海尔vs西门子财务报表分析报告英

1、The Financial Data AnalysisHaier VS SiemensCONTENTS1. Preface2. Company Introduction 3. Overview of the annual report 4. The business environment 5. The auditors 6. Analysis of the companies financial statements 1) Assets and liabilities comparison analysis 2) Debt-repaying ability analysis 3) Opera

2、ting capacity analysis 4) Profitability analysis 5) Return on investment 6) Growth 7) Cash flow Cash solvency Cash earning from sales Cash earning from investment 7. Coda 8. ReferencesThe Financial Data Analysis1. OutlineSince the operating environments for economic entities are dynamic, accounting

3、must also stay current with changing environments. Only then can it possibly retain its relevance and reliability for economic decision-making. International accounting is in direct response to the globalization phenomenon. In order to better understand international accounting, our group chose two

4、companies-Siemens & Haier. We compare and analysis the annual financial reports.2. Company Introduction1) Siemens: Siemens Company is created by Nashville Von Siemens in 1847 and it headquarters in Munich, Germany. Siemens Company has been 160 years. It is currently one of the worlds largest electri

5、c companies, and in Europe, ranking second. In 190 countries it set up enterprises, and its employees are about 44 million. Siemens has more than 900,000 shareholders, and is the worlds largest one of the listed companies. From March 2001, Siemens shares on the New York stock exchange (NYSE) listed

6、for trading. Siemens global business operation respectively by 13 business groups is responsible, including Siemens financial service Co., LTD and Siemens real estate assets management group. Its main business scope：Information & communications, automation & control, power, transportation, medical s

7、ystem & lighting and so on. We can go to to learn more about Siemens Company.2) Haier Company:As we all know, Haier Company headquarters in Qingdao of our country. Haier is the leading brand of white goods globally and the most valuable brand in China. With its 29 manufacturing plants, 8 comprehensi

8、ve R&D centers, 19 overseas trading companies across the world and more than 60,000 global employees, Haier has involved into a giant multinational corporation.As of this year, Haier as established 61 trading companies (19 outside of China), 8 design centers (5 outside of China), 29 manufacturing fa

9、cilities (24 outside of China) and 16 industrial parks (4 outside of China). In addition, the company maintains 58,800 sales outlets in over 160 countries. Haier is achieving its goal of building a global brand using the Three-in-One localization strategy. Haier employs more than 50,000 people aroun

10、d the world, and has created 10,000 jobs outside of the PRC. We can go to to learn more about Haier Company.3. Overview of the annual reportTypically, we can find six different sections in the annual reports: 1) Financial Highlights; 2) Company and Products; 3) Management Discussion and Analysis; 4)

11、 Financial Statements and Footnotes; 5) Statement of Management Responsibility and the Report of the Independent Accountants; 6) Basic Company Facts. And there are some obvious substantial deviations in our companies annual report from the six sections. The two companies have some same kinds of prod

12、ucts but they have more different kinds, and their coverage of the products is also obviously different. The different industry environment and the different governments policy make different management discussions. And so on. .From table 1, we can know that Haier is well-established nearly three ye

13、ars. And Siemens is not as well as Haier on the basic of the data.4. The business environmentThe business environment in which the company is operating is important. And the business environment entails economic, legal and socio-political factors. Understanding how these factors influence the compan

14、ys operations and business strategy will enable us to have a richer basis for interpreting its financial picture.Haiers development conforms the macro economic reform and development, has held the advantageous development opportunity, 1993, for the rapid development of market successfully solved the

15、 sorrow, raising capital before China enters the WTO, will strategic shifting to international market; Secondly, Haier is located in the rapid economic development, has a profound traditional culture, especially in the Shandong province is located in the famous enterprise known breeds of Qingdao cit

16、y, convenient transportation, besides the Haier group, there are Qingdao Hisense, Qingdao binaries, AoKeMa, Qingdao beer, domestic famous enterprises. Visible, Qingdao in various aspects have to let the rapid development of enterprise excellent environment. Therefore, in the external environment, Ha

17、ier has the advantage of sharing. And Haier group have been proposed from a manufacturing into service slogan. “Haier service” is neither pure service, also is not merely products, but service and products of integration. Haier group in Los Angeles, Amsterdam, Tokyo, Lyon, Montreal and silicon valle

18、y established overseas design division, help headquarters specially developed for locals consumption of electrical appliances product, Haier has batch production suitable for Europe, America, Asia different consumer needs different function of electrical appliances product, thus rapidly improve the

19、competitiveness of the enterprises. With Chinas household electrical appliance enterprise continuously rise, technical improvement, Haier must constantly improve science and technology innovation level, and improve their advantage. Also should towards multi-industry development direction, in order t

20、o improve their competitiveness. Facing Haiers informatization, domestic peers about is watching haier external informatization lively, while tightening their internal informatization, this is Haier faced the threat. Along with the development of Haier, Haier began by domestic began to international

21、 consequences of march, so many is make overseas enterprises such as SONY, Panasonic, Samsung, LG, Siemens, and so on became Haier rivals. Make it develop international market by some obstacles.Siemens, as a transnational enterprise, has its own advantages but also face the similar threats.5. The au

22、ditorsIn our capital markets, public accounting firms perform an important audit (attest) function to provide confidence in the integrity of those statements. We read the companies audit report to learn more about what is happening in the public accounting profession.For example with the 2009 audit

23、reports of the two companies, we can understand the importance of the audit for accounting work. . Through the audit work, can restrict economic activities in various negative factors can improve the economic management level and economic benefit, and to promote the social and economic order of heal

