CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Chapter 7 Financial Performance Metrics

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Topics
Simple Financial Comparisons & Analysis Basic Financial Analysis Financial Performance Metrics
Liquidity Leverage Market - Activity - Profitability - Growth

DuPont Analysis Thomson Financial

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Simple Financial Comparisons

Figure 7.1

2005 Sales
($ millions)

Kraft Foods Inc. Sara Lee Corporation ConAgra Foods, Inc. General Mills, Inc. Industry Average Kellogg Company H.J. Heinz Company Campbell Soup Company The Hershey Company Wm. Wrigley Jr. Company Smucker (J.M.) Company Tootsie Roll Industries, Inc.
$0

$34,113 $19,254 $14,567 $11,244 $10,667 $10,177 $8,912 $7,548 $4,836 $4,159 $2,044 $488
$5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000

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Industry Group
Major branded food processing companies Most do not compete head-to-head for consumers dollars, but do compete for investors dollars Includes aspirant companies or companies that Hershey admires and wants to be like Excluded some obvious competitors:
Mars: Private company with no public data Nestle: International company while focus is domestic only
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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Simple Annual Growth Analysis

Figure 7.2

2005 Annual Sales Growth*

Tootsie Roll Industries, Inc. Wm. Wrigley Jr. Company Hershey Foods Corporation Industry Average Weighted Campbell Soup Company Kraft Foods Inc. H.J. Heinz Company Kellogg Company Industry Average* ConAgra Foods, Inc. General Mills, Inc. Sara Lee Corporation
* Excludes Smucker (49.2%)
0.0%

16.1% 14.0% 9.2% 6.9% 6.2% 6.0% 5.9% 5.9% 5.3% 3.4% 1.6% 0.7%
4.0% 8.0% 12.0% 16.0% 20.0%

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Annual Sales Growth

Calculated as:
Change in 2005 Sales from 2004 Sales divided by 2004 Sales or (Sales 05 Sales 04)/Sales 04 2005 Sales / 2004 Sales minus 1

Smucker, Tootsie Roll, and Wrigley aided by acquisitions Hershey aided by new product introduction and acquisitions

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Long-Term Growth Analysis

Figure 7.3

2005 Sales - Compound Annual Growth Rate From 2000

Smucker (J.M.) Company General Mills, Inc. Wm. Wrigley Jr. Company Kellogg Company Industry Average Weighted Kraft Foods Inc. Campbell Soup Company H.J. Heinz Company Industry Average Hershey Foods Corporation Tootsie Roll Industries, Inc. Sara Lee Corporation ConAgra Foods, Inc.
-6.9 -19.4% 3.2% 6.1% 5.3% 5.3% 4.8% 4.2% 10.8% 8.5% 8.5% 16.8% 14.4% 26.1%

-10.0%

0.0%

10.0%

20.0%

30.0%
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Basic Financial Analysis

Analyzes Hersheys position over time Sales, expenses, and income for the past three years. % of Sales: All items are divided by Sales providing a relative comparison of cost management and profitability for 3 years. Sales growth: Annual and two-year CAGR. Index value: All items are divided by their 2003 values which provides growth analysis.
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Basic Financial Statement Analysis

Table 7.1

Income Statement Analysis

The Hershey Company 2003, 2004, and 2005 ($ millions)

A. Income Statement 2003 2004 2005 Net Sales Costs and Expenses Cost of Sales Selling, Marketing, and Administrative Business Realignment and Asset Impairment Gain on sale of Business Total Costs and Expenses Income Before Interest and Income Taxes Interest Expense, Net Income Before Income Taxes Provision for Income Taxes Income before Accounting Change Cumulative Effect of Accounting Change Net Income $ $ 4,172.6 $ 4,429.2 $ 4,836.0 2,544.7 841.1 23.4 (8.3) 3,400.9 771.7 63.5 708.2 258.9 449.3 7.4 441.9 $ 2,680.4 867.1 3,547.5 881.7 66.5 815.2 237.3 577.9 577.9 $ 2,965.6 913.0 96.5 3,975.1 860.9 88.0 772.9 279.7 493.2 493.2

