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Chapter 9

Chapter 9. Prepared by: Nir Yehuda With contributions by Stephen H. Penman – Columbia University Peter D. Easton and Gregory A. Sommers - Ohio State University Luis Palencia – University of Navarra, IESE Business School. What you will learn from this chapter.

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Chapter 9

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  1. Chapter 9 Prepared by: Nir Yehuda With contributions by Stephen H. Penman – Columbia University Peter D. Easton and Gregory A. Sommers - Ohio State University Luis Palencia – University of Navarra, IESE Business School

  2. What you will learn from this chapter • Why reformulated income statements and balance sheets are desirable • How knowledge of the business is incorporated in reformulated statements • How operating and financing components of the two statements are identified • What assets and liabilities typically fall into operating and financing categories • Why income taxes are allocated to different parts of the income statement • What balance sheet and income statement ratios reveal

  3. Analysis of Balance Sheet and Income Statement: the Steps • Reformulate to distinguish between operating and financing activities • Carry out common size and trend analysis • Calculate balance sheet and income statement ratios

  4. The Standard Balance Sheet

  5. The Reformulated Balance Sheet

  6. Issues in Reformulating Balance Sheets • Cash: working cash and excess cash • Short term notes receivable: trade receivables? • Finance receivables: an operating asset • Debt investments: financial assets • Short-term equity investments: excess cash? • Short-term notes payable: trade notes? • Leases • Deferred tax assets and liabilities: operating • Deferred revenues and accrued expenses • Minority interest: not a financial obligation • For financial firms, many “financial items” are operating assets and liabilities

  7. Nike, Inc.: GAAP Balance Sheet ---------------------------------------------- MAY 31, 1996 1995 1994 ---------- ---------- ---------- (in thousands) ASSETS Current Assets: Cash and equivalents $ 262,117 $ 216,071 $518,816 Accounts receivable, less allowance for doubtful accounts of $43,372 and $32,663 1,346,125 1,053,237 703,592 Inventories (Note 2) 931,151 629,742 470,023 Deferred income taxes (Note 6) 93,120 72,657 37,603 Prepaid expenses 94,427 74,221 40,307 Total current assets 2,726,940 2,045,928 1,770,431 Property, plant and equipment, net (Notes 3 and 5) 643,459 554,879 405,845 Identifiable intangible assets and goodwill (Note 1) 474,812 495,907 163,036 Deferred income taxes and other assets 106,417 46,031 34,503 Total assets$3,951,628 $3,142,745 $2,373,815

  8. Nike, Inc.: GAAP Balance Sheet ---------------------------------------------- MAY 31, 1996 1995 1994 ---------- ---------- ---------- (in thousands) LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt (Note 5) $ 7,301 $ 31,943 $3,857 Notes payable (Note 4) 445,064 397,100 127,378 Accounts payable (Note 4) 455,034 297,656 210,576 Accrued liabilities 480,407 345,224 181,889 Income taxes payable 79,253 35,612 38,287 Total current liabilities 1,467,059 1,107,535 561,987 Long-term debt (Notes 5 and 13) 9,584 10,565 12,364 Deferred income taxes (Note 6) 1,883 17,789 18,228 Other liabilities (Note 1) 41,402 41,867 39,987 Commitments and contingencies (Notes 11 and 14) -- -- -- Redeemable Preferred Stock (Note 7) 300 300 300 Shareholders' equity (Note 8): Common Stock at stated value: Class A convertible 51,120, and 51,790 shares outstanding 153 155 159 Class B 92,509 and 91,100 shares outstanding 2,702 2,698 2,704 Capital in excess of stated value 154,833 122,436 108,284 Foreign currency translation adjustment (16,501) 1,585 (15,123) Retained earnings 2,290,213 1,837,815 1,644,925 Total shareholders' equity2,431,400 1,964,689 1,740,949 Total liabilities and shareholders' equity$3,951,628 $3,142,745 $2,373,815 Notes refer to notes to the published financial statements. Refer to the 1996 10K

