2013苹果公司英文版财务报表及分析
财务管理英文第十三版
Corporate Capital Gains / Losses
Currently, capital gains are taxed at ordinary income tax rates for corporations, or a maximum 35%.
The Capital Budgeting Process
Generate investment proposals consistent with the firm’s strategic objectives.
Estimate after-tax incremental operating cash flows for the investment projects.
c) - (+) Taxes (tax savings) due to asset sale or disposal of “new” assets
d) + (-) Decreased (increased) level of “net” working capital
e) = Terminal year incremental net cash flow
Depreciation and the MACRS Method
Everything else equal, the greater the depreciation charges, the lower the taxes paid by the firm.
英文分析财务报告模板(3篇)
第1篇Executive SummaryThis document provides an analysis of the financial report for [Company Name], covering the period from [Start Date] to [End Date]. The analysis aims to provide a comprehensive overview of the company's financial performance, including key financial ratios, trends, and comparisons with industry benchmarks. This report will assist stakeholders in understanding the company's financial health and making informed decisions.1. Introduction[Company Name] is a [industry] company with [brief description of the company's operations]. The financial report includes a summary of the company's financial statements, which are prepared in accordance with [financial reporting standards, e.g., International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP)].2. Financial Statements Analysis2.1 Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The following key components are analyzed:Assets: Analyze the composition of assets, including current assets (cash, receivables, inventory) and non-current assets (property, plant, and equipment). Assess the liquidity and solvency of the company by examining the current ratio and debt-to-equity ratio.Liabilities: Examine the composition of liabilities, including current liabilities (short-term debt, accounts payable) and long-termliabilities (long-term debt, deferred tax liabilities). Analyze the company's ability to meet its short-term and long-term obligations by evaluating the current ratio and debt service coverage ratio.Equity: Assess the changes in equity over the reporting period, including retained earnings and additional paid-in capital. Analyze the impact of earnings, dividends, and share issuances on equity.2.2 Income StatementThe income statement provides information about the company's revenues, expenses, and profitability over a specific period. The following key components are analyzed:Revenue: Examine the sources of revenue, including sales of products or services and other operating income. Analyze revenue trends and growth rates to assess the company's market position and potential for future growth.Expenses: Analyze the composition of expenses, including cost of goods sold, selling, general, and administrative expenses, and other operating expenses. Evaluate the efficiency of the company's cost structure by examining cost-to-sales ratios and gross margin.Net Income: Assess the company's profitability by examining net income and net profit margin. Analyze the factors contributing to changes in net income over the reporting period.2.3 Cash Flow StatementThe cash flow statement provides information about the company's cash inflows and outflows over a specific period. The following key components are analyzed:Operating Cash Flow: Examine the cash generated from the company's core operations. Analyze the operating cash flow margin to assess the company's ability to generate cash from its business activities.Investing Cash Flow: Analyze the cash used for and generated from investing activities, including the purchase or sale of assets, investments, and acquisitions. Assess the company's investment strategy and capital expenditure requirements.Financing Cash Flow: Examine the cash used for and generated from financing activities, including the issuance or repurchase of shares, debt financing, and dividends. Analyze the company's financing strategy and its impact on debt levels and equity.3. Key Financial RatiosThis section presents a summary of key financial ratios, including liquidity ratios, solvency ratios, profitability ratios, and efficiency ratios. The following ratios are analyzed:Liquidity Ratios: Current Ratio, Quick Ratio, and Cash RatioSolvency Ratios: Debt-to-Equity Ratio, Interest Coverage Ratio, andDebt Service Coverage RatioProfitability Ratios: Gross Margin, Operating Margin, Net Profit Margin, Return on Assets, and Return on EquityEfficiency Ratios: Inventory Turnover Ratio, Receivables Turnover Ratio, and Payables Turnover Ratio4. Trends and ComparisonsThis section analyzes the trends and performance of [Company Name] in comparison to industry benchmarks and competitors. The following aspects are considered:Revenue Growth: Compare the company's revenue growth rate with industry averages and key competitors.Profitability: Assess the company's profitability ratios in comparison to industry benchmarks and competitors.Financial Risk: Compare the company's solvency and liquidity ratioswith industry averages and competitors.Efficiency: Evaluate the company's operational efficiency by comparing efficiency ratios with industry benchmarks and competitors.5. ConclusionBased on the analysis of [Company Name]'s financial report, the following conclusions can be drawn:[Summary of key findings, including strengths, weaknesses, opportunities, and threats][Recommendations for stakeholders, including areas for improvement and potential investment opportunities]6. AppendicesThis section includes additional supporting information, such as:Detailed financial statementsIndustry benchmarks and competitor dataCharts and graphs illustrating financial trendsBy utilizing this financial report analysis template, stakeholders can gain a deeper understanding of [Company Name]'s financial performance and make informed decisions regarding their investments and business relationships.第2篇Executive SummaryThis document provides an in-depth analysis of the financial report for [Company Name] for the fiscal year [Year]. The analysis covers key financial metrics, trends, and insights that are critical for stakeholders to understand the company's financial health, performance, and future prospects. The report is divided into several sections, each focusing on a different aspect of the company's financial performance.1. Introduction[Company Name] is a [Industry] company that has been operating in the market for [Number of years]. The company's primary products/services are [List primary products/services]. The financial report for the fiscal year [Year] provides a comprehensive overview of the company'sfinancial performance, including revenue, expenses, assets, liabilities, and equity.2. Financial HighlightsThe following are the key financial highlights for the fiscal year [Year]:- Revenue: [Amount] (up/down from [Previous Year])- Net Income: [Amount] (up/down from [Previous Year])- Earnings Per Share (EPS): [Amount] (up/down from [Previous Year])- Return on Equity (ROE): [Percentage] (up/down from [Previous Year])- Current Ratio: [Ratio] (up/down from [Previous Year])- Debt-to-Equity Ratio: [Ratio] (up/down from [Previous Year])3. Revenue Analysis3.1 Revenue BreakdownThe revenue for the fiscal year [Year] was [Amount], which is [Percentage] higher/lower than the previous year. The breakdown of revenue by product/service category is as follows:- Product/Service A: [Amount] (Percentage of Total Revenue)- Product/Service B: [Amount] (Percentage of Total Revenue)- Product/Service C: [Amount] (Percentage of Total Revenue)- Other: [Amount] (Percentage of Total Revenue)3.2 Revenue Growth AnalysisThe increase/decrease in revenue can be attributed to the following factors:- Market Expansion: The company has expanded its market presence in [Regions/Countries].- Product Launches: The introduction of [New Products/Services] has contributed to the revenue growth.- Price Increase: The company has implemented a price increase for its products/services.- Volume Increase: There has been an increase in the volume of sales for [Specific Products/Services].4. Expense Analysis4.1 Cost of Goods Sold (COGS)The COGS for the fiscal year [Year] was [Amount], which represents [Percentage] of the total revenue. The main components of COGS include:- Raw Materials: [Amount]- Manufacturing Costs: [Amount]- Direct Labor: [Amount]- Other Direct Costs: [Amount]4.2 Operating ExpensesThe operating expenses for the fiscal year [Year] were [Amount], which includes the following categories:- Salaries and Wages: [Amount]- Marketing and Sales: [Amount]- Research and Development: [Amount]- General and Administrative Expenses: [Amount]5. Profitability Analysis5.1 Gross MarginThe gross margin for the fiscal year [Year] was [Percentage], which is [Percentage] higher/lower than the previous year. The factors contributing to the change in gross margin are:- Cost Savings: The company has implemented cost-saving measures in the production process.- Product Mix: There has been a shift in the product mix towards higher-margin products/services.- Volume Increase: The increase in sales volume has helped to improve the gross margin.5.2 Net Profit MarginThe net profit margin for the fiscal year [Year] was [Percentage], which is [Percentage] higher/lower than the previous year. The factors contributing to the change in net profit margin are:- Operating Efficiency: The company has improved its operating efficiency, leading to lower operating expenses.- Tax Rate: There has been a change in the tax rate, affecting the net profit margin.6. Liquidity and Solvency Analysis6.1 Current RatioThe current ratio for the fiscal year [Year] was [Ratio], indicatingthat the company has [Sufficient/Insufficient] liquidity to meet its short-term obligations.6.2 Debt-to-Equity RatioThe debt-to-equity ratio for the fiscal year [Year] was [Ratio], indicating that the company's leverage is [High/Low].7. Investment Analysis7.1 Capital ExpendituresThe company has allocated [Amount] for capital expenditures during the fiscal year [Year], primarily for [List of Capital Expenditure Projects].7.2 Dividends and Stock RepurchasesThe company has declared a dividend of [Amount] per share and has repurchased [Number of Shares] of its stock during the fiscal year [Year].8. ConclusionThe financial report for the fiscal year [Year] indicates that [Company Name] has achieved strong financial performance, with revenue growth and improved profitability. The company's liquidity and solvency ratios are also healthy, indicating a strong financial position. However, there are certain risks and challenges that the company needs to address, such as increasing competition and fluctuating raw material prices. The management is committed to addressing these challenges and continuing to drive the company's growth.9. Appendices- Financial Statements: Detailed financial statements including the balance sheet, income statement, and cash flow statement.