Financial Report of Apple Inc. 2014

FAM II Roll Number 87 & 35
APPLE INC.
S.Y. I
Arpit Jain 87
Akash Mehta 35

ACKNOWLEDGEMENT
“It is not possible to prepare a project report without the assistance &
encouragement of other people. This one is certainly no exception.”
On the very outset of this report, I would like to extend my sincere &
heartfelt obligation towards all the personages who have helped me
in this endeavour.
Without their active guidance, help, cooperation & encouragement, I
would not have made headway in the project.
I am ineffably indebted to them for conscientious guidance and
encouragement to accomplish this assignment. I am extremely
thankful and pay my gratitude to the management faculties-
Darshana Padia, Zalak Shah, Monaz Parekh, Nupur Shah & Kartikeya
Tanna for their valuable guidance and support on completion of this
project in its presently.
I extend my gratitude to HLIC-Ahmedabad University for giving me this
opportunity.
I also acknowledge with a deep sense of reverence, my gratitude
towards my parents and members of my family, who has always
supported me morally as well as economically.
At last but not least gratitude goes to all of my friends who directly or
indirectly helped me to complete this project report.
Any omission in this brief acknowledgement does not mean lack of
gratitude.
Thanking You

Contents
ABSTRACT .................................................................................................................................... 4
INTRODUCTION ............................................................................................................................ 5
SWOT ANALYSIS ........................................................................................................................... 6
BCG Matrix................................................................................................................................. 10
PEST Analysis.............................................................................................................................. 12
Ratio Analysis ............................................................................................................................. 14
Liquidity Ratios ....................................................................................................................... 14
Profitability Ratios .................................................................................................................. 15
Return on Investment .......................................................................................................... 15
Profit Margin....................................................................................................................... 16
Observations .............................................................................................................................. 17
Suggestions ................................................................................................................................ 18
STRATEGY RECOMMENDATIONS ................................................................................................. 21
CONCLUSION.............................................................................................................................. 22
Annexure ................................................................................................................................... 24
Annexure I Cash Flow Statement ............................................................................................. 24
Annexure II Balance Sheet ....................................................................................................... 25
Annexure III Income Statement ............................................................................................... 26
Bibliography ............................................................................................................................... 27

ABSTRACT
This report is a Financial Report of Apple Inc. The study will
help us to find out about the overall performance of the
company. It will also help us to learn about the way of
management of finance of Apple, Inc. By analysing the
different financial ratios, we can know about the performance
and the position of the company in the market. Apple brand's
strengths, weaknesses, opportunities and threats can be
known by using SWOT analysis tool. We can know how to
segment the market, target the customers and position the
products. Therefore, since the competition in the technology
industry is increasing, BCG Matrix is a technique to classify
products as low or high performers depending upon their
market growth rate and relative market share. It is very useful
tool to identify the product line of an organization. A PEST
analysis tool will help in knowing about the different political,
economic, social and technological factors affecting the
performance of the company, to gain competitive edge, to
attain goals set by the company, to make improvements for
the future related to products, etc. Therefore, it will help us to
evaluate whether the financial management will affect Apple
Inc.’s success rate or not.

INTRODUCTION
Apple Inc., is an American manufacturer of personal computers,
computer peripherals, mobile phones and computer software. It was
the first successful personal computer company and the populariser
of the graphical user interface. Its headquarters are located in
Cupertino, California. Apple was founded by Steve Jobs, Steve
Wozniak, and Ronald Wayne on April 1, 1976, to develop and sell
personal computers. Apple is the world's second-largest information
technology company by revenue after Samsung Electronics, and
the world's third-largest mobile phone maker.
The company’s worldwide annual revenue in 2013 totalled $170
billion. As of Q1 2014, Apple's five-year growth average is 39%
for top line growth and 45% for bottom line growth. In May 2013,
Apple entered the top ten of the Fortune 500 list of companies for
the first time to take the sixth position.
In its fiscal year ending in September 2011, Apple Inc. reported a
total of $108 billion in annual revenues – a significant increase from
its 2010 revenues of $65 billion – and nearly $82 billion in cash
reserves. Apple achieved these results while losing market share in
certain product categories. On March 19, 2012, Apple announced
plans for a $2.65-per-share dividend beginning in fourth quarter of
2012, per approval by their board of directors.
On September 2012, Apple reached a record share price of more
than $705 and closed at above 700. With 936,596,000 outstanding
shares, it had a market capitalization of about $660 billion. At the
time, this was the highest nominal market capitalization reached by a
publicly traded company ever.

