阿迪达斯财务分析

AdidasGroup10阿迪达斯财务分析Content

Introduction

HorizontalVerticalanalysis

Ratio

Risk/Strategyanalysissummary阿迪达斯财务分析Introduction

OnAugust18,1949，AdidasAGregisteredIn

August

2005,

Adidas

announced

a

$

3.8

billion

US

dollar

acquisition

of

rival

ReebokAGerman

multinationalcorporation

thatdesignsandmanufacturessportsshoes,clothingandaccessories.Adidasisthelargest

sportswear

manufacturerinEuropeandthesecondbiggestintheworld,after

Nike.阿迪达斯财务分析HorizontalanalysisThischangessuggestedthatthecompanydecreaseditsassetsbaseduring2013andfinanceditsassuminglong-termdebtratherthanretainedincome.阿迪达斯财务分析Overall,grossprofitandnetincomewereup.Grossprofitincreased0.52%,andnetincome,50.76%.Adidas’sprofittrendappearsfavorable.阿迪达斯财务分析Inthehorizontalanalysisofthestatementoffinancialpositiontheendingretainedearningsincreased11.34%.Asindicatedearlier,thecompanyretainedasignificantportionofnetincome.阿迪达斯财务分析VerticalanalysisAdidasischoosingtokeepthescalethroughretentionofearningsratherthanthroughissuingadditionaldebt.阿迪达斯财务分析Adidasappearstobeaprofitableenterprisethatisbecomingevenmoresuccessful.阿迪达斯财务分析RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalue阿迪达斯财务分析AssetsmanagementCurrentRatio=20132012CurrentRatioAdidasNike2013201220131.45：11.57:13.47:1Wecanknowthatithadlowadequatecurrentassetsrelativetoitscurrentliabilities.阿迪达斯财务分析Acid-TestRatioAdidasNike2013201220130.75：10.85:12.31:1Theratiohaddeclinedin2013.WhencomparedwithNike’sof2.31:1,Adidas’acid-testratioseemedtoolow.Acid-TestRatio=20132012Assetsmanagement阿迪达斯财务分析AssetsmanagementAccountsReceivableTurnover=20132012=8.29times=9.07timesAccountsReceivableTurnoverAdidasNike2013201220138.29times9.07times8.10timesAlthoughAdidas’accountsreceivableturnoverdecreasedin2013,itwashigherthanNike’s.Relativelyspeaking，itmeansithasmorenetsales.阿迪达斯财务分析InventoryTurnoverAdidasNike2013201220132.87times3.12times4.29timesGenerally,thelargertheinventoryturnover,thelesstimeacompanyhasstoreinventoryandthelessthechanceofinventoryobsolescence.InventoryTurnover=20132012Assetsmanagement阿迪达斯财务分析Adidasmadeastrategythatallowed

retailers

to

placeanorder

for5

、6monthsaheadofscheduleto

predeterminethe

transport

guaranteeand

guaranteed90%orderwillbetransportedtothematthetimeofdetermination

.Thisstrategy

cansuccessfully

reducedinventory

toaminimum,

andamplifytheinventoryturnover.阿迪达斯财务分析RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalue阿迪达斯财务分析

profitability阿迪达斯财务分析F=a×b×c

ROE=Netprofitmargin×totalassetturnover×equitymultiplier

Affectofa:(a1-a0)×b0×c0

(5.45％-3.52％)×1.30×2.16=5.42％Affectofb:a1×(b1-b0)×c0

5.45％×(1.25-1.30)×2.16=-0.589％Affectofc:a1×b1×(c1-c0)

5.45％×1.25×(2.10-2.16)=-0.409％阿迪达斯财务分析RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalue阿迪达斯财务分析MarketvalueEarningsperShare=EarningsperShareAdidasNike2013201220134.013.782.75Adidas’earningpersharehadincreasedin2013andishigherthanNike’s.Netincome–preferencedividendsWeighted-Averageordinarysharesoutstanding阿迪达斯财务分析Price-EarningsRatioAdidasNike20132012201323.10times17.81times22.90timesAdidas’P-Eratiohadincreasedin2013andishigherthanNike’stoo.SoinvestorsweremoreconfidentforfuturethanthoseforNike.Price-EarningsRatio=20132012Marketvalue阿迪达斯财务分析RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalue阿迪达斯财务分析Long-termsolvencyDebttoTotalAssetsRatio=20132012DebttoTotalAssetsRatioAdidasNike20132012201352.75%54.59%36.56%AlthoughAdidas’debttototalassetsratiohaddeclinedin2013,itwasstillhigherthanNike.阿迪达斯财务分析TimesInterestEarnedAdidas2013201216.53times9.77timesTherejustAdidas’timesinterestearned.Ithaddecreasedin2013.TimesInterestEarned=20132012Long-termsolvency阿迪达斯财务分析RisksanalysisIfhekeepsthehighdebt，hisprofitwillbelowerthanbefore.Andmaybetheinvestorwillchooseanothercompany.AdidaswillmeetthedilemmaofdevelopmentHigherinterestearnedmeanslowerrisks.SoAdidasdoeswellinthisway.阿迪达斯财务分析StrategyanalysisUsing

conservative

market

expansionpolicyAimathigh-endmarket(高端市场）ChangetheSinglesaleschannels阿迪达斯财务分析Summary

Adidasisapotentia