- Notes to Financial Statements: Additional information and explanations related to the financial statements.- Additional Analysis: Any additional analysis or data that supports the findings of the report.End of Report第3篇Executive SummaryThe purpose of this report is to provide a comprehensive analysis of the financial performance of [Company Name] for the fiscal year [Year]. This analysis covers key financial statements, including the balance sheet, income statement, and cash flow statement, and highlights the financial health, profitability, liquidity, and solvency of the company. Thereport also includes a discussion on the major trends and drivers behind the financial results, as well as recommendations for future actions.1. Introduction[Company Name] is a [industry] company with [number of employees] employees, operating in [location]. The company's primaryproducts/services are [list of products/services], and it generates revenue through [list of revenue streams]. This report aims to evaluate the company's financial performance by examining its financial statements and other relevant data.2. Financial Statements Analysis2.1 Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The following analysis focuses on key components of the balance sheet:Assets: The total assets of [Company Name] stood at [amount] as of [date]. This includes current assets such as cash and cash equivalents, receivables, and inventory, as well as non-current assets like property, plant, and equipment.Liabilities: The company's total liabilities were [amount] as of [date], which includes short-term liabilities like accounts payable and long-term liabilities such as long-term debt.Equity: The equity section of the balance sheet shows the shareholders' equity, which includes common stock, retained earnings, and other reserves. The shareholders' equity of [Company Name] was [amount] as of [date].2.2 Income StatementThe income statement provides an overview of the company's revenues, expenses, and net income for a specific period. The following points highlight the key aspects of the income statement:Revenue: The company's total revenue for the fiscal year [Year] was [amount], reflecting a [percentage] increase/decrease from the previous year.Cost of Goods Sold (COGS): The COGS for the year was [amount], representing [percentage] of the total revenue. This includes the cost of materials, labor, and other production expenses.Gross Profit: The gross profit for the year was [amount], which is the revenue minus the COGS.Operating Expenses: The operating expenses, including selling, general, and administrative expenses, were [amount]. This includes salaries, marketing, and other overhead costs.Net Income: The net income for the fiscal year [Year] was [amount], which represents the profit after all expenses have been deducted from the revenue.2.3 Cash Flow StatementThe cash flow statement provides information about the cash inflows and outflows of the company during a specific period. The following analysis focuses on the key components of the cash flow statement:Operating Cash Flow: The operating cash flow for the fiscal year [Year] was [amount], which indicates the cash generated from the company's core operations.Investing Cash Flow: The investing cash flow was [amount], which includes cash flows from the purchase/sale of assets, investments, and loans.Financing Cash Flow: The financing cash flow was [amount], which includes cash flows from the issuance/redeem of equity, debt, and payment of dividends.3. Financial Ratios AnalysisFinancial ratios are used to assess the financial health and performance of a company. The following ratios are used in this analysis:Current Ratio: The current ratio of [Company Name] was [ratio], indicating that the company has [sufficient/insufficient] liquidity to meet its short-term obligations.Debt-to-Equity Ratio: The debt-to-equity ratio of the company was [ratio], which suggests that the company has [high/low] financial leverage.Return on Assets (ROA): The ROA of the company was [percentage], which indicates the efficiency of the company in using its assets to generate profits.Return on Equity (ROE): The ROE of the company was [percentage], which shows the return on the shareholders' equity.4. Major Trends and DriversSeveral key trends and drivers influenced the financial performance of [Company Name] during the fiscal year [Year]:Market Conditions: The overall market conditions, including the demand for [product/service], had a significant impact on the company's revenue.Product Mix: Changes in the product mix, such as an increase in the sales of [product], contributed to the revenue growth.Cost Management: The company's focus on cost management helped in improving the operating margins.5. RecommendationsBased on the analysis of the financial statements and other relevant data, the following recommendations are made:Focus on Product Innovation: The company should continue to invest in research and development to introduce new products and enhance the existing ones.Cost Optimization: The company should explore opportunities to further optimize its costs, especially in the areas of operations and marketing.Leverage Technology: The company should leverage technology to improve its operational efficiency and customer experience.ConclusionThe financial report analysis of [Company Name] for the fiscal year [Year] indicates that the company has achieved significant growth in revenue and profitability. However, there are areas where the companycan improve its financial performance. By focusing on product innovation, cost optimization, and leveraging technology, [Company Name] cancontinue to grow and remain competitive in the market.Note: This template is a general framework for analyzing financial reports. The specific content and analysis may vary depending on the company and industry.。
英文版财务报告分析(3篇)
第1篇Executive SummaryThis report provides a comprehensive analysis of XYZ Corporation's financial statements for the fiscal year ending December 31, 2022. The analysis focuses on key financial metrics, liquidity, profitability, solvency, and investment activities. The report aims to provide insights into the financial health and performance of XYZ Corporation, highlighting its strengths and areas requiring improvement.IntroductionXYZ Corporation is a publicly traded company operating in the technology sector. The company specializes in the development and manufacturing of cutting-edge electronics and software solutions. The financial reportfor the fiscal year 2022 provides a snapshot of the company's financial performance during the period.Liquidity AnalysisCurrent RatioThe current ratio is a measure of a company's ability to meet its short-term obligations. XYZ Corporation's current ratio for the fiscal year 2022 was 2.5, which indicates that the company has $2.50 in current assets for every $1 of current liabilities. This ratio is well above the industry average, suggesting that XYZ Corporation has a strong liquidity position.Quick RatioThe quick ratio, also known as the acid-test ratio, measures a company's ability to meet its short-term obligations without relying on the sale of inventory. XYZ Corporation's quick ratio for the fiscal year 2022 was 1.8. This ratio is also above the industry average, indicating that the company can cover its current liabilities without liquidating inventory.Working CapitalWorking capital is the difference between a company's current assets and current liabilities. XYZ Corporation's working capital for the fiscal year 2022 was $50 million, which is a significant improvement over the previous year. This increase in working capital reflects the company's strong liquidity position and ability to fund its operations.Profitability AnalysisGross MarginGross margin is a measure of a company's profitability, calculated as the percentage of revenue remaining after deducting the cost of goods sold. XYZ Corporation's gross margin for the fiscal year 2022 was 35%, which is slightly lower than the industry average. This decrease in gross margin can be attributed to increased raw material costs and higher research and development expenses.Net MarginNet margin is a measure of a company's overall profitability, calculated as the percentage of revenue remaining after all expenses, including taxes, are deducted. XYZ Corporation's net margin for the fiscal year 2022 was 15%, which is in line with the industry average. The company's net margin has remained stable over the past few years, indicating a consistent level of profitability.Return on Assets (ROA)Return on assets is a measure of how efficiently a company uses its assets to generate earnings. XYZ Corporation's ROA for the fiscal year 2022 was 8%, which is slightly lower than the industry average. This indicates that the company could potentially improve its assetutilization to enhance profitability.Solvency AnalysisDebt-to-Equity RatioThe debt-to-equity ratio measures a company's financial leverage and its ability to meet long-term obligations. XYZ Corporation's debt-to-equityratio for the fiscal year 2022 was 1.2, which is slightly below the industry average. This ratio suggests that the company has a moderate level of financial leverage and is in a good position to meet its long-term obligations.Interest Coverage RatioThe interest coverage ratio measures a company's ability to cover its interest expenses with its operating income. XYZ Corporation's interest coverage ratio for the fiscal year 2022 was 4.5, which is well above the industry average. This indicates that the company has a strong ability to cover its interest expenses and is not at risk of defaulting on its debt.Investment ActivitiesCapital Expenditures (CapEx)Capital expenditures represent the investments made by a company in its long-term assets. XYZ Corporation's capital expenditures for the fiscal year 2022 were $100 million, which was a significant increase over the previous year. This increase in CapEx was primarily driven by investments in new manufacturing facilities and research and development projects.Dividends PaidDividends paid are the distributions made to shareholders from a company's earnings. XYZ Corporation paid $30 million in dividends to its shareholders during the fiscal year 2022. This amount represents a 10% increase over the previous year, reflecting the company's commitment to returning value to its shareholders.ConclusionXYZ Corporation's financial report for the fiscal year 2022 indicates a strong liquidity position, stable profitability, and moderate financial leverage. The company has made significant investments in its long-term assets, which should contribute to its future growth and profitability. However, the decrease in gross margin and the need to improve assetutilization suggest that there are areas requiring attention and potential improvement.Recommendations1. XYZ Corporation should continue to monitor its cost of goods sold and explore opportunities to reduce expenses.2. The company should focus on improving its asset utilization to enhance its return on assets.3. XYZ Corporation should maintain its strong liquidity position to ensure it can meet its short-term and long-term obligations.4. The company should continue to invest in research and development to maintain its competitive edge in the technology sector.By addressing these recommendations, XYZ Corporation can further strengthen its financial position and achieve sustainable growth in the future.