宝洁vs联合利华财务报表对比分析英文版资料

P&G Unilever,宝洁公司 VS 联合利华,Unilever CompanyBrief Introduction,UnileverCompanyin1930bytheDutchmargarinecompanymergerwiththeBritishcompanyLeverBrotherssoapismade.Unileversicecream,frozenfood,teadrinks,condiments,margarineandedibleoilproductionintheworldfirst.Unileveristheworldssecondlargestdetergent,cleansingproducts,andhaircareproductmanufacturer.Everyday,thereare160millionconsumersuseUnileverproducts.Theytakepridein,theirslogantoreflectthis:home,thereUnilever.,Unilever CompanyBrief Introduction,Unileverownsthebrand:LiptonKelloggDoveOMOWallsand so on.Unileverhas317productionbasesinsixcontinentsPursuitofsafetyandhighefficiencyandhighqualityandenvironmentalprotectionUnileverhasaresearchanddevelopmentcenterinseveralcountries.Unileversdistributionchannels,P&G Co. Brief introduction,P&G was born in 1837,its full name is the Procter and Gamble company.Referred to by the companys two founders, William Procter Walcott and James Gamble choose their surnames in the first letters. At first it was just that the city of Cincinnati, Ohio, one of the 18 for candle and soap manufacturer, after which up to 160 years in time, this conservative style, but constantly innovative Finally the company become the worlds largest manufacturer in washing and skin care health care products, and successfully created a day of the consumer goods industry, P & G Empire.,P&G Co. Brief introduction,Procter & Gamble has become the worlds top commodity consumer goods manufacturers and distributors in the United States, its employees more than 100,000 all over the world. 2001-2002 fiscal year, the companys annual consumption amounted to 40.2 billion US dollars. In the Fortune magazine selected the 500 most recent worlds largest industrial / service companies, ranked No. 93, ranked the nations 35 and was named the industrys most respected companies. Procter & Gamble, in more than 80 countries around the world with factories and offices, operated by more than 300 brands of products sold in more than 160 countries and regions, including shampoo, hair care, skin care products, cosmetics, baby care products, feminine hygiene products, pharmaceuticals, food, beverages, textiles, furniture, personal care and cleaning products.,Fabric Care and Home Care segment Health & Well-Being Health Care Snacks, Coffee and Pet Care,Beauty Care Beauty segment Grooming segment Household Care Baby Care and Family Care segment,Five Forces Analysis of Unilever,Potential new entrants-High,Fast-moving consumer goods industry :a)high frequenciesb) short-termusec) very convenientd) Easy to be perceived and judged by consumer,These features provide the certain breakthrough, as long as marketing successfully and entering the market quickly, new entrants can carve up a certain market share.,Threat of substitute product-High,Washingproducts have alternatives and customers have many choices. In addition, some customers are sensitive to product price and they lack of brand loyalty.Once the competitors implement marketing strategies, it is likely to give up the initial selection.Eg: in anti-dandruff shampoo market, Unilever has “CLEAR”, while P&G has “head&shoulders” in Personal Care product market, Unilever has dove,Lux, while P&G has Safeguard 、Tide.,Suppliers bargaining power-Low,a)Sometimes, powerful suppliers are threats for companies.b)Supply chains are made up of the upstream raw materials suppliers ，downstream of the sales companies,and consumers . c)raw materials price increase,the cost will increase for Unilever.d)some raw materials are monopolized by a few suppliers.That is,suppliers concentration is higher than the concentration of the buyer. Therefore Unilever has to share profits with suppliers.,The buyers bargaining power-Medium,The key factors of the supplier bargaining power:(1)The supplier industry concentration,(2)size of trading volume,(3)The degree of product differentiation,(4)The size of the transformation the supplier cost,Prior to the possibility of integration,(5)The degree of information control. a)the cusumers want to buy industrial products affordable,and cost-effective .They benefit from the existing enterprise