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Sheet asreportedPowered by ClearbitChevron Corporation (NYS .docx
1. Sheet: asreported
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Chevron Corporation (NYS: CVX)
Exchange rate used is that of the Year End reported date
As Reported Annual Balance Sheet
Report Date
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Currency
USD
USD
USD
USD
USD
Audit Status
Not Qualified
Not Qualified
Not Qualified
Not Qualified
Not Qualified
Consolidated
Yes
Yes
Yes
Yes
Yes
Scale
Millions
Millions
Millions
Millions
5. 5120.0
Goodwill
4531.0
4581.0
4588.0
4593.0
4639.0
Assets held for sale
640.0
4119.0
1449.0
-
580.0
Total assets
253806.0
260078.0
266103.0
266026.0
253753.0
Commercial paper
5379.0
10410.0
8252.0
8506.0
5130.0
Notes payable to banks & others with originating terms of one
year or less
-
50.0
20.0
104.0
49.0
Current maturities of long-term debt
6720.0
6253.0
1487.0
9. -
-
Reclassified from short-term debt
10000.0
9000.0
8000.0
8000.0
8000.0
Less: unamortized debt discount
-35.0
-41.0
-
-
-
Total long-term debt, net of current portion
33477.0
35193.0
33584.0
23960.0
19960.0
Capital lease obligations
94.0
93.0
80.0
68.0
97.0
Deferred credits & other noncurrent obligations
21106.0
21553.0
23465.0
23549.0
22982.0
Noncurrent deferred income taxes
14652.0
17516.0
20689.0
10. 21920.0
21301.0
Reserves for employee benefit plans
7421.0
7216.0
7935.0
8412.0
5968.0
Total liabilities
104487.0
113356.0
112217.0
109835.0
103326.0
Common stock
1832.0
1832.0
1832.0
1832.0
1832.0
Capital in excess of par value
16848.0
16595.0
16330.0
16041.0
15713.0
Retained earnings
174106.0
173046.0
181578.0
184987.0
173677.0
Currency translation adjustment
-105.0
-162.0
-140.0
11. -96.0
-
Unrealized net holding gain (loss) on securities
-5.0
-2.0
-29.0
-8.0
-
Derivatives
-
-
-2.0
-2.0
-
Net derivatives gain (loss) on hedge transactions
-2.0
-2.0
-
-
-
Defined benefit plans
-3477.0
-3677.0
-4120.0
-4753.0
-
Accumulated other comprehensive income (loss)
-3589.0
-3843.0
-4291.0
-4859.0
-3579.0
Deferred compensation & benefit plan trust
-240.0
-240.0
-240.0
12. -240.0
-240.0
Treasury stock, at cost
40833.0
41834.0
42493.0
42733.0
38290.0
Total Chevron Corporation stockholders' equity
148124.0
145556.0
152716.0
155028.0
149113.0
Noncontrolling interests
1195.0
1166.0
1170.0
1163.0
1314.0
Total equity
149319.0
146722.0
153886.0
156191.0
150427.0
Sheet: asreported
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Exxon Mobil Corp (NYS: XOM)
Exchange rate used is that of the Year End reported date
As Reported Annual Balance Sheet
Report Date
12/31/2017
12/31/2016
12/31/2015
13. 12/31/2014
12/31/2013
Currency
USD
USD
USD
USD
USD
Audit Status
Not Qualified
Not Qualified
Not Qualified
Not Qualified
Not Qualified
Consolidated
Yes
Yes
Yes
Yes
Yes
Scale
Thousands
Thousands
Thousands
Thousands
Thousands
Cash & cash equivalents
3177000.0
3657000.0
3705000.0
4616000.0
4644000.0
Cash & cash equivalents - restricted
-
-
-
18. 2.44224E8
2.51605E8
2.52668E8
2.4365E8
Other assets, including intangibles, net
9767000.0
9572000.0
8285000.0
8676000.0
7522000.0
Total assets
3.48691E8
3.30314E8
3.36758E8
3.49493E8
3.46808E8
Bank loans
115000.0
143000.0
231000.0
473000.0
722000.0
Commercial paper
1.3049E7
1.0727E7
1.7973E7
1.6225E7
1.4051E7
Long term debt due within one year
4766000.0
2960000.0
558000.0
770000.0
1034000.0
Other notes & loans payable
-
24. -1.4501E7
-1.417E7
-5952000.0
-846000.0
Postretirement benefits reserves adjustment
-6780000.0
-7738000.0
-9341000.0
-1.2945E7
-9879000.0
Unrealized change in stock investments
-
-
-
-60000.0
-
Accumulated other comprehensive income (loss)
-1.6262E7
-2.2239E7
-2.3511E7
-1.8957E7
-1.0725E7
Common stock held in treasury
2.25246E8
2.30424E8
2.29734E8
2.2582E8
2.12781E8
ExxonMobil share of equity
1.87688E8
1.67325E8
1.70811E8
1.74399E8
1.74003E8
Noncontrolling interests
6812000.0
25. 6505000.0
5999000.0
6665000.0
6492000.0
Total equity
1.945E8
1.7383E8
1.7681E8
1.81064E8
1.80495E8
Sheet: asreported
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Sasol Ltd. (NYS: SSL)
Due to changes with International Financial Reporting
Standards (IFRS), recent financials statement presentations have
been adjusted to meet this standard. Please note the original
historical presentations have remained in the original format
