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Essay / Research Paper Abstract
A 3 page paper reviewing Nike's 2005 annual report, examining auditors' statements, financial trends, profitability, business trends and the company's general financial position. Nike appears to be positioning itself for the future in solidifying its social responsibility position and retaining additional earnings. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSacctNikeAnRpt.rtf
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Unformatted sample text from the term paper:
Following is the review of Nikes 2005 Annual Report. It assesses auditors statements, financial trends, profitability, stability and judgment of the companys general financial position. Auditors
Statements Nike and its auditor disagreed on several points of reporting, and this disagreement is documented in the many footnotes to this page
of the annual report. Likely for this reason Nikes cash flow statement contains more detail than similar statements from other companies, particularly in terms of short-term investment activities.
It appears that Nike used 2005 to determine to better manage the effect of exchange rates and currency movements. There have been no significant changes in accounting methods since
2002. Financial Trends Reflecting both organic growth and consumers response to Nikes stand on social issues (i.e., its "watchdog" position against sweatshop labor
and attention to sustainable development), net income nearly doubled 2002 to 2003, in the next year it increased by another 22 percent. Nike also finished 2002 with a large
deduction in accounts receivable only to see a significant increase in 2003, which it negated in 2004. Nike also appears to have turned its attention to better management of
currency risk 2002 - 2003, discussed in "Trends" below. Profitability Profitability has increased in all measures, including gross, operating and net profit.
This has been simultaneous with growth of Nikes commitment to social responsibility and the avoidance of what it formerly believed to be money-saving sweatshop production. Nike 2005 2004
Profitability Gross profit margin 44.5% 42.9% Operating profit margin 13.8% 12.6% Net profit margin 13.5% 11.8% Asset Utilization Return on assets 14.52% 12.95% Return on equity 14.3% 20.4%
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