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- 1. A138872 ZHANG LUWEN A138900 WANG KETAO A138876 LU JIAYAO A138853 HUANG XING VS
- 2. Organization of Apple was established in 1976 as a computer company. However, in the last decade, Apple has expanded into a complex company that specializes in much more than just computers. In 2001, Apple broke the barrier with the iPod, eventually becoming the dominant market leader in music players. In following, Apple joined the phone industry in 2007 with the iPhone, which has also been widely successful. In 1938, Samsung began as a small business trading produce and consumer goods. Almost 70 years later, Samsung has transformed itself into a global powerhouse whose superior products and services now range from semiconductors and LNG ships to fine chemicals and financial services, just to name a few.
- 11. I. Liquidity a) Current Ratio The primary liquidity ratio is the current ratio, which is calculated by dividing current assets by current liabilities: Current ratio = Current assets/ Current liabilities 2009 0.40x Current ratio 2010 2011 2.01x 1.61x Current ratio 2.5 2 1.5 1 Current ratio 0.5 0 2009 2010 2011
- 12. b)Quick Ratio The second liquidity ratio is the quick ratio, which is calculated by deducting inventories from current assets and then using the remainder to divide current liabilities: Quick ratio = (Current assets-Inventories)/ Current liabilities 2009 2011 0.32x Quick ratio 2010 1.96x 1.58x Quick ratio 2.5 2 1.5 Quick ratio 1 0.5 0 2009 2010 2011
- 13. II. Asset Management a) Inventory Turnover Ratio Inventory turnover is calculated by sales dividing inventories. Inventory turnover = Sales / Inventories 2009 Inv. turnover 2010 2011 80.30x 62.06x 139.50x Inv. turnover 160 140 120 100 80 60 40 20 0 Inv. turnover 2009 2010 2011
- 14. b) DSO (Days Sales Outstanding) It is calculated using account receivables to divide the average daily sales .Thus, the DSO represents the average length of time the firm must wait after making a sale before receiving cash: DSO= Receivables / Average sales per day 2009 2011 33.58 DSO 2010 30.83 18.10 DSO 40 35 30 25 20 15 10 5 0 DSO 2009 2010 2011
- 15. c) Asset Turnover Ratio i) Fixed Assets Turnover Ratio Fixed Assets Turnover = Sales / Net fixed assets ii) Total Assets Turnover Ratio Total Assets Turnover = Sales / Total assets 2009 FA turnover 0.84x TA turnover 2010 0.68x 2011 1.95x 1.52x 0.87x 0.93x 2.5 2 1.5 FA turnover 1 TA turnover 0.5 0 2009 2010 2011
- 16. III. Debt Management Ratios The use of debt will increase, or “leverage up”, a firm’s ROE if the firm earns more on its assets than the interest rate it pays on debt. However, debt exposes the firm to more risk than if it is financed only with equity: Debt ratio = Total debt / Total assets 2009 2011 48% D/A 2010 36% 34% D/A 60% 50% 40% 30% 20% 10% 0% D/A 2009 2010 2011
- 17. IV. Profitability Ratios: a) Profit Margin The profit margin, also sometimes called the net profit margin, is calculated by using net income to divide sales: Profit margin = Net income/Sales b) Basic Earning Power (BEP) Ratio The Basic Earning Power Ratio is calculated by using operating income (EBIT) to divide total assets: BEP = EBIT/Total assets 2009 2010 2011 PM 16% 21% 24% BEP 14.8% 24.7% 29.4% 35% 30% 25% 20% PM 15% BEP 10% 5% 0% 2009 2010 2011
- 18. C) Return on Assets Return on Assets=Net income/Total assets d) Return on Equity Return on Equity=Net income/Total common equity 2009 2010 2011 ROA 11% 19% 22% ROE 20.4% 29.3% 33.8% 40% 35% 30% 25% 20% ROA 15% ROE 10% 5% 0% 2009 2010 2011
- 20. I. Liquidity a) Current Ratio The primary liquidity ratio is the current ratio, which is calculated by current assets dividing current liabilities: Current ratio = Current assets/ Current liabilities 2009 2011 1.65x Current ratio 2010 1.54x 1.61x Current ratio 1.66 1.64 1.62 1.6 1.58 1.56 Current ratio 1.54 1.52 1.5 1.48 2009 2010 2011
