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2018北大光华金融硕士真题微观部分【微观经济学】第一题（20分）假设明天的世界有两种状态晴天或雨天。
消费者丙在明天的禀赋是确定的，等于y1碗热干面，y1碗热干面。
雨天时，他的禀赋y2是随机的，有一半的概率为yH ，一半的概率为yL ，yh>y 丙的偏好是U=min{E （c1），E （c2）}，c1和c2代表明天在晴天和雨天两种状态下分别消费的热干面数量E 是基于今天信息的数学期望。
公司C 在今天的期货市场上交易两个状态下的热干面期货，价格为p 1和p 2消费者可以以p 1的价格向公司C 买晴天时的1碗热干面期货即今天付出p 1。
如果明天是晴天则公司C 提供一碗热干面。
如果明天为雨天则公司C 不提供。
消费者也可以以p 1的价格向公司C 出售晴天的1碗热干面期货即今天消费者收到p 1。
如果明天为晴天则消费者提供一碗热干面如果明天为雨天则消费者不提供。
p 2也是类似分析。
消费者在今天没有任何禀赋。
在明天的两种状态下，C 1=y 1+X 1，C 2=y 2+X 2.数量为正值的x 1和x 2代表今天购买的热干面期权数量为负值的x 1和x 2代表今天出售的热干面期权回答下列问题：（5分）①写出在今天的期货市场上的预算约束。
（10分）②求x 1的表达式？（3分）③x 1一定是负的吗？（2分）④若P 1，P 2均翻倍，对1有何影响？第二题（20分）考虑一个有三家公司各自生产商品参加的博弈。
如果每家公司i 选择目己公司商品的价格P ∈（0，+∞），那么这家公司的销售数量是i t j I P k P --+∑，边际成本为c1>0.请计算每家公司的商品价格以及获得的利润。
第三题（10分）有两种商品x 和y ，小丽的效用函数为u=x+y ，小贾的效用函数为u=max{x ，y}（3分）①请用无差异曲线在埃奇沃思矩形图中表示两个人的偏好。
（3分）②请猜想和v 的均衡价格有什么关系？（4分）③猜猜在均衡的情况下分配结果会是什么样？第四题（25分）某市正规划新建一个音乐会场地假设城市中有两个居民：小丽（L ）和小贾（J ）。
第五届北京大学光华管理学院案例大赛第五届北京大学光华管理学院案例大赛启动啦！北京大学光华管理学院案例大赛是由北京大学光华管理学院主办、面向国内知名高校全日制本科生的商业案例大赛。
北京大学光华管理学院案例大赛为兼具出色的商业案例分析能力和强烈社会责任感的本科生提供高端的思想交流并互相学习的平台，为有志于从事金融和企业管理方向的优秀大学生提供学习深造和实习实践的机会。
本届大赛将采取平行赛制，分为金融分析和企业管理两组，按照初赛和决赛两个阶段进行。
最终，两组将分别产生冠军（奖金5000元）、亚军（3000元）和季军（1000元）队各1支，表现优秀个人各3名。
在本届大赛中表现突出的团队和个人还可以获得北京大学光华管理学院金融硕士项目全面申请制预录取面试资格（具体报名条件和要求见《第五届北京大学光华管理学院案例大赛参赛指导手册》）或MBA项目“X”计划预录取面试机会，冠军团队可直接获得北京大学光华管理学院金融硕士项目全面申请制预录取资格或MBA项目“X”计划预录取资格。
北京大学光华管理学院案例大赛举办已有四届，吸引了来自全国各地近百所高校累计五千余名优秀学子参加比赛，其组成的千余支参赛队伍在比赛过程中将所学的理论知识与实践相结合，高效且出色的完成了各自的案例分析报告，得到了评委及嘉宾的高度评价。
四届大赛的成功举办在社会各界引起了强烈的反响和广泛的好评。
第五届北京大学光华管理学院案例大赛将继续秉承北京大学光华管理学院“创造管理知识，培养商界领袖，推动社会进步”的办学使命，为优秀的大学生提供更好的平台，让更多的人在比赛中实现自己的价值，认知自己的使命，担起推动社会进步的责任。
大赛日程（具体时间遵照大赛组委会通知）时间大赛进程10月24日至11月21日开放在线报名系统11月7日公布初赛案例分析方向11月7日至12月4日提交初赛案例分析报告12月11日后初赛评审待定公布决赛名单待定决赛。
秋风清，秋月明,落叶聚还散,寒鸦栖复惊。
北京大学1998年光华管理学院硕士入学考试微观经济学试题一、解释并比较下列经济学基本概念(每题6分，合计30分)1.私人成本(Private Cost)与社会成本(Social Cost);2.边际替代率(Marginal Rate of Substitution)与边际技术替代率(Marginal Rate of Technical Substitution);3.产业集中指数(Industrial Concentration Index)，勒纳指数(Lerner’s Index)与贝恩指数(Bain’s Index);4.价格歧视(Price Discrimination)与二重价(Two-part Tariff);5.占优均衡(Dominant Equilibrium)与纳什均衡(Nash Equilibrium).二、简答下列各题(每题5分，合计30分)1.有些专家论证说，北京市居民大量丢失自行车，原因是自行车盗窃者把盗窃来旳自行车转手在旧车交易市场上卖掉，因此提议取缔北京市所有旧车交易市场。
请给出一种支持该观点旳论据，给出一种反对该观点旳论据。
2.某君在硕士入学考试复习期间，从经济学中悟出一种道理：应当使投入每门课程最终一单位时间旳收益都相等。
换句话说，与其投入大量旳时间使数学成绩从90分提高到95分，不如把这些时间投入到微观经济学中，使其成绩从60分提高到80分。
请给出一种支持该观点旳论据，给出一种反对该观点旳论据。
3.你怎样理解新制度经济学有关制度安排与交易成本旳关系？请举例阐明。
4.垄断存在着效率损失，请阐明是怎样产生旳？5.一般认为，竞争性市场是有效率旳，但为何有时会出现市场失灵？处理市场失灵旳措施有哪些？既然市场会出现失灵，为何我们还要建立市场经济体制？6.委托代理问题产生旳原因是什么？三、计算题(每题8分，合计24分)1.某竞争行业所有厂商旳规模都相等，都是在产量到达500单位时到达长期平均成本旳最低点4元，当用最优旳企业规模生产600单位产量时，每一种企业旳短期平均成本为4.5元，市场需求函数为Q=70000-5000P，供应函数为Q=40000+2500P，求解下列问题：⑴.市场均衡价格是多少？该行业处在短期均衡还是长期均衡？⑵.当处在长期均衡时，该行业有多少厂商？⑶.假如市场需求变化为Q=P，求行业与厂商新旳短期均衡价格与产量，在新旳均衡点，厂商盈利还是亏损？2.假定有n家相似旳厂商处在古尔诺均衡(Cournot Equilibrium)状况下，求证：市场需求曲线旳弹性一定不小于1/n。
各位考研的同学们，大家好！我是才思的一名学员，现在已经顺利的考上北大管理学院金融硕士，今天和大家分享一下这个专业的真题，方便大家准备考研，希望给大家一305、Corporation 公司现代资本主义经济中企业组织的主要形式。
它是由个人或其他公司所拥有的企业，具有与个人一样的购买、销售和签订合同的权利。
公司和对公司负"有限责任"的所有人二者，在法律上是不同的概念。
306、Correlation 相关两种变量系统地相互联系在一起的程度。
307、Cost，average 平均成本等于总成本（参见"总成本"，cost，total）除以产出的单位数。
308、Cost，average fixed 平均固定成本等于固定成本除以产出的单位数。
309、Cost，average variable 平均可变成本等于可变成本（参见"可变成本"，cost，variable）除以产出的单位数。
310、Cost，fixed 固定成本一企业在某时段即使在产量为零时也会发生的成本。
总固定成本由诸如利息支出、抵押支出、管理者费用等契约性开支所组成。
311、Cost，marginal 边际成本多生产1单位产品所增加的成本（或总成本的增加额），或少生产1单位产品总成本的减少额。
312、Cost，minimum 最低成本单位产出可以达到的最低代价（无论平均成本、可变成本或边际成本）。
就平均成本上的每一点所代表的产出水平而言，该点是该公司所能作到的最好情况。
就此而言，平均成本曲线上的每一点都是最低平均成本点。
313、Cost－push inflation 成本推动的通货膨胀由市场供给方因生产成本急剧上升而引发的通货膨胀。
在总供求分析的图解中，成本推动表现为AS曲线的上移。
它也称作供给冲击（supply-shock）的通货膨胀。
314、Cost，total 总成本在某技术水平和要素价格条件下可以得到的最低成本的总额。
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光华管理学院案例分析大赛热点问题Q&A（一）北京大学光华管理学院案例分析大赛自2013年3月1日开赛以来，受到了社会各界与高校师生的广泛关注，并有各大高校院系优秀学子踊跃报名。
同时，也有许多同学通过各种方式联系我们，询问了本次光华管理学院案例分析大赛的相关问题。
在这里，我们代表大赛主办方感谢大家对于本次大赛所给予的热情与关注！为了方便大家更好地了解和准备此次比赛，我们将截至昨日（2013年3月10日）关于本次大赛的热点问题汇总成文，并一一详细解答，希望对广大同学与报名选手有所帮助。
