宝洁vs联合利华财务报表对比分析英文版资料

P&GUnilever宝洁公司VS联合利华UnileverCompany

BriefIntroductionUnilever

Company

in

1930

by

the

Dutch

margarine

company

merger

with

the

British

company

Lever

Brothers

soap

is

made.

Unilever's

ice

cream,

frozen

food,

tea

drinks,

condiments,

margarine

and

edible

oil

production

in

the

world

first.

Unilever

is

the

world's

second

largest

detergent,

cleansing

products,

and

hair

care

product

manufacturer.

Every

day,

there

are

160

million

consumers

use

Unilever

products.

They

take

pride

in,

their

slogan

to

reflect

this:

"home,

there

Unilever."

UnileverCompany

BriefIntroduction

Unilever

owns

the

brand:Lipton

Kellogg

Dove

OMO

Wall's

andsoon.Unilever

has

317

production

bases

in

six

continentsPursuit

of

safety

and

high

efficiency

and

high

quality

and

environmental

protectionUnilever

has

a

research

and

development

center

in

several

countries.Unilever's

distribution

channelsP&GCo.BriefintroductionP&Gwasbornin1837,itsfullnameistheProcterandGamblecompany.Referredtobythecompany'stwofounders,WilliamProcterWalcottandJamesGamblechoosetheirsurnamesinthefirstletters.AtfirstitwasjustthatthecityofCincinnati,Ohio,oneofthe18forcandleandsoapmanufacturer,afterwhichupto160yearsintime,thisconservativestyle,butconstantlyinnovativeFinallythecompanybecometheworld'slargestmanufacturerinwashingandskincarehealthcareproducts,andsuccessfullycreatedadayoftheconsumergoodsindustry,P&GEmpire.

P&GCo.Briefintroduction

Procter&Gamblehasbecometheworld'stopcommodityconsumergoodsmanufacturersanddistributorsintheUnitedStates,itsemployeesmorethan100,000allovertheworld.2001-2002fiscalyear,thecompany'sannualconsumptionamountedto40.2billionUSdollars.Inthe"Fortune"magazineselectedthe500mostrecentworld'slargestindustrial/servicecompanies,rankedNo.93,rankedthenation's35andwasnamedtheindustry'smostrespectedcompanies.Procter&Gamble,inmorethan80countriesaroundtheworldwithfactoriesandoffices,operatedbymorethan300brandsofproductssoldinmorethan160countriesandregions,includingshampoo,haircare,skincareproducts,cosmetics,babycareproducts,femininehygieneproducts,pharmaceuticals,food,beverages,textiles,furniture,personalcareandcleaningproducts.

FabricCareandHomeCaresegment

Health&Well-Being

HealthCare

Snacks,CoffeeandPetCareBeautyCare

Beautysegment

Groomingsegment

HouseholdCare

BabyCareandFamilyCaresegment

FiveForcesAnalysisofUnilever

Potentialnewentrants-High

Fast-movingconsumergoodsindustry:

a)highfrequenciesb)short-term

usec)veryconvenientd)Easytobeperceivedandjudgedby

consumerThesefeaturesprovidethecertainbreakthrough,aslongasmarketingsuccessfullyandenteringthemarketquickly,newentrantscan

carveupacertainmarketshare.Threatofsubstituteproduct-HighWashing

productshavealternativesandcustomershavemanychoices.Inaddition,somecustomersaresensitivetoproductpriceandtheylackof

brandloyalty.Oncethecompetitorsimplementmarketingstrategies,itislikelytogiveuptheinitialselection.Eg:inanti-dandruffshampoomarket,

Unileverhas“CLEAR〞,whileP&Ghas“head&shoulders〞inPersonalCareproductmarket,Unileverhas

dove,Lux,whileP&GhasSafeguard、Tide.Suppliersbargainingpower-Low

a)Sometimes,powerfulsuppliersarethreatsforcompanies.b)Supplychainsaremadeupoftheupstreamrawmaterialssuppliers，downstreamofthesalescompanies,andconsumers.c)rawmaterialspriceincrease,thecostwillincreaseforUnilever.d)somerawmaterialsaremonopolizedbyafewsuppliers.Thatis,suppliersconcentrationishigherthantheconcentrationofthebuyer.ThereforeUnileverhastoshareprofitswithsuppliers.Thebuyer'sbargainingpower-Medium

Thekeyfactorsofthesupplierbargainingpower:(1)Thesupplierindustryconcentration,(2)sizeoftradingvolume,(3)Thedegreeofproductdifferentiation,(4)Thesizeofthetransformationthesuppliercost,Priortothepossibilityofintegration,(5)Thedegreeofinformationcontrol.

