number one thousand seven hundred and fifty stores (page 9,14), which was an decrease from the previous year. Target had many accomplishments during the 2010 fiscal year. Under the retail segment, there was a 3.7% increase in sale. Along with the opening of new stores and the remodeling of current stores; Target also repurchased of common stock. Currently, they are allowed to issue five million shares of preferred stock, but as of the closing of the fiscal year no shares have been issue or are outstanding (page 12, 34). Some future plans for the retail segment would include opening additional stores in the US and broadening it market in other countries like Canada. Current plans are to open 100 to 150 new stores in Canada by 2013. Along with the standard increase in sales and in RED card...
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...The American University in Cairo School of Business Department of Accounting ACCT 5201 Financial Reporting & Analysis Annual Report Analysis The DOW Chemical Company BASF Chemical Company Contents A. Market Analysis and Company Overview 3 i. The Chemical Industry Overview 3 ii. Companies Overview 7 iii. Competitive Landscape 8 iv. Porter’s Five Forces Analysis 8 v. Corporate Governance 9 vi. Business Strategy 10 vii. SWOT Analysis 10 B. Financial Analysis 11 1. Horizontal Analysis 11 2. Vertical Analysis 11 3. Financial Ratios 16 A. Liquidity 16 i. Current Ratio 16 ii. Acid-Test Ratio 16 B. Activity Measures 17 i. Accounts Receivable Turnover 17 ii. Inventory Turnover 17 iii.Fixed Asset Turnover 17 C. Profitability Measures 18 i. Gross Profit Margin 18 ii. Operating Profit Margin 18 iii. Net Profit Margin 18 iv. Return on Equity (ROE) 19 D. Debt, Financial Leverage, Capital Structure 19 i. Debt Ratio 19 ii. Debt/Equity Ratio 20 iii. Dividend Payout Ratio 20 iv. Price / Earnings Ratio 21 4. Further Findings 21 i. Notes on BASF Income Statement 21 ii. Notes on Balance Sheet 22 C. Conclusion 22 A. Market Analysis and Company Overview i. The Chemical Industry Overview The chemical industry creates an immense variety of products which impinge on virtually every aspect of our lives. While many of the products from the industry, such as detergents, soaps and perfumes, are purchased directly by the consumer, 70% of chemicals...
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...Annual Report Analysis On Home Depot, Inc. DeVry University Intermediate Accounting Introduction Home Depot, Inc., founded in 1978 by Bernie Marcus and Arthur Blank, decided to team up with investment banker Ken Langone and merchandising guru Pat Farah ultimately became the visionaries for the one-stop-shop do-it-yourself store which today has become a very lucrative business bring the vision to fruition. The Home Depot is the world’s largest home improvement retailer based upon reported $4.5billion in net sales for the fiscal year 2012. Home Depot has more than 2,200 locations throughout the United States and now has expanded across the globe with stores located in territories of the U.S. Virgin Island, Guam, Canada, Puerto Rico, Mexico and reaching as far as China. Stores averaging 105,000 square feet with approximately 23,000 additional square feet outside garden area; inventory consist up to 40,000 different kinds of building materials, home improvement supplies and equipment to also include appliances along with lawn and garden products and equipment for just about every imaginable project need. Home Depot offers competitive prices with a guarantee they can beat anyone’s advertised specials. Among other offers, Home Depot offers home services such as contractor services, home services, free “how-to-clinics” and a free children’s “how-to-clinic” offering ideas that can range from simple to complex ideas. Report I Reporting and Auditors Financial statements...
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...Annual Report Analysis of J.C. Penney Company, Incorporated Sarah Gray & Jade Vinson Hampton University Abstract This paper is going to provide an analysis of the J.C. Penny Company, Incorporated (JCP) and its financial statements. We begin by giving a background of the company and an overview of the company’s commodities for brief understanding; and then proceed to discuss the financial state of JCP. We review and analyze the company by calculating ratios necessary to conclude JCP’s current financial health. We then provide a section showing the company’s current pro forma financial statements. Next, there is a pro forma projection for the year 2020. Lastly, there will be a regression analysis comparing the stock prices of JCP to the S&P 500 Index. Keywords: ratio, projection Annual Report Analysis of J.C. Penney Company, Incorporated In 1898, James Cash Penney entered into business with Guy Johnson and Thomas Callahan for their dry goods stores called Golden Rule located in Wyoming and Colorado. The following year, Penney was sent to Wyoming to open a new store with the owners using his savings and the help of a small business loan. After the opening of the first store on April 14, 1902 he opened two more. In 1907, Johnson and Callahan ended their partnership and Penney bought full interest at all three locations. By 1912, there were 34 stores open and in the following year the company became incorporated under J.C. Penny Company and William Henry McManus...