SWOT ANALYSIS (Strategic Management Insight, 2014)
STRENGTHS
 Customer loyalty combined with expanding closed
ecosystem. While at first Apple’s closed ecosystem was a weakness
for the business, this has now changed. First, Apple now has a full
range of apps, software and products that are interlinked and support
each other. Second, new products and supplements will be released
soon (iTV), hence expanding the ecosystem. Third, Apple has a
strong customer loyalty, which increases due to Apple’s closed
ecosystem, which, in turn, is supported by customer loyalty. So the
combination of Apple’s expanding closed ecosystem and customers’
loyalty increases firm’s competitive advantage.

 Apple is a leading innovator in mobile device technology. Apple
has been chosen as the most innovative business in the world for the
3rd time in 2012. Company’s core competency of producing
innovative products is the strength the company builds upon and is
able to bring the most innovative products to the market. (The Times
of India, 2012)
 Strong financial performance ($10,000,000,000 cash, gross profit
margin 43.9% and no debt). Apple’s financial performance is one of
the best among many companies. Company currently (end of 2012)
holds about $10,000,000,000 in cash, which can be used for
acquisitions, buying back company shares and other matters. It also
has higher gross profit margin than its main competitors, which is
equal to 43.9%. Company has no debt and is not directly affected by
interest rates or credit markets.
 Brand reputation. Apple has a reputation of highly innovative,
well designed, and well-functioning products and sound business
performance. Apple brand is valued at $76.5 billion and was the
second most valuable brand in the world in 2012.
WEAKNESSES
 High price. Apple’s products cost much more than its competitors
devices. Some critics argue that the price is not justified. When
there’s such a fierce competition, Apple products price becomes a
weakness because consumers can easily opt for similar quality but
lower price products.
 Incompatibility with different OS. The iOS and OS X are quite
different from other OS and uses software that is unlike the software
used in Microsoft OS. Due to such differences, both in software and
hardware, users often choose to stay with their accustomed software
and hardware (Microsoft OS and Intel hardware).

 Decreasing market share. The less market share Apple has, the
less it can influence its potential customers and persuade them to
jump into using Apple’s closed ecosystem products. (CNN Money ,
2012)
 Patent infringements. The firm is often accused of infringing other
companies’ patents and has even lost some trials. This damages Apple
brand and its financial situation.
OPPORTUNITIES
 High demand of iPad mini and iPhone 5. IPad mini sales will
increase Apple’s market share in the tablet market and, will
strengthen firm’s competitive advantage.
 iTV launch. iTV launch will support Apple TV sales and the
products’ ecosystem.
 Emergence of the new provider of application
processors. Samsung, the main Apple’s competitor, is also the only
provider of application processors for Apple’s products. Apple has
to find a new source for the component but could not find a suitable
one yet. Nonetheless, new manufacturers with superior engineering
capabilities are arising and it’s just a matter of time, when Apple
will seize upon the opportunity of being less dependent on its direct
competitors.
 Growth of tablet and smartphone markets. Growth of tablet and
smartphone markets is a good opportunity to expand firm’s share in
these markets.

THREATS
 Rapid technological change. One of the most severe threats Apple
and the other tech companies are facing is rapid technological change.
Companies are under the pressure to release new products faster and
faster. The one that cannot keep up with the competition soon fails.
This is especially hard when a business wants to introduce something
new, innovative and successful. Apple was able to bring very
innovative products to the market so far but for the moment, even
Apple hasn’t unveiled any plans for the new products (except iTV)
and may lack new introductions to keep up with competition.
 Rising pay levels for Foxconn workers. Pay levels for Foxconn’s
workers already rose 3 times from 2010 to 2012. Foxconn is the main
manufacturer of Apple products and the rising pay level for
Foxconn’s workers will likely raise the prices for Apple products.
(The Telegraph, 2012)
 Price pressure from Samsung over key components. Samsung
has already asked Apple to pay higher price for its application
processors. Due to intense competition and no viable substitutes,
Apple may be asked to pay even more. (The Financial Times, 2012)

