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Copy of Annual Report

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on 30 April 2014

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Transcript of Copy of Annual Report

Report di una indagine statistica
Prodotto locale tipico
Quanto lo conosciamo?
Come lo "viviamo"?
Potrebbe migliorare la nostra vita e la nostra economia?
E' influenzato dalla realtà ambientale?
In generale: sappiamo alimentarci in modo corretto?
Agropoli e Poggiomarino: due realtà a confronto sulla base dei dati che saranno rilevati.
Passi da eseguire:
Qualche ulteriore cenno alla scelta del campione:
Esempio Poggiomarino:
Alunni totali: 1073
Alunni del triennio: 574
ALUNNI CAMPIONE: 273 (CIRCA IL 25% DEL TOTALE)
Progetto Lauree Scientifiche 2013/14
Statistica di base
Statistica inferenziale
Popolazione e campione
Indicatori
Variabili quantitative e qualitative
Istogrammi, grafici a barre e a torta
Industry Situation
Whole Foods Market is a grocery chain focusing on natural and organic merchandise.
Whole Foods was the first national chain to become a "Certified Organic" grocer.
Their mission statement includes the pledge to "Satisfy, Nourish and Delight Customers."
Whole Foods future plans include opening over 1000 stores globally.
Accelerate growth in a culturally sustainable way
Close the price gap with competition.
http://greenbiz.com/news/2003/06/22/whole-foods-becomes-first-certified-organic-grocer-us
Company Plans and Philanthropy
Whole Foods supports numerous foundations including:
Whole Planet Foundation-Creating economic partnerships with developing world communities that supply the stores with products.
Whole kids foundation- Supporting schools and inspiring families to improve children's nutrition and wellness.
Local Producer Load Program-Providing microcredit to economically disadvantaged communities who supply Whole Foods Market, and providing garden grants to approximately 1600 schools to improve nutritious choices in students.
www.wholeplanetfoundation.org
Income Statement
Balance Sheet
Multi-step Income Statement
Net income for 2013 has an increase of 15% over 2012 net income.
The 2013 fiscal year had a bigger cost of goods and about the same expenses as the 2012 fiscal year, but still came up being 15% higher on net income.
Statement of Cash Flows
Cash flow from operations is more than net income for the past two years.
Whole Foods has invested in:
Development costs of new locations
Other property and equipment expenditures
Purchases of available-for-sale- securities
Sales and maturities of available-for-sale-securities
Increase (decrease) in restricted cash
Payment for purchase of acquired entities
Other investing activities
Statement of Cash Flow Cont.
Primary source of Financing:
Common stock dividends paid
Issuance of common stock
Purchase of treasury stock
Excess tax benefit related to exercise of team member stock options
Payments on capital lease obligations
Cash has increased in the past two years into the millions.
Evaluation of Liquidity
Financial Analysis Profitability Ratios
Inventory Turnover
Profit Margin
Return on Total Assets
Return on Common Stock Holders Equity
Financial Analysis Solvency Ratio
Accounting Policies
Whole Foods Market Significant Accounting Policies
• Accounts Receivable is based off Historical Data totaling 3 million for 2013
• Inventories analysis is based off of “LIFO”.
• Property and Equipment are depreciated in a Straight Line method. They depreciate under the assumption that equipment lasts 3-15 years and building useful life ranges between 20-50 years.
• Revenue Recognition is at the point of sale. Discounts are included as a contra revenue account.
• Cost of Goods Sold are reduced due to large purchases and this reduction is included in the Cost of Goods Sold when the merchandise is sold.
• Investments are Available For Sale, recorded in a separate account and are valued at fair market value.

