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P4.23
2012
Sales 6,644,252.00
Interest expense 95,569.00
Net income 628,962.00
Dilute !PS 2.89
"inorit# interest in net income 12,950.00
$otal assets 4,%54,839.00
$otal s&are&olers' e(uit# 1,048,3%3.00
Non controllin) interest in su*siiaries 11,625.00
+- /Net Income /1 $ax rate x Interest expense NI Income -e
Decomposition Prot mar)in x $otal assets turnoer
Prot mar)in /Net income /1tax rate x Interest expense NI Net inc
-sset turnoer Sales -era)e total asset
2012
+- 0.15
Prot "ar)in 0.11
-sset turnoer 1.40
Decomposition 0.15
+! /Net income NI income Pre7erre stoc iiens -era)e co
+! 0.59
P4.24
Prot "ar)in 7or +- %.23:
-ssets $urnoer 0.9363
+ate o7 +- 6.%%:
Prot "ar)in 7or +! 6.54:
apital Structure ;eera)e 2.10
<ers&e# &as steail# increase its position in t&e maret. -ll aspects o7 t&e#ear to #ear.
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+ate o7 +eturn on ommon S&are&olers !(uit# 12.8%:
ost o7 )oos sol sales 41.%6:
-ertisin) expense sales 12.91:
+esearc& an e sales 5.24:
+o#alt# expense sales %.44:
t&er sellin) an amin expense sales 22.92:
Income tax expense sales 2.51:
-+ $urnoer 5.06
Inentor# $urnoer 6.88
=ixe asset turnoer 14.%3
<as*ro is *orro>in) si)nicantl# less mone#. Its increasin) its return to t&e
P4.29
4.1
Prot "ar)in 7or +- 22.83:-ssets $urnoer 1.3525
+ate o7 +- 30.88:
Prot "ar)in 7or +! 22.63:
apital Structure ;eera)e 2.10
+ate o7 +eturn on ommon S&are&olers !(uit# 50.22:
ost o7 salesreenues 55.18:
+atios 7rom #ear 3 to #ear 4 are er# similar. ?S an aertisin) expensalso pa#in) less an less ro#alties as t&e# are )oin) in&ouse 7or a lot o7 t&
@iners prota*ilit# &as )one o>n oer t&e 3 #ears. It coul *e *ecause,restaurants. $&e sellin) an amin cost &as )one up compare to reenuesoperatin) income is )oin) o>n per restaurant.
n t&e Aip sie, "cDonals prota*ilit# &as steail# )one up in t&e past 3compan# is *ecomin) less an less leera)e. Its collectin) pa#ments 7astmore o7 its e(uipment as s&o>n *# t&e incrase in xe assets per restaur
"cDonals an @iner are tain) a iBerent approac&, *ut mainl# "cDonal7unin), not in operatin) as @iners is oin), *ut usin) it to ecrease e*t
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store operatin) exp op re 3%.19:
ot&er op exp op re 4.08:
ep an amortiCe op re 5.22:
)en an amin exp op re %.60:
restructurin) c&ar)e op re 0.00:
income 7rom e(uit# in op re 0.0200284%65
interest re op re 0.0089226388
income tax expense op re 0.0031324158
ar turnoer 24.14
in turnoer 5.2%
xe asset turnoer 4.20
$&e Auctuations in Star*ucs comes 7rom t&e c&an)e in leaers&ip an itsclose a lar)e num*er o7 compan# o>ne store an transitione to licens)ro>t& in t&e num*er o7 stores. In ecreasin) per7ormance, <o>ar Sc&ult>as >&en @roers @oostores >ent *anrupt causin) nearl# 500 Star*ucs
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2011 2010
6,080,%88.00 5,6%1,009.00
92,183.00 96,434.00
509,%99.00 435,994.00
2.%4 2.21
5,81%.00 8,183.00
4,40%,094.00 4,2%2,%32.00
880,943.00 93%,601.00
23,626.00 35,285.00
a)e total asset
ome Sales
2011 2010 2010 2012
0.13 0.12 0.39891413
0.09 0.09 0.29132%648%
1.38 1.33 4.10%8915626
0.13 0.12 1.20
mmon s&are&olers e(uit#
0.5% 0.46 1.62
ir nancials /Net income, !PS, +-, +! &ae increase 7rom
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s&are&olers. $&is increases t&e +! to s&are&olers.
s )re> compare to sales. +esearc& pice up a)ain. <as*ro isir proucts.
s t&e text reas, @iner is expanin) an openin) more. -lt&ou)&, as reenues are increasin) per restaurant, t&e net
ears. Sellin) an amin 7ees &ae *een ecreasin) an t&eer /ar turnoer, an increasin) reenues -ND income. Its o>nin)ant.
s is *u#in) *ac s&ares an *ecomin) less leera)e, usin) its.
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trate)#. $&e compan# &as )one t&rou)& a maor restructin) t&at stores. In 2009, t&e compan#, 7or t&e rst time, &a a ne)atiereassume t&e position as ! o7 t&e compan#. -not&er e# &itlocations to close o>n.