  9. Nike, Inc.: Reformulated Balance Sheet

  10. Reebok: GAAP Balance Sheet

  11. Reebok: GAAP Balance Sheet (Cont.)

  12. Reebok: Reformulated Balance Sheet

  13. Microsoft Corporation: Reformulated Balance Sheet

  14. The Standard Income Statement

  15. The Reformulated Income Statement

  16. In the income statement only one tax number is reported: It must be allocated to the operating and financial components to put both on an after-tax basis First, calculate the tax benefit (tax shield) provided by deducting interest expense where t is the marginal (not effective) tax rate From the operating income deduct both the total tax and the tax shield, to capture what the operating income would have been if there had been no financing activities To the net financial expense add the tax shield, because its net effect is attributable to the financing activities The Allocation of Taxes

  17. Nike, Inc. : GAAP Income Statements

  18. Nike, Inc.: Reformulated Income Statements 1 Broken out from selling and administrative expenses in published income statement. 2 Included in “other expense” in income statement. The nonrecurring charges in 1995 and 1994 relate to shutdown of certain facilities. 3 Tax rate was 38.5%, 38.5% and 39.1% in 1996, 1995 and 1994, respectively.

  19. Reebok: GAAP Income Statements

  20. Reebok: Reformulated Income Statements 1 Broken out from selling and administrative expenses in published income statement. 2 The charge in 1995 is due to consolidation and streamlining of facilities and to the sale of the Avia subsidiary. 3 Tax rate was 35.4%, 36.2% and 36.9% for 1996, 1995 and 1994, respectively.

  21. Track Nike on BYOAP

  22. Microsoft Corporation: GAAP Income Statements

  23. Microsoft Corporation: Reformulated Income Statements 1 Included in investment income is the GAAP statement; details from footnotes. 2 Losses on investments draw a tax deduction. 3 Interest income is included in investment income in the GAAP statement. 4 With net financing income, financing activities draw further taxes rather than a tax benefit.

  24. Comparative Analysis • Comparison to other firms is called cross-sectional analysis • Comparison to a firm’s own history is called time-series analysis • Common size analysis gives a ready comparison: • The Balance Sheet • Operating items / Totals • Financing items / Totals • The Income Statement • Operating items / Total revenues • Financing items / Total revenues

  25. Common Size Analysis : Nike and Reebok Income Statements

  26. Common Size Analysis: Nike and Reebok Balance Sheets

  27. Trend Analysis: Nike, Inc.

  28. Revenue composition ratios Operating Revenue Composition Ratio: Financial Income Composition Ratio: Profit margin ratios Operating Profit Margin: Sales Profit Margin: Other Items Profit Margin: Income Statement Ratios

  29. Profit Margin Ratios (cont.) Financial Income Contribution Ratio: Net Income Profit Margin Expense Ratios Expense Ratio 1 - Sales PM = Sum of Expense Ratios Income Statement Ratios (cont.)

  30. Composition Ratios Operating Asset Composition Ratio Operating Liability Composition Ratio Financial Asset Composition Ratio Financial Liability Composition Ratio Balance Sheet Ratios

  31. Balance Sheet Leverage Ratios • Financial Leverage Ratios • Capitalization Ratio: • Financial Leverage Ratio (FLEV) It is always the case that Capitalization Ratio - Leverage Ratio = 1.0 • Operating Liability Leverage Ratio • Operating Liability Leverage (OLLEV) =

  32. Growth Ratios

  33. Summary Profitability Measures Operating Profitability: Financing Profitability: All measures are after tax.

  34. Financial Statement Analysis Procedures • Reformulate the statement of stockholders’ equity on clean surplus basis (Chapter 8) • Calculate comprehensive rate of return on common equity, ROCE, from reformulated statement of common stockholders’ equity (Chapter 8) • Reformulate the balance sheet to distinguish operating and financial assets and obligations • Reformulate the income statement on clean surplus basis and distinguish operating and financing income • Compare reformulated balance sheets and income statements with reformulated statements of comparison firms, and over time, with a common size analysis and a trend analysis • Calculate balance sheet and income statement ratios • Carry out the analysis of ROCE: Chapter 11 • Carry out the analysis of growth: Chapter 12