a)thecusumers

wanttobuyindustrialproductsaffordable,andcost-effective.Theybenefitfromtheexistingenterprisecompetitionbetweenindustries.Asaresult,theyalwaysholddownprices,improveproductqualityandservicelevel.

b)Substituteproductsarenumerousandthedifferencesbetweeneachotherissmall,therangeofconsumerchoiceisbigger,sothere'sbargainingpower.Thecompetitionbetweenexistingcompetitors-High

UnileverisaveryfamousFMCGcompanies,Unilever'sfiercestrivalintheinternationalcommoditymarketisP&G.P&GandUnileverarehasmanykindsoffamousbrandproducts,andtheyhavetheirrespectiveproductinnovationtactics:P&Gtoconstantlydevelopnewproducts,andconstantlyoptimizedcombinationproductlines,Unileveristoexcavatethepotentialmarket,meetthedemandoflocalconsumers.the2004BusinessWeekrankingsintheworld,P&Gworth$139.335billion,Intheworldranking17th,Unileverin54thintheglobalrankinglist,valuedat$65.3billion.InthecompetitionwithP&G,Unileverisinarelativelydisadvantageousposition.InChina'shouseholdandpersonalcareproductsmarket,Unileverisalsoinarelativelydisadvantageousposition.FiveForcesAnalysisofP&G

Threatofentry----High

TheinvolvementofforeigncapitalExperienceddealersestablishtheirownbrandInternalstaffwanttohavetheirownbrandPartofthetechnicalinventionandpatentholdersliketoformtheirownfactoryBuyerpower----MediunPurchaserswanttousehighqualityproductwiththelowpricethroughbargainingpricedown.Competitors-----High

JohnsonJahwaLongliqiAndsoonThreatofsubsititutions-----HighP&Gbrand：Head&Shoulders、Rejoice、Sassoon、Pantene、Clairol……AlternativesBrand：Shulei、Sunsilk、Fengying、HOUDY、LAF……Supplypower-----Low

Establishlong-termcooperativerelationshipwithsuppliersSelecttheappropriatescalesuppliersDeepencooperationwithsuppliers

Unileverindexanalysis

BalancesheetofUnilever(2021)BalancesheetofUnilever(2021)BalancesheetofUnilever(2021-2021)BalancesheetofUnilever(2021)CashFlowStatement(2021-2021)Incomestatement(2021-2021)Statementofshareholder'sequity(2021-2021)

1Short-termliquidityanalysis-Unilever2021:currentratio=12147/15815=0.7681times2021:currentratio=12122/17382=0.6974times2021:currentratio=12347/19642=0.6286timesFrom2021to2021,allcurrentratiosoflessthan1wouldmeanthatnetworkingcapitalwasnegative.Everyyear,thecurrentratioslightlylowerthanlastyear.Thecompanyincreasedinshort-termdebt,soincreasedthecurrentliabilities.1Short-termliquidityanalysis-Unilever2021:quickratio=(12147-4436)/15815=0.48762021:quickratio=(12122-3937)/17382=0.47092021:quickratio=(12347-4168)/19642=0.4164From2021to2021,theshort-termsolvencyofcompanywasweakened.Thequickratiowaslowerthanthepreviousyear.Themajorfactorswerethattheinventoriesslightlyincreasedandraisedthecurrentliabilities.

1Short-termliquidityanalysis-Unilever

2021:cashratio=2465/15815=0.15592021:cashratio=2285/17382=0.13152021:cashratio=2151/19642=0.1095From2021to2021,theabilityofcompanytorepaytheshort-termdebtwithcashwasdescended.Becausethereductionofcashassets,andslowerthanthechangingrateofcurrentliabilities.2Long-termfinancialleverageanayles-UnileverTotaldebtratioin2021=33764/48027=0.7030Totaldebtratioin2021=30698/45513=0.6745Totaldebtratioin2021=30240/46189=0.6547From2021to2021,totaldebtratiowererising.Thehigherthisratiois,themoreenterpriseriskUnileverhadtoface.3.turnoverratiosanaylsis-UnileverInventoryturnoverin2021：28387/4168=6.8107timesInventoryturnoverin2021：29065/3937=7.3825timesInventoryturnoverin2021：30530/4436=6.8823timesUnilever'sinventoryturnoverin2021droppedtothelowestinthreeyears.ItmeansthatUnileverweremanaginginventorylessefficiently.3.Assetturnoverratiosanaylsis-UnileverTotalassetturnoverin2021：48436/48027=1.0085Totalassetturnoverin2021：49797/45513=1.0941Totalassetturnoverin2021：51324/46189=1.1112From2021to2021,alltotalassetturnoversweremorethan1,whichmeansthesenewassetscouldbelessproductiveandefficientthanthoseusedbyUnilever'scompetitorslikeP&G.4.ProfitabilityAnalysis-Unilever2021:ROA=4836/46189=0.10472021:ROA=5263/45513=0.11562021:ROA=5515/48027=0.1148ROAisameasureofprofitperdollarofasstes.Fromabove,theROAin12yearwas10.47%whichislessthanin13yearwhichROAis11.56%.Butin14year,theROAislessthanthatin13year.Thisshowsthatthecompany'sprofitabilityweakened.5.GrowthAnalysis-Unilever2021-2021:Operatingincomegrowthratio=(7517-6977)/6977=0.07742021-2021:Operatingincomegrowthratio=(7980-7517)/7517=0.0616During2021-13year,theoperatingincomehadincreased￡540million.During2021-2021year,theoperatingincomehadincreased￡463million.Withthedevelopmentofthecompany,wecanseetheoperatingincomehaddecreased.5.GrowthAnalysis-Unilever2021-2021:Netincomegrowthratio=(5263-4836)/4836=0.08832021-2021:Netincomegrowthratio=(5515-5263)/5263=0.0530During2021-2021yearthenetincomehadincreased￡427million.During2021-2021year,thenetincomehadincreased￡252million.Withthedevelopmentofthecompany,wecanseethenetincomehaddecreased.P&GindexanalysisBalancesheetofP&G(2021-2021)

