annual report

Boss：Come in，please．Oh，Mary，come over 56 ．Your annual report is well done．

Boss: Come in, please. Oh, Mary, come over (56) Your annual report is well done.

Mary: (57)

Boss: I know you're a capable person.

Mary: Thank you for saying that. (58) the wrong figures I gave you last time.

Boss: (59) Everyone makes mistakes.

Mary: Thank you so much for your forgiveness. (60)

56.

A. I'm leaving

B. Thank you

C. I'll do my best

D. and sit here

E. Please sit down

F. But I worry about

G. Take it easy

H. Don't forget

•Read the article below about how to read annual report and the questions on the opposite page.

•For each question 13-18, mark one letter (A, B, C or D) on your Answer Sheet for the answer you choose.

How to read annual reports

First, turn back to the report of the certified public accountant. This third-party auditor will tell you fight off the bat if Galaxy's report conforms with "generally accepted accounting principles". Then go to the footnotes. Check to see whether earnings are up or down. The footnotes often tell the whole story.

Then turn to the letter from the chairman, Usually addressed "to our shareholders," it's up front -- and should be in more ways than one. The chairman's tone reflects the personality, the well- being of the company. In this letter, the chairman should tell you how the company fared this year. But more important, the letter should tell you why. Keep an eye out for sentences that start with "Except for..." and "Despite the..." They're clues to problems. On the positive side, a chairman's letter should give you insights into the company's future and its stance on economic or political trends that may affect it.

Now begin digging into the numbers!

One source is the balance sheet. It is a snapshot of how the company stands at a single point in time. On the top are assets -- everything the company owns. Things that can quickly be turned into cash are current assets. On the bottom are liabilities -- everything the company owes. Current liabilities are the debts due in one year, which are paid out of current assets. The difference between current assets and current liabilities is working capital, a key figure to watch from one annual report to another. If working capital shrinks, it could mean trouble, one possibility: the company may not be able to keep dividends growing rapidly. Owners' equity is the difference between total assets and liabilities. It is the presumed dollar value of what the owners or shareholders own. You want it to grow.

The second basic source of numbers is the income statement. It shows how much money Galaxy made or lost over the year. Most people look at one figure first. It's in the income statement at the bottom: earnings per share. Watch out. It can fool you. Galaxy's management could boost earnings by selling off a plant. Or by cutting the budget for research and advertising. The number you .should look at first in the income statement is net sales. Ask yourself: are sales going up at a faster rate than the last time around? When sales increases start to slow, the company may be in trouble. Have sales gone down because the company is selling off a losing business? If so, profits may be soaring.

Another important thing to study is the company's debt. Turn to the balance, and divide long-term liabilities by owners' equity. That's the debt-to- equity ratio. A high ratio means the company borrows a lot of money to spark its growth. That's okay -- if sales grow too, and d there's enough cash on hand to meet the payments. A company doing well on borrowed money can earn big profits for its shareholders. But if sales fall, watch out. The whole enterprise may slowly sink. Some companies can handle high ratios; others can't.

Finally, you have to compare. Is the company's debt-to-equity ratio better or worse than it used to be? Better or worse than the industry norms? In company-watching, comparisons are all. They tell you if management is staying on top of things.

According to the writer, the most important element of the chairman's letter is

A．the expressions used.

B．the explanations given by the chairman.

C．the performance of the company during the year.

D．the company's future described by the chairman.

Every year, the American Lung Association (ALA) releases its annual report card on smog, and every year it gives an "F" to over half the nation's counties and cities. When ALA's "State of the Air 2002" recently came out, dozens of credulous local journalists once again took the bait, ominously reporting that their corner of the nation received a failing grade. The national coverage was no better, repeating as fact ALA's statement that it is "gravely concerned" about air quality, and neglecting to solicit the views of even one scientist with a differing view. Too bad, because this report card says a lot less about actual air quality than it does about the tactics and motives of the ALA.