若本文尚不能解答您心中疑问，或您有任何更多问题，敬请联系大赛主办方：官方咨询邮箱：casecompetition2013@人人公共主页：光华管理学院案例分析大赛新浪微博：北京大学光华管理学院案例分析大赛腾讯微博：北大光华案例分析大赛1.有许多同学问及关于本次比赛报名条件与团队构成的问题，问题主要集中如下：a)是否只有预计于2013年、2014年毕业的本科生方可参加本次比赛？b)组队的成员是否必须是同一高校？c)不同高校的同学之间是否可以组队？d)组队成员可否跨年级？答：关于本次案例分析大赛的报名条件，全国普通高等院校在读正式注册的全日制本科生均可报名本届大赛，学校、年级与专业均无限制。
关于本次案例大赛的团队构成，不同学校、不同年级、不同专业的同学均可相互组队，每个团队推选一人任队长，团队构成并无特定限制。
2.有许多同学问及关于获奖团队奖励分配的问题，问题基本为：非2013年毕业生、2014年毕业生是否有资格获得“光华管理学院金融硕士项目”预录取资格、或获得“北京大学光华管理学院优秀大学生夏令营”的入营资格，或“MBA项目3+X计划”的预录取资格或获得“MBA项目3+X计划”预录取面试机会？答：关于获奖团队奖励分配的问题，任何年级、任何专业的在读本科生均可报名金融分析组企业管理组，获奖团队成员均将享有高额团队现金奖励和国内著名企业实习机会。
北京大学光华管理学院案例大赛Valuation of the Fresh Market——企业管理组参赛作品飞翔的黑鱼——冯翼翔, 王远韬，俞晓婧Valuation of the Fresh Market 2013/4/14 Part 1: Competitive analysisTABLE OF CONTENTSChapter 1: Preliminary Assessment (1)A. Industry Overview (1)B. Target Company (2)C. Comparable Companies (2)D. Company Comparison (3)Chapter 2: Financial Ratios (11)Chapter 3: Competitive Advantage (21)A. “Smal ler-box Format” strategy (21)B. Concentration and Pricing (22)C. Shopping environment (24)D. Infrastructure (26)Chapter 1: Preliminary AssessmentA.Industry OverviewAfter skimming through a variety of industries, we decided to pick up the U.S. food retailer industry as our target. However, there’s no crystal clear definition of this industry, since it encompasses store formats ranging from small grocery shops and convenience stores to large supermarkets. Some of them mainly retail food, while others retail different kinds of commodities including food. These retailers may operate in different business models according to their sizes and product categories, but they do compete with each other when it comes to selling food directly to consumers.Key trends that will continue to shape the food retailer industry include:(i)Increasing focus on the customer shopping experience: Supermarkets areenhancing or attempting to enhance the consumer’s shopping experience in stores even as price competition is increasing. Many conventional supermarkets have reduced new store expansion to direct capital expenditure budgets toward remodeling existing stores. In addition, supermarkets are striving to be more innovative and responsive to consumer preferences with their consumer interactions and product offerings.(ii)Emphasis on healthy, fresh and quality offerings: Supermarkets are increasingly providing and marketing fresh food items consistent with ongoing health trends and greater consumer awareness of the negative aspects of processed foods. Many conventional supermarkets are attempting to complement center aisle grocery formats with fresh formats that emphasize high-quality perishables and prepared foods. The increased popularity of farmers’ markets over the past few years is also indicative of a consumer preference for fresh food items. Additionally, the growing consumer demand for fresh, quality offerings has improved the infrastructure for, and increased the supply of, these items, resulting in improved sourcing, distribution and pricing.(iii)Localization: An increasing number of consumers believe that locally-grown products are fresher and taste better. Consumers often purchase locally-grown food because they prefer to support local growers. In addition, these consumers may believe that locally-grown food results in a reduced environmental impact.(iv)Rise of private label: Supermarkets are increasingly developing and promoting private-label brands to distinguish themselves from their competitors and promote consumer loyalty. These private-label brands can also offer benefits to retailers through increased margins and, in certain instances, to customers through lower prices compared to branded products. Another key contributor to private label growth has been the improved product quality image and exclusivity of certain brands, which can further help to differentiatesupermarkets from each other.