Accounting Policies
List of topics of notes included in the financial statement:
• Description of Business
• Summary of Significant Accounting Policies
1. Definition of Fiscal Year
2. Principles of Consolidation
3. Cash and Cash Equivalents
4. Investments
5. Restricted Cash Flow
6. Accounts Receivable
7. Inventories
8. Property and Equipment
9. Leases
10. Goodwill and Intangible Assets
11. Impairment of Long-Lived Assets and Long-Lived Assets to be disposed of
12. Fair Value of Financial Instruments
13. Insurance and Self-Insurance Reserves
14. Reserves for Closed Properties
15. Revenue Recognition
16. Cost of Goods Sold and Occupancy Costs
17. Direct Store Expenses
18. General and Administrative Expenses
19. Pre-Opening Expenses
20. Relocation, Store Closure and Lease Termination Costs
21. Share-Based Payments
22. Income Taxes
23. Treasury Stock
24. Earnings per Share
25. Comprehensive Income
26. Foreign Currency Translation
27. Use of Estimates
28. Reclassifications
29. Recent Accounting Pronouncements

Accounting Policies Cont.
• Fair Value Measurements
1. Assets Measured at Fair Value on a Recurring Basis
2. Assets Measured at Fair Value on a Nonrecurring Basis
• Investments
• Property and Equipment
• Goodwill and Other Intangible Assets
• Long-Term Debt
• Income Taxes
• Shareholder’s Equity
• Earnings per Share
• Share Based Payments
1. Stock Options
2. Restricted Stock
3. Team Member Stock Purchase Plan
• Team Member 104(k) Plan
• Quarterly Results (unaudited)
• Commitments and Contingencies
• Related Party Transactions

Sources
http://www.wholefoodsmarket.com/sites/default/files/media/Global/Company%20Info/PDFs/WFM-2013-Annual-Stakeholders-Report.pdf

Statement of Cash Flow Cont.
Primary source of Financing:
Common stock dividends paid
Issuance of common stock
Purchase of treasury stock
Excess tax benefit related to exercise of team member stock options
Payments on capital lease obligations
Cash has increased in the past two years into the millions.
Liquidity Ratios

Current Ratio 2013 =
Current Assets/Current Liabilities

2013 Current Assets = 1,980,000,000
2013 Current Liabilities = 1,088,000,000

2013 Current Ratio = 1.82:1

A current ratio of 1.82:1 is a good
current ratio compared to the
generally excepted satisfactory ratio of
2:1 This indicates that the company is in
good standing and able to pay any
liabilities that the company may have.


2012 Current Assets = 2,103,000,000
2012 Current Liabilities = 977,000,000

2012 Current Ratio = 2.15:1

A current ratio of 2.15:1 is a good
current ratio compared to the
generally excepted satisfactory ratio of
2:1. Having a current ratio above 2:1
can indicate over spending can
sometimes indicate a misuse of current
assets but in this case, it is not
excessively over 2:1
Statement of Cash Flows
Receivable Turnover

Accounts Rcvbl Turnover = Sales/Accts Rcvbl

2013 Sales = 12,917,000,000
2013 Accts Rcvbl = 188,000,000

2013 Accts Rcvbl Turnover rate : 68.71
The Accts Rcvbl Turnover rate is representative
of the company’s ability to convert receivables
to cash. The higher the turnover rates the better.

2012 Sales = 11,699,000,000
2012 Accts Rcvbl = 197,000,000

2012 Accts Rcvbl Turnover rate : 59.39:1

The Accts Rcvbl Turnover rate is representative of the company’s ability to convert receivables to cash. The higher the turnover rates the better.


Avg. Days Sales Uncollected =
Days in year / Rcvbl turnover

2013 Rcvbl. Turnover = 365/68.71= 5.31:1

2012 Rcvbl. Turnover = 365/59.39= 6.1:1

Inventory Turnover

- The relationship between the cost of goods sold and
the amount of inventory carried during the period,
computed by dividing the cost of goods sold by the
average inventory.
- Cost of goods sold/ Inventory

Cost of goods sold and occupancy cost 2013 – 8,288,000,000
Inventory 2013 – 414,000,000

Inventory Turnover rate – 20.01


Cost of goods sold and occupancy cost 2012 – 7,543,000,000
Inventory 2012 – 374,000,000
Inventory Turnover rate 2012- 20.17

