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A
PROJECT REPORT
ON
“Financial Statement Analysis”
At JW Marriott
In Partial fulfillment of Requirements
For the Award of Requirement of
Masters of Business Administration
SUBMITTED TO
PUNE UNIVERSITY
By
SUMIT KUMAR SINGH
MBA-II
Under the Guidance of
PROF. PRAJAKATA JOSHI
SMT. KASHIBAI NAVALE SINHGAD SCHOOL OF BUSINESS MANAGEMENT
AMBEGAON, PUNE
ACADEMIC YEAR 2016-18

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DECLARATION
I, the undersigned, hereby declare that the Project Report entitle “Financial
Statement Analysis”, written and submitted by me to the SKNSSBM Pune, under the project
guidance of Prof Prajakata Joshi in my original work and the conclusions drawn therein are
based on the material collected by myself.
Place:
Date: Sumit Kumar Singh

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Acknowledgment
First of all I would like to place on record my gratitude to all concerned respectable General
Manager of JW Marriott for giving me this opportunity of internship which has been a pure
learning experience and which have enlightened my knowledge and skills about the Finance
and industry.
I would also like to express my gratitude toward SKN Sinhgad School of Business
Management Pune for giving me the opportunity to undergo summer internship at JW
Marriott.
I am specially thankful to my mentors Mam and JW Marriott industry guide Mr. Bhagat
Singh Bhandari for guidance and cooperation during this internship and in fact without their
navigational assistance life would have been very difficult as far as structuring the projects
are concerned. I would always be grateful to them for their help and support.
Place: Pune Sumit Kumar Singh
Date: Student

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TITLE INDEX
Sr. No. Chapters Page No.
1. EXECUTIVE SUMMARY 1
2. INTRODUCTION 2
3. PROFILE OF THE ORGANISATION 9
4. RESEARCH METHODOLOGY 21
5. CONCEPTUAL BACKGROUND 22
6. DATA ANALYSIS & INTERPRETATION 43
7.
FINDINGS, SUGGETIONS, CONCLUSION, LEARNING,
UTILITY OF THE PROJECT
45
8. BIBLIOGRAPHY/REFERENCES 46

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EXECUTIVE SUMMARY
Project Title : Financial Statement Analysis
Company Name : Marriott International INC.
This summer internship a part of our academic curriculum of MBA. under Savitribai Phule
Pune University.The purpose of this summer training is to market us familiar with corporate
environment. It also helped us to learn actual implementation of concepts that we have
learned inbooks. This training helped me a lot to learn the practical aspects of MBA. It really
benefitted me to deal with working of the company. I have also learned how a manager has to
deal with the day-to-day activities taking place in the company
.
I did my project at JW Marriott on “Analysis Of Financial Statement”. Under this project I
have studied how to analyse the various financial statement, as used in corporate houses,
refers to a set of report & schedule which an accountant prepares at the end of financial
period of business enterprise. The financial statement are the means with the help of which
the accounting system perform its main function of providing summarized information about
the financial affairs of the company.
In India every company has to present its financial statements in the form & contents as
prescribed under section 211 of the company act 1956. Published financial statement are the
only source of information about the activities & affairs of a business entity available to the
public, shareholders, creditors & government.
The analysis of financial statement enables a forecasting of the prospects for future earnings,
ability to pay interest, debt maturities both current as we ll as long term profitability of
sound financials & dividend policies
The experience of the whole training has been excellent. It has helped me to correlate
theoretical knowledge with practical one

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1.1 INTRODUCTION
Financial statements for firm present a different analytical problem than manufacturing
and service companies. As a result, analysis of a firm's financial statements requires a
distinct approach that recognizes a firm's somewhat unique risks. .Hotels provides
services to the customers such as accommodations, fooding etc. Their profits are derived
from the spread between the rate they incur on providing the services and the rate of
return they get in return. By managing this flow of services hotel generate profits.
Every financial manager is involved in descision making and financial planning in order
to take descisions at right time, he should be equipped with sufficient past and present
information about the the firms and its operations and how it is changing overtime.
Financial is regarded as the life blood of a business enterprise. In the modern oriented
economy, finance is one of the basic foundations of all kinds of economics activities
.Finance statements are prepared primary for decision -making .They play a dominant role
in setting the frame work and managerial conclusion and can be drawn from these
statements is of immense use in decision- making through analysis and interpretation of
financial statements .As said earlier finance is said to be life blood of any business Every
business under taking needs finance for its smooth working .it has to raise funds from the
cheapest and risky source to utilize this in most effective manner . So every company will
be interested in knowing its financial performance.The project entitled “Financial
performance analysis of Marriott International Inc. '' throw light on overall financial
performance of the company .
In this project, I am trying to provide assistance to the investors, by showing them the
performance of Marriott International Inc. .
1,2 Importance Of The Project
Financial statements provide an overview of a business' financial condition in both short
and long term. All the relevant financial information of a business enterprise presented in
a structured manner and in a form easy to understand, is called the financial statements.

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Therefore these financial statements are very useful for the stake holder, as they obtain all
insight information. In assessing the significance of various financial data, experts engage
in ratio analyses, the process of determining and evaluating financial ratios.
Financial statement is prepared at a certain point of time according to established convention.
These statements are prepared to suit the requirement of the proprietor. For measuring the
financial soundness, efficiency, profitability and future prospects of the concern, it is
necessary to analyze the financial statement. Following purposes are served by the Financial
analysis: -
 Help in Evaluating the operational efficiency of the Concern
 Help in Evaluating the short and long term financial position
 Help in calculating the profitability
 Help in indicating the trend of achievements
 Forecasting, budgeting and deciding future line of action
The significance of my internship stems from the very nature of the financial statements
i.e. they are usually lengthy, bulky documents which have a huge array of numbers not
readily understandable. Financial statement analysis is the process of examining
relationships among financial statement elements and making comparisons with relevant
information. It is a valuable tool used by investors and creditors, financial analysts, and
others in their decision-making processes related to stocks, bonds, and other financial
instruments. The goal in analyzing financial statements is to assess past performance and
current financial position and to make predictions about the future performance of a
company. Investors who buy stock are primarily interested in a company's profitability
and their prospects for earning a return on their investment by receiving dividends and/or
increasing the market value of their stock holdings. Creditors and investors who buy debt
securities, such as bonds, are more interested in liquidity and solvency: the company's
short-and long-run ability to pay its debts. Financial analysts, who frequently specialize in
following certain industries, routinely assess the profitability, liquidity, and solvency of
companies in order to make recommendations about the purchase or sale of securities,
such as stocks and bonds. Analysts can obtain useful information by comparing a
company's most recent financial statements with its results in previous years and with the
results of other companies in the same industry. My aim is to summarize all that data into
a form which is easily understood by all the relevant parties.

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1.3 Objectives Of The Study
The objective of this study is to provide insight into how the banks work, what are the
strengths and weakness of the bank. The ratios will be compared of both the banks within
the industry to see where the banks stand. To give the stock holder a clear view about the
financial feasibility of both the banks so that they can take the appropriate decision. And
most significantly it will provide a good understanding of the business cycle and the yield
curve - both of which have a major impact on the economic performance of the bank.
The study has the following objectives.
 To provide a strong theoretical framework for analyzing financial statements.
 To study the growth profile of the company during the study period.
 To study the financial position of the company and operation of Marriott
International
 To appraise financial soundness of the company.
 To evaluate the business in terms of profit in present and future.
 To evaluate the efficiency of various parts or department of the business.
 To evaluate the short term and long term solvency of business for distributing profit
to the trade creditor and debenture holders.
 To evaluate the chances of growth of business in the future by preparing budgets and
forecasting.
 To evaluate the operational efficiency of one firm with another firm by study the
comparative statements.
 To evaluate the financial and economical stability of the business.
 To evaluate the actual meaning and consequence of financial data.
The efficient allocation of resources is an important consideration in pricing policy.
Financial analysis is used to describe the impact of such a policy. I worked on the
financial statements of the Marriott International i.e. Balance sheet of the firm and make

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some essential calculations in order to give you an idea about the financial stability of the
organisation.
1.4 Scope of the Study:
The study mainly attempts to analyze the financial performance of the company selected for
the study. The financial authorities can use this for evaluating their performance in future,
which will help to analyze financial statements and help to apply the resources of the
company properly for the development of the company and employees to bring overall
growth. The present study attempt to develop a trend analysis model for Sales and Working
Capital and Profit and Loss Accounts. There can be forecasting to evaluate the overall
performance of the Marriott International in future
 The study helps to find out the working process of the organisation.
 The study also provides the information about various types of documents that are to
be provided by the applicant to the institute for credit worthiness.
 The study also provides lights on various offers and scheme that are provided by the
maruti suzuki finance team to its customers.
1.6 Limitations:
As my project has some positive points it has some negative points also. My project is
limited by various facts which are really a drawback and are related to financial
statement
 Due to strict confidentially policy of the company the accounts department provides
only screened information.
 It is Suffering from the limitations of financial statements
 There is Absence of standard universally accepted terminology in financial analysis.
 Price level changes is ignored in financial analysis
 Quantity aspect is ignored in financial analysis
 Financial analysis provides misleading result in absence of absolute data

