Tải bản đầy đủ - 0 (trang)
Case 1.2: Nike: Somewhere between a Swoosh and a Slam Dunk

Case 1.2: Nike: Somewhere between a Swoosh and a Slam Dunk

Tải bản đầy đủ - 0trang

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

Accrued compensation and other accrued

expenses

Insurance reserves



ASSETS

Current assets:

Cash and cash equivalents

Short-term investments available-for-sale

securities

Accounts receivable, net

Inventories

Prepaid expenses and other current assets

Deferred income taxes, net

Total Current Assets

Long-term investments available-for-sale

securities

Equity and cost investments

Property, plant and equipment, net

Other assets

Goodwill

Total Assets



Fiscal Year Ended



12.8

2.0



13.8

2.0



1.5%

5.1

32.0

5.6

4.4

100.0%



1.4%

5.6

32.3

4.7

4.9

100.0%



7.3



12.3

5.3

13.1

2.2

3.1

51.6%



10.3

5.9

15.1

2.4

2.9

51.1%



4.8



15.6%



2011



14.5%



2012



14.7

2.3



4.4



3.0%

5.3

37.8

6.5

4.1

100.0%



4.5

4.7

8.5

2.5

4.8

43.2%



18.2%



2010



Common-Size Balance

Sheets



13.8

2.8



4.8



1.3%

6.3

45.5

5.8

4.6

100.0%



1.2

4.9

11.9

2.6

5.1

36.5%



10.8%



2009



20.5

15.2



(26.3)



8.4%

23.5

12.9

(5.9)

24.1

11.7%



(6.0)

25.7

28.5

21.7

3.6

10.7%



3.5%



2012



0.5

(0.4)



91.1



(44.2)%

9.0

(2.5)

(2.0)

22.6

15.3%



216.1

27.7

77.8

3.2

(24.3)

37.7%



(1.4)%



2011



(Continued )



21.3

(5.2)



5.8



169.4%

(3.1)

(4.7)

29.7

1.3

14.5%



329.3

11.7

(18.3)

6.3

6.1

35.4%



94.1%



2010



Percentage Change Balance

Sheets



Starbucks Corporation Common-Size and Percentage Change Balance Sheets (allow for rounding)

(Integrative Case 1.1)



Exhibit 1.29



Nike: Somewhere between a Swoosh and a Slam Dunk

79



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



6.1

28.2%

7.5%

4.7

40.4%

0.0%

0.5

0.0

52.3

0.6

59.6%

0.0

59.6%

100.0%



6.2

26.9%

6.7%

4.2

37.8%

0.0%

0.5

0.0

61.4

0.3

62.2%

0.1

62.2%

100.0%



Deferred revenue

Total Current Liabilities

Long-term debt

Other long-term liabilities

Total Liabilities

Shareholders’ equity:

Common stock ($0.001 par value)

Additional paid-in capital

Other additional paid-in-capital

Retained earnings

Accumulated other comprehensive income

Total Shareholders’ Equity

Non-controlling Interests

Total Equity

TOTAL LIABILITIES AND SHAREHOLDERS’

EQUITY



2011



2012



Fiscal Year Ended



100.0%



100.0%



0.0%

1.8

0.5

34.0

0.8

54.6%

0.2

54.8%



7.0

28.3%

9.8%

7.0

45.2%



2009



11.7%



0.0%

(2.7)

n.a.

17.4

(51.0)

16.5%

129.2

16.6%



13.6

6.5%

0.0%

(0.7)

4.4%



2012



15.3%



0.0%

(61.9)

(100.0)

23.8

(19.1)

19.3%

(68.4)

19.1%



8.5

16.7%

0.0%

(7.3)

10.0%



2011



14.5%



0.0%

(27.8)

0.0

24.3

(12.5)

20.7%

(32.1)

20.5%



6.5

12.5%

0.0%

(3.7)

7.3%



2010



Percentage Change Balance

Sheets



CHAPTER 1



0.0%

1.3

0.5

42.2

0.7

57.5%

0.1

57.7%



6.5

27.9%

8.6%

5.9

42.3%



2010



Common-Size Balance

Sheets



Exhibit 1.29 (Continued)



80

Overview of Financial Reporting, Financial Statement Analysis, and Valuation



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



Net revenues:

Company-operated retail

Specialty:

