《公司演讲模板》

1、Financial Analysis in GomeGroup members:GOMEIntroduction-Founded by Wong Kwong Yu with his brother in 1987 in Beijing-Leading privately owned electrical appliance retailer in China-2004 listed in Hong Kong (stock code 493)-Chen Xiao is the Chairman after Wong arrestedFinancial HighlightsGOMEWong Kwo

2、ng Yu FraudWong Kwong Yu-Founder and former Chairman of GOME-2008 No.1 on HURUN Report about RMB 43 billions-Arrested for economic crime on Nov. 17,2008-He will be sentenced at most 10 years in prison for insider dealingGOMEWong Kwong Yu FraudInsider Dealing-Huang Junqin（黄俊钦） founder and chairman of

3、 New Handsome Joint Group(北京新恒基集团) holding ST金泰-Wong Kwong Yu manipulate the stock price of ST金泰Backdoor Listing- Deng Zhan: former deputy administrator of foreign investment at the Ministry of Commerce- Guo Jingyi: former official at the department of Treaty and Law at Ministry of CommerceGOMEWong

4、Kwong Yu FraudBriberyZheng Shaodong: former Assistant Minister of Public SecurityXiang Huaizhu: former director of Economic Crime Investigation Dep. at Ministry of Public SecurityChen Shaoji: former chairman of Guangdong CPPCC Wang Huanyuan: former secretary of Zhejiang Discipline Inspection Committ

5、eeXu Zongheng: former Mayer of ShenzhenManagement Discussion and Analysisoptimizing retail network coverageNumber of stores30 June 200931 December 2008GOME Group779859Non-listed GOME Group381413Dazhong Appliances5261Total1,2121,333Statement of comprehensive incomeAs percentage of revenueFirst half o

6、f 2009First half of 2008Selling and distribution costs10.58%8.70%Administrative expenses1.74%1.51%Other expense0.88%1.01%Total operating expensive13.20%11.22% Profitability & Asset management analysisThe financial statements of GOME uBalance SheetuIncome statementuStatement of Changes in EquityGome

7、Financial Statement.docRatios for three yearsRatio200820072006Gross profit ratio 3.34% 3.59% 4.30%Net profit ratio 2.39%2.75%3.80%Return on equity 12.83%11.33%18.29%Return assets 5.90%5.28%6.08%Profitability & Asset management uNet profit margin of Gome Company is lower year by year. This means that

8、 PPs operations are not efficient. The problem is that the company has a much higher operation costs and it can not generate a higher profit to write off the costs.uThe lower return on assets of Gome Company when compared to the industry uReturn on owners equity is lower. It is because the inefficie

9、ncy in utilizing assets out weights operational efficiency.Liquidity and solvency analysisRatio200820072006current ratio 1.04 1.38 1.22liquid ratio 0.711.050.86inventory turnover ratio 5.887.847.62(times)trader debtorscollection period 0.560.740.57(days)trader creditors payment period 158.4124.4116.

10、8(days)Long term solvency ratios Ratio200820072006Debt ratio 0.75 0.65 0.68Debt to equity ratio 3.091.892.20Interest cover 17.338.908.23Liquidity and SolvencyuThe current ratio has a dramatically increase from 1.04 to 1.38(about 33% increase). uInventory turnover ratio is very critical to the electr

11、ical appliance-retailing enterprise such as Gome. This ratio is increasing every year from 2006 to 2008 uThe receivables are much lower, and the receivables turnover is less important to analyze the internal liquidity. uGome is on the normal level and some ratios are becoming better.uThe debt ratio

12、refers to the relationship of total liabilities and total assets and means how many times the total assets can cover total debts. uThe debt to equity ratio is at utmost position in the long term solvency. uAnother important ratio in this field is interest cover which indicates how many times the pro

13、fit before interest and tax can cover the interest cost (finance cost). uIn a word, the long term solvency capability is in a reasonable scale and the risk the company facing may deteriorating these ratios easily. So the company may do some improvements in its short term liquidity and long term solv

14、ency.A financing miracle in 2004 uMain Participants: Mr. Wong Kwong Yu (黄光裕）- A big fan of capital operation; Mr. Jim Chung Pui （詹忠培）- The king of shell in Hong Kong.uMain Company: China Eagle Group (Code 0493) (中国鹏润集团有限公司）； Ocean Town ,an offshore company incorporated in British Virgin Islands.uOpe

15、ration: 65% of GOME A A subsidiary of China Eagle China Eagle Changing name to GOME.HOW TO FINANCETwo ways of financing behavior:u Issued capitalu Bank LoanYear200620072008Issued capital (A)317,009343,764331,791Bank loan (B)729,330300,000170,000Total Asset21,176,22929,837,49327,495,493Percentage of

16、A1.4%1.1%1.2%Percentage of B3.4%1%0.6%Holding structureuMr. Wong Kwong Yu & Mrs.Du Juan 35.55%uBain Capital 22.26%uJP Morgan 10.24%uOthers 32%Holding structure22Bank LoanuTotal Amount (RMB000) uMain banks name: Industrial Bank (兴业银行） China CITIC Bank (中信银行） Standard Chartered Bank Agriculture Bank o

17、f China Bank of Shanghai Year200620072008Bank loan729,330300,000170,000Comparison of two waysAdvantageDisadvantageIssuing capitalLow financial riskHigh costNo burden of interest expensesDispersion of control rightLess limitations on financingBank LoanHigh elasticityHigh financial riskLow costRestric

18、tions on regulationConvenience & EfficiencyLimitations on facility lineEvaluation 200820072006Revenue (thousand)45,889,25742,478,52324,729,192Gross profit (thousand)4,508,0344,095,2472,359,747Net profit (thousand)1,098,6931,167,835942,624Income statementuthe sales and cost of sales both increase and

19、 the cost of sales account for the same amount of revenue in 2008 and 2007 as about 90%, which is a little higher than 2006.uthe distribution and selling expense has increased from 3,547,907 thousand to 4,487,131 thousand.uadministrative expense has raised 141,288 thousand.Income statement uPPE of c

20、ompany has increased from 3,144,458 to 3,719,829 thousand, the sales has a slow increase at only 8%. uROE of the company has dropped a lot, from 18.29% to 11.10%. Income statementuTherefore, although there is a higher revenue, the incurred e x p e n s e a l s o i n c r e a s e d a lot ,which cause a

21、 lowest net p r o f i t i n r e c e n t 3 t h r e e years .there is some problem with companys profitability.Balance sheetuthe inventory turnover ratio is 5.88,7.84 and 7.62 times in 2006,2007 and and inventory holding period is 62 ,49 and 48 days.uTrading creditors payment period has decreased ever

22、y year from 2006 to 2008 (21% from 2006 to 2007, 6% from 2007 to 2008). Cash flow statementuThe account receivable and prepaid expense has decreased 37%.u Total cash amount is 30.5 million which declined about 50%. u net cash generated by operating activities has increased from 126, 2,561 to 3,610 m

23、illion. Cash flow statementuFor Gome, sales and inventory has increased, but account receivable has decreased from 2007 to 2008.uIncreasing housing price has created higher rent expense.Cash flow statementuThe company is facing some cash The company is facing some cash problems. Because at the end of 2008, problems. Because at the end of 2008, 3,117 million cash outflow is instead of 3,117 million cash outflow is instead of 4,908 cash inflow in the previous year.4,908 cash inflow in the previous year. Disadvantagesua number of single stores