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PROFILE OF THE ORGANISATION

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INDUSTRY BACKGROUND /PROFILE
Hospitality Services:
The sectors in hospitality services includes , travel and tourism and leisure sectors. The
other industries included in this sector are Food and service management, Bars,
Niteclubs, Amusementparks, hotels, Motels, Hostels,Restaurants, Self‐catering
accommodation, Holiday centresand,Travel agents. It has grown for the last 26 years and,
despite the recession isdetermined to grow further. The sector at presentemploys about 2.5
million peopleand provides support to other industries, like hotels and restaurants to
educational establishments Hospitality Industry in India: The Indian tourism and
hospitality industry has materialized as one of the key drivers of growth among the
services sectors in India. It contributes to 6.23 percent to the National GDP and 8.78
percent of the total employment in the country. Constant transformation, functional
growth and improving standards have gained the hospitality industry of India approval all
over the world. The industry is broadly divided in two segments
Tourism: The tourism sector includes medical and healthcare tourism, adventure
tourism, heritage tourism, ecotourism, rural tourism, wildlife tourism and pilgrimage
tourism.
Hotels: These include business hotels, resort hotels, airport, extended apartment hotels,
resort hotels, timeshare hotels, casino hotels, convention centers and conference centers.
Tourism in India has generated immense employment opportunities and is a vital source
of foreign exchange for the country.
The travel and tourism industry contributed Rs 2.21 trillion (US$ 36.21 billion) or 2.3 per
cent to the country's gross domestic product (GDP) in 2013.The figures are expected to
rise to Rs 4.44 trillion (US$ 72.19 billion) by 2024.The revenue from domestic tourism is

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likely to grow by 8.24 per cent in 2014 as compared to 5.18 per cent a year ago, according
to the World Travel and Tourism Council (WTTC). The Indian hospitality sector has been
growing at a cumulative annual growth rate of 14.12 per cent every year adding
significant amount of foreign exchange to the economy. The Travel and Tourism
Competitiveness Report of 2013, published by World Economic Forum, India, stated that
the ranking of India is 11th in the Asia Pacific region and 65th in the World Travel and
Tourism Competitiveness Index 2013. As per the Planning Commission, the sector
creates more jobs per million rupees of investment than any other sector of the economy.
It is capable of providing employment to a wide spectrum of job seekers, from the
unskilled to the specialized, even in the remote parts of the country. The sector‟s
employment-generation potential has also been highlighted by the World Travel &
Tourism Council (WTTC), which says India‟s travel and tourism sector is expected to be
the second-largest employer in the world, employing approximately 52 lac people,
directly or indirectly by 2019.
Most famous tourist spots in india
LITERATURE RFEVIEW
SachidNand Singh (1986) in his research paper “Geography of tourism and recreation”
concluded that managers must understand the importance of satisfaction of every
customer, and should chalk out appropriate after sale services too. Vavra, T.G. (1997) in
his book” Improving your measurement of customer satisfaction” suggested specific
programmes to improve the measurement of customer satisfaction in an organization.

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Smith, A.K. et al (1999) in their paper “A Model of Customer Satisfaction with Service
Encounters Involving Failure and Recovery” viewed that economic and social interaction
between the customer and the organization can be triggered by a service failure/recovery
encounter. Nelson Tsang and HailinQu (2000) in their research paper “Service quality in
China‟s hotel industry: A perspective from tourists and hotel managers” Analyzed the
perceptions of service quality in China‟s hotel industry from the perspective of both
international tourists and hotel managers. Roger J. Challan and Gabrielle Kyndt (2001) in
their research paper “Business Travelers‟ Perception of Service Quality” identified a
number of differences in the expectations between the international and British business
traveler.. Silvia Figini and Paolo Giudici (2002) in their research paper “Statistical Model
for Customer Satisfaction Data” measuring risks with ordinal variables studied the
possible methods to obtain data to measure customer satisfaction, The paper proposed
five levels of opinions for the customers viz. „very unsatisfied, moderately unsatisfied,
neutral, moderately satisfied, and very satisfied. Malthouse, E.C. et al (2003) in their
research paper “Customer Satisfaction across Organizational Units” examined customer
satisfaction across organizational units. The research paper discussed various customer
satisfaction models KarnikeyaBudhwar (2004) in his research paper “An Analysis of the
Gap between Management Perceptions and Customer Expectations”, conducted the
research to evaluate the crucial factors that would impact the restaurant‟s success or
failure;. HalilNadiri and KashifHussain (2005) in their research paper, “Diagnosing the
Zone of Tolerance for Hotel Services”, Managing Service Quality, examined the
tolerance zone of customers‟ service and determined the level of customer satisfaction in
Northern Cyprus hotels. Customer Lifetime Value” studied the word-of-mouth (WOM)
and the customer lifetime value (CLV). Biju M.R. (2006) in his book titled “Sustainable
Dimensions of Tourism Management” critically analyzed various aspects of tourism
industry. Rizaldi and Wijaya (2006) in their research paper “Analysis of five
SERVQUAL Dimensions through Disconfirmation Theory Approach to Establish a Level
of Customer Satisfaction at Indrapuyra Restaurant, South India, Netherlands Thayne
Forges (2007) in his working paper on “Valuing Customers” argued that one of the
important intangible assets of any business is the value of customers. Sharma Sunil
(2007) in his book titled “Planning and Development of Tourism and Hospitality”
provided a broad overview of planning and development issues in hospitality and tourism
industry. Jessica Prois (2009) in her article titled “Study measures value of guest
experience” said that travelers still expected a top-notch experience, even though hotels

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were cutting back. But a quality hotel experience doesn‟t necessarily mean providing
more, but rather something different. Thomas Petermann and ChristophRevermann
(2010) in their research paper “Future Trends in Tourism” stated that in the tourist system
the socio demographic shift-and specifically the advancing ageing of society-would result
in far reaching changes, particularly on the demand side. Anurag Kothari (2011) in his
research paper “Tourism Marketing” observed that for a tourist product, the basic raw
materials are the country‟s natural beauty, climate, history, culture and the people. Tony
Simons (2012) in his book “The integrity dividend” studied 6800 employees at 76
franchised holiday inn properties and found a strong correlation between the behavioral
integrity of each hotel manager and that of hotel profit. Maria- Cristina, Sidonia, Răvar, et
al (2013) in their research paper “challenges and trends” highlighted the role of
innovation in the hospitality industries Roches (2014) in his study”5 hotel industry trends
“investigated about latest hotel trends and concluded that hotel and service industry will
continue to expand globally. Kelly McGuire (2015) in her study “Top 10 global trends
that will impact hospitality in 2015”investigated the trends of hospitality industry and
advocated that exploration and emotional experience is the hallmark of
industry.QiujuLuo/DixiZhong (2016), in their paper “knowledge diffusion at business
events” tried to understand the relationship between menu labeling as a CSR practice and
concluded that consumers showed a positive attitude towards labeling. .
.
Indian Hotel Industry Performance– Country Trends
• Unchanged Occupancy and Increased Average Rate:
The occupancy for 2013-14 remained unchanged at 60.4% as compared to that in 2012-
13. The average room rate (ARR) was the highest in the last five years, increasing by
4.9% to close at `4,729. It is important to note that the increase in ARR was recorded
across all star categories (except Heritage
Source: Reserve Bank of India Figure 1. India: Contribution of Indian hotel industry to
GDP (At Current Prices)
Increasing Contribution of Non-Rooms Revenue: There has been a continued change in
the revenue composition over the past few years. Although ARRs saw a marginal
increase, the trend of declining revenues from the Rooms division continued in 2013-14,
falling from 52.2% in 2012-13 to 51.3% in 2013-14. The contribution of Food and
Beverage (F&B) revenue, on the other hand, has increased marginally from 41.2% in