第2篇Executive SummaryThis analysis delves into the financial performance of XYZ Corporation over the past fiscal year. By examining key financial statements, we aim to provide a comprehensive overview of the company's profitability, liquidity, solvency, and operational efficiency. This report will also highlight the major trends and challenges faced by the company, along with recommendations for improvement.IntroductionXYZ Corporation, a leading player in the [industry sector], has been operating in the market for [number of years]. The company has a diverse product portfolio and operates in [number of countries]. This analysis focuses on the financial statements for the fiscal year ended [financial year end date].1. Income Statement Analysis1.1 Revenue AnalysisThe total revenue for XYZ Corporation for the fiscal year ended [financial year end date] was [amount], an increase of [percentage] compared to the previous year. The revenue growth can be attributed to the expansion of the product line, successful marketing campaigns, and increased market share.1.2 Cost of Goods Sold (COGS) AnalysisThe COGS for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in COGS can be attributed to the rising costs of raw materials, labor, and production expenses. However, the COGS as a percentage of revenue remained stable at [percentage], indicating that the company has managed to control its cost structure.1.3 Gross Profit AnalysisThe gross profit for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. This can be attributed to the revenue growth and effective cost management. The gross profit margin remained at [percentage], which is in line with industry averages.1.4 Operating Expenses AnalysisOperating expenses for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in operating expenses can be attributed to higher marketing and administrative costs. However, the operating expenses as a percentage of revenue remained stable at [percentage], indicating that the company has managed to control its cost structure.1.5 Net Profit AnalysisThe net profit for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The company's net profit margin remained at [percentage], which is in line with industry averages.2. Balance Sheet Analysis2.1 Asset AnalysisThe total assets of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in assets can be attributed to the expansion of the company's operations and investments in new projects.2.2 Liability AnalysisThe total liabilities of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in liabilities can be attributed to the expansion of the company's operations and increased borrowings.2.3 Equity AnalysisThe total equity of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in equity can be attributed to the company's net profit and revaluation of assets.3. Cash Flow Statement Analysis3.1 Operating Cash Flow AnalysisThe operating cash flow for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. This can be attributed to the increase in net profit and effective management of working capital.3.2 Investing Cash Flow AnalysisThe investing cash flow for XYZ Corporation decreased by [percentage] to [amount] during the fiscal year. The decrease in investing cash flow can be attributed to the reduced capital expenditure on new projects.3.3 Financing Cash Flow AnalysisThe financing cash flow for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in financing cash flow can be attributed to the issuance of new shares and repayment of long-term debt.4. Key Ratios Analysis4.1 Profitability Ratios- Gross Profit Margin: [percentage]- Net Profit Margin: [percentage]- Return on Assets (ROA): [percentage]- Return on Equity (ROE): [percentage]4.2 Liquidity Ratios- Current Ratio: [number]- Quick Ratio: [number]4.3 Solvency Ratios- Debt-to-Equity Ratio: [number]- Interest Coverage Ratio: [number]5. Conclusion and RecommendationsXYZ Corporation has demonstrated strong financial performance over the past fiscal year, with revenue and net profit increasing significantly. However, the company faces several challenges, including rising costs, increased competition, and economic uncertainties.Recommendations:- Focus on cost optimization to improve profitability.- Invest in research and development to enhance product offerings.- Strengthen marketing strategies to maintain market share.- Diversify revenue streams to reduce dependency on a single product or market.- Monitor economic indicators and adjust strategies accordingly.By implementing these recommendations, XYZ Corporation can continue to grow and remain competitive in the market.Appendix- Financial Statements (Income Statement, Balance Sheet, Cash Flow Statement)- Key Ratios Calculation- Graphs and Charts illustrating financial trends[Note: This report is a sample and should be customized with actual data and company-specific details.]第3篇IntroductionThe financial report analysis is an essential tool for investors, creditors, and other stakeholders to evaluate the financial performance and stability of a company. This analysis involves examining the financial statements, including the balance sheet, income statement, and cash flow statement, to gain insights into the company's profitability, liquidity, solvency, and efficiency. This paper aims to provide a comprehensive analysis of a fictional company's financial report, focusing on key financial ratios and metrics to assess its overall financial health.1. Overview of the CompanyCompany XYZ is a publicly-traded multinational corporation specializing in the manufacturing and distribution of consumer goods. The company operates in various regions, with a diverse product portfolio that includes electronics, home appliances, and personal care products. Over the past few years, Company XYZ has experienced significant growth, expanding its market share and generating substantial revenue.2. Financial Statements Analysis2.1 Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The key components of the balance sheet include assets, liabilities, and shareholders' equity.a. AssetsCompany XYZ's assets are categorized into current assets and non-current assets. Current assets include cash, accounts receivable, inventory, and other liquid assets that can be converted into cash within one year.Non-current assets include property, plant, and equipment, intangible assets, and long-term investments.The analysis of Company XYZ's balance sheet reveals that the company has a strong current asset position, with a current ratio of 2.5. This indicates that the company has sufficient liquidity to meet its short-term obligations. Additionally, the company's inventory turnover ratioof 5.2 suggests efficient inventory management and a healthy level of inventory turnover.b. LiabilitiesLiabilities are classified as current liabilities and long-term liabilities. Current liabilities include accounts payable, short-term debt, and other obligations due within one year. Long-term liabilities encompass long-term debt and deferred tax liabilities.The company's current ratio of 2.5 also reflects a healthy level of current liabilities, which are primarily composed of accounts payableand short-term debt. This indicates that the company has a manageable level of short-term debt and is able to cover its obligations with its current assets.c. Shareholders' EquityShareholders' equity represents the residual interest in the assets of the company after deducting liabilities. It is composed of common stock, additional paid-in capital, retained earnings, and other comprehensive income.Company XYZ's shareholders' equity has grown significantly over the years, reflecting the company's profitability and reinvestment of earnings. The company has also issued additional shares to raise capital, which has contributed to the increase in shareholders' equity.2.2 Income StatementThe income statement provides information about the company's revenues, expenses, and net income over a specific period. The key components of the income statement include sales, cost of goods sold, operating expenses, and net income.a. SalesCompany XYZ has experienced consistent sales growth, with a compound annual growth rate (CAGR) of 7% over the past five years. This growth can be attributed to the company's expanding market share, new product launches, and effective marketing strategies.b. Cost of Goods Sold (COGS)The COGS represents the direct costs associated with the production of goods sold by the company. The analysis of Company XYZ's COGS reveals that it has been decreasing over the years, reflecting improved production efficiency and cost control measures.c. Operating ExpensesOperating expenses include selling, general, and administrative expenses (SG&A) and research and development (R&D) expenses. Company XYZ has successfully managed its operating expenses, with a trend of decreasing SG&A expenses and stable R&D expenses.d. Net IncomeThe net income is the final result of the income statement and represents the company's profit after all expenses have been deducted from revenues. Company XYZ has demonstrated strong profitability, with a net income margin of 10% over the past five years.2.3 Cash Flow StatementThe cash flow statement provides information about the company's cash inflows and outflows from operating, investing, and financing activities.a. Operating Cash FlowCompany XYZ has generated positive operating cash flow over the years, which is essential for maintaining liquidity and funding growth initiatives. The company's operating cash flow margin has