Задача 3

Условие. На основании приведенных данных представить экс­пертное заключение о финансовом положении фирмы.

Selected financial data (in thousands, except share data),($)

Figures	2001	2000 г.	1999 г.	1998 г.
Operations
Net sales	1156203	1150075	1124126	1294920
Depreciation expense	25628	23618	22212	20192
Interest expense	9951	8565	8551	10289
Earnings before income taxes	20297	18344	39820	43351
Income taxes	7787	6329	13900	14900
Effective tax rate, %	38,4	34,5	34,9	34,4
Net earnings	12510	12015	25920	28451
Cash flow from operations before changes in operating assets and li­abilities	38825	37999	48479	50167
Balance sheet information
Cash and temporary investments	47426	33215	38638	65589
Notes and accounts receivable	164126	1 32466	129086	127712
Financial services loans and advances	45168	44959	27834	29803
Inventories	106213	93922	82219	84258
Total current assets	378263	318867	289196	315424
Property, plant and equipment
Original cost	297314	289690	251368	212136
Net of depreciation	130690	132722	1 14643	93815
Capital expenditures	24503	42659	43709	26350
Total assets	515738	460757	415746	419183
Commercial paper	-	20000	4000	-
Financial services notes payable	51898	35733	8666	37453
Total current liabilities	203921	198853	148921	155458
Net working capital	174342	120014	140275	159966
Current ratio, %	1,95	1,60	1,94	2,03
Acid test ratio, %	1,26	1,06	1,31	1,44
Long-term debt	87221	45547	54380	60525
Long-term debt as a percent of total capitalization, %	29,14	18,28	21,34	24,07
Deferred income taxes	12492	12794	12019	12264

Продолжение

Total stockholders, equity	212104	203563	200426	190936
Return on beginning stockholders equity, %	6,15	5,99	13,58	16,91
Stockholders, equity per share, %	19,89	19,24	18,62	16,92
Stockholders, of record at year-end	2249	2294	2408	2094
Figures	1998 г.	1997 г.	1996 г.	1995 г.
Per share information
Earnings per share	116	112	227	246
Stock dividends/splits per share, %	-	-	-	33,0
Cash dividends per share of common stock, %	0,52	0,52	0,50	0,41
Total cash dividends paid	5515	5502	5631	4695
Average common shares and common shares and common share equivalents outstanding	10828052	0721729	11432170	11571353
Other data
Return on average total assets, %	2,56	2,74	6,21	6,99
Pretax return on total capital employed, %	8,68	8,79	16,46	18,72
Total capitalization at year-end	299325	249110	254806	251461
Number of employees at year-end	3834	3709	3838	3386