Answer & Explanation:Please choose a publicly traded (listed) company
that you are interested in. You can choose a local company listed on
Dubai Financial Market or an international/foreign company listed on New York,
or London stock exchange. i attached two annual reports( choose one of them , or please search for other reports
2. Find the most recent Annual Report for your company. You can find most annual reports at the website of your
company, under investor relations.
3. Prepare a report on the selected company that
addresses the following two parts
Part A: provide a background and summary of the company and
its business, for example it should contain:
a.
Name of company
b.
Name of chairman and CEO
c.
List of the products sold or services performed
d.
Date of the financial statements
e.
Name of the auditors of the financial statements
f. Name of the stock exchange
where the company is listed
Part B: Answer the following questions:
1. Who is responsible for the
preparation of the financial statements? Support your answer with evidence from
the annual report.
2. Which
Big-Four accounting firm audited the company? What impression does the
auditor’s report convey?
3. For the recent three years, list the
amounts reported for Revenue, Operating Income (EBIT), Net Income and
Dividends. Comment whether the three years trend of revenues is favourable or
unfavourable.
4. Is the
balance sheet presented in a classified and comparative format? How can you
tell?
5. For the
recent three years, list the amounts reported for “Current Assets”, “Long term
Assets”, “Intangibles”, “Current Liabilities”, “Long term debt” and
“Stockholders’ Equity”. Does the accounting equation hold true for this
company? Is the company growing and expanding?
6. Does the
company use cash-base or accrual-base accounting? How can you tell?
7. Find the
cash flow statement for the recent three years. List the net cash flows from
each of the three activities; operating, investing and financing. Comment on
your results.
8. For the
recent three years, how much the Earnings per Share (EPS)? What is meant by
EPS?
Notes:
2- Length
of the report is from 1500 words.
3- You
should use a Microsoft Office Word and Times New Roman Font of 12 points.
4- Be
sure to provide what the scale of your numbers is (i.e., thousands, millions,
or whatever scale you choose).
5- add
a reference list at the end of report.
6- provide
support for your answer and show relevant formulas.
7- Note
that company web pages may be a source of additional information but please
keep in mind the date of the annual report that you analyse.
8- Other
sources of information include the chairman/director’s report (also known as
MD&A) as well as the footnotes to the financial statements.
2015_dwa_annual_report.pdf
namco_2015_annual.pdf
Unformatted Attachment Preview
2015 ANNUAL REPORT
Fellow Shareholders,
2015 was a transitional
year for DreamWorks
Animation. It began with
the announcement of a
multi-year strategic plan
designed to ensure the
Company was in the
best possible position
to succeed over the
long term, not only from
a creative standpoint, but also in terms of the Company’s overall financial
performance.
On the creative side, we appointed new leadership in our feature animation
business and committed to a series of changes in our creative process,
including re-sizing the business to focus our talent and resources on producing
two feature films per year instead of three. We also made the decision to have
only one theatrical release in 2015.
Twelve months later, we’ve made meaningful progress and we’re seeing
higher levels of creativity, engagement, teamwork and efficiencies.
While there is still much work to be done before we cross the goal line on the
objectives we shared a year ago, I’m pleased to report that DreamWorks met
or exceeded its stated full year 2015 goals across all key financial metrics.
DreamWorks delivered its best top line result in 11 years and highest revenue
growth percentage in eight years, increasing 34% from 2014. In addition,
our positive adjusted operating income and operating cash flow for the full
year demonstrate our commitment to profitably grow our businesses, while
effectively managing costs. These results were reflected in a 15 percent gain
in our stock price for the year, outpacing the broader indices.
Although we enter 2016 with considerable momentum, DreamWorks will
need to continue to navigate a challenging market environment. First, as
competition for family audiences intensifies, it is imperative that we maintain
flexibility around the dating of film releases and ensure that our slate of films
are based on big, relevant ideas that not only have broad global appeal but
are also highly marketable. Second, the strengthening of the U.S. dollar
continues to present significant headwinds, but solid theater growth in the
international markets is helping to moderate the negative impacts. And third,
the home entertainment market is undergoing a digital revolution, as physical
demand is increasingly offset in part by the consumption of content through
digital delivery.
Having said that, feature animation remains at the core of our Company
and I believe we have a winning slate of films for release over the next three
years that will stand out in the marketplace.
Our first feature film release in 2016 was Kung Fu Panda 3. Despite,
the unconventional release date of January 29th, we believe we’ve had a
successful release of the movie so far, with KFP3 receiving outstanding
ratings from film critics and excellent feedback from audiences.
