Wacoal-华歌尔公司-财务报表

HUACHIEW CHALERMPRAKIET UNIVERSITYThe ratio analysis of Wacoal Holdings Corp（Wacoal）Teacher:ALEXANDRA.JName: MR. ZHAO JUNZHE: -045Faculty: BUSINESS ADMINISTRATIONMajor: INTERNATIONAL BUSINESSSubject: FN 4603 2013/8/20目录Executive Summary(摘要)2Introduction(公司简介)3Brand Spirit(品牌精神)3Wacoal Income Statement4Wacoal Balance Sheet5Wacoal Cash Flow7DuPont Analysis92010年净资产收益率：92011年净资产收益率：92012年净资产收益率：9财务比率分析（Financial Ratio Analysis）10偿债能力分析（Solvency Analysis）10资本结构分析（Capital Structure Analysis）10经营效率分析（Operating efficiency analysis）11盈利能力分析(Profitability Analysis)12投资收益分析(Investment Income Analysis)12现金保障能力分析(Cash Benefit Analysis)13利润构成分析（Profit structure analysis）13Summary14Executive Summary(摘要)The analysis of financial statement takes the basic business activities of an enterprise as its object, the financial statement as its main information source, analysis and synthesis as its primary means to understand the enterprise. It aims to help the users of financial statements to know the past, to evaluate the current situation and to predict the future, so as to improve decision-making. If a company wants to know the problem of its accounting and business operation without delay, it has to have a correct judgment through analytical data in the financial statements. When doing the analysis, we have to pay attention to the integrated use of different analytical methods, to discover the existing problems, so as to provide right help for the decision-makers.This article analyzes the financial statement of the Wacoal Holdings Corp，and its main contents are as follows.1, Analysis of industry and company background. With the continuous development of market economy and the accelerating competition of an industry, the analysis of financial statement has becoming ever important in an enterprise. 2, The use of DuPont Analysis in the financial analysis of the Wacoal Holdings Corp. whats more, the analyzing and studying of its important related projects and its quality.3, The use of financial ratio analysis on the financial capability during 2010 to 2012 of of the company. The financial capability mainly includes the solvency, operational capacity, profitability and development capacity. And each of the financial indicators are compared with the industry average.3Introduction(公司简介)Wacoal Corp., located in Kyoto, Japan makes up the center of R&D and business development and caters to Japanese consumers. For over half a century, Wacoal has nurtured a corporate culture in which creative people can tailor Western apparel for Japanese women.Our focus today is expanding from the simple idea of womens beauty to lifestyles. We have adopted a new philosophy of addressing both physique and emotions with our products. We want to ensure that we address both mental and physical beauty, and that we are sufficiently tuned in to our customers to be inspired by each womans individuality, lifestyle and values.Brand Spirit(品牌精神)所谓美好的生活，没有绝对。