remained stable, indicating consistent profitability.b. Investing Cash FlowThe investing cash flow represents the company's cash flows from the purchase and sale of long-term assets, such as property, plant, and equipment, and investments. Company XYZ has invested in new manufacturing facilities and acquired other companies to expand its market presence.c. Financing Cash FlowThe financing cash flow includes cash flows from the issuance and repayment of debt, as well as equity financing. Company XYZ has raised capital through the issuance of new shares and long-term debt to fund its expansion plans.3. Financial Ratios and Metrics3.1 Profitability Ratiosa. Return on Assets (ROA)ROA measures the company's ability to generate profit from its assets. Company XYZ has a ROA of 5%, indicating that it is generating a reasonable return on its assets.b. Return on Equity (ROE)ROE measures the company's profitability from the perspective of its shareholders. Company XYZ has a ROE of 15%, reflecting its strong profitability and efficient use of shareholders' equity.3.2 Liquidity Ratiosa. Current RatioThe current ratio of 2.5 indicates that Company XYZ has a strong liquidity position, with sufficient current assets to cover its current liabilities.b. Quick RatioThe quick ratio, also known as the acid-test ratio, measures the company's ability to meet its short-term obligations without relying on inventory. Company XYZ has a quick ratio of 2.0, suggesting a robust liquidity position.3.3 Solvency Ratiosa. Debt-to-Equity RatioThe debt-to-equity ratio of 0.8 indicates that Company XYZ has a moderate level of leverage, with debt financing accounting for a significant portion of its capital structure.b. Interest Coverage RatioThe interest coverage ratio of 5.0 indicates that Company XYZ has sufficient earnings to cover its interest expenses, reflecting a strong financial position.3.4 Efficiency Ratiosa. Inventory Turnover RatioThe inventory turnover ratio of 5.2 suggests that Company XYZ is efficiently managing its inventory, with a high level of inventory turnover.b. Receivables Turnover RatioThe receivables turnover ratio of 10.0 indicates that Company XYZ is collecting its accounts receivable quickly, reducing the risk of bad debt.ConclusionBased on the analysis of Company XYZ's financial report, it is evident that the company has demonstrated strong financial performance and stability. The company's profitability, liquidity, solvency, and efficiency ratios indicate a healthy financial position, supported by consistent revenue growth, effective cost management, and efficient use of assets and liabilities. As such, Company XYZ appears to be a solid investment opportunity for potential investors and creditors.。
苹果避税调查报告原版 Subcommittee-Memo-on-Offshore-Profit-Shifting-Apple
M E M O R A N D U MTO: Members of the Permanent Subcommittee on InvestigationsFROM: Senator Carl Levin, ChairmanSenator John McCain, Ranking Minority MemberPermanent Subcommittee on InvestigationsDATE: May 21, 2013RE: Offshore Profit Shifting and the U.S. Tax Code - Part 2 (Apple Inc.)I.EXECUTIVE SUMMARY (2)A.Subcommittee Investigation (2)B.Findings and Recommendations (5)Findings:1.Shifting Profits Offshore (5)2.Offshore Entities With No Declared Tax Jurisdiction (5)3.Cost Sharing Agreement (5)4.Circumventing Subpart F (5)Recommendations:1.Strengthen Section 482 (6)2.Reform Check-the-Box and Look Through Rules (6)3.Tax CFCs Under U.S. Management and Control (6)4.Properly Enforce Same Country Exception (6)5.Properly Enforce the Manufacturing Exception (6)II.OVERVIEW OF TAX PRINCIPLES AND LAW (7)A.U.S. Worldwide Tax and Deferral (7)B.Transfer Pricing (7)C.Transfer Pricing and the Use of Shell Corporations (9)D.Piercing the Veil – Instrumentality of the Parent (10)E.Subpart F To Prevent Tax Haven Abuse (11)F.Subpart F To Tax Current Income (12)G.Check-the-Box Regulations and Look Through Rule (13)H.Foreign Personal Holding Company Income – Same Country Exception (15)I.Foreign Base Company Sales Income – Manufacturing Exception (15)III.APPLE CASE STUDY (17)A.Overview (17)B.Apple Background (17)1.General Information (17)2.Apple History (18)ing Offshore Affiliates to Avoid U.S. Taxes (19)1.Benefiting From a Minimal Tax Rate (20)2.Avoiding Taxes By Not Declaring A Tax Residency (21)3.Helping Apple Inc. Avoid U.S. Taxes Via A Cost Sharing Agreement (25)ing U.S. Tax Loopholes to Avoid U.S. Taxes on Offshore Income (31)1.Foreign Base Company Sales Income: Avoiding Taxation Of Taxable Offshore Income (33)ing Check-the-Box to Make Transactions Disappear (35)ing Check-the-Box to Convert Passive Income to Active Income (36)4.Other Tax Loopholes (36)E.Apple’s Effective Tax Rate (37)I.EXECUTIVE SUMMARYOn May 21, 2013, the Permanent Subcommittee on Investigations (PSI) of the U.S. Senate Homeland Security and Government Affairs Committee will hold a hearing that is a continuation of a series of reviews conducted by the Subcommittee on how individual and corporate taxpayers are shifting billions of dollars offshore to avoid U.S. taxes. The hearing will examine how Apple Inc., a U.S. multinational corporation, has used a variety of offshore structures, arrangements, and transactions to shift billions of dollars in profits away from the United States and into Ireland, where Apple has negotiated a special corporate tax rate of less than two percent. One of Apple’s more unusual tactics has been to establish and direct substantial funds to offshore entities in Ireland, while claiming they are not tax residents of any jurisdiction. For example, Apple Inc. established an offshore subsidiary, Apple Operations International, which from 2009 to 2012 reported net income of $30 billion, but declined to declare any tax residence, filed no corporate income tax return, and paid no corporate income taxes to any national government for five years. A second Irish affiliate, Apple Sales International, received $74 billion in sales income over four years, but due in part to its alleged status as a non-tax resident, paid taxes on only a tiny fraction of that income.In addition, the hearing will examine how Apple Inc. transferred the economic rights to its intellectual property through a cost sharing agreement with its own offshore affiliates, and was thereby able to shift tens of billions of dollars offshore to a low tax jurisdiction and avoid U.S. tax. Apple Inc. then utilized U.S. tax loopholes, including the so-called “check-the-box” rules, to avoid U.S. taxes on $44 billion in taxable offshore income over the past four years, or about $10 billion in tax avoidance per year. The hearing will also examine some of the weaknesses and loopholes in certain U.S. tax code provisions, including transfer pricing, Subpart F, and related regulations, that enable multinational corporations to avoid U.S. taxes.A.Subcommittee InvestigationFor a number of years, the Subcommittee has reviewed how U.S. citizens and multinational corporations have exploited and, at times, abused or violated U.S. tax statutes, regulations and accounting rules to shift profits and valuable assets offshore to avoid U.S. taxes. The Subcommittee inquiries have resulted in a series of hearings and reports.1 The Subcommittee’s recent reviews have focused on how multinational corporations have employed various complex structures and transactions to exploit taxloopholes to shift large portions of their profits offshore and dodge U.S. taxes.1 See, e.g., U.S. Senate Permanent Subcommittee on Investigations, “Fishtail, Bacchus, Sundance, and Slapshot: Four Enron Transactions Funded and Facilitated by U.S. Financial Institutions,” S.Prt. 107-82 (Jan. 2, 2003); “U.S. Tax Shelter Industry: The Role of Accountants, Lawyers, and Financial Professionals,” S.Hrg. 108-473 (No. 18 and 20, 2003); “Tax Haven Abuses: The Enablers, The Tools and Secrecy,” S.Hrg 109-797 (Aug. 1, 2006); “Tax Haven Banks and U.S. Tax Compliance,” S.Hrg. 110-614 (July 17 and 25, 2008); “Tax Haven Banks and U.S. Tax Compliance: Obtaining the Names of U.S. Clients with Swiss Accounts,” S.Hrg. 111-30 (Mar. 4, 2009); “Repatriating Offshore Funds: 2004 Tax Windfall for Select Multinationals,” S.Prt. 112-27 (Oct. 11, 2011); and “Offshore Profit Shifting and the U.S. Tax Code – Part 1 (Microsoft and Hewlett-Packard),” S.Hrg.112-*** (Sept. 20, 2012).At the same time as the U.S. federal debt has continued to grow – now surpassing $16 trillion – the U.S. corporate tax base has continued to decline, placing a greater burden on individual taxpayers and future generations. According to a report prepared for Congress: “At its post-WWII peak in 1952, the corporate tax generated 32.1% of all federal taxrevenue. In that same year the individual tax accounted for 42.2% of federal revenue,and the payroll tax accounted for 9.7% of revenue. Today, the corporate tax accounts for8.9% of federal tax revenue, whereas the individual and payroll taxes generate 41.5% and40.0%, respectively, of federal revenue.”2Over the past several years, the amount of permanently reinvested foreign earnings reported by U.S. multinationals on their financial statements has increased dramatically. One study has calculated that undistributed foreign earnings for companies in the S&P 500 have increased by more than 400%.3 According to recent analysis by Audit Analytics, over a five year period from 2008 to 2012, total untaxed indefinitely reinvested earnings reported in 10-K filings for firms comprising the Russell 3000 increased by 70.3%.4 During the same period, the number of firms reporting indefinitely reinvested earnings increased by 11.4%.The increase in multinational corporate claims regarding permanently reinvested foreign earnings and the decline in corporate tax revenue are due in part to the shifting of mobile income offshore into tax havens. A number of studies show that multinational corporations are moving “mobile” income out of the United States into low or no tax jurisdictions, including tax havens such as Ireland, Bermuda, and the Cayman Islands.5 In one 2012 study, a leading expert in the Office of Tax Analysis of the U.S. Department of Treasury found that foreign profit margins, not foreign sales, are the cause for significant increases in profits abroad. He wrote: “The foreign share of the worldwide income of U.S. multinational corporations (MNCs) has risen sharply in recent years. Data from a panel of 754 large MNCs indicate that the MNC foreign income share increased by 14 percentage points from 1996 to 2004. Thedifferential between a company’s U.S. and foreign effective tax rates exerts a significant effect on the share of its income abroad, largely through changes in foreign and domestic profit margins rather than a shift in sales. U.S.