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2012-13 to 41.9% in 2013-14 with rising contribution from Banquets and Conferences.
Additionally, Other revenue that includes laundry, gift shop, business centre, health club
and rentals also saw a slight growth from 6.6% in 2012-13 to 6.9% in 2013-14.
IV. FACTORS RESPONSIBLE FOR THE GROWTH OF HOSPITALITY
SECTOR
Households rising income
Growth in niche tourism such as eco-tourism, luxury tourism and medical tourism
Tourism and hospitality sector attracted second highest FDI i.e. US $3.3 billion in the
year 2013
100 percent FDI permitted through automatic route in hotel and tourism sector
Diversity of the country which attracts an ever increasing number of tourists every year
Government initiatives facilitated improvement of infrastructure like airports,
highways, ports and railways
India is a labor intensive country
“Lonely planet” has ranked India as the fourth most preferred travel destination,
selecting the country among the top five destinations from 167 countries.
The contribution of hospitality industry in Indian economy:
The contribution of the entire travel and tourism sector in India to Gross Domestic
Product is estimated to rise from 8.8% (USD 118.9 billion) in 2010 to 9.16% (USD 335.7
billion) by 2020. Between 2010 and 2019 the demand for travel and tourism in India is
expected to grow annually by 8.4%, which will place India at the third position in the
world. Travel and tourism in India also accounts for 50,087,000 jobs in 2010 (about
10.22% of total employment) and is expected to rise to 59,142,000 jobs (10.7% of total
employment)by2020.Within the travel and tourism sector, the Indian
Employment Opportunities
The hospitality industry is labor intensive and India has a large concentration of English
speaking individuals, which acts as a catalyst in advancement and prosperity of the
industry. Besides the regular jobs of a travel agent, tour guide, air hostess, chef, waiter
and managers other opportunities await those who are keen on taking up a job in the
sector. Following are the new trends that have been emerging: Fast Food Joint

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Management and Restaurant Management
Club Management and Recreation and Healthcare Management
Government owned catering departments like armed forces mess, ministerial
conventions and railways services.
Beverage, food and confectionery production
Institutional and Industrial Catering and
Cruise Ship Management
Hotel Tourism and Association
The Future of Hospitality Services
The Indian economy continues to integrate with the world economy. Therefore, the
advantages of conducting business with and in India are enormous. This has resulted in
maneuvering of variety of jobs to the shores of India, bringing in its wake transit
travelers, business travelers, business meets and holiday seekers. India is the ninth largest
civil aviation market in the world in 2014. The sector is forecasted to be the third largest
aviation market globally by 2020. India‟s aviation market caters to 118 million domestic
and 44 million international passengers in 2014. Over the next decade the market could
reach 338 million domestic and 85 million international passengers.
Government Initiative
The Government of India and the Ministry of Tourism have contributed significantly to
the development and growth of the industry by providing various tax incentives, policy
measures, and other supports such as:
Making Medical Visas available for tourists coming into the country for medical
treatment
By allowing 100 percent FDI through automatic route in hotel and tourism sector
Insuring tourists visas on arrival from selected countries like Finland, Japan and New
Zealand
Facilitating Capital subsidy programmes for budget hotels
Eliminating the customs duty for import of raw materials, equipment, liquor etc.
Declared Five-year income tax holidays for 2-4 star hotels established in specified
districts having UNESCO- declared 'World Heritage Sites'
Promotion of rural tourism by Ministry of Tourism in collaboration with the United
Nations Development Programme.

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Road Ahead
India‟s travel and tourism industry has huge growth potential. The medical tourism
market in India is projected to reach US$ 3.9 in size this year having grown at a CAGR of
27 per cent over the last three years, according to a joint report by FICCI and KPMG.
Also, inflow of medical tourists is expected to cross 320 million by 2015 compared with
85 million in 2012. The tourism industry is also looking forward to the expansion of E-
visa scheme which is expected to double the tourist inflow to India. Rating agency ICRA
ltd estimates the revenue growth of Indian hotel industry strengthening to 9-11 per cent in
2015-16. India is projected to be the fastest growing nation in the wellness tourism sector
in the next five years, clocking over 20 per cent gains annually through 2017, according
to a study conducted by SRI International.

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MARRIOTT INTERNATIONAL
Marriott International, Inc is an American multinational diversified hospitality company that
manages and franchises a broad portfolio of hotels and related lodging facilities. Founded
by J. Willard Marriott, the company is now led by his son, Executive Chairman Bill Marriott,
and President and Chief Executive Officer Arne Sorenson
Marriott International is headquartered in Bethesda, Maryland, in the Washington, DC
metropolitan area It has more than 5700 properties in over 110 countries and territories
around the world, over 1.2 million rooms (as of September 2016), and additional 195,000
rooms in the development pipeline
Founding and early years
Marriott was founded by John Willard Marriottin 1927 when he and his wife, Alice Sheets
Marriott, opened a root beer stand in Washington, D.C. As a Mormon missionaryin the
humid summers in Washington, D.C, Marriott was convinced that what residents of the city
needed was a place to get a cool drink. The Marriotts later expanded their enterprise into a
chain of restaurants and hotels.
They opened their first hotel, the Twin Bridges Marriott Motor Hotel, in Arlington, Virginia,
in 1957. Their second hotel, the Key Bridge Marriott in the Rosslyn neighborhood of the
same city, is Marriott International’s longest continuously operating hotel, and celebrated its
50th anniversary in 2009. Their son, J.W. (Bill) Marriott, Jr., led the company to spectacular
worldwide growth during his more than 50-year career. In March 2012, at age 80, he turned
the CEO responsibilities over to Arne Sorenson, while he assumed the title of Executive
Chairman.
Marriott International
Marriott International was formed in 1993 when Marriott Corporation split into two
companies, Marriott International and Host Marriott Corporation. In 1995, Marriott was the
first hotel company worldwide to offer guests the option to book reservations online, via the
company's implementation of MARSHA (Marriott's Automatic Reservation System for Hotel
Accommodations).
In April 1995, Marriott International acquired a 49% interest in Ritz-Carlton Hotel Company
LLC. Marriott International believed that it could increase sales and profit margins for The
Ritz-Carlton, a troubled chain with a significant number of properties either losing money or
barely breaking even. The cost to Marriott was estimated to have been about $200 million in
cash and assumed debt. The next year, Marriott spent $331 million to take over The Ritz-
Carlton, Atlanta and buy a majority interest in two properties owned by William Johnson, a
real estate developer who had purchased The Ritz-Carlton, Boston in 1983 and expanded his
Ritz-Carlton holdings over the next twenty years.
The Ritz-Carlton began expansion into the lucrative timeshare market and undertook other
new initiatives made financially possible by the deep pockets of Marriott, which also lent its

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own in-house expertise in certain areas. There were other benefits for Ritz-Carlton flowing
from its relationship with Marriott, such as being able to take advantage of the parent
company's reservation system and buying power. The partnership was solidified in 1998
when Marriott acquired a majority ownership of The Ritz-Carlton. Today, there are 81 Ritz-
Carlton properties around the world.
Global Growth
Marriott and Starwood experienced record growth in2016 in every part of the world across all
segments.In the United States, on a combined basis, we opened
over 35,000 rooms in 2016 and ended the year with a 35 percent share of the under-
construction industry rooms, more than any other hotel company. We have
seen tremendous growth with some of our newestbrands, including Autograph Collection,
EDITIONMoxy, AC Hotels by Marriott, and Delta Hotels as well
as with legacy-Starwood brands such as Le MéridienAloft and Four Points
We celebrated several firsts in the U.S. in 2016 including our first North American Moxy
hotel inTempe, Arizona, followed by a Moxy hotel in New Orleans in April, the first of our
hotels with keyless entry. We also began construction on our first-evertriple-brand hotel in
Nashville’s popular SoBroneighborhood. This landmark project will contain Suites, and
Residence Inn, with three distinct hospitality experiences from which to choose. The highly
anticipated JW Marriott Minneapolis Mall of America opened in 2016, bringing a new level
of luxury as opened in 2016, bringing a new level of luxury as one of the most significant
hotel developments to take place in the Twin Cities area. In 2016, we also opened, with much
anticipation, the W Las Vegas along with the Aloft Long Island City — Manhattan
View, the first Aloft in Queens, which is just outside of New York City. While we’re excited
about the development story in the U.S., our growth around the world is equally as exciting.
For the first time in Marriott’s history, more than half the rooms in our development pipeline
are outside of North America, with 44 percent of those rooms under construction.
In our Asia Pacific region, we opened 65 hotels with 18,000 rooms in 2016, and our signed
development pipeline totaled an impressive 495 hotels and approximately 126,000 rooms. In
the region, we opened the Sanya EDITION, the first of the brand in Asia Pacific; the first
Fairfield property in Indonesia — Fairfield by Marriott, Surabaya; opened the Meixi Lake
Hotel, a Luxury Collection Hotel, Changsha in China, and the Hotel Vagabond, A Tribute
Portfolio Hotel, Singapore, the first of the brand on the island.In Europe, we opened nearly
30 properties including three new hotels in the Netherlands — The Hague Marriott Hotel,
Hotel Nassau Breda, Autograph Collection and Element Amsterdam along with an AC Hotel
in Marseille and the Renaissance Paris
Operation
Marriott is the first hotel chain to serve food that is completely free of trans fats at all of its
North American properties.
The hotel is noted for providing copies of the Book of Mormon in addition to the Holy Bible
in its rooms.
As of September 23, 2016, Marriott operates 30 brands internationally.
Classic Luxury
 JW Marriott

