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HERSHEY FOODS COMPANY STEPHANIE BLAINE ACG2021.080

Annual Report. HERSHEY FOODS COMPANY STEPHANIE BLAINE ACG2021.080. Executive Summary. Chocolate sales are doing well. Hershey is in a good position globally. Hershey Food sales will be going up in the future. Cash is flowing properly. Introduction. Richard H. Lenny Chief Executive Officer

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HERSHEY FOODS COMPANY STEPHANIE BLAINE ACG2021.080

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  1. Annual Report HERSHEY FOODS COMPANYSTEPHANIE BLAINE ACG2021.080

  2. Executive Summary Chocolate sales are doing well. Hershey is in a good position globally. Hershey Food sales will be going up in the future. Cash is flowing properly.

  3. Introduction Richard H. Lenny Chief Executive Officer Hershey, Pennsylvania DECEMBER 31, 2003 Hershey’s Chocolate*Almond Joy*Mounds*Cadbury Crème Eggs*Hershey’s Kisses Reeses*Whoppers*Hugs*Kit Kat*Jolly Rancher WORLDWIDE

  4. Audit Report Independent Auditors KPMG LLP 345 Park Avenue New York, NY 10017

  5. Stock Market Information • Stock price for February 19, 2004: $80.09 • Twelve month trading range of the company’s stock: $64.05 (3/03)- $77.40 (11/03) • Dividends were declared on October 7,2003 and February 17,2004 at $0.395 per share. • Hold on to your investments. The market is slowly rising.

  6. Industry Situation and Company Plans Hershey Foods’ goal is to have the #1 position in the North American confectionary market. Hershey wants to lead in the United States chocolate related grocery products.

  7. Income Statement Hershey Foods Corporation uses a single-step format There has been decreases this year due to returns, discounts, and allowances, plus customer bankruptcies and closings

  8. Balance Sheet Liabilities have not changed much while Stockholder’s Equity increased a lot, making Assets bigger.

  9. Statement of Cash Flows Cash flows from operations are more than net income for the past two years. The company is growing through investing activities, like new software programs. What is the company’s primary source of financing is through stock sales. Overall, has cash decreased over the past year, while 2001 increased from 2000.

  10. Accounting Policies Principles of Consolidation Use of Estimates Revenue Recognition Cash Equivalents Commodities Futures Contracts Property, Plant and Equipment

  11. Financial AnalysisLiquidity Ratios For the past two years: 20022001 • Working Capital $716,772 $561,097 • Current Ratio2.31 1.925 • Receivable turnover445 times 230 times • Average days’ sales uncollected 8% 158% • Inventory turnover 387 times 40times • Average days’ inventory on hand 94% 912.5%

  12. Financial AnalysisProfitability Ratios For the past two years: 20022001 • Profit margin (on every dollar)$0.097 $0.056 • Asset turnover 1.18 1.28 • Return on assets .116 .064 • Return on equity .294 .181

  13. Financial AnalysisSolvency Ratio For the past two years: 20022001 • Debt to equity 1.537 1.831

  14. Financial AnalysisMarket Strength Ratios For the past two years:20022001 • Price/earnings per share $2.96 $1.52 • Dividend yield $2.93 $1.50

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