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Sapmer: Strategic Growth and Its Financial Implications
SAPMER SA was a Southern Ocean fishing company started by three Réunion Island entrepreneurs with one ship in 1947. The company grew from an entrepreneurial venture to a corporate acquisition, then back to a beloved family business not expected to make much money. But in 2006, SAPMER SA tested the waters with a new tuna venture. The venture was successful, but the company saw a better long-term opportunity in occupying a niche position. SAPMER SA launched a strategic rebirth with a five-year plan to develop a new segment: super-frozen tuna fishing and processing in the Indian Ocean, addressing premium Asian markets in sashimi, tataki, and tuna loins and steak. SAPMER SA’s strategy resulted in strong performance, but in early 2013, when examining the financial records and the terms for purchasing newly acquired ships, the owner could see challenges ahead. To manage the challenges, the owner needs to know the reason for the improvement in return on equity, what potential problems could be identified from a DuPont analysis of the financials, and what bottlenecks to anticipate in the coming years. -
Shad Valley International: Sustaining the Program While Maintaining Accessibility
In 2016, the director of finance and operations for a non-profit organization faced an important decision. Her organization offered an in-residence opportunity for high school students who excelled academically, but the organization’s cash flow for the upcoming year was in jeopardy. The director was considering increasing registration fees and planned to prepare cash budgets for the upcoming fiscal year for the program and for the organization. She knew that her decision had to be in line with the organization’s values and goals, but she also felt that raising fees might alleviate some of the program’s financial strain. <br><br>The program was already supported by alumni and many company and government sponsors. The director had to make a presentation to the board of directors and ensure her decision would maintain the quality of the program and its candidates and also help the organization’s cash flow. -
Shad Valley International: Sustaining the Program While Maintaining Accessibility
In 2016, the director of finance and operations for a non-profit organization faced an important decision. Her organization offered an in-residence opportunity for high school students who excelled academically, but the organization's cash flow for the upcoming year was in jeopardy. The director was considering increasing registration fees and planned to prepare cash budgets for the upcoming fiscal year for the program and for the organization. She knew that her decision had to be in line with the organization's values and goals, but she also felt that raising fees might alleviate some of the program's financial strain. The program was already supported by alumni and many company and government sponsors. The director had to make a presentation to the board of directors and ensure her decision would maintain the quality of the program and its candidates and also help the organization's cash flow. -
Accounting for Income Taxes at Apple Inc.
This case provides students with the opportunity to analyze the income tax disclosures for Apple Inc. In particular, it provides for discussion about such topics as deferred taxes, valuation allowances, unrecognized tax benefits, and the statutory rate reconciliation. What is most unique about the example is that Apple reports around $200 billion of cash and investments on its balance sheet. However, students learn that Apple shareholders would incur a significant tax penalty were Apple to repatriate the cash and distribute to shareholders. Also, Apple designates some foreign earnings as permanently reinvested, but not other earnings. Therefore, students can see the accounting effects of both designations. -
Pension Accounting at AT&T
This exercise is taught in a Darden first-year elective, "Financial Reporting," as the second half of a module covering Managerial Accounting for Pension Plans, but would also work well in a first-year MBA core accounting course. It was designed to be taught as a follow-up case to "Accounting for Defined Benefit Pension Plans for Caperton Corporation" (UVA-C-2375), although it can be taught alone. This exercise provides students the opportunity to analyze the pension footnote disclosures for AT&T Inc. In particular, it focuses on the components of pension expense, the balance sheet accounts, and the various assumptions that drive these figures. What is most unique about the example is that the exercise is set in 2008, and in 2010, AT&T elected to immediately recognize actuarial gains and losses in net income. To provide comparable prior year financial statements, AT&T restated 2008 accounting for immediate recognition of actuarial gains and losses. Therefore, students can see the significant effect of this change in accounting policy by comparing the $12.8 billion in net income originally reported in 2008 with the $2.3 billion loss AT&T reported for the restated 2008. -