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 Ritz-Carlton
 St. Regis
Distinctive Luxury
 Bulgari Hotels & Resorts
 Edition Hotels
 The Luxury Collection
 W Hotels
Classic Premium
 Delta Hotels
 Marriott
 Marriott Vacation Club (MVC)
 Sheraton
Distinctive Premium
 Autograph Collection
 Design Hotels
 Gaylord Hotels
 Le Méridien
 Renaissance Hotels
 Tribute Portfolio
 Westin
Classic Select
 Courtyard by Marriott
 Fairfield Inn by Marriott
 Four Points by Sheraton
 Protea Hotels by Marriott
 SpringHill Suites by Marriott
Distinctive Select
 AC Hotels
 Aloft Hotels
 Moxy Hotels
Classic Longer Stays
 Marriott Executive Apartments
 Residence Inn by Marriott
 TownePlace Suites by Marriott
Distinctive Longer Stays
 Element by Westin

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Corporate Structure and Business
W e are a worldwide operator , franchisor , and licensor of hotels and timeshare properties
under numerous brand names atdifferent price and service points. Consistent with our focus
on management, franchising, and licensing, we own very few of our lodging properties.We
also operate, market, and develop residential properties and provide services to
home/condominium owner associations. We were organized as a corporation in Delaware in
1997 and became a public company in 1998 when we were “spun off” as a separate entity by
the company formerly named “Marriott International, Inc.”We operate, franchise, or license
6,080 properties worldwide, with 1,190,604rooms as of year-end 2016
. We believe that our portfolio of brands is the largest and most compelling range of brands
and properties of any lodging company in the world.
The following table shows our principal brands:

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As of year-end 2016, we group operations into threebusiness segments: North
American Full-Service, North American Limited-Service, and International.
We provide financial information by segment and geography in Footnote14
“Property and Equipment” and Footnote 18Business Segments
.”
Acquisition of Starwood Hotels & Resorts WorldwideOn September 23, 2016 (the “Merger
Date”), we completed the acquisition of Starwood Hotels & Resorts Worldwide, LLC,
formerly known as Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”) through a
series of transactions (the “Starwood Combination”), after which Starwood became an
indirect wholly-owned subsidiary of the Company.
Our Financial Statements and related discussions in this report include Starwood’s results of
operations from the Merger Date through yearend 2016and reflect the financial position of
our combined company at December 31, 2016, except where we specifically state otherwise,
such as certain statistics described under the caption “Performance Measures” in Part II, Item
7.
We refer to our business associated with brands that were in our portfolio before the
Starwood Combination as “Legacy-Marriott” and to the Starwood business and brands that
we acquired as “Legacy-Starwood.” See Footnote 3
“Acquisitions and Dispositions” for more information

25
Classic Brands
Luxury
JW Marriott
JWMarriottthrives in a new hotel paradigm, where design and service come together seamlessly to ensure our
guests leave richer than when they arrived replete with new ideas, replenished spirits, and an enlightened view
of the world they love.
The Ritz-Carlton
The Ritz-Carlton vision is to inspire life’s most meaningful journeys. The brand engages
guests through unique, memorable, and personal experiences that create indelible marks on
their lives.
St. Regis
St. Regisbridges generations by providing a luxury experience that combines modern conveniences and
technology with timeless design and personalized service to appeal to a new generation of high-powered,
multinational luxury travelers

26
Distinctive Brands
W Hotels
,
W Hotels, a leader in contemporary lifestyle space, provides the insider access to what’s new and next, offering
a unique mix of cutting-edge design and passions around design, fashion, music, and fuel
The Luxury Collection
The Luxury Collection mission is to guide our guests on transformative journeys that touch their spirits and
enrich their lives and provides unmatched owner value through delivering further reach than an “independent”
hotel, with greater brand awareness and stature than smaller brands or affiliate programs.
EDITION
EDITION combines the personal, individualized, and unique hotel experience of a world-class boutique hotel
with the reach and scale of a global hospitality company to deliver an experience that is polished and
personable, charismatic and comfortable, and sophisticated while remaining accessible
Bulgari Hotels & Resorts
Bulgari Hotels & Resortsoffers a contemporary, discriminating collection of luxury hotels in gateway cities and
exclusive resort locations around the world
Renaissance Hotels
Renaissance Hotels, each hotel offering a journey of discovery and inspiration on and off property
, is a collection of hidden gems - multifaceted and distinguished by beautiful and interesting characteristics - yet
united by its common core values: intriguing, indigenous, and independent.
Le Méridien
Le Méridien, inspired by its European heritage and mid-century modern design, offers a unique experience at
some of the world’s top travel destinations.
Autograph Collection Hotels
Autograph Collection Hotelsis an evolving ensemble of strikingly independent hotels. Exactly like nothing else,
each destination has been selected for its quality, bold originality, rich character, and uncommon details.

27
.
Gaylord Hotels
Gaylord Hotelsis a collection of hotels and upscale resorts offering diverse convention, entertainment, and
lifestyle experiences in the Nashville, Orlando, Dallas, and Washington, D.C. areas.
Tribute Portfolio
Tribute Portfoliogives guests access to exceptional independent hotels around the world. From boutique resorts
to exciting hotels in choice urban locations, each Tribute Portfolio hotel offers inspired style and superior
service
Design Hotels
Design Hotelsrepresent and market a curated selection of independent hotels. More than a collection of hotels,
the company is a collection of stories. Each property reflects the ideas of a visionary hotelier, an "Original,"
someone with a passion for genuine hospitality, cultural authenticity, thought-provoking design, and
architecture.
Aloft Hotels
Aloft Hotelsoffers urban, modern design and a hip social experience all at an affordable price to the next
generation of travelers.
AC Hotels by Marriott
AC Hotels by Marriott was born from the vision of Spanish hotelier Antonio Catalan, who created a new kind of
stay for a new kind of traveler - a creative, entrepreneurial, and modern global traveler -who prefers to have
fewer things, but expect them to be better than good.
Protea Hotels by Marriott
Protea Hotels by Marriott (“Protea Hotels”)is the leading hospitality brand in Africa and boasts the highest
brand awareness and largest strategic footprint among all the major hospitality brands in Africa. Protea Hotels is
ideal for both business and leisure travelers by offering properties in primary and secondary business centers
and desirable leisure destinations
Element Hotels
Element Hotelsoffers the essentials of balanced travel for today’s standard and longer-stay traveler who does not
want to compromise on comfort and design. Element Hotels is grounded in smart ,environmentally friendly
thinking, from its products, services, and programs to its physical spaces with flowing, multipurpose areas that
maximize space.
MoxyHotels
MoxyHotelsis a fun, vibrant, and stylish hotel designed to give guests everything they want and nothing they
don’t at an affordable price. Launched in 2014, the brand offers up a new way of traveling in which smaller is
concentration, not reduction - where affordability is not a sacrifice of style, nor a loss of comfort - and, when .
we say: “less is more” we accentuate more, not less

28
Premium
Marriott Hotels
Marriott Hotels as the signature brand of Marriott International, is one of the most recognized names in the
industry. Marriott Hotels continues to evolve with contemporary style and design and innovative approaches to
delivering service and amenities
Sheraton
Sheratoncontinues to establish itself as the global hospitality brand of choice. We go beyond, through
meaningful acts of service, purposeful design, and innovative programming
Westin
Westin, through innovative, signature products and programs combined with instinctive, personal service and
intuitive design, delivers on each guest’s every need, driving unmatched guest loyalty and industry-leading
performance.
Delta Hotels by Marriott,
Delta Hotels by Marriott (“Delta Hotels”), an upscale full-service brand offering a lean and flexible operating
model with a clean and refreshing design
Marriott Executive Apartments
Marriott Executive Apartments, with its elegantly appointed studio, 1-, 2-, and 3-bedroom apartments in the
heart of business, shopping, and entertainment districts, offer a 5 star environment designed to meet the
corporate expat’s long stay lodging needs.
Marriott Vacation Club
Marriott Vacation Cluboffers the ultimate in vacation flexibility with a deeded, points-based ownership
program for resorts, hotels, safaris, and cruises.
Select
Courtyard by Marriott
Courtyard by Marriott (“Courtyard”) is a longtime industry leader in meeting the needs of the modern business
traveler. Since breaking into the market 30 years ago as a brand built for business, Courtyard has continuously
evolved, pushing the boundaries of design, style, and service in the upscale category
.