Licensing

Foodservice and other

Total net revenues

Cost of sales including occupancy costs

Store operating expenses

Other operating expenses

Depreciation and amortization expenses

General and administrative expenses

Restructuring charges

Total operating expenses

Gain on sale of properties

Income from equity investees

Operating income

Interest income and other, net

Interest expense

Earnings before income taxes

Income taxes

Net earnings including noncontrolling interests

Net earnings (loss) attributable to noncontrolling interests

Net earnings attributable to Starbucks



Fiscal Year Ended

82.3%

8.6

9.1

100.0%

42.0

30.7%

3.4

4.5

6.4

0.0

87.0

0.3

1.5

14.8%

1.0%

(0.3)

15.5%

4.8

10.7

0.0

10.6%



9.1

11.7

100.0%

43.7

29.5%

3.2

4.1

6.0

0.0

86.6

0.0

1.6

15.0%

0.7%

(0.2)

15.5%

5.1

10.4

0.0

10.4%



2011



79.2%



2012



8.2

8.1

100.0%

41.2

32.4%

2.6

4.8

6.6

0.5

88.1

0.0

1.4

13.3%

0.5%

(0.3)

13.4%

4.6

8.9

0.0

8.8%



83.7%



2010



Common-Size



12.5

3.8

100.0%

44.2

35.0%

2.7

5.5

4.6

3.4

102.2

0.0

1.2

5.2%

0.1%

(0.5)

4.7%

1.5

3.2

0.0

3.2%



83.7%



2009



15.1

22.1

9.3

11.3

3.5

40.4

2.5

6.3

(100.0)

7.8

17.3

21.8

130.4

1.8

26.0

15.2

31.6

(14.8)

31.7



21.3

15.6

(18.6)

(1.8)

13.7

19.8

11.0

(60.9)

11.1



7.5%



2011



20.1

46.6

13.7

18.3

9.0

9.4

5.2

6.9

n.a.

13.1



9.4%



2012



29.9

181.6

867.3

(38.8)

215.1

239.4

203.9

(171.1)

199.7



(28.4)

132.9

9.5

2.1

1.4

5.8

(4.6)

55.5

(84.0)

(5.6)



9.6%



2010



Percentage Change



Starbucks Corporation Common-Size and Percentage Change Income Statements (allow for rounding)

(Integrative Case 1.1)



Exhibit 1.30



Nike: Somewhere between a Swoosh and a Slam Dunk

81



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



82



CHAPTER 1



Overview of Financial Reporting, Financial Statement Analysis, and Valuation



dominant market position, which results in part from continual innovation in product development. Proponents of the fashion view point to the difficulty of protecting technological

improvements from competitor imitation, the large portion of total expenses comprising advertising, the role of sports and other personalities in promoting athletic shoes, and the fact that a

high percentage of athletic footwear and apparel consumers use the products for casual wear

rather than the intended athletic purposes (such as playing basketball or running).



Growth

There are only modest growth opportunities for footwear and apparel in the United States. Concern exists with respect to volume increases (how many pairs of athletic shoes will consumers

tolerate in their closets) and price increases (will consumers continue to pay prices for innovative athletic footwear that is often twice as costly as other footwear).

Athletic footwear companies have diversified their revenue sources in two directions in recent

years. One direction involves increased emphasis on international sales. With dress codes becoming more casual in Europe and East Asia and interest in American sports such as basketball

becoming more widespread, industry analysts view international markets as the major growth

markets during the next several years. Increased emphasis on soccer (European football) in the

United States aids companies such as Adidas that have reputations for quality soccer footwear.

The second direction for diversification is sports and athletic apparel. The three leading athletic footwear companies capitalize on their brand name recognition and distribution channels

to create a line of sportswear that coordinates with their footwear. Team uniforms and matching apparel for coaching staffs and fans have become a major growth avenue. For example, to

complement Nike’s footwear sales, Nike acquired Umbro, a major brand-name line of jerseys,

shorts, jackets, and other apparel in the soccer market.



Production

Essentially all athletic footwear and most apparel are produced in factories in Asia, primarily

China (40%), Indonesia (31%), Vietnam, South Korea, Taiwan, and Thailand. The footwear companies do not own any of these manufacturing facilities. They typically hire manufacturing representatives to source and oversee the manufacturing process, helping to ensure quality control

and serving as a link between the design and the manufacture of products. The manufacturing

process is labor-intensive, with sewing machines used as the primary equipment. Footwear

companies typically price their purchases from these factories in U.S. dollars.