24、thy.6. Analysis of the companies financial statements1) Assets and liabilities comparison analysis comparison of structure percentageHaier(￥:Yuan)Siemens(in millions of )200920082007200920082007Total assets17,497,152,530.38 12,230,597,777.64 11,188,965,146.13 94,926 94,463 91,555 Percentage (%)100%1

25、00%100%100%100%100%Total liabilities8,698,036,544.26 4,444,539,269.25 4,043,222,732.27 37,005 42,451 43,894 Percentage (%)49.71%36.34%36.14%38.98%44.94%47.94% Total equity8,752,239,042.94 7,701,057,740.24 7,056,129,118.08 27,287 27,380 29,627 Percentage (%)50.02%62.97%63.06%28.75%28.98%32.36%We can

26、see that Haiers debt structure is rising year by year, as Siemens is dropping. But they all keep in a certain range. And the range is reasonable. The companies use the financial leverage effectively and also avoid the risks because of lots of liabilities.2) Debt-repaying ability analysisHaier(￥:Yuan

27、)200720082009Current assets7,790,863,868.227,863,333,591.8412,895,061,310.84Current liabilities4,043,222,732.27 4,444,539,269.25 8,698,036,544.26 Current ratio1.93 1.77 1.48 Siemens(in millions of )200720082009Current assets47,932 43,242 44,129 Current liabilities43,894 42,451 37,005 Current ratio1.

28、09 1.02 1.19 The calculation shows that in Haier Company every 1 Yuan current liabilities have 1.93 Yuan liquidity support in 2007. But the next two years the index drops. This shows Haiers debt security level has decreased. The index of Siemens is going up, its debt security level is improved.3) Op

29、erating capacity analysisHaierSiemens2008200920082009total assets turnover2.52 2.05 0.83 0.81 inventory turnover34.04 23.88 4.10 3.91 Total asset turnover reflects enterprise asset to create sales revenue ability. The two companies total assets turnover decreases in a small range. And Haiers sales r

30、evenue ability is better than Siemens from the data. However, two of them have good asset management efficiency.From the data, Haiers index of inventory turnover is a little high. Compared with 2008, the index in 2009 has decreased. Anyway, the inventory liquidation ability of Haier is strong; the l

31、evel to take fund is low. And Siemens is not as good as Haier, but its ability is more stable.4) Profitability analysisHaier(￥:Yuan)Siemens(in millions of )200720082009200720082009cost of goods sold ratio0.74 0.77 0.81 0.67 0.73 0.77 operating income ratio0.05 0.04 0.03 0.27 0.27 0.29 net profit rat

32、io0.04 0.03 0.03 0.03 0.08 0.06 The two companies cost of goods sold ratio is low. This shows two of them have a high level on cost control. And the operating income ratio of them keeps a stable level. Sales net interest rate per unit reflects the enterprise sales income gained in the amount of the

33、net. Siemens net profit ratio has a modest increase, while Haier stay the same on the whole. All above indicate both of them keep a stable profitability through the daily business activities.5) Return on investmentHaierSiemens2008200920082009return on total assets(ROA)9.71%5.92%22.62%22.05%return on

34、 equity(ROE)13.26%9.17%20.65%14.77%ROA is an important kind of financial indicators. The index embodies the relationship between the assets using efficiency and the fund application effect. ROA of Haier decreases by 3.79% in 2009 compared with 2008.This indicates that Haiers ability of return on inv

35、estment decreases. So the company should pay attentions. And Siemens ROA just decreases by 0.57%. It doesnt matter and just keep this level.ROE, an index that based on the owners equity, assesses the companys enterprise profitability and investment reward ability. Though ROE of the two companies dec

36、reased in 2009, they are still in the front row.6) GrowthHaierSiemens2008200920082009net assets growth ratio0.09 0.14 (0.076)(0.003)sales growth ratio0.03 0.08 0.067 (0.009)total assets growth ratio0.09 0.43 0.032 0.005 The net assets growth ratio reflects the capital accumulation of a company. It i

37、s a symbol to show a companys strong, and it is the source of a companys expanded reproduction. Haiers net assets growth ratio is a little low. Haier has the ability to improve its capital preservation sex. The index of Siemens is negative. It shows owners equity is damaged.Sales growth ratio of the

38、 two companies is almost equal to zero and even less than zero. They should pay more attention to product sales.Assets are the resource of earning revenues and the security of debt repayment. The total assets growth ratio of Haier and Siemens is almost equal to zero. This indicates both of them have

39、 adopted conservative development strategies. 7) Cash flowCash solvency:Haier(￥:Yuan)Siemens(in millions of )200720082009200720082009cash flow to current debt ratio31.63 29.65 53.19 22.38 21.86 18.13 This table shows Haier and Siemens have a flush liquidity. Cash earning from sales:Haier(￥:Yuan)Siem

40、ens(in millions of )200720082009200720082009cash flow to net sales ratio4.34 4.33 14.03 13.56 12.00 8.75 cash flow to net profit ratio169.55 134.63 336.55 243.24 157.68 268.68 cash flow to operating profit ratio73.49 115.87 525.64 47.43 44.10 32.14 The cash flow to net sales ratio of Haier is increa

41、sing year by year. Its ability of cash earning from sales is improving. But Siemens is decreasing. Siemens should pay attention.According to the cash flow to net profit ratio, Haier and Siemens, on the basis of net profit achieved, their ability to achieve the net cash flow from operating activities is high.The cash flow to operating profit ratio reflects the ability of a company to achieve the net cash flow from operating activities on the basis of net profit achieved. Both of them hav