-foreign tax differentials are estimated to have raised the foreign share of MNC worldwide income by about 12 percentage points by 2004. Lower foreign effective tax rates had no significant effect on a company’sdomestic sales or on the growth of its worldwide pre-tax profits. Lower taxes on foreign income do not seem to promote ‘competitiveness.’”62 12/8/2011“Reasons for the Decline in the Corporate Tax Revenues” Congressional Research Service, Mark P. Keightley, at.1. See also 4/2011“Tax Havens and Treasure Hunts,” Today’s Economist, Nancy Folbre.3 4/26/2011 “Parking Earnings Overseas,” Zion, Varsheny, Burnap: Credit Suisse, at 3.4 5/1/2013 Audit Analytics, “Foreign Indefinitely Reinvested Earnings: Balances Held by the Russell 3000.”5 See, e.g., 6/5/2010 “T ax Havens: International Tax Avoidance and Evasion,” Congressional Research Service, Jane Gravelle, at 15 (citing multiple studies).6 2/2012 “Foreign Taxes and the Growing Share of U.S. Multinational Company Income Abroad: Profits, Not Sales, are Being Globalized,” Office of Tax Analysis Working Paper 103, U.S. Department of Treasury, Harry Grubert, at 1.One study showed that foreign profits of controlled foreign corporations (CFCs) of U.S. multinationals significantly outpace the total GDP of some tax havens.”7 For example, profits of CFCs in Bermuda were 645% and in the Cayman Islands were 546% as a percentage of GDP, respectively. In a recent research report, JPMorgan expressed the opinion that the transfer pricing of intellectual property “explains some of the phenomenon as to why the balances of foreign cash and foreign earnings at multinational companies continue to grow at such impressive rates.” 8On September 20, 2012, the Subcommittee held a hearing and examined some of the weaknesses and loopholes in certain tax and accounting rules that facilitated profit shifting by multinational corporations. Specifically, it reviewed transfer pricing, deferral, and Subpart F of the Internal Revenue Code, with related regulations, and accounting standards governing offshore profits and the reporting of tax liabilities. The Subcommittee presented two case studies: (1) a study of structures and practices employed by Microsoft Corporation to shift and keep profits offshore; and (2) a study of Hewlett-Packard’s “staggered foreign loan program,” which was devised to de facto repatriate offshore profits to the United States to help run its U.S. operations, without paying U.S. taxes.The case study for the Subcommittee’s May 2013 hearing involves Apple Inc. Building upon information collected in previous inquiries, the Subcommittee reviewed Apple responses to several Subcommittee surveys, reviewed Apple SEC filings and other documents, requested information from Apple, and interviewed a number of corporate representatives from Apple. The Subcommittee also consulted with a number of tax experts and the IRS.This memorandum first provides an overview of certain tax provisions related to offshore income, such as transfer pricing, Subpart F, and the so-called check-the-box regulations and look-through rule. It then presents a case study of Apple’s organizational structure and the provisions of the tax code and regulations it uses to shift and keep billions in profits offshore in two controlled foreign corporations formed in Ireland. The first is Apple Sales International (ASI), an entity that has acquired certain economic rights to Apple’s intellectual property. Apple Inc. has used those rights of ASI to shift billions in profits away from the United States to Ireland, where it pays a corporate tax rate of 2% or less. The second is Apple Operations International (AOI), a 30-year old corporation that has no employees or physical presence, and whose operations are managed and controlled out of the United States. Despite receiving $30 billion in earnings and profits during the period 2009 through 2011 as the key holding company for Apple’s extensive offshore corporate structure, Apple Operations International has no declared tax residency anywhere in the world and, as a consequence, has not paid corporate income tax to any national government for the past 5 years. Apple has recently disclosed that ASI also claims to have no tax residency in any jurisdiction, despite receiving over a four year period from 2009 to 2012, sales income from Apple affiliates totaling $74 billion.7 6/5/2010 “T ax Havens: International Tax Avoidance and Evasion,” Congressional Research Service, Jane Gravelle, at 14.8 5/16/2012 “Global Tax Rate Makers,” JPMorgan Chase, at 2 (based on research of SEC filings of over 1,000 reporting issuers).Apple is an American success story. Today, Apple Inc. maintains more than $102 billion in offshore cash, cash equivalents and marketable securities (cash).9 Apple executives told the Subcommittee that the company has no intention of returning those funds to the United States unless and until there is a more favorable environment, emphasizing a lower corporate tax rate and a simplified tax code.10 Recently, Apple issued $17 billion in debt instruments to provide funds for its U.S. operations rather than bring its offshore cash home, pay the tax owed, and use those funds to invest in its operations or return dividends to its stockholders. The Subcommittee’s investigation shows that Apple has structured organizations and business operations to avoid U.S. taxes and reduce the contribution it makes to the U.S. treasury. Its actions disadvantage Apple’s domestic competitors, force other taxpayers to shoulder the tax burden Apple has cast off, and undermine the fairness of the U.S. tax code. The purpose of the Subcommittee’s investigation is to describe Apple’s offshore tax activities and offer recommendations to close the offshore tax loopholes that enable some U.S. multinational corporations to avoid paying their share of taxes.B.Findings and RecommendationsFindings. The Subcommittee’s investigation has produced the following findings of fact.1.Shifting Profits Offshore. Apple has $145 billion in cash, cash equivalents andmarketable securities, of which $102 billion is “offshore.” Apple has used offshoreentities, arrangements, and transactions to transfer its assets and profits offshore andminimize its corporate tax liabilities.2.Offshore Entities With No Declared Tax Jurisdiction. Apple has established anddirected tens of billions of dollars to at least two Irish affiliates, while claimingneither is a tax resident of any jurisdiction, including its primary offshore holdingcompany, Apple Operations International (AOI), and its primary intellectual propertyrights recipient, Apple Sales International (ASI). AOI, which has no employees, hasno physical presence, is managed and controlled in the United States, and received$30 billion of income between 2009 and 2012, has paid no corporate income tax toany national government for the past five years.3.Cost Sharing Agreement. Apple’s cost sharing agreement (CSA) with its offshoreaffiliates in Ireland is primarily a conduit for shifting billions of dollars in incomefrom the United States to a low tax jurisdiction. From 2009 to 2012, the CSAfacilitated the shift of $74 billion in worldwide sales income away from the UnitedStates to Ireland where Apple has negotiated a tax rate of less than 2%.4.Circumventing Subpart F. The intent of Subpart F of the U.S. tax code is toprevent multinational corporations from shifting profits to tax havens to avoid U.S.tax. Apple has exploited weaknesses and loopholes in U.S. tax laws and regulations,particularly the “check-the-box” and “look-through” rules, to circumvent Subpart F9 4/23/2013 Apple Second Quarter Earnings Call, Fiscal Year 2013, /aspx/call-transcript.aspx?StoryId=1364041&Title=apple-s-ceo-discusses-f2q13-results-earnings-call-transcript.10 Subcommittee interview of Apple Chief Executive Officer Tim Cook (4/29/2013).taxation and, from 2009 to 2012, avoid $44 billion in taxes on otherwise taxableoffshore income.Recommendations. Based upon the Subcommittee’s investigation, the Memorandum makes the following recommendations.1.Strengthen Section 482. Strengthen Section 482 of the tax code governing transferpricing to eliminate incentives for U.S. multinational corporations to transferintellectual property to shell entities that perform minimal operations in tax haven orlow tax jurisdictions by implementing more restrictive transfer pricing rulesconcerning intellectual property.2.Reform Check-the-Box and Look Through Rules. Reform the “check-the-box”and “look-through” rules so that they do not undermine the intent of Subpart F of theInternal Revenue Code to currently tax certain offshore income.3.Tax CFCs Under U.S. Management and Control. Use the current authority of theIRS to disregard sham entities and impose current U.S. tax on income earned by anycontrolled foreign corporation that is managed and controlled in the United States.4.Properly Enforce Same Country Exception. Use the current authority of the IRS torestrict the “same country exception” so that the exception to Subpart F cannot beused to shield from taxation passive income shifted between two related entitieswhich are incorporated in the same country, but claim to be in different tax residenceswithout a legitimate business reason.5.Properly Enforce the Manufacturing Exception. Use the current authority of theIRS to restrict the “manufacturing exception” so that the exception to Subpart Fcannot be used to shield offshore income from taxation unless substantialmanufacturing activities are taking place in the jurisdiction where the intermediaryCFC is located.II.OVERVIEW OF TAX PRINCIPLES AND LAWA. U.S. Worldwide Tax and DeferralU.S. corporations are subject to a statutory tax rate of up to a 35% on all their income, including worldwide income, which on its face is a rate among the highest in the world. This statutory tax rate can be reduced, however, through a variety of mechanisms, including tax provisions that permit multinational corporations to defer U.S. tax on active business earnings of their CFCs until those earnings are brought back to the United States, i.e., repatriated as a dividend. The ability of a U.S. firm to earn foreign income through a CFC without US tax until the CFC’s earnings are paid as a dividend is known as “deferral.” Deferral creates incentives for U.S. firms to shift U.S. earnings offshore to low tax or no tax jurisdictions to avoid U.S. taxes and increase their after tax profits. In other words, tax haven deferral is done for tax avoidance purposes.11 U.S. multinational corporations shift large amounts of income to low-tax foreign jurisdictions, according to a 2010 report by the Joint