Marketing

Athletic footwear and sportswear companies sell their products to consumers through various

independent department, specialty, and discount stores. Their sales forces educate retailers on

new product innovations, store display design, and similar activities. The market shares of Nike

and the other major brand-name producers dominate retailers’ shelf space, and slower growth

in sales makes it increasingly difficult for the remaining athletic footwear companies to gain

market share. The slower growth also has led the major companies to increase significantly their

advertising and payments for celebrity endorsements. Many footwear companies, including

Nike, have opened their own retail stores, as well as factory outlet stores for discounted sales of

excess inventory.

Athletic footwear and sportswear companies have typically used independent distributors

to market their products in other countries. With increasing brand recognition and anticipated

growth in international sales, these companies have recently acquired an increasing number of

their distributors to capture more of the profits generated in other countries and maintain better control of international marketing.



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



Nike: Somewhere between a Swoosh and a Slam Dunk



83



Financing

Compared to other apparel firms, the athletic footwear firms generate higher profit margins

and rates of return. These firms use cash flow generated from this superior profitability to

finance needed working capital investments (receivables and inventories). Long-term debt

tends to be relatively low, reflecting the absence of significant investments in manufacturing

facilities.



Nike Strategy

Nike targets the serious athlete with performance-driven footwear and athletic wear, as well as

the recreational athlete. The firm has steadily expanded the scope of its product portfolio from

its primary products of high-quality athletic footwear for running, training, basketball, soccer,

and casual wear to encompass related product lines such as sports apparel, bags, equipment,

balls, eyewear, timepieces, and other athletic accessories. In addition, Nike has expanded its

scope of sports, now offering products for swimming, baseball, cheerleading, football, golf, lacrosse, tennis, volleyball, skateboarding, and other leisure activities. In recent years, the firm has

emphasized growth outside the United States. Nike also has grown by acquiring other apparel

companies, including Cole Haan (dress and casual footwear), Converse (athletic and casual

footwear and apparel), Hurley (apparel for action sports such as surfing, skateboarding, and

snowboarding), and Umbro (footwear, apparel, and equipment for soccer). The firm sums up

the company’s philosophy and driving force behind its success as follows:

Nike designs, develops, and markets high quality footwear, apparel, equipment and

accessory products worldwide. We are the largest seller of athletic footwear and apparel

in the world. Our strategy is to achieve long-term revenue growth by creating innovative, ‘‘must-have’’ products; building deep, personal consumer connections with our

brands; and delivering compelling retail presentation and experiences.

To maintain its technological edge, Nike engages in extensive research at its research facilities in Beaverton, Oregon. It continually alters its product line to introduce new footwear, apparel, equipment, and evolutionary improvements in existing products.

Nike maintains a reputation for timely delivery of footwear products to its customers, primarily as a result of its ‘‘Futures’’ ordering program. Under this program, retailers book orders

five to six months in advance. Nike guarantees delivery of the order within a set time period at

the agreed price at the time of ordering. Approximately 89% of the U.S. footwear orders

received by Nike during 2009 came through its Futures program. This program allows the company to improve production scheduling, thereby reducing inventory risk. However, the program

locks in selling prices and increases Nike’s risk of increased raw materials and labor costs. Independent contractors manufacture virtually all of Nike’s products. Nike sources all of its footwear

and approximately 95% of its apparel from other countries.

The following exhibits present information for Nike:

Exhibit 1.31: Consolidated balance sheets for 2007, 2008, and 2009

Exhibit 1.32: Consolidated income statements for 2007, 2008, and 2009

Exhibit 1.33: Consolidated statements of cash flows 2007, 2008, and 2009

Exhibit 1.34: Excerpts from the notes to Nike’s financial statements

Exhibit 1.35: Common-size and percentage change income statements

Exhibit 1.36: Common-size and percentage change balance sheets



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



84



CHAPTER 1



Overview of Financial Reporting, Financial Statement Analysis, and Valuation



Exhibit 1.31

Consolidated Balance Sheet for Nike, Inc.

