阿迪达斯财务分析

Ratio
Assets management Profitability Market value
Long-term solvency
Assets management
Current Ratio =
2013
Current Ratio
Adidas
Nike
2013 1.45：1
2012 1.57:1
Inventory Turnover=
2013
2012
Inventory Turnover
Adidas
Nike
2013 2.87times
2012 3.12 times
2013 4.29 times
Generally, the larger the inventory turnover, the less time a company has store inventory and the less the chance of inventory obsolescence.
Liabilities Current liabilities Non-current liabilities Total liabilities
Total equity and liabilities
4,732 1,386 6,118
11,599
40.80% 11.95% 52.75%
100.00%
2013 2012
4454 4137 790 524 5244 4661 285 207 4959 4454
Increase or decrease during 2013
Amount Percent
317
7.66%
266
50.76%
583
78
37.68%
505
11.34%
In the horizontal analysis of the statement of financial position the ending retained earnings increased 11.34%. As indicated earlier, the company retained a significant portion of net income.
2013
14492 7352 7140 6133 1007
2012
14883 7780 7103 6150 953
104 105
143 127
26
36
52
265
94
105
1134 851
344
327
790
524
Increase or decrease during 2013
Amount Percent
Assets management
Accounts Receivable Turnover=
2013
=8.29 times
2012
=9.07 times
Accounts Receivable Turnover
Adidas
Nike
2013 8.29 times
2012 9.07 times
2013 8.10 times
December 31（€ in millions）
2013 Amount
Percent
2012 Amount
6,857 4,742 11,599
59.12% 40.88% 100.00%
6,877 4,774 11,651
209 4,959 321
(8) 5,481
1.80% 42.75% 2.77% (0.07%) 47.25%
105 127 36 265 105 851 327 524
100.00% 52.27% 47.73% 41.32% 6.40%
0.71% 0.85% 0.24% 1.78% 0.71% 5.72% 2.20% 3.52%
Adidas appears to be a profitable enterprise that is becoming even more successful.
Although Adidas’ accounts receivable turnover decreased in 2013, it was higher than Nike’s. Relatively speaking，it means it has more net sales.
Assets management
Liabilities Current liabilities Non-current liabilities
Total liabilities Total equity and liabilities
4,732 1,386 6,118 11,599
4,374 1,986 6,360 11,651
358 (600) (242) (52)
Adidas
Nike
2013 0.75：1
2012 0.85:1
2013 2.31:1
The ratio had declined in 2013. When compared with Nike’s of 2.31:1, Adidas’ acid-test ratio seemed too low.
14492 7352 7140 6133 1007
104 143 26 52 94 1134 344 790
100% 50.73% 49.27% 42.32% 6.95%
0.72% 0.99% 0.18% 0.36% 0.65% 7.83% 2.37% 5.45%
14883 7780 7103 6150 953
In August 2005, Adidas announced a $ 3.8 billion US dollar acquisition of rival Reebok
Horizontal analysis
Adidas
Condensed statements of Financial position
(391)
(2.63%)
(428)
(5.50%)
37
0.52%
(17)
(0.27%)
54
5.67%
(1)
(0.95%)
16
12.60%
(10)
(27.78%)
(213)
(80.38%)
(11)
(10.48%)
283
33.25%
17
5.20%
266
50.76%
Overall, gross profit and net income were up. Gross profit increased 0.52%, and net income, 50.76%. Adidas’s profit trend appears favorable.
4,374 1,986 6,360
11,651
37.54% 17.05% 54.59%
100.00%
Adidas
Condensed income statements
For the years ended December 31（€ in millions）
2013
2012
Amount Percent Amount Percent
Group 10
Adidas
Content
Introduction
Horizontal Vertical analysis
Ratio
Risk/Strategy analysis
summary
Introduction
On August 18, 1949 ，Adidas AG registered
Adidas
Retained earnings statements
For the years ended December 31（€ in millions）
Retained earnings，Jan.1 Add : Net income
Deduct: Dividends Retained earnings，Dec.31
(0.29%) (0.67%) (0.45%)
Equity Share capital Retained earnings Reserves Non-controlling interests
Total equity源自209 4,959321 (8) 5,481
209 4,454
641 (13) 5,291
December 31（€ in millions）
Assets Current assets Non-current assets
Total assets
2013
2012 Amount Percent
6,857 4,742 11,599
6,877 4,774 11,651
(20) (32) (52)
A German multinational corporation that designs and manufactures sports shoes, clothing and accessories.
Adidas is the largest sportswear manufacturer in Europe and the second biggest in the world, after Nike.
209 4,454 641 (13) 5,291
Percent
59.02% 40.98% 100.00%
1.79% 38.23% 5.50% (0.11%) 45.41%
Adidas is choosing to keep the scale through retention of earnings rather than through issuing additional debt.
2013 3.47:1
2012
We can know that it had low adequate current assets relative to its current liabilities.
Assets management
Acid-Test Ratio =
2013 2012
Acid-Test Ratio
Net sales Cost of sales Gross profit Selling and administrative expenses Income from operation Other income and expenses Royalty and commission income Other operating income Financial income Goodwill impairment losses Financial expenses Income before income taxes Income tax expense Net income
0 505 (320)
5 190
0.00% 11.34% (49.92%) 38.46% 3.59%
This changes suggested that the company decreased its assets base during 2013 and financed its assuming long-term debt rather than retained income .
8.18% (30.81%) (3.81%) (0.45%)
Adidas
Condensed income statements
For the years ended December 31（€ in millions）
Net sales Cost of sales Gross profit Selling and administrative expenses Income from operation Other income and expenses Royalty and commission income Other operating income Financial income Goodwill impairment losses Financial expenses Income before income taxes Income tax expense Net income
Vertical analysis
Adidas
Condensed statements of Financial position
Assets Current assets Non-current assets Total assets
Equity Share capital Retained earnings Reserves Non-controlling interests Total equity