Wacoal坚持让明日永远比今日过得更美好，这是一种属于华歌尔的美学主张。不断追求对品质的提升，对美好生活的提升，正是华歌尔对未来的自我期许。华歌尔的原料都来自国际知名的供应商日本的荣花边，西班牙的DOGI其中一半以上来自日本；而像大家耳熟能详的美国杜邦公司出品的莱卡，Tactel等高品质纤维，都在华歌尔的产品中大量使用。知名厂商的原料提供了华歌尔稳定产品质量的保证，而这些原料还都要经过华歌尔内部的材料检验室的测试，合格后才能使用。Wacoal在色彩的应用上也别具一格。金色一直是吉祥、高贵的颜色，内衣专家Wacoal采用金银两种颜色制成金影银光胸围，让你由内至外来一个充满千禧元素的打扮。 金影银光胸围有八分五杯及全杯两款设计，具丰胸及向上托的功能，令线条更美；金色和银色布料分别采用反金线和反银线设计。扭绳花活动肩带与罩杯上端小花相呼应，更显高贵典雅。特别的轮呔纹橡根设计，可防止胸围滑动，加强稳定感。Nami Nami内衣在春夏就像Wacoal的一颗当红明星，掀起一股波浪热潮，如今Wacoal再度出击，突破内衣质料的框框，推出Leather Chic Bra，换言之以皮革作物料，将女性的独特个性美推向另一层次。格子条纹、花样图案加上饰带，可更换多彩多样肩带的胸罩，画有动物图案或迷彩花纹的内裤，花样真是丰富。将用在外衣上的流行色彩及样式自然地反映在内衣上已成为2012年流行的趋势。时装需要换季之余，胸围也有需要。Wacoal全新Leather Chic Br成为女性最贴身的秋冬宠物，此外，Nami Nami热潮的全新设计加入lace pattern，更添冬日韵味。著名的内衣厂商华歌尔16日宣布，从七月下旬开始针对全亚洲市场（不含日本）起用歌手滨崎步作为代言人。本次广告的理念是：Trust Me 相信我，在中国、韩国、以及港台地区进行推广，为其树立品牌形象。预定在09年1月进入越南市场实施，但不含有日本本土的计划。4关于在该公司起用了滨崎步的理由，除了在亚洲具备很高的知名度，在工作上的敬业精神，很符合华歌尔的企业形象，拥有作为目标的20代女性的支持以及领袖人物的超凡魅力性等评价。中文的信任我，等用各国的语言TRUST ME的宣传语将进入的海报，对滨崎步而言也是第一次的内衣代言。本次在华歌尔的集团公司的摄影，得到了年轻的女性受欢迎的内衣销售公司Peach John的野口美佳社长的协助。据说与滨崎步从以前开始就有亲密的交往。Wacoal Income StatementCurrency inMillions of Japanese YensAs of:Mar 312010RestatedJPYMar 312011RestatedJPYMar 312012RestatedJPYRevenues163,548.0165,548.0171,897.0TOTAL REVENUES163,548.0165,548.0171,897.0Cost Of Goods Sold80,101.081,659.081,891.0GROSS PROFIT83,447.083,889.090,006.0Selling General & Admin Expenses, Total78,019.077,261.078,921.0R&D Expenses-OTHER OPERATING EXPENSES, TOTAL78,019.077,261.078,921.0OPERATING INCOME5,428.06,628.011,085.0Interest Expense-90.0-88.0-93.0Interest And Investment Income752.0780.0836.0Other Non-Operating Expenses, Total1,024.0982.0886.0Other Non-Operating Income (Expenses)-45.0137.0-117.0Merger & Restructuring Charges-482.0-348.0-671.0Impairment Of Goodwill-71.0-836.0-Gain (Loss) On Sale Of Investments-1,453.0-1,158.0-791.0Other Unusual Items, Total-1,046.0-1,043.0-37.0EBT, INCLUDING UNUSUAL ITEMS4,062.04,917.011,215.0Income Tax Expense1,655.02,010.04,199.0Minority Interest In Earnings68.0-122.0-103.0Earnings From Continuing Operations2,407.02,907.07,016.0NET INCOME2,475.02,785.06,913.0NET INCOME TO COMMON INCLUDING EXTRA ITEMS2,475.02,785.06,913.0NET INCOME TO COMMON EXCLUDING EXTRA ITEMS2,475.02,785.056,913.0Wacoal Balance SheetCurrency inMillions of Japanese YensAs of:Mar 312010RestatedJPYMar 312011RestatedJPYMar 312012RestatedJPYAssetsCash And Equivalents24,317.026,316.029,985.0Short-Term Investments6,529.05,546.05,912.0TOTAL CASH AND SHORT TERM INVESTMENTS30,846.031,862.035,897.0Accounts Receivable19,144.019,554.021,265.0Other Receivables163.0158.0171.0Notes Receivable469.0-Inventory32,103.031,116.032,847.0Other Current Assets2,613.02,508.02,881.0TOTAL CURRENT ASSETS89,933.090,410.097,295.0NET PROPERTY PLANT AND EQUIPMENT51,820.049,734.049,078.0Long-Term Investments49,620.047,387.048,663.0Goodwill11,203.010,367.010,367.0Other