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Calculate the following ratios for Hershey Company (Use the template provided)

Liquidity Ratios: 1) Current Ratio 2)Quick Ratio

Leverage Ratios: 1) Debt-to-Total-Assets Ratio 2) Debt-to-Equity Ratio 3) Long-Term 4) Debt-to-Equity Ratio 5) Times-Interest-Earned Ratio

Activity Ratios: 1) Inventory Turnover Fixed Assets 2) Turnover Accounts Receivable 3) Turnover Average Collection Period

Profitability Ratios: 1) Gross Profit Margin 2) Operating Profit Margin 3) Return on Total Assets 4) Return on Stockholders Equity 5) Earnings Per Share 6) Price-Earnings Ratio

3) What do the ratios calculated communicate about the financial strengths and weaknesses of Hershey?

4) Based on your calculations, would you invest in Hershey Company, why or why not?

Chart:

*All of the #DIV/0! need to be filled with the answers of the calculations. Please state which source above used to calculate all of the data.

	Historical Ratios					Projected Ratios
	12/31/2014		12/31/2015			12/31/2016		12/31/2017		12/31/2018
Current Ratio	#DIV/0!		#DIV/0!		Current Ratio	#DIV/0!		#DIV/0!		#DIV/0!
Quick Ratio	#DIV/0!		#DIV/0!		Quick Ratio	#DIV/0!		#DIV/0!		#DIV/0!
Total Debt-to-Total-Assets Ratio	#DIV/0!		#DIV/0!		Debt-to-Total-Assets Ratio	#DIV/0!		#DIV/0!		#DIV/0!
Total Debt-to-Equity Ratio	#DIV/0!		#DIV/0!		Debt-to-Equity Ratio	#DIV/0!		#DIV/0!		#DIV/0!
Times-Interest-Earned Ratio	#DIV/0!		#DIV/0!		Times-Interest-Earned Ratio	#DIV/0!		#DIV/0!		#DIV/0!
Inventory Turnover	#DIV/0!		#DIV/0!		Inventory Turnover	#DIV/0!		#DIV/0!		#DIV/0!
Fixed Assets Turnover	#DIV/0!		#DIV/0!		Fixed Assets Turnover	#DIV/0!		#DIV/0!		#DIV/0!
Total Assets Turnover	#DIV/0!		#DIV/0!		Total Assets Turnover	#DIV/0!		#DIV/0!		#DIV/0!
Accounts Receivable Turnover	#DIV/0!		#DIV/0!		Accounts Receivable Turnover	#DIV/0!		#DIV/0!		#DIV/0!
Average Collection Period	#DIV/0!		#DIV/0!		Average Collection Period	#DIV/0!		#DIV/0!		#DIV/0!
Gross Profit Margin %	#DIV/0!		#DIV/0!		Gross Profit Margin %	#DIV/0!		#DIV/0!		#DIV/0!
Operating Profit Margin %	#DIV/0!		#DIV/0!		Operating Profit Margin %	#DIV/0!		#DIV/0!		#DIV/0!
ROA %	#DIV/0!		#DIV/0!		ROA %	#DIV/0!		#DIV/0!		#DIV/0!
ROE %	#DIV/0!		#DIV/0!		ROE %	#DIV/0!		#DIV/0!		#DIV/0!

Income Statement

All numbers in thousands

Revenue	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Total Revenue	7,515,426	7,440,181	7,386,626	7,421,768
Cost of Revenue	4,065,760	4,224,184	3,987,842	4,083,980
Gross Profit	3,449,666	3,215,997	3,398,784	3,337,788
Operating Expenses
Research Development	-	47,268	49,281	47,554
Selling General and Administrative	1,896,643	1,846,894	1,889,241	1,834,513
Non Recurring	-	-	-	-
Others	-	-	-	-
Total Operating Expenses	5,962,403	6,118,346	5,926,364	5,966,047
Operating Income or Loss	1,553,023	1,321,835	1,460,262	1,455,721
Income from Continuing Operations
Total Other Income/Expenses Net	-442,355	-222,354	-558,415	-149,678
Earnings Before Interest and Taxes	1,553,023	1,321,835	1,460,262	1,455,721
Interest Expense	-98,282	-91,948	-109,309	-87,598
Income Before Tax	1,110,668	1,099,481	901,847	1,306,043
Income Tax Expense	354,131	379,437	388,896	459,131
Minority Interest	-	41,831	49,465	64,468
Net Income From Continuing Ops	756,537	720,044	512,951	846,912
Non-recurring Events
Discontinued Operations	-	-	-	-
Extraordinary Items	-	-	-	-
Effect Of Accounting Changes	-	-	-	-
Other Items	-	-	-	-
Net Income
Net Income	782,981	720,044	512,951	846,912
Preferred Stock And Other Adjustments	-	-	-	-
Net Income Applicable To Common Shares	782,981	720,044	512,951	846,912