B. % of Net Sales 2003 2004 2005 100.0% 100.0% 100.0% 61.0% 20.2% 0.6% -0.2% 81.5% 18.5% 1.5% 17.0% 6.2% 10.8% 0.2% 10.6% 60.5% 19.6% 0.0% 0.0% 80.1% 19.9% 1.5% 18.4% 5.4% 13.0% 0.0% 13.0% 61.3% 18.9% 2.0% 0.0% 82.2% 17.8% 1.8% 16.0% 5.8% 10.2% 0.0% 10.2%

C. Annual Growth 2004 2005 CAGR* 6.1% 5.3% 3.1% n/a n/a 4.3% 14.3% 4.7% 15.1% -8.3% 9.2% 10.6% 5.3% n/a n/a 12.1% -2.4% 32.3% -5.2% 17.9% 7.7% 8.0% 4.2% n/a n/a 8.1% 5.6% 17.7% 4.5% 3.9% 4.8% n/a 5.6%

D. Index Value 2003 2004 2005 100.0 100.0 100.0 n/a n/a 100.0 100.0 100.0 100.0 100.0 100.0 n/a 100.0 106.1 105.3 103.1 n/a n/a 104.3 114.3 104.7 115.1 91.7 128.6 n/a 130.8 115.9 116.5 108.5 n/a n/a 116.9 111.6 138.6 109.1 108.0 109.8 n/a 111.6

28.6% -14.7% n/a n/a 30.8% -14.7%

*CAGR: Compound Annual Growth Rate from 2003 to 2005.

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Basic Financial Analysis Results

% of Sales
Cost of goods sold has fluctuated over this three-year time period. SG&A has steadily declined Profitability (net income) declined

Annual growth
Over this two year period, Hershey has only grown at single digit levels in all areas

Index value
Sales has a higher index value than any measure of income.
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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Financial Performance Metrics

Formerly, Financial Ratios Relative Basis for Comparison Thousands of Potential Metrics
One Number Divided by Another Number Multiple Permutations and Combinations

Six Major Categories

Liquidity Activity Leverage Profitability Market Growth

Applicable to Historical Information as well as Plan and Outlook Projections

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Table 7.2

Selected Financial Data

$ Millions, Except per Share

2000 Sales Cost of Goods Sold Administrative Costs Operating Income Interest Expense Pre-Tax Income Net Income Earnings per Share - Diluted Cash & Equivalents Accounts Receivable Inventory Current Assets Net, Plant, Prop, & Equip Total Assets Current Liabilities Short-Term Debt Current Portion LTD Long-Term Debt Total Liabilities Stockholders' Equity Beginning of Year Stock Price Year-End Stock Price Shares Outstanding Dividends per Share

Hershey 2005 $ 4,836.0 2,965.5 913.0 860.9 88.0 772.9 493.2 1.99 67.2 559.3 610.3 1,408.9 1,659.1 4,295.2 1,518.2 819.1 0.1 942.8 3,274.1 1,021.1 55.54 55.25 240.5 0.93

Heinz 2000* $ 9,407.9 5,788.5 2,350.9 1,268.5 244.4 999.1 630.9 1.75 154.1 1,237.8 1,599.9 3,169.9 2,358.8 8,850.7 2,126.1 151.2 25.4 3,935.8 7,254.8 1,595.9 45.06 34.00 256.8 1.45 2005 $ 8,912.3 5,705.9 1,851.5 1,354.8 204.6 1,058.6 752.7 2.13 1,083.7 1,092.4 1,256.8 3,645.6 2,163.9 10,577.7 2,587.1 28.5 544.8 4,122.0 7,975.1 2,602.6 38.08 36.87 347.7 1.14

$ 3,820.4 2,471.2 726.6 622.7 76.0 546.6 334.5 1.21 32.0 379.7 605.2 1,295.3 1,585.4 3,447.8 766.9 257.6 0.5 877.7 2,272.8 1,175.0 23.72 32.19 272.6 0.54

* The 2000 income measures for Heinz were adjusted to remove the one-time gain for selling Weight Watchers. Please see the discussion regarding "normalized income" later in the chapter.

