Table 1

Table 2
KRAFT Income Statement
2013
50,400
35,280
6,552
2,340
6,228
209
6,019
2,107
3,912
978

2012
48,200
33,740
6,266
3,133
5,061
311
4,750
1,662
3,087
772

Cash
A/R
Inventory
Total CA

2013
2,520
9,056
9,216
20,792

2012
2,200
7,263
9,614
19,077

Net Fixed

26,510

26,510

Total Assets

47,302

45,587

Sales
Cost of GS
SG & A Expenses
Depreciation
EBIT
Interest
EBT
Taxes
Net Income
Dividend

2013 Forecasts
2011
45,000
31,500
5,850
2,925
4,725
310
4,415
1,545
2,870
717

Sales
30%
70%
Expected

56,000
48,000
50,400

A/R
9,280
8,960
9,056

Inventory
7,200
10,080
9,216

2013
4,608
0
4,730
9,338

2012
3,698
0
4,644
8,342

2011
3,452
2,000
4,644
10,096

5,227
29803
2,934
32,737
47,302

7,778
27,152
2,316
29,468
45,588

7,758
25,000
2,152
27,152
45,006

Table 3
KRAFT Balance Sheet
2011
4,500 A/P
6,781 N/P
8,975 Accrual
20,256 Total CL
24,750

Lt Debt
Equity
New R/E
Total Equity
45,006 Total Equity & Debt

Table 4

Table 5

KRAFT Common-size Income Statement

2013
2012
Sales
100%
100%
Cost of GS
70.0%
70.0%
SG & A Expenses
13.0%
13.0%
Depreciation
4.6%
6.5%
EBIT
12.4%
10.5%
Interest
0.4%
0.6%
EBT
11.9%
9.9%
Taxes
4.2%
3.4%
Net Income
7.8%
6.4%
Dividend
1.9%
1.6%

2011
100%
70.0%
13.0%
6.5%
10.5%
0.7%
9.8%
3.4%
6.4%
1.6%

Cash
A/R
Inventory
Total CA

KRAFT Balance Sheet Standartized by Size by Dividing by Total Assets of

2013
2012
2011
5.3%
4.8%
10.0%
19.1%
15.9%
15.1%
19.5%
21.1%
19.9%
44.0%
41.8%
45.0%

Net Fixed

56.0%

58.2%

55.0%

Total Assets

100%

100%

100%

Table 6
Sales
Cost of GS
SG & A Expenses
Depreciation
EBIT
Interest
EBT
Taxes
Net Income
Dividend

2013
104.6%
104.6%
104.6%
74.7%
123.1%
67.2%
126.7%
126.7%
126.7%
126.7%

KRAFT Income Statement and Balance Sheet Standartized Period (each entry is divided by previous year entry)
2012
2011
2013
2012
2011
107.1%
100% Cash
114.5%
48.9%
100%
107.1%
100% A/R
124.7%
107.1%
100%
107.1%
100% Inventory
95.9%
107.1%
100%
107.1%
100% Total CA
109.0%
94.2%
100%
107.1%
100%
100.3%
100% Net Fixed
100%
107.1%
100%
107.6%
100%
107.6%
100%
107.6%
100%
107.6%
100% Total Assets
103.8%
101.3%
100%

Table 7

Table 8

Industry Income Statement

2013
2012
Sales
133,410
155,100
Cost of GS
99,596
103,440
SG & A Expenses
19,191
23,289
Depreciation
8,672
10,332
EBIT
5,951
18,039
Interest
654
804
EBT
5,297
17,235
Taxes
1,854
6,032
Net Income
3,443
11,203
Dividend
861
2,456

2011
145,000
97,750
21,300
9,650
16,300
804
15,496
5,424
10,072
2,186

Table 9

Industry Balance Sheet

2011
12,500
19,932
27,105
59,537

Cash
A/R
Inventory
Total CA

2013
8,909
22,168
30,296
61,373

2012
6752
23,404
28,843
58,999

Net Fixed

85,305

85,305

79,750

146,678

144,304

139,287

Total Assets
Table 10

Industry Common-size Income Statement

2013
2012
Sales
100%
100%
Cost of GS
74.7%
66.7%
SG & A Expenses
14.4%
15.0%
Depreciation
6.5%
6.7%
EBIT
4.5%
11.6%
Interest
0.5%
0.5%
EBT
4.0%
11.1%
Taxes
1.4%
3.9%
Net Income
2.6%
7.2%
Dividend
0.6%
1.6%

