Financial statements annual reports

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Scotts Company. (2002). The Scotts company 2001 summary annual report and 2001 financial. statements and other information. Marysville, OH The Scotts Company. 

United States Securities and Exchange Commission. (2001). The Scotts Company Annual Report, United States Securities and Exchange Commission (2001). The Scotts Company Quarterly Report, U.S. Securities and Exchange Commission, Scotts Company (2002). The Scotts Company 2001 summary annual report and 2001 financial statements and other information. Marysville, OH The Scotts Company. 

A basic knowledge of accounting and financial statements is necessary for a chemical professional to be able to analyze a firm s operation and to communicate with accountants, financial personnel, and managers. Financial reports of a company are important sources of information used by management, owners, creditors, investment bankers, and financial analysts. All publicly held companies are required to submit annual reports to the Securities and Exchange Commission. As with any field a certain basic nomenclature is used to be able to understand the financial operation of a company. It should be emphasized that companies may also have their own internal nomenclature, but some terms are universally accepted. In this section, the common terminology is used. 

The annual report of any publicly traded company will usually be available online and can easily be found by visiting the company s website. The site will usually have a prominent link to information for investors or something similar. No attempt has been made to create fictitious financial statements for the purposes of this book, as an abundance of real examples is readily available online. The reader is encouraged to search online for real examples. 

In the United States, public companies are required to report their financial performance quarterly, with an annual report required at the end of the fiscal year. Non-U.S. companies with a stock trading on a U.S. stock exchange must also file quarterly and annual statements. Even foreign, public companies not on a U.S. exchange file annual reports for use by investors, analysts, and employees. Annual and quarterly reports are often found on the companies websites listed under investor relations. In the United States, these reports are available from the Securities and Exchange Commission (http //www.sec.gov) at no charge. Financial information on private companies is much more difficult to find. Users must depend on disclosure by the private company or rely on primary research vendors for information. 

The income statement may also be known as the statement of profit and loss, the earnings statement, or the statement of operations. It displays the operating activities of a company for the year and may be an indication of company s future performance. A typical statement will show the figures for the current year as well as one or two previous year s activities. Frequently, an annual report will include a 5- or 10-year summary near the end of the report. The term consolidated will appear, indicating that all the financial activities of the company and its subsidiary operations are reported in a single statement (Table 3.9) (5). 

When reading an annual report, one should look at the independent accountant s statement (see Table 3.13). The certificate will state that the auditing steps used in the verification of the account meet the accounting world s approved standards of practice, and that the financial statements contained in the annual report were prepared in conformance with generally accepted accounting practices (5). 

Part 4 contains all financial statements and pertinent schedules referring to specific pages in the annual report. A statement concerning whether the registrant has filed any other reports is mentioned. A statement by the certified public accountants concerning their consent to include the annual report with the lOK report is made. An index to financial statements and financial schedules over the past three years is included as follows ... 

This chapter introduced the basic elements of accounting, which readers are likely to encounter in industry. From accounting records and internal reports, the financial data ultimately become part of the balance sheet or the income statement. The various tenns in the balance sheet and the income statement were defined, and an illustration of these documents for a typical company was presented. This information should allow readers to determine how well a company has done and is doing. All annual reports contain footnotes, which explain how changes in the financial infonnation and pending litigation could affect the financial performance of the company. The lOK report was mentioned because it provides the source of the detailed backup financial information not in the annual report. 

The annual report starts with a business review that includes a section titled Our Environment . This describes environmental achievements during the year. The director s report on the financial statements also includes a section titled Safety and environment . 

Annual report a copy of the annual report and the CER were received. The annual report contains a business review as well as the financial statements, and contains a two-page review of environment, safety and health. 

Annual report a copy of the annual report and the CER were received. As well as presenting the financial statements the annual report contains a business review in which some environmental highlights are reported. These mention certification of several sites to ISO 14001 and the conclusion of a marketing agreement for a low ozone-depleting solvent. There is also a separate section on HS E issues, which includes safety figures, reports on environmental management and describes Elf Atochem s approach to product stewardship. 

Annual report only the CER was received as a published copy, so that references to the annual report are taken from the web copy. As well as presenting group financial statements the annual report contains a review of group activities that also includes separated sections on HS E and community relations. Reference is made to the CER. 

Annual report only the annual report was received, the CER only being issued on the internet. The annual report starts with a financial overview, continues with a business review, then has a comprehensive review of safety, health and the environment (SHE), before concluding with the financial statements. The section (SHE) includes much of the information given in the CER other than environmental impact data. 

Annual report the first part of the annual report takes the form of a business review and presents a wide insight into the companies activities. The financial statements are presented as exhibits. As part of the business review mention is made of potential environmental claims and liabilities, but there is no reference to other environmental issues, nor to the existence of an environmental report. 

Annual report no copies of the annual report or CER were received so this analysis is based on those issued on the website. The annual report starts with a financial overview, includes a detailed business review and the financial statements, and concludes by listing subsidiaries and affiliates. It does not include any HS E information, but a yes score has been awarded since it directs the reader to the Responsible Care report, which is to be published later this year . 

