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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
Millions
Cash & cash equivalents
4813.0
6988.0
11022.0
12785.0
16245.0
Time deposits
-
-
-
8.0
8.0
Marketable securities
9.0
13.0
310.0
422.0
263.0
Accounts & notes receivable, gross
15843.0
14465.0
13173.0
16795.0
21684.0
Allowance for doubtful accounts
490.0
373.0
313.0
59.0
62.0
Accounts & notes receivable, net
15353.0
14092.0
12860.0
16736.0
21622.0
Crude oil & petroleum products
3142.0
2720.0
3535.0
3854.0
3879.0
Chemicals
476.0
455.0
490.0
467.0
491.0
Materials, supplies & other inventories
1967.0
2244.0
2309.0
2184.0
2010.0
Total inventories
5585.0
5419.0
6334.0
6505.0
6380.0
Prepaid expenses & other current assets
2800.0
3107.0
4821.0
5776.0
5732.0
Total current assets
28560.0
29619.0
35347.0
42232.0
50250.0
Long-term receivables, net
2849.0
2485.0
2412.0
2817.0
2833.0
Investments & advances
32497.0
30250.0
27110.0
26912.0
25502.0
Property, plant & equipment, at cost
344485.0
336077.0
340277.0
327289.0
296433.0
Less accumulated depreciation, depletion & amortization
166773.0
153891.0
151881.0
144116.0
131604.0
Property, plant & equipment, net
177712.0
182186.0
188396.0
183173.0
164829.0
Deferred charges & other assets
7017.0
6838.0
6801.0
6299.0
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
-
-
Current maturities of long-term capital lease
15.0
14.0
17.0
22.0
34.0
Redeemable long-term obligations - long-term debt
3078.0
3113.0
3152.0
3152.0
3152.0
Redeemable long-term obligations - capital lease
-
-
-
6.0
9.0
Subtotal short-term debt
15192.0
19840.0
12928.0
11790.0
8374.0
Reclassified to long-term debt
-10000.0
-9000.0
-8000.0
-8000.0
-8000.0
Short-term debt
5192.0
10840.0
4928.0
3790.0
374.0
Accounts payable
14565.0
13986.0
13516.0
19000.0
22815.0
Accrued liabilities
5267.0
4882.0
4833.0
5328.0
5402.0
Federal & other taxes on income
1600.0
1050.0
2069.0
2575.0
3092.0
Other taxes payable
1113.0
1027.0
1118.0
1233.0
1335.0
Total current liabilities
27737.0
31785.0
26464.0
31926.0
33018.0
Notes
25500.0
26790.0
21799.0
13350.0
11500.0
Floating rate notes
4200.0
5100.0
4700.0
2150.0
-
Debentures
424.0
384.0
424.0
422.0
422.0
Amortizing bank loans
72.0
178.0
110.0
-
-
Medium-term notes
38.0
38.0
38.0
38.0
38.0
Total including debt due within one year
30234.0
32490.0
27071.0
15960.0
11960.0
Less: debt due within one year
6722.0
6256.0
1487.0
-
-
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
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
-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
-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
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
-
-
-
42000.0
269000.0
Trade notes & accounts receivable, gross
2.1346E7
1.6108E7
1.335E7
1.8654E7
2.6105E7
Less: reserves - trade notes & accounts receivable
72000.0
75000.0
107000.0
113000.0
112000.0
Trade notes & accounts receivable, net
2.1274E7
1.6033E7
1.3243E7
1.8541E7
2.5993E7
Other notes & accounts receivable, gross
4862000.0
5988000.0
6636000.0
9516000.0
7187000.0
Less: reserves - other notes & accounts receivable
539000.0
627000.0
4000.0
48000.0
28000.0
Other notes & accounts receivable, net
4323000.0
5361000.0
6632000.0
9468000.0
7159000.0
Notes & accounts receivable, less estimated doubtful amounts
2.5597E7
2.1394E7
1.9875E7
2.8009E7
3.3152E7
Crude oil, products & merchandise
1.2871E7
1.0877E7
1.2037E7
1.2384E7
1.2117E7