29
Residence Inn by Marriott
Residence Inn by Marriott (“Residence Inn”) created and defined the Extended Stay lodging category
, first in North America and now globally. The brand recognizes the different needs of long stay guests and is
uniquely suited to serve this significant market segment
Fairfield Inn & Suites by Marriott
Fairfield Inn & Suites by Marriott (“Fairfield Inn & Suites”) is an established leader in the moderate-tier
segment, offering value, consistency, and quality service to business travelers. The brand appeals toowners
and franchisees who recognize a strong economic model and investment that works.
.
SpringHill Suites by Marriott
SpringHill Suites by Marriott (“SpringHill Suites”), the largest all-suites brand in the upscale
tier
, offers guests the little extras to help them enjoy their time away. Offering a fresh take on
mixing business and pleasure, the brand allows travelers to expect the unexpected and
indulge in the little things that make their trip more exciting.
Four Points
FourPointscaters to well-traveled guests. We give them what they have come to expect - with unexpected perks.
Timeless classics are woven together to suit work and play, while keeping guests one step ahead of the game
TownePlace Suites by Marriott
TownePlace Suites by Marriott (“TownePlace Suites”) is designed for extended stay travelers who want to feel
at home and stay productive. To appeal to these guests seeking authenticity, personality
, and a seamless experience, the concept infuses local flavor into a quiet neighborhood setting,complete with the
added comfort, service, and quality of an all-suite hotel
BUSINESS AND OVERVIEW
Marriott is a worldwide operator, franchisor, and licensor of hotels and timeshare
properties in 122 countries and territories under 30 brand names. We also develop, operate,
and market residential properties and provide services to home/condominium owner
associations. Under our business model, we typically manage or franchise hotels, rather than
own them. We group our operations into three business segments: North American Full-
Service, North American Limited-Service, and International.

30
Risk Factors.
Forward-Looking Statements
We make forward-looking statements in Management’s Discussion and Analysis of Financial
Condition and Results of Operations and elsewhere in this report based on the beliefs and
assumptions of our management and on information currently available to us. Forward-
looking statements include information about our possible or assumed future results of
operations, which follow under the headings “Business and Overview,” “Liquidity and
Capital Resources,” and other statements throughout this report preceded by, followed by
, or that include the words “believes,” “expects,” “anticipates,” “intends,” “plans,”
“estimates” or similar expressionsAny number of risks and uncertainties could cause actual
results to differ materially from those we express in our forward-looking statements,
including the risks and uncertainties we describe below and other factors we describe from
time to
time in our periodic filings with the U.S. Securities and Exchange Commission (the
“SEC”).We therefore caution you not to rely unduly on any forward-looking statement. The
forward-looking statements in this report speak only as of the date of this report, and we
undertake no obligation to update or revise any forward-looking statement, whether as a
result of new information, future developments, or otherwise.
Risks and Uncertainties
We are subject to various risks that could have a negative effect on us or on our financial
condition. You should understand that these risks could cause results to differ materially from
those we express in forward-looking statements contained in this report or in other Company
communications. Because there is no way to determine in advance whether, or to what extent,
any present uncertainty will ultimately impact our business, you should give equal weight to
each of the following:Our industry is highly competitive, which may impact our ability to
compete successfully with other hotel properties and home and apartment sharing services for
customers.
We operate in markets that contain many competitors. Each of our hotel brands competes
with major hotel chains, as well as home and apartment sharing services, in national and
international venues and with independent companies in regional markets. Our ability to
remain competitive and to attract and retain business and leisure travelers depends on our
success in distinguishing the quality, value, and efficiency of our lodging products and
services, including our loyalty programs and consumer-facing technology platforms and
services, from those offered by others. If we cannot compete successfully in these areas, our
operating margins could contract, our market share could decrease, and
our earnings could decline. Further, new lodging supply in individual markets could have a
negative impact on the hotel industry and hamper our ability to increase room rates or
occupancy in those markets.Economic uncertainty could continue to impact our financial
results and growth.
Weak economic conditions in some

31
parts of the world, the strength or continuation of recovery in countries that have experienced
improved economic conditions, changes in oil prices and currency values, potential
disruptions in the U.S. economy that might result from the new U.S. administration’
s policies in such areas as trade, immigration, healthcare, and related issues, political
instability in some areas, and the uncertainty over how long any of these conditions will
continue, could continue to have a negative impact on the lodging industry. U.S. government
travel is also a significant part of our business, and this aspect of our business may continue
to suffer due to U.S. federal spending cuts or government hiring freezes and any further
limitations that may result from presidential or congressional action or inaction. As a result of
such current economic conditions and uncertainty, we continue to experience weakened
demand for our hotel rooms in some markets. Recent improvements in demand trends in
other markets may not continue, and our future financial results and growth could be further
harmed or constrained if the recovery stalls or conditions worsen
Looking Ahead
We are very excited about our prospects. On a global scale, the World Travel and Tourism
Council forecasts that the travel and tourism industry will grow at a faster rate than other
major industries. This is being driven by demographic changes — with the baby boomer
generation hitting retirement and the millennial generation climbing the income ladder — as
well as a growing global middle class. We have never been better positioned to meet this
opportunity.
For 2017, we expect to grow our rooms by 6 percent net. Our RevPAR and unit growth
guidance implies an impressive 15 to 20 percent earnings per share (EPS) growth in 2017
compared to our combined Marriott and Starwood 2016 results.
At a meeting with security analysts in March 2017, we outlined plans to grow our system by
285,000 to 300,000 rooms and assuming comparable hotel RevPAR growth of 1 to 3 percent,
increase earnings per share by 17 to 21 percent compounded and return $8 to $9 billion to
shareholders through share repurchases and dividends over the next three years combined.

33
9.RESEARCH METHODOLOGY
1) Identify & formulate the problem:
“A study on identification of people awareness, investment and preference level and
their investment criteria regarding various investment avenues namely bank deposits, equity,
Government securities, mutual funds, real estate, insurance and bonds and debentures”
This is the first stage when need of research is felt. As it is well known, business researcher
are applied researches meant to solve one or another problem or business opportunity.
There are various Parameters:
a) Sampling unit:
The respondents who were asked to fill out questionnaires are the sampling units
. b) Time & space boundary:
The time period for studying this report is two month that is from May-2016 to July-
2016.
2. Choice of Research design:-
A research design specifies the methods and procedures for conducting a particular study.
Broadly speaking, research design can be grouped in three different categories:
(1) Exploratory research
(2) Descriptive research
(3) Casual research
Researcher has used DESCRIPTIVE RESEARCH design.
(3) Sources of data:-
Basically the sources of data are divided into two main categories:
Primary Data.
Secondary Data

34
Primary Data:-
This data was collected with help of the questionnaire to know the various factors influencing the
investments, investment preferences of the investors, the profile of the investors based on their
occupation, income levels and savings and such other factor are used.
Questionnaire includes various questions regarding research method. Researchers personally
visited to the investor and ask the questions and sub questions to him and recorded the answer in the
questionnaire.
During the visit to investor the researcher observe that the investors are unwilling to disclose of
information due to the income tax and sales tax authority.
For this study the researcher did not simply rely on the questionnaire but also tried to collect the
data which is necessary to have a research. Questionnaires are fill up by following method.
a) Survey method:
I). Personal survey by filling questionnaire
The method we are going to use is the survey method. Field survey method is used to collect
primary data from the respondents. The survey is be personal, e-mail or telephonic. But we are
going to use the personal survey to collect the data. For which we are going to prepare the
structured questionnaire so that the survey can be easily made.
Secondary Data:-
The secondary data are those, which are already collected by someone for some purpose and are
available for the present study. Secondary data can be collected by referring various books, magazines,
news paper, hand books, internet.
† Sample size determination:
Sample size:-

In our research we had taken the Convenience sampling method in which the non-
probabilistic sampling method is used and the sample size taken is 40.
5) Design data collection instrument:
Here researcher collects Primary Data through questionnaire to understand investors behaviour
regarding various investment avenues.
Organizing & conducting the field survey:
In this step the researcher go to field and conduct actual survey with the help of questionnaire and
collect necessary information from the sampling unit.
6) Editing, tabulation, classification and editing of data:
The data collected is tabulated into various sets of groups based on the requirements. In order to

35
ascertain the awareness of investment avenues, data relating to respondents age, occupation , income and
their savings, etc. has been collected and tabulated and then inference has been drawn from them.
7) Processing and Analysis of collected data:
The next step after the field survey is being conducted is to analyse the data in a meaningful manner. After
the data is we had analysed the data using the following methods to get an appropriate conclusion. The
following are the some of the methods used:
a) Charts.
b) The analysis of the questions framed and the data collected is given below in an appropriate way.
8) Prepare the Research Report:-
Once the data has been tabulate interpreted and analyses the researcher required to prepare to report
inboard finding of a researches study and is recommendation. The researchers must a follow the principles
of objective and use a chart and diagram while preparing a report.