(v)Aging customer demographic: According to the U.S. Census Bureau, by 2030, one in five U.S. residents will be 65 or older, driven by an aging Baby Boomer population which, we believe, tends to make a greater number of shopping trips and higher food at home spending per household than younger age groups.1B.Target CompanyAs stated in our company description, among all the food retailers we choose to value the Fresh Market (NASDAQ: TFM), which is a specialty food retailer. The Company focuses on perishable product categories including meat, seafood, produce, deli, bakery, floral, sushi and prepared foods. The Fresh Market’s non-perishable product categories consist of grocery and dairy products, as well as specialty foods, including bulk, coffee and candy, and beer and wine. As of January 29, 2012, the Fresh Market operated 113 stores in 21 states, primarily in the Southeast, Midwest and Mid-Atlantic United States. In October 2011, the Company formed the Fresh Market Gift Company, LLC (Giftco), as a wholly owned subsidiary. Giftco was formed to administer the Company’s gift card program. The Company’s gift selection includes candles, cookbooks, kitchen items and seasonal and holiday gift baskets.To summarize, the Fresh Markets mainly competes in perishable foods, but it also involves in grocery, dairy products, etc.parable CompaniesWhile narrowing down, we find a subset of its competitors to form our comparable company list. These companies mainly retail food just like the Fresh Market, mostly operate only in USA (we will demonstrate their geographical distribution in graphs below), have a similar market capitalization as the Fresh Market, and are all publicly traded with more than f our years’ historical data. These comparable companies are as follows:(i)SafewaySafeway (NYSE: SWY) is a food and drug retailer in North America. As of December 31, 2011, the Company had 1,678 stores. Its United States retail operations are located principally in California, Hawaii, Oregon, Washington, Alaska, Colorado, Arizona, Texas, the Chicago metropolitan area and the Mid-Atlantic region. Safeway’s Canadian retail operations are located principally in British Columbia, Alberta and Manitoba/Saskatchewan.(ii)Harris Teeter SupermarketsHarris Teeter Supermarkets (NYSE: HTSI), formerly Ruddick Corporation, is a holding company. The Company, through its wholly owned subsidiary, Harris Teeter, Inc. is engaged in the retail supermarket business. Harris Teeter operates a regional1See page 5 of the Fresh Market’s 10-K Annual Report, filed with SEC, on March 29, 2012 at/Archives/edgar/data/1489979/000114420412017856/v306421_10k.htmchain of supermarkets in eight states primarily in the southeastern and mid-Atlantic United States, and the District of Columbia. These supermarkets offer a range of groceries, produce, meat and seafood, delicatessen items, bakery items, wines and non-food items, such as health and beauty care, general merchandise and floral.(iii)Weis MarketsWeis Markets (NYSE:WMK) is engaged principally in the retail sale of food in Pennsylvania and surrounding states. The Company's retail food stores sell groceries, dairy products, frozen foods, meats, seafood, fresh produce, floral, pharmacy services, deli products, prepared foods, bakery products, beer and wine, fuel and general merchandise items, such as health and beauty care and household products. As of December 31, 2011, the Company owned and operated 161 retail food stores.(iv)Ingles MarketIngles Markets (NYSE: IMKTA) is a supermarket chain in the southeast United States. As of September 25, 2010, the Company operated 202 supermarkets, including 73 in Georgia, 69 in North Carolina, 36 in South Carolina, 21 in Tennessee, two in Virginia and one in Alabama. The Company’s supermarkets are located in suburban areas, small towns and neighborhood shopping centers. Ingles supermarkets offers customers a range of advertised food products, including grocery, meat and dairy products, produce, frozen foods and other perishables, and non-food products. Non-food products include fuel centers, pharmacies, health and beauty care products and general merchandise. The Company also offers private label items. The Company’s modern stores focuses on selling products, including perishable departments featuring organic and home meal replacement items, in-store pharmacies, on-premises fuel centers, and a selection of food and non-food items to provide a one-stop shopping.