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...hedging policies are put in place? Profitability Which indicators have been brought forward in the annual report of the company? Which specific targets are aimed at? How does the group state and assess the evolution of profitability in the annual report? Is there more recent public information about this issue? Where? Is this information in line with the one mentioned in the annual report? Is it indicating a similar evolution? What are the main propositions of the company to improve its profitability? Financing What is the global financing strategy of the group? What is the evolution of the financing cost (several indicators)? What is the shareholders’ remuneration program? What are your sources (of information) regarding this issue? Investments What are the main investment / disinvestment policies? How are these investments financed? What is the outlook of the company regarding this issue? Consolidation process What are the most important consolidated subsidiaries? (Eventually mention the approximate number of subsidiaries)? Are there associated companies? What is the evolution of the income attributable to shareholders (or result part of the group)? What are the comments of the company regarding this issue? What kind of indicators does the company report about shareholder value? Are those indicators compared with other information? International standards ...
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...CABRERA, CHIASSON, & HALL, LLP CERTIFIED ACCOUNTANTS • BUSINESS CONSULTANTS INDEPENDENT AUDITORS RECOMMENDATION ON COMPREHENSIVE ANNUAL FINANCIAL REPORT BURLESON, TX YEAR ENDED SEPTEMBER 30, 2014 AUDITORS ADBEEL CABRERA KIMBERLY CHIASSON CLIFTON HALL CITY OF BURLESON, TX AUDITOR’S REPORT We have audited the Comprehensive Annual Financial Report of the City of Burleson as well as conducted field inspections and additional independent research. Our responsibility is to express an opinion and recommend appropriate and efficient use of funds. ------------------------------------------------- DEMOGRAPHICS Nestled between Fort Worth and Cleburne along the Interstate 35W corridor, Burleson is a charming, growing community offering a unique blend of metropolitan, suburban, and rural living. Fort Worth is approximately twelve miles to the north and there are approximately 28,000 acres of undeveloped land within the city limits and ETJ (extra-territorial jurisdiction). The city is conveniently located within minutes of Interstate 35W, Interstate 20, and Hwy 67 making the location attractive to both businesses and citizens. The population of Burleson has increased 43.6% between 2005 and 2014 and is expected to increase another 59% by 2030. In 2014, 413 new home permits were issued with an average value over $201,000 and several new apartment complexes are being constructed. Burleson has a median age of 33, an education level of 14.2, and an unemployment rate...
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...Introduction Coca-Cola Amatil Limited (CCL) is the Australasia regional anchor bottler of The Coca Cola Company. The company's Australian origins date back to 1904 as the tobacco company British Tobacco (Australia). Its first foray into soft drinks came in 1964 with the purchase of Coca-Cola Bottlers (Perth), and the company was listed on the Australian Stock Exchange in 1972. Soft drinks and snack foods gradually became the primary focus of the company, which was renamed Amatil Limited in 1977. The snack food operations were sold in 1992, and European operations were spun off into a new company, Coca-Cola Beverages, in 1998. Expansion into Asia continued, though Filipino bottling was eventually sold to San Miguel Brewery and parent The Coca-Cola Company. Its most recent purchase activity has been the acquisition of fruit producer and packager SPC Ardmona Ltd. Until May 2007, the company also operated the online music store, Coke Tunes, out of New Zealand. . Core Business of the Company Coca-Cola Amatil is an anchor bottler of The Coca Cola Company in Asia-Pacific region. It manufactures, distributes, and markets carbonated soft drinks, still and mineral waters, fruit juices, coffee and other alcohol-free beverages. The company also processes and markets fruit, vegetables, and other food products. For the convenient sake of this paper Coca-Cola Amatil is referred its acronym CCA. In August 2006, Coca-Cola Amatil has also ventured into the manufacture...
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...contractor in the United States of America. Its core business areas are Aeronautics, Information Systems & Global Solutions, Missiles & Fire Control, Mission Systems & Training and Space Systems. * Disclosure Policy Lockheed Martin mentions about its disclosure policy under the section of Management’s Discussion and Analysis of Financial Condition and Results of Operation in its Annual Report. It has a number of programs that are designated as classified by the U.S. Government. Such classified programs are consequently not specifically described in the Annual Report. Instead, they are implicitly included in the consolidated business segment results. * General Analysis of the 2012 Annual Report The Annual Report shows the financial data based on customer category. It is shown that in 2012, the total net sales to the U.S. Government accounted for more than 82% of Lockheed Martin’s total net sales. This figure shows the dependence of Lockheed Martin with the U.S. Government. It also shows the amount of money that the U.S. government spent for the purchase of military weapon and equipment from Lockheed Martin in 2012. The Annual Report also shows the financial data based on business segments. It only states the figures for the net sales, operating profit, intersegment sales, depreciation & amortization and capital expenditure of each business segment. There is no specific information elaborating on the proportion of expenditures for Research and Development...