Tesco: From Troubles to Turnaround
In 2016, Tesco PLC, a leading U.K. retail chain, had undergone tremendous financial turmoil. Profitability had been decreasing since 2013 with heavy losses registered during fiscal year (FY) 2014/15. Net profit had decreased by 304 per cent from 2012 to 2015. However, after the appointment of a new chief executive officer in 2014, Tesco managed to register a net profit of £138 million in FY 2015/16: an astonishing turnaround. Evidently, Tesco was recovering from its losses, but the share price of the company had fallen by more than 20 per cent from 2015 to 2016. What course of action would enable Tesco to maintain and improve its value for shareholders? What areas should the chief executive officer focus on in order to change Tesco’s financial performance? -
Financial Accounting Reading: Preparing Financial Statements - The Balance Sheet
The objective of this Reading is to enhance understanding of basic business transactions and their impact on the financial position of a business. With a focus on the balance sheet, this Reading defines assets, liabilities, and stockholders' equity and utilizes the accounting equation to help think through the processing of everyday business transactions. Transaction analysis is presented, not to teach readers to become bookkeepers, but rather to help them understand how these economic events affect the balance sheet. This Reading includes one Interactive Illustration, which introduces a graphical representation of the Balance Sheet. Readers select from a list of possible transactions, and observe the effects on the Balance Sheet. This Reading also includes a short video, which centers around an interview of the owner of the small business (Ashmont Cycles) that is referred to as a running example through the reading. -
Financial Accounting Reading: Preparing Financial Statements - Statements of Income and Cash Flows
The objective of this reading is to enhance understanding of basic business transactions and their impact on the operations of a business. The reading's focus is on the statement of income and the statement of cash flows, two critical financial statements that are based on a concept of flow. The statement of retained earnings is also introduced in this reading. -
All That Glitters is Gold: A Case of Inventory Accounting Policy
The case provides a setting in which students can understand the relationship between inventory valuation, cost of goods sold and the gross margin. The inventory accounting policy choice that a company makes would have a direct impact on the company's profitability and its balance sheet. Changes in accounting policy will impact the current performance as well as the future performance. The company in this case changed its valuation of gold from weighted average method to first-in first-out (FIFO) method. Additionally, the case also analyses the relation between hedge accounting and inventory. -
Revenue Maximization: Apartment Rental Units
In the summer of 2016, a real estate investment company was planning management and budgeting for apartment rental units in Pittsburgh, Pennsylvania, a U.S. city with a large student population. The company needed to determine the various unit agreement terms—by year, by semester (fall, spring, and summer), and by month—using software to find optimal rents. Using Excel’s Solver tool, the optimal rents needed to be determined and incorporated into a projected profit and loss budget for fiscal year 2017. -
Revenue Maximization: Apartment Rental Units
In the summer of 2016, a real estate investment company was planning management and budgeting for apartment rental units in Pittsburgh, Pennsylvania, a U.S. city with a large student population. The company needed to determine the various unit agreement terms-by year, by semester (fall, spring, and summer), and by month-using software to find optimal rents. Using Excel's Solver tool, the optimal rents needed to be determined and incorporated into a projected profit and loss budget for fiscal year 2017. -
Revenue Maximization: Apartment Rental Units, Student Spreadsheet
Student spreadsheet for case W17108. -
Joneja Bright Steels: The Cash Discount Decision
Joneja Bright Steels Private Limited (JBS) was one of many major players in India’s bright steel industry, serving almost every automobile manufacturer in Northern India. After the business launched in 2002, the automobile market expanded, leading JBS to an early strong position. But in fiscal year 2014/15, the company experienced working capital management issues. JBS considered using credit policies as a way of improving profitability—shifting from a strict credit policy of net 45 days to a flexible credit policy with a 2 per cent discount for accounts paid within 10 days (2/10 net 45 days). Should JBS implement a cash discount for fiscal year 2016/17? The discount could potentially increase the burden caused by already declining sales, but could also improve the company’s cash position. -
A Corporate Governance Breach at SingPost
