阿迪达斯财务分析课件.ppt

Adidas,Group 10,Content,Introduction,HorizontalVertical analysis,Ratio,Risk/Strategy analysis,summary,Introduction,On August 18,1949，Adidas AG registered,InAugust2005,Adidasannounceda$3.8 billionUSdollaracquisitionofrivalReebok,A Germanmultinational corporationthat designs and manufactures sports shoes,clothing and accessories.,Adidas is the largestsportswear manufacturer in Europe and the second biggest in the world,afterNike.,Horizontal analysis,This changes suggested that the company decreased its assets base during 2013 and financed its assuming long-term debt rather than retained income.,Overall,gross profit and net income were up.Gross profit increased 0.52%,and net income,50.76%.Adidass profit trend appears favorable.,In the horizontal analysis of the statement of financial position the ending retained earnings increased 11.34%.As indicated earlier,the company retained a significant portion of net income.,Vertical analysis,Adidas is choosing to keep the scale through retention of earnings rather than through issuing additional debt.,Adidas appears to be a profitable enterprise that is becoming even more successful.,Ratio,Assets management,Profitability,Long-term solvency,Market value,Assets management,Current Ratio=,2013,2012,We can know that it had low adequate current assets relative to its current liabilities.,The ratio had declined in 2013.When compared with Nikes of 2.31:1,Adidas acid-test ratio seemed too low.,Acid-Test Ratio=,2013,2012,Assets management,Assets management,Accounts Receivable Turnover=,2013,2012,=8.29 times,=9.07 times,Although Adidas accounts receivable turnover decreased in 2013,it was higher than Nikes.Relatively speaking，it means it has more net sales.,Generally,the larger the inventory turnover,the less time a company has store inventory and the less the chance of inventory obsolescence.,Inventory Turnover=,2013,2012,Assets management,Adidas made a strategy that allowedretailerstoplace an orderfor 5、6 months ahead of schedule topre determine thetransportguarantee andguaranteed 90%order will be transported to them at the time of determination.,This strategycan successfullyreduced inventoryto a minimum,and amplify the inventory turnover.,Ratio,Assets management,Profitability,Long-term solvency,Market value,profitability,F=a b c ROE=Net profit margin total asset turnover equity multiplier,Affect of a:(a1-a0)b0 c0(5.45-3.52)1.30 2.16=5.42,Affect of b:a1(b1-b0)c0 5.45(1.25-1.30)2.16=-0.589,Affect of c:a1 b1(c1-c0)5.45 1.25(2.10-2.16)=-0.409,Ratio,Assets management,Profitability,Long-term solvency,Market value,Market value,Earnings per Share=,Adidas earning per share had increased in 2013 and is higher than Nikes.,Net income preference dividends,Weighted-Average ordinary shares outstanding,Adidas P-E ratio had increased in 2013 and is higher than Nikes too.So investors were more confident for future than those for Nike.,Price-Earnings Ratio=,2013,2012,Market value,Ratio,Assets management,Profitability,Long-term solvency,Market value,Long-term solvency,Debt to Total Assets Ratio=,2013,2012,Although Adidas debt to total assets ratio had declined in 2013,it was still higher than Nike.,There just Adidas times interest earned.It had decreased in 2013.,Times Interest Earned=,2013,2012,Long-term solvency,Risks analysis,Strategy analysis,Usingconservativemarketexpansion policy,Aim at high-end market(高端市场）,Change the Single sales channels,Summary,Adidas is a potential and profitable company.Improve the chain-value,lower the cost,Strengthen the products add-value.Enhance market share.,Its debt paying ability is poor.Optimize the capital and expenditure structure.,