To our Shareholders, Associates and Customers: Let me begin by expressing how proud I am of everything our Associates have accomplished during the fiscal year ended January 31, 2004. Wal-Mart generated over $256 billion in global revenue, establishing a new record and adding more than $26 billion in sales. Your Company earned almost $9.1 billion in net income and grew earnings per share by over 1
the company’s credit ratings. It is because when contra asset increases net account receivables decrease, resulting the decrease ofassets as well. This all in all causes the increase of debt ratio. Unfortunately, current situation regarding this subject could not be found from the 10K of McDonalds.
4. What is the effect ofthe change in receivables on cash flows from operating activitie
the companies it acquires or is it just another asset stripper?
Strategy
Decentralization
Tight financial
control
Incentive systems
기대 효과
autonomy
재무상의 효율
단기적인 이윤 극대화
Asset striper
회사의 일관된
비전과 목표,
장기적 전략의 부재
사업부간의 경쟁
ROA and ROE of HSBC
For the next asset analysis we are considering data from the period 2004-2009. First let´s take a look to the principal ratios ofthe company. ROA ratio for HSBC has decreased since 2007 and this tendency has continued indicating that the bank efficiency to produce profits has diminished. This is mainly due to the rise in operating expenses by 12% that reflected increased
of cost and good cost management.
ROE
The ROE of Jinro is 17.01% is higher than average ROE which is 9.24%. Industry average ROE declined for a while, but recently recorded an increase of 31.8% and turned to increase again. The ROE of Jinro decreased to 18.41% in 2005. So high ROE will give more benefit for shareholders by effectively management.
c. Analysis of Sales and growth ofassets