2011
100%
67.4%
14.7%
6.7%
11.2%
0.6%
10.7%
3.7%
6.9%
1.5%

Cash
A/R
Inventory
Total CA

Industry Balance Sheet Standartized by Size by Dividing by Total Assets of

2013
2012
2011
6.1%
4.7%
9.0%
15.1%
16.2%
14.3%
20.7%
20.0%
19.5%

Net Fixed

58.2%

59.1%

57.3%

Total Assets

100%

100%

100%

Table 11

Sales
Cost of GS
SG & A Expenses
Depreciation
EBIT
Interest
EBT
Taxes
Net Income
Dividend

2013
86.0%
96.3%
82.4%
82.4%
83.9%
33.0%
33.0%
30.7%
30.7%
35.1%

Industry Income Statement and Balance Sheet Standartized Period (each entry is divided by previous year entry)
2012
2011
2013
2012
2011
107.0%
100% Cash
131.9%
54.0%
100%
105.8%
100% A/R
94.7%
117.4%
100%
109.3%
100% Inventory
105.0%
106.4%
100%
109.3%
100% Total CA
104.0%
99.1%
100%
107.1%
100%
110.7%
100% Net Fixed
100%
107.0%
100%
110.7%
100%
111.2%
100%
111.2%
100%
112.4%
100% Total Assets
101.6%
103.6%
100%

Table 12

Table 13
KRAFT Ratios
2013

Solvency Ratios:
Cash Ratio
Quick Ratio
Current Ratio
Total Debt Ratio
Equity Multiplier
Debt to Equity
Survival Ratios:
Times Interest
Cash Coverage
Efficiency Ratios:
Inventory Days
A/P Days
A/R Days
Current Asset T/O
Fixed Asset T/O
Total Asset T/O
Profitability Ratios:
Profit Margin
ROA
ROE
DuPont ROE

2012

Industry Ratios:
2013

2011

0.27
1.24
2.23
31%
1.44
44%

0.26
1.13
2.29
35%
1.55
55%

0.45
1.12
2.01
40%
1.66
66%

29.79
23.25

16.27
17.14

15.23
23.93

95.35
47.67
65.58
2.42
1.90
1.07

104
40.01
55
2.53
1.82
1.06

104
40
55
2.22
1.82
1

8%
8%
12%
12%

6%
7%
10%
10%

6%
6%
11%
11%

Solvency Ratios:
Cash Ratio
Quick Ratio
Current Ratio
Total Debt Ratio
Equity Multiplier
Debt to Equity
Survival Ratios:
Times Interest Ratio
Cash Coverage
Efficiency Ratios:
Inventory Days
A/P Days
A/R Days
Current Asset T/O
Fixed Asset T/O
Total Asset T/O
Profitability Ratios:
Profit Margin
ROA
ROE
DuPont ROE

2012

2011

0.37
1.29
2.55
28%
1.38
38%

0.30
1.35
2.64
28%
1.39
39%

0.48
1.24
2.28
32%
1.47
47%

9.10
26.88

22.44
21.25

20.27
27.55

111.03
41.72
60.65
2.17
1.56
0.91

101.78
38.55
55.08
2.63
1.82
1.07

101.21
38.68
50.17
2.44
1.82
1.04

3%
2%
3%
3%

7%
8%
11%
11%

7%
7%
11%
11%

by Size by Dividing by Total Assets of Each Year

2013
A/P
9.7%
N/P
0.0%
Accrual
10.0%
Total CL
19.7%

2012
8.1%
0.0%
10.2%
18.3%

2011
7.7%
4.4%
10.3%
22.4%

11.0%
63.0%
6.2%
69.2%
100%

17.1%
59.6%
5.1%
64.6%
100%

17.2%
55.5%
4.8%
60.3%
100%

A/P
N/P
Accrual
Total CL

2013
124.6%
0.0%
101.9%
111.9%

2012
107.1%
0.0%
100.0%
82.6%

2011
100%
100%
100%
100%

Lt Debt
Equity
New R/E
Total Equity
Total Equity & Debt

67.2%
109.8%
126.7%
111.1%
103.8%

100.3%
108.6%
107.6%
108.5%
101.3%

100%
100%
100%
100%
100%

Lt Debt
Equity
New R/E
Total Equity
Total Equity & Debt

vided by previous year entry)

