_Krispy Kreme 盈利预测，合营企业投资和权购回的财务分析.docVIP

毕 业 设 计（论 文） Krispy Kreme 盈利预测，合营企业投资和权购回的财务分析 学生姓名： 学　　号： 专　　业： 财务管理 所在学院： 指导教师： 职　　称： 摘 要 像许多连锁餐厅，Krispy Kreme的甜甜圈的收入来自公司拥有的两家直营店和加盟商。 2000年4月首次公开招股之后，几家加盟商进入合资企业，开发新的Krispy Kreme的甜甜圈店。在某些情况下，该公司还收购了其加盟的特许经营权店。这种情况为评估分析师Krispy Kreme提供对2月3日，2002财务报表盈利预测的机会。通过分析公司的合资企业和购回专营权的脚注披露，你会找出与Krispy Kreme的业务前景潜力没有在分析报告中讨论的问题。 关键词：财务报表分析;经营战略;权益法;专营权;分析师的预测Financial Analysis of Krispy Kreme’s Earnings Forecasts, Joint Venture Investments, and Franchise Repurchases ABSTRACT Like many restaurant chains, Krispy Kreme Doughnuts earns revenues from both company-owned stores and from franchisee-owned stores. Following its April2000 IPO, Krispy Kreme Doughnuts entered into several joint ventures with franchisees to develop new stores. In some situations, the Company also re-acquired franchise rights from its franchisees. This case provides you with the opportunity to assess analyst forecasts of Krispy Kreme’s earnings following the release of its February 3, 2002financial statements. Through analysis of footnote disclosures on the Company’s joint ventures and repurchased franchises, you will identify potential problems with Krispy Kreme’s business outlook that were not discussed in the analyst reports. Keywords: financial statement analysis; business strategy; equity method; ration alyssums; franchises; analyst forecasts 1 CASE INTRODUCTION When Krispy Kreme announced its initial public offering plans in December 1999, the Company was a cult favorite. Two years later, it was a cultural phenomenon. Eager customers would camp overnight to greet new store openings. When Krispy Kreme debuted near Denver in March 2001, traffic was snarled for hours. Six months later, cars lined up in six rows to order doughnuts in October 2001 at the opening of its new Seattle store. After his first taste of a hot