(amounts in millions)

(Case 1.2)

As of Fiscal Year-End May 31

ASSETS

Current Assets

Cash and equivalents

Short-term investments

Accounts receivable

Inventories

Prepaid expenses and other assets

Deferred income taxes, net

Total Current Assets

Property and equipment, gross

Accumulated depreciation

Property and equipment, net

Identifiable intangible assets

Goodwill

Deferred income taxes and other assets

Total Assets

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities

Current portion of long-term debt

Notes payable

Accounts payable

Accrued liabilities

Income taxes payable

Total Current Liabilities

Long-term debt

Deferred taxes and other long-term liabilities

Total Liabilities

Redeemable preferred stock

Common Shareholders’ Equity

Common stock

Capital in excess of stated value

Retained earnings

Accumulated other comprehensive income

Total Common Shareholders’ Equity

Total Liabilities and Shareholders’ Equity



2007



2008



2009



$ 1,856.7

990.3

2,494.7

2,121.9

393.2

219.7

$ 8,076.5

$ 3,619.1

(1,940.8)

$ 1,678.3

409.9

130.8

392.8

$10,688.3



$ 2,133.9

642.2

2,795.3

2,438.4

602.3

227.2

$ 8,839.3

$ 4,103.0

(2,211.9)

$ 1,891.1

743.1

448.8

520.4

$12,442.7



$ 2,291.1

1,164.0

2,883.9

2,357.0

765.6

272.4

$ 9,734.0

$ 4,255.7

(2,298.0)

$ 1,957.7

467.4

193.5

897.0

$13,249.6



$



30.5

100.8

1,040.3

1,303.4

109.0

$ 2,584.0

409.9

668.7

$ 3,662.6

$

0.3



$



6.3

177.7

1,287.6

1,761.9

88.0

$ 3,321.5

441.1

854.5

$ 4,617.1

$

0.3



$



32.0

342.9

1,031.9

1,783.9

86.3

$ 3,277.0

437.2

842.0

$ 4,556.2

$

0.3



2.8

1,960.0

4,885.2

177.4

$ 7,025.4

$10,688.3



2.8

2,497.8

5,073.3

251.4

$ 7,825.3

$12,442.7



2.8

2,871.4

5,451.4

367.5

$ 8,693.1

$13,249.6



Source: Nike, Inc., Form 10-K for the Fiscal Year ended May 31, 2009.



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



85



Nike: Somewhere between a Swoosh and a Slam Dunk



Exhibit 1.32

Consolidated Income Statement for Nike, Inc.

(amounts in millions except per share figures)

(Case 1.2)

Fiscal Years Ended May 31

Revenues

Cost of sales

Gross Profit

Selling and administrative expenses

Restructuring charges

Goodwill impairment

Intangible and other asset impairment

Other income (expenses)

Operating Income

Interest and other income

Interest expense

Income before income taxes

Provision for income taxes

Net Income

Net income per share

Basic

Diluted



2007



2008



2009



$16,325.9

(9,165.4)

$ 7,160.5

(5,028.7)







0.9

$ 2,132.7

116.9

(49.7)

$ 2,199.9

(708.4)

$ 1,491.5



$ 18,627.0

(10,239.6)

$ 8,387.4

(5,953.7)







(7.9)

$ 2,425.8

115.8

(38.7)

$ 2,502.9

(619.5)

$ 1,883.4



$ 19,176.1

(10,571.7)

$ 8,604.4

(6,149.6)

(195.0)

(199.3)

(202.0)

88.5

$ 1,947.0

49.7

(40.2)

$ 1,956.5

(469.8)

$ 1,486.7



$

$



$

$



$

$



2.96

2.93



3.80

3.74



3.07

3.03



Source: Nike, Inc., Form 10-K for the Fiscal Year ended May 31, 2009.



REQUIRED

Study the financial statements and notes for Nike and respond to the following questions.

Income Statement

a. Identify the time at which Nike recognizes revenues. Does this timing of revenue recognition seem appropriate? Explain.

b. Identify the cost-flow assumption(s) that Nike uses to measure cost of goods sold. Does

Nike’s choice of cost-flow assumption(s) seem appropriate? Explain.

c. Nike reports property, plant, and equipment on its balance sheet and discloses the

amount of depreciation for each year in its statement of cash flows. Why doesn’t depreciation expense appear among its expenses on the income statement?

d. Identify the portion of Nike’s income tax expense of $469.8 million for 2009 that is currently payable to governmental entities and the portion that is deferred to future years.

Why is the amount currently payable to governmental entities in 2009 greater than the

income tax expense?