BCG Matrix (Luke R. A., 2013)
Question Mark- Apple TV makes a bit of money, but it’s not reaching
its potential. If Apple can solve a few ecosystem problems, they
could really own the TV space. There are tons of rumours of an Apple
TV product that might just maybe dominate like the
iPod/iPhone/IPad (Singleton, 2014)
Rising Star -The iPhone and IPad are rising stars. They can’t make
enough of them. These products are so successful that their growth
potential is really unknown. (Sullivan, 2011)
Cash Cows-The Mac Books are the portables of choice right now. The
all-in-one I Mac is in that cash cow place. They make a lot of them,
but computing is quickly shifting to portable and mobile so they are
also in the dog section. (Dougherty, 2012)
Dogs- The big multi-part desktop is fading away. Hard drive based
iPods peaked a while ago as well and there are just so may
competitors that can create a simple product such as an ipod now.
Apple's Macs could be considered in the dog category as Apple is not
a market leader in this market segment as their competitors have the
desktop market in a monopoly. (Kim, 2012)

BCG MATRIX
(Luke R. a., 2013)

PEST Analysis (Luke R. A., 2013)
Political
In 2005, 52% of sales were outside of America. Apple has no control
over relations with other countries due to America's war on Terrorism.
Apple produces many of their products outside of the USA. This
includes a list such as Ireland, China, Czech Republic, and Korea.
Political conflicts with any of these countries will have terrible effects
on Apple INC. Once again, Apple has no control of the wars, and lack
of communication or failed public relations with corresponding
countries to the USA. (Jamalov, 2014)
Economic
The Economic depression may have a serious impact on Apple sales
and improvements in the company. Apple's products may be viewed
by some as "luxury" products and the inflation rate is high, while
income is low and unemployment rates are increased the company
could risk a severe loss in sales. As the U.S.D (us dollar) has lost
some value the Apple corporation does not risk economic breakdown
as they have purchased foreign currency. In fact, the decrease in the
U.S.D has actually increased Apple's revenue on the market. (Fadaei,
2013)
Socio-Cultural
The people's interactions from around the world has to do with
globalization. Today's world is the way it is due to technology and a
lot of it is due to Apple. It is the leader in computers, software, and
cell phones and this is due to the quality and designs of the products.
Another large factor is the music industry, it has grown into the cyber
world. iTunes is ahead of any other competitor in its class. Web
piracy is a threat but most countries punish and have laws against this.
Apple's image displays the modern person's lifestyle, they are the
leader in their class and are known around the world. Therefore
sociological effects benefit the company. (Isaacson, 2011)

Technological Environment
The technological environment for Apple's market has grown
substantially over past years. Most specifically, phones and computers
have become a hot commodity. Apple is on top of the market for
innovating products and the main thing about these products is that
their life cycles are very short, making it inevitable for more products
to be sold later. The increase in technology is encouraging
competitors to improve, which then keeps Apple improving. (Belic,
2012)
Overall, Apple is a very well established company with a firm grasp
on all sections in a PEST analysis. They are established politically by
having a "plan B' in case something that they cannot control happens
and it is still maintaining success while the depression is prevalent,
they are knowledgeable in economics. Apple uses the modern
person to depict their product as well as create new ingenuity and
design. They seem to have all bases covered and will always be a
leader in technology.

Ratio Analysis
Liquidity Ratios1
2010 2011 2012 2013
(Google Finance, 2014)
2.5
2
1.5
1
0.5
0
Ratio Description The company
Current
ratio
A liquidity ratio calculated as current
assets divided by current liabilities.
Apple Inc.'s current ratio deteriorated
from 2011 to 2012 but then improved
from 2012 to 2013 exceeding 2011 level.
Quick
ratio
A liquidity ratio calculated as (cash plus
short-term marketable investments plus
receivables) divided by current liabilities.
Apple Inc.'s quick ratio deteriorated from
2011 to 2012 but then improved from
2012 to 2013 exceeding 2011 level.
Cash
ratio
A liquidity ratio calculated as (cash plus
short-term marketable investments)
divided by current liabilities.
Apple Inc.'s cash ratio deteriorated from
2011 to 2012 but then improved from
2012 to 2013 exceeding 2011 level.
1 Annexure I Cash Flow Statement
Liquidity Ratios
Current Ratio Quick Ratio Cash Ratio

Profitability Ratios2
Return on Investment
Return on Investment
2008 2009 2010 2011 2012 2013
(Apple Investors, 2014)
40
35
30
25
20
15
10
5
0
Percentage
ROE A profitability ratio calculated as net
income divided by shareholders'
equity.
Apple Inc.'s ROE improved from 2011 to
2012 but then deteriorated significantly from
2012 to 2013.
ROA A profitability ratio calculated as net
income divided by total assets.
Apple Inc.'s ROA improved from 2011 to
2012 but then deteriorated significantly from
2012 to 2013.
2 Annexure II Balance Sheet
Year
ROA ROE

