阿迪達(dá)斯財(cái)務(wù)分析課件

AdidasGroup10Content

Introduction

HorizontalVerticalanalysis

Ratio

Risk/StrategyanalysissummaryIntroduction

OnAugust18,1949，AdidasAGregisteredIn

August

2005,

Adidas

announced

a

$

3.8

billion

US

dollar

acquisition

of

rival

ReebokAGerman

multinationalcorporation

thatdesignsandmanufacturessportsshoes,clothingandaccessories.Adidasisthelargest

sportswear

manufacturerinEuropeandthesecondbiggestintheworld,after

Nike.HorizontalanalysisThischangessuggestedthatthecompanydecreaseditsassetsbaseduring2013andfinanceditsassuminglong-termdebtratherthanretainedincome.Overall,grossprofitandnetincomewereup.Grossprofitincreased0.52%,andnetincome,50.76%.Adidas’sprofittrendappearsfavorable.Inthehorizontalanalysisofthestatementoffinancialpositiontheendingretainedearningsincreased11.34%.Asindicatedearlier,thecompanyretainedasignificantportionofnetincome.VerticalanalysisAdidasischoosingtokeepthescalethroughretentionofearningsratherthanthroughissuingadditionaldebt.Adidasappearstobeaprofitableenterprisethatisbecomingevenmoresuccessful.RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalueAssetsmanagementCurrentRatio=20132012CurrentRatioAdidasNike2013201220131.45：11.57:13.47:1Wecanknowthatithadlowadequatecurrentassetsrelativetoitscurrentliabilities.Acid-TestRatioAdidasNike2013201220130.75：10.85:12.31:1Theratiohaddeclinedin2013.WhencomparedwithNike’sof2.31:1,Adidas’acid-testratioseemedtoolow.Acid-TestRatio=20132012AssetsmanagementAssetsmanagementAccountsReceivableTurnover=20132012=8.29times=9.07timesAccountsReceivableTurnoverAdidasNike2013201220138.29times9.07times8.10timesAlthoughAdidas’accountsreceivableturnoverdecreasedin2013,itwashigherthanNike’s.Relativelyspeaking，itmeansithasmorenetsales.InventoryTurnoverAdidasNike2013201220132.87times3.12times4.29timesGenerally,thelargertheinventoryturnover,thelesstimeacompanyhasstoreinventoryandthelessthechanceofinventoryobsolescence.InventoryTurnover=20132012AssetsmanagementAdidasmadeastrategythatallowed

retailers

to

placeanorder

for5

、6monthsaheadofscheduleto

predeterminethe

transport

guaranteeand

guaranteed90%orderwillbetransportedtothematthetimeofdetermination

.Thisstrategy

cansuccessfully

reducedinventory

toaminimum,

andamplifytheinventoryturnover.RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalue

profitabilityF=a×b×c

ROE=Netprofitmargin×totalassetturnover×equitymultiplier

Affectofa:(a1-a0)×b0×c0

(5.45％-3.52％)×1.30×2.16=5.42％Affectofb:a1×(b1-b0)×c0

5.45％×(1.25-1.30)×2.16=-0.589％Affectofc:a1×b1×(c1-c0)

5.45％×1.25×(2.10-2.16)=-0.409％RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalueMarketvalueEarningsperShare=EarningsperShareAdidasNike2013201220134.013.782.75Adidas’earningpersharehadincreasedin2013andishigherthanNike’s.Netincome–preferencedividendsWeighted-AverageordinarysharesoutstandingPrice-EarningsRatioAdidasNike20132012201323.10times17.81times22.90timesAdidas’P-Eratiohadincreasedin2013andishigherthanNike’stoo.SoinvestorsweremoreconfidentforfuturethanthoseforNike.Price-EarningsRatio=20132012MarketvalueRatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalueLong-termsolvencyDebttoTotalAssetsRatio=20132012DebttoTotalAssetsRatioAdidasNike20132012201352.75%54.59%36.56%AlthoughAdidas’debttototalassetsratiohaddeclinedin2013,itwasstillhigherthanNike.TimesInterestEarnedAdidas2013201216.53times9.77timesTherejustAdidas’timesinterestearned.Ithaddecreasedin2013.TimesInterestEarned=20132012Long-termsolvencyRisksanalysisIfhekeepsthehighdebt，hisprofitwillbelowerthanbefore.Andmaybetheinvestorwillchooseanothercompany.AdidaswillmeetthedilemmaofdevelopmentHigherinterestearnedmeanslowerrisks.SoAdidasdoeswellinthisway.StrategyanalysisUsing

conservative

market

expansionpolicyAimathigh-endmarket(高端市場(chǎng)）ChangetheSinglesaleschannelsSummary