阿迪达斯财务分析课件

1、阿迪达斯财务分析,Adidas,Group 10,阿迪达斯财务分析,Content,Introduction,Horizontal Vertical analysis,Ratio,Risk/Strategy analysis,summary,阿迪达斯财务分析,Introduction,On August 18, 1949 ，Adidas AG registered,InAugust2005,Adidasannounceda$3.8 billionUSdollaracquisitionofrivalReebok,A Germanmultinational corporationthat desi

2、gns and manufactures sports shoes, clothing and accessories.,Adidas is the largestsportswear manufacturer in Europe and the second biggest in the world, afterNike.,阿迪达斯财务分析,Horizontal analysis,This changes suggested that the company decreased its assets base during 2013 and financed its assuming lon

3、g-term debt rather than retained income .,阿迪达斯财务分析,Overall, gross profit and net income were up. Gross profit increased 0.52%, and net income, 50.76%. Adidass profit trend appears favorable.,阿迪达斯财务分析,In the horizontal analysis of the statement of financial position the ending retained earnings incre

4、ased 11.34%. As indicated earlier, the company retained a significant portion of net income.,阿迪达斯财务分析,Vertical analysis,Adidas is choosing to keep the scale through retention of earnings rather than through issuing additional debt.,阿迪达斯财务分析,Adidas appears to be a profitable enterprise that is becomi

5、ng even more successful.,阿迪达斯财务分析,Ratio,Assets management,Profitability,Long-term solvency,Market value,阿迪达斯财务分析,Assets management,Current Ratio =,2013,2012,We can know that it had low adequate current assets relative to its current liabilities.,阿迪达斯财务分析,The ratio had declined in 2013. When compared

6、 with Nikes of 2.31:1, Adidas acid-test ratio seemed too low.,Acid-Test Ratio =,2013,2012,Assets management,阿迪达斯财务分析,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. Relatively

7、speaking，it means it has more net sales.,阿迪达斯财务分析,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,阿迪达斯财务分析,Adidas made a strategy that allowedretailerstoplace

8、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.,阿迪达斯财务分析,Ratio,Assets management,Profitabilit

9、y,Long-term solvency,Market value,阿迪达斯财务分析,profitability,阿迪达斯财务分析,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-c0 ) 5.45 1.2

10、5 (2.10- 2.16) = -0.409 ,阿迪达斯财务分析,Ratio,Assets management,Profitability,Long-term solvency,Market value,阿迪达斯财务分析,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 shares outstanding,阿迪达斯

11、财务分析,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,阿迪达斯财务分析,Ratio,Assets management,Profitability,Long-term solvency,Market value,阿迪达斯财务分析,Long-term solvency,Debt to T

12、otal Assets Ratio=,2013,2012,Although Adidas debt to total assets ratio had declined in 2013, it was still higher than Nike.,阿迪达斯财务分析,There just Adidas times interest earned. It had decreased in 2013.,Times Interest Earned=,2013,2012,Long-term solvency,阿迪达斯财务分析,Risks analysis,阿迪达斯财务分析,Strategy analysis,Usingconservativemarketexpansion policy,Aim at high-end market (高端市场）,Change the Single sales channels,阿迪达斯财务分析,Summary,Adidas is a potential and profitable co