Instructions: Fill in the cells with $ (yellow highlighted) and the ratios will au
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ext Current Ratio: Current Assets/Current Liabilites 1.546 2.628 ge! ext sel Quick Ratios: Current assets minus inventory/current liabilities $ Current Assets $ Current Liabilites $ Inventory $ $ $ 0.995 2,247,047 $ 1,453,630 $ 801,036 1.931 2,487,334 946,508 659,541 Leverage Ratios % Debt-to-Total Assets Ratio: Total Debt/Total Assets - do Debt-to-Equity Ratios: Total Debt/Total Stockholders' Equity 20 gel ext - par Times Interest-Earned Ratio: Profits before interest & taxes/Total Intere $ Total Debt $ Total Assets $ Total Stockholders' Equity $ Profits before Interest and taxes $ Total Interest Expense Activity Ratios Inventory Turnover: Sales/Inventory of Finished Goods wh - the Sa Fixed Assets Turnover: Sales/Fixed Assets - get Total Assets Turnover: Sales/Total Assets wh - as av 29.357 7,421,768 $ $ 23.573 7,146,079 - gel Average Collection Period: Accounts Receivable/(Total credit sales/36 $ Sales $ Inventory of Finished Goods $ Fixed Assets $ Total Assets $ Accounts Receivable $ Total Credit Sales (uless othewise indicated, same as sales) $ $ 596,940 $ 7,421,768 $ 461,514 7,146,079 Profitability Ratios Gross Profit Margin: Sales minus cost of good sold/Sales 1.000 1.000 Operating Profit Margin: Earnings before interest and taxes (EBIT)/Sale: 0.000 0.000 Net Profit Margin: Net Income/Sales 0.114 0.115 tot ap prc - on aft up aft wa aft - fire 7,421,768.00 7,146,079.00 Return on Total Assets (ROA): Net income/Total Assets Return on Stockholders' Equity (ROE): Net Income Total Stockholder: Sales Revenue (already entered above - no need to re-enter data) $ Cost of goods sold or cost of sales $ EBIT (Earnings Before Interest and Taxes) $ Net Income (Earnings After Interest and Taxes) Total Assets (already entered above - no need to re-enter data) Total Stockholders' Equity (already entered above - no need to re-enter) $ Other Operating Expenses Revenue/Expense $ 846,912 $ 820,470 Sales Revenue (percentage change) 3.86% an - an ant - on ant Cost of Sales (percentage change) Operating Profit (percentage change) - on ant 2014 2013 Sales North America $8,352.7 $6,200.1 International and Other 1,009.1 940.0 Total 7.421.8 7.140.1 Income North America 1,9102 1,802.6 International and Other 40.0 44.6 Total $1,956.2 $1,907.2 Source: Bondars 2014 OK Finance Hershey reported a 3.9 percent increase in revenues in 2014 to $7.42 billion, whereas company earnings increased about 7 percent overall from the prior year. The company's international net sales increased nearly 15 percent, including the negative impact of foreig $54 million from Hershey's acquisition of Shanghai Golden Monkey in China. Hershey has gained market share in every measured channel three years running, even after raising prices on many items 10 percent over the same period. In fact, Hershey has produced higher earnings every year but two since 2000. With a 34 percent market shar in late 2014 on most of its chocolate products, partly in response to higher cocoa prices. The company's most recent income statements and balance sheets are provided in Exhibits 3 and 40. respectively. Note the steady increases in both revenues and net in Exhibit 3 Hershey's Income Statements (in thousands, except per share amounts) 2014 2013 Sales $7,421,768 $7,148,079 Coats and expenses Cost of sales 4,085,602 3.805.231 Selling, marketing, and administrative 1,900.970 1.922.508 Businesa realignment and impairment 45,621 18.085 Total costs and expenses 6.032,193 5.808,404 Income before interest and taxes 1,389,575 1,339,676 Interest expense 83,532 88,356 Income before taxes 1,308,043 1,251,319 Income taxes 459.131 430.849 Net Income 840.912 820.470 Net income per share 3.91 3.70 Dividends