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THEFINANCIALDATAANALYSIS Siemens Haier VS Outline PrefaceCompanyIntroductionOverviewoftheannualreportThebusinessenvironmentTheauditorsAnalysisofthecompanies financialstatementsCoda Preface Sincetheoperatingenvironmentsforeconomicentitiesaredynamic accountingmustalsostaycurrentwithchangingenvironments Onlythencanitpossiblyretainitsrelevanceandreliabilityforeconomicdecision making Internationalaccountingisindirectresponsetotheglobalizationphenomenon Inordertobetterunderstandinternationalaccounting ourgroupchosetwocompanies Siemens Haier Wecompareandanalysistheannualfinancialreports CompanyIntroduction SiemensCompanyiscreatedbyNashvilleVonSiemensin1847anditheadquartersinMunich Germany SiemensCompanyhasbeen160years Itiscurrentlyoneoftheworld slargestelectriccompanies andinEurope rankingsecond In190countriesitsetupenterprises anditsemployeesareabout44million Siemenshasmorethan900 000shareholders andistheworld slargestoneofthelistedcompanies FromMarch2001 SiemenssharesontheNewYorkstockexchange NYSE listedfortrading Siemensglobalbusinessoperationrespectivelyby13businessgroupsisresponsible includingSiemensfinancialserviceCo LTDandSiemensrealestateassetsmanagementgroup CompanyIntroduction Itsmainbusinessscope Information communications automation control power transportation medicalsystem lightingandsoon WtolearnmoreaboutSiemensCompany HaierCompany Asweallknow HaierCompanyheadquartersinQingdaoofourcountry HaieristheleadingbrandofwhitegoodsgloballyandthemostvaluablebrandinChina Withits29manufacturingplants 8comprehensiveR Dcenters 19overseastradingcompaniesacrosstheworldandmorethan60 000globalemployees Haierhasinvolvedintoagiantmultinationalcorporation HaierCompany Asofthisyear Haierasestablished61tradingcompanies 19outsideofChina 8designcenters 5outsideofChina 29manufacturingfacilities 24outsideofChina and16industrialparks 4outsideofChina Inaddition thecompanymaintains58 800salesoutletsinover160countries Haierisachievingitsgoalofbuildingaglobalbrandusingthe Three in One localizationstrategy Haieremploysmorethan50 000peoplearoundtheworld andhascreated10 000jobsoutsideofthePRC WtolearnmoreaboutHaierCompany Overviewoftheannualreport Typically wecanfindsixdifferentsectionsintheannualreports 1 FinancialHighlights 2 CompanyandProducts 3 ManagementDiscussionandAnalysis 4 FinancialStatementsandFootnotes 5 StatementofManagementResponsibilityandtheReportoftheIndependentAccountants 6 BasicCompanyFacts FinancialHighlights CompanyandProducts ManagementDiscussionandAnalysis Thetwocompanieshavesomesamekindsofproductsbuttheyhavemoredifferentkinds andtheircoverageoftheproductsisalsoobviouslydifferent Thedifferentindustryenvironmentandthedifferentgovernment spolicymakedifferentmanagementdiscussions Andsoon Thebusinessenvironment Thebusinessenvironmentinwhichthecompanyisoperatingisimportant Andthebusinessenvironmententailseconomic legalandsocio politicalfactors Understandinghowthesefactorsinfluencethecompany soperationsandbusinessstrategywillenableustohavearicherbasisforinterpretingitsfinancialpicture Youorme Haveyoudidn ti HaierhasitsownadvantagesaswellasSiemens Butherewewilltalkthethreattheyfaced WithChina shouseholdelectricalapplianceenterprisecontinuouslyrise technicalimprovement Haiermustconstantlyimprovescienceandtechnologyinnovationlevel andimprovetheiradvantage Alsoshouldtowardsmulti industrydevelopmentdirection inordertoimprovetheirowncompetitiveness FacingHaier sinformatization domesticpeersaboutiswatchinghaierexternalinformatizationlively whiletighteningtheirinternalinformatization thisisHaierfacedthethreat AlongwiththedevelopmentofHaier Haierbeganbydomesticbegantointernationalconsequencesofmarch somanyismakeoverseasenterprisessuchasSONY Panasonic Samsung LG Siemens andsoonbecameHaierrivals Makeitdevelopinternationalmarketbysomeobstacles Siemens asatransnationalenterprise hasitsownadvantagesbutalsofacethesimilarthreats Theauditors Theauditors Inourcapitalmarkets publicaccountingfirmsperformanimportantaudit