(v)SUPERV ALUSUPERV ALU (NYSE: SVU) is a United States grocery channel. It operates in two segments: Retail food and Independent business. The Company leverages its distribution operations by providing wholesale distribution, logistics and service solutions to its independent retail customers through its Independent business segment. The Retail food segment derives revenues from the sale of groceries at retail locations operated by the Company, and Independent business segment profits from wholesale distribution to independently-owned retail food stores and other customers.2pany Comparison(i)Comparison of Geographical DistributionWe can see these companies’ geographical distribution from graphs below.The Fresh Market:2See Google Finance at/finance?q=NASDAQ%3ATFM&sq=the%20fresh%20market&sp=2&ei=e6xnUIjWGtS00 QGcdwSafeway:Harris Teeter Supermarkets:Weis Markets:Ingles Market:SUPERV ALU:It is straightforward to conclude from the above maps that all these company are geographically overlapped, and that many of them lay emphasis on the eastern part of USA, which indicates they directly compete with each other. And as we described in the industry trend, a great deal of attention has been drawn on localization in this industry. Those companies doing business within same geographic areas may end up developing similar business models.(ii)Comparison of Product CategoriesApart from the geographical competition, we can also compare the kinds of food they retail in detail.The Fresh Market focuses on perishable product categories, which include meat, seafood, produce, deli, bakery, floral, sushi and prepared foods.Safeway’s stores provide a range of grocery items. Most stores offer a line of food and general merchandise and feature a variety of specialty departments, such as bakery, delicatessen, floral, seafood and pharmacy.Harris Teeter Supermarkets offer a range of groceries, produce, meat and seafood, delicatessen items, bakery items, wines and non-food items, such as health and beauty care, general merchandise and floral.Weis Market's retail food stores sell groceries, dairy products, frozen foods, meats, seafood, fresh produce, floral, pharmacy services, deli products, prepared foods, bakery products, beer and wine, fuel and general merchandise items, such as health and beauty care and household products.Ingles supermarkets offers customers a range of advertised food products, including grocery, meat and dairy products, produce, frozen foods and other perishables, and non-food products. Non-food products include fuel centers, pharmacies, health and beauty care products and general merchandise.SUPERV ALU’ retail food segment derives revenues from the sale of groceries at retail locations operated by the Company, and the Independent business segment derives revenues from wholesale distribution to independently-owned retail food stores and other customers.As we can see from above, these retailers have a strong focus on perishable foods,including meat, seafood, deli, and bakery, etc. That is to say, they share similar traits from the operating perspective as well. Days of inventory held are critical for perishable food retailers as these commodities deteriorate at a relatively fast speed. This may further induce these companies to adopt homogeneous strategies.