paid per share 2.04 1.81 Sour: Bad on Hashy's 2014 Form OK, p. 45 2014 2013 Sales North America $6,352.7 $6,200.1 International and Other 1.009.1 946.0 Total 7.421.8 7.140.1 Income North America 1,9102 1,862.0 International and Other 40.0 44.8 Total $1.956.2 $1.907.2 Sex Bondars 2014 OK, p. 26 Finance Hershey reported a 3.9 percent increase in revenues in 2014 to $7.42 billion, whereas company earnings increased about 7 percent overall from the prior year. The company's international net sales increased nearly 15 percent, including the negative impacto $54 million from Hershey's acquisition of Shanghai Golden Monkey in China. Hershey has gained market share in every measured channel three years running, even after raising prices on many items 10 percent over the same period. In fact, Hershey has produced higher earnings every year but two since 2000. With a 34 percent mark in late 2014 on most of its chocolate products, partly in response to higher cocoa prices. The company's most recent income statements and balance sheets are provided in Exhibits 3 and 40. respectively. Note the steady increases in both revenues an Exhibit 3 Hershey's Income Statements (in thousands, except per share amounts) 2014 2013 Sales $7,421.768 $7,148,079 Coate and expenses Cost of sales 4,085,602 3.865.231 Selling, marketing, and administrative 1,900,970 1.922,508 Business realignment and impairment 45,621 18,665 Total costs and expenses 6,032, 193 5,800,404 Income before interest and taxes 1,389,575 1,339.075 Intereat expense 83,532 88,356 Income before taxes 1,308,043 1,251,319 Income taxes 459.131 430.849 Net Income 846.912 820.470 Net income per share 3.91 3.78 Dividends paid per share 2.04 1.81 Scu: Bead on Hashy's 2014 Fotok p. 45. Assets Cash and Cash Equivalents $ 374,854 $ 1,118,508 Short-Term Investments 97,131 Accounts Receivable-Trade Net) 596.940 477,912 Inventories 801.030 659,541 Deferred Income Taxes 100 515 52,511 Prepaid Expenses and Other 278.571 178,862 Total Current Assets 2,247,047 2.487,334 Net Property. Plant, and Equipment 2,151.901 1.805,345 Goodwill 792.958 576,581 Other Intangibles 294,841 195.244 Other Assets 142,772 293.004 Total Assets $ 5,629,516 $5,357,488 Liabilities and Stockholders' Equity Short-Term Borrowinga $ 635.501 $ 106,875 Accounts Payable 482,017 401,514 Accrued Liabilities 813,513 699.722 Accrued Income Taxes 4,610 79,911 Total Current Liabilities 1.935.647 1,408.022 Long-Term Debt 1,548.963 1.795,142 Other Long-Term Liabilities 528,003 434,068 Deferred Income Taxes 99,373 104.204 Total Liabilities $ 4,109,986 $ 3,741,436 Stockholders' Equity Preferred stock shares issued: none in 2014 and 2013 Common stock, shares issued: 299,281,967 in 2014 and 299,281,527 in 2013 Class Boommon stock shares issued: 60.619,777 in 2014 and 60.620,527 in 2013 Additional paid-in capital 754.186 684944 Retained earnings 5,860.784 5,454,286 Treasury stock 138,858,786 in 2014 and 136,007.023 in 2013 (5.181.238) (4.707.730) Accumulated other comprehensive loss (358,573) (168,567) Exhibit 5 Hershey versus Rival Firms, Market Share (percent) Product Type Hershey Mars Nestle USA Chocolate 37 28 5 USA Nonchocolate Candy 21 35 2 Global Chocolate and Nonchocolate Candy (non-USA) 5 14 9 Sauna Badan imtina Sarada o Strollurnal article on 2-18-14 p 3. Numbers are crack Lindt & Sprungli AG contributed about 10 percent of others market share. "Mondelez International Inc. and Ferrero SpA contributed 11 and 8 percent market shares, respectively. Exhibit 6 Hershey versus Rival Firms Hershey Nestl Tootsie Roll Industry Avg. #Employees 20,800 333.000 2.000 1.730 $ Revenue 7.5B 105.47B 541M 3.79B $ Revenue per Employee 300.575 318.000 270.500 219.000 S Net Income 840M 11.15B 62.6M 3B $ Market Capitalization 20.78 2428 2.0BB 675M 96 Operating Margin 0.19 0.15 0.15 0.05 