Detective analysis-identify company. Effective financial statement analysis requires an understanding of a firm's economic characteristics. The relations between various financial statement items provide evidence of many of these economic characteristics. Exhibit 5.28 presents common-size condensed balance sheets and income statements for 12 firms in different industries. These common-size balance sheets and income statements express various items as a percentage of operating revenues (that is, the statement divides all amounts by operating revenues for the year). A dash for a particular financial statement item does not necessarily mean that the amount is zero. It merely indicates that the amount is not sufficiently large for the firm to disclose it. The 12 companies, the country of their headquarters, and a brief description of their activities appear below.

1. Accor (France): World's largest hotel group, operating hotels under the names of Sofitel, Novotel, Motel 6, and others. Accor has grown in recent years by acquiring established hotel chains.
2. Arbed-Acier (Luxembourg): Offers flat-rolled steel products, primarily to the European automobile industry.
3. Carrefour (France): Operates grocery supermarket and hypermarkets in Europe, Latin America, and Asia.
4. Deutsche Telekon (Germany): Europe's largest provider of wired and wireless telecommunication services. The telecommunications industry has experienced increased deregulation in recent years.
5. Fortis (Netherlands): Offers both insurance and banking services. Operating revenues include insurance premiums received, investment income, and interest revenue on loans. Operating expenses include amounts actually paid or amounts it expects to pay in the future on insurance coverage outstanding during the year.
6. Interpublic Group (U.S.): Creates advertising copy for clients. Purchases advertising time and space from various media and sells it to clients. Operating revenues represent the commission or fee earned by Interpublic for advertising copy created and media time and space sold. Operating expenses include compensation paid to employees. Interpublic acquired other marketing services firms in recent years.
7. Marks \& Spencer (U.K.): Operates department stores in England and other retail stores in Europe and the U.S. Offers its own credit card for customers' purchases.
8. Nestlé (Switzerland): World's largest food processor, offering prepared foods, coffees, milk-based products, and mineral waters.
9. Roche Holding (Switzerland): Creates, manufactures, and distributes a wide variety of prescription drugs.
10. Sun Microsystems (U.S.): Designs, manufactures, and sells engineering workstations and servers used to maintain integrated computer networks. Sun outsources the manufacture of many of its computer components.
11. Tokyo Electric Power (Japan): Provides electric power services, primarily to the Tokyo community. It maintains almost a monopoly position in its service area.
12. Toyota Motor (Japan): Manufacturers automobiles and offers financing services to its customers.
Use whatever clues you can to match the companies in Exhibit 5.28 with the companies and industries listed above.