(iii)Comparison of Online BusinessAll six retailers have online display channels, presenting beautifully their food supply as well as other merchandise and offering attractive recipes and coupons for customers.The Fresh Market has online shopping access for TFM coffee club membership, but tangible food cannot be ordered on the website. Safeway provides online shopping which requires online registration. Harris Teeter provides plenty of groceries to seven states, which will be quite convenient for consumers there. Weis Markets provide groceries mainly in Pennsylvania. Ingles Markets allow customers to order food online, but requires them to pick up in person. SUPERV ALU provides various links to its chain stores which provide online shopping with various groceries.Therefore, online business for groceries is really a common trend across the industries, which further increases the comparability of the companies.(iv)Comparison of Risk, Profitability and Growth PotentialThe graph above shows quick ratios of different companies. As we can see, TFM has similar quick ratio to its competitors except WMK, since WMK has very few liabilities. And the fact that TFM has the smallest quick ratio may enclose two things. Firstly, TFM may face certain liquidity problem. Secondly, we may say TFM is capable of using its resources efficiently.The graph above shows D/E ratio of different companies. As we can see, TFM has a decreasing D/E ratio which is gradually approaching those of SWY and HTSI.From the above graph, we can see four of them really have close ROE/ROAThe two graphs above show that all these companies except for SVU generally has similar profit margin while SVU is below the average. And the companies have quite the same asset turnover ratio except that TFM is a bit higher, which may result from competitive advantages.The graph above shows the PE ratios of these companies. As we can see, TFM’s comparable companies do have quite close P/E ratios, while TFM has a much higher one. P/E is an indicator of the growth potential from the view of investors, which might be biased sometimes but basically has an element of truth. As TFM is relatively new in the stock market, we still need time to check if this high expectation for TFM is rational.Chapter 2: Financial RatiosThe tables below list the financial ratios of the Fresh Market as well as its comparable companies.The Fresh Market:NAME:TICKER SYMBOL:TFM PRIMARY SIC CODE:.STOCK EXCHANGE:14CUSIP:35804HFinancial RatiosFiscal Year:20072008200920102011(FYR Ending):(31DEC2007 )(31DEC2008 )(31DEC2009 )(31DEC2010 )(31DEC2011 )Return on Common Equity .833.720.331.405Return on Assets.302.221.099.182Unlevered profit margin .044.060.025.048Asset Turnover Ratio 6.832 3.675 3.948 3.812 Cash251.793188.174300.451154.516 Accounts Receivable, Net 1,206.054615.006619.926356.683 Inventories50.47627.62929.90230.704 Other Current Assets 315.213176.048110.87696.844 Total Current Assets35.99120.48621.09619.168 Property, Plant, and Equipment, net 8.444 4.484 4.884 4.814 Other Assets6,539.3853,629.183882.839407.591 Property, Plant, and Equipment, gross 5.861 2.998 3.030 2.894 Total Assets6.832 3.675 3.948 3.812Cost Structure Ratios COGS Expense Ratio 69.56%67.91%67.23%66.89% SG&A Expense Ratio22.73%22.69%22.21%22.24% Advertising Expense Ratio 0.65%100.65%200.65%300.65% D&A Expense Ratio 3.07% 3.23% 3.40% 3.29% Non-operating Income 0.07%0.05%0.04%0.05% Special Items 0.00%0.00%-2.96%-0.10% Interest Expense0.72%0.46%0.27%0.22% Income before income tax expense 4.00% 5.74% 3.98%7.31% Income tax expense (benefit) 0.04%0.04% 1.62% 2.67% Minority interest 0.00%0.00%0.00%0.00% Extraordinary items0.00%0.00%0.00%0.00% Discontinued Operations 0.00%0.00%0.00%0.00% Net Income3.96% 5.71% 2.35%4.64%Working Capital Management Ratios Current Ratio .781.699.775.777 Quick Ratio.224.159.268.311 Cash flow to current liabilities 1.063 1.488 1.643 1.337 Days of Purchases outstanding 7.51714.22813.98214.979 Days of Inventory held10.39519.45318.15617.771 Accounts Receivable Collection Period .303.620.637 1.075 Trade Cash Cycle17.61033.06031.50131.675Property, Plant and Equipment Ratios Depreciable Life of Gross PPEQ 5.56010.3119.70710.493 Depreciable Life of Net PPEQ 3.859 6.895 6.023 6.308Leverage Ratios6.161 4.417 3.589 2.964 Total Debt