The very fact that 60 percent of counties were giver an "F" seems to be alarmist. This is particularly tree given that smog levels have been trending downward for several decades. According to the Environmental Protection Agency (EPA) statistics, ozone, the primary constituent of smog, progress will likely continue, even without the wave of new regulations ALA is now demanding.

ALA is correct that some areas still occasionally exceed the federal standard for ozone, but such spikes are far less frequent than in the past. Even Los Angeles, the undisputed smog capital of America, has cleaned up its act considerably. Los Angeles, which exceeded federal smog standards for 154 days in 1989, has had 75 percent fewer such spikes in recent years. But an ALA-assigned "F" misleadingly implies that air quality has not improved at all.

Most of the nation is currently in attainment with the current smog standard, and much of the rest is getting close. Nonetheless, ALA chose to assign an "F" to entire county based on just a few readings above a strict new EPA standard enacted in 1997 but not yet in force. In effect, ALA demanded a standard even more stringent than the federal government's, which allows some leeway for a few anomalously high readings in otherwise clean areas. ALA further exaggerated the public-health hazard by grossly over stating the risks of these relatively minor and sporadic increases above the standard.

The media's response to ALA's "State of the Air 2002" can best be described as ______.

A．trusting

B．suspicious

C．critical

D．hesitant

Every year, the American Lung Association (ALA) releases its annual report card on smog, and every year it gives an "F" to over half the nation's counties and cities. When ALA's "State of the Air 2002" recently came out, dozens of credulous local journalists once again took the bait, ominously reporting that their corner of the nation received a failing grade. The national coverage was no better, repeating as fact ALA's statement that it is "gravely concerned" about air quality, and neglecting to solicit the views of even one scientist with a differing view. Too bad, because this report card says a lot less about actual air quality than it does about the tactics and motives of the ALA.

The very fact that 60 percent of counties were given an 'F' seems to be alarmist. This is particularly true given that smog levels have been trending downward for several decades. According to the Environmental Protection Agency (EPA) statistics, ozone, the primary constituent of smog, has declined by approximately 30 percent since the 1970s. And recent gains indicate that the progress will likely continue, even without the wave of new regulations ALA is now demanding.

ALA is correct that some areas still occasionally exceed the federal standard for ozone, but such spikes are far less frequent than in the past. Even Los Angeles, the undisputed smog capital of America, has cleaned up its act considerably. Los Angeles, which exceeded federal smog standards for 154 days in 1989, has had 75 percent fewer such spikes in recent years. But an ALA-assigned "F" misleadingly implies that air quality has not improved at all.

Most of the nation is currently in attainment with the current smog standard, and much of the rest is getting close. Nonetheless, ALA chose to assign an "F" to an entire county based on just a few readings above a strict new EPA standard enacted in 1997 but not yet in force. In effect, ALA demanded a standard even more stringent than the federal government's, which allows some leeway for a few anomalously high readings in otherwise clean areas. ALA further exaggerated the public-health hazard by grossly overstating the risks of these relatively minor and sporadic increases above the standard.

The media's response to ALA's "State of the Air 2002" can best be described as ______.

A．trusting

B．suspicious

C．critical

D．hesitant

Every year, the American Lung Association (ALA) releases its annual report card on smog, and every year it gives an "F" to over half the nation's counties and cities. When ALA's "State of the Air 2002" recently came out, dozens of credulous local journalists once again took the bait, ominously reporting that their corner of the nation received a failing grade. The national coverage was no better, repeating as fact ALA's statement that it is "gravely concerned" about air quality, and neglecting to solicit the views of even one scientist with a differing view. Too bad, because this report card says a lot less about actual air quality than it does about the tactics and motives of the ALA.

The very fact that 60 percent of counties were given an 'F' seems to be alarmist. This is particularly true given that smog levels have been trending downward for several decades. According to the Environmental Protection Agency (EPA) statistics, ozone, the primary constituent of smog, has declined by approximately 30 percent since the 1970s. And recent gains indicate that the progress will likely continue, even without the wave of new regulations ALA is now demanding.

