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compcase Applying Financial Statement Analysis(财务报表分析-台湾中兴大学)
Applying Financial Statement Analysis 2 2 2 2 2 2 2 2 Exhibit CC.21 CAMPBELL SOUP COMPANY Analysis of Profit Margin Ratios Profit margins Year 11 Year 10 Year 9 Year 8 Year 7 Year 6 Year 11 Industry Composite 1.Gross profit margin 34.00% 31.38% 29.45% 30.32% 29.17% 28.09% 29.30% 2.Operating profit margin 12.63% 4.69% 3.54% 9.09% 10.46% 10.34% — 3.Net profit margin 6.47% 0.07% 0.23% 5.63% 5.51% 5.21% 6.60% Case: Campbell Soup Co. Asset Utilization Case: Campbell Soup Co. Profitability Analysis Exhibit CC.22 CAMPBELL SOUP COMPANY Analysis of Depreciation Year 11 Year 10 Year 9 Year 8 Year 7 Year 6 1.Accumulated depreciation as a percent of gross plant assets* 44.6% 42.3% 43.1% 43.7% 46.6% 48.6% 2.Annual depreciation expenses as a percent of gross plant ? 7.7% ? 7.7% ?7.6% ?6.9% ?6.4% 6.4% 3.Annual depreciation expenses as a percent of sales ? 3.1% ? 3.0% ?3.1% 3.3% ? 3.1% 2.8% Case: Campbell Soup Co. Profitability Analysis Exhibit CC.23 CAMPBELL SOUP COMPANY Analysis of Discretionary Expenditures ($ mil.) Year 11 Year 10 Year 9 Year 8 Year 7 Year 6 Net sales $ 6,204.1 $ 6,205.8 $ 5,672.1 $4,868.9 $4,490.4 $4,286.8 Plant assets (net)* 1,406.5 1,386.9 1,322.6 1,329.1 1,152.0 974.1 Maintenance and repairs 173.9 180.6 173.9 155.6 148.8 144.0 Advertising 195.4 220.4 212.9 219.1 203.5 181.4 Research development (RD) 56.3 53.7 47.7 46.9 44.8 42.2 Maintenance and repairs ÷ sales 2.8% 2.9% 3.1% 3.2% 3.3% 3.4% Maintenance and repairs ÷ plant 12.4 13.0 13.1 11.7 12.9 14.8 Advertising ÷ sales 3.1 3.6 3.8 4.5 4.5 4.2 RD ÷ sales 0.9 0.9 0.8 1.0 1.0 1.0 Case: Campbell Soup Co. Profitability Analysis Case: Campbell Soup Co. Forecasted Income Statement 129.5 129.9 129.3 129.3 126.6 127.0 127.0 OUTSTANDING SHARES 223.2 247.3 274.1 13.1 4.4 401.5 304.5 NET INCOME 0 0 -32.5 0.0 0.0 0.0 0.0 CUMULATIVE EFFECT OF ACCOUNTIN
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