Balance Sheet

All numbers in thousands

Period Ending	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Current Assets
Cash And Cash Equivalents	380,179	296,967	346,529	374,854
Short Term Investments	-	-	-	97,131
Net Receivables	588,262	581,381	599,073	634,800
Inventory	752,836	745,678	750,970	801,036
Other Current Assets	-	-	-	147,573
Total Current Assets	2,001,910	1,816,778	1,848,598	2,247,047
Long Term Investments	-	-	-	-
Property Plant and Equipment	2,106,697	2,177,248	2,240,460	2,151,901
Goodwill	821,061	812,344	684,252	792,955
Intangible Assets	369,156	588,038	447,309	358,093
Accumulated Amortization	-	-	-	-
Other Assets	254,902	129,925	123,752	72,874
Deferred Long Term Asset Charges	3,023	56,861	36,390	-
Total Assets	5,553,726	5,524,333	5,344,371	5,622,870
Current Liabilities
Accounts Payable	523,229	522,536	474,266	482,017
Short/Current Long Term Debt	2,920,480	2,980,169	2,460,826	2,177,818
Other Current Liabilities	17,723	3,207	95,268	103,500
Total Current Liabilities	2,076,543	1,909,443	2,217,912	1,935,647
Long Term Debt	2,061,023	2,347,455	1,597,390	1,542,317
Other Liabilities	484,595	439,748	481,607	625,376
Deferred Long Term Liability Charges	-	-	-	-
Minority Interest	-	41,831	49,465	64,468
Negative Goodwill	-	-	-	-
Total Liabilities	4,622,161	4,696,646	4,296,909	4,103,340
Stockholders' Equity
Misc. Stocks Options Warrants	-	-	-	-
Redeemable Preferred Stock	-	-	-	-
Preferred Stock	-	-	-	-
Common Stock	931,565	359,901	359,901	359,901
Retained Earnings	-	6,115,961	5,897,603	5,860,784
Treasury Stock	-	-6,559,863	-6,043,384	-5,519,809
Capital Surplus	-	869,857	783,877	754,186
Other Stockholder Equity	-	-375,888	-371,025	-358,573
Total Stockholder Equity	931,565	785,856	997,997	1,455,062
Net Tangible Assets	-258,652	-614,526	-133,564	304,014

Cash Flow

All numbers in thousands

Period Ending	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income	782,981	720,044	512,951	846,912
Operating Activities, Cash Flows Provided By or Used In
Depreciation	-	301,837	244,928	211,532
Adjustments To Net Income	-	67,037	365,241	24,240
Changes In Accounts Receivables	-	21,096	-24,440	-67,464
Changes In Liabilities	-	-72,295	29,406	-59,102
Changes In Inventories	-	13,965	52,049	-88,497
Changes In Other Operating Activities	-	-68,209	34,321	-23,244
Total Cash Flow From Operating Activities	-	983,475	1,214,456	844,377
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures	-	-269,476	-356,810	-370,789
Investments	-	-44,255	64,596	-97,131
Other Cash flows from Investing Activities	-	-	-	-
Total Cash Flows From Investing Activities	-	-595,454	-477,255	-862,573
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid	-	-499,475	-476,132	-440,414
Sale Purchase of Stock	-	102,722	72,719	122,306
Net Borrowings	-	568,560	254,305	119,124
Other Cash Flows from Financing Activities	-	-13,700	-23,431	56,437
Total Cash Flows From Financing Activities	-	-434,443	-755,162	-719,302
Effect Of Exchange Rate Changes	-	-3,140	-10,364	-6,156
Change In Cash and Cash Equivalents	-	-49,562	-28,325	-743,654