阿迪达斯财务分析.ppt

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1、AdidasGroup10ContentIntroductionHorizontalVerticalanalysisRatioRisk/StrategyanalysissummaryIntroductionOnAugust18,1949，AdidasAGregisteredIn August 2005, Adidas announced a $ 3.8billion US dollar acquisition of rival ReebokAGerman multinationalcorporation thatdesignsandmanufacturessp

2、ortsshoes,clothingandaccessories.Adidasisthelargest sportswearmanufacturerinEuropeandthesecondbiggestintheworld,after Nike.HorizontalanalysisThischangessuggestedthatthecompanydecreaseditsassetsbaseduring2013andfinanceditsassuminglong-termdebtratherthanretainedincome.Overall,grosspro

3、fitandnetincomewereup.Grossprofitincreased0.52%,andnetincome,50.76%.Adidas’sprofittrendappearsfavorable.Inthehorizontalanalysisofthestatementoffinancialpositiontheendingretainedearningsincreased11.34%.Asindicatedearlier,thecompanyretainedasignificantportionofnetincome.Verticalanalys

4、isAdidasischoosingtokeepthescalethroughretentionofearningsratherthanthroughissuingadditionaldebt.Adidasappearstobeaprofitableenterprisethatisbecomingevenmoresuccessful.RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalueAssetsmanagementCurrentRatio=20132012CurrentRatioAdid

5、asNike2013201220131.45：11.57:13.47:1Wecanknowthatithadlowadequatecurrentassetsrelativetoitscurrentliabilities.Acid-TestRatioAdidasNike2013201220130.75：10.85:12.31:1Theratiohaddeclinedin2013.WhencomparedwithNike’sof2.31:1,Adidas’acid-testratioseemedtoolow.Acid-TestRatio=20132012Asset

6、smanagementAssetsmanagementAccountsReceivableTurnover=20132012=8.29times=9.07timesAccountsReceivableTurnoverAdidasNike2013201220138.29times9.07times8.10timesAlthoughAdidas’accountsreceivableturnoverdecreasedin2013,itwashigherthanNike’s.Relativelyspeaking，itmeansithasmorenetsales.Inv

7、entoryTurnoverAdidasNike2013201220132.87times3.12times4.29timesGenerally,thelargertheinventoryturnover,thelesstimeacompanyhasstoreinventoryandthelessthechanceofinventoryobsolescence.InventoryTurnover=20132012AssetsmanagementAdidasmadeastrategythatallowed retailers to placeanorder fo

8、r5、6monthsaheadofsc