In addition, KFP3 has achieved the great distinction of being one of the
highest grossing animated films of all time in China. This achievement
underscores the success of Oriental DreamWorks, our Chinese joint venture,
in building a world-class studio for what will soon be the largest entertainment
marketplace in the world.
Next up is Trolls, a musical comedy which will be released domestically on
November 4, 2016.
2015 was also a transformational year for the TV business. In just two short
years, our animated television production business has become one of
the largest suppliers of family programming in the world, with contractual
commitments for over 1,600 episodes of original content across linear and
subscription video on demand platforms in more than 130 countries.
And subsequent release windows represent additional value for this rapidly
growing library of content. Looking ahead, we’re continuing the development
of additional animated series and are in ongoing discussions with existing and
new partners. We’re also actively moving into the live action TV business and
are developing a portfolio of kids and co-viewing content to meet the demand
of our distribution partners around the globe. We believe our strategy of
producing and licensing original first-run family branded content to distributors
in a financially disciplined fashion has had a meaningful impact on our brand,
our company and for building shareholder value. In fact, I believe television
has quickly become the most valuable segment of our company.
Our investment in consumer products has also begun to bear fruit, as a
strong year of business development in location based entertainment, our
merchandise licensing arrangements and retail development efforts delivered
solid revenue and profits in 2015. Looking ahead, we believe there is an
opportunity to continue to build on the strength of our deep library of branded
intellectual property and characters, as well as capitalize on the launch of what
we expect to be large franchises like Trolls and Voltron. In addition, we continue
to explore a number of location-based entertainment opportunities to further
leverage the value of our intellectual property for recurring revenue streams.
AwesomenessTV (“ATV”), our new media company, continues to demonstrate
impressive momentum – dramatically growing its reach and generating
meaningful revenue and profits in 2015. On the licensing and distribution
side of the business, the content that ATV is delivering for the Verizon Go90
platform is performing above and beyond Verizon’s very high expectations.
Additionally, ATV’s re-packaged programming format for linear TV is also
experiencing early success, debuting at #1 with teens in its time slot as part
of DHX Media’s rebrand of the family channel. Looking ahead, ATV’s greatest
growth opportunity is to continue to strengthen and build out the brand with
original content and intellectual property on more platforms and channels that
connect with their valuable audiences. Case in point is ATV and Endemol
Shine’s strategic alliance to extend the international reach of the brand by
creating culturally relevant and local language versions of Awesomeness in
key markets. ATV also announced a collaboration with YouTube to produce
and create multiple feature films with YouTube stars over the next 18 months.
It’s clear that by any measure, ATV continues to be a great growth opportunity
with significant strategic value.
All in all, having completed the first full year since the announcement of our
restructuring, I am confident that we’re taking the right steps to best position
the Company for long term success.
From an operational, competitive and financial standpoint, our business continues
to strengthen and present opportunities for continued long-term growth.
I have the privilege of working with an outstanding Board of Directors and I
thank them for their continued support and counsel. They have encouraged us
to do what we think is right for the future of our Company and make the bold
and tough decisions needed to improve the creative quality of our films and
financial performance, while adapting to this dynamic marketplace.
Finally, I will say again that I am extremely proud of the entire DreamWorks
team’s ability to meet and rise above the considerable challenges of the
past year. The loyalty, dedication and quality of work of the artists, talent
and executive teams leading the various businesses across our Company
remain our greatest asset. Their collective passion for performance and
excellence gives me even more confidence when I say that the best years
for DreamWorks remain ahead of us.
Sincerely,
Jeffrey Katzenberg
CEO, DreamWorks Animation SKG
2015 FORM 10-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015
‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number 001-32337
.
DREAMWORKS ANIMATION SKG, INC.
(Exact name of registrant as specified in its charter)
Delaware
68-0589190
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
Campanile Building
1000 Flower Street
Glendale, California
91201
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (818) 695-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Name of Exchange on Which Registered
Class A Common Stock, par value $0.01 per share
Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È No ‘.
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ‘ No È.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes È No ‘.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files). Yes È No ‘
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. È.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
(Check one):
Large accelerated filer È
Accelerated filer ‘
Non-accelerated filer ‘
Smaller reporting company ‘
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È.
The aggregate market value of Class A common stock held by non-affiliates as of June 30, 2015, the last business day of the registrant’s most
recently completed second fiscal quarter, was approximately $783,250,031 using the closing price of $26.38 as reported by the Nasdaq Global
Select Market as of such date. As of such date, non-affiliates held no shares of Class B common stock. There is no active market for the Class
B common stock. Shares of Class A common stock held by all executive officers and directors of the registrant and all persons holding more
than 10% of the registrant’s Class A or Class B common stock have been deemed, solely for the purpose of the foregoing calculations, to be
held by “affiliates” of the registrant as of June 30, 2015.