36
.
FINANCIAL STATEMENT ANALYSIS
Financial statement analysis is an evaluative method of determining the past, current and projected
performance of a company. Several techniques are commonly used as part of financial statement analysis
including horizontal analysis, which compares two or more years of financial data in both dollar and
percentage form; vertical analysis, where each category of accounts on the balance sheet is shown as a
percentage of the total account; and ratio analysis, which calculates statistical relationships between data.
Financial statement analysis allows analysts to identify trends by comparing ratios across multiple time
periods and statement types. These statements allow analysts to measure liquidity, profitability, company-
wide efficiency and cash flow. There are three main types of financial statements: the balance sheet,
income statement and cash flow statement. The balance sheet is a snapshot in time of the company's
assets, liabilities and shareholders' equity. Analysts use the balance sheet to analyze trends in assets and
debts. The income statement begins with sales and ends with net income. It also provides analysts with
gross profit, operating profit and net profit. Each of these is divided by sales to determine gross profit
margin, operating profit margin and net profit margin. The cash flow statement provides an overview of
the company's cash flows from operating activities, investing activities and financing activities.
Financial analysts rely on data to analyze the performance of, and make predictions about, the future
direction of a company's stock price. One of the most important resources of reliable and audited financial
data is the annual report, which contains the firm's financial statements. The three main financial
statements are the income statement, balance sheet and cash flow statement.
FINANCIAL STATEMENT
Financial statement is a formal record of the business financial activities. This statement provide an
overview of business profitability and financial condition in both short term and long term. There are four
basic financial statements
Balance Sheet
The balance sheet provides an overview of assets, liabilities and stockholders' equity as a snapshot in
time. The date at the top of the balance sheet tells you when the snapshot was taken, which is generally
the end of the fiscal year. The balance sheet equation is assets equals liabilities plus stockholders' equity,
because assets are paid for with either liabilities, such as debt, or stockholders' equity, such as retained
earnings and additional paid-in capital. Assets are listed on the balance sheet in order of liquidity.
Liabilities are listed in the order in which they will be paid. Short-term or current liabilities are expected
to be paid within the year, while long-term or noncurrent liabilities are debts expected to be paid after one
year.

37
Non-Current Assets
Non-current asset are the Group’s long-term investments, which full value will not be realised within the
accounting year. Non- current assets are capitalised rather than expensed, meaning that the Group
allocates the cost of the asset over the number of years for which the asset will be in use, instead of
allocating the entire cost to the accounting year in which the asset was purchased.
Current assets
Current assets are all assets of the Group, which are realisable within one year from the balance sheet
date. Such amounts include accounts receivable, inventory (food, beverages, consumables, etc), cash and
bank balances.
Current liabilities
All liabilities payable by the Group within a period of one year from the balance sheet date, and include
accounts payable and short-term debt.
Non-Current Liabilities
The Group’s long-term financial obligations that are not due within the present accounting year. The
Group’s non-current liabilities include long-term borrowings, bonds and long term lease obligations.
Total Equity
Total equity includes share capital, reserves & other equity components, retained earnings and minority
interest.
Income Statement
An income statement is a financial statement that reports a company's financial performance over a
specific accounting period. Financial performance is assessed by giving a summary of how the business
incurs its revenues and expenses through both operating and non-operating activities. It also shows the net
profit or loss incurred over a specific accounting period.
Unlike the balance sheet, the income statement covers a range of time, which is a year for annual financial
statements and a quarter for quarterly financial statements. The income statement provides an overview of
revenues, expenses, net income and earnings per share. It usually provides two to three years of data for
comparison.

38
Income Statement Uses
Analysts use the income statement for data to calculate financial ratios such as return on equity (ROE),
return on assets (ROA), gross profit, operating profit, earnings before interest and taxes (EBIT), and
earnings before interest taxes and amortization (EBITDA). The income statement is often presented in a
common-sized format, which provides each line item on the income statement as a percent of sales. In this
way, analysts can easily see which expenses make up the largest portion of sales. Analysts also use the
income statement to compare year-over-year (YOY) and quarter-over-quarter (QOQ) performance. The
income statement typically provides two to three years of historical data for comparison.
Revenue
Total revenue generated by the Group from its business activities during the financial year, including
room reservations, food & beverage, rental of commercial space, management of hotel properties and
other hotel services.
Direct costs
Direct costs include cost of food, beverages, consumables, labour expenses and all other direct expenses.
Gross Profit
Gross profit is the difference between revenue and direct costs. It refers to the profit made by the
Group before deducting depreciation & amortisation, financecosts, impairment provisions, share of profits
from associate and affiliate companies and other operating costs.
Operating Costs
Operating costs include all operating expenses other than direct costs and include selling &
marketing and general & administration expenses.
EBITDA
EBITDA is an abbreviation for earnings before interest, tax, depreciation and amortisation. EBITDA can
be used to analyse and compare profitability between companies and industries because it eliminates the
effects of financing and accounting decisions.

39
Fair Value of Investment Property
Fair value of investment property is an accounting adjustment to change the book value of the Group’s
investment property to its estimated market value.
Impairment of Hotel Properties
Impairment of hotel properties is an accounting adjustment to change the book value of the Group’s hotel
properties to their estimated market value.
Share of Profit From Equity Accounted
IHI owns minority stakes in a number of companies (less investments than 50% plus investments one
share of a company’s share capital). The results of such companies are not consolidated with the
subsidiaries of the Group, but IHI’s share of profit is shown in the profit and loss account under the
heading ‘share of profit from equity accounted investments’.
Fair Value on Interest Rate Swaps
An interest rate swap is a derivative instrument in which IHI swaps with another counter party flexible
interest rate cash flows with fixed interest rate cash flows or vice versa. The fair value is an accounting
adjustment to change the book value of the derivative to its estimated market value.
Profit After Tax
Profit after tax is the profit made by the Group during the financial year both from its operating as well
as non-operating activities.
Cash Flow Statement
The cash flow statement merges the balance sheet and the income statement. Due to accounting
convention, net income can fall out of alignment with cash flow. The cash flow statement reconciles the
income statement with the balance sheet in three major business activities. These activities include
operating, investing and financing activities. Operating activities include cash flows made from regular
business operations. Investing activities include cash flows due to the buying and selling of assets such as
real estate and equipment. Financing activities include cash flows from debt and equity. This is where
analysts can also find the amount of dividends paid and/or dollar value of shares repurchased.

40
Cash flow from operating activities
Cash generated from the principal revenue-producing activities (room revenue, food & beverage, rental
income, hotel services, etc) of the Group.
Cash flow from investing activities
Cash generated from activities dealing with the acquisition and disposal of long-term assets and other
investments of the Group.
Cash flow from financing activities
Cash generated from the activities that result in change in share capital and borrowings of the Group.
Comparative Statement
A comparative statement is a document that compares a particular financial statement with prior period
statements or with the same financial report generated by another company. Analyst and business
managers use the income statement, balance sheet and cash flow statement for comparative purposes. The
process reveals trends in the financials and compares one company's performance with another business.
Analysts like comparative statements because the reports show the effect of business decisions on a
company's bottom line. Analysts can identify trends and evaluate the performance of managers, new lines
of business and new products on one report, instead of having to flip through individual financial
statements. When comparing different companies, a comparative statement shows how a business reacts
to market conditions affecting an entire industry.
Profit and Loss Statement (P&L)
A profit and loss statement (P&L) is a financial statement that summarizes the revenues, costs and
expenses incurred during a specific period of time, usually a fiscal quarter or year. These records provide
information about a company's ability – or lack thereof – to generate profit by increasing revenue,
reducing costs, or both. The P&L statement is also referred to as "statement of profit and loss", "income
statement," "statement of operations," "statement of financial results," and "income and expense
statement."

