• Conduct a similar analysis of Ingles Markets. Prepare a two-page memo with exhibits (as many as you would like, but refer to all that you include). The memo outline should be the same as the presentation outline, above.

Balance Sheets INGLES MARKETS INC -CL A TICKER: SIC: GICS: ASSETS Cash & Equivalents Net Receivables Inventories Prepaid Expenses Other Current Assets Total Current Assets Gross Plant, Property & Equipment Accumulated Depreciation Net Plant, Property & Equipment Investments at Equity Other Investments Intangibles Deferred Charges Other Assets TOTAL ASSETS LIABILITIES Long Term Debt Due In One Year Notes Payable Accounts Payable Taxes Payable Accrued Expenses Other Current Liabilities Total Current Liabilities Long Term Debt Deferred Taxes Investment Tax Credit Other Liabilities TOTAL LIABILITIES Redeemable Noncontrolling Int. EQUITY Preferred Stock - Redeemable Preferred Stock - Nonredeemable Total Preferred Stock Common Stock Capital Surplus Retained Earnings Less: Treasury Stock Common Equity Stockholder's Equity - Parent Nonredeemable Noncontrolling Int. TOTAL EQUITY TOTAL LIABILITIES & EQUITY COMMON SHARES OUTSTANDING ANNUAL BALANCE SHEET IMKTA 5411 30101030 Sep-15 Sep-14 Sep-13 Sep-12 Sep-11 Sep-10 Sep-09 Sep-08 Sep-07 Sep-06 Sep-05 $ 7.51 $ 71.78 $ 338.64 $ $ 14.36 -----------------$ 432.30 $ 2,300.70 $ 1,089.24 -----------------$ 1,211.46 $ $ $ $ 9.30 $ 18.33 -----------------$ 1,671.38 $ 8.61 $ 62.19 $ 329.52 $ $ 13.59 -----------------$ 413.92 $ 2,234.46 $ 1,015.85 -----------------$ 1,218.61 $ $ $ $ 10.60 $ 13.83 -----------------$ 1,656.95 $ 16.84 $ 73.73 $ 329.69 $ $ 14.28 -----------------$ 434.54 $ 2,151.80 $ 939.67 -----------------$ 1,212.13 $ $ $ $ 13.20 $ 9.46 -----------------$ 1,669.33 $ 4.68 $ 75.72 $ 329.62 $ $ 16.19 -----------------$ 426.20 $ 2,073.72 $ 876.59 -----------------$ 1,197.14 $ $ $ $ 10.20 $ 8.57 -----------------$ 1,642.11 $ 12.42 $ 59.44 $ 303.17 $ $ 14.34 -----------------$ 389.36 $ 2,005.91 $ 872.71 -----------------$ 1,133.20 $ $ $ $ 12.20 $ 83.58 -----------------$ 1,618.35 $ 63.86 $ 59.08 $ 286.43 $ $ 10.54 -----------------$ 419.91 $ 1,893.05 $ 803.66 -----------------$ 1,089.39 $ $ $ $ 12.50 $ 7.50 -----------------$ 1,529.30 $ 77.04 $ 62.90 $ 271.74 $ $ 12.04 -----------------$ 423.72 $ 1,811.22 $ 738.29 -----------------$ 1,072.94 $ $ $ $ 14.50 $ 6.45 -----------------$ 1,517.61 $ 4.18 $ 61.47 $ 258.68 $ $ 10.44 -----------------$ 334.76 $ 1,724.88 $ 694.86 -----------------$ 1,030.02 $ $ $ $ 6.90 $ 3.32 -----------------$ 1,375.00 $ 16.84 $ 44.64 $ 233.47 $ $ 10.65 -----------------$ 305.59 $ 1,480.80 $ 641.07 -----------------$ 839.73 $ $ $ $ 7.30 $ 2.65 -----------------$ 1,155.27 $ 17.54 $ 43.59 $ 215.37 $ $ 9.32 -----------------$ 285.82 $ 1,379.96 $ 608.33 -----------------$ 771.63 $ $ $ $ 8.70 $ 8.83 -----------------$ 1,074.97 $ $ $ $ 12.65 $ $ 166.04 $ $ 56.84 $ 17.71 -----------------$ 253.24 $ 882.69 $ 71.91 $ $ 34.56 -----------------$ 1,242.41 $ - $ 12.49 $ $ 167.32 $ $ 67.60 $ 3.35 -----------------$ 250.75 $ 924.77 $ 70.04 $ $ 28.79 -----------------$ 