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Types of Metrics
Liquidity: How liquid is the company? These metrics measure the firms ability to meet its maturing short-term obligations. Activity: How effectively is the company managing its assets? These metrics measure how effectively the company is using its resources. Leverage: How is the company financed? These metrics measure the extent to which the firms assets have been financed by debt. Profitability: How profitable is the company? These metrics measure managements overall ability to generate profits in relation to its sales or investment. Market: How does the companys performance translate in the stock market? These metrics measure the firms relationship to the broader stock market. Growth: How has the company been growing? These metrics include annual growth rates and compound annual growth rates over extended time periods of key balance sheet and income statement items and measure the firms ability to maintain its economic position in the growth of the economy and industry. Cost Management: What are the underlying cost trends relative to other measures? These metrics include measuring expenses as a percent of each sales dollar as in the common size income statement.
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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Liquidity
Hershey 2000 2005 Liquidity Current Ratio Net Working Capital ($ Millions) $ Quick Ratio Cash Ratio 1.69 528.4 $ 0.90 0.04 Heinz 2000 2005 0.93 1.49 1.41 (109.3) $ 1,043.8 $ 1,058.5 0.53 0.74 0.92 0.04 0.07 0.42

Performance Metrics Summary

Calculation

Financial Performance Metric Liquidity Current Ratio Net Working Capital Quick Ratio Cash Ratio

Strength

Current Assets / Current Liabilities Current Assets - Current Liabilities (Current Assets - Inventories) / Current Liabilities Cash / Current Liabilities

Higher Higher Higher Higher

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Activity
Hershey 2000 2005 Activity Total Asset Turnover Fixed Asset Turnover Current Asset Turnover Accounts Receivable Turnover Average Collection Period Inventory Turnover Inventory Days Outstanding
Financial Performance Metric Activity Total Asset Turnover Fixed Asset Turnover Current Asset Turnover Accounts Receivable Turnover Average Collection Period Inventory Turnover Inventory Days Outstanding

Heinz 2000 1.06 3.99 2.97 7.60 48.0 3.62 100.9 2005 0.84 4.12 2.44 8.16 44.7 4.54 80.4
Strength

1.11 2.41 2.95 10.06 36.3 4.08 89.4

1.13 2.91 3.43 8.65 42.2 4.86 75.1

Calculation

Sales / Total Assets Sales / Net Plant, Property, & Equipment Sales / Current Assets Sales / Accounts Receivable 365 days / Accounts Receivable Turnover Cost of Goods Sold / Inventory 365 days / Inventory Turnover

Higher Higher Higher Higher Lower Higher Lower

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Leverage
Hershey 2000 2005 Leverage Debt to Equity Current Debt to Equity Long-Term Debt to Equity Financial Leverage Capitalization Ratio Long-Term Capitalization Ratio Interest Coverage
Financial Performance Metric Leverage Debt to Equity Current Debt to Equity Long-Term Debt to Equity Financial Leverage Capitalization Ratio Long-Term Capitalization Ratio Interest Coverage

Heinz 2000 4.55 1.33 3.21 5.55 72.0% 71.1% 5.19 2005 3.06 0.99 2.07 4.06 64.3% 61.3% 6.62
Strength

1.93 0.65 1.28 2.93 49.2% 42.8% 8.19

3.21 1.49 1.72 4.21 63.3% 48.0% 9.78

Calculation

Liabilities / Equity Current Liabilities / Equity Long-Term Liabilities / Equity Assets / Equity Interest Bearing Debt / (Interest Bearing Debt + Equity) Long-Term Interest Bearing Debt / (Interest Bearing Debt + Equity) Earnings Before Interest and Tax / Interest Expense

Lower Lower Lower Lower Lower Lower Higher

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Profitability
Hershey 2000 2005 Profitability Net Margin Pre-Tax Margin Operating Margin Gross Margin Return on Assets Return on Net Assets Return on Equity
Financial Performance Metric Profitability Net Margin Pre-Tax Margin Operating Margin Gross Margin Return on Assets Return on Net Assets Return on Equity

Heinz 2000 6.7% 10.6% 13.5% 38.5% 7.1% 9.1% 39.5% 2005 8.4% 11.9% 15.2% 36.0% 7.1% 8.8% 28.9%
Strength