Profit Margin3
Profitability
2008 2009 2010 2011 2012 2013
(Yahoo Finance, 2014)
50
40
30
20
10
0
Percentage
Gross
profit
margin
Gross profit margin indicates the
percentage of revenue available to
cover operating and other
expenditures.
Apple Inc.'s gross profit margin
improved from 2011 to 2012 but then
deteriorated significantly from 2012
to 2013.
Net profit
margin
An indicator of profitability,
calculated as net income divided by
revenue.
Apple Inc.'s net profit margin
improved from 2011 to 2012 but then
deteriorated significantly from 2012
to 2013.
3 Annexure III Income Statement
Year
Gross Profit Margin Net Profit Margin

Observations
 Based on the findings in the trend and common size analysis,
Apple’s overall performance is above average.
 Analysis of company’s Balance Sheet showed that Apple’s
growth in Total Assets, Common Equity, and Retained Earnings
was above industry average.
 Analysis of company’s Income Statement showed that Apple’s
growth in Net Sales, and Gross Income was above its
competitors.
 Analysis of company’s Cash Flow Statement showed that
Apple’s Net Cash Flow from Operating Activities was above the
industry average, and that resulted in a positive Net Change in
Cash.

Suggestions
For Company
 Lowering the cost of products and maintaining the same quality standards.
 Can form joint – ventures.
 Knowledge Management.
 More number of retail stores for easy access.
 Continuous innovation to expand.
For Others
 Do not compromise on price for quality.
 Choose the products based on individual needs.
 Be unique and different.

 Scale up its production capabilities. Every time Apple releases a
hot new gadget, customers can't get it. This is a consequence of Apple's
legendarily precise just-in-time manufacturing system. Apple never wants
to make more devices than it will sell, so it ramps up manufacturing in
lock step with demand. That reduces its inventory costs and thus boosts
its profit, but Apple's production is still too slow to keep up with instant
spikes in demand. Is it possible for Apple to build products any faster
than it does now? If money is no object, sure: It could set up factories in
many different countries and it could invest in next-generation production
capabilities that might pump out iPhones even faster (for instance, robotic
assembly lines, which have the added benefit of not raising any concerns
about factory conditions).
 Build or buy a cellular carrier. The iPhone is Apple's biggest
product, but Apple sells almost all of its phones in partnership with
carriers whose prices it doesn't control. Those costs are the biggest piece
of a smartphone purchase, and, in the U.S. and many other places around
the world, they have remained relatively stable for years. Your cellular
carrier's technology and customer service also leave a lot to be desired.
Steve Jobs once said that Apple's goal is to "own and control the primary
technology in everything we do." Cellular data service is a key such
technology, and Apple should make it a goal to own and improve that
service. It could start small, building infrastructure that boosts iPhone
service in congested cities, but with enough investments it could build a
network of its own, thus improving current carriers' service and prices
through competition.

 High demand of iPad mini and iPhone 5. iPad mini sales will
increase Apple’s market share in the tablet market and, will strengthen
firm’s competitive advantage.
 iTV launch. iTV launch will support Apple TV sales and the products’
ecosystem.
 Growth of tablet and smartphone markets. Growth of tablet
and smartphone markets is a good opportunity to expand firm’s share in
these markets.
 Provide value for the products offered-If a perception is created
that Apple is offering its customers with fine products with premium
quality in the industry, which is not being offered by others; than Apple
should be able to differentiate themselves from their competitors in
order to still keep premium pricing for their products.
 Conduct more aggressive promotion-Increasing promotional
programs never proves to be damaging for any firm, but only proves to
be beneficial, it not only helps to attract potential customers, but also
new customers boosting customer traffic and sales. Apple should also
start creating 'TV commercials', in such a way that educate the
customers about the latest technological product, making it seem more
appealing. Also, they should start focusing on advertising all products
not only new products in order to meet the sales target for all products.
 Make maximum innovations-Technology market is a highly
competitive market, it’s very easy for competitors to clone your
products and sell as new products by making small innovations.
Therefore, it has become very important to keep making constant
innovations in design, features and specifications in order to
differentiate your product from competitive brands and to be able to
dominate the market.
 Offer price reduction offers from time to time-Instead of not
charging premium, price reductions, free gifts, vouchers, VIP cards, etc.
can be made for a limited period of time, to allow customers to buy from
Apple more often. Thus, this may help Apple to attract new target group
customers increasing its fan base, along with sky rocketing its brand
loyalty and sales.