1,274.35 $ - $ 18.96 $ $ 160.31 $ $ 67.74 $ 4.27 -----------------$ 251.27 $ 893.51 $ 86.08 $ $ 27.82 -----------------$ 1,258.69 $ - $ 49.93 $ $ 163.54 @CF $ 89.37 $ 3.31 -----------------$ 306.15 $ 785.24 $ 84.12 $ $ 9.18 -----------------$ 1,184.70 $ - $ 34.38 $ $ 166.80 @CF $ 85.11 $ 4.21 -----------------$ 290.50 $ 820.74 $ 67.94 $ $ 7.23 -----------------$ 1,186.41 $ - $ 92.19 $ $ 142.39 @CF $ 72.48 $ 4.11 -----------------$ 311.16 $ 725.31 $ 72.21 $ $ 6.78 -----------------$ 1,115.46 $ - $ 31.32 $ $ 118.38 $ $ 72.56 $ 6.31 -----------------$ 228.56 $ 818.00 $ 67.22 $ $ 5.66 -----------------$ 1,119.45 $ - $ 36.16 $ $ 145.24 $ $ 60.09 $ 11.79 -----------------$ 253.27 $ 681.00 $ 50.52 $ $ 5.39 -----------------$ 990.19 $ - $ 31.31 $ $ 143.94 $ 0.70 $ 60.35 $ 14.18 -----------------$ 250.47 $ 511.95 $ 38.18 $ $ 6.53 -----------------$ 807.13 $ - $ 33.67 $ $ 112.27 $ 2.18 $ 57.85 $ 12.90 -----------------$ 218.86 $ 522.65 $ 22.67 $ $ 6.12 -----------------$ 770.30 $ - $ $ -----------------$ $ 1.01 $ 12.31 $ 415.65 $ -----------------$ 428.98 -----------------$ 428.98 $ -----------------$ 428.98 -----------------$ 1,671.38 20.26 $ $ -----------------$ $ 1.01 $ 12.31 $ 369.28 $ -----------------$ 382.60 -----------------$ 382.60 $ -----------------$ 382.60 -----------------$ 1,656.95 20.26 $ $ -----------------$ $ 1.14 $ 77.19 $ 332.32 $ -----------------$ 410.64 -----------------$ 410.64 $ -----------------$ 410.64 -----------------$ 1,669.33 22.76 $ $ -----------------$ $ 1.21 $ 114.24 $ 341.96 $ -----------------$ 457.41 -----------------$ 457.41 $ -----------------$ 457.41 -----------------$ 1,642.11 24.26 $ $ -----------------$ $ 1.22 $ 116.85 $ 313.88 $ -----------------$ 431.95 -----------------$ 431.95 $ -----------------$ 431.95 -----------------$ 1,618.35 24.43 $ $ -----------------$ $ 1.22 $ 117.59 $ 295.02 $ -----------------$ 413.84 -----------------$ 413.84 $ -----------------$ 413.84 -----------------$ 1,529.30 24.47 $ $ -----------------$ $ 1.23 $ 118.18 $ 278.76 $ -----------------$ 398.16 -----------------$ 398.16 $ -----------------$ 398.16 -----------------$ 1,517.61 24.51 $ $ -----------------$ $ 1.23 $ 118.18 $ 265.40 $ -----------------$ 384.81 -----------------$ 384.81 @NA -----------------@NA -----------------$ 1,375.00 24.51 $ $ -----------------$ $ 1.23 $ 118.18 $ 228.73 $ -----------------$ 348.14 -----------------$ 348.14 @NA -----------------@NA -----------------$ 1,155.27 24.51 $ $ -----------------$ $ 1.23 $ 117.91 $ 185.54 $ -----------------$ 304.67 -----------------$ 304.67 @NA -----------------@NA -----------------$ 1,074.97 24.50 $ 50.63 39.08 204.11 ### 10.64 $ $ $ 304.46 1,313.89 569.72 $ $ $ 744.16 ### ### ### 10.00 7.39 $ 1,066.01 $ 16.41 ### 112.57 5.46 44.63 21.80 $ $ $ $ $ $ $ 200.88 553.01 31.25 ### 4.02 $ $ 789.16 ### ### ### $ $ $ ### 1.22 117.26 158.37 ### $ 276.85 $ 276.85 @NA @NA $ 1,066.01 24.45 Income Statements INGLES MARKETS INC -C TICKER: SIC: GICS: Sales Cost of Goods Sold Gross Profit Selling, General, & Administrative Expense Operating Income Before