Annual report the 1999 annual report and 1997/8 CER were received. As well as including business reviews and financial statements, the annual report contains an article on safety and the environment. In it reference is made to some of Wacker s policy commitments and environmental initiatives, but a no score has been awarded because of the absence of any mention of the CER. 

Conservative accounting practices require that such upfront payments be expensed, rather than capitalized as investments, because unapproved drugs are considered intangible assets of unproven values Some companies, particularly small ones for which such payments are a substantial part of their R D expenses, may separately identify such transactions as purchase of in-process R D. 6Nevertheless, even when such transactions are separately identified in annual financial statements, it is unclear how the transactions are treated when companies report their expenditures through surveys such as those conducted by PMA. 

The annual financial reports of public companies contain estimates of total firm profit rates based on accounting records. For example, the net income as a percent of the total book value of assets27 is a commonly used benchmark of firm profitability (301). Companies themselves report this ratio in their annual financial statements and compare their performance in specific years with that in previous years. Other commonly used profit ratios, such as net income as a percent of sales, are also easily computed from company financial statements. 

To estimate the net returns on new chemical entities (NCEs) introduced in the period 1981-83, the cost of manufacturing, marketing and distribution in each year following market approval must be subtracted from net revenues. Precise estimation of such costs is impossible from published financial statements because companies produce a variety of products but report costs on a consolidated basis across all operations. The Office of Technology Assessment (OTA) made assumptions about the costs of manufacture, distribution and marketing based on a variety of sources of data, including a review of the annual reports of six research-intensive U.S.-owned pharmaceutical firms,2 as detailed below. 

Three generic companies whose annual financial statements were examined by OTA incurred R D costs of 5 to 6 percent of sales in 1990. In addition, marketing expenses by one firm (that reported such expenses separately) amounted to 6.5 percent of sales, (36) the same as that estimated for originator firms in the year of patent expiration (73). 

In reading an annual report, one will find numerous notes referring to the balance sheet and/or the income statement. These notes indicate any litigation pending and generally how some numbers in the report were obtained. The notes often alert the reader to potential financial problems. 

The current financial condition of a company can be assessed by an analysis of the financial statements in the annual report. The latest annual reports of more than 3,600 U.S. companies can be obtained free of charge from PRARS (The Public Register s Annual Report Service) from their Web site at www.prars.com. 

The cash flow statement, also called the consolidated statement of cash flow or statement of consolidated cash flow is a summary of the cash flow of a company over a given period of time. The cashflow equals cash receipts minus cash payments over a given period of time or equivalently, net profit plus amounts charged off for depreciation, depletion, and amortization. These latter three items are added back because they do not represent any cash transactions. Depletion, which is similar to depreciation, accounts for the exhaustion of natural resources such as oil, timber, and minerals. The cash flow statement is a measure of a company s financial health and, in recent years, has become a very important feature of the annual report. 

The Director-General shall report semi-annually to the Conference of the States Parties, through the Executive Council, on the implementation of the recommendations of the External Auditor as contained in the External Auditor s Report on the financial statements of the OPCW and as endorsed by the Conference of the States Parties. 

The financial operations of the Trust Fund will also be reflected in the Technical Secretariat s quarterly income-and-expenditure reports to the Council and in the annual financial statements of the OPCW. 

Individually, each piece provides specific information about the finances of a company and can help people make sense of the complexities of a company s financial standing. Annually, public corporations communicate financial information to their stockholders and other stakeholders through annual reports (fO-K), quarterly reports (10-Q), and current reports (8-K). However, this picture is not always clear unless one has a thorough understanding of financial statements. 

Financial statements are included in a company s annual report, which may or may not coincide with the calendar year. The fiscal year for The Walt Disney Company begins in October and ends in September. Companies may decide a fiscal year that does not align with the calendar year as more appropriate, considering their industry. Companies may want to remove the negative seasonal effects and end on a high note, where reported revenue is high or when the purchase of inventory is low. As an example, Target Corporation s fiscal year ends on the Saturday nearest January 31. One can infer this is because all the revenue and reconciliation of returned merchandise have been accounted for after the holiday season. Since the busy season is over, the accountants and staff are available to close the books. 

MEDS (Mission for Drags and Essential SuppUes) (2013) 2012 Annual Report and Financial Statements for the Year Ended 31st December 2012, Nairobi. 

A control process will address four areas service quality, patient/client satisfaction, financial performance, and service growth. Service quality will be assessed by using a brief report card to evaluate the quality of a sample of the written reports of medication reviews. An annual survey of patient/client satisfaction with the service processes and outcomes will allow evaluation of patient satisfaction. The pharmacy s income statement will be developed to monitor the financial performance of the new programs. This will include service revenue, associated costs, and any net profit. Service growth will be tracked by tabulating the number of service clients and the number of service episodes each month. 

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