ALA is correct that some areas still occasionally exceed the federal standard for ozone, but such spikes are far less frequent than in the past. Even Los Angeles, the undisputed smog capital of America, has cleaned up its act considerably. Los Angeles, which exceeded federal smog standards for 154 days in 1989, has had 75 percent fewer such spikes in recent years. But an ALA-assigned "F" misleadingly implies that air quality has not improved at all.

Most of the nation is currently in attainment with the current smog standard, and much of the rest is getting close. Nonetheless, ALA chose to assign an "F" to an entire county based on just a few readings above a strict new EPA standard enacted in 1997 but not yet in force. In effect, ALA demanded a standard even more stringent than the federal government's, which allows some leeway for a few anomalously high readings in otherwise clean areas. ALA further exaggerated the public-health hazard by grossly overstating the risks of these relatively minor and sporadic increases above the standard.

The media's response to ALA's "State of the Air 2002" can best be described as ______.

A．trusting

B．suspicious

C．critical

D．hesitant

?For each question 13-18, mark one letter (A, B, C or D) on your Answer Sheet for the answer you choose.

How to read annual reports

First, turn back to the report of the certified public accountant. This third-party auditor will tell you fight off the bat if Galaxy's report conforms with "generally accepted accounting principles". Then go to the footnotes. Check to see whether earnings are up or down. The footnotes often tell the whole story.

Then turn to the letter from the chairman, Usually addressed "to our shareholders," it's up front -- and should be in more ways than one. The chairman's tone reflects the personality, the well- being of the company. In this letter, the chairman should tell you how the company fared this year. But more important, the letter should tell you why. Keep an eye out for sentences that start with "Except for..." and "Despite the..." They're clues to problems. On the positive side, a chairman's letter should give you insights into the company's future and its stance on economic or political trends that may affect it.

Now begin digging into the numbers!

One source is the balance sheet. It is a snapshot of how the company stands at a single point in time. On the top are assets -- everything the company owns. Things that can quickly be turned into cash are current assets. On the bottom are liabilities -- everything the company owes. Current liabilities are the debts due in one year, which are paid out of current assets. The difference between current assets and current liabilities is working capital, a key figure to watch from one annual report to another. If working capital shrinks, it could mean trouble, one possibility: the company may not be able to keep dividends growing rapidly. Owners' equity is the difference between total assets and liabilities. It is the presumed dollar value of what the owners or shareholders own. You want it to grow.

The second basic source of numbers is the income statement. It shows how much money Galaxy made or lost over the year. Most people look at one figure first. It's in the income statement at the bottom: earnings per share. Watch out. It can fool you. Galaxy's management could boost earnings by selling off a plant. Or by cutting the budget for research and advertising. The number you .should look at first in the income statement is net sales. Ask yourself: are sales going up at a faster rate than the last time around？ When sales increases start to slow, the company may be in trouble. Have sales gone down because the company is selling off a losing business？ If so, profits may be soaring.

Another important thing to study is the company's debt. Turn to the balance, and divide long-term liabilities by owners' equity. That's the debt-to- equity ratio. A high ratio means the company borrows a lot of money to spark its growth. That's okay -- if sales grow too, and d there's enough cash on hand to meet the payments. A company doing well on borrowed money can earn big profits for its shareholders. But if sales fall, watch out. The whole enterprise may slowly sink. Some companies can handle high ratios; others can't.

Finally, you have to compare. Is the company's debt-to-equity ratio better or worse than it used to be？ Better or worse than the industry norms？ In company-watching, comparisons are all. They tell you if management is staying on top of things.

According to the writer, the most important element of the chairman's letter is

A．the expressions used.

B．the explanations given by the chairman.

C．the performance of the company during the year.

D．the company's future described by the chairman.