Deprec. Depreciation, Depletion, & Amortization Operating Profit Interest Expense Non-Operating Income/Expense Special Items Pretax Income Total Income Taxes Minority Interest Noncontrolling Interest - Inc Acc -----------------Income Before Extraordinary Items & Discontinued Operations Preferred Dividends -----------------Available for Common Savings Due to Common Stock Equivalents -----------------Adjusted Available for Common Extraordinary Items Discontinued Operations -----------------Adjusted Net Income Income to Company Incl Extraordinary Items & Disc Ops Earnings Per Share Basic Excluding Extra Items & Disc Op Earnings Per Share Basic Including Extra Items & Disc Op Earnings Per Share DilutedExcluding Extra Items & Disc Op Earning Per Share Diluted Including Extra Items & Disc Op EPS Basic from Operations EPS Diluted from Ops Dividends Per Share Com Shares for Diluted EPS Com Shares for Basic Eps IMKTA 5411 30101030 Sep-15 $ 3,778.64 $ 2,782.46 -----------------$ 996.18 ANNUAL INCOME STATEMENT Sep-14 $ 3,835.99 $ 2,893.16 -----------------$ 942.83 Sep-13 $ 3,738.54 $ 2,815.84 -----------------$ 922.70 Sep-12 $ 3,718.32 $ 2,807.00 -----------------$ 911.31 Sep-11 $ 3,569.02 $ 2,694.89 -----------------$ 874.13 Sep-10 $ 3,399.23 $ 2,556.54 -----------------$ 842.69 Sep-09 $ 3,261.43 $ 2,439.72 -----------------$ 821.71 Sep-08 $ 3,249.31 $ 2,430.73 -----------------$ 818.58 Sep-07 $ 2,863.90 $ 2,113.64 -----------------$ 750.25 Sep-06 Sep-05 $ 2,624.95 $ 2,287.38 $ 1,909.27 $ 1,643.67 -----------------$ 715.68 $ 643.71 $ 756.31 $ 722.64 $ 706.50 $ 697.60 $ 677.89 $ 653.67 $ 632.41 $ 626.41 $ 564.02 $ 536.62 $ --------------------------------------------------------------------------------------------------------------------------------------------------------------------------$ 239.87 $ 220.18 $ 216.20 $ 213.71 $ 196.24 $ 189.02 $ 189.30 $ 192.18 $ 186.23 $ 179.06 $ 496.47 147.25 $ 102.88 -----------------$ 136.99 $ 47.38 $ 4.85 $ -----------------$ 94.46 $ 35.11 -----------------$ 59.35 $ ------------------ $ 97.66 -----------------$ 122.52 $ 46.85 $ 4.10 $ -----------------$ 79.78 $ 28.35 -----------------$ 51.43 $ ------------------ $ 94.89 -----------------$ 121.31 $ 59.60 $ 7.62 $ (43.09) -----------------$ 26.24 $ 5.45 -----------------$ 20.80 $ ------------------ $ 90.53 -----------------$ 123.18 $ 61.77 $ 5.94 $ -----------------$ 67.35 $ 23.90 -----------------$ 43.44 $ ------------------ $ 80.40 -----------------$ 115.84 $ 63.55 $ 8.42 $ -----------------$ 60.71 $ 21.65 -----------------$ 39.06 $ ------------------ $ 78.00 -----------------$ 111.02 $ 66.14 $ 5.45 $ -----------------$ 50.34 $ 18.60 -----------------$ 31.74 $ ------------------ $ 76.20 -----------------$ 113.10 $ 61.64 $ 5.01 $ (10.24) -----------------$ 46.23 $ 17.41 -----------------$ 28.83 $ ------------------ $ 67.40 -----------------$ 124.78 $ 51.48 $ 6.39 $ -----------------$ 79.68 $ 27.56 -----------------@NA $ ------------------ $ 59.60 -----------------$ 126.63 $ 48.67 $ 11.88 $ -----------------$ 89.85 $ 31.21 -----------------@NA $ ------------------ $ 58.50 -----------------$ 120.56 $ 50.66 $ (1.82) $ -----------------$ 68.08 $ 25.50 -----------------@NA $ ------------------ $ 59.35 $ -----------------$ 59.35 $ 51.43 $ -----------------$ 51.43 $ 20.80 $ -----------------$ 20.80 $ 43.44 $ -----------------$ 43.44 $ 39.06 $ -----------------$ 39.06 $ 31.74 $ -----------------$ 31.74 $ 28.83 $ -----------------$ 28.83 $ 52.12 $ -----------------$ 52.12 $ 58.64 $ -----------------$ 58.64 $ 42.58 $ $ -----------------$ 42.58 $ 26.57 ### $ -----------------$ 59.35 $ $ -----------------$ 59.35 $ -----------------$ 51.43 $ $ -----------------$ 51.43 $ -----------------$ 20.80 $ $ -----------------$ 20.80 $ -----------------$ 43.44 $ $ -----------------$ 43.44 $ -----------------$ 39.06 $ $ -----------------$ 39.06 $ -----------------$ 31.74 $ $ -----------------$ 31.74 $ -----------------$ 28.83 $ $ -----------------$ 28.83 $ -----------------$ 52.12 $ $ -----------------$ 52.12 $ -----------------$ 58.64 $ $ -----------------$ 58.64 $ -----------------$ 42.58 $ $ $ -----------------$ 42.58 $ ### @NA @NA 55.60 $ $ $ 91.65 51.87 3.09 ### $ 42.87 $ 16.30 -----------------@NA ### 26.57 26.57 ### ### 26.57 $ 59.35 $ 51.43 $ 20.80 $ 43.44 $ 39.06 $ 31.74 $ $ 2.93 $ 2.28 $ 0.87 $ 1.79 $ 1.60 $ 1.30 $ 1.18 $ 2.13 $ 2.39 $ 1.74 $ 1.10 $ 2.93 $ 2.28 $ 0.87 $ 1.79 $ 1.60 $ 1.30 $ 1.18 $ 2.13 $ 2.39 $ 1.74 $ 1.10 $ 2.93 $ 2.28 $ 0.87 $ 1.79 $ 1.60 $ 1.30 $ 1.18 $ 2.13 $ 2.39 $ 1.74 $ 1.10 $ $ $ $ 2.93 2.93 2.93 0.66 20.26 20.26 $ $ $ $ 2.28 2.28 2.28 0.66 22.61 22.61 $ $ $ $ 0.87 1.97 1.97 1.32 23.87 23.87 $ $ $ $ 1.79 1.79 1.79 0.66 24.30 24.30 $ $ $ $ 1.60 1.60 1.60 0.66 24.45 24.45 $ $ $ $ 1.30 1.30 1.30 0.66 24.49 24.49 $ $ $ $ 28.83 @NA $ 1.18 1.45 1.45 0.66 24.51 24.51 $ $ $ $ 2.13 2.13 2.13 0.66 24.51 24.51 $ $ $ $ 2.39 2.26 2.26 0.66 24.51 24.51 $ $ $ $ @NA 1.74 1.74 1.74 0.66 24.48 24.48 $ $ $ $ 1.10 1.10 1.10 0.50 24.22 24.20 Fin 450.101 Spring 2017 Group Presentation and Written Memo Assignment: Grocery Industry Outline of the Assignment The analysis should be organized into the following parts: o Identification of the business and key elements of the business model, including: Product/target market/competition Key assets and asset structure Supply chain Marketing and distribution channels Human resource needs Financing and growth strategies o Balance sheet analysis: Current structure: relate to the business model Trends: evolution of the business model into its current form o Income statement analysis Sales level and trends Structure of expenses o Ratio analysis Key drivers of the ROE (DuPont ratio) Profitability Efficiency Leverage o Conclusions/Recommendations Overall sustainability of the business model: can it continue to generate a return to investors Key strengths and growth opportunities Key weaknesses and opportunities for improvement Written Memo Assignment Conduct a similar analysis of Ingles Markets. Prepare a two-page memo with exhibits (as many as you would like, but refer to all that you include). The memo outline should be the same as the outline, above