Financial statement analysis and comprehensive budget plan

Question #1
Review this financial statement information and perform all relevant ratios analysis together with supporting narrative explaining their relevance to your analysis. Include extensive table and chart building in the Excel workbook. Display all financial information according to conventional accounting and finance convention.
Key Financial Indicators
$ Millions 2001 2002 2003 2004
Total revenues 4,825 4,275 3,882 3,781
Operating revenues 806 746 643 688
Cash earnings 416 452 382 454
Net earnings 1,004 170 130 163
Dividends 129 142 143 140
Shareholders’ equity 4,900 4,600 4,066 3,957
Guarantee capital 5,678 5,330 4,653 4,398
Number of common shares outstanding (millions) 238 248 250 254

Ratios 2001 2002 2003 2004
Operating income: total revenues (%) 16.7 17.4 16.6 18.4
EBITDA: Net Interest 4.1 5.6 5.7 6.6
Net earnings: shareholders’ equity (%) 23.0 3.5 3.0 4.1

Business 2001/2004
$ Million
2001 2002 2003 2004
Marketing Information
Revenues 1,664 1,881 1,765 1,818
Operating Income 240 258 193 213
Book Assets 3414 3036 2960
ROS 14.4% 13.7% 10.9% 11.7%
ROBA 7.6% 6.4% 7.2%

$ Million
Media Measurement and Information 2001 2002 2003 2004
Revenues 992 1032 929 939
Operating Income 168 188 197 214
Book Assets 5,372 3,411 2,806 2,583
ROS 16.9% 18.2% 21.2% 22.8%
ROBA N/A 5.5% 7.0% 8.3%

$ Million
Business Information 2001 2002 2003 2004
Revenue 926 775 636 610
Operating Income 112 107 95 98
Book Assets N/A N/A 972 873
ROS 12.1% 13.8% 14.9% 16.1%
ROBA` N/A N/A 9.8% 11.2%

Financial performance by regions 2004
$ Million
Geography Revenues % Operating Income % ROS
Americas 2,040 54 234 34 11%
Europe, Middle East and Africa 1,447 38 420 61 29%
Asia Pacific 294 8 34 5 12%
Question #2
Comprehensive budget plan. Boards, Inc., manufacturer of snow boards, decided on October Year 1 that it needed cash to continue operations. It began negotiating for a month bank loan of $100,000 starting November 1 Year 1. The bank would charge interest at the rate of 1 percent per month and require the company to repay interest and principal on November 30 Year 1. In considering the loan, the bank requested a projected income statement and cash budget for November.
The following information is available
a) The company budgeted sales at 2,000 units per month in October Year 1, December Year 1, and January Year 2 and at 3,000 units in November Year 1. The selling price to distributors is $100 per unit.
b) The inventory of finished goods on October 1 was 24,000 units. The number of units of finished goods inventory at the end of each month equals 20 percent of unit sales anticipated for the following month. There is no work in process.
c) The company purchases materials, so it has no raw materials.
d) Selling expenses are 10 percent of gross sales. Administrative expenses, which include depreciation of $500 per month on office furniture and fixtures, total $33,000 per month.
e) The manufacturing budget for snow boards, based on normal production of 2,000 units per month, follows:
Materials…………………………………………………………………………. $80,000
Labor…………………………………………………………………………….. 20,000
Variable Overhead………………………………………………………………. 10,000
Fixed Overhead (Includes depreciation of $14,000)…………………………… 60,000
Total………………………………………………………………………………. $170,000
a) How much is the expected production in units for October, November and December?
b) Prepare a projected income statement for November

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