As of February 12, 2016, there were 78,520,673 shares of Class A common stock and 7,838,731 shares of Class B common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant’s definitive
proxy statement (the “Proxy Statement”) to be filed pursuant to Regulation 14A with respect to the registrant’s 2016 annual meeting of
stockholders. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy
Statement is not deemed to be filed as part hereof.
DreamWorks Animation SKG, Inc.
Form 10-K
For the Year Ended December 31, 2015
Page
PART I
Item 1.
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Item 2.
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Item 3.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
Item 4.
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31
Item 6.
Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . .
35
Item 7A. Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77
Item 8.
Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . .
78
Item 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79
PART II
Item 5.
PART III
Item 10. Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80
Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80
Item 13. Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . .
80
Item 14. Principal Accounting Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80
PART IV
Item 15. Exhibits, Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81
Unless the context otherwise requires, the terms “DreamWorks Animation,” the “Company,” “we,” “us”
and “our” refer to DreamWorks Animation SKG, Inc., its consolidated subsidiaries, predecessors in interest and
the subsidiaries and assets and liabilities contributed to it by the entity then known as DreamWorks L.L.C. (“Old
DreamWorks Studios”) on October 27, 2004 (the “Separation Date”) in connection with our separation from
Old DreamWorks Studios (the “Separation”).
PART I
Item 1.
Business
Overview
DreamWorks Animation creates and exploits branded family entertainment, including animated feature
films, television series and specials, live entertainment properties and related consumer products. We have
released a total of 32 animated feature films, including the franchise properties Shrek, Madagascar, Kung Fu
Panda and How to Train Your Dragon. Our current business plan generally contemplates releasing two animated
feature films per year. We may release one or more additional films in a particular year if we determine that there
is an attractive release date and that other relevant factors support such decision. We currently have operations in
four business segments: Feature Films, Television Series and Specials, Consumer Products and New Media. For
a discussion of the Company’s business segments and geographic information about the Company’s revenues,
please see the Company’s consolidated financial statements and notes thereto included in this Annual Report on
Form 10-K.
Our feature films are currently the source of a significant portion of our revenues. We derive revenue from
our distributors’ worldwide exploitation of our feature films in theaters and in post-theatrical markets such as
home entertainment, digital transactions and pay and free broadcast television. We also earn revenue from the
licensing and merchandising of our films and characters in markets around the world. In addition to the creation
of feature films, we are engaged in a number of initiatives to exploit more fully our franchise and other properties
and to diversify our revenue streams. One of these initiatives is the development and production of episodic
series for exploitation in television and on new digital platforms. We have entered into long-term agreements
with several companies to deliver these new series, as well as existing series, over the next several years.
Pursuant to our distribution and fulfillment services agreement (the “Fox Distribution Agreement”),
Twentieth Century Fox Film Corporation and Twentieth Century Fox Home Entertainment, LLC (collectively,
“Fox”) distribute and service our films initially theatrically released after December 31, 2012. As of July 1, 2014,
we reacquired from Paramount Pictures Corporation and its affiliates and related entities (collectively
“Paramount”) the right to distribute and exploit the Company’s feature films theatrically released prior to
January 1, 2013 in theatrical, non-theatrical, home entertainment and transactional digital media, which
reacquired rights were then licensed to Fox. The rights licensed to, and serviced by, Fox will generally terminate
on the date that is one year after the initial home video release date in the United States of the last film
theatrically released by Fox during such five-year period, subject to any sublicense agreements approved by the
Company that extend beyond such date. In addition, we will continue to receive revenues derived from the
exploitation of television and non-transactional digital rights in and to our feature films released prior to
January 1, 2013 pursuant to a distribution agreement and a fulfillment services agreement with Paramount.
Paramount will continue to exploit and render fulfillment services in television and related media for feature
films released prior to January 1, 2013 until the date that is 16 years after the theatrical release of any such film,
and will continue to exploit and service certain other agreements with Paramount’s sublicensees that remain in
place after July 1, 2014.
In May 2013, we acquired AwesomenessTV (“ATV”). ATV is a multi-media platform company and
generates revenues from online advertising sales and distribution of content through media channels such as
short-form online video, theatrical, home entertainment and television. We acquired all of the outstanding equity
interests in ATV for initial cash consideration of $33.5 million. In addition, pursuant to a written amendment to
the original merger agreement, we made an additional agreed-upon fixed cash payment of $80.0 million to the
former ATV stockholders (substantially all of which was paid in December 2014) in lieu of any contingent
consideration potentially payable by us as specified under the original merger agreement.
In August 2012, we c …
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