Days sells in Inventory –
Days in year/ Inventory Turnover

2013 Days sells in Inventory = 365/20.01 = 18.24

2012 Days Sells In Inventory = 365/20.17=18.1

Asset Turnover –
The number of dollars of sales that
are generated from each dollar of
average fixed assets during the year. =
Revenue/ total assets

2013 Revenue =12,917,000,000
2013 Total Assets = 5,538,000,000
2013 Asset Turn-over = 2.33

2012 Revenue= 11,699,000,000
2012 Total Assets = 5,294,000,000
2012 Asset Turn-over = 2.2099

A company’s long run survival depends on its ability to earn satisfactory profit. Evaluation of profitability is important to both investors and creditors.

Profit Margin – Net Income/Revenues

Profit margin indicates the percentage
of each revenue dollar that results in
net income.
2013 Net Income – 551,000,000
2013 Revenue – 12,917,000,000
2013 Profit Margin - .043 = 4.3%

2012 Net income – 466,000,000
2012 Revenue – 11,699,000,000
2012 Profit Margin = .0398 = 3.98%

Return on Total Assets
NET INCOME/ TOTAL ASSETS
(Measure of earning power or profitability of a company.)

2013 Net Income – 551,000,000
2013 Total Assets - 5,538,000,000
Return On Total Assets 2013 - .099 or 9.9 %

2012 Net Income – 466,000,000
2012 Total Assets - 5,294,000,000
Return On Total Assets 2013 - .088 or 8.8%

Return on Common Stock Holders Equity
Net Income / Owners Equity
A measure of profitability from a
stockholders or owners standpoint.
Shows much is earned for each dollar
of investment.

2013 Net Income – 551,000,000
2013 Owners Equity – 3,878,000,000
Return On Total Assets 2013 - .142 or 14.2%

2012 Net Income – 466,000,000
2012 Owners Equity – 3,802,000,000
Return On Total Assets 2013 - .1225 or 12.25%

Debt to Equity –
Measures the relationships of a company’s assets provided by creditors to the amt. provided by stockholders. The larger the debt to equity ratio, the more fixed obligations the company has working capital is tied up. The situation is less
risky when the debt to equity ratio is lower.

Total Liabilities/ Owners Equity

2013 Total Liabilities – 1,660,000,000
2013 Owners Equity - 3,878,000,000

Debt to equity ratio 2013 - .428:1

2012 Total Liabilities – 1,492,000,000
2012 Owners Equity - 3,802,000,000

Debt to equity ratio 2013 - .392:1



Price Earnings
This measure compares many stocks in different industries on two key issues, price and earnings. How do stocks of similar price compare in terms of earnings. The lower the ratio the better.

Market Price per share/ Earnings per share
2013 Market Price – $48.70
2013 Earnings per share – $1.48
2013 Price Earnings - 32.91:1

2012 Market Price – $41.34
2012 Earnings per share – $1.28
2012 Price Earnings - 32.3:1

Dividend Yield
Dividends per share/ Market price

2013 Dividends per share : $1.40
2013 Market Price $48.70
2013 Dividend yield 2.87%

2012 Dividends per share : $.28
2012 Market Price $41.34
2012 Dividend yield .0068%



Financial Analysis Market Strength Ratios
Accounts Receivable is based off Historical Data totaling 3 million for 2013

Inventories analysis is based off of “LIFO”.

Property and Equipment are depreciated in a Straight Line method. They depreciate under the assumption that equipment lasts 3-15 years and building useful life ranges between 20-50 years.

Revenue Recognition is at the point of sale. Discounts are included as a contra revenue account.

Cost of Goods Sold are reduced due to large purchases and this reduction is included in the Cost of Goods Sold when the merchandise is sold.

Investments are Available For Sale, recorded in a separate account and are valued at fair market value.

Whole Foods Market
Significant Accounting Policies
Prodotti tipici campani:
Sapori e Saperi

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