13. Compute return on equity for 2022. Use "net income attributable to The Hershey Company"

14. Compute the price-earnings ratio on December 31, 2022. For this question, you should:

Use diluted earnings per share (EPS) for common stock found on the income statement. Diluted EPS considers dilutive shares (e.g., employee stock options) that could be converted into stock. Diluted EPS is what is most commonly used in practice when computed the P-E ratio.

Look up and use the adjusted closing stock price ("adj. close") on Yahoo! Finance. Directions for how to look up historical data on Yahoo! Finance are found at the end of this document.

The market is closed on the weekend. December 31, 2022, was a Saturday. Therefore, use the adj. close on Friday December 30, 2022.

15. From 2021 to 2022, did The Hershey Company's net profit margin increase, decrease or remain the same?

\begin{tabular}{lcccccc} Currency in USD & & & & & & Download \\ Date & Open & High & Low & Close* & Adj Close** & Volume \\ \hline Dec 30, 2022 & 233.07 & 233.42 & 229.83 & 231.57 & 227.03 & 441,400 \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ For the years ended December 31, } & & & \multirow{2}{*}{\multicolumn{2}{|c|}{2021}} & \multirow{2}{*}{\multicolumn{2}{|c|}{2020}} & \multicolumn{2}{|c|}{ Percent Change } \\ \hline & & & & & & & 2022 vs 2021 & 2021 vs 2020 \\ \hline In millions of dollars except per share amounts & & & & & & & & \\ \hline Net sales & $ & 10,419.3 & s & 8,971.3 & s & 8,149.7 & 16.1% & 10.1% \\ \hline Cost of sales & & 5,920.5 & & 4,922.7 & & 4,448.5 & 20.3% & 10.7% \\ \hline Gross profit & & 4,498.8 & & 4,048.6 & & 3,701.2 & 11.1% & 9.4% \\ \hline Gross margin & & 43.2% & & 45.1% & & 45.4% & & \\ \hline SM\&A expense & & 2,236.0 & & 2,001.4 & & 1,890.9 & 11.7% & 5.8% \\ \hline SMEA expense as a percent of net sales & & 21.5% & & 22.3% & & 23.2% & & \\ \hline Long-lived asset impairment charges & & - & & - & & 9.1 & NM & NM \\ \hline Business realignment costs & & 2.0 & & 3.5 & & 18.5 & (43.6)% & (80.9)% \\ \hline Operating profit & & 2,260.8 & & 2,043.7 & & 1,782.7 & 10.6% & 14.6% \\ \hline Operating profit margin & & 21.7% & & 22.8% & & 21.9% & & \\ \hline Interest expense, net & & 137.6 & & 127.4 & & 149.4 & 8.0% & (14.7)% \\ \hline Other (income) expense, net & & 206.1 & & 119.1 & & 138.3 & 73.1% & (13.9)% \\ \hline Provision for income taxes & & 272.3 & & 314.4 & & 219.6 & (13.4)% & 43.2% \\ \hline Effective income tox rate & & 14.2% & & 17.5% & & 14.7% & & \\ \hline Net income including noncontrolling interest & & 1,644.8 & & 1,482.8 & & 1,275.4 & 10.9% & 16.3% \\ \hline Less: Net gain (loss) attributable to noncontrolling interest & & & & 5.3 & & (3.3) & NM & NM \\ \hline Net income attributable to The Hershey Company & $ & \begin{tabular}{ll} 1,644.8 \\ \end{tabular} & =s & 1,477.5 & =s & 1,278.7 & 11.3% & 15.5% \\ \hline Net income per share-diluted & $ & 7.96 & s & 7.11 & s & 6.11 & 12.0% & 16.4% \\ \hline \end{tabular}