Committee on Taxation.12 Current estimates indicate that U.S. multinationals have more than $1.7 trillion in undistributed foreign earnings and keep at least 60% of their cash overseas.13 In many instances, the shifted income is deposited in the names of CFCs in accounts in U.S. banks.14 In 2012, President Barack Obama reiterated concerns about such profit shifting by U.S multinationals and called for this problem to be addressed through tax reform.15B.Transfer PricingA major method used by multinationals to shift profits from high-tax to low-tax jurisdictions is through the pricing of certain intellectual property rights, goods and services sold between affiliates. This concept is known as “transfer pricing.” Principles regarding transfer pricing are codified under Section 482 of the Internal Revenue Code and largely build upon the principle of arms length dealings. IRS regulations provide various economic methods that can be used to test the arm’s length nature of transfers between related parties. There are several ways in which assets or services are transferred between a U.S. parent and an offshore affiliate entity: an outright sale of the asset; a licensing agreement where the economic rights are transferred to the affiliate in exchange for a licensing fee or royalty stream; a sale of services; or a cost sharing agreement, which is an agreement between related entities to share the cost of developing an intangible asset and a proportional share of the rights to the intellectual property 11 See 12/2000 “The Deferral of Income Earned through U.S. Controlled Foreign Corporations,” Office of Tax Policy, U.S. Department of Treasury, at 12.12 7/20/2010 “Present Law and Background Related to Possible Income Shifting and Transfer Pricing,” Joint Committee on Taxation, (JCX-37-10), at 7.13 5/16/2012 “Global Tax Rate Makers,” JP Morgan Chase, at 1; see also 4/26/11“Parking Earnings Overseas,” Credit Suisse.14 See, e.g., U.S. Senate Permanent Subcommittee on Investigations, “Repatriating Offshore Funds: 2004 Tax Windfall for Select Multinationals,” S.Rpt. 112-27 (Oct. 11, 2011)(showing that of $538 billion in undistributed accumulated foreign earnings at the end of FY2010 at 20 U.S. multinational corporations, nearly half (46%) of the funds that the corporations had identified as offshore and for which U.S. taxes had been deferred, were actually in the United States at U.S. financial institutions).15 See 2/22/2012 “The President’s Framework for Business Tax Reform,” /resource-center/tax-policy/Documents/The-Presidents-Framework-for-Business-Tax-Reform-02-22-2012.pdf.that results. A cost sharing agreement typically includes a “buy-in” payment from the affiliate, which supposedly compensates the parent for transferring intangible assets to the affiliate and for incurring the initial costs and risks undertaken in initially developing or acquiring the intangible assets.The Joint Committee on Taxation has stated that a “principal tax policy concern is that profits may be artificially inflated in low-tax countries and depressed in high-tax countries through aggressive transfer pricing that does not reflect an arms-length result from a related-party transaction.”16 A study by the Congressional Research Service raises the same issue. “In the case of U.S. multinationals, one study suggested that about half the difference between profitability in low-tax and high-tax countries, which could arise from artificial income shifting, was due to transfers of intellectual property (or intangibles) and most of the rest through the allocation of debt.”17 A Treasury Department study conducted in 2007 found the potential for improper income shifting was “most acute with respect to cost sharing arrangements involving intangible assets.”18Valuing intangible assets at the time they are transferred is complex, often because of the unique nature of the asset, which is frequently a new invention without comparable prices, making it hard to know what an unrelated third party would pay for a license. According to one recent study by JPMorgan Chase:“Many multinationals appear to be centralizing many of their valuable IP [intellectualproperty] assets in low-tax jurisdictions. The reality is that IP rights are easily transferred from jurisdiction to jurisdiction, and they are often inherently difficult to value.”19The inherent difficulty in valuing such assets enables multinationals to artificially increase profits in low tax jurisdictions using aggressive transfer pricing practices. The Economist has described these aggressive transfer pricing tax strategies as a “big stick in the corporate treasurer’s tax-avoidance armoury.”20 Certain tax experts, who had previously served in senior government tax positions, have described the valuation problems as insurmountable.21 Of various transfer pricing approaches, “licensing and cost-sharing are among the most popular and controversial.”22 The legal ownership is most often not transferred outside the United States, because of the protections offered by the U.S. legal system and the importance of protecting such rights in such a large market; instead, only the economic ownership of certain16 7/20/2010 “Present Law and Background Related to Possible Income Shifting and Transfer Pricing,” Joint Committee on Taxation, (JCX-37-10), at 5.17 6/5/2010 “T ax Havens: International Tax Avoidance and Evasion,” Congressional Research Service, Jane Gravelle, at 8 (citing 3/2003 “Intangible Income, Intercompany Transactions, Income Shifting and the Choice of Locations,” National Tax Journal, vol. 56.2, Harry Grubert, at 221-42).18 7/20/2010 “Present Law and Background Related to Possible Income Shifting and Transfer Pricing,” Joint Committee on Taxation, (JCX-37-10), at 7 (citing November 2007 “Report to the Congress on Earnings Stripping, Transfer Pricing and U.S. Income Tax Treaties,” U.S. Treasury Department).19 5/16/2012 “Global Tax Rate Makers,” JPMorgan Chase, at 1.202008 “An Introduction to Transfer Pricing,” New School Economic Review, vol. 3.1, Alfredo J. Urquidi, at 28 (citing “Moving Pieces,” The Economist, 2/22/2007).21 3/20/2012 “IRS Forms ‘SWAT Team’ for Tax Dodge Crackdown,” Reuters, Patrick Temple-West.22 5/16/2012 “Global Tax Rate Makers,” JPMorgan Chase, at 20.specified rights to the property is transferred. Generally in a cost sharing agreement, a U.S. parent and one or more of its CFCs contribute funds and resources toward the joint development of a new product.23 The Joint Committee on Taxation has explained:“The arrangement provides that the U.S. company owns legal title to, and all U.S.marketing and production rights in, the developed property, and that the other party (orparties) owns rights to all marketing and production for the rest of the world. Reflecting the split economic ownership of the newly developed asset, no royalties are sharedbetween cost sharing participants when the product is ultimately marketed and sold tocustomers.”24The tax rules governing cost sharing agreements are provided in Treasury Regulations that were issued in December 2011.25These regulations were previously issued as temporary and proposed regulations in December 2008. The Treasury Department explained that cost sharing arrangements “have come under intense scrutiny by the IRS as a potential vehicle for improper transfer of taxable income associated with intangible assets.”26The regulations provide detailed rules for evaluating the compensation received by each participant for its contribution to the agreement27 and tighten the rules to “ensure that the participant making the contribution of platform intangibles will be entitled to the lion’s share of the expected returns from the arrangement, as well as the actual returns from the arrangement to the extent they materially exceed the expected returns.”28 Under these rules, related parties may enter into an arrangement under which the parties share the costs of developing one or more intangibles in proportion to each party’s share of reasonably anticipated benefits from the cost shared intellectual asset.29 The regulations also provided for transitional grandfathering rules for cost sharing entered into prior to the 2008 temporary regulations. As a result of the changes in the regulations, multinational taxpayers have worked to preserve the grandfathered status of their cost sharing arrangementsC.Transfer Pricing and the Use of Shell CorporationsThe Subcommittee’s investigations, as well as government and academic studies, have shown that U.S. multinationals use transfer pricing to move the economic rights of intangible assets to CFCs in tax havens or low tax jurisdictions, while they attribute expenses to their U.S. operations, lowering their taxable income at home.30 Their ability to artificially shift income to a 23 7/20/2010 “Present Law and Background Related to Possible Income Shifting and Transfer Pricing,” Joint Committee on Taxation, (JCX-37-10), at 21.24 Id.25 Treas. Reg. §1.482-7.26 1/25/2012 “U.S. Department of Treasury issues final cost sharing regulations,” International Tax News, Paul Flignor.27 7/20/2010 “Present Law and Background Related to Possible Income Shifting and Transfer Pricing,” Joint Committee on Taxation, (JCX-37-10), at 25.28 1/14/2009 “IRS Issues Temporary Cost Sharing Regulations Effective Immediately” International Alert, Miller Chevalier.29 12/12/2012 “Final Section 482 Cost Sharing Regulations: A Renewed Commitment to the Income Method,” Bloomberg BNA, Andrew P. Solomon.30 U.S. Senate Permanent Subcommittee on Investigations, “Offshore Profit Shifting and the U.S. Tax Code – Part 1 (Microsoft and Hewlett-Packard),” S.Hrg.112-*** (Sept. 20, 2012).。
苹果公司财务报表分析
—Annual Report Analysis of Apple Inc.
Form 10K
A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's performance. The 10-K includes information such as company history, organizational structure, executive compensation, equity, subsidiaries, and audited financial statements, among other information. The name of the Form 10-K comes from the Code of Federal Regulations (CFR) designation of the form pursuant to sections 13 and 15(d) of the Securities Exchange Act of 1934 as amended.
Risk
• The Company’s products and services may experience quality problems from time to time that can result in decreased sales and operating margin. • The Company is subject to laws and regulations worldwide, changes to which could increase the Company’s costs and individually or in the aggregate adversely affect the Company’s business. • The Company’s business and reputation may be impacted by information technology system failures or network disruptions. • The Company’s stock price is subject to volatility.