Materials & supplies
4121000.0
4203000.0
4208000.0
4294000.0
4018000.0
Other current assets
1368000.0
1285000.0
2798000.0
3565000.0
5108000.0
Total current assets
4.7134E7
4.1416E7
4.2623E7
5.291E7
5.9308E7
Companies carried at equity in underlying assets - investments
2.4354E7
2.081E7
2.0337E7
2.0017E7
1.9619E7
Companies carried at equity in underlying assets - advances
9112000.0
9443000.0
9110000.0
9818000.0
1.0476E7
Total equity company investments & advances
3.3466E7
3.0253E7
2.9447E7
2.9835E7
3.0095E7
Companies carried at cost or less & stock investments carried at
fair value
174000.0
154000.0
274000.0
526000.0
115000.0
Long-term receivables & miscellaneous investments at cost or
less, net of reserves
5520000.0
4695000.0
4524000.0
4878000.0
6118000.0
Investments, advances & long-term receivables
3.916E7
3.5102E7
3.4245E7
3.5239E7
3.6328E7
Upstream
3.71904E8
3.55265E8
3.47821E8
3.4717E8
3.36359E8
Downstream
5.0343E7
4.7915E7
5.0742E7
5.3327E7
5.4456E7
Chemical
3.7966E7
3.4098E7
3.2481E7
3.0717E7
2.9487E7
Other property, plant & equipment
1.6972E7
1.6637E7
1.6293E7
1.5575E7
1.4215E7
Property, plant & equipment, at cost
4.77185E8
4.53915E8
4.47337E8
4.46789E8
4.34517E8
Less: accumulated depreciation & depletion
2.24555E8
2.09691E8
1.95732E8
1.94121E8
1.90867E8
Property, plant & equipment, net
2.5263E8
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
-
-
-
-
1000.0
Notes & loans payable
1.793E7
1.383E7
1.8762E7
1.7468E7
1.5808E7
Trade payables
2.1701E7
1.7801E7
1.8074E7
2.5286E7
3.092E7
Payables to equity companies
5453000.0
4748000.0
4639000.0
6589000.0
6587000.0
Accrued taxes other than income taxes
3311000.0
2653000.0
2937000.0
3290000.0
3883000.0
Other accounts payable & accrued liabilities
6331000.0
5991000.0
6762000.0
7062000.0
6695000.0
Accounts payable & accrued liabilities
3.6796E7
3.1193E7
3.2412E7
4.2227E7
4.8085E7
Income taxes payable
3045000.0
2615000.0
2802000.0
4938000.0
7831000.0
Total current liabilities
5.7771E7
4.7638E7
5.3976E7
6.4633E7
7.1724E7
Exxon Mobil Corporation - notes
1.94E7
2.325E7
1.35E7
5500000.0
-
XTO Energy Inc. - senior notes
729000.0
1558000.0
2045000.0
2285000.0
-
Mobil Producing Nigeria Unlimited - variable notes
-
-
101000.0
399000.0
-
Esso (Thailand) Public Company Ltd. - variable notes
-
-
83000.0
121000.0
-
Mobil Corporation - debentures
250000.0
249000.0
249000.0
249000.0
-
Senior note
-
-
-
-
2700000.0
Variable rate notes
-
-
-
-
919000.0
Debentures
-
-
-
-
249000.0
Industrial revenue bonds
2559000.0
2559000.0
2611000.0
2611000.0
2527000.0
Other U.S. dollar obligations
162000.0
103000.0
97000.0
104000.0
112000.0
Other foreign currency obligations
34000.0
57000.0
1000.0
9000.0
9000.0
Capitalized lease obligations
1327000.0
1225000.0
1238000.0
375000.0
375000.0
Less: debt issuance costs
-55000.0
-69000.0
-
-
-
Long-term debt
2.4406E7
2.8932E7
1.9925E7
1.1653E7
6891000.0
Postretirement benefits reserves
2.1132E7
2.068E7
2.2647E7
2.5802E7
2.0646E7
Deferred income tax liabilities
2.6893E7
3.4041E7
3.6818E7
3.923E7
4.053E7
Long-term obligations to equity companies
4774000.0
5124000.0
5417000.0
5325000.0
4742000.0
Other long-term obligations
1.9215E7
2.0069E7
2.1165E7
2.1786E7
2.178E7
Total liabilities
1.54191E8
1.56484E8
1.59948E8
1.68429E8
1.66313E8
Common stock
1.4656E7
1.2157E7
1.1612E7
1.0792E7
1.0077E7
Earnings reinvested
4.1454E8
4.07831E8
4.12444E8
4.08384E8
3.87432E8
Cumulative foreign exchange translation adjustment
