阿迪达斯财务分析

AdidasGroup10ContentIntroductionHorizontalVerticalanalysisRatioRisk/StrategyanalysissummaryIntroductionOnAugust18,1949，AdidasAGregisteredInAugust2005,Adidasannounceda$3.8billionUSdollaracquisitionofrivalReebokAGermanmultinationalcorporationthatdesignsandmanufacturessportsshoes,clothingandaccessories.AdidasisthelargestsportswearmanufacturerinEuropeandthesecondbiggestintheworld,afterNike.HorizontalanalysisThischangessuggestedthatthecompanydecreaseditsassetsbaseduring2013andfinanceditsassuminglong-termdebtratherthanretainedincome.AdidasCondensedstatementsofFinancialpositionDecember31（€inmillions）20132012AmountPercentAssetsCurrentassets6,8576,877(20)(0.29%)Non-currentassets4,7424,774(32)(0.67%)Totalassets11,59911,651(52)(0.45%)EquitySharecapital20920900.00%Retainedearnings4,9594,45450511.34%Reserves321641(320)(49.92%)Non-controllinginterests(8)(13)538.46%Totalequity5,4815,2911903.59%LiabilitiesCurrentliabilities4,7324,3743588.18%Non-currentliabilities1,3861,986(600)(30.81%)Totalliabilities6,1186,360(242)(3.81%)Totalequityandliabilities11,59911,651(52)(0.45%)Overall,grossprofitandnetincomewereup.Grossprofitincreased0.52%,andnetincome,50.76%.Adidas’sprofittrendappearsfavorable.AdidasCondensedincomestatementsFortheyearsendedDecember31（€inmillions）Increaseordecreaseduring201320132012AmountPercentNetsales1449214883(391)(2.63%)Costofsales73527780(428)(5.50%)Grossprofit71407103370.52%Sellingandadministrativeexpenses61336150(17)(0.27%)Incomefromoperation1007953545.67%OtherincomeandexpensesRoyaltyandcommissionincome104105(1)(0.95%)Otheroperatingincome1431271612.60%Financialincome2636(10)(27.78%)Goodwillimpairmentlosses52265(213)(80.38%)Financialexpenses94105(11)(10.48%)Incomebeforeincometaxes113485128333.25%Incometaxexpense344327175.20%Netincome79052426650.76%Inthehorizontalanalysisofthestatementoffinancialpositiontheendingretainedearningsincreased11.34%.Asindicatedearlier,thecompanyretainedasignificantportionofnetincome.AdidasRetainedearningsstatementsFortheyearsendedDecember31（€inmillions）Increaseordecreaseduring201320132012AmountPercentRetainedearnings，Jan.1445441373177.66%Add:Netincome79052426650.76%52444661583Deduct:Dividends2852077837.68%Retainedearnings，Dec.314959445450511.34%VerticalanalysisAdidasischoosingtokeepthescalethroughretentionofearningsratherthanthroughissuingadditionaldebt.AdidasCondensedstatementsofFinancialpositionDecember31（€inmillions）20132012AmountPercentAmountPercentAssetsCurrentassets6,85759.12%6,87759.02%Non-currentassets4,74240.88%4,77440.98%Totalassets11,599100.00%11,651100.00%EquitySharecapital2091.80%2091.79%Retainedearnings4,95942.75%4,45438.23%Reserves3212.77%6415.50%Non-controllinginterests(8)(0.07%)(13)(0.11%)Totalequity5,48147.25%5,29145.41%LiabilitiesCurrentliabilities4,73240.80%4,37437.54%Non-currentliabilities1,38611.95%1,98617.05%Totalliabilities6,11852.75%6,36054.59%Totalequityandliabilities11,599100.00%11,651100.00%Adidasappearstobeaprofitableenterprisethatisbecomingevenmoresuccessful.AdidasCondensedincomestatementsFortheyearsendedDecember31（€inmillions）20132012AmountPercentAmountPercentNetsales14492100%14883100.00%Costofsales735250.73%778052.27%Grossprofit714049.27%710347.73%Sellingandadministrativeexpenses613342.32%615041.32%Incomefromoperation10076.95%9536.40%OtherincomeandexpensesRoyaltyandcommissionincome1040.72%1050.71%Otheroperatingincome1430.99%1270.85%Financialincome260.18%360.24%Goodwillimpairmentlosses520.36%2651.78%Financialexpenses940.65%1050.71%Incomebeforeincometaxes11347.83%8515.72%Incometaxexpense3442.37%3272.20%Netincome7905.45%5243.52%RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalueAssetsmanagementCurrentRatio=20132012CurrentRatioAdidasNike2013201220131.45：11.57:13.47:1Wecanknowthatithadlowadequatecurrentassetsrelativetoitscurrentliabilities.Acid-TestRatioAdidasNike2013201220130.75：10.85:12.31:1Theratiohaddeclinedin2013.WhencomparedwithNike’sof2.31:1,Adidas’acid-testratioseemedtoolow.Acid-TestRatio=20132012AssetsmanagementAssetsmanagementAccountsReceivableTurnover=20132012=8.29times=9.07timesAccountsReceivableTurnoverAdidasNike2013201220138.29times9.07times8.10timesAlthoughAdidas’accountsreceivableturnoverdecreasedin2013,itwashigherthanNike’s.Relativelyspeaking，itmeansithasmorenetsales.InventoryTurnoverAdidasNike2013201220132.87times3.12times4.29timesGenerally,thelargertheinventoryturnover,thelesstimeacompanyhasstoreinventoryandthelessthechanceofinventoryobsolescence.InventoryTurnover=20132012AssetsmanagementAdidasmadeastrategythatallowedretailerstoplaceanorderfor5、6monthsaheadofscheduletopredeterminethetransportguaranteeandguaranteed90%orderwillbetransportedtothematthetimeofdetermination.Thisstrategycansuccessfullyreducedinventorytoaminimum,andamplifytheinventoryturnover.RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalueEquityMultiplier=AverageAssetsshareholdersEquityReturnonAssets=NetIncomeAverageAssetsAssetTurnover=NetSalesAverageAssetsProfitmargin=NetIncomeNetSalesprofitabilityF=a×b×cROE=Netprofitmargin×totalassetturnover×equi