Fina

8.8% 14.3% 16.3% 35.3% 9.7% 11.4% 28.5%

10.2% 16.0% 17.8% 38.7% 11.5% 13.7% 48.3%

Calculation

Net Income / Sales Pre-Tax Income / Sales Operating Income / Sales (Sales - Cost of Goods Sold) / Sales Net Income / Assets Net Income / (Assets - Non Interest Bearing Current Liabilities) Net Income / Equity
Strategic Financial Management: Applications of Corporate Finance Samuel C. Weaver and J. Fred Weston

Higher Higher Higher Higher Higher Higher Higher

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Table 7.4

Profitiability Analysis: Income Statement

% of Sales

Hershey 2000 Sales Cost of Goods Sold 100.0% 64.7% 2005 100.0% 61.3% 2000

Heinz 2005 100.0% 64.0% 100.0% 61.5%

Gross Margin
Selling, General Administrative Other Expenses

35.3%
19.0% 0.0%

38.7%
18.9% 2.0%

38.5%
25.0% 0.0%

36.0%
20.8% 0.0%

Operating Margin
Interest Expense Other Expense

16.3%
2.0% 0.0%

17.8%
1.8% 0.0%

13.5%
2.6% 0.3%

15.2%
2.3% 1.0%

Pre-Tax Margin
Income Tax Provision

14.3%
5.5%

16.0%
5.8%

10.6%
3.9%

11.9%
3.5%

Net Margin

8.8%

10.2%

6.7%

8.4%
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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Table 7.5

Investment Base
$ Millions

Hershey 2000 2005 Net Income Total Assets: Beginning of the Year Average for the Year End of the Year Stockholders' Equity Beginning of the Year Average for the Year End of the Year Return on Assets Beginning of the Year Average for the Year End of the Year Return on Equity Beginning of the Year Average for the Year End of the Year $ 334.5 $ 493.2 $

Heinz 2000 630.9 $ 2005 752.7

3,346.7 3,397.3 3,447.8

3,812.8 4,054.0 4,295.2

8,053.6 8,452.2 8,850.7

9,877.2 10,227.5 10,577.7

1,098.6 1,136.8 1,175.0

1,137.1 1,079.1 1,021.1

1,803.0 1,699.5 1,595.9

1,894.2 2,248.4 2,602.6

10.0% 9.8% 9.7%

12.9% 12.2% 11.5%

7.8% 7.5% 7.1%

7.6% 7.4% 7.1%

30.4% 29.4% 28.5%

43.4% 45.7% 48.3%

35.0% 37.1% 39.5%

39.7% 33.5% 28.9%

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Table 7.6 Financial Performance Metrics

Hershey Foods Normalized Income

($ Millions)

1999

2000 $ 3,820.4 $ 327.8 8.6% -28.8%

2001 $ 4,137.2 $ 199.3 4.8% -39.2%

2002 $ 4,120.3 $ 391.2 9.5% 96.3%

2003 $ 4,172.6 $ 441.9 10.6% 13.0%

2004 $ 4,429.2 $ 577.9 13.0% 30.8%

2005 $ 4,836.0 $ 493.2 10.2% -14.7%

As Reported
Sales Net income Net income margin Net income annual growth $ 3,586.2 $ 460.3 12.8% 35.0%

Normalized Income Adjustments to Net Income

Net income Restructuring charges Loss (gain) sale of business Cumulative effect of accounting change Tax settlement Normalized income Normalized Income Margin Normalized Income Growth $ $ 460.3 (165.0) 295.3 8.2% -13.4% $ $ 327.8 327.8 8.6% 11.0% $ $ 199.3 171.9 (1.1) 370.1 8.9% 12.9% $ $ 391.2 21.5 412.7 10.0% 11.5% $ $ 441.9 15.5 (5.7) 7.4 451.7 10.8% 9.4% $ $ 577.9 (61.1) 516.8 11.7% 14.4% $ $ 493.2 74.0 567.2 11.7% 9.8%
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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Market
Hershey 2000 2005 Heinz 2000 2005 Market Market Capitalization ($ millions) $ 8,773.6 $ 13,287.6 $ 8,731.2 $ 12,819.7 Price/Earnings 26.60 27.76 19.43 17.31 Market to Book 7.47 13.01 5.47 4.93 Shareholder Returns 38.0% 1.2% -21.3% -0.2% Dividend Yield 2.3% 1.7% 3.2% 3.0%
Financial Performance Metric Market Market Capitalization Price/Earnings Market to Book Shareholder Returns Dividend Yield Calculation Stock Price Per Share * Shares Outstanding Stock Price Per Share / Earnings Per Share Market Value / Book Value (Capital Appreciation + Dividends) / Beginning Stock Price Dividend Per Share / Beginning Stock Price Strength Higher Higher Higher Higher Higher