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



86



CHAPTER 1



Overview of Financial Reporting, Financial Statement Analysis, and Valuation



Exhibit 1.33

Consolidated Statement of Cash Flows for Nike

(amounts in millions)

(Case 1.2)

Fiscal Years Ended May 31



2007



2008



2009



OPERATING ACTIVITIES:

Net income

Depreciation

Deferred income taxes, net

Stock-based compensation

Impairments of goodwill, intangibles and other assets

Gain on divestiture

Amortization and other

Changes in operating assets and liabilities:

Increase in accounts receivable

Decrease (Increase) in inventories

Decrease (Increase) in prepaid expenses

(Decrease) Increase in payables and accrued liabilities

Cash Provided by Operations



$ 1,491.5

269.7

34.1

147.7





0.5



$ 1,883.4

303.6

(300.6)

141.0



(60.6)

17.9



$1,486.7

335.0

(294.1)

170.6

401.3



48.3



(39.6)

(49.5)

(60.8)

85.1

$ 1,878.7



(118.3)

(249.8)

(11.2)

330.9

$ 1,936.3



(238.0)

32.2

14.1

(220.0)

$1,736.1



INVESTING ACTIVITIES:

Purchases, sales, maturities of investment securities

Net additions to property, plant and equipment

Acquisition of subsidiary, net of cash acquired

Proceeds from divestiture

Other investing activities

Cash Used in (provided by) Investing Activities



$ 382.4

(285.2)





(4.3)

$

92.9



$ 380.4

(447.3)

(571.1)

246.0

(97.8)

$ (489.8)



$ (518.7)

(423.7)





144.3

$ (798.1)



$



$



$ 177.1

(6.8)

186.6

25.1

(649.2)

(466.7)

$ (733.9)

$ (46.9)

$ 157.2

2,133.9

$2,291.1



FINANCING ACTIVITIES:

Proceeds from notes payable

Net (payments on) proceeds from long-term debt

Proceeds from exercise of stock options

Excess tax benefit from exercise of stock options

Repurchases of common equity shares

Dividends—common and preferred

Cash Used by Financing Activities

Effects of exchange rate changes on cash

Net Change in Cash and Cash Equivalents

Beginning Cash and Cash Equivalents

Ending Cash and Cash Equivalents



52.6

(213.9)

322.9

55.8

(985.2)

(343.7)

$(1,111.5)

$

42.4

$ 902.5

954.2

$ 1,856.7



63.7

(35.2)

343.3

63.0

(1,248.0)

(412.9)

$(1,226.1)

$

56.8

$ 277.2

1,856.7

$ 2,133.9



Source: Nike, Inc., Form 10-K for the Fiscal Year ended May 31, 2009.



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



87



Nike: Somewhere between a Swoosh and a Slam Dunk



Exhibit 1.34

Excerpts from Notes to Consolidated Financial Statements for Nike

(amounts in millions)

(Case 1.2)

Summary of Significant Accounting Policies

Recognition of Revenues: Nike recognizes wholesale revenues when the risks and rewards of ownership have

passed to the customer, based on the terms of sale. This occurs upon shipment or upon receipt by the

customer depending on the country of the sale and the agreement with the customer. Nike recognizes

revenue at time of retail sales to its customers. Provisions for sales discounts and returns are made at the

time of sale.

Allowance for Uncollectible Accounts Receivable: Accounts receivable consists principally of amounts receivable

from customers. Nike makes ongoing estimates relating to the collectability of our accounts receivable and

maintains an allowance for estimated losses resulting from the inability of our customers to make required

payments. The allowance for uncollectible accounts receivable was $110.8 million and $78.4 million at May

31, 2009 and 2008, respectively.

Inventory Valuation: Inventories appear at lower of cost or market. Nike determines cost using the first-in,

first-out (FIFO) method.

Property, Plant and Equipment and Depreciation: Property, plant and equipment are recorded at acquisition

cost. Nike computes depreciation using the straight-line method. Estimated useful lives are over 2 to 40

years for buildings and leasehold improvements; over 2 to 15 years for machinery and equipment; and over

3 to 10 years for computer software.

Identifiable Intangible Assets and Goodwill: This account represents the excess of the purchase price of

acquired businesses over the market values of identifiable net assets, net of amortization to date on assets

with limited lives.

