阿迪达斯财务分析VIP

.,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%.Adidassprofittrendappearsfavorable.,.,Inthehorizontalanalysisofthestatementoffinancialpositiontheendingretainedearningsincreased11.34%.Asindicatedearlier,thecompanyretainedasignificantportionofnetincome.,.,Verticalanalysis,Adidasischoosingtokeepthescalethroughretentionofearningsratherthanthroughissuingadditionaldebt.,.,Adidasappearstobeaprofitableenterprisethatisbecomingevenmoresuccessful.,.,Ratio,Assetsmanagement,Profitability,Long-termsolvency,Marketvalue,.,Assetsmanagement,CurrentRatio=,2013,2012,Wecanknowthatithadlowadequatecurrentassetsrelativetoitscurrentliabilities.,.,Theratiohaddeclinedin2013.WhencomparedwithNikesof2.31:1,Adidasacid-testratioseemedtoolow.,Acid-TestRatio=,2013,2012,Assetsmanagement,.,Assetsmanagement,AccountsReceivableTurnover=,2013,2012,=8.29times,=9.07times,AlthoughAdidasaccountsreceivableturnoverdecreasedin2013,itwashigherthanNikes.Relativelyspeaking，itmeansithasmorenetsales.,.,Generally,thelargertheinventoryturnover,thelesstimeacompanyhasstoreinventoryandthelessthechanceofinventoryobsolescence.,InventoryTurnover=,2013,2012,Assetsmanagement,.,Adidasmadeastrategythatallowedretailerstoplaceanorderfor5、6monthsaheadofscheduletopredeterminethetransportguaranteeandguaranteed90%orderwillbetransportedtothematthetimeofdetermination.,Thisstrategycansuccessfullyreducedinventorytoaminimum,andamplifytheinventoryturnover.,.,Ratio,Assetsmanagement,Profitability,Long-termsolvency,Marketvalue,.,profitability,.,F=abcROE=Netprofitmargintotalassetturnoverequitymultiplier,Affectofa:(a1-a0)b0c0(5.45-3.52)1.302.16=5.42,Affectofb:a1(b1-b0)c05.45(1.25-1.30)2.16=-0.589,Affectofc:a1b1(c1-c0)5.451.25(2.10-2.16)=-0.409,.,Ratio,Assetsmanagement,Profitability,Long-termsolvency,Marketvalue,.,Marketvalue,EarningsperShare=,Adidasearningpersharehadincreasedin2013andishigherthanNikes.,Netincomepreferencedividends,Weighted-Averageordinarysharesoutstanding,.,AdidasP-Eratiohadincreasedin2013andishigherthanNikestoo.SoinvestorsweremoreconfidentforfuturethanthoseforNike.,Price-EarningsRatio=,2013,2012,Marketvalue,.,Ratio,Assetsmanagement,Profitability,Long-termsolvency,Marketvalue,.,Long-termsolvency,DebttoTotalAssetsRatio=,2013,2012,AlthoughAdidasdebttototalassetsratiohaddeclinedin2013,itwasstillhigherthanNike.,.,TherejustAdidastimesinterestearned.Ithaddecreasedin2013.,TimesInterestEarned=,2013,2012,Long-termsolvency,.,Risksanalysis,.,Strategyanalysis,Usingconservativemarketexpansionpolicy,Aimathigh-endmarket(高端市场）,ChangetheSinglesaleschannels,.,Summary,Adidasisapotentialandprofitable