  35. Appendix Additional Examples of Reformulated Statements Follow

  36. January 2 January 2 • 19991998 • ASSETS • Current Assets • Cash and equivalents $ 63,208 $ 124,094 • Accounts receivable, less allowances 705,734 587,934 • Inventories 954,007 774,755 • Deferred income taxes 99,608 94,750 • Other current assets 25,595 19,933 • Total current assets 1,848,152 1,601,466 • Property, plant and equipment 776,091 705,990 • Intangible assets 951,562 814,332 • Other assets 260,861 200,994 • $3,836,666 $3,322,782 • ========== ========== • LIABILITIES AND SHAREHOLDERS' EQUITY • Current Liabilities • Short-term borrowings $ 244,910 $ 24,191 • Current portion of long-term debt 969 450 • Accounts payable 341,126 301,103 • Accrued liabilities 446,001 440,164 • Total current liabilities 1,033,006 765,908 • Long-term debt 521,657 516,226 • Other liabilities 181,750 143,813 • Redeemable preferred stock 54,344 56,341 • Deferred contribution to ESOP (20,399) (26,275) • Total liabilities 1,770,358 1,456,013 • Common Shareholders' Equity • Common stock 119,466 121,225 • Additional paid-in capital 801,511 744,108 • Accumulated other comprehensive income (25,639) (36,110) • Retained earnings 1,170,970 1,037,546 • Total shareholders’ equity 2,066,308 1,866,769 • $3,836,666 $3,322,782 • ========== ========== VF Corporation 1998 Reported Balance Sheet S O O O O O O O F F O O F O F O

  37. January 2 January 2 • 19991998 • OPERATING ASSETS • Cash $ 15,000 $ 12,000 • Accounts receivable, less allowances 705,734 587,934 • Inventories 954,007 774,755 • Other current assets 25,595 19,933 • Property, plant and equipment 776,091 705,990 • Goodwill (intangible assets) 951,562 814,332 • Deferred income tax asset 200,795 180,469 • Pension asset 35,164 27,713 • Other assets 124,510 87,562 • Deferred ESOP contributions 20,399 26,275 • Operating assets 3,808,857 3,236,963 • OPERATING LIABILITIES • Accounts payable 341,126 301,103 • Accrued liabilities 446,001 440,164 • Other liabilities 181,750 143,813 • Operating liabilities 968,877 885,080 • NET OPERATING ASSETS (NOA) 2,839,980 2,351,883 • NET FINANCIAL OBLIGATIONS (NFO) • Short-term borrowings $ 244,910 $ 24,191 • Current portion of long-term debt 969 450 • Long-term debt 521,657 516,226 • Preferred stock 54,344 56,341 • Cash and equivalents (48,208) (112,094) • 773,672 485,114 • COMMON SHAREHOLDERS’ EQUITY $2,066,308 $1,866,769 • ========== ========== VF Corporation 1998 Reformulated Balance Sheet

  38. VF Corporation 1998 Reported Income Statement FISCAL YEAR ENDED JANUARY 2 JANUARY3 19991998 NET SALES $5,478,807 $5,222,246 COSTS AND OPERATING EXPENSES Cost of products sold 3,586,686 3,440,611 Marketing, administrative & general expenses 1,198,854 1,175,598 Other operating expense 9,098 964 4,794,638 4,617,173 OPERATING INCOME 684,169 605,073 OTHER INCOME (EXPENSE) Interest income 6,411 23,818 Interest expense (62,282) (49,695) Miscellaneous, net 3,300 6,684 (52,571) (19,193) INCOME BEFORE INCOME TAXES 631,598 585,880 INCOME TAXES 243,292 234,938 NET INCOME 388,306 350,942 OTHER COMPREHENSIVE INCOME Foreign currency translation 10,471 (42,538) COMPREHENSIVE INCOME $ 398,777 $ 308,404 ========== ========== O O O O F F O S O

