课程名称︰财务报告分析
课程性质︰必修
课程教师︰吴瑞萱
开课学院：管理学院
开课系所︰财务金融学系
考试日期（年月日）︰103.06.13
考试时限（分钟）：180
是否需发放奖励金：是
（如未明确表示，则不予发放）
试题 :
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