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...ANNUAL REPORT ANALYSIS - GROUP PROJECT Corporate Governance Analysis I | Group Members:i. NASSRAH NAZIRRAH BT ADENANii. NUR AMIRAH BT ZAKARIAiii. SITI NUR MARLIA BT MOHAMED GHAZALIiv. WAN AUNI NADIA BT ABU BAKAR SIDIK | Matrix No:2013245798201345120420138048862013294204 | II | Name of Company: | CIMB Group Holding Berhad | III | Year | 2012 | | No of pages | 1-270 | 1 | Vision or Mission:reflects (if any) If not available then just state “NOT AVAILABLE”Shareholder Theory Stakeholder Theory | Vision : To be the leading Asean CompanyMission : The company want to provide Universal Banking Services as a high-performance, institutionalized and integrated company located in Asean and key market beyong, and to champion the acceleration of Asean integration and the region’s links to the rest of the world. | 2 | Read chairman’s statement:Identify any strategies and when you read the statement just try to figure out whether the strategies or activities mentioned relates to either a shareholder or a stakeholder perspective & write your findings in the column provided. | RECORD PROFITIn 2012 is CIMB Group’s most profitability year yet, as creating value for our shareholder is a foundation of everything we do. I. We added or expanded operations in Sydney, Melbourne, Hong Kong, Taipei, Seoul, London and New York through the acquisition of some Asia Pasific units of the Royal Bank of Scotland II. We remain in discussion to purchase a majority stake in the Bank of Commerce in...
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...Analysis of Spectris plc Annual Report and Accounts 2010 Introduction Spectris plc is a public limited company located in the UK, and is a world leading suppliers of precision instrumentation and controls, which helps customers all over the world improve product quality and manufacturers make large advantage of materials, increase speed of production and reduce time to enter into market. It began to be listed on London Stock Exchange on 2008 and now is one of the members in FTSE 250(Wiki, 2011). The following report will explain and evaluate the company’s activities and financial performance, and finally discuss how the company has applied international accounting standards according to the published annual report and accounts 2010. Spectris’ activities in recent years Acquisitions and R&D are main methodologies that the company uses to expand the business. The customers of Spectris mainly come from North America, Europe and Asia. The company spends large amount of the revenue in R&D in order to build a close rapport with the customers. Acquisition is an efficient approach for Spectris, not only to increase its asset, but also help it to establish a new market and product strategy aiming at local customers in a short time, and that is one of the significant reasons why the profit of company keep increasing in recent years, and it is also one of the important part of successful model that the company creates to make its operation effectively. The above graphs...
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...Income Statement 5 4. Analysis of Profitability and Growth 8 4.1 Analysis of Profitability 8 4.1.1 First level decomposition of ROCE 9 4.1.2 Second level decomposition of ROCE 10 4.1.3 Third level decomposition of ROCE 10 5. Analysis of Growth 9 6. Conclusion 10 1. Introduction The report intends to do financial statement analysis, financial projection and valuation of Gemini Sea Food LTD as a requirement of the course. To compare financials results and analysis tools Rangpur Diary & Food Products Limited is used as peer firm. Seven listed companies under Food industry are selected. Financial information of these seven companies will be used as a proxy for industry. 2. Target Company, Peer Company and the Industry 2.1 Target Company – Gemini Sea Food LTD Established in the year 1982 Gemini has supplied highest quality seafood products to customers worldwide. Since the inception Gemini people have believed in “Hygienic Product Healthy Trade” and made it a part of their core values at work. Quality, Delivery Security, Social Responsibility and Respect to Nature are the corner stone’s of Gemini’s Business, which has made Gemini the most admired seafood processing companies in Bangladesh. The plant is equipped with Cooking and Counter Cooling system, IQF Spiral Freezer, Vibrating Glazer and IQF after Freezer/Hardener into the processing line. Gemini has water treatment plants to supply clean water to the processing line. Here in this report, solo financial performance...
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...Verizon Communications, Inc. 2012 SEC 10-K Annual Reports Analysis Project November 30, 2013 Accounting for Non-accounting Managers Research -Draft- Full citations and credits pending… Source data sites provided Table of Contents Executive Summary 3 History of the Company 3 Industry Overview 4 Summary 4 Competitive Landscape 5 Financial Data Verizon Communications Inc. and Subsidiaries 5 Financial Analysis of Key ratios 6 Asset Productivity Ratios 6 Financial Strength Ratios (Liquidity) 6 Profitability Ratios 7 Challenges and Accomplishments 2011 - 2012 8 Conclusion 9 VZ Ownership Summary 9 Appendix 1 Asset Productivity Ratios 9 Inventory turnover ratio 9 Fixed asset turnover ratio 9 Total asset turnover ratio 9 Appendix 2 Financial Strength Ratios / Liquidity Ratios 10 Current Ratio 10 Acid-test Ratio 10 Appendix 3 Profitability Ratios 10 Net profit margin 10 Return on Equity (ROE) 10 Return on Assets (ROA) 10 Appendix 10 References 10 Executive Summary The company I selected to research is Verizon Communications Inc., an American telecommunications company. I chose Verizon because I am a current employee, share owner, and more importantly a witness, and contributor of the company’s transformation into a global brand name, and a Fortune 30 company. Verizon is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government, and wholesale customers...
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