  39. VF Corporation 1998 Reformulated Income Statement FISCAL YEAR ENDED JANUARY 2 JANUARY3 19991998 Net sales $5,478,807 $5,222,246 Cost of products sold (3,586,686) (3,440,611) Gross margin 1,892,121 1,781,635 Miscellaneous income 3,300 6,684 1,895,421 1,788,319 Advertising expense 287,500 309,300 Administrative and general expense 911,354 866,298 Other expense 9,098(1,207,952) 964(1,176,562) 687,469 611,757 Tax benefit on preferred dividends to ESOP 568 700 Foreign currency translation adjustment 10,471 (42,538) Operating income before tax 698,508 569,919 Tax reported 243,292 234,938 Tax benefit of debt 21,231 264,523 9,833 244,771 Operating income after tax 433,985 325,148 Net financial expense Interest expense 62,282 49,695 Interest income (6,411) (23,818) Net interest before tax 55,871 25,877 Tax benefit of debt (38%) (21,231) (9,833) Net interest after tax 34,640 16,044 Preferred dividends 3,717 3,804 Preferred stock redemption loss 2,763 41,120 1,855 21,703 Comprehensive income (available to common) $ 392,862 $ 303,445 ========== ==========

  40. Genentech, Inc. 1995 Reported Balance Sheet 19951994 ASSETS: Current assets Cash and cash equivalents $ 137,043 $ 66,713 Short-term investments 603,296 652,461 Accounts receivable (less allowances) 172,160 146,267 Inventories 93,648 103,200 Prepaid expenses & other current assets 39,267 28,475 Total current assets 1,045,414 997,116 Long-term marketable securities 356,475 201,726 Property, plant and equipment, at cost: Land 57,313 55,998 Buildings 258,717 245,871 Equipment 383,387 331,392 Leasehold improvements 12,508 11,988 Construction in progress 60,480 55,299 Less accumulated depreciation (268,751) (215,255) Net property, plant and equipment 503,654 485,293 Other assets 105,452 60,989 Total assets $2,010,995 $1,745,124 ========== ========== S F O O O F O O O O O O O Logo used with permission of Genetech, Inc.

  41. Genentech, Inc. 1995 Reported Balance Sheet 19951994 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 37,101 $ 30,963 Accrued compensation 36,945 36,939 Accrued royalties 23,159 25,864 Accrued marketing and promotion costs 18,863 27,463 Accrued clinical and other studies 33,621 36,277 Income taxes payable 14,329 17,839 Other accrued liabilities 69,068 44,283 Current portion of long-term debt 358 871 Total current liabilities 233,444 220,499 Long-term debt 150,000 150,358 Other long-term liabilities 25,504 25,483 Total liabilities 408,948 396,340 Stockholders' equity: Preferred stock - - Special common stock 853 - Redeemable common stock - 1,002 Common stock 1,532 1,343 Additional paid-in capital 1,281,640 1,207,720 Retained earnings 263,749 129,127 Net unrealized gain on securities available for sale 54,273 9,592 Total stockholders' equity 1,602,047 1,348,784 Total liabilities and stockholders' equity $2,010,995 $1,745,124 ========== ========== O O O O O O O F F O F Logo used with permission of Genetech, Inc.

  42. Genentech, Inc. 1995 Reformulated Balance Sheet • 19951994 • OPERATING ASSETS • Cash $ 10,000 $ 10,000 • Accounts receivable, less allowances 172,160 146,267 • Inventories 93,648 103,200 • Prepaid expenses and other current assets 39,267 28,475 • Property, plant and equipment 503,654 485,293 • Other assets 105,452 60,989 • Operating assets 924,181 834,224 • OPERATING LIABILITIES • Accounts payable 37,101 30,963 • Accrued compensation 36,945 36,939 • Accrued royalties 23,159 25,864 • Accrued marketing and promotion costs 18,863 27,463 • Accrued clinical and other studies 33,621 36,277 • Income taxes payable 14,329 17,839 • Other accrued liabilities 69,068 44,283 • Other long-term liabilities 25,504 25,483 • Operating liabilities 258,590 245,111 • NET OPERATING ASSETS (NOA) 665,591 589,113 • NET FINANCIAL ASSETS (NFA) • Cash equivalents 127,043 56,713 • Short-term investments 603,296 652,461 • Long-term investments 356,475 201,726 • Current portion of long-term debt (358) (871) • Long-term debt (150,000) (150,358) • 936,456 759,671 • COMMON SHAREHOLDERS’ EQUITY $1,602,047 $1,348,784 • ========== ========== Logo used with permission of Genetech, Inc.