Earnings per Share 3.78 3.49 1.03 -0.11 Source: A sarity of sources ext Current Ratio: Current Assets/Current Liabilites 1.546 2.628 ge! ext sel Quick Ratios: Current assets minus inventory/current liabilities $ Current Assets $ Current Liabilites $ Inventory $ $ $ 0.995 2,247,047 $ 1,453,630 $ 801,036 1.931 2,487,334 946,508 659,541 Leverage Ratios % Debt-to-Total Assets Ratio: Total Debt/Total Assets - do Debt-to-Equity Ratios: Total Debt/Total Stockholders' Equity 20 gel ext - par Times Interest-Earned Ratio: Profits before interest & taxes/Total Intere $ Total Debt $ Total Assets $ Total Stockholders' Equity $ Profits before Interest and taxes $ Total Interest Expense Activity Ratios Inventory Turnover: Sales/Inventory of Finished Goods wh - the Sa Fixed Assets Turnover: Sales/Fixed Assets - get Total Assets Turnover: Sales/Total Assets wh - as av 29.357 7,421,768 $ $ 23.573 7,146,079 - gel Average Collection Period: Accounts Receivable/(Total credit sales/36 $ Sales $ Inventory of Finished Goods $ Fixed Assets $ Total Assets $ Accounts Receivable $ Total Credit Sales (uless othewise indicated, same as sales) $ $ 596,940 $ 7,421,768 $ 461,514 7,146,079 Profitability Ratios Gross Profit Margin: Sales minus cost of good sold/Sales 1.000 1.000 Operating Profit Margin: Earnings before interest and taxes (EBIT)/Sale: 0.000 0.000 Net Profit Margin: Net Income/Sales 0.114 0.115 tot ap prc - on aft up aft wa aft - fire 7,421,768.00 7,146,079.00 Return on Total Assets (ROA): Net income/Total Assets Return on Stockholders' Equity (ROE): Net Income Total Stockholder: Sales Revenue (already entered above - no need to re-enter data) $ Cost of goods sold or cost of sales $ EBIT (Earnings Before Interest and Taxes) $ Net Income (Earnings After Interest and Taxes) Total Assets (already entered above - no need to re-enter data) Total Stockholders' Equity (already entered above - no need to re-enter) $ Other Operating Expenses Revenue/Expense $ 846,912 $ 820,470 Sales Revenue (percentage change) 3.86% an - an ant - on ant Cost of Sales (percentage change) Operating Profit (percentage change) - on ant 2014 2013 Sales North America $8,352.7 $6,200.1 International and Other 1,009.1 940.0 Total 7.421.8 7.140.1 Income North America 1,9102 1,802.6 International and Other 40.0 44.6 Total $1,956.2 $1,907.2 Source: Bondars 2014 OK Finance Hershey reported a 3.9 percent increase in revenues in 2014 to $7.42 billion, whereas company earnings increased about 7 percent overall from the prior year. The company's international net sales increased nearly 15 percent, including the negative impact of foreig $54 million from Hershey's acquisition of Shanghai Golden Monkey in China. Hershey has gained market share in every measured channel three years running, even after raising prices on many items 10 percent over the same period. In fact, Hershey has produced higher earnings every year but two since 2000. With a 34 percent market shar in late 2014 on most of its chocolate products, partly in response to higher cocoa prices. The company's most recent income statements and balance sheets are provided in Exhibits 3 and 40. respectively. Note the steady increases in both revenues and net in Exhibit 3 Hershey's Income Statements (in thousands, except per share amounts) 2014 2013 Sales $7,421,768 $7,148,079 Coats and expenses Cost of sales 4,085,602 3.805.231 Selling, marketing, and administrative 1,900.970 1.922.508 Businesa realignment and impairment 45,621 18.085 Total costs and expenses 6.032,193 5.808,404 Income before interest and taxes 1,389,575 1,339,676 Interest expense 83,532 88,356 Income before taxes 1,308,043 1,251,319 Income taxes 459.131 430.849 Net Income 840.912 820.470 Net income per share 3.91 3.70 Dividends paid per share 2.04 1.81 Sour: Bad on Hashy's 2014 Form OK, p. 45 