 Open more Apple outlets in different areas-Since Apple relies on
online, direct and retail distribution methods, it’s important for Apple to
expand its direct reach through its own stores and retail stores by
locating stores in a more reachable district, like residential areas so that
people can have an easy access to the stores.
STRATEGY RECOMMENDATIONS
Strategy 1
Open six computer retail stores (not just peripheral and accessories). Apple
currently has stores opened throughout the United States with only peripheral
and accessories for their computers. Adding the hardware should generate more
hands-on awareness and use already established locations. This will increase
product accessibility for those who wish to view items other than just
accessories and increase awareness of the originality of Apple’s products. 2
percent increase over the next 2 years in sales representatives for the computer
hardware.
Strategy 2
Contract music spokesperson to attract the upcoming generation who are
attending high school and college. This will invoke a sense of style and linking
apple with a distinctive and memorable top 10 hit. This will stay in the
customer’s awareness and influence future purchase decisions. Contracting one
music spokesperson estimated $6 million.
Strategy 3
Add more features to current products for greater Wintel compatibility. Features
such as iTunes software compatible with windows based computers, Office
programs loadable from PC installation disk (This would require a software
agreement with Microsoft). In late October 2003 Apple released an iTunes
software package that is PC ready. It will increase the United States market
share at least 30 percent for the next 2-3 years. $50 million is the estimated cost
for Research and Development.

CONCLUSION
It is concluded from the strategic management analysis at APPLE Inc. that
technological industries are never easy to compete with. They have a lot invest
at R&D and have to be proactive in order to compete with their competitors in
the industry. As for APPLE is concerned they have been working so well as it is
shown form their products. As Apple Inc. is increasing also, those other
businesses are increasing and trying to do something interesting for their own
good. APPLE needs to make a drastic change. They don’t need to wait for
people buy their products only when they are on sale but they need to focus
more on the customer support and improve the areas they already have
problems.
Based on the performed analysis, Apple Inc. is financially healthy and strong.
The company’s growth has been extraordinary during the past five years.
Apple is able to finance its operations by current liabilities only. Its financial
structure is outstanding with 100% Equity. Apple Inc. does not have any long-term
debt, which makes the company very financially independent. Revenues
and Net Income are increasing each year. Retained Earnings reached $9.101
billion in 2007, which is an indicator for the financial power of Apple. Due to
the fact that sales are constantly increasing, and backed by $9.352 billion
(2007) in Cash and equivalents, the company can afford future acquisitions.
During the years, Apple has substantially improved in its key measures of
profitability. In terms of ROA, ROE, and profit margins, Apple strengthened
financially and now has better ratios than its competitors and the overall
computer hardware industry.
Based on the facts presented above, it may be concluded that Apple Inc. is
performing better than the industry average, including Dell, and HP. This
dramatic success in performance is primarily due to the increase in sales from
iPod product line, and most recently from iPhone sales.
(O'grady, 2009)

I feel that Apple must focus on several key aspects to continue to grow and
succeed. They must continue a stable commitment to licensing, push for
economies of scope between media and computers, and become a learning
organization.
Although it should continue, Apple may want to consider other forms of
strategic alliances. An equity strategic alliance may offer Apple the opportunity
to obtain additional competencies. An effective way for a company like Apple to
accomplish this would be in the form of a joint venture.
Apple should continue pushing the new line of media-centric products.
Meanwhile, Apple should not lose focus on its computers. Macintosh computers
were 59% of Apple’s sales in 2012. (Burrows)This very innovative company
exploits its second-mover position. In the future, they will need to continue
innovating to expand the boundaries of both media and computers.
Apple apparently made a commitment to licensing. Although it should continue,
Apple may want to consider other forms of strategic alliances. An equity
strategic alliance may offer Apple the opportunity to obtain additional
competencies. An effective way for a company like Apple to accomplish this
would be in the form of a joint venture. Apple should continue push for
economies of scope between media and computers, and become a learning
organization, pushing the new line of media-centric products. This very
innovative company exploits its second-mover position. In the future, they will
need to continue innovating to expand the boundaries of both media and
computers. This will allow the company to withstand a departure by Jobs. Based
on the actions of the organization, we feel that the mid-term performance of
Apple will be strong. This period allows Apple time to overcome their challenges
if they move swiftly. For this reason, we feel that they will continue to succeed
and will continue to outperform their peers.

Annexure
Annexure I Cash Flow Statement

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Word Count
 Abstract – 201 Words
 Report – 3800 Words (Approximate)

Financial Report of Apple Inc. 2014

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