Intangibles12,351.010,325.09,541.0Other Long-Term Assets7,525.06,177.05,557.0TOTAL ASSETS223,387.0215,276.0221,098.0LIABILITIES & EQUITYAccounts Payable17,310.017,203.019,114.0Accrued Expenses5,927.06,133.06,411.0Short-Term Borrowings7,941.06,152.05,780.0Current Portion Of Long-Term Debt/Capital Lease108.070.064.0Other Current Liabilities2,292.02,390.02,491.0TOTAL CURRENT LIABILITIES35,683.033,880.0635,607.0Long-Term Debt80.0214.0638.0Minority Interest1,923.01,900.01,932.0Other Liabilities, Total14,071.011,802.011,425.0TOTAL LIABILITIES49,834.045,896.047,670.0Common Stock13,260.013,260.013,260.0Additional Paid In Capital29,366.029,401.029,447.0Retained Earnings137,155.0137,274.0141,370.0Treasury Stock-2,532.0-2,890.0-2,886.0Comprehensive Income And Other-5,619.0-9,565.0-9,695.0TOTAL COMMON EQUITY171,630.0167,480.0171,496.0TOTAL EQUITY173,553.0169,380.0173,428.0TOTAL LIABILITIES AND EQUITY223,387.0215,276.0221,098.07Wacoal Cash FlowCurrency inMillions of Japanese YensAs of:Mar 312010RestatedJPYMar 312011RestatedJPYMar 312012RestatedJPYNET INCOME2,475.02,785.06,913.0DEPRECIATION & AMORTIZATION, TOTAL4,765.04,685.04,660.0(Gain) Loss From Sale Of Asset25.0122.0-35.0(Gain) Loss On Sale Of Investment1,453.01,213.0806.0Asset Writedown & Restructuring Costs1,117.01,879.037.0(Income) Loss On Equity Investments-492.0-566.0-451.0Stock-Based Compensation55.050.060.0Other Operating Activities-1,535.0-1,467.01,062.0CASH FROM OPERATIONS9,463.010,441.010,060.0Capital Expenditure-3,981.0-2,652.0-2,708.0Sale Of Property, Plant, And Equipment467.0538.0451.0Cash Acquisitions362.0-CASH FROM INVESTING-3,573.0-703.0-3,467.0Short-Term Debt Issued-393.0Long-Term Debt Issued-200.0500.0TOTAL DEBT ISSUED-200.0893.0Short Term Debt Repaid-291.0-1,794.0-761.0Long Term Debt Repaid-350.0-104.0-82.0TOTAL DEBT REPAID-641.0-1,898.0-843.0Issuance Of Common Stock13.0282.05.0Repurchase Of Common Stock-1,148.0-655.0-15.0Common Dividends Paid-3,511.0-2,824.0-2,817.0Common And/Or Preferred Dividends Paid-TOTAL DIVIDEND PAID-3,511.0-2,824.08-2,817.0Other Financing Activities-76.0-70.0-47.0CASH FROM FINANCING-5,363.0-4,965.0-2,824.0Foreign Exchange Rate Adjustments-153.0-785.0-100.0NET CHANGE IN CASH374.03,988.03,669.09DuPont Analysis2010年净资产收益率：净资产收益率：0.0143资产净利率X权益乘数：0.0111X1.2871=0.0143销售净利率X资产周转率：0.0151*0.7321=0.01111/（1-资产负债率）：1/（1-0.2231）=1.2871净利润/销售收入:2,475/163,548=0.0151销售收入/资产总额:163,548/223,387=0.7321负债总额/资产总额：49,834/223,387=0.22312011年净资产收益率：净资产收益率：0.0164资产净利率X权益乘数：0.0129*1.2709=0.0164销售净利率X资产周转率：0.0168*0.769=0.01291/（1-资产负债率）=1/（1-0.2132）=1.2709净利润/销售收入:2,785/165,548=0.0168销售收入/资产总额:165,548/215,276=0.769负债总额/资产总额：45,896/215,276=0.21322012年净资产收益率：净资产收益率：0.04资产净利率X权益乘数：0.0313*1.2749=0.04销售净利率X资产周转率：0.0402*0.7775=0.03131/（1-资产负债率）=1/（1-0.2156）=1.2749净利润/销售收入:6,913/171,897=0.0402销售收入/资产总额:171,897/221,098=0.777510负债总额/资产总额：47,670/221,098=0.2156财务比率分析（Financial Ratio Analysis）偿债能力分析（Solvency Analysis）流动比率2010年：流动资产流动负债=89,933/35,683=2.5202011年：流动资产流动负债=90,410/33,880=2.6692012年：流动资产流动负债=97,295/35,607=2.732流动比率可以反映短期偿债能力。