-9482000.0
-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
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
Not Qualified
Not Qualified
Consolidated
Yes
Yes
Yes
Yes
Yes
Scale
Millions
Millions
Millions
Millions
Millions
Property, plant & equipment, cost
328336.0
298758.0
291650.0
243467.0
209936.0
Accumulated depreciation & impairment
-160879.0
-139985.0
-136596.0
-107645.0
-98487.0
Property, plant & equipment
167457.0
158773.0
155054.0
135822.0
111449.0
Assets under construction
165361.0
130734.0
104011.0
61977.0
51320.0
Goodwill
-
-
-
590.0
644.0
Other intangible assets
-
-
-
1703.0
1882.0
Goodwill
-
-
469.0
-
-
Software
-
-
1258.0
-
-
Patents & trademarks
-
-
127.0
-
-
Emmission rights
-
-
132.0
-
-
Other intangible assets
-
-
694.0
-
-
Goodwill & other intangible assets, net
2687.0
2361.0
2680.0
-
-
Equity method investments
10991.0
11813.0
13118.0
-
-
Other long-term investments
951.0
987.0
943.0
-
-
Investments in securities
-
-
-
826.0
876.0
Investments in equity accounted joint ventures
-
-
-
10028.0
8280.0
Investments in associates
-
-
-
1842.0
1877.0
Post-retirement benefit assets
1498.0
622.0
614.0
590.0
487.0
Long-term receivables & prepaid expenses
4646.0
2613.0
2772.0
1791.0
2922.0
Long-term financial assets
291.0
-
-
-
13.0
Deferred tax assets
4096.0
3082.0
3389.0
1752.0
3143.0
Total non-current assets
357978.0
310985.0
282581.0
216921.0
182893.0
Assets in disposal groups held for sale
113.0
216.0
1064.0
89.0
1419.0
Other short-term assets
85.0
-
-
-
-
Inventories
29364.0
25374.0
23798.0
23141.0
26758.0
Tax receivable
3302.0
2538.0
2487.0
1563.0
550.0
Trade receivables, gross
23742.0
20982.0
20752.0
21672.0
22929.0
Other receivables
3003.0
3759.0
4262.0
-
-
Related party receivables
-
92.0
1009.0
469.0
208.0
Related party receivables - equity accounted investments
102.0
-
-
-
-
Impairment of trade receivables
-199.0
-158.0
-183.0
-478.0
-500.0
Trade & other eceivables
26648.0
24675.0
25840.0
21663.0
22637.0
Duties recoverable from customers
600.0
412.0
554.0
372.0
372.0
Prepaid expenses
829.0
1133.0
702.0
-
-
Value added tax
1652.0
1421.0
1330.0
1828.0
2214.0
Trade & other receivables
29729.0
27641.0
28426.0
-
-
Trade receivables
-
-
-
23863.0
25223.0
Other receivables & prepaid expenses
-
-
-
4547.0
4601.0
Short-term financial assets
1536.0
2739.0
42.0
124.0
420.0
Cash restricted for use
1980.0
1803.0
2331.0
5022.0
1245.0
Cash
15148.0
27643.0
49985.0
48329.0
37155.0
Total current assets
81257.0
87954.0
108133.0
106678.0
97371.0
Total assets
439235.0
398939.0
390714.0
323599.0
280264.0
Share capital
15775.0
29282.0
29282.0
29228.0
29084.0
Share repurchase programme
-
-2641.0
-2641.0
-2641.0
-2641.0
Share-based payment reserve
-4021.0
-12525.0
-13582.0
9651.0
9150.0
Investment fair value reserve
43.0
33.0
26.0
42.0
28.0
Foreign currency translation reserve
28500.0
23285.0
33316.0
18289.0
14704.0
Cash flow hedge accounting reserve
180.0
-647.0
-1788.0
-7.0
-7.0
Sasol Inzalo share transaction
-
-
-
-22054.0
-22054.0
Remeasurements on post-retirement obligations
-1844.0
-1790.0
-2533.0
-1976.0
-1413.0
Retained earnings
184352.0
176714.0
164917.0
161078.0
144126.0
Total shareholders' equity
222985.0
211711.0
206997.0
191610.0
170977.0
Non-controlling interests
5623.0
5523.0
5421.0
4873.0
3792.0
Total equity
228608.0
217234.0
212418.0
196483.0
174769.0
Long-term debt
89411.0
74312.0
78015.0
39269.0
23419.0