try Balance Sheet

2013
11,383
2,000
10,725
24,108

2012
10,926
0
11,406
22,332

2011
10,360
5,000
10,700
26,060

16,356
103,633
2,582
106,215
146,679

18,340
94,886
8,747
103,633
144,305

18,340
87,000
7,886
94,886
139,286

2012
7.6%
0.0%
7.9%
15.5%

2011
7.4%
3.6%
7.7%
18.7%

11.2%
70.7%
1.8%
72.4%
100%

12.7%
65.8%
6.1%
71.8%
100%

13.2%
62.5%
5.7%
68.1%
100%

A/P
N/P
Accrual
Total CL

2013
104.2%
0.0%
94.0%
108.0%

2012
105.5%
0.0%
106.6%
85.7%

2011
100%
100%
100%
100%

Lt Debt
Equity
New R/E
Total Equity
Total Equity & Debt

89.2%
109.2%
29.5%
102.5%
101.6%

100%
109.1%
110.9%
109.2%
103.6%

100%
100%
100%
100%
100%

A/P
N/P
Accrual
Total CL
Lt Debt
Equity
New R/E
Total Equity
Total Equity & Debt

by Size by Dividing by Total Assets of Each Year

2013
A/P
7.8%
N/P
1.4%
Accrual
7.3%
Total CL
16.4%
Lt Debt
Equity
New R/E
Total Equity
Total Equity & Debt

vided by previous year entry)

Industry Income Statements

2011
133,410
99,596
19,191
8,672
5,951
654
5,297
1,854
3,443
861

2010
155,100
103,440
23,289
10,332
18,039
804
17,235
6,032
11,203
2,456

2009
145,000
97,750
21,300
9,650
16,300
804
15,496
5,424
10,072
2,186

Cash
A/R
Inventory
Total CA

2011
8,909
22,168
30,296
61,373

2010
6752
23,404
28,843
58,999

2009
12,500
19,932
27,105
59,537

Net Fixed

85,305

85,305

79,750

146,678

144,304

139,287

2011

2010

2009

0.37
1.29
2.55
0.28
1.38
0.38

0.30
1.35
2.64
0.28
1.39
0.39

0.48
1.24
2.28
0.32
1.47
0.47

9.10
26.88

22.44
21.25

20.27
27.55

111.03
41.72

101.78
38.55

101.21
38.68

Sales
Cost of GS
SG & A Expenses
Depreciation
EBIT
Interest
EBT
Taxes
Net Income
Dividend
Industry Balance Sheets

Total Assets
Industry Ratios
Solvency Ratios:
Cash Ratio
Quick Ratio
Current Ratio
Total Debt Ratio
Equity Multiplier
Debt to Equity
Survival Ratios:
Times Interest Ratio
Cash Coverage
Efficiency Ratios:
Inventory Days
A/P Days

A/R Days
Current Asset T/O
Fixed Asset T/O
Total Asset T/O
Profitability Ratios:
Profit Margin
ROA
ROE
DuPont ROE

60.65
2.17
1.56
0.91

55.08
2.63
1.82
1.07

50.17
2.44
1.82
1.04

0.03
0.02
0.03
0.03

0.07
0.08
0.11
0.11

0.07
0.07
0.11
0.11

A/P
N/P
Accrual
Total CL
Lt Debt
Equity
New R/E
Total Equity
Total Equity & Debt

2011
11,383
2,000
10,725
24,108

2010
10,926
0
11,406
22,332

2009
10,360
5,000
10,700
26,060

16,356
103,633
2,582
106,215
146,679

18,340
94,886
8,747
103,633
144,305

18,340
87,000
7,886
94,886
139,286