41
The profit and loss statement, commonly referred to as the income statement, is one of three financial
statements every public company issues quarterly and annually, along with the balance sheet and the cash
flow statement. The income statement, like the cash flow statement, shows changes in accounts over a set
period of time. The balance sheet, on the other hand, is a snapshot, showing what is owned and owed at a
single moment. It is important to compare the income statement with the cash flow statement, since under
the accrual method of accounting, revenues and expenses can be logged before cash actually changes
hands.
The income statement follows a general form as seen in the example below. It begins with an entry
for revenue, known as the "top line," and subtracts the costs of doing business, including cost of goods
sold, operating expenses, tax expense and interest expense. The difference, known as the bottom line,
is net income, also referred to as profitor earnings. Many templates for creating a personal or business
profit and loss statement can be found online for free.
It is important to compare income statements from different accounting periods, as the changes in
revenues, operating costs, research and development spending and net earnings over time are more
meaningful than the numbers themselves. For example, a company's revenues may be growing, but its
expenses might be growing at a faster rate.
Bank Statement
A bank statement is a record, typically sent to the account holder every month, summarizing all the
transactions in an account throughout the time from the previous statement to the current statement. The
opening balance from the previous month added to the total of all transactions during the period results in
the closing balance for the current statement. Consumers should carefully review their bank
statements and keep them for their own financial records.
During reconciliation of their account with the bank's records, account holders should check their
statement for discrepancies. Account holders must report discrepancies in writing as soon as possible. A
bank statement is also referred to as an account statement. It shows if the bank is accountable with an
account holder’s money.
A bank issues a bank statement to an account holder that shows the detailed activity in the account. It
allows the account holder to see all the transactions processed on his account. Banks usually send monthly
statements to an account holder on a set date. In addition, transactions on a statement typically appear in
chronological order.The bank statement lists checks paid, total withdrawals, total deposits, interest earned
and service charges or penalties incurred on an account. In addition, it provides the beginning balance,
ending balance, statement date, transaction date for each transaction, payee, customer name and address,
statement period, the account holder’s account number and the bank’s customer service number

42
Record Keeping
Bank statements are a great tool to help an account holder keep track of his money. They can help account
holders track their finances, identify errors and recognize spending habits. An account holder should
verify his bank account on a regular basis either daily, weekly or monthly to ensure his records match the
bank’s records. This helps reduce overdraft fees, errors and fraud.
If any discrepancies are found, they must be reported to the bank in a timely manner. Account holders
usually have 60 days from their statement date to dispute any errors. They should keep monthly
statements for at least one year.
Account Statement
An account statement is a periodic summary of account activity with a beginning date and an ending date.
The most commonly known are checking account statements, usually provided monthly, and brokerage
account statements, which are provided monthly or quarterly. Monthly credit card bills are also considered
account statements. Account statements refer to almost any official summary of an account, wherever the
account is held. Insurance companies may provide account statements summarizing paid-in cash values,
for example. Account statements should be scrutinized for accuracy, and historical statements are critical
for budgeting.

43
DATA ANALYSIS & INTERPRETATION

44
MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Years 2016, 2015, and 2014
($ in millions, except per share amounts)
December 31, December 31, December 31,
2016 2015 2014
REVENUES
Base management fees (1)
$ 806 $ 698 $ 672
Franchise fees 988 853 745
Incentive management fees (1)
425 319 302
Owned, leased, and other revenue (1)
1,307 986 1,022
Cost reimbursements (1)
13,546 11,630 11,055
17,072 14,486 13,796
OPERATING COSTS AND EXPENSES
Owned, leased, and other-direct 900 733 775
Reimbursed costs (1)
13,546 11,630 11,055
Depreciation, amortization, and other (1)
168 139 148
General, administrative, and other (1)
704 634 659
Merger-related costs and charges 386 — —
15,704 13,136 12,637
OPERATING INCOME 1,368 1,350 1,159
Gains and other income, net (1)
5 27 8
Interest expense (234) (167) (115)
Interest income (1)
35 29 30
Equity in earnings (1)
10 16 6
INCOME BEFORE INCOME TAXES 1,184 1,255 1,088
Provision for income taxes (404) (396) (335)
NET INCOME $ 780 $ 859 $ 753
EARNINGS PER SHARE
Earnings per share – basic $ 2.68 $ 3.22 $ 2.60
Earnings per share – diluted $ 2.64 $ 3.15 $ 2.54
Net income $ 780 $ 859 $ 753

45
Other comprehensive (loss) income:
Foreign currency translation adjustments (311) (123) (41)
Other derivative instrument adjustments, net of tax 1 10 8
Unrealized gain (loss) on available-for-sale securities, net of tax 2 (7) 5
Pension and postretirement adjustments 5 — —
Reclassification of losses (gains), net of tax 2 (6) 2
Total other comprehensive loss, net of tax (301) (126) (26)
Comprehensive income $ 479 $ 733 $ 727
Marriott has shown growth in income in the financial year 2014 and 2015 but the income has declined
by 40% in the year 2016.Marriott have to make amendments to cover the margin of decline.

46
CONSOLIDATED BALANCE SHEETS
Fiscal Years-Ended 2016 and 2015
($ in millions)
December 31, December 31,
2016 2015
ASSETS
Current assets
Cash and equivalents $ 858 $ 96
Accounts and notes receivable, net (1)
1,695 1,103
Prepaid expenses 168 77
Other (1)
62 30
Assets held for sale 588 78
3,371 1,384
Property and equipment, net 2,335 1,029
Intangible assets
Brands 6,509 197
Contract acquisition costs and other (1)
2,761 1,254
Goodwill 7,598 943
16,868 2,394
Equity and cost method investments (1)
728 165
Notes receivable, net 245 215
Deferred tax assets 116 672
Other noncurrent assets (1)
477 223
$ 24,140 $ 6,082
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Current portion of long-term debt $ 309 $ 300
Accounts payable (1)
687 593
Accrued payroll and benefits 1,174 861
Liability for guest loyalty programs 1,866 952
Accrued expenses and other (1)
1,111 527
5,147 3,233
Long-term debt 8,197 3,807
Liability for guest loyalty programs 2,675 1,622
Deferred tax liabilities(1)
1,020 16
Other noncurrent liabilities (1)
1,744 994
Shareholders’ equity (deficit)
Class A Common Stock 5 5
Additional paid-in-capital 5,808 2,821
Retained earnings 6,501 4,878
Treasury stock, at cost (6,460) (11,098)
Accumulated other comprehensive loss (497) (196)
5,357 (3,590)
$ 24,140 $ 6,082
The balance sheet of Marriott International Inc. has shown growth year by
year. In the financial year 2016 the figure of balances sheet has increased
by 400 times.

47
MARRIOTT INTERNATIONAL, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS Fiscal Years 2016, 2015,
and 2014 ($ in millions)
December 31, December 31, December 31,
2016 2015 2014
OPERATING ACTIVITIES
Net income $ 780 $ 859 $ 753
Adjustments to reconcile to cash provided by operating
activities:
Depreciation, amortization, and other 168 139 148
Share-based compensation 212 113 109
Income taxes 76 143 71
Liability for guest loyalty program 343 233 175
Merger-related charges 113 — —
Working capital changes (177) (126) (120)
Other 67 69 88
Net cash provided by operating activities 1,582 1,430 1,224
INVESTING ACTIVITIES
Acquisition of a business, net of cash acquired (2,412) (137) (184)
Capital expenditures (199) (305) (411)
Dispositions 218 673 435
Loan advances (32) (66) (103)
Loan collections 67 92 34
Contract acquisition costs (80) (121) (65)
Redemption of debt security — 121 —
Other 29 110 (19)
Net cash (used in) provided by investing activities (2,409) 367 (313)
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net 1,365 (140) 235
Issuance of long-term debt 1,482 790 394
Repayment of long-term debt (326) (325) (7)
Issuance of Class A Common Stock 34 40 178
Dividends paid (374) (253) (223)
Purchase of treasury stock (568) (1,917) (1,510)
Other (24) — —
Net cash provided by (used in) financing activities 1,589 (1,805) (933)
INCREASE (DECREASE) IN CASH AND EQUIVALENTS 762 (8) (22)
CASH AND EQUIVALENTS, beginning of period 96 104 126
CASH AND EQUIVALENTS, end of period $ 858 $ 96 $ 104

49
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
Fiscal Years 2016, 2015, and 2014
(in millions)
Represents Marriott common stock and equity-based awards issued in the Starwood Combination,
which also resulted in the depletion of our accumulated historical losses on reissuances of treasury
stock in Retained Earnings.
Marriott restated certificate of incorporation authorizes 800 million shares of our common stock,
with a par value of $.01 per share and 10 million shares of preferred stock, without par value. At
year-end 2016, we had 386.1 million of these authorized shares of our common stock and no
preferred stock outstanding.
Common
Class
A
Additio
nal
Treas
ury
Accumula
ted
Retai
ned
Other
Shares
Tot
al
Com
mon
Paid-
in-
Stock,
at
Comprehe
nsive
Outstand
ing Stock Capital
Earni
ngs Cost Loss
298.0 Balance at December 31, 2013 $
(1,415
) $ 5 $ 2,716 $ 3,837 $ (7,929) $ (44)
— Net income 753 — — 753 — —
— Other comprehensive loss (26) — — — — (26)
— Dividends (223) — — (223) — —
6.1 Share-based compensation plans 211 — 86 (81) 206 —
(24.2) Purchase of treasury stock
(1,500
) — — — (1,500) —
279.9 Balance at December 31, 2014
(2,200
) 5 2,802 4,286 (9,223) (70)
— Net income 859 — — 859 — —
— Dividends (253) — — (253) — —
(25.7) Purchase of treasury stock
(1,940
) — — — (1,940) —
256.3 Balance at December 31, 2015
(3,590
) 5 2,821 4,878
(11,098
) (196)
— Net income 780 — — 780 — —
— Dividends (374) — — (374) — —
(8.0) Purchase of treasury stock (573) — — — (573) —
136.0 Starwood Combination (1)
9,269 — 2,877 1,238 5,154 —
386.1 Balance at December 31, 2016 $ 5,357 $ 5 $ 5,808 $ 6,501 $ (6,460) $ (497)

