FMGT 1115 Study Guide - Final Guide: Financial Statement, Income Statement
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On the following page are the Consolidated Statements of Income and Parent Company Profit and Loss Statement of Vantaa Corporation (Finland) from the companyâs 2009 annual report.
Vantaa Corporation Consolidated Statements of Income June 30, 2009 | |
2009 FIM million | |
Net sales | 12,795 |
Cost of goods sold | (9,178) |
Gross profit | 3,617 |
Selling, marketing, and administrative expenses | (1,328) |
Other income and expenses, net | 204 |
Operating profit | 2,493 |
Share in results of associated companies | 2 |
Interest and other financial expenses, net | (78) |
Profit before extraordinary items and income taxes | 2,417 |
Extraordinary items | - |
Profit before income taxes | 2,417 |
Income taxes | (962) |
Profit before minority interest | 1,455 |
Minority interests | - |
Net profit | 1,455 |
Earnings per share, FIM | 15.47 |
Vantaa Corporation Parent Company Profit and Loss Statement June 30, 2009 | |
2009 FIM million | |
Net sales | 20 |
Cost of goods sold | (29) |
Gross margin | (9) |
Administrative expenses | (50) |
Other income and expenses, net | 125 |
Operating profit | 66 |
Interest and other financial expenses, net | (173) |
Loss before contribution, untaxed reserves and income taxes | (107) |
Group contributions | 470 |
Decrease in untaxed reserves | - |
Increase in accelerated depreciation | (1) |
Profit before income taxes | 362 |
Income taxes | (108) |
Net profit | 254 |
Compare the net income and other important items in the two financial statements. Does this influence your opinion about the operating performance of the company? In your opinion, which statement is more informative from 1) a user perspective, 2) a management perspective?