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분야
docxProblem A : What are the principal activities of your company?
Problem B: Evaluate the performance of your company on the year under review
1. Income Statement Analysis
(1) Comparative Income Statements
(2) Trend income statements
(3) Common size income statements
(4) Gross Profit in detail
(5) Graphs : Sales, Net Income
2. Ratio Analysis
(1) ROA, ROE, Profit Margin
(2) Ratio Analysis with competitors (2009)
Problem C : Evaluate the liquidity of your company at the end of year under review
1. Liquidity Ratio
(1) Current Ratio
(2) Quick Ratio
2. Activity Ratio
(1) Turnover ratio
Problem D : Does the cash flows statement add any further information to that provided by the income statement or the balance sheet? Explain.
Problem E : Check the main accounting policies of your company. Choose one interesting/doubtful accounting policy. Then, comment on the chosen accounting policy. More specifically, is it too aggressive, too conservative or reasonable in terms of the effects on the related accounting information, such as net income, ending balance of account receivable, etc.?
Problem F : Compute the price-earnings ratio and the ratio of market price to book value of equity for your company. Do you believe that your company is fairly valued by investors?
(%) 2009 2008 2007 2006 2005
sales 338 367 191 143 100
gross profit 4 301 409 174 100
operating income -330 254 479 179 100
income before income tax -906 128 482 169 100
net income -15,685 2,123 7,877 1,120 100
From comparative income statements and trend income statements above, we can see that net income in 2009 plunged dramatically. However, compare to 2008, sales decreased slightly whereas gross profit decreased enormously. In addition to this, if we compare sales in 2008 to 2007, sales in 2008 almost doubled. However, interestingly enough, gross profit in 2008 was much smaller than in 2007. We think that these facts are worthy of notice and we will figure out what is making these differences between sales and gross profit in process of time.
(3) Common size income statements
(%) 2009 2008 2007 2006 2005
sales 100 100 100 100 100
gross profit 0 7 17 10 8
operating income -4 3 11 5 4
income before income tax -10 1 9 4 4
net income -8 1 7 1 0
As we can see from the common size income statements, by something, gross profits have been affected a lot. So we look into gross profits in detail.
(4) Gross Profit in detail
(billion KRW) 2009 2008 2007 2006 2005
sales 2,225 2,418 1,256 943 658
merchandise 1,876 2,093 983 804 609
ships management 258 188 115 85 15
income from affiliate 42 56 78 39 28
license 30 24 14
rent 3 2 1 1 1
others 13 53 63 12 4
cost of goods sold 2,223 2,257 1,037 849 604
merchandise cost 1,844 2,048 941 775 585
ships management cost 216 159 91 72 17
others 2 2 3 1 -
loss from affiliate 159 48 1 1 2
gross profit 2 161 219 93 53
As you can see above, loss from affiliate in 2009 increased a lot compare to 2008. It means that there is insufficient information to evaluate operating performance just by income statements. Thus investigation of cash flow statements is needed. Further analysis regarding cash flow statement will be dealt in problem D.
