Financial-Statement-Analysis-Paper-Example-(财务分析报告

FinancialStatementAnalysisPaperExample1:DellComputerDellInc.CurrentYearPriorYear3YearsAgo$Percent$Percent$PercentIncomeStatementRevenue61,494100.0%52,902100.0%61,101100.0%CostofGoodsSold49,12879.9%42,78980.9%49,37580.8%GrossProfit12,36620.1%10,11319.1%11,72619.2%R&D6611.1%6241.2%6631.1%SellingGeneral&Administrative7,30211.9%6,46512.2%7,10211.6%NonRecurring00.0%00.0%00.0%Others00.0%00.0%00.0%OperatingIncome4,4037.2%3,0245.7%3,9616.5%DepreciationExpense9701.6%8521.6%7691.3%OtherIncome/Expense1160.2%120.0%470.1%EBIT3,5495.8%2,1844.1%3,4175.6%InterestExpense1990.3%1600.3%930.2%TaxExpense7151.2%5911.1%8461.4%IncomefromContOperations2,6354.3%1,4332.7%2,4784.1%NetIncome2,6354.3%1,4332.7%2,4784.1%BalanceSheetCash13,91336.0%10,63531.6%8,35231.5%ShortTermInvestments4521.2%3731.1%7402.8%AccountsReceivable10,13626.3%8,54325.4%6,44324.3%Inventory1,3013.4%1,0513.1%8673.3%OtherCurrentAssets3,2198.3%3,64310.8%3,74914.1%TotalCurrentAssets29,02175.2%24,24572.0%20,15176.0%LongTermInvestments1,5033.9%1,1133.3%9543.6%PP&ENet1,9535.1%2,1816.5%2,2778.6%Goodwill4,36511.3%4,07412.1%1,7376.6%Intangibles1,4953.9%1,6945.0%7242.7%OtherAssets2620.7%3451.0%6572.5%TotalAssets38,599100.0%33,652100.0%26,500100.0%AccountsPayable15,47440.1%15,25745.3%12,04545.5%Short/CurrentL.T.Debt8512.2%6632.0%1130.4%OtherCurrentLiabilities3,1588.2%3,0409.0%2,70110.2%TotalCurrentLiabilities19,48350.5%18,96056.3%14,85956.1%LongTermDebt5,14613.3%3,41710.2%1,8987.2%OtherLiabilities6,20416.1%5,63416.7%5,47220.6%MinorityInterest00.0%00.0%00.0%TotalLiabilities30,83379.9%28,01183.2%22,22983.9%PreferredStock0000.0%CommonStock11,79711,47211,18942.2%AdditionalPaidInCapital0000.0%RetainedEarnings24,74422,11020,67778.0%TreasuryStock(-)-28,704-27,904-27,904-105.3%OtherEquity-71-373091.2%TotalStockholders'Equity7,76620.1%5,64116.8%4,27116.1%RATIOANALYSISGrowthRatiosSalesGrowth16.2%-13.4%-0.1%IncomeGrowth83.9%-42.2%-15.9%AssetGrowth14.7%27.0%-3.8%ActivityRatiosReceivableTurnover6.67.18.6InventoryTurnover41.844.648.2FixedAssetTurnover31.524.326.8ProfitRatiosProfitMargin4.3%2.7%4.1%ReturnonAssets7.3%4.8%9.2%ReturnonEquity39.3%28.9%61.9%LiquidityRatiosCurrentRatio1.491.281.36QuickRatio1.421.221.30SolvencyRatiosDebttoTotalAssets0.800.830.84TimesInterestEarned(Accrual)17.8313.6536.74IndustryMeasuresJan-11Jan-10Jan-09ProductRevenue$50,002.081.31%$43,69782.60%$52,33785.66%ServicesRevenue$11,492.018.69%$9,20517.40%$8,76414.34%TotalRevenue$61,494.0100.00%$52,902100.00%$61,101100.00%RevenuescomefromthesaleofDell’sproductsandservices.Revenuesincreasedacombined16%fromJanuary2010toJanuary2011primarilybecauseoftherecoveryintheeconomy.Thehealthoftheeconomyiscriticalforthecompanybecauseitsproductsarenotprimaryproducts;soduringarecession,peoplewillrathersavemoneyforfoodthanbuyacomputer.Thisexplainsthebigdeclineinrevenuesforthe2009fiscalyear(a13.4%dropcomparedtothepreviousyear).Theincreasein2010isalsoduetoachangeinbusinessstrategy.Dellisgrowingitsenterprisesolutionsandservicesbusinesswhichchangedtherevenuestreamofthecompany.Servicesrevenuehasweightedmoreontotalrevenuesyearafteryear.Itwentfrom14.3%ofrevenuesinJanuary2009to18.7%ofrevenuesinJanuary2011.Also,servicesrevenuehasbeenprofitablewitha25%growthin2010and5%growthin2009.(Part2,Item7,Form10-K,DellInc.,January2011)Costofgoodsandserviceshavebeenrelativelystableasapercentageofrevenueforthepastthreeyears.Otherexpensessuchassellingandadministrativeexpenses,R&Dexpenses,depreciationexpensesandmorehavealsobeenrelativelyconstantinthelastthreeyears.However,thecompanydidhavehighercostsonadollarbasis.ThisincreaseinamortizationofintangibleassetsandothercostisduetotheincreaseinintangibleassetsfromthePerotSystemsinFiscal2010.Also,thecompanyhadamigrationtocontractmanufacturersandclosuresofcertainmanufacturingfacilitiesthatcausedanincreaseinseveranceandfacilityactioncosts.Evenwithallthesevalueincreases,thecompanyhasdoneagoodjobkeepingtheircostsstableasapercentageofrevenues.Delliswellmanagedandknowshowtocontroltheircosts.Thecompanyisontopofeverydetailandtherearenosurprisecoststoharmthecompany.(Part2,Item7,Form10-K,DellInc.2011)Thenetincomeperformanceofthecompanyhasbeenexcellentforfiscal2011withan84%increasefromthepreviousyear.Thisbigincreaseinnetincomeresultedina1.6%growthinprofitmarginanda2.5%growthinROA(returnonasset).Higherrevenuesandgoodcostcontrolareresponsibleforthesegrowths.Anotherreasonforthegrowthinnetincomeisthechangeinthebusinessoperationofthecompany.Itsserviceoperationsareexpandingandhavealowercostthanmanufacturingtheproducts.Fiscal2010hadadecreaseinnetincomeof42.2%mainlyduetothedropinrevenueandtheacquisitionofPerotSystems.Dellisplanningtokeepexpandingspeciallyontheservicesaspectoftheirbusiness,whichwillhelpthecompanyonthelongrun.(Part2,Item7,Form10-K,DellInc.2011)Currentassetsaccountsincreased$4,776billionfromthepreviousyear,fromrepresenting72%oftotalassetsinfiscal2010to75.2%infiscal2011(a3.2%growth).Thecashandcashequivalentaccountismostlyresponsibleforthischangeastheaccountrosebymorethan$3billionor4.4%oftotalassets.Thecompanyrecognizesallhig