competition between industries.As a result, they always hold down prices, improve product quality and service level . b)Substitute products are numerous and the differences between each other is small, the range of consumer choice is bigger, so theres bargaining power.,The competition between existing competitors-High,Unilever is a very famous FMCG companies, Unilevers fiercest rival in the international commodity market is P&G.P&G and Unilever are has many kinds of famous brand products, and they have their respective product innovation tactics:P&G to constantly develop new products, and constantly optimized combination product lines, Unilever is to excavate the potential market, meet the demand of local consumers.the 2004 Business Week rankings in the world, P&G worth $139.335 billion, In the world ranking 17th, Unilever in 54th in the global ranking list, valued at $65.3 billion.In the competition with P&G,Unilever is in a relatively disadvantageous position.In Chinas household and personal care products market,Unilever is also in a relatively disadvantageous position.,Five Forces Analysis of P&G,Threat of entry-High,The involvement of foreign capitalExperienced dealers establish their own brandInternal staff want to have their own brandPart of the technical invention and patent holders like to form their own factory,Buyer power-Mediun,Purchasers want to use high quality product with the low price through bargaining price down.,Competitors-High,JohnsonJahwaLongliqiAnd so on,Threat of subsititutions-High,P & G brand：Head & Shoulders、Rejoice、Sassoon、Pantene、ClairolAlternatives Brand：Shulei、Sunsilk、Fengying、HOUDY、LAF,Supply power -Low,Establish long-term cooperative relationship with suppliersSelect the appropriate scale suppliersDeepen cooperation with suppliers,Unilever index analysis,Balance sheet of Unilever (2012),Balance sheet of Unilever (2012),Balance sheet of Unilever (2013-2014),Balance sheet of Unilever (2012),Cash Flow Statement (2012-2014),Income statement (2012-2014),Statement of shareholders equity (2012-2014),1 Short-term liquidity analysis-Unilever,2012:current ratio=12147/15815=0.7681times 2013:current ratio=12122/17382=0.6974times2014:current ratio=12347/19642=0.6286timesFrom 2012 to 2014,all current ratios of less than 1 would mean that net working capital was negative.Every year,the current ratio slightly lower than last year.The company increased in short-term debt,so increased the current liabilities.,1 Short-term liquidity analysis-Unilever,2012:quick ratio=(12147-4436)/15815=0.48762013:quick ratio=(12122-3937)/17382=0.47092014:quick ratio=(12347-4168)/19642=0.4164From 2012 to 2014,the short-term solvency of company was weakened.The quick ratio was lower than the previous year.The major factors were that the inventories slightly increased and raised the current liabilities.,1 Short-term liquidity analysis-Unilever,2012:cash ratio=2465/15815=0.15592013:cash ratio=2285/17382=0.13152014:cash ratio=2151/19642=0.1095From 2012to 2014,the ability of company to repay the short-term debt with cash was descended.Because the reduction of cash assets,and slower than the changing rate of current liabilities.,2 Long-term financial leverage anayles-Unilever,Total debt ratio in 2014=33764/48027=0.7030Total debt ratio in 2013=30698/45513=0.6745Total debt ratio in 2012=30240/46189=0.6547From 2012 to 2014,total debt ratio were rising.The higher this ratio is,the more enterprise risk Unilever had to face.,3.turnover ratios anaylsis-Unilever,Inventory turnover in 2014：28387/4168=6.8107 timesInventory turnover in 2013：29065/3937=7.3825 timesInventory turnover in 2012：30530/4436=6.8823 timesUnilevers inventory turnover in 2014 dropped to the lowest in three years.It means that Unilever were managing inventory less efficiently.,3.Asset turnover ratios anaylsis-Unilever,Total asset turnover in 2014：48436/48027=1.0085Total asset turnover in 2013：49797/45513=1.0941Total asset turnover in 2012：51324/46189=1.1112From 2012 to 2014,all total asset turnovers were more than 1,which means these new assets could be less productive and efficient than those used by Unilevers competitors like P&G.,4.Profitability