  43. Genentech, Inc. 1995Reported Income Statement YEAR ENDED DECEMBER 31 1995 1994 Revenues Product sales $635,263 $601,064 Royalties 190,811 126,022 Contract and other 31,209 25,556 Interest 60,562 42,748 Total revenues 917,845 795,390 Costs and expenses Cost of sales 97,930 95,829 Research and development 363,049 314,322 Marketing, general and administrative 251,653 248,604 Special charge (primarily merger related) 25,000 - Interest 7,940 7,058 Total costs and expenses 745,572 665,813 Income before taxes 172,273 129,577 Income tax provision 25,841 5,183 Net income $146,432 $124,394 ======== ======== Net income per share $ 1.21 $ 1.04 Weighted average number of shares used in computing per share amounts 121,220 119,465 O O O F O O O O F S Logo used with permission of Genetech, Inc.

  44. Genentech, Inc. 1995 Reformulated Income Statement Operating income: Operating revenues $857,283 Operating expenses 712,632 Special merger charge 25,000 737,632 Operating income before tax 119,651 Tax reported 25,841 Tax on financial income (20,523) 5,318 Operating income after tax 114,333 Financial income: Interest revenue 60,562 Interest expense 7,940 Net interest income before tax 52,622 Tax on net interest income (.39) 20,523 Net interest income after tax 32,099 Unrealized gain on securities 44,681 Net financial income 76,780 Comprehensive income available to common $191,113 ======== Weighted average shares outstanding 121,220 Comprehensive income per share $1.58 Logo used with permission of Genetech, Inc.

  45. Common Size Income Statement for Genentech, Amgen & Chiron • GenentechAmgenChiron • $%$%$% • Operating revenues before other items: • Product sales (unrelated parties) 635.3 74.1 1,818.6 93.7 922.9 90.5 • Royalties 190.8 22.3 36.1 1.9 39.3 3.9 • Re venues partners and agreements 31.2 3.6 85.2 4.4 58.1 5.7 • Operating revenue 857.3100.01,939.9100.01,020.3100.0 • Operating expenses before other items: • Cost of sales 97.9 11.4 272.9 14.1 415.8 40.8 • Research and development 363.0 42.3 451.7 23.3 343.8 33.7 • Selling, general and administrative 251.7 29.4 418.4 21.6 357.1 35.0 • Write-off of purchased in-process technologies - - - - 365.3 35.8 • Special change (corporate transactions) 25.0 2.9 - - 49.4 4.8 • Restructuring charge - - - - 39.1 3.8 • Other - - - - 12.6 1.2 • Operating expense 737.6 86.01,143.0 5.891,583.0155.1 • Operating income before tax and other items 119.7 14.0 796.9 41.1 (562.7) (55.1) • Income tax reported 25.8 3.0 256.7 13.2 21.7 2.1 • Income tax on financial items (20.5) (2.4) (19.8) (1.0) 3.3 .3 • Tax on operating income 5.3 .6 236.9 12.2 25.0 2.5 • Operating income (loss) before other items 114.3 13.3 560.0 28.9 (587.7) (57.6) • Share of income (loss) of subsidiary - - (53.3) (2.7) 80.4 7.9 • Foreign currency translation adjustment - - - - 2.4 .2 • Operating income after tax 114.3 13.3 506.7 26.1 (504.9) (49.5) • Financial income after tax: • Net interest income 52.6 68.5 50.8 163.9 (8.3) (21.3) • Tax on interest income (20.5) (26.7) (19.8) (63.9) 3.3 8.5 • Unrealized gain on securities 44.7 58.2 - - 44.0112.9 • 76.8100.0 31.0100.0 38.9100.0 • Comprehensive income, net 191.1 22.3 537.7 27.7 (466.0) (45.7)

