阿迪达斯财务分析.pptx

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1、AdidasGroup 10Content Introduction HorizontalVertical analysis Ratio Risk/Strategy analysissummaryIntroduction l On August 18, 1949 ，Adidas AG registeredl In August 2005, Adidas announced a $ 3.8 billion US dollar acquisition of rival Reebok l A German multinational corporation that designs and manu

2、factures sports shoes, clothing and accessories.l Adidas is the largest sportswear manufacturer in Europe and the second biggest in the world, after Nike.Horizontal analysisThis changes This changes suggested that the suggested that the company company decreased its decreased its assets base during

3、assets base during 2013 and financed 2013 and financed its assuming long-its assuming long-term debt rather term debt rather than retained than retained income .income .Overall, gross Overall, gross profit and net profit and net income were up. income were up. Gross profit Gross profit increased 0.5

4、2%, increased 0.52%, and net income, and net income, 50.76%. Adidass 50.76%. Adidass profit trend profit trend appears favorable.appears favorable.In the horizontal In the horizontal analysis of the analysis of the statement of statement of financial position financial position the ending the ending

5、 retained earnings retained earnings increased 11.34%. increased 11.34%. As indicated earlier, As indicated earlier, the company the company retained a retained a significant portion significant portion of net income.of net income.Vertical analysis Adidas is Adidas is choosing to choosing to keep ke

6、ep the scalethe scale through through retention of retention of earnings rather earnings rather than through than through issuing issuing additional debt.additional debt.Adidas appears Adidas appears to be a to be a profitable profitable enterprise that enterprise that is becoming is becoming even m

7、ore even more successful.successful.RatioAssets managementProfitability Long-term solvencyMarket valueAssets managementCurrent Ratio =20132012Current Ratio Current Ratio AdidasNike2013201220131.45：11.57:13.47:1We can know that it had We can know that it had low adequate current low adequate current

8、assets relative to its assets relative to its current liabilities.current liabilities.Acid-Test Ratio Acid-Test Ratio AdidasNike2013201220130.75：10.85:12.31:1The ratio had declined in The ratio had declined in 2013. When compared 2013. When compared with Nikes of 2.31:1, with Nikes of 2.31:1, Adidas

9、 acid-test ratio Adidas acid-test ratio seemed too low.seemed too low.Acid-Test Ratio =20132012Assets managementAssets managementAccounts Receivable Turnover=20132012=8.29 times=9.07 timesAccounts Receivable Accounts Receivable TurnoverTurnoverAdidasNike2013201220138.29 times9.07 times8.10 timesAlth

10、ough Adidas accounts Although Adidas accounts receivable turnover decreased in receivable turnover decreased in 2013, it was higher than Nikes. 2013, it was higher than Nikes. Relatively speakingRelatively speaking，it means it it means it has more net sales. has more net sales. Inventory TurnoverInv

11、entory TurnoverAdidasNike2013201220132.87times3.12 times4.29 timesGenerally, the larger the Generally, the larger the inventory turnover, the inventory turnover, the less time a company has less time a company has store inventory and the store inventory and the less the chance of less the chance of

12、inventory obsolescence.inventory obsolescence.Inventory Turnover=20132012Assets managementAdidas made a strategy that Adidas made a strategy that allowed retailers to place an order for 5 allowed retailers to place an order for 5 、6 6 months ahead of schedule to pre determine months ahead of schedul

13、e to pre determine the transport guarantee and guaranteed the transport guarantee and guaranteed 90%order will be transported to them at the 90%order will be transported to them at the time of determination .time of determination .This strategy can successfully reduced This strategy can successfully

14、 reduced inventory to a minimum, and amplify the inventory to a minimum, and amplify the inventory turnover.inventory turnover.RatioAssets managementProfitability Long-term solvencyMarket valueprofitability F = a b c ROE = Net profit margin total asset turnover equity multiplier Affect of a : (a1-a0

15、) 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 RatioAssets managementProfitability Long-term solvencyMarket valueMarket valueEarnings per ShareEarnings per Share= =Earnings per ShareEa

16、rnings per ShareAdidasNike2013201220134.013.782.75Adidas earning per Adidas earning per share had increased in share had increased in 2013 and is higher than 2013 and is higher than Nikes.Nikes.Net income preference dividendsNet income preference dividendsWeighted-Average ordinary shares outstandingWeighted-Average ordinary shares outstandingPrice-Earnings RatioPrice-Earnings RatioAdidasNike20132012201323.10 times17.81 times22.90 timesAdidas P-E ratio had Adidas P-E ratio had increased in 2013 a