Finance leases
7280.0
-
-
-
-
Long-term provisions
15160.0
16648.0
18810.0
13431.0
15232.0
Post-employment benefit obligation
11900.0
11069.0
12703.0
10071.0
9294.0
Long-term deferred income
879.0
910.0
631.0
425.0
293.0
Long-term financial liabilities
133.0
733.0
2844.0
8.0
17.0
Deferred tax liabilities
25908.0
25860.0
23691.0
22570.0
18246.0
Total non-current liabilities
150671.0
129532.0
136694.0
85774.0
66501.0
Liabilities in disposal groups held for sale
36.0
-
-
15.0
57.0
Short-term debt
14709.0
9718.0
2000.0
3331.0
2637.0
Short-term provisions
3508.0
3007.0
4246.0
6322.0
6644.0
Tax payable
2318.0
1903.0
878.0
905.0
1097.0
Trade payables
13510.0
11941.0
12178.0
12888.0
14248.0
Capital projects related payables
9780.0
11883.0
9482.0
5344.0
2883.0
Accrued expenses
3062.0
2220.0
1899.0
1901.0
1752.0
Related third parties payables
33.0
18.0
51.0
74.0
15.0
Equity accounted investments
133.0
69.0
82.0
71.0
52.0
Trade payables
26518.0
26131.0
23692.0
20278.0
18950.0
Other payables
6188.0
6068.0
6054.0
-
-
Duties payable to revenue authorities
4267.0
4004.0
3264.0
3636.0
2679.0
Value added tax
177.0
197.0
307.0
312.0
698.0
Trade payables & accrued expenses
-
-
-
24226.0
22327.0
Trade & other payables
37150.0
36400.0
33317.0
-
-
Short-term of deferred income
220.0
282.0
170.0
397.0
101.0
Short-term financial liabilities
1926.0
740.0
855.0
198.0
446.0
Other payables
-
-
-
5629.0
5306.0
Bank overdraft
89.0
123.0
136.0
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
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
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,
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
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.
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
Fewer than 3 grammatical errors; Some insightful comments or
evaluations of outcomes; Clear introduction; Well thought out
summary; All additional sources cited

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Sheet asreportedPowered by ClearbitChevron Corporation (NYS .docx

  • 1. Sheet: asreported Powered by Clearbit 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
  • 2. Millions Cash & cash equivalents 4813.0 6988.0 11022.0 12785.0 16245.0 Time deposits - - - 8.0 8.0 Marketable securities 9.0 13.0 310.0 422.0 263.0 Accounts & notes receivable, gross 15843.0 14465.0 13173.0 16795.0 21684.0 Allowance for doubtful accounts 490.0 373.0 313.0 59.0 62.0 Accounts & notes receivable, net 15353.0 14092.0 12860.0 16736.0
  • 3. 21622.0 Crude oil & petroleum products 3142.0 2720.0 3535.0 3854.0 3879.0 Chemicals 476.0 455.0 490.0 467.0 491.0 Materials, supplies & other inventories 1967.0 2244.0 2309.0 2184.0 2010.0 Total inventories 5585.0 5419.0 6334.0 6505.0 6380.0 Prepaid expenses & other current assets 2800.0 3107.0 4821.0 5776.0 5732.0 Total current assets 28560.0 29619.0 35347.0 42232.0
  • 4. 50250.0 Long-term receivables, net 2849.0 2485.0 2412.0 2817.0 2833.0 Investments & advances 32497.0 30250.0 27110.0 26912.0 25502.0 Property, plant & equipment, at cost 344485.0 336077.0 340277.0 327289.0 296433.0 Less accumulated depreciation, depletion & amortization 166773.0 153891.0 151881.0 144116.0 131604.0 Property, plant & equipment, net 177712.0 182186.0 188396.0 183173.0 164829.0 Deferred charges & other assets 7017.0 6838.0 6801.0 6299.0
  • 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