attest functiontoprovideconfidenceintheintegrityofthosestatements Wereadthecompanies auditreporttolearnmoreaboutwhatishappeninginthepublicaccountingprofession Throughtheauditwork canrestricteconomicactivitiesinvariousnegativefactorscanimprovetheeconomicmanagementlevelandeconomicbenefit andtopromotethesocialandeconomicorderofhealthy Analysisofthecompanies financialstatements AssetsandliabilitiescomparisonanalysisDebt repayingabilityanalysisOperatingcapacityanalysisProfitabilityanalysisReturnoninvestmentGrowthCashflow Cashsolvency Cashearningfromsales Cashearningfrominvestment Assetsandliabilitiescomparisonanalysis WecanseethatHaier sdebtstructureisrisingyearbyyear asSiemensisdropping Buttheyallkeepinacertainrange Andtherangeisreasonable Thecompaniesusethefinancialleverageeffectivelyandalsoavoidtherisksbecauseoflotsofliabilities Assetsandliabilitiescomparisonanalysis comparisonofstructurepercentage Debt repayingabilityanalysis ThecalculationshowsthatinHaierCompanyevery1Yuancurrentliabilitieshave1 93Yuanliquiditysupportin2007 Butthenexttwoyearstheindexdrops ThisshowsHaier sdebtsecuritylevelhasdecreased TheindexofSiemensisgoingup itsdebtsecuritylevelisimproved Operatingcapacityanalysis Totalassetturnoverreflectsenterpriseassettocreatesalesrevenueability Thetwocompanies totalassetsturnoverdecreasesinasmallrange AndHaier ssalesrevenueabilityisbetterthanSiemensfromthedata However twoofthemhavegoodassetmanagementefficiency Fromthedata Haier sindexofinventoryturnoverisalittlehigh Comparedwith2008 theindexin2009hasdecreased Anyway theinventoryliquidationabilityofHaierisstrong theleveltotakefundislow AndSiemensisnotasgoodasHaier butitsabilityismorestable Profitabilityanalysis Thetwocompanies costofgoodssoldratioislow Thisshowstwoofthemhaveahighleveloncostcontrol Andtheoperatingincomeratioofthemkeepsastablelevel Salesnetinterestrateperunitreflectstheenterprisesalesincomegainedintheamountofthenet Siemens netprofitratiohasamodestincrease whileHaierstaythesameonthewhole Allaboveindicatebothofthemkeepastableprofitabilitythroughthedailybusinessactivities Returnoninvestment ROAisanimportantkindoffinancialindicators Theindexembodiestherelationshipbetweentheassetsusingefficiencyandthefundapplicationeffect ROAofHaierdecreasesby3 79 in2009comparedwith2008 ThisindicatesthatHaier sabilityofreturnoninvestmentdecreases Sothecompanyshouldpayattentions AndSiemens ROAjustdecreasesby0 57 Itdoesn tmatterandjustkeepthislevel ROE anindexthatbasedontheowners equity assessesthecompany senterpriseprofitabilityandinvestmentrewardability ThoughROEofthetwocompaniesdecreasedin2009 theyarestillinthefrontrow Growth Thenetassetsgrowthratioreflectsthecapitalaccumulationofacompany Itisasymboltoshowacompany sstrong anditisthesourceofacompany sexpandedreproduction Haier snetassetsgrowthratioisalittlelow Haierhastheabilitytoimproveitscapitalpreservationsex TheindexofSiemensisnegative Itshowsowners equityisdamaged Salesgrowthratioofthetwocompaniesisalmostequaltozeroandevenlessthanzero Theyshouldpaymoreattentiontoproductsales Assetsaretheresourceofearningrevenuesandthesecurityofdebtrepayment ThetotalassetsgrowthratioofHaierandSiemensisalmostequaltozero Thisindicatesbothofthemhaveadoptedconservativedevelopmentstrategies Cashflow CashsolvencyCashearningfromsalesCashearningfrominvestment Cashsolvency ThistableshowsHaierandSiemenshaveaflushliquidity Cashearningfromsales ThecashflowtonetsalesratioofHaierisincreasingyearbyyear Itsabilityofcashearningfromsalesisimproving ButSiemensisdecreasing Siemensshouldpayattention Accordingtothecashflowtonetprofitratio HaierandSiemens onthebasisofnetprofitachieved theirabilitytoachievethenetcashflowfromoperatingactivitiesishigh Thecashflowtooperatingprofitratioreflectstheabilityofacompanytoachievethenetcashflowfromoperatingactivitiesonthebasisofnetprofitachieved BothofthemhaveahighabilityandHaierishigherthanSiemens Cashearningfrominvestment Cashflowtonetassetsratioinflectsthecompany sabili
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