Foreign Currency Translation: Adjustments resulting from translating foreign functional currency financial

statements into U.S. dollars and gains and losses from derivatives that Nike uses to hedge changes in

exchange rate are included in accumulated other comprehensive income.

Income Taxes: Nike provides deferred income taxes for temporary differences between income before taxes for

financial reporting and tax reporting. Income tax expense includes the following:



Currently Payable

Deferred

Income Tax Expense



2007



2008



2009



$674.1

34.3

$708.4



$ 920.1

(300.6)

$ 619.5



$ 763.9

(294.1)

$ 469.8



Stock Repurchases: Nike repurchases outstanding shares of its common stock each year and retires them. Any

difference between the price paid and the book value of the shares appears as an adjustment of retained

earnings.

Source: Nike, Inc., Form 10-K for the Fiscal Year ended May 31, 2009.



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



2007

100.0%

(56.1)

43.9%

(30.8)

0.0

0.0

0.0

0.0

13.1%

0.7

(0.3)

13.5%

(4.4)

9.1%



Fiscal Years Ended May 31



Revenues

Cost of sales

Gross Profit

Selling and administrative expenses

Restructuring charges

Goodwill impairment

Intangible and other asset impairment

Other income (expenses)

Operating Income

Interest and other income

Interest expense

Income before income taxes

Provision for income taxes

Net Income

100.0%

(55.0)

45.0%

(32.0)

0.0

0.0

0.0

0.0

13.0%

0.6

(0.2)

13.4%

(3.3)

10.1%



2008

100.0%

(55.1)

44.9%

(32.1)

(1.0)

(1.0)

(1.1)

0.5

10.2%

0.3

(0.2)

10.3%

(2.5)

7.8%



2009



Common-Size Income Statements



14.1%

11.7

17.1

18.4

n.m.

n.m.

n.m.

n.m.

13.7

(0.9)

(22.1)

13.8

(12.5)

26.3



2008

2.9%

3.2

2.6

3.3

n.m.

n.m.

n.m.

n.m.

(19.7)

(57.1)

3.9

(21.8)

(24.2)

(21.1)



2009



8.4%

7.4

9.6

10.6

n.m.

n.m.

n.m.

n.m.

(4.5)

(34.8)

(10.1)

(5.7)

(18.6)

(0.2)



Compound

Growth



Percentage Change Income Statements



Common-Size and Percentage Change Income Statements for Nike

(Case 1.2)



Exhibit 1.35



88

CHAPTER 1

Overview of Financial Reporting, Financial Statement Analysis, and Valuation



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



2007



17.4%

9.3

23.3

19.9

3.7

2.0

75.6%

33.9%

(18.2)

15.7%

3.8

1.2

3.7

100.0%



As of Fiscal Year End May 31



ASSETS

Current Assets

Cash and equivalents

Short-term investments

Accounts receivable

Inventories

Prepaid expenses and other assets

Deferred income taxes, net

Total Current Assets

Property and equipment, gross

Accumulated depreciation

Property and equipment, net

Identifiable intangible assets

Goodwill

Deferred income taxes and other assets

Total Assets

17.1%

5.2

22.5

19.6

4.8

1.8

71.0%

33.0%

(17.8)

15.2%

6.0

3.6

4.2

100.0%



2008



17.3%

8.8

21.8

17.8

5.8

2.0

73.5%

32.1%

(17.3)

14.8%

3.5

1.4

6.8

100.0%



2009



Common-Size Balance Sheets



14.9%

(35.2)

12.0

14.9

53.2

3.4

9.4

13.4

14.0

12.7

81.3

243.1

32.5

16.4



2008



7.4%

81.3

3.2

(3.3)

27.1

19.9

10.1

3.7

3.9

3.5

(37.1)

(56.9)

72.4

6.5



2009



(Continued )



11.1%

8.4

7.5

5.4

39.5

11.3

9.8

8.4

8.8

8.0

6.8

21.6

51.1

11.3



Compound

Growth



Percentage Change Balance Sheets



Common-Size and Percentage Change Balance Sheets for Nike

(Case 1.2)



Exhibit 1.36



Nike: Somewhere between a Swoosh and a Slam Dunk

89



Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has

deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.



Tài liệu bạn tìm kiếm đã sẵn sàng tải về

Case 1.2: Nike: Somewhere between a Swoosh and a Slam Dunk

Tải bản đầy đủ ngay(0 tr)

×