阿迪达斯财务分析.ppt

Adidas Group10 Content Introduction HorizontalVerticalanalysis Ratio Risk Strategyanalysis summary Introduction OnAugust18 1949 AdidasAGregistered InAugust2005 Adidasannounceda 3 8billionUSdollaracquisitionofrivalReebok AGermanmultinationalcorporationthatdesignsandmanufacturessportsshoes clothingandaccessories AdidasisthelargestsportswearmanufacturerinEuropeandthesecondbiggestintheworld afterNike Horizontalanalysis Thischangessuggestedthatthecompanydecreaseditsassetsbaseduring2013andfinanceditsassuminglong termdebtratherthanretainedincome Overall grossprofitandnetincomewereup Grossprofitincreased0 52 andnetincome 50 76 Adidas sprofittrendappearsfavorable Inthehorizontalanalysisofthestatementoffinancialpositiontheendingretainedearningsincreased11 34 Asindicatedearlier thecompanyretainedasignificantportionofnetincome Verticalanalysis Adidasischoosingtokeepthescalethroughretentionofearningsratherthanthroughissuingadditionaldebt Adidasappearstobeaprofitableenterprisethatisbecomingevenmoresuccessful Ratio Assetsmanagement Profitability Long termsolvency Marketvalue Assetsmanagement CurrentRatio 2013 2012 Wecanknowthatithadlowadequatecurrentassetsrelativetoitscurrentliabilities Theratiohaddeclinedin2013 WhencomparedwithNike sof2 31 1 Adidas acid testratioseemedtoolow Acid TestRatio 2013 2012 Assetsmanagement Assetsmanagement AccountsReceivableTurnover 2013 2012 8 29times 9 07times AlthoughAdidas accountsreceivableturnoverdecreasedin2013 itwashigherthanNike s Relativelyspeaking itmeansithasmorenetsales Generally thelargertheinventoryturnover thelesstimeacompanyhasstoreinventoryandthelessthechanceofinventoryobsolescence InventoryTurnover 2013 2012 Assetsmanagement Adidasmadeastrategythatallowedretailerstoplaceanorderfor5 6monthsaheadofscheduletopredeterminethetransportguaranteeandguaranteed90 orderwillbetransportedtothematthetimeofdetermination Thisstrategycansuccessfullyreducedinventorytoaminimum andamplifytheinventoryturnover Ratio Assetsmanagement Profitability Long termsolvency Marketvalue profitability F a b cROE Netprofitmargin totalassetturnover equitymultiplier Affectofa a1 a0 b0 c0 5 45 3 52 1 30 2 16 5 42 Affectofb a1 b1 b0 c05 45 1 25 1 30 2 16 0 589 Affectofc a1 b1 c1 c0 5 45 1 25 2 10 2 16 0 409 Ratio Assetsmanagement Profitability Long termsolvency Marketvalue Marketvalue EarningsperShare Adidas earningpersharehadincreasedin2013andishigherthanNike s Netincome preferencedividends Weighted Averageordinarysharesoutstanding Adidas P Eratiohadincreasedin2013andishigherthanNike stoo SoinvestorsweremoreconfidentforfuturethanthoseforNike Price EarningsRatio 2013 2012 Marketvalue Ratio Assetsmanagement Profitability Long termsolvency Marketvalue Long termsolvency DebttoTotalAssetsRatio 2013 2012 AlthoughAdidas debttototalassetsratiohaddeclinedin2013 itwasstillhigherthanNike TherejustAdidas timesinterestearned Ithaddecreasedin2013 TimesInterestEarned 2013 2012 Long termsolvency Risksanalysis Strategyanalysis Usingconservativemarketexpansionpolicy Aimathigh endmarket 高端市场 ChangetheSinglesaleschannels Summary Adidasisapotentialandprofitabl