回答下列各题 How to Read Annual Reports First, turn back to the report of the certified public accountant. This third-party auditor will tell you right off the bat if Galaxys report conforms with"generally accepted accounting principles". Then go to the footnotes. Check to see whether earnings are up or down. The footnotes often tell the whole story. Next, turn to the letter from the chairman. Typically addressed "to our shareholders," its up front in more ways than one. The chairmans tone reflects the personality and well-being of the company. In his letter, the chairman should tell you how the company fared this year. But more importantly, the letter should tell you why. Keep an eye out for sentences that start with "Except for..." and " Despite the ..." They are clues to problems. On the positive side, a chairmans letter should give you insights into the companys future and its stance on economical or political issues that may affect it. Now begin digging into the numbers! One source is the balance sheet. It is a snapshot of how the company stands at a single point in time. At the top are assets -- everything the company owns. Things that can quickly be turned into cash are current assets. On the bottom are liabilities --. everything the company owes. Current liabilities are the debts due in one year, which are paid out of current assets. The difference between current assets and current liabilities is working capital, a key figure to watch from one annual report to another. If working capital shrinks, it could mean trouble. One possibility: the company may not be able to keep dividends growing rapidly. Owners equity is the difference between total assets and liabilities. It is the presumed dollar value of what the owners or shareholders own. You want it to grow. The second basic source of numbers is the income statement. It shows how much money Galaxy made or lost over the year. Most people look at one figure first. Its in the income statement at the bottom: earnings per share. Watch out. It can fool you. Galaxys management could boost earnings by selling off a plant or by cutting the budget for research and advertising. The number you should look at first in the income statement is net sales. Ask yourself: Are sales going up at a faster rate than the last time around? When sales increases start to slow, the company may be in trouble. Have sales gone down because the company is selling off a losing business? If so, profits may be soaring. Another important thing to study is the companys debt. Turn to the balance sheet, and divide long- term liabilities by owners equity. Thats the debt- to-equity ratio. A high ratio means the company borrows a lot of money to spark its growth. Thats okay if sales grow too, and if theres enough cash on hand to meet the payments. A company doing well on borrowed money can earn big profits for its shareholders. But if sales fall, watch out. The whole enterprise may slowly sink. Some companies can handle high ratios; others cant. Finally, you have to compare. Is the companys debt-to-equity ratio better or worse than it used to be? Better or worse than the industry norms? In company-watching, comparisons are all. They tell you if management is staying on top of things. According to the writer，the most important element of the chairman’s letter is

A.the expressions used．

B.the explanation given by the chairman．

C.the performance of the company during the year．

D.the company’S future described by the chairman．

•Read the extract below from a company chairman's annual report to shareholders.

•Choose the best word to fill each gap from A, B, C or D on the opposite page.

•For each question (19-33), mark one letter (A, B, C or D) on your Answer Sheet.

Chairman's Report

I am pleased to report that, although we had been expecting poor results for this half year because of slow growth in the world economy, the company has performed very satisfactorily. Operating profits for this first half are in fact very much (19) with those for the corresponding (20) last year. Profits reached ￡115 million before tax, compared with￡116.3 million last year. Much of our success in the last six months can be (21) to the fact. that all our major construction projects remained on schedule. Particularly pleasing was the early (22) of a major building contract in Canada.

The company has made good progress with the initiatives announced at the Annual General Meeting. The majority of shareholders (23) the Board's decision to sell the company's loss-making engineering (24) It was the Board's belief that the company would (25) most benefit by (26) its resources on the expansion of its construction activities. Negotiations with a potential buyer began in February and are now at a critical (27) However, we feel that we are not as yet in a (28) to comment on what the outcome is likely to be.

In June, we made a successful (29) for the Renishaw Construction Company of Hong Kong SAR, in order to give us greater (30) to markets in South East Asia. We still have sufficient resources to pursue our growth (31) and are at present (32) several other business opportunities which, like Renishaw Construction, would (33) new markets to us.

(19)

A．in order

B．on track

C．in line

D．on target

听力原文：M: Thank God! I've finished writing that annual report! It takes me almost a whole week. Well, no more overtime, and no more headaches!

W: Well, I'm glad to hear it. Have a cup of coffee!

Q: What are they talking about?

(18)

A．Work load.

B．Writing the service guide.

C．Coffee.

D．Holiday plans.