課程名稱︰財務報告分析
課程性質︰必修
課程教師︰吳瑞萱
開課學院：管理學院
開課系所︰財務金融學系
考試日期（年月日）︰103.06.13
考試時限（分鐘）：180
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Final: Chapter1-8, 6/20/2014
*NOTE: You have to provide appropriate supporting calculations.
PART I — SHORT PROBLEM (110%)
Problem Set I: Inditax Group (50%)
Inditex S.A. is the Spain-based parent company of a large number of clothing
design, manufacturing and retail subsidiaries. The company's brands includes
Zara, Pull & Bear, and Massimo Dutti. At the end of the fiscal year ending on
January 31, 2009 (fiscal year 2008), the subsidiaries of Inditex operated 4,359
stores across 73 countries, making Inditex one of the three largest clothing
retailers in the world. The following are some questions to be answered.
1.
Calculate Inditex's net operating profit after taxes,operating working capital,
net noncurrent assetsmet debt and net assets in 2007 and 2008. (Use the
effective tax rate [tax expense/profit before taxes] to calculate NOPAT.)
2.
Decompose Inditex's return on equity in 2007 and 2008 using the traditional
approach.
3.
Decompose Inditex's return on equity in 2007 and 2008 using the alternative
approach.
4.
What explains the difference between Inditex's return on assets and its
operating return on assets?
5.
Analyze the underlying drivers of the change in Inditex's return on equity.
What explains the decrease in return on equity? How strongly appears Inditex to
be affected by the economic crisis of 2008? (In your answer, make sure to
address issues of store productivity, cost control, pricing and leverage.)
Financial statements of Inditex are as follows:
Standardized and adjusted income statement (EURm)
Inditex
2008 2007
Sales 10,407 9,435
Cost of materials (nature) -4,493 -4,086
Personnel expense (nature) -1,703 -1.473
Depreciation and amortization (nature) 910 -803
Other operating income, net of other operating expense (nature)-1,168 -1,039