50
. SELF-INSURANCE RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES
The following table summarizes the activity in our self-insurance reserve for losses and loss adjustment expenses as
of year-end 2016 and 2015:
($ in millions) 2016 2015
Balance at beginning of year $ 416 $ 384
Less: reinsurance recoverable (3) (4)
Net balance at beginning of year 413 380
Assumed in the Starwood Combination 91 —
Incurred related to:
Current year 140 141
Prior years (20) (11)
Total incurred 120 130
Paid related to:
Current year (26) (27)
Prior years (79) (70)
Total paid (105) (97)
Net balance at end of year 519 413
Add: reinsurance recoverable 3 3
Balance at end of year $ 522 $ 416
Current portion classified in “Accrued expenses and other” $ 142 $ 115
Noncurrent portion classified in “Other noncurrent liabilities” 380 301
$ 522 $ 416
Marriott decreased our provision for incurred losses for prior years by $20 million in 2016 and by
$11 million in 2015 as a result of changes in estimates from insured events from prior years due to
changes in underwriting experience and frequency and severity trends.

51
74
17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table details the accumulated other comprehensive (loss) income activity for
2016, 2015, and 2014:
Foreign Currency Derivative
Available-For-Sale
Pension and
Accumulated
Securities Other
($ in millions)
Translation Instrument Unrealized Postretirement Comprehensive
Adjustments Adjustments Adjustments Adjustments Loss
Balance at year-end 2013 $ (31) $ (19) $ 6 $ — $ (44)
Other comprehensive (loss) income
(41) 8 5 — (28)
before reclassifications (1)
Amounts reclassified from
— 2 — — 2
accumulated other comprehensive loss
Net other comprehensive (loss) income (41) 10 5 — (26)
(123) 10 (7) — (120)
3 (9) — — (6)
Net other comprehensive (loss) income (120) 1 (7) — (126)
(311) 1 2 5 (303)
— 2 — — 2
Net other comprehensive (loss) income (311) 3 2 5 (301)
Balance at year-end 2016 $ (503) $ (5) $ 6 $ 5 $ (497)
Other comprehensive (loss) income before reclassifications for foreign currency
translation adjustments includes gains on intra-entity foreign currency transactions that
are of a long-term investment nature of $69 million for 2016, $48 million for 2015, and
$28 million for 2014.

52
SHAREHOLDER RETURN PERFORMANCE GRAPH
The following graph compares the performance of our Class A Common Stock from December 30,
2011 to the end of fiscal year 2016 with the performance of the Standard & Poor’s Corporation
Composite 500 Index and the Standard & Poor’s Hotels, Resorts & Cruise Lines Index. The graph
assumes an initial investment of $100 on December 30, 2011, and reinvestment of dividends.
12/30/11 12/28/12 12/31/13 12/31/14 12/31/15 12/31/16
Marriott International, Inc. $ 100.00 $ 126.76 $ 174.10 $ 278.62 $ 242.37 $ 303.87
S&P 500 Hotels, Resorts, & Cruise Lines Index 100.00 122.60 161.67 200.56 208.31 223.98
S&P 500 Index 100.00 114.05 153.54 174.54 176.94 198.09
At the end of fiscal year 2016, the S&P 500 Hotels, Resorts & Cruise Lines Index consisted
of Carnival Corporation, Marriott International, Inc., Wyndham Worldwide Corporation and
Royal Caribbean Cruises Ltd. Royal Caribbean Cruises Ltd is an addition to the index from
the end of the 2013 fiscal year. Starwood Hotels & Resorts Worldwide Inc. was removed
from the index in 2016.

53
FINDINGS,SUGGESTIONS, AND CONCLUSION

54
Findings
Based on the study and the research done, following is the list of my observation or
finding:
 It is seen that total advances of Marriott International Inc. is increasing year by
year.
 Gross profit and net profits are increased during the period of 2015-2016 which
indicates that firm’s efficient management in service providing and trading
operations.
 Company net ptofit has decreased because earning is less in current financial
year as compared to last financial year.
 Earning per Share and Operating cash flow of Marriott International is also
good..
Suggestion
Based on the study and the research done, following is the list of my suggestions:
 Advice to cut down the expenses so automatically increase their net
profitability.
 General expenses should be reduced by avoiding repetitive work, reducing
idle time of employee etc
 The company should get the goodwill from the creditors so as to enjoy the
credit worthiness.
 Current assets should be increased.
 The company should maintain its debt position.
 Sales should be increased without the additions of fixed assets.

55
 Net profit is increasing by the result of increased total assets, hence it should
be avoided
 The company should take necessary steps to control administrative and
selling expenses
Conclusion:
Indian financial sector is changing rapidly through new ideas, innovation and various other
tools and techniques. The study reveals that the financial performance is fair. It has been
maintaining good financial performance and further it can improve if the company
concentrates on its operating, Administrative and selling expenses and by reducing expenses.
The company should increase sales volume as well as gross profit. Despite price drops in
various products, the company has been able to maintain and grow its market share to make
strong margins in market, contributing to the strong financial position of the company. The
company was able to meet its entire requirements for capital expenditures and higher level of
working capital commitment with higher volume of operations and from its operating cash
flows.
Learning :
 I learned how to interact with professionals and how to listen attentively.
 I not just think about my own views," he says. "It also gave me the opportunity to
learn what it is like to be part of a team.

56
 I had always enjoyed computers, technology, and mathematics and loves problem-
solving. Learn to plans a career in Accounts Recievable —a good match and was
incredibly fun.
 Career in Accounts Recievable was interesting, and I want stay on top of what is
going on in the JW Marriott. For that reason I will always be doing what I love."
 My internship helped me realize that I could work with experts in a lot of different
specialties,
 Internship Programmed experience helped me to solidify my ability.
 I became comfortable working in a group.
Utility of Project
 Taking on an internship programmer will benefit your company in numerous ways
 Interns are willing and eager to do all tasks regardless of the desirability as it gives
them an opportunity to gain ‘real-world’ business experience, as well as gaining a
valuable reference on their CV.

57
 Therefore, hiring an intern can increase your company’s productivity as they are
able to complete special projects that employees are often too busy to do.
 Not all internship programs require financial compensation; therefore your
company can save money while getting important projects completed.
 Working alongside an intern provides you with more information than a traditional
job interview. It can give you insight into their knowledge, skills and work ethic.
 Mentoring the intern will allow you to observe their capabilities and, based on that,
you can decide whether you would consider the intern for part-time or full-time
employment when the internship comes to an end.
 Interns can also serve as an excellent marketing tool for your company.
 An intern who had a favourable work experience will without a doubt market the
company on-campus through word-of-mouth, which will in turn recruit other
students who are interested in doing an internship.
 Through positive word-of-mouth, your company will be perceived as a positive
learning environment and a quality place for students to gain work experience.
This will allow you to gauge the talents of a new generation of workers.

58
 When taking on an intern, it is important to remember that you will need to
provide them with work that is relevant to their field of study as well as ensuring
that you can provide adequate supervision and mentoring to guide them.
 Interns need to meet the specific requirements of their Industry Based Learning
programs which often entail them taking on a project specific to their field of study.
 It is important for the internship to be beneficial for both the company and the intern.
Having a job description and a personal learning agreement with an outline of what
will be expected of the intern will be the most efficient way to ensure that both the
company and the intern’s needs are met.
 This is the first post in a series outlining the benefits of hiring an intern. Read the
subsequent articles to gain a better understanding of how students will benefit taking
on an internship programs.

59
BIBLOGRAPHY
Following references have been use for the betterment of project
 Books Refered
C.R KOTHARI, RESEARCH METHODOLOGY,1990
S.P. SINGH, INDIAN FINANCIAL SYSTEM, 2010
VASANT DESAI, BANK & INTERNATIONAL MANAGEMENT,
2010
 Websites
www.marriott.com
www.moneycontrol.com
http://www.debt.org/loans

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