2014 2013 Sales North America $6,352.7 $6,200.1 International and Other 1.009.1 946.0 Total 7.421.8 7.140.1 Income North America 1,9102 1,862.0 International and Other 40.0 44.8 Total $1.956.2 $1.907.2 Sex Bondars 2014 OK, p. 26 Finance Hershey reported a 3.9 percent increase in revenues in 2014 to $7.42 billion, whereas company earnings increased about 7 percent overall from the prior year. The company's international net sales increased nearly 15 percent, including the negative impacto $54 million from Hershey's acquisition of Shanghai Golden Monkey in China. Hershey has gained market share in every measured channel three years running, even after raising prices on many items 10 percent over the same period. In fact, Hershey has produced higher earnings every year but two since 2000. With a 34 percent mark in late 2014 on most of its chocolate products, partly in response to higher cocoa prices. The company's most recent income statements and balance sheets are provided in Exhibits 3 and 40. respectively. Note the steady increases in both revenues an Exhibit 3 Hershey's Income Statements (in thousands, except per share amounts) 2014 2013 Sales $7,421.768 $7,148,079 Coate and expenses Cost of sales 4,085,602 3.865.231 Selling, marketing, and administrative 1,900,970 1.922,508 Business realignment and impairment 45,621 18,665 Total costs and expenses 6,032, 193 5,800,404 Income before interest and taxes 1,389,575 1,339.075 Intereat expense 83,532 88,356 Income before taxes 1,308,043 1,251,319 Income taxes 459.131 430.849 Net Income 846.912 820.470 Net income per share 3.91 3.78 Dividends paid per share 2.04 1.81 Scu: Bead on Hashy's 2014 Fotok p. 45. Assets Cash and Cash Equivalents $ 374,854 $ 1,118,508 Short-Term Investments 97,131 Accounts Receivable-Trade Net) 596.940 477,912 Inventories 801.030 659,541 Deferred Income Taxes 100 515 52,511 Prepaid Expenses and Other 278.571 178,862 Total Current Assets 2,247,047 2.487,334 Net Property. Plant, and Equipment 2,151.901 1.805,345 Goodwill 792.958 576,581 Other Intangibles 294,841 195.244 Other Assets 142,772 293.004 Total Assets $ 5,629,516 $5,357,488 Liabilities and Stockholders' Equity Short-Term Borrowinga $ 635.501 $ 106,875 Accounts Payable 482,017 401,514 Accrued Liabilities 813,513 699.722 Accrued Income Taxes 4,610 79,911 Total Current Liabilities 1.935.647 1,408.022 Long-Term Debt 1,548.963 1.795,142 Other Long-Term Liabilities 528,003 434,068 Deferred Income Taxes 99,373 104.204 Total Liabilities $ 4,109,986 $ 3,741,436 Stockholders' Equity Preferred stock shares issued: none in 2014 and 2013 Common stock, shares issued: 299,281,967 in 2014 and 299,281,527 in 2013 Class Boommon stock shares issued: 60.619,777 in 2014 and 60.620,527 in 2013 Additional paid-in capital 754.186 684944 Retained earnings 5,860.784 5,454,286 Treasury stock 138,858,786 in 2014 and 136,007.023 in 2013 (5.181.238) (4.707.730) Accumulated other comprehensive loss (358,573) (168,567) Exhibit 5 Hershey versus Rival Firms, Market Share (percent) Product Type Hershey Mars Nestle USA Chocolate 37 28 5 USA Nonchocolate Candy 21 35 2 Global Chocolate and Nonchocolate Candy (non-USA) 5 14 9 Sauna Badan imtina Sarada o Strollurnal article on 2-18-14 p 3. Numbers are crack Lindt & Sprungli AG contributed about 10 percent of others market share. "Mondelez International Inc. and Ferrero SpA contributed 11 and 8 percent market shares, respectively. Exhibit 6 Hershey versus Rival Firms Hershey Nestl Tootsie Roll Industry Avg. #Employees 20,800 333.000 2.000 1.730 $ Revenue 7.5B 105.47B 541M 3.79B $ Revenue per Employee 300.575 318.000 270.500 219.000 S Net Income 840M 11.15B 62.6M 3B $ Market Capitalization 20.78 2428 2.0BB 675M 96 Operating Margin 0.19 0.15 0.15 0.05 Earnings per Share 3.78 3.49 1.03 -0.11 Source: A sarity of sources