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Table 7.7

Performance Metrics Summary

Financial Performance Metric Liquidity Current Ratio Net Working Capital Quick Ratio Cash Ratio Activity Total Asset Turnover Fixed Asset Turnover Current Asset Turnover Accounts Receivable Turnover Average Collection Period Inventory Turnover Inventory Days Outstanding Leverage Debt to Equity Current Debt to Equity Long-Term Debt to Equity Financial Leverage Capitalization Ratio Long-Term Capitalization Ratio Interest Coverage Profitability Net Margin Pre-Tax Margin Operating Margin Gross Margin Return on Assets Return on Net Assets Return on Equity Market Market Capitalization Price/Earnings Market to Book Shareholder Returns Dividend Yield Calculation Strength

Current Assets / Current Liabilities Current Assets - Current Liabilities (Current Assets - Inventories) / Current Liabilities Cash / Current Liabilities

Higher Higher Higher Higher

Sales / Total Assets Sales / Net Plant, Property, & Equipment Sales / Current Assets Sales / Accounts Receivable 365 days / Accounts Receivable Turnover Cost of Goods Sold / Inventory 365 days / Inventory Turnover

Higher Higher Higher Higher Lower Higher Lower

Liabilities / Equity Current Liabilities / Equity Long-Term Liabilities / Equity Assets / Equity Interest Bearing Debt / (Interest Bearing Debt + Equity) Long-Term Interest Bearing Debt / (Interest Bearing Debt + Equity) Earnings Before Interest and Tax / Interest Expense

Lower Lower Lower Lower Lower Lower Higher

Net Income / Sales Pre-Tax Income / Sales Operating Income / Sales (Sales - Cost of Goods Sold) / Sales Net Income / Assets Net Income / (Assets - Non Interest Bearing Current Liabilities) Net Income / Equity

Higher Higher Higher Higher Higher Higher Higher

Stock Price Per Share * Shares Outstanding Stock Price Per Share / Earnings Per Share Market Value / Book Value (Capital Appreciation + Dividends) / Beginning Stock Price Dividend Per Share / Earnings Per Share

Higher Higher Higher Higher Higher

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Table 7.3

Table 7.7

Performance Metrics
Hershey 2005 Heinz 2000 2005 1.41 $ 1,058.5 0.92 0.42 Financial Performance Metric

Performance Metr

2000 Liquidity Current Ratio Net Working Capital ($ Millions) $ Quick Ratio Cash Ratio Activity Total Asset Turnover Fixed Asset Turnover Current Asset Turnover Accounts Receivable Turnover Average Collection Period Inventory Turnover Inventory Days Outstanding Leverage Debt to Equity Current Debt to Equity Long-Term Debt to Equity Financial Leverage Capitalization Ratio Long-Term Capitalization Ratio Interest Coverage Profitability Net Margin Pre-Tax Margin Operating Margin Gross Margin Return on Assets Return on Net Assets Return on Equity