Analysis-Unilever,2012:ROA=4836/46189=0.10472013:ROA=5263/45513=0.11562014:ROA=5515/48027=0.1148ROA is a measure of profit per dollar of asstes.From above,the ROA in 12year was 10.47% which is less than in 13year which ROA is 11.56%.But in 14year,the ROA is less than that in 13year.This shows that the companys profitability weakened.,5.Growth Analysis-Unilever,2012-2013:Operating income growth ratio=(7517-6977)/6977=0.07742013-2014:Operating income growth ratio=(7980-7517)/7517=0.0616During 2012-13 year,the operating income had increased 540 million.During2013-2014 year, the operating income had increased 463million.With the development of the company,we can see the operating income had decreased.,5.Growth Analysis-Unilever,2012-2013:Net income growth ratio =(5263-4836)/4836=0.08832013-2014:Net income growth ratio =(5515-5263)/5263=0.0530During 2012-2013 year the net income had increased 427 million.During 2012-2013 year,the net income had increased 252million.With the development of the company,we can see the net income had decreased.,P&G index analysis,Balance sheet of P&G(2012-2013),Balance sheet of P&G(2013-2014),Cash flow of P&G(2012-2014),Statement of shareholders equity(2012-2014),Income statement(2012-2014),1.Short-term liquidity analysis -P&G,2012:current ratio=21910/24907=0.8800 times2013:current ratio=23990/30037=0.7987 times2014:current ratio=31617/33726=0.9375 times From 2012 to 2014 year,all current ratios were less than 1 ,which means that P&Gs ability to pay its bills over the short run is medium .In general,P&G operates steadily.,1.Short-term liquidity analysis -P&G,2012:quick ratio=(21910-6721)/24907=0.6098 times2013:quick ratio=(23990-6909)/30037=0.5687 times2014:quick ratio=(31617-6759)/33726=0.7371 timesCompared to 2012 year,quick ratio fell 4% in 2013 and Increase 10% in2014 respectively.This kind of change was caused by changes in inventory and current liabilities,1.Short-term liquidity analysis -P&G,2012:cash ratio=4436/24907=0.1781 times2013:cash ratio=5947/30037=0.1980 times2014:cash ratio=8558/33726=0.2538 timesNormally,20%cash ratio is preferred.Obviously,cash ratio increased year by year,which caused by increasedcash and cash equivalent .So P&G Increased cash solvency from 2012 to 2014.,2.Long-term financial leverage anayles-P&G,Total debt ratio in 2014=74290/144266=0.5150 timesTotal debt ratio in 2013=70554/139263=0.5066 timesTotal debt ratio in 2012=68209/132244=0.5158 times a)for operator:debts help expand Production Scaleprefer high debt ratiob)creditors:They want toget repayments and receive the interests prefer low debt ratio P&G has about $0.51 in debt for every $1 in assets and its easy to find that P&G capital structures were steady and proper.,3.Asset turnover ratios anaylsis-P&G,Inventory turnover in 2014=42460/6759=6.2820 timesInventory turnover in 2013=41391/6909=6.2514 timesInventory turnover in 2012=41411/6721=6.1614 timesFrom 2012 to 2014,the value of inventory turnover were rising.The higher this ratio is,the more efficiently P&G is managing inventory.,3.Asset turnover ratios anaylsis-P&G,Total asset turnover in 2014=83062/144266=0.5758Total asset turnover in 2013=82581/139263=0.5929Total asset turnover in 2012=82006/132244=0.6201From 2012 to 2014,the value of the total asset turnover were Declining.It can be interpreted as the less dollar investment in assets needed to generate $1 in sales.,4.Profitability analysis-P&G,2012:ROA=10904/132244=0.08252013:ROA=11402/139263=0.08192014:ROA=11785/144266=0.0817ROA is stable along 0.08, means P&G profitable is stable,5.Growth rate analysis-P&G,2012-2013:Operating income ratio=(82581-82006)/82006=0.0070 2013-2014:Operating income ratio=(83067- 82581)/82581=0.0058During 2012-2013 year,the operating income had increased 575 million.During2013-2014 year, the operating income had increased 486million.With the development of the company,we can see the operating income had decreased.,5.Growth rate analysis-P&G,2012-2013: Net income growth ratio =(11402-10904)/10904=0.04572013-2014: Net income growth ratio =(11785-11402)/11402=0.0336During 2012-2013 year,the net income had increased 498 million.During 2012-2013 year,the