苹果公司近三年财务报表
4475.00
6041.00
8067.00
折旧/摊销
0.00
0.00
0.00
0.00
净运营利息支出(收入)
0.00
0.00
0.00
0.00
非常规支出(收入)
0.00
0.00
0.00
0.00
其他运营开支总额
0.00
0.00
0.00
0.00
运营开支总额
101267.00
121911.00
130292.00
16849.00
其他应收账款
0.00
0.00
0.00
0.00
应收账款总计(净额)
18692.00
20641.00
27219.00
30343.00
库存总额
791.00
1764.00
2111.00
2349.00
预付费用
0.00
0.00
0.00
0.00
其他流动资产合计
9041.00
10335.00
14124.00
归属普通股东收益(包括非经常项目)
41733.00
37037.00
39510.00
53394.00
基本加权平均股数
0.00
0.00
0.00
0.00
每股基本收益(不计非经常项目)
0.00
0.00
0.00
0.00
每股基本收益(包括非经常项目)
0.00
0.00
0.00
0.00
摊薄调整
0.00
0.00
0.00
0.00
摊薄加权平均股数
国外财务指标分析报告(3篇)
第1篇一、报告概述本报告旨在通过对国外某企业近三年的财务报表进行分析，评估其财务状况、盈利能力、偿债能力和运营效率。
报告选取了收入、利润、资产、负债、现金流等关键财务指标，结合行业标准和国际惯例，对该企业的财务健康状况进行全面分析。
二、企业概况（此处插入企业简介，包括企业名称、所属行业、主要业务、市场份额、历史沿革等。
）三、财务报表分析1. 资产分析（1）流动资产分析流动资产主要包括现金及现金等价物、应收账款、存货等。
以下是对该企业流动资产的分析：- 现金及现金等价物：近三年，企业现金及现金等价物逐年增加，说明企业具有较强的现金流管理能力。
- 应收账款：应收账款占比较高，需关注其回收风险。
分析应收账款周转率，若低于行业平均水平，则需加强应收账款管理。
- 存货：存货占比较高，需关注存货周转率，若低于行业平均水平，则需优化库存管理。
（2）非流动资产分析非流动资产主要包括固定资产、无形资产等。
以下是对该企业非流动资产的分析：- 固定资产：固定资产占比较高，需关注其折旧政策和折旧费用，确保资产价值得到合理反映。
- 无形资产：无形资产占比较低，说明企业核心竞争力主要来自于实物资产。
2. 负债分析（1）流动负债分析流动负债主要包括短期借款、应付账款等。
以下是对该企业流动负债的分析：- 短期借款：短期借款占比较高，需关注企业短期偿债压力。
- 应付账款：应付账款占比较高，说明企业具有较强的议价能力。
（2）非流动负债分析非流动负债主要包括长期借款、长期应付款等。
以下是对该企业非流动负债的分析：- 长期借款：长期借款占比较高，需关注企业长期偿债压力。
- 长期应付款：长期应付款占比较低，说明企业融资渠道较为单一。
3. 盈利能力分析盈利能力是企业财务状况的重要指标。
以下是对该企业盈利能力的分析：- 营业收入：近三年，企业营业收入稳步增长，说明企业具有较强的市场竞争力。
- 营业利润：营业利润占营业收入的比例较高，说明企业具有较强的盈利能力。
英文财务报告分析范文(3篇)
第1篇Executive Summary:This analysis aims to provide a comprehensive overview of XYZ Corporation's financial performance for the year 2022. By examining the company's income statement, balance sheet, and cash flow statement, we will evaluate its profitability, liquidity, solvency, and overall financial health. The report will also discuss the key factors influencing the company's financial results and offer insights into its future prospects.1. Introduction to XYZ Corporation:XYZ Corporation is a publicly-traded company specializing in the manufacturing and distribution of consumer goods. The company operates in various sectors, including electronics, home appliances, and automotive components. With a strong presence in the global market, XYZ Corporation has established itself as a leader in its industry.2. Financial Highlights:Revenue: XYZ Corporation reported total revenue of $10 billion in 2022, a 5% increase from the previous year.Net Income: The company's net income for the year was $500 million, representing a 10% growth rate.Earnings Per Share (EPS): EPS increased by 8% to $2.50.Market Capitalization: XYZ Corporation's market capitalization stood at $25 billion at the end of 2022.3. Income Statement Analysis:3.1 Revenue:The revenue growth can be attributed to the expansion of the company's product line and increased sales in emerging markets. Electronics and home appliances segments contributed the most to the revenue growth, with a 7% and 6% increase, respectively.3.2 Cost of Goods Sold (COGS):COGS increased by 4% due to higher raw material costs and increased production volumes. However, the company managed to keep the COGS growth rate lower than the revenue growth rate, leading to an improvement in gross margin.3.3 Operating Expenses:Operating expenses increased by 3% primarily due to increased marketing and research and development (R&D) costs. Despite the increase, the company's operating margin remained stable at 20%.3.4 Net Income:The net income growth can be attributed to the combination of revenue growth and effective cost management. The company's net profit margin improved to 5%, reflecting its strong financial performance.4. Balance Sheet Analysis:4.1 Assets:XYZ Corporation's total assets increased by 2% to $15 billion in 2022. The increase was primarily driven by an increase in inventory and property, plant, and equipment (PP&E).4.2 Liabilities:Total liabilities decreased by 1% to $10 billion. The decrease was due to lower short-term debt and an increase in shareholders' equity.4.3 Shareholders' Equity:Shareholders' equity increased by 3% to $5 billion. The increase was primarily due to the company's retained earnings.5. Cash Flow Statement Analysis:5.1 Operating Cash Flow:The company's operating cash flow increased by 6% to $1.2 billion. The growth in operating cash flow can be attributed to the improved net income and efficient working capital management.5.2 Investing Cash Flow:Investing cash flow decreased by 2% to $500 million. The decrease was primarily due to lower capital expenditures on new projects.5.3 Financing Cash Flow:Financing cash flow decreased by 4% to $300 million. The decrease was due to lower dividend payments and an increase in share repurchases.6. Key Factors Influencing Financial Results:Economic Conditions: The global economic environment remained challenging in 2022, with rising inflation and supply chain disruptions. However, XYZ Corporation managed to navigate these challenges and achieve strong financial results.Product Innovation: The company's focus on product innovation helped it capture new market opportunities and increase its market share.Efficient Operations: The company's efficient operations, including cost management and working capital management, contributed to its strong financial performance.7. Future Prospects:XYZ Corporation is well-positioned to continue its growth momentum in the coming years. The company's focus on product innovation, expansion into new markets, and efficient operations will likely drive its financial performance. However, it will need to monitor the global economic environment and manage its risks effectively to achieve its long-term goals.8. Conclusion:XYZ Corporation's 2022 financial report demonstrates the company's strong financial performance and its ability to navigate challengingeconomic conditions. The company's focus on innovation and efficient operations has contributed to its success, and it is well-positioned for future growth. As the company continues to expand its product line and enter new markets, it is expected to achieve sustainable growth in the coming years.Note: This analysis is based on hypothetical financial data and does not represent any real company.第2篇IntroductionThe annual report of ABC Corporation for the year 2022 provides a comprehensive overview of the company's financial performance, operational activities, and strategic direction. This analysis aims to delve into the key aspects of the report, highlighting the strengths, weaknesses, and potential areas of concern for investors and stakeholders.Financial PerformanceRevenue and ProfitabilityIn 2022, ABC Corporation reported a total revenue of $10 billion, a 15% increase from the previous year. The growth in revenue can be attributed to the expansion of the company's product portfolio and successful marketing campaigns. The net profit for the year was $500 million, representing a 12% increase over the previous year. This indicates that the company is generating significant profits despite the challenging economic environment.Revenue BreakdownThe revenue breakdown for 2022 reveals that the company's core product lines accounted for 70% of total revenue, with the remaining 30% coming from new and emerging markets. The growth in core product lines can be attributed to the introduction of new products and the expansion of distribution channels. The success in new markets is a testament to the company's strategic diversification efforts.Earnings Per Share (EPS)The EPS for 2022 was $2.50, which is in line with market expectations. The increase in EPS is a positive sign for investors, indicating that the company is effectively utilizing its resources to generate profits.Financial RatiosThe financial ratios for ABC Corporation are as follows:- Return on Equity (ROE): 20%- Return on Assets (ROA): 10%- Debt-to-Equity Ratio: 1.5- Current Ratio: 2.0These ratios indicate that ABC Corporation is financially stable, with a strong return on equity and assets. The debt-to-equity ratio is within an acceptable range, and the current ratio suggests that the company has sufficient liquidity to meet its short-term obligations.Operational ActivitiesProduct DevelopmentABC Corporation has invested heavily in research and development (R&D) to enhance its product portfolio and stay competitive in the market. The company has launched several new products in the past year, which have received positive feedback from customers. The continued focus on innovation is expected to drive future growth.Market ExpansionThe company has successfully expanded into new markets, particularly in Asia and Europe. This strategic move has not only increased the company's market share but has also provided a cushion against economic uncertainties in the domestic market.Strategic PartnershipsABC Corporation has formed strategic partnerships with several industry leaders to enhance its capabilities and market reach. These partnerships have resulted in collaborative product development and shared marketing initiatives, leading to increased sales and brand visibility.Challenges and RisksEconomic UncertaintiesThe global economic environment remains uncertain, with potential risks such as trade wars and inflation impacting the company's performance. ABC Corporation needs to remain vigilant and adapt to these changes to mitigate potential losses.CompetitionThe competitive landscape is intensifying, with new entrants and established players vying for market share. ABC Corporation needs to continuously innovate and improve its products and services to maintain its competitive edge.Regulatory ChangesChanges in regulations, particularly in the environmental and labor sectors, can impact the company's operations and profitability. ABC Corporation needs to stay abreast of these changes and ensure compliance with all relevant laws and regulations.ConclusionABC Corporation's 2022 annual report paints a positive picture of the company's financial performance and strategic direction. The company has demonstrated its ability to generate significant profits, adapt to market changes, and invest in future growth. However, it is crucial for the company to remain vigilant about the potential risks and challenges ahead. By focusing on innovation, market expansion, and strategic partnerships, ABC Corporation is well-positioned to achieve sustainable growth in the coming years.Recommendations- Continue investing in R&D to enhance product offerings and maintain a competitive edge.