Exchange rate used is that of the Year End reported date
As Reported Annual Balance Sheet
Report Date
06/30/2018
06/30/2017
06/30/2016
06/30/2015
06/30/2014
Currency
ZAR
ZAR
ZAR
ZAR
ZAR
Audit Status
Not Qualified
Not Qualified
Not Qualified
40. 319.0
379.0
Total current liabilities
59956.0
52173.0
41602.0
41342.0
38994.0
Total equity & liabilities
439235.0
398939.0
390714.0
323599.0
280264.0
Ratio Analysis Project
This project is an exercise in the fundamental analysis of a firm
using ratio analysis. You are expected to complete calculations,
answer questions addressing the outcomes of your calculations,
and give a written analysis of your assessment of the assigned
company’s performance across several areas where information
is based on data found in the firm’s financial statements. Your
written report will be submitted as the Project Report for this
ratio analysis project.
Each student will have three companies: your main assigned
company (i.e., the main co.), the secondary company (i.e., the
peer co.), and a third internationally headquartered peer
company (i.e., the intl co.). The primary focus of your report
is your main company. This may differ from student to
student. There will be penalties for analyses that do not match
your assignment.
Required: I am requiring you to use Bloomberg terminals for
specific data items (noted in specific instructions). For the
financial statements, you may use either Yahoo! Finance or
Bloomberg terminals, but must specify in your written report
41. which you used.
Optional: You may use additional sources as you see fit to
make your report more unique, interesting, or relevant. These
must be clearly included in a Sources list at the end of your
project report.
Assignment Specifics: Do not answer these as if they are
homework questions. They are only numbered to show you the
points available and to give you guidance to meet expected
analysis requirements. Information relevant to the questions
should be incorporated within the written report.
1. (150 pts) Using the 2017 financial statements and the 2015
financial statements for your main company, investigate the
financial condition of the firm in terms of the five common
financial ratio areas (see Table 3.5 in text). Include a table or
graph that shows how the company has performed in these areas
over this period. In which ratio area(s), if any, is the firm doing
well? Explain. (Trend analysis)
2. (150 pts) Using the 2017 financial statements for your main
company, your peer company, and your international company.
Compare the financial condition of these firms. Clearly
indicate any areas where your main company has outperformed
its peers. What considerations, if any, would you make in
comparing the US-headquartered main company with the
international peer? (Peer analysis)
3. (200 pts) Using the 2017 and 2015 financial statements for
your main company, compute the three components of the Du
Pont Identity (as shown in equation 3.23 in section 3.3 of the
text). Based on your computations, discuss the impact of each
component on the company’s 2017 return on equity. For
example, which factor do you see as having the greatest
influence in the change in return on equity over this two-year
period? Using the Bloomberg terminals, examine operating
margin, asset turnover, and the leverage ratio. Without doing
any calculations (just looking over the patterns in these items),
what patterns do you observe in these three over the longer
period displayed in Bloomberg? Is it consistent with what your
42. earlier Du Pont analysis showed? Discuss. (Du Pont analysis)
4. (100 pts) While financial statement information is commonly
used to compute ratios that allow us to assess performance, this
information is also used in modeling the probability of
bankruptcy or financial distress. One common model that
includes financial statement data is the Altman Z score.
Publicly traded companies with a value less than 2.675 are
considered in financial distress and, if less than 1.81,
considered to be facing an increased likelihood of bankruptcy
within one year. Using the Bloomberg terminals, find the
Altman Z score for your main company. What is the Altman Z
score for the company? Is the company in financial distress or
facing a high probability of bankruptcy based on the score?