一般认为生产企业合理的最低流动比率是2。Wacoal公司流动比率均大于2。速动比率 2010年：（流动资产存货）流动负债=（89,933-32,103）/35,683=1.6242011年：（流动资产存货）流动负债=（90,410-31,116）/33,880=1.7502012年：（流动资产存货）流动负债=（97,295-32,847）/35,607=1.810由于种种原因存货的变现能力较差，因此把存货从流动资产种减去后得到的速动比率反映的短期偿债能力更令人信服。一般认为企业合理的最低速动比率是1。Wacoal公司速动比率均大于1。现金比率2010年：（货币资金流动负债）=30,846/35,683=0.86442011年：（货币资金流动负债）=31,862/33,880=0.94042012年：（货币资金流动负债）=35,897/35,607=1.008现金比率反应了企业偿还短期债务的能力。Wacoal公司速动现金比率均大于0。资本结构分析（Capital Structure Analysis）股东权益比率 股东权益总额资产总额100%反映所有者提供的资本在总资产中的比重，反映企业的基本财务结构是否稳定。一般来说比率高是低风险、低报酬的财务结构，比率低是高风险、高报酬的财务结构。资产负债比率 2010年：负债总额资产总额100%=49,834/223,387100%=22.3%2011年：负债总额资产总额100%=45,896/215,276100%=21.3%2012年：负债总额资产总额100%=47,670/221,098100%=21.5%反映总资产中有多大比例是通过借债得来的。11Wacoal公司资产负债比率保持在21%，公司资产运营非常健康。资本负债比率 负债合计股东权益期末数100%它比资产负债率这一指标更能准确地揭示企业的偿债能力状况，因为公司只能通过增加资本的途径来降低负债率。资本负债率为200%为一般的警戒线，若超过则应该格外关注。长期负载比率 长期负债资产总额100%判断企业债务状况的一个指标。它不会增加到企业的短期偿债压力，但是它属于资本结构性问题，在经济衰退时会给企业带来额外风险。有息负债比率 （短期借款一年内到期的长期负债长期借款应付债券长期应付款）股东权益期末数100%无息负债与有息负债对利润的影响是完全不同的，前者不直接减少利润，后者可以通过财务费用减少利润；因此，公司在降低负债率方面，应当重点减少有息负债，而不是无息负债，这对于利润增长或扭亏为盈具有重大意义。在揭示公司偿债能力方面，100%是国际公认的有息负债对资本的比率的资本安全警戒线。经营效率分析（Operating efficiency analysis）净资产调整系数 （调整后每股净资产每股净资产）/每股净资产调整后每股净资产 = （股东权益年以上的应收帐款待摊费用待处理财产净损失递延资产）/ 普通股股数减掉的是四类不能产生效益的资产。净资产调整系数越大说明该公司的资产质量越低。特别是如果该公司在系数很大的条件下，其净资产收益率仍然很高，则要深入分析。营业费用率 营业费用 / 主营业务收入100%财务费用率 财务费用 / 主营业务收入100%反映企业财务状况的指标。三项费用增长率 =（上期三项费用合计本期三项费用合计）/ 本期三项费用合计三项费用合计 = 营业费用管理费用财务费用三项费用之和反应了企业的经营成本如果三项费用合计相对于主营业务收入大幅增加（或减少）则说明企业产生了一定的变化，要提起注意。存货周转率 销货成本（期初存货期末存货）存货周转天数 天存货周转率存货周转率（天数）表达了公司产品的产销率，如果和同行业其它公司相比周转率太小（或天数太长），就要注意公司产品是否能顺利销售。固定资产周转率 销售收入平均固定资产该比率是衡量企业运用固定资产效率的指标，指标越高表示固定资产运用效果越好。总资产周转率 销售收入平均资产总额该指标越大说明销售能力越强。12主营业务收入增长率 （本期主营业务收入上期主营业务收入）上期主营业务收入100%一般当产品处于成长期，增长率应大于10%。其他应收帐款与流动资产比率 其他应收帐款流动资产其他应收帐款主要核算与生产经营销售活动无关的款项来往，一般应该较小。如果该指标较高则说明流动资金运用在非正常经营活动的比例高，就应该注意是否与关联交易有关。盈利能力分析(Profitability Analysis)营业成本比率 营业成本/主营业务收入100%在同行之间，营业成本比率最具有可比性，原因是原材料消耗大体一致，生产设备及工资支出也较为一致，发生在这一指标上的差异可以说明各公司之间在资源优势、区位优势、技术优势及劳动生产率等方面的状况。那些营业成本比率较低的同行，往往就存在某种优势，而且这些优势也造成了盈利能力上的差异。相反，那些营业成本比率较高的同行，在盈利能力不免处于劣势地位。营业利润率 营业利润/主营业务收入100%销售毛利率 （主营业务收入主营业务成本）主营业务收入100%税前利润率 利润总额/主营业务收入100%税后利润率 净利润/主营业务收入100%这几个指标都是从某一方面反应企业的获利能力。资产收益率 净利润2（期初资产总额期末资产总额）100%资产收益率反应了企业的总资产利用效率，或者说是企业所有资产的获利能力。净资产收益率 净利润净资产100%又称股东权益收益率，这个指标反应股东投入的资金能产生多少利润。经常性净资产收益率 剔除非经常性损益后的净利润/股东权益期末数100%一般来说资产只能产生“剔除非经常性损益后的净利润”所以用这个指标来衡量资产状况更加准确。主营业务利润率 主营业务利润主营业务收入100%一个企业如果要实现可持续性发展，主营业务利润率处于同行业前列并保持稳定十分重要。但是如果该指标异忽寻常地高于同业平均水平也应该谨慎了。固定资产回报率 营业利润/固定资产净值100%总资产回报率 净利润/总资产期末数100%经常性总资产回报率 剔除非经常性损益后的净利润/总资产期末数100%这几项都是从某一方面衡量资产收益状况。投资收益分析(Investment Income Analysis)13市盈率 每股市场价每股净利润净资产倍率 每股市场价每股净资产值资产倍率 每股市场价每股资产值现金保障能力分析(Cash Benefit Analysis)销售商品收到现金与主营业务收入比率 销售商品、提供劳务收到的现金主营业务收入100正常周转企业该指标应大于。如果指标较低，可能是关联交易较大、虚构销售收入或透支将来的销售，都可能会使来年的业绩大幅下降。经营活动产生的现金流量净