1.69 528.4 0.90 0.04

0.93 1.49 (109.3) $ 1,043.8 0.53 0.74 0.04 0.07

1.11 2.41 2.95 10.06 36.3 4.08 89.4

1.13 2.91 3.43 8.65 42.2 4.86 75.1

1.06 3.99 2.97 7.60 48.0 3.62 100.9

0.84 4.12 2.44 8.16 44.7 4.54 80.4

1.93 0.65 1.28 2.93 49.2% 42.8% 8.19

3.21 1.49 1.72 4.21 63.3% 48.0% 9.78

4.55 1.33 3.21 5.55 72.0% 71.1% 5.19

3.06 0.99 2.07 4.06 64.3% 61.3% 6.62

8.8% 14.3% 16.3% 35.3% 9.7% 11.4% 28.5%

10.2% 16.0% 17.8% 38.7% 11.5% 13.7% 48.3%

6.7% 10.6% 13.5% 38.5% 7.1% 9.1% 39.5%

8.4% 11.9% 15.2% 36.0% 7.1% 8.8% 28.9%

Market Market Capitalization ($ millions) $ 8,773.6 $ 13,287.6 $ 8,731.2 $ 12,819.7 Price/Earnings 26.60 27.76 19.43 17.31 Market to Book 7.47 13.01 5.47 4.93 Shareholder Returns 38.0% 1.2% -21.3% -0.2% Dividend Yield 2.3% 1.7% 3.2% 3.0%

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DuPont Analysis
2. Net Margin Net Income Sales X Asset Turnover Sales . Total Assets = Return on Assets Net Income Total Assets

3.

Return on Assets Net Income Total Assets

X Financial Leverage = X Total Assets Equity =

Return on Equity Net Income Equity

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Table 7.8

Performance Metrics
Hershey 2000 2005 Net Margin X Total Asset Turnover = Return on Assets X Financial Leverage = Return on Equity NI / Sales Sales / Total Assets Net Income / Total Assets Total Assets / Equity Net Income / Equity 8.8% 1.11 9.7% 2.93 28.5% 10.2% 1.13 11.5% 4.21 48.3% Heinz 2000 2005 6.7% 1.06 7.1% 5.55 39.5% 8.4% 0.84 7.1% 4.06 28.9%

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DuPont Analysis - Prefix

1.

Pre-Tax Margin Pre-Tax Income Sales Pre-Tax Income Sales Pre-Tax Income Sales

(1 Tax Rate) Taxes PTI Taxes PTI

Net Margin

X X

(1 PTI ( PTI

) = = ) = = Net Income Sales Sustainable Growth Rate

__PTI Taxes__ Pre-Tax Income (1 Divd Payout) (1 Dividends Net Inc )

4.

Return on Equity Net Income Equity

X X

= =

Net Income Financial Management: Applications of Corporate Finance NI Divd Strategic X C. Samuel( Weaver and J. Fred Weston) = Equity NI NI

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CHAPTER 7 FINANCIAL PERFORMANCE METRICS

Table 7.9

2005 DuPont Analysis

Pre-Tax Margin Hershey Foods Corporation Campbell Soup Company ConAgra Foods, Inc. General Mills, Inc. H.J. Heinz Company Kellogg Company Kraft Foods Inc. Sara Lee Corporation Smucker (J.M.) Company Tootsie Roll Industries, Inc. Wm. Wrigley Jr. Company Industry Average - Weighted Industry Average 16.0% 13.6% 7.4% 17.4% 11.9% 14.0% 10.9% 4.8% 9.9% 23.3% 18.1% 11.2% 13.4% After Tax Retention 63.8% 68.6% 59.4% 63.4% 71.1% 68.8% 70.6% 78.3% 63.7% 68.0% 68.5% 67.9% 67.7% Net Margin 10.2% 9.4% 4.4% 11.0% 8.4% 9.6% 7.7% 3.7% 6.3% 15.8% 12.4% 7.6% 9.0% Asset Turnover 1.126 1.114 1.145 0.622 0.843 0.962 0.592 1.336 0.775 0.599 0.933 0.821 0.913 Return on Assets 11.5% 10.4% 5.0% 6.9% 7.1% 9.3% 4.6% 5.0% 4.9% 9.5% 11.6% 6.2% 7.8% Financial Leverage 4.206 5.335 2.618 3.183 4.064 4.630 1.947 4.905 1.559 1.318 2.014 2.610 3.253 Return on Equity 48.3% 55.7% 13.2% 21.8% 28.9% 42.9% 8.9% 24.5% 7.6% 12.5% 23.4% 16.2% 26.2%

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7.27