- 21. b) Quick Ratio The second liquidity ratio is quick ratio, which is calculated by deducting inventories from current assets and then using the remainder to divide current liabilities: Quick ratio =( Current assets-Inventories)/ Current liabilities 2009 2011 1.38x Quick ratio 2010 1.20x 1.26x Quick ratio 1.4 1.35 1.3 1.25 Quick ratio 1.2 1.15 1.1 2009 2010 2011
- 22. II. Asset Management a) Inventory Turnover Ratio Inventory turnover is calculated by sales dividing inventories. Inventory turnover = Sales / Inventories 2009 Inv. turnover 2010 2011 13.93x 11.57x 10.50x Inv. turnover 16 14 12 10 8 Inv. turnover 6 4 2 0 2009 2010 2011
- 23. b) DSO (Days Sales Outstanding) It is calculated using account receivables to divide the average daily sales .Thus, the DSO represents the average length of time the firm must wait after making a sale before receiving cash: DSO= Receivables / Average sales per day 2009 2011 65.73 DSO 2010 50.30 53.43 DSO 70 60 50 40 30 DSO 20 10 0 2009 2010 2011
- 24. c) Asset Turnover Ratio i) Fixed Assets Turnover Ratio It is the ratio of sales (on the profit and loss account) to the value of fixed assets (on the balance sheet). It indicates how well the business is using its fixed assets to generate sales. This ratio is calculated by using sales to divide net fixed assets. Fixed Assets Turnover = Sales / Net fixed assets ii) Total Assets Turnover Ratio It measures the efficiency of a company's use of its assets in generating sales revenue or sales income to the company. This ratio measures the turnover of all of the firm’s assets, and it is calculated using sales to divide total assets: Total Assets Turnover = Sales / Total assets
- 25. 2009 2010 2011 FA turnover 2.47x 2.12x 1.96x TA turnover 1.18x 1.15x 1.06x 3 2.5 2 1.5 FA turnover TA turnover 1 0.5 0 2009 2010 2011
- 26. III. Debt Management Ratios The use of debt will increase, or “leverage up”, a firm’s ROE if the firm earns more on its assets than the interest rate it pays on debt. However, debt exposes the firm to more risk than if it is financed only with equity: Debt ratio = Total debt / Total assets 2009 2011 38% D/A 2010 33% 35% D/A 39% 38% 37% 36% 35% D/A 34% 33% 32% 31% 30% 2009 2010 2011
- 27. IV. Profitability Ratios a) Profit Margin The profit margin, also sometimes called the net profit margin, is calculated using net income to divide sales: Profit margin = Net income/Sales b) Basic Earning Power (BEP) Ratio The Basic Earning Power Ratio is calculated using operating income (EBIT) to divide total assets: BEP = EBIT/Total assets 2009 2010 2011 PM 19.2% 21.5% 24% BEP 14% 11% 18%
- 29. c) Return on assets The (ROA) percentage shows how profitable a company's assets are in generating revenue. This ratio is calculated using net income to divide total assets. Return on Assets=Net income/Total assets d) Return on equity This ratio is calculated using net income to divide total common equity. It measures the rate of return on the ownership interest (shareholders' equity) of the common stock owners, and measures a firm's efficiency at generating profits from every unit of shareholders' equity .ROE shows how well a company uses investment funds to generate earnings growth. Return on Equity=Net income/Total common equity
- 31. Quick ratio Current ratio 1.8 1.8 1.6 1.6 1.4 1.4 1.2 1.2 1 1 0.8 Current ratio 0.6 0.8 Quick ratio 0.6 0.4 0.4 0.2 0.2 0 Samsung(2011) Apple(2011) 0 Samsung(2011) Liquidity position Liabilities Apple(2011) Inventory management
- 32. Inv. turnover DSO 160 60 140 50 120 40 100 80 Inv. turnover 30 DSO 60 20 40 10 20 0 0 Samsung(2011) Apple(2011) Inventory Samsung(2011) Apple(2011) Collection of cash Credit policy
- 33. FA turnover TA turnover 2.5 1.1 2 1.05 1.5 1 FA turnover 1 TA turnover 0.95 0.5 0.9 0 0.85 Samsung(2011) Apple(2011) Fixed asset Sales Samsung(2011) Apple(2011) Current Assets
- 34. D/A Profit margin 35% 30% 35% 25% 35% 35% 20% 34% D/A 34% 34% 15% Profit margin 10% 34% 5% 34% 33% Samsung(2011) Apple(2011) 0% Samsung(2011) Debt Account payable Apple(2011) Net income Sales Costs
- 36. ROE 40% 35% 30% 25% 20% ROE 15% 10% 5% 0% Samsung(2011) Apple(2011) Net income Total common equity
- 37. Conclusion