- Monitor economic uncertainties and develop contingency plans to mitigate potential risks.- Strengthen strategic partnerships to expand market reach and share.- Stay compliant with regulatory changes and ensure ethical business practices.In conclusion, ABC Corporation's 2022 annual report is a testament to the company's strong financial performance and strategic vision. With continued focus on innovation and market expansion, ABC Corporation is poised to achieve long-term success.第3篇IntroductionThis report provides an analysis of XYZ Corporation's quarterlyfinancial performance for the period ending [Date]. The analysis will cover the key financial statements, including the income statement, balance sheet, and cash flow statement, and will discuss the company's financial health, profitability, liquidity, and solvency.Income Statement AnalysisThe income statement for the quarter ending [Date] shows a revenue of $[Amount], an increase of [Percentage] compared to the same quarter last year. This growth in revenue can be attributed to the successful launch of new products and the expansion of the company's market share in key geographic regions.Revenue Analysis- Product Sales: The increase in revenue is primarily driven by a 15% growth in product sales, reaching $[Amount]. This can be attributed to the strong performance of the new product line, which accounted for 10% of total sales.- Service Revenue: Service revenue also grew by 8% to $[Amount], due to an increase in the number of contracts signed and the expansion of service offerings.Cost of Goods Sold (COGS)The COGS increased by 12% to $[Amount] due to higher raw material costs and increased production volume. Despite the increase, the gross margin remained stable at 40%, indicating efficient cost management.Operating ExpensesOperating expenses increased by 5% to $[Amount], primarily due to increased marketing and sales expenses to support the new product launch. However, the company's cost control measures have helped maintain an operating margin of 15%, which is above industry averages.Net IncomeThe net income for the quarter ending [Date] was $[Amount], a 10% increase compared to the same quarter last year. This growth in net income can be attributed to the increase in revenue and effective cost management.Balance Sheet AnalysisThe balance sheet as of [Date] shows a total assets of $[Amount], with total liabilities of $[Amount]. The company's equity stands at $[Amount], indicating a strong financial position.Liquidity AnalysisThe current ratio as of [Date] is 2.5:1, indicating that the company has sufficient liquidity to meet its short-term obligations. The quick ratio is 1.8:1, suggesting that the company can cover its current liabilities without relying on inventory.Solvency AnalysisThe debt-to-equity ratio is 0.8:1, indicating that the company's leverage is moderate. The interest coverage ratio is 4.2 times, showing that the company has sufficient earnings to cover its interest expenses.Cash Flow Statement AnalysisThe cash flow statement for the quarter ending [Date] shows a net cash inflow of $[Amount]. The operating activities generated $[Amount], while the investing activities used $[Amount] for capital expenditures. The financing activities showed a net inflow of $[Amount] due to new equity issuance.ConclusionXYZ Corporation has demonstrated strong financial performance for the quarter ending [Date]. The increase in revenue, stable gross margin, and effective cost management have contributed to the company'sprofitability. The strong liquidity and moderate leverage positions the company well for future growth. However, the company should continue to monitor its expenses and manage its working capital to ensure sustainable growth.Recommendations- Continue to invest in research and development to maintain a competitive edge.- Explore new markets and expand the company's customer base.- Implement cost-saving initiatives to enhance profitability.- Maintain a strong liquidity position to support future growth.Appendix- Detailed financial statements for the quarter ending [Date]- Industry benchmarks for financial ratios- Key performance indicators (KPIs)This report provides a comprehensive analysis of XYZ Corporation's financial performance. It is recommended that stakeholders use this report as a basis for making informed decisions regarding their investment in the company.。
财务报表分析方法bnxi
第二节
主要财务报表
一、对财务报表的总体认识
1、财务报表是依据会计准则或原则制作的 ，一个国家的标准可能与另一个国家不 同。
2、会计师在运用这些原则时有一定的灵活 性。
二、资产负债表
1、揭示的信息
▪ 特定时点上公司的财务状况的快照
2、编制原理
▪ 资产=负债+所有者权益
3、理解报表需注意的问题
邓白氏机构
《工商业财务比率年鉴》
二、流动性分析
1、含义：反映公司偿还到期债务的能力 2、流动资产与流动负债的比较
▪ 相对数指标
流动比率=流动资产÷流动负债 速动比率=速动资产÷流动负债
▪ 绝对数指标
净营运资本=流动资产—流动负债 （Net Working Capital）表示公司在营业循 环中的投资。
应收帐款周转率
平均数
年销售净额 应收帐款
反映公司应收帐款的质量和公 司收帐的业绩.
BW公司 19X3年年末 此比率为：
$2,211 $394
= 5.61
3·1应收帐款变现性--周转天
数
损益表 / 资产负债表比率
应收帐款周转天数
一年中的天数
应收帐款周转率
应收帐款周转天数
表明从取得应收帐款权利到收 回款$2,169
总资产周转率分析
年末 19X3 19X2 19X1
总资产周转率
BW
行业水平
1.02
1.17
1.03
1.14
1.01
1.13
BW 公司的总资产周转率较低.
这个比率为什么被认为较低?
四、公司是如何融资的，有 多大风险
1、资产与负债的比较—公司融资状况分析
扣除.
苹果公司报表分析
现金流量与盈利质量分析
• 1.盈利现金比率=经营现金净流量÷净利润 ×100% =37529÷25922×100% =145% • 2.经营活动现金流量对营业利润的比率=经 营现金净流量÷营业利润×100% =37529÷33790×100% =111%
综合分析
• 净资产收益率=总资产净利润率× 权益乘数 =总资产净利润率÷（1-资产负债率） • 2011=25,922÷116,371÷（1-39,756 ÷ 116,371）=33.8% • 2010=14,013÷75,183 ÷（1-27,392 ÷75,183 ）=29.3%
• 稳定结构 非流动资产 非流动负债 所有者权益 流动负债
流动资产
利润表整体解读
单位以百万美元计，每 股盈余除外
主营业务收入 主营业务成本 毛利总额 研发费用 销售费用及管理费用 营业费用合计 营业利润 税前利润 净利润 基本每股收益
截至2011-9-25的 52周
$ 108,249 64,431 43,818 2,429 7,599 10,028
稀释每股收益
$ 27.68
利润表结构分析
• 利润构成分析表
项目
营业利润 营业外收 入与营业 外支出差 额
金额（百万元） 结构百分比（%）
2011年
33790
415
2010年
18385
2011年
98.79
2010年
97.25
差异
1.54
155 34205
1.21
2.75
—1.54
利润总额
18905
100
流动资产总额 非流动资产总额 资产合计 流动负债总额 非流动负债总额
截至2008-0927 的 52 周
财务报表(中英文版)
标准版的财务报表(中英文版）资产负债表Balance Sheet项目ITEM货币资金Cash短期投资Short term investments应收票据Notes receivable应收股利Dividend receivable应收利息Interest receivable应收帐款Accounts receivable其他应收款Other receivables预付帐款Accounts prepaid期货保证金Future guarantee应收补贴款Allowance receivable应收出口退税Export drawback receivable存货Inventories其中:原材料Including:Raw materials产成品(库存商品) Finished goods待摊费用Prepaid and deferred expenses待处理流动资产净损失Unsettled G/L on current assets一年内到期的长期债权投资Long-term debenture investment falling due in a yaear 其他流动资产Other current assets流动资产合计Total current assets长期投资：Long—term investment：其中：长期股权投资Including long term equity investment长期债权投资Long term securities investment＊合并价差Incorporating price difference长期投资合计Total long—term investment固定资产原价Fixed assets—cost减：累计折旧Less：Accumulated Dpreciation固定资产净值Fixed assets—net value减：固定资产减值准备Less:Impairment of fixed assets固定资产净额Net value of fixed assets固定资产清理Disposal of fixed assets工程物资Project material在建工程Construction in Progress待处理固定资产净损失Unsettled G/L on fixed assets固定资产合计Total tangible assets无形资产Intangible assets其中：土地使用权Including and use rights递延资产(长期待摊费用)Deferred assets其中:固定资产修理Including：Fixed assets repair固定资产改良支出Improvement expenditure of fixed assets其他长期资产Other long term assets其中:特准储备物资Among it:Specially approved reserving materials 无形及其他资产合计Total intangible assets and other assets递延税款借项Deferred assets debits资产总计Total Assets资产负债表（续表) Balance Sheet项目ITEM短期借款Short-term loans应付票款Notes payable应付帐款Accounts payab1e预收帐款Advances from customers应付工资Accrued payro1l应付福利费Welfare payable应付利润（股利）Profits payab1e应交税金Taxes payable其他应交款Other payable to government其他应付款Other creditors预提费用Provision for expenses预计负债Accrued liabilities一年内到期的长期负债Long term liabilities due within one year其他流动负债Other current liabilities流动负债合计Total current liabilities长期借款Long-term loans payable应付债券Bonds payable长期应付款long-term accounts payable专项应付款Special accounts payable其他长期负债Other long—term liabilities其中：特准储备资金Including:Special reserve fund长期负债合计Total long term liabilities递延税款贷项Deferred taxation credit负债合计Total liabilities* 少数股东权益Minority interests实收资本(股本）Subscribed Capital国家资本National capital集体资本Collective capital法人资本Legal person”s capital其中:国有法人资本Including：State-owned legal person"s capital 集体法人资本Collective legal person”s capital个人资本Personal capital外商资本Foreign businessmen"s capital资本公积Capital surplus盈余公积surplus reserve其中:法定盈余公积Including:statutory surplus reserve公益金public welfare fund补充流动资本Supplermentary current capital* 未确认的投资损失（以“—”号填列）Unaffirmed investment loss未分配利润Retained earnings外币报表折算差额Converted difference in Foreign Currency Statements所有者权益合计Total shareholder”s equity负债及所有者权益总计Total Liabilities & Equity==================================================================== 利润表INCOME