This case is set in May 2016, and discusses the unfolding of a corporate governance saga at Singapore Post Limited ("SingPost"), Singapore's designated Public Postal Licensee. The narrative begins in December 2015, when SingPost announces that due to an 'administrative oversight', it had, in an SGX announcement on 18 July 2014, not disclosed lead independent director Keith Tay's interest in a 2014 acquisition. Tay was non-executive Chairman and held 34.5 percent stake in corporate finance adviser Stirling Coleman, which had acted for the sellers in the acquisition. The announcement added that Tay had, however, abstained from all voting by the board in relation to the buyout. In the face of a public outcry, SingPost decided to have a special audit conducted to examine the conflict of interest issues surrounding the acquisition. Regulators and shareholders alike expressed grave concern at the contents of the special audit report. What could SingPost do to win back its stakeholders' confidence, and ensure that its corporate governance standards and mechanisms were considered truly effective? And what would be the larger ramifications of SingPost's lapses on the corporate governance environment in Singapore, a country that prided itself on both the efficacy of its regulatory environment and the ease of doing business? This case facilitates discussion about corporate governance, and helps students understand the importance of corporate governance mechanisms in monitoring the firm's management and strategic decisions. This case study can be used to analyse the key internal governance of the role of the board of directors, and its role in controlling managerial decisions. In addition, the case can be used to explain how the external corporate governance mechanism, that is, the market for corporate control, also serves as an important factor in keeping a watch over top management's strategic decisions. -
Securities Exchange Board of India: Developing and Regulating India's Capital Markets
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ExxonMobil: Business as Usual? (A)
In September 2016, the U.S. Securities and Exchange Commission (SEC) launched an investigation into ExxonMobil's accounting treatment of its oil and gas reserves. The SEC questioned the company's decision to record no impairments of its reserves, although oil prices had declined by almost 60% since mid-2014 due to a mix of factors, including excess supply from the US, Russia and Middle East and slowing demand from China. Moreover, critics of ExxonMobil's accounting noted that competitors, such as Chevron and Royal Dutch Shell, had impaired their reserves. This followed probes, by New York and Massachusetts Attorney Generals among other state Attorney Generals, which questioned whether ExxonMobil had, for decades, failed to inform investors about potential climate-change risks. As CEO Rex Tillerson stepped down to become the Secretary of State in the new Administration under President Donald Trump, the new CEO of ExxonMobil faced many strategic questions. How should ExxonMobil invest going forward? What were the capabilities that ExxonMobil needed to develop in order to be successful in the future? Did the accounting book value of the reserves reflect economic reality or was an impairment needed? -
ExxonMobil: Business as Usual? (B)
Supplement to case 117046. The case presents ExxonMobil's response to growing pressure to disclose how climate change will impact their business. This includes multiple asset impairments and losing a proxy vote to shareholders to increase climate change related reporting. Supplements the (B) case. -
Doc's Barbershop
Stoker has a decision to make: he has been offered him a job in a 40-year-old successful barbershop that has retained its old-fashioned atmosphere, or with a small loan, he could open his own shop. Students are asked to prepare a projected annual income statement and answer some questions about what it would take to run a barbershop. -
The Game of Financial Ratios
This exercise revolves around the rivalry between two financial analysts. Upset by their constant game of one-upmanship, an advisor to the governor of the Reserve Bank of India came up with a challenge for them to prove who was better. He provided them with financial data for the financial year ending March 2014 from 10 anonymous companies and asked them to match the financial data with specific industries given in a list. The challenge was timed, and the winner was to be determined on the basis of who could come up with the right combination first. -
The Game of Financial Ratios
This exercise revolves around the rivalry between two financial analysts. Upset by their constant game of one-upmanship, an advisor to the governor of the Reserve Bank of India came up with a challenge for them to prove who was better. He provided them with financial data for the financial year ending March 2014 from 10 anonymous companies and asked them to match the financial data with specific industries given in a list. The challenge was timed, and the winner was to be determined on the basis of who could come up with the right combination first.