net income had increased 383 million.With the development of the company,we can see the net income had decreased.,Forecast-Unilever,Long-term financial leverage forecast-Unilever,From 2012 to 2014,total debt ratio were rising.That means in 2015 to 2017, during this period, total debt ratio will likely continue to rise in Unilever .Unilever may have to face more enterprise risk in the future.,Asset turnover ratios forecast-Unilever,Unilevers inventory turnover in 2014 dropped to the lowest in three years.In the next few years, unilevers inventory turnover or falling or maintain at a lower level.,Asset turnover ratios forecast-Unilever,From 2012 to 2014,all total asset turnovers were more than 1.In the next few years, unilevers total asset turnover will remain at around 1.Unilever will use its assets to generate sales inefficiently in the next few years.,ROA forecast-Unilever,12year 13year 14yearROA 0.1047 0.1156 0.1148Total assets 46189 45513 48027Net income 4836 5623 5515ROA in 12year was less than in 13year .But in 14year,the ROA is a little less than that in 13year.And the net income was also increasing substantially,but the net income in 14year is a little less than that in 13year.This shows that the companys profitability is a little weakened in the future.,Operating income ratio forecast-Unilever,12year - 13year - 14yearOperating income ratio 0.0774 0.0616Operating income 6977 7517 7980With the development of the company,we could see the operating income ratio had decreased.But from the F/S,the operating income had increased .Those show that the ability of Unilevers operating income was weakened in the future.,Net income growth ratio forecast-Unilever,12year - 13year - 14yearNet income growth ratio 0.0883 0.0530Net income 4836 5263 5515With the development of the company,we can see the net income growth ratio had decreased.But from the F/S,the net income had increased year by year.Those show that the ability of Unilevers net income was weakened in the future.,Current ratio forecast-Unilever,Future:the current assets decreased and current liabilities increased in 2012 to 2014,caused the current ratio was constantly declined.A remained reduction of the current ratio is expected to occur in the coming years.,Quick ratio forecast-Unilever,Future: In the next few years,the quick ratio will also decrease.Although the inventories was declined in 2012 to 2014,but the current liabilities was constantly increased.,Cash ratio forecast-Unilever,Future: the cash ratio will descend in the future.Because the cash was decreased and the current liabilities was increased in 2012 to 2014.In the short run,the reduction of this ratio will not have a big change.,Forecast-P&G,Long-term financial leverage forecast-P&G,P&G has about $0.51 in debt for every $1 in assets and its easy to find that P&G capital structures were steady and proper.It means that from 2015 to 2017 during this period, P&G companys inventory turnover will remain at around 0.51.P&G capital structures were steady and proper in the next few years.,Asset turnover ratios forecast-P&G,From 2012 to 2014,the value of the total asset turnover were Declining.That means in 2015 to 2017, during this period, inventory turnover will likely continue to rise.P&G will use its assets to generate sales more efficiently.,Asset turnover ratios forecast-P&G,From 2012 to 2014,the value of the total asset turnover were Declining.That means in 2015 to 2017, during this period, total asset turnover will likely continue to fall.P&G will use its assets to generate sales more efficiently.,ROA forecast-P&G,12year 13year 14yearROA 0.0825 0.0819 0.0817Total assets 132244 139263 144266Net income 10904 11402 11785ROA is stable .And the assets from the F/S was increasing year by year.And the net income was also increasing ,but the increasing in net income was less than that in total assets.So ROA in P&G was decreasing year by year in the future .,Operating income ratio forecast-P&G,12year - 13year - 14yearOperating income ratio 0.0070 0.0058Operating income 82006 82581 83062With the development of the company,we could see the operating income ratio had decreased.But from the