BalancesheetofP&G(2021-2021)

CashflowofP&G(2021-2021)

Statementofshareholder'sequity(2021-2021)

Incomestatement(2021-2021)

1.Short-termliquidityanalysis-P&G

2021:currentratio=21910/24907=0.8800times2021:currentratio=23990/30037=0.7987times2021:currentratio=31617/33726=0.9375timesFrom2021to2021year,allcurrentratioswerelessthan1,whichmeansthatP&G'sabilitytopayitsbillsovertheshortrunismedium.Ingeneral,P&Goperatessteadily.1.Short-termliquidityanalysis-P&G2021:quickratio=(21910-6721)/24907=0.6098times2021:quickratio=(23990-6909)/30037=0.5687times2021:quickratio=(31617-6759)/33726=0.7371timesComparedto2021year,quickratiofell4%in2021andIncrease10%in2021respectively.Thiskindofchangewascausedbychangesininventoryandcurrentliabilities1.Short-termliquidityanalysis-P&G

2021:cashratio=4436/24907=0.1781times2021:cashratio=5947/30037=0.1980times2021:cashratio=8558/33726=0.2538timesNormally,20%cashratioispreferred.Obviously,cashratioincreasedyearbyyear,whichcausedbyincreasedcashandcashequivalent.SoP&GIncreasedcashsolvencyfrom2021to2021.2.Long-termfinancialleverageanayles-P&G

Totaldebtratioin2021=74290/144266=0.5150timesTotaldebtratioin2021=70554/139263=0.5066timesTotaldebtratioin2021=68209/132244=0.5158times

a)foroperator:debtshelpexpandProductionScale→preferhighdebtratiob)creditors:Theywanttogetrepaymentsandreceivetheinterests→preferlowdebtratioP&Ghasabout$0.51indebtforevery$1inassetsandit'seasytofindthatP&Gcapitalstructuresweresteadyandproper.3.Assetturnoverratiosanaylsis-P&G

Inventoryturnoverin2021=42460/6759=6.2820timesInventoryturnoverin2021=41391/6909=6.2514timesInventoryturnoverin2021=41411/6721=6.1614timesFrom2021to2021,thevalueofinventoryturnoverwererising.Thehigherthisratiois,themoreefficientlyP&Gismanaginginventory.3.Assetturnoverratiosanaylsis-P>otalassetturnoverin2021=83062/144266=0.5758Totalassetturnoverin2021=82581/139263=0.5929Totalassetturnoverin2021=82006/132244=0.6201From2021to2021,thevalueofthetotalassetturnoverwereDeclining.Itcanbeinterpretedasthelessdollarinvestmentinassetsneededtogenerate$1insales.4.Profitabilityanalysis-P&G

2021:ROA=10904/132244=0.08252021:ROA=11402/139263=0.08192021:ROA=11785/144266=0.0817ROAisstablealong0.08,meansP&Gprofitableisstable5.Growthrateanalysis-P&G2021-2021:Operatingincomeratio=(82581-82006)/82006=0.00702021-2021:Operatingincomeratio=(83067-82581)/82581=0.0058During2021-2021year,theoperatingincomehadincreased￡575million.During2021-2021year,theoperatingincomehadincreased￡486million.Withthedevelopmentofthecompany,wecanseetheoperatingincomehaddecreased.5.Growthrateanalysis-P&G