to Total Assets .557.417.320.198 Total Liabilities to Total Assets .838.710.732.607 Total Debt to Common Equity 3.4302.1491.314.747Reconciliation of Income Taxes Federal Statutory Rate.350.350.350.350 Income tax expense (federal)35353535 State taxes on income(net of federal) 00 4.07 3.85 Canadian tax rate differential 0Effective Tax Rate35.0%35.0%39.1%38.9%FRESH MARKET INC NASDAQ-NMS Stock MarketIngles Market:NAME:TICKER SYMBOL:IMKTAPRIMARY SIC CODE:5411STOCK EXCHANGE:14CUSIP:457030Financial RatiosFiscal Year:20072008200920102011(FYR Ending):(31DEC2007 )(31DEC2008 )(31DEC2009 )(31DEC2010 )(31DEC2011 )Return on Common Equity .135.072.077.090Return on Assets.067.047.047.050Unlevered profit margin .026.021.021.022Asset Turnover Ratio 2.568 2.255 2.231 2.268 Cash309.17880.31648.25393.582 Accounts Receivable, Net 61.24352.44655.73360.225 Inventories13.20512.29812.18012.107 Other Current Assets 308.240290.253301.057286.899 Total Current Assets10.1488.6008.0598.820 Property, Plant, and Equipment, net 3.476 3.102 3.144 3.212 Other Assets322.272209.267166.01961.652 Property, Plant, and Equipment, gross 2.027 1.845 1.835 1.831 Total Assets2.568 2.255 2.231 2.268Cost Structure Ratios COGS Expense Ratio 74.81%74.81%75.21%75.51% SG&A Expense Ratio19.28%19.39%19.23%18.99% Advertising Expense Ratio 0.65%100.65%200.65%300.65% D&A Expense Ratio 2.07% 2.34% 2.29% 2.25% Non-operating Income 0.20%0.15%0.16%0.24% Special Items 0.00%-0.31%0.00%0.00% Interest Expense1.58% 1.89% 1.95% 1.78% Income before income tax expense2.45% 1.42% 1.48% 1.70% Income tax expense (benefit) 0.85%0.53%0.55%0.61% Minority interest 0.00%0.00%0.00%0.00% Extraordinary items0.00%0.00%0.00%0.00% Discontinued Operations 0.00%0.00%0.00%0.00% Net Income1.60%0.88%0.93% 1.09%Working Capital Management Ratios Current Ratio 1.322 1.854 1.350 1.340 Quick Ratio.300.665.429.297 Cash flow to current liabilities .354.450.403.335 Days of Purchases outstanding 21.93919.82618.72321.069 Days of Inventory held36.95039.67739.84639.928 Accounts Receivable Collection Period 6.0567.037 6.615 6.118 Trade Cash Cycle52.83352.46651.95354.879Property, Plant and Equipment Ratios Depreciable Life of Gross PPEQ 23.78123.20323.74524.247 Depreciable Life of Net PPEQ 13.87113.79913.86113.822Leverage Ratios3.452 3.694 3.752 3.722 Total Debt to Total Assets .522.560.535.528 Total Liabilities to Total Assets .720.738.729.733 Total Debt to Common Equity 1.7202.0012.0531.978Reconciliation of Income Taxes Federal Statutory Rate.350.350.350.350 Income tax expense (federal)27889156491708621249 State taxes on income(net of federal) 185683826292145Canadian tax rate differential 0Effective Tax Rate37.3%36.9%40.4%38.5%INGLES MARKETS INC -CL A NASDAQ-NMS Stock MarketHarris Teeter Supermarkets:NAME:TICKER SYMBOL:HTSIPRIMARY SIC CODE:5411STOCK EXCHANGE:11CUSIP:414585Financial RatiosFiscal Year:20072008200920102011(FYR Ending):(31DEC2007 )(31DEC2008 )(31DEC2009 )(31DEC2010 )(31DEC2011 )Return on Common Equity .117.106.126.094Return on Assets.069.056.067.053Unlevered profit margin .028.024.029.024Asset Turnover Ratio 2.475 2.303 2.357 2.212 Cash141.309121.60179.34335.999 Accounts Receivable, Net 39.93842.92742.71748.067 Inventories13.12713.09413.95214.106 Other Current Assets 116.169114.025123.03630.546 Total Current Assets8.5548.5728.635 6.570 Property, Plant, and Equipment, net 4.351 3.983 4.097 4.106 Other Assets17.44515.05815.52717.768 Property, Plant, and Equipment, gross 2.308 2.119 2.131 2.142 Total Assets2.475 2.303 2.357 2.212Cost Structure Ratios COGS Expense Ratio 66.87%67.07%67.39%67.08% SG&A Expense Ratio25.94%25.81%25.13%25.42% Advertising Expense Ratio 0.65%100.65%200.65%300.65% D&A Expense Ratio 2.87% 3.08% 3.08% 3.28% Non-operating Income 0.08%0.10%0.03%0.47% Special Items 0.02%-0.24%0.09%0.00% Interest Expense0.56%0.50%0.47%0.46% Income before income tax expense 3.87% 3.40% 4.05% 4.23% Income tax expense (benefit) 1.44% 1.28% 1.48% 1.63% Minority interest 0.01%0.01%0.02%0.00% Extraordinary