(Bankruptcy/distress analysis)
5. (200 pts) Upon completion of all the above analyses, write up
a project report that includes your answers to the above
questions as well as any other information that you believe is
interesting or helpful in providing your assessment of the
main’s company’s financial condition. This paper should be
written with grammatical quality expected of at least a second-
year undergraduate student. The points here may also include
organization and completeness of the assignment including a
list of sources used. (Written project report)
6. (200 points) Relative rating of your project report will place
you in one of four buckets: top, middle1, middle2, or bottom.
Top bucket papers get from 151 to 200 points. Middle1 papers
get from 101 to 150 points. Middle2 papers get from 51 to 100
points. Bottom papers get from 0 to 50 points. (Relative
valuation)
Bloomberg pointers:
1. Mr. Micheni is available (at his convenience, not yours) and
has been granted permission to help you very liberally in
guiding you to finding the right data in all financial sources or
in giving advice. However, he does not work for you so please
be courteous of his time and efforts to guide you. He may
recommend workshops that can help you with tables or charts,
43. rather than give individual tutorials.
2. Companies can be found by typing the name of the company
in the Bloomberg browser line and selecting the appropriate
name from the list. For international companies, select the
company name with US Equity indicated after it’s ticker
symbol.
3. Financial statements can be found in Bloomberg using the FA
function and going to the tabs marked B/S (for balance sheet)
and I/S (for income statement). The DuPont Analysis in
Bloomberg is also under this same function. Go to the tab for
Ratios where you will see an additional tab for DuPont
Analysis.
4. The Altman Z score can be found in Bloomberg by using the
AZS function.
Additional Instructions:
· Consistent with the university academic integrity policy, your
submission MUST be your original work. If any evidence of
plagiarism is found, the project grade will be zero.
· There is no page limit for the Project Report. The length of the
report depends on the work needed in completing each of the
components of the project. The written information must be
complete enough to demonstrate that the assignment specifics
have been met.
· Show your works/calculation where the task is to compute.
You can do all the calculations in Excel if you want. If you use
Excel, you must attach the excel file with the main project
word/pdf document.
· One additional purpose of this project is to introduce you to
additional financial resources and to train you on finding and
analyzing data. This means I am here to help. Do not wait until
the last minute to get started. I am available to answer
questions, but not major questions on the day of the submission
44. deadline. Although I will not review (i.e., grade) your paper
before the submission, you can get guidance on the quality
during office hours or if there is additional time at the end of
class.
1
Grading rubric: See assignment specifics for the grading of Item
6 on the assignment.
Questions to ask yourself
Unacceptable to low quality
(Earns less than 60% of points available)
Acceptable
(Earns 60 – 79% of points available)
Very good to high quality
(earns 80 – 100% of points available)
Items 1 – 4
Analysis
Items
Have I answered all the questions?
Have I addressed any bolded content?
Most of the calculations are incorrect or missing; Most of the
analysis (i.e., discussion or interpretation) is incorrect or
missing; Most of the information is provided in an unclear,
disorganized manner; No obvious personal insight to purpose of
the analysis.
Many calculations are correct and included; A good deal of the
analysis (i.e., discussion or interpretation) is correct and
complete; Most of the information is provided in a very clear
and organized manner;
Limited personal insight has been included regarding the
purpose of the analysis.
45. All calculations are correct and included; The analysis (i.e.,
discussion or interpretation) is correct and complete; The
information is provided in a very clear and organized manner;
Personal insight has been included regarding the purpose of the
analysis.
Item 5
Writing Criteria
Grammar & reading quality;
Originality; Organization & Completeness (not elsewhere
considered)
Did I use the grammar and spell check functions of the
software?
Did I mechanically answer questions, or have I thought about
why this analysis, ratio, or evidence is important?
Have I read the paper aloud?
Do I have a reasonable introduction (indicating purpose/type of
report)?
Do I have a reasonable conclusion (indicating an overall
summary of assessment of main company)?
‘Reasonable’ indicates evidence has been or will be presented
within the project paper to support my conclusion or meet my
introduction.
Have I made optimal use of any section titles?
Obvious grammatical errors that spellcheck or a reading would
have eliminated; Only exactly what has been asked for (or even
less) given; Unreasonable or missing introduction;
Unreasonable or missing conclusion/summary; Additional
sources referred to, but all citations missing or incomplete
Limited grammatical errors; Limited originality; Introduction
present, but incomplete or other problem; Conclusion/summary
present, but incomplete or other problem; Additional sources
referred to, but some citations missing or incomplete
46. Fewer than 3 grammatical errors; Some insightful comments or
evaluations of outcomes; Clear introduction; Well thought out
summary; All additional sources cited