課程名稱︰財務報告分析 課程性質︰必修 課程教師︰吳瑞萱 開課學院：管理學院 開課系所︰財務金融學系 考試日期（年月日）︰103.06.13 考試時限（分鐘）：180 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題 : Final: Chapter1-8, 6/20/2014 *NOTE: You have to provide appropriate supporting calculations. PART I — SHORT PROBLEM (110%) Problem Set I: Inditax Group (50%) Inditex S.A. is the Spain-based parent company of a large number of clothing design, manufacturing and retail subsidiaries. The company's brands includes Zara, Pull & Bear, and Massimo Dutti. At the end of the fiscal year ending on January 31, 2009 (fiscal year 2008), the subsidiaries of Inditex operated 4,359 stores across 73 countries, making Inditex one of the three largest clothing retailers in the world. The following are some questions to be answered. 1. Calculate Inditex's net operating profit after taxes,operating working capital, net noncurrent assetsmet debt and net assets in 2007 and 2008. (Use the effective tax rate [tax expense/profit before taxes] to calculate NOPAT.) 2. Decompose Inditex's return on equity in 2007 and 2008 using the traditional approach. 3. Decompose Inditex's return on equity in 2007 and 2008 using the alternative approach. 4. What explains the difference between Inditex's return on assets and its operating return on assets? 5. Analyze the underlying drivers of the change in Inditex's return on equity. What explains the decrease in return on equity? How strongly appears Inditex to be affected by the economic crisis of 2008? (In your answer, make sure to address issues of store productivity, cost control, pricing and leverage.) Financial statements of Inditex are as follows: Standardized and adjusted income statement (EURm) Inditex 2008 2007 Sales 10,407 9,435 Cost of materials (nature) -4,493 -4,086 Personnel expense (nature) -1,703 -1.473 Depreciation and amortization (nature) 910 -803 Other operating income, net of other operating expense (nature)-1,168 -1,039 ----------------- Operating profit 2,133 2,033 Investment income 0 -9 Net interest expense (income) -84 -72 ----------------- Profit before taxes 2,050 1,953 Tax expense -455 -474 ----------------- Profit after taxes 1,595 1,479 Minority interest -8 -7 ----------------- Net profit 1,587 1,471 Standardized and adjusted balance sheet (EURm) ASSETS 2008 2007 Non-Current Tangible Assets 6,325 6,000 Non-Current Intangible Assets 148 139 Deferred Tax Asset 203 133 Other Non-Current Assets 188 165 ----------------- Total non-current assets 6,863 6,437 Trade Receivables 585 464 Inventories 1,055 1,007 Other Current Assets 158 45 Cash and Marketable Securities Total current assets 1,466 1,466 ------------------ Total current assets 3,264 2,982 ------------------ TOTAL ASSETS 10,127 9,418 LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' equity 5,055 4,414 Minority Interest 27 24 Non-Current Debt 2,003 2,095 Deferred Tax Liability 343 197 Other Non-Current Liabilities (non-interest bearing) 308 229 ---------------- Total non-current liabilities 2,655 2,522 Current Debt 234 371 Trade Payables 2,073 1,975 Other Current Liabilities 84 112 ----------------- Total current liabilities 2,391 2,458 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 10,127 9,418 Problem Set II: Roll-Royce Group (25%) At the beginning of 2008, the Roll-Royce Group in its footnote that its plant and equipment had an original cost of ￡2,110 million and that accumulated depreciation was ￡1,146 million. Roll-Royce depreciates its plant and equipment on a straight-line basis under the assumption that the assets have an average useful life of 14 years (assume a 10 percent salvage value). Roll-Royce's tax rate equals 17%. Please answer the following questions. 1. What are the original annual depreciation rate and the new depreciation rate if you assume that the plant and equipment has an average useful life of 8 years? 2. How many ages have the plant and equipment been depreciated? 3. What adjustment should be made to Roll-Royce's balance sheet and income statement at beginning of 2008, if you assume that the plant and equipment has an average useful life of 8 years (and a 10 percent salvage value)? Problem Set III: Equity value (25%) Assume that the following company's cost of equity equals 12 percent. The following forecasts are provided by analysts. Income statement EURm 2009E 2010E 2011E Sales 1548.1 1493.9 1561.2 EBIT 179.61 176.9 196.2 EBT 134.6 136.9 161.2 Net profit 98.3 99.9 117.7 Balance sheet EURm 2008 2009E 2010E 2011E ASSETS Total non-current assets 459.2 480.8 499.1 512.0 Total current assets 702.4 670.5 670.1 711.8 LIABILITIES AND SHAREHOLDERS'EQUITY Shareholders' equity 199.0 200.2 221.6 259.0 Total non-current liabilities 661.0 645.1 632.2 623.5 Total current liabilities 301.6 306.0 315.4 341.3 The analysts also compute the company's free cash flow to equity, abnormal profit, and abnormal earnings growth from 2009 through 2013 as follows. 2009E 2010E 2011E 2012E 2013E Free cash flow to equity 97.1 78.5 80.3 259 0 Abnormal profit 74.42 78.876 91.108 -31.08 0 Abnormal earnings growth 1.456 15.232 -122.188 31.08 Estimate the value of the company using the above data and assumption and provide the results of the discounted cash flow model, the abnormal earnings model, and the abnormal earnings growth model. Explain why or why not these models yield the same outcome. PART II — CONCEPT QUESTION (10%) Concept question: Accounting choices Car manufacturers A and B disclosed the following information in their 2012 financial statements (in million): A B Property, plant and equipment (PP&E) at cost $119,089 $36,239 Accumulated depreciation on PP&E 61,819 23,632 Deferred tax liability for depreciation of PP&E 3,885 679 Statutory tax rate (%) 40 17 Purely based on the companies' deferred tax liabilities, which of the two companies appears to be most conservative in its depreciation policy? Why? --

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