items0.00%0.00%0.00%0.00% Discontinued Operations 0.00%0.00%0.00%-0.47% Net Income2.42% 2.11% 2.55% 2.13%Working Capital Management Ratios Current Ratio 1.162 1.177 1.355 1.585 Quick Ratio.401.407.558.986 Cash flow to current liabilities .553.580.606.568 Days of Purchases outstanding 31.93330.97228.20230.223 Days of Inventory held41.58241.56238.82238.575 Accounts Receivable Collection Period 9.4498.7948.8427.804 Trade Cash Cycle64.06663.74158.18360.994Property, Plant and Equipment Ratios Depreciable Life of Gross PPEQ 15.12015.33315.25914.217 Depreciable Life of Net PPEQ 8.0208.1597.9367.417Leverage Ratios2.067 2.164 2.191 2.081 Total Debt to Total Assets .189.198.163.145 Total Liabilities to Total Assets .514.560.524.509 Total Debt to Common Equity .375.419.395.320Reconciliation of Income Taxes Federal Statutory Rate.350.350.350.350 Income tax expense (federal)53939533055517663390 State taxes on income(net of federal) 6589685459978604Canadian tax rate differential 0Effective Tax Rate39.3%39.5%38.8%39.8%HARRIS TEETER SUPERMARKETS New York Stock ExchangeSUPERV ALU:NAME:TICKER SYMBOL:SVUPRIMARY SIC CODE:5411STOCK EXCHANGE:11CUSIP:868536Financial RatiosFiscal Year:20072008200920102011(FYR Ending):(31DEC2007 )(31DEC2008 )(31DEC2009 )(31DEC2010 )(31DEC2011 )Return on Common Equity -.779.100-.634-.990Return on Assets-.126.044-.076-.054Unlevered profit margin -.055.019-.031-.019Asset Turnover Ratio 2.305 2.385 2.489 2.797 Cash184.530180.031196.198219.453 Accounts Receivable, Net 48.83748.10148.26249.016 Inventories16.24916.07516.29316.335 Other Current Assets 194.179129.703129.782170.686 Total Current Assets10.80110.38810.53810.865 Property, Plant, and Equipment, net 5.918 5.579 5.513 5.568 Other Assets5.8056.9577.96611.645 Property, Plant, and Equipment, gross 3.871 3.383 3.090 2.919 Total Assets2.305 2.385 2.489 2.797Cost Structure Ratios COGS Expense Ratio 74.89%77.45%77.52%77.79% SG&A Expense Ratio19.09%17.17%17.67%17.14% Advertising Expense Ratio 0.65%100.65%200.65%300.65% D&A Expense Ratio 2.42% 2.40% 2.50% 2.49% Non-operating Income 0.06%0.03%0.04%0.03% Special Items -8.44%-0.02%-4.91%-4.02% Interest Expense1.45% 1.43% 1.50% 1.44% Income before income tax expense -6.24% 1.56%-4.05%-2.85% Income tax expense (benefit) 0.17%0.59%-0.03%0.03% Minority interest 0.00%0.00%0.00%0.00% Extraordinary items0.00%0.00%0.00%0.00% Discontinued Operations 0.00%0.00%0.00%0.00% Net Income-6.41%0.97%-4.02%-2.88%Working Capital Management Ratios Current Ratio .918.891.903.898 Quick Ratio.312.329.304.299 Cash flow to current liabilities .343.354.307.294 Days of Purchases outstanding 27.39626.62026.91626.352 Days of Inventory held29.99429.31628.90028.726 Accounts Receivable Collection Period 7.6177.7107.6607.527 Trade Cash Cycle49.77348.22648.15647.550Property, Plant and Equipment Ratios Depreciable Life of Gross PPEQ 10.69012.30712.95113.773 Depreciable Life of Net PPEQ 6.9927.4647.2587.219Leverage Ratios3.6104.475 4.7747.518 Total Debt to Total Assets .482.465.491.519 Total Liabilities to Total Assets .853.824.903.998 Total Debt to Common Equity 1.6172.1192.2743.789Reconciliation of Income Taxes Federal Statutory Rate.350.350.350.350 Income tax expense (federal)-937221-533-360 State taxes on income(net of federal) -720-4-1 Canadian tax rate differential 0Effective Tax Rate35.3%38.2%35.3%35.1%SUPERVALU INC New York Stock ExchangeSafeway:NAME:TICKER SYMBOL:SWYPRIMARY SIC CODE:5411STOCK EXCHANGE:11CUSIP:786514Financial RatiosFiscal Year:20072008200920102011(FYR Ending):(31DEC2007 )(31DEC2008 )(31DEC2009 )(31DEC2010 )(31DEC2011 )Return on Common Equity .059-.067.034.027Return on Assets.068-.054.053.046Unlevered profit margin .027-.022.019.016Asset Turnover Ratio 2.510 2.518 2.727 2.887 Cash133.52795.63565.66457.857 Accounts Receivable, Net 80.70378.74876.03372.146 Inventories16.36816.01915.99717.133 Other Current Assets 104.897100.941137.775143.261 Total Current Assets11.04910.47310.18810.364 Property, Plant, and Equipment, net 4.148 3.904 