2021-2021:Netincomegrowthratio=(11402-10904)/10904=0.04572021-2021:Netincomegrowthratio=(11785-11402)/11402=0.0336During2021-2021year,thenetincomehadincreased￡498million.During2021-2021year,thenetincomehadincreased￡383million.Withthedevelopmentofthecompany,wecanseethenetincomehaddecreased.Forecast-UnileverLong-termfinancialleverageforecast-UnileverFrom2021to2021,totaldebtratiowererising.Thatmeansin2021to2021,duringthisperiod,totaldebtratiowilllikelycontinuetoriseinUnilever.Unilevermayhavetofacemoreenterpriseriskinthefuture.Assetturnoverratiosforecast-Unilever

Unilever'sinventoryturnoverin2021droppedtothelowestinthreeyears.Inthenextfewyears,unilever'sinventoryturnoverorfallingormaintainatalowerlevel.Assetturnoverratiosforecast-Unilever

From2021to2021,alltotalassetturnoversweremorethan1.Inthenextfewyears,unilever'stotalassetturnoverwillremainataround1.Unileverwilluseitsassetstogeneratesalesinefficientlyinthenextfewyears.ROAforecast-Unilever12year13year14yearROA0.10470.11560.1148Totalassets461894551348027Netincome483656235515ROAin12yearwaslessthanin13year.Butin14year,theROAisalittlelessthanthatin13year.Andthenetincomewasalsoincreasingsubstantially,butthenetincomein14yearisalittlelessthanthatin13year.Thisshowsthatthecompany'sprofitabilityisalittleweakenedinthefuture.Operatingincomeratioforecast-Unilever12year--13year--14yearOperatingincomeratio0.07740.0616Operatingincome697775177980Withthedevelopmentofthecompany,wecouldseetheoperatingincomeratio

haddecreased.ButfromtheF/S,theoperatingincomehadincreased.ThoseshowthattheabilityofUnilever'soperatingincomewasweakenedinthefuture.Netincomegrowthratioforecast-Unilever12year--13year--14yearNetincomegrowthratio0.08830.0530Netincome483652635515Withthedevelopmentofthecompany,wecanseethenetincomegrowthratio

haddecreased.ButfromtheF/S,thenetincomehadincreasedyearbyyear.ThoseshowthattheabilityofUnilever'snetincomewasweakenedinthefuture.Currentratioforecast-UnileverFuture:thecurrentassetsdecreasedandcurrentliabilitiesincreasedin2021to2021,causedthecurrentratiowasconstantlydeclined.Aremainedreductionofthecurrentratioisexpectedtooccurinthecomingyears.Quickratioforecast-UnileverFuture:Inthenextfewyears,thequickratiowillalsodecrease.Althoughtheinventorieswasdeclinedin2021to2021,butthecurrentliabilitieswasconstantlyincreased.Cashratioforecast-UnileverFuture:thecashratiowilldescendinthefuture.Becausethecashwasdecreasedandthecurrentliabilitieswasincreasedin2021to2021.Intheshortrun,thereductionofthisratiowillnothaveabigchange.Forecast-P&GLong-termfinancialleverageforecast-P&GP&Ghasabout$0.51indebtforevery$1inassetsandit'seasytofindthatP&Gcapitalstructuresweresteadyandproper.Itmeansthatfrom2021to2021duringthisperiod,P&Gcompany'sinventoryturnoverwillremainataround0.51.P&Gcapitalstructuresweresteadyandproperinthenextfewyears.Assetturnoverratiosforecast-P&G

From2021to2021,thevalueofthetotalassetturnoverwereDeclining.Thatmeansin2021to2021,duringthisperiod,inventoryturnoverwilllikelycontinuetorise.P&Gwilluseitsassetstogeneratesalesmoreefficiently.Assetturnoverratiosforecast-P&G

From2021to2021,thevalueofthetotalassetturnoverwereDeclining.Thatmeansin2021to2021,duringthisperiod,totalassetturnoverwilllikelycontinuetofall.P&Gwilluseitsassetstogeneratesalesmoreefficiently.ROAforecast-P&G12year13year14yearROA0.08250.08190.0817Totalassets132244139263144266Netincome109041140211785ROAisstable.AndtheassetsfromtheF/Swasincreasingyearbyyear.Andthenetincomewasalsoincreasing,buttheincreasinginnetincomewaslessthanthatintotalassets.SoROAinP&Gwasdecreasingyearbyyearinthefuture.Operatingincomeratioforecast-P&G12year--13year--14yearOperatingincomeratio0.00700.0058Operatingincome820068258183062Withthedevelopmentofthecompany,wecouldseetheoperatingincomeratio

haddecreased.ButfromtheF/S,theoperatingincomeh