  • 6. - - Current maturities of long-term capital lease 15.0 14.0 17.0 22.0 34.0 Redeemable long-term obligations - long-term debt 3078.0 3113.0 3152.0 3152.0 3152.0 Redeemable long-term obligations - capital lease - - - 6.0 9.0 Subtotal short-term debt 15192.0 19840.0 12928.0 11790.0 8374.0 Reclassified to long-term debt -10000.0 -9000.0 -8000.0 -8000.0 -8000.0 Short-term debt 5192.0 10840.0 4928.0
  • 7. 3790.0 374.0 Accounts payable 14565.0 13986.0 13516.0 19000.0 22815.0 Accrued liabilities 5267.0 4882.0 4833.0 5328.0 5402.0 Federal & other taxes on income 1600.0 1050.0 2069.0 2575.0 3092.0 Other taxes payable 1113.0 1027.0 1118.0 1233.0 1335.0 Total current liabilities 27737.0 31785.0 26464.0 31926.0 33018.0 Notes 25500.0 26790.0 21799.0
  • 8. 13350.0 11500.0 Floating rate notes 4200.0 5100.0 4700.0 2150.0 - Debentures 424.0 384.0 424.0 422.0 422.0 Amortizing bank loans 72.0 178.0 110.0 - - Medium-term notes 38.0 38.0 38.0 38.0 38.0 Total including debt due within one year 30234.0 32490.0 27071.0 15960.0 11960.0 Less: debt due within one year 6722.0 6256.0 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 Powered by Clearbit 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 - - -
  • 14. 42000.0 269000.0 Trade notes & accounts receivable, gross 2.1346E7 1.6108E7 1.335E7 1.8654E7 2.6105E7 Less: reserves - trade notes & accounts receivable 72000.0 75000.0 107000.0 113000.0 112000.0 Trade notes & accounts receivable, net 2.1274E7 1.6033E7 1.3243E7 1.8541E7 2.5993E7 Other notes & accounts receivable, gross 4862000.0 5988000.0 6636000.0 9516000.0 7187000.0 Less: reserves - other notes & accounts receivable 539000.0 627000.0 4000.0 48000.0 28000.0 Other notes & accounts receivable, net 4323000.0 5361000.0 6632000.0
  • 15. 9468000.0 7159000.0 Notes & accounts receivable, less estimated doubtful amounts 2.5597E7 2.1394E7 1.9875E7 2.8009E7 3.3152E7 Crude oil, products & merchandise 1.2871E7 1.0877E7 1.2037E7 1.2384E7 1.2117E7 Materials & supplies 4121000.0 4203000.0 4208000.0 4294000.0 4018000.0 Other current assets 1368000.0 1285000.0 2798000.0 3565000.0 5108000.0 Total current assets 4.7134E7 4.1416E7 4.2623E7 5.291E7 5.9308E7 Companies carried at equity in underlying assets - investments 2.4354E7 2.081E7 2.0337E7
  • 16. 2.0017E7 1.9619E7 Companies carried at equity in underlying assets - advances 9112000.0 9443000.0 9110000.0 9818000.0 1.0476E7 Total equity company investments & advances 3.3466E7 3.0253E7 2.9447E7 2.9835E7 3.0095E7 Companies carried at cost or less & stock investments carried at fair value 174000.0 154000.0 274000.0 526000.0 115000.0 Long-term receivables & miscellaneous investments at cost or less, net of reserves 5520000.0 4695000.0 4524000.0 4878000.0 6118000.0 Investments, advances & long-term receivables 3.916E7 3.5102E7 3.4245E7 3.5239E7 3.6328E7 Upstream 3.71904E8
  • 17. 3.55265E8 3.47821E8 3.4717E8 3.36359E8 Downstream 5.0343E7 4.7915E7 5.0742E7 5.3327E7 5.4456E7 Chemical 3.7966E7 3.4098E7 3.2481E7 3.0717E7 2.9487E7 Other property, plant & equipment 1.6972E7 1.6637E7 1.6293E7 1.5575E7 1.4215E7 Property, plant & equipment, at cost 4.77185E8 4.53915E8 4.47337E8 4.46789E8 4.34517E8 Less: accumulated depreciation & depletion 2.24555E8 2.09691E8 1.95732E8 1.94121E8 1.90867E8 Property, plant & equipment, net 2.5263E8
  • 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 -
