Assignment Task: Annual Report Project
1. Shareholder Letter from Jim Koch, founder, and Martin Roper, CEO
This part of an annual report includes information that the leaders of the company want to highlight. It is important to note that this information is not audited. That means that the information is not impartial.
a) How many different SKU's did company produce during 2015?
2. Management's Discussion and Analysis (beginning on page 17 of the 10-K)
This section includes a discussion by management about the company's financial condition, results of operations, liquidity and capital resources and market risks. Management is supposed to explain the reasons for the performance and their strategies for the future. This section also includes the critical accounting principles used by the company.
a) When discussing the results of operations for 2015, the Company notes that a change in the mix of packages (bottles, cans and kegs) could have a significant impact on the amount of net revenue. What do they say would happen if more kegs rather than bottles and cans are sold, assuming volume remained constant? Were more kegs or bottles and cans sold during 2015?
b) When discussing the "Business Environment", how does the company describe its selling environment and for what reasons do they describe in that way?
3. Report of the Independent Auditors
a) What is the date of the auditor's report?
4. Financial Statements (beginning on page 27 of the 10-K)
Typically the third section of the annual report is the financial statements including the Balance Sheet, Income Statement, and Statement of Cash Flows. This information is audited by an independent auditor and can be assumed that it has been verified to be in accordance with GAAP.
a) Balance Sheet and Income Statement
By how much is Net Revenue increasing or decreasing? What is the percentage increase or decrease?
The largest expense is the Cost of Goods Sold. Did it increase at the same rate as Net Revenue? What was its percentage change?
Is Net Income increasing or decreasing? By what percentage has it changed?
What is the largest asset?
What percentage of total liabilities do current liabilities represent?
By how much is Retained Earnings increasing or decreasing?
b) Statement of Cash Flows
What is the net change in cash for the current year?
Which activity(s) (operating, investing or financing) provide cash?
5. Notes to the Financial Statements (beginning on page 31 of the 10-K)
The next section in the annual report is the Notes to the Financial Statements. This section includes important information, both descriptive and numerical, about the accounts reported on the financial statements.
a) What does Property, Plant and Equipment consist of?
b) What are the main characteristics of Class B stock?
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