阿迪达斯财务分析

1、Adidas,Group 10,1,学习交流PPT,Content,Introduction,Horizontal Vertical analysis,Ratio,Risk/Strategy analysis,summary,2,学习交流PPT,Introduction,On August 18, 1949 ，Adidas AG registered,InAugust2005,Adidasannounceda$3.8 billionUSdollaracquisitionofrivalReebok,A Germanmultinational corporationthat designs and

2、 manufactures sports shoes, clothing and accessories.,Adidas is the largestsportswear manufacturer in Europe and the second biggest in the world, afterNike.,3,学习交流PPT,Horizontal analysis,This changes suggested that the company decreased its assets base during 2013 and financed its assuming long-term

3、 debt rather than retained income .,4,学习交流PPT,Overall, gross profit and net income were up. Gross profit increased 0.52%, and net income, 50.76%. Adidass profit trend appears favorable.,5,学习交流PPT,In the horizontal analysis of the statement of financial position the ending retained earnings increased

4、 11.34%. As indicated earlier, the company retained a significant portion of net income.,6,学习交流PPT,Vertical analysis,Adidas is choosing to keep the scale through retention of earnings rather than through issuing additional debt.,7,学习交流PPT,Adidas appears to be a profitable enterprise that is becoming

5、 even more successful.,8,学习交流PPT,Ratio,Assets management,Profitability,Long-term solvency,Market value,9,学习交流PPT,Assets management,Current Ratio =,2013,2012,We can know that it had low adequate current assets relative to its current liabilities.,10,学习交流PPT,The ratio had declined in 2013. When compar

6、ed with Nikes of 2.31:1, Adidas acid-test ratio seemed too low.,Acid-Test Ratio =,2013,2012,Assets management,11,学习交流PPT,Assets management,Accounts Receivable Turnover=,2013,2012,=8.29 times,=9.07 times,Although Adidas accounts receivable turnover decreased in 2013, it was higher than Nikes. Relativ

7、ely speaking，it means it has more net sales.,12,学习交流PPT,Generally, the larger the inventory turnover, the less time a company has store inventory and the less the chance of inventory obsolescence.,Inventory Turnover=,2013,2012,Assets management,13,学习交流PPT,Adidas made a strategy that allowedretailers

8、toplace an orderfor 5、6 months ahead of schedule topre determine thetransportguarantee andguaranteed 90%order will be transported to them at the time of determination.,This strategycan successfullyreduced inventoryto a minimum,and amplify the inventory turnover.,14,学习交流PPT,Ratio,Assets management,Pr

9、ofitability,Long-term solvency,Market value,15,学习交流PPT,profitability,16,学习交流PPT,F = a b c ROE = Net profit margin total asset turnover equity multiplier,Affect of a : (a1-a0) b0 c0 ( 5.45-3.52 ) 1.30 2.16 = 5.42 ,Affect of b : a1 ( b1-b0 ) c0 5.45 ( 1.25-1.30 )2.16 = -0.589 ,Affect of c : a1 b1 ( c1

10、-c0 ) 5.45 1.25 (2.10- 2.16) = -0.409 ,17,学习交流PPT,Ratio,Assets management,Profitability,Long-term solvency,Market value,18,学习交流PPT,Market value,Earnings per Share=,Adidas earning per share had increased in 2013 and is higher than Nikes.,Net income preference dividends,Weighted-Average ordinary share

11、s outstanding,19,学习交流PPT,Adidas P-E ratio had increased in 2013 and is higher than Nikes too. So investors were more confident for future than those for Nike.,Price-Earnings Ratio=,2013,2012,Market value,20,学习交流PPT,Ratio,Assets management,Profitability,Long-term solvency,Market value,21,学习交流PPT,Long

12、-term solvency,Debt to Total Assets Ratio=,2013,2012,Although Adidas debt to total assets ratio had declined in 2013, it was still higher than Nike.,22,学习交流PPT,There just Adidas times interest earned. It had decreased in 2013.,Times Interest Earned=,2013,2012,Long-term solvency,23,学习交流PPT,Risks analysis,24,学习交流PPT,Strategy analysis,Usingconservativemarketexpansion policy,Aim at high-end market (高端市场）,Change the Single sales channels,25,学习交流PPT,Summary,Adidas is a potential and profitable company. Impr