  • 19. - - - 1000.0 Notes & loans payable 1.793E7 1.383E7 1.8762E7 1.7468E7 1.5808E7 Trade payables 2.1701E7 1.7801E7 1.8074E7 2.5286E7 3.092E7 Payables to equity companies 5453000.0 4748000.0 4639000.0 6589000.0 6587000.0 Accrued taxes other than income taxes 3311000.0 2653000.0 2937000.0 3290000.0 3883000.0 Other accounts payable & accrued liabilities 6331000.0 5991000.0 6762000.0 7062000.0 6695000.0 Accounts payable & accrued liabilities 3.6796E7
  • 20. 3.1193E7 3.2412E7 4.2227E7 4.8085E7 Income taxes payable 3045000.0 2615000.0 2802000.0 4938000.0 7831000.0 Total current liabilities 5.7771E7 4.7638E7 5.3976E7 6.4633E7 7.1724E7 Exxon Mobil Corporation - notes 1.94E7 2.325E7 1.35E7 5500000.0 - XTO Energy Inc. - senior notes 729000.0 1558000.0 2045000.0 2285000.0 - Mobil Producing Nigeria Unlimited - variable notes - - 101000.0 399000.0 - Esso (Thailand) Public Company Ltd. - variable notes -
  • 21. - 83000.0 121000.0 - Mobil Corporation - debentures 250000.0 249000.0 249000.0 249000.0 - Senior note - - - - 2700000.0 Variable rate notes - - - - 919000.0 Debentures - - - - 249000.0 Industrial revenue bonds 2559000.0 2559000.0 2611000.0 2611000.0 2527000.0 Other U.S. dollar obligations 162000.0
  • 22. 103000.0 97000.0 104000.0 112000.0 Other foreign currency obligations 34000.0 57000.0 1000.0 9000.0 9000.0 Capitalized lease obligations 1327000.0 1225000.0 1238000.0 375000.0 375000.0 Less: debt issuance costs -55000.0 -69000.0 - - - Long-term debt 2.4406E7 2.8932E7 1.9925E7 1.1653E7 6891000.0 Postretirement benefits reserves 2.1132E7 2.068E7 2.2647E7 2.5802E7 2.0646E7 Deferred income tax liabilities 2.6893E7
  • 23. 3.4041E7 3.6818E7 3.923E7 4.053E7 Long-term obligations to equity companies 4774000.0 5124000.0 5417000.0 5325000.0 4742000.0 Other long-term obligations 1.9215E7 2.0069E7 2.1165E7 2.1786E7 2.178E7 Total liabilities 1.54191E8 1.56484E8 1.59948E8 1.68429E8 1.66313E8 Common stock 1.4656E7 1.2157E7 1.1612E7 1.0792E7 1.0077E7 Earnings reinvested 4.1454E8 4.07831E8 4.12444E8 4.08384E8 3.87432E8 Cumulative foreign exchange translation adjustment -9482000.0
  • 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 Powered by Clearbit 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
  • 26. Not Qualified Not Qualified Consolidated Yes Yes Yes Yes Yes Scale Millions Millions Millions Millions Millions Property, plant & equipment, cost 328336.0 298758.0 291650.0 243467.0 209936.0 Accumulated depreciation & impairment -160879.0 -139985.0 -136596.0 -107645.0 -98487.0 Property, plant & equipment 167457.0 158773.0 155054.0 135822.0 111449.0 Assets under construction 165361.0 130734.0 104011.0
  • 28. - - Other intangible assets - - 694.0 - - Goodwill & other intangible assets, net 2687.0 2361.0 2680.0 - - Equity method investments 10991.0 11813.0 13118.0 - - Other long-term investments 951.0 987.0 943.0 - - Investments in securities - - - 826.0 876.0 Investments in equity accounted joint ventures - - -
  • 29. 10028.0 8280.0 Investments in associates - - - 1842.0 1877.0 Post-retirement benefit assets 1498.0 622.0 614.0 590.0 487.0 Long-term receivables & prepaid expenses 4646.0 2613.0 2772.0 1791.0 2922.0 Long-term financial assets 291.0 - - - 13.0 Deferred tax assets 4096.0 3082.0 3389.0 1752.0 3143.0 Total non-current assets 357978.0 310985.0 282581.0
  • 30. 216921.0 182893.0 Assets in disposal groups held for sale 113.0 216.0 1064.0 89.0 1419.0 Other short-term assets 85.0 - - - - Inventories 29364.0 25374.0 23798.0 23141.0 26758.0 Tax receivable 3302.0 2538.0 2487.0 1563.0 550.0 Trade receivables, gross 23742.0 20982.0 20752.0 21672.0 22929.0 Other receivables 3003.0 3759.0 4262.0
