Project-AW-Q472 Online Services
Annual Report Project
This project is designed for you to dig into an Annual Report of a public company and use your new analytical skills we’ve been honing this semester. I’d prefer you pick a company you have some interest in researching. However, if you don’t want to order an Annual Report or print one off, then you can choose one of the fast food (FF) companies we examined early in the semester. If you pick one of the FF companies, then you must do a 5-6 year trend analysis. Otherwise, your analysis will just be a 2-3 year analysis. Be sure to use the correct template. If you don’t pick one of the designated FF companies, then you are required to obtain an annual report (or Form 10-K) from your company, and IT MUST ACCOMPANY YOUR PAPER, or at a minimum you must print the financial statements and the notes. To obtain an annual report, you may request one from the company directly or download one from the company’s website or other websites. Look for an investor’s relations link. Annual reports are free to the public. You may want to check www.sec.gov (search the company and Form 10-K). Your report must be latest report available….most likely the 2014 report. In addition, I highly recommend reading the Management’s Discussion & Analysis (MD&A) section of the Annual Report or Form 10-K. It will have information on strategy and liquidity and much more….
Once you have obtained your report, you must read it and answer the following questions in a 1-3 page typed paper. Please number your responses and put them in this order. In addition, prepare a vertical and horizontal analysis and applicable ratio analyses exhibits (see template on OAK). These exhibits should be in good form (printed out properly and presented professionally). Please do not put the project in a special binder. If you choose one of the FF companies, then you ONLY have to turn in the paper and the financial exhibits. Otherwise, turn in the Annual Report (or printed financials), the paper and the financial exhibits.
To obtain the financial statements (but NOT the Notes to the Financial Statements) for the FF companies, go to OAK and look under Week 5. There you will find the 8 FF Companies we examined: Burger King, Jack in the Box, McDonalds, Red Robin, Sonic, Starbucks, Wendys and YUM. YOU MUST PUT THE FINANCIAL INFORMATION IN THE ANNUAL REPORT TEMPLATE. You will also need to download the 2013 annual report for your FF company to be able to fully answer the questions. Follow the instructions from above. Again, you do not have to print off the annual report or turn it in….just the paper and the financial exhibits.
The report is due in class on or before our last class, April 20, 2015.
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1. Describe your company and its primary activity? Describe the business environment that your company is operating and any challenges it is experiencing (regulatory, competitive, economic, etc.). Discuss an interesting thing you learned about your company and its industry from reading its notes and MD&A.
2. Analyze its OPERATIONAL profitability. This means to discuss revenues AND operational expenses, which create income from operations. How much (dollars and % of revenue) did operating income go up or down from the prior years? Why (use your own interpretation)? Include any trends discovered from your exhibits. SPECIFICALLY discuss revenue and operating expense trends, individually. Focus on normal (continuing) operations. Disregard items outside of normal operations….gains/losses, interest expense/income, etc.
3. Analyze Liquidity. Consider: current/quick ratios and working capital. Be sure to comment on these liquidity ratios to support your analysis. There is usually a liquidity section in the MD&A that will also give you helpful information.
4. Discuss the accounts receivable turnover and related days ratios and any trend. Briefly discuss any conclusions on their collection process or bad debt expense (if applicable).
5. What inventory valuation method does the company use (FIFO, LIFO, Average, etc.). Most companies state inventory at the lower of cost or market; this is not the inventory method. Discuss the inventory turnover and related days ratios and any trend. Discuss the operating cycle and any trends as discussed in class. If your company does not have inventory, then discuss the trend of salaries, wages and benefits as a percent of revenue since service organizations usually have high personnel costs.
6. Which depreciation methods are used by your company? Calculate the fixed asset turnover, average LIFE of total fixed assets, average AGE of total PP&E and the remaining age of fixed asset. Discuss any trend, if applicable. Please note if depreciation expense is not found on the income statement, you can find usually find it on the cash flow statement or in a note.
7. How is the company primarily financed as discussed in class (via debt or equity, etc.)? Calculate and discuss the following ratios: long term debt to equity and times interest earned, if applicable. You may have to search for interest expense if it’s not a line item on the income statement or cash flow statement. Make an assessment as to whether the company should/could take on more debt.
8. Discuss equity ratios: Return on Equity, EPS, dividend yield and payout ratios, if applicable. Discuss any trends. Does your company pay a regular dividend or do regular stock repurchases? Please note, that you can find dividend and repurchase information on the equity statement or on the cash flow statement.
9. Discuss comprehensively the cash flow sources and uses (e.g, discuss the main drivers of all three sections). Calculate free cash flow and discuss any trends (like we discussed in class). If the company has positive operating cash flow, then what are they doing with that cash? If not, then how are they compensating for negative operating cash flows? What is/are the primary item(s) that cause cash flow from operations to differ from net income (there’s usually only 1 or 2 primary drivers)?
10. Having completed this class and analyzed many annual reports, what have you learned about financial accounting? Are you sure don’t want to become an accountant?
|COMPANY NAME: Watsco|
|STUDENT NAME:||Vertical Analysis|
|<enter here>||Common size statements|
|Cost of goods sold|
|Income/(loss) before income taxes||–||–||–||0.0%||0.0%||0.0%||0.0%|
|Net income||$ –||$ –||$ –||0.0%||0.0%||0.0%||0.0%|
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