4.066 4.464 Other Assets14.98421.95744.12838.712 Property, Plant, and Equipment, gross 2.255 2.046 2.028 2.149 Total Assets2.510 2.518 2.727 2.887Cost Structure Ratios COGS Expense Ratio 69.04%68.51%68.89%70.34% SG&A Expense Ratio24.17%25.33%25.45%24.43% Advertising Expense Ratio 0.65%100.65%200.65%300.65% D&A Expense Ratio 2.59% 2.87% 2.83% 2.63% Non-operating Income 0.05%0.04%0.08%0.08% Special Items 0.00%-4.83%0.00%0.00% Interest Expense0.84%0.83%0.75%0.66% Income before income tax expense 3.41%-2.33% 2.15% 2.02% Income tax expense (benefit) 1.22%0.35%0.71%0.83% Minority interest 0.00%0.00%0.00%0.00% Extraordinary items0.00%0.00%0.00%0.00% Discontinued Operations 0.00%0.00%0.00%0.00% Net Income2.19%-2.69% 1.44% 1.18%Working Capital Management Ratios Current Ratio .884.903.981.831 Quick Ratio.308.311.373.341 Cash flow to current liabilities .500.602.429.402 Days of Purchases outstanding 31.39831.90832.34832.252 Days of Inventory held32.30233.26033.12030.288 Accounts Receivable Collection Period 4.523 4.635 4.801 5.059 Trade Cash Cycle59.17760.53260.66757.481Property, Plant and Equipment Ratios Depreciable Life of Gross PPEQ 17.14017.05117.41317.676 Depreciable Life of Net PPEQ 9.3188.9338.6868.508Leverage Ratios1.102.995.890.817 Total Debt to Total Assets .315.328.319.359 Total Liabilities to Total Assets .612.669.670.755 Total Debt to Common Equity .350.319.288.277Reconciliation of Income Taxes Federal Statutory Rate.350.350.350.350 Income tax expense (federal)526.6-333.7308.4308.7 State taxes on income(net of federal) 42.2 5.725.220.8 Canadian tax rate differential 0-16-23.1-6.1Effective Tax Rate37.8%36.1%35.2%36.7%SAFEWAY INC New York Stock ExchangeWeis Market:NAME:TICKER SYMBOL:WMKPRIMARY SIC CODE:5411STOCK EXCHANGE:11CUSIP:948849Financial RatiosFiscal Year:20072008200920102011(FYR Ending):(31DEC2007 )(31DEC2008 )(31DEC2009 )(31DEC2010 )(31DEC2011 )Return on Common Equity .049.063.066.072Return on Assets.056.071.072.075Unlevered profit margin .019.025.026.027Asset Turnover Ratio 2.870 2.852 2.746 2.724 Cash32.99130.56923.81721.040 Accounts Receivable, Net 47.56651.59648.42350.205 Inventories12.71012.26111.54312.040 Other Current Assets 580.763446.170412.886356.681 Total Current Assets7.5917.358 6.592 6.523 Property, Plant, and Equipment, net 4.795 4.924 5.059 5.004 Other Assets121.98185.51067.49171.415 Property, Plant, and Equipment, gross 1.925 1.919 1.918 1.908 Total Assets2.870 2.852 2.746 2.724Cost Structure Ratios COGS Expense Ratio 72.18%71.16%70.91%71.33% SG&A Expense Ratio23.10%23.14%23.21%22.58% Advertising Expense Ratio 0.65%100.65%200.65%300.65% D&A Expense Ratio 1.94% 1.88% 1.85% 1.93% Non-operating Income 0.11%0.06%0.08%0.12% Special Items 0.00%0.00%0.00%0.00% Interest Expense0.00%0.00%0.00%0.00% Income before income tax expense 2.89% 3.89% 4.10% 4.27% Income tax expense (benefit) 0.95% 1.40% 1.49% 1.53% Minority interest 0.00%0.00%0.00%0.00% Extraordinary items0.00%0.00%0.00%0.00% Discontinued Operations 0.00%0.00%0.00%0.00% Net Income1.94%2.50% 2.61% 2.75%Working Capital Management Ratios Current Ratio 2.004 1.895 2.197 2.125 Quick Ratio.788.710.979.922 Cash flow to current liabilities .728.615.753.779 Days of Purchases outstanding 21.49723.48426.13624.698 Days of Inventory held39.78841.83744.59342.497 Accounts Receivable Collection Period 7.8117.1937.6777.433 Trade Cash Cycle53.47458.12763.05159.762Property, Plant and Equipment Ratios Depreciable Life of Gross PPEQ 26.74027.78528.12527.120 Depreciable Life of Net PPEQ 10.73610.82610.66510.342Leverage Ratios.886.904.944.973 Total Debt to Total Assets .000.000.000.000 Total Liabilities to Total Assets .221.246.266.275 Total Debt to Common Equity .000.000.000.000Reconciliation of Income Taxes Federal Statutory Rate.350.350.350.350 Income tax expense (federal)24540342683758541151 State taxes on income(net of federal) -483187725382558Canadian tax rate differential 0Effective Tax Rate34.3%36.9%37.4%37.2%WEIS MARKETS INC New York Stock Exchange。