  • 31. - - Related party receivables - 92.0 1009.0 469.0 208.0 Related party receivables - equity accounted investments 102.0 - - - - Impairment of trade receivables -199.0 -158.0 -183.0 -478.0 -500.0 Trade & other eceivables 26648.0 24675.0 25840.0 21663.0 22637.0 Duties recoverable from customers 600.0 412.0 554.0 372.0 372.0 Prepaid expenses 829.0 1133.0 702.0
  • 32. - - Value added tax 1652.0 1421.0 1330.0 1828.0 2214.0 Trade & other receivables 29729.0 27641.0 28426.0 - - Trade receivables - - - 23863.0 25223.0 Other receivables & prepaid expenses - - - 4547.0 4601.0 Short-term financial assets 1536.0 2739.0 42.0 124.0 420.0 Cash restricted for use 1980.0 1803.0 2331.0
  • 33. 5022.0 1245.0 Cash 15148.0 27643.0 49985.0 48329.0 37155.0 Total current assets 81257.0 87954.0 108133.0 106678.0 97371.0 Total assets 439235.0 398939.0 390714.0 323599.0 280264.0 Share capital 15775.0 29282.0 29282.0 29228.0 29084.0 Share repurchase programme - -2641.0 -2641.0 -2641.0 -2641.0 Share-based payment reserve -4021.0 -12525.0 -13582.0
  • 34. 9651.0 9150.0 Investment fair value reserve 43.0 33.0 26.0 42.0 28.0 Foreign currency translation reserve 28500.0 23285.0 33316.0 18289.0 14704.0 Cash flow hedge accounting reserve 180.0 -647.0 -1788.0 -7.0 -7.0 Sasol Inzalo share transaction - - - -22054.0 -22054.0 Remeasurements on post-retirement obligations -1844.0 -1790.0 -2533.0 -1976.0 -1413.0 Retained earnings 184352.0 176714.0 164917.0
  • 35. 161078.0 144126.0 Total shareholders' equity 222985.0 211711.0 206997.0 191610.0 170977.0 Non-controlling interests 5623.0 5523.0 5421.0 4873.0 3792.0 Total equity 228608.0 217234.0 212418.0 196483.0 174769.0 Long-term debt 89411.0 74312.0 78015.0 39269.0 23419.0 Finance leases 7280.0 - - - - Long-term provisions 15160.0 16648.0 18810.0
  • 36. 13431.0 15232.0 Post-employment benefit obligation 11900.0 11069.0 12703.0 10071.0 9294.0 Long-term deferred income 879.0 910.0 631.0 425.0 293.0 Long-term financial liabilities 133.0 733.0 2844.0 8.0 17.0 Deferred tax liabilities 25908.0 25860.0 23691.0 22570.0 18246.0 Total non-current liabilities 150671.0 129532.0 136694.0 85774.0 66501.0 Liabilities in disposal groups held for sale 36.0 - -
  • 37. 15.0 57.0 Short-term debt 14709.0 9718.0 2000.0 3331.0 2637.0 Short-term provisions 3508.0 3007.0 4246.0 6322.0 6644.0 Tax payable 2318.0 1903.0 878.0 905.0 1097.0 Trade payables 13510.0 11941.0 12178.0 12888.0 14248.0 Capital projects related payables 9780.0 11883.0 9482.0 5344.0 2883.0 Accrued expenses 3062.0 2220.0 1899.0
  • 38. 1901.0 1752.0 Related third parties payables 33.0 18.0 51.0 74.0 15.0 Equity accounted investments 133.0 69.0 82.0 71.0 52.0 Trade payables 26518.0 26131.0 23692.0 20278.0 18950.0 Other payables 6188.0 6068.0 6054.0 - - Duties payable to revenue authorities 4267.0 4004.0 3264.0 3636.0 2679.0 Value added tax 177.0 197.0 307.0
  • 39. 312.0 698.0 Trade payables & accrued expenses - - - 24226.0 22327.0 Trade & other payables 37150.0 36400.0 33317.0 - - Short-term of deferred income 220.0 282.0 170.0 397.0 101.0 Short-term financial liabilities 1926.0 740.0 855.0 198.0 446.0 Other payables - - - 5629.0 5306.0 Bank overdraft 89.0 123.0 136.0
  • 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