  46. Common Size Balance Sheet for Genentech, Amgen & Chiron • GenentechAmgenChiron • Balance Sheet Components:%$%$% • Operating assets: • Cash 1.0 19.0 1.4 11.0 .9 • Accounts receivable 18.6 199.3 14.2 285.8 22.4 • Inventories 10.1 88.8 6.3 165.9 13.0 • Deferred taxes - 51.7 3.6 - - • Other current assets 4.2 64.0 4.6 50.0 3.9 • Property, plant & equipment 54.5 743.8 53.1 517.8 40.5 • Purchased technologies - - - 80.6 6.3 • Other intangibles assets - - - 71.6 5.6 • Investments in subsidiaries - 95.7 6.8 54.4 4.3 • Other long-term assets 11.4 139.2 9.9 40.0 3.1 • 100.01,401.5100.01,277.1100.0 • Operating liabilities: • Accounts payable 14.3 54.4 10.6 81.1 22.9 • Accrued liabilities 70.2 459.7 89.4 57.0 16.1 • Taxes payable 5.5 - - 27.6 7.8 • Unearned revenue - - - 20.8 5.9 • Other current liabilities - - - 132.1 37.3 • Other long-term liabilities 9.9 - - 35.9 10.1 • 100.0 514.1100.0 354.5100.0 • Financial assets: • Cash equivalents 11.7 47.7 4.6 63.3 29.7 • Short-term investments 55.5 983.6 95.4 61.1 28.7 • Long-term investments 32.8 - - 88.7 41.6 • 100.01,031.3100.0 213.1100.0 • Financial obligations: • Short-term borrowings - 69.7 28.2 50.0 10.8 • Current maturities .2 - - - - • Long-term debt 99.8 177.2 71.8 413.3 89.2 • 100.0 246.9100.0 463.3100.0 • Common stockholders’ equity - 1,671.8 - 672.4 -

  47. Common Size Balance Sheet for Genentech, Amgen & Chiron • GenentechAmgenChiron • Totals Relative to Equity (%): • Operating assets 57.7 83.8 189.9 • Operating liabilities (16.1) 30.8(52.7) • Net operating assets 41.5 53.1 137.2 • Financial assets 67.8 61.7 31.7 • Financial obligations (9.4) (14.8) (68.9) • Net financial assets 58.4 46.9(37.2) • 100.0 100.0 100.0 • ==== ==== ====

  48. Trend Analysis:VF Corporation’s Income Statement Base in 199819971996199519941993 Sales 126.8 120.9 118.9 117.2 115.1 4,320 Cost of sales 120.6 115.7 116.3 120.2 113.9 2,974 Gross margins 140.6 132.3 124.7 110.3 117.7 1,346 Advertising expense 143.5 154.5 135.5 115.5 109.5 200 Admin and general expense 127.6 121.3 119.2 126.1 115.8 714 Operating income before tax 166.4 135.7 129.8 87.4 129.8 420 Taxes on operating income 157.7 145.2 135.7 90.5 123.8 168 Operating income after tax172.2 129.0 125.8 85.3 134.1 252 Net financial expense 155.7 82.2 136.4 174.2 189.4 26 Comprehensive income174.9 134.1 124.3 74.8 127.4 226 Trend analysis of selected financial statement items for VF Corporation, 1994-98. Base = 100 for 1993

  49. Trend Analysis: VFCorporation’s Balance Sheet Base in 199819971996199519941993 Accounts receivable 137.9 114.8 115.8 123.0 119.7 512 Inventory 122.5 99.5 93.8 108.1 102.8 779 Property, plant and equipment (gross) 136.9 125.5 123.4 119.2 112.3 1,250 Property, plant and equipment (net) 108.8 99.0 101.3 105.2 107.6 713 Goodwill (gross) 167.1 143.1 152.3 153.3 151.7 715 Goodwill (net) 165.6 141.6 150.3 154.4 158.4 575 Deferred tax asset, before allowance 253.7 229.0 182.8 181.7 119.4 93 Deferred tax asset, after allowance 220.9 197.8 153.8 161.5 109.9 91 Operating assets 136.3 115.9 115.2 122.0 119.1 2,794 Accounts payable 138.1 121.9 130.0 112.1 117.8 247 Accrued liabilities 166.4 164.2 159.3 134.0 110.8 268 Other liabilities 143.3 113.4 129.1 133.1 120.5 127 Operating liabilities 151.2 138.1 142.1 125.6 115.6 641 Net operating assets 131.9 109.2 107.2 120.9 120.1 2,153 Financial assets 36.4 84.8 197.7 57.6 38.6 132 Financial obligations 115.5 81.0 80.9 123.2 122.5 737 Net financial obligations 127.9 80.2 55.4 137.5 140.8 605 Common shareholders’ equity133.5 120.7 127.6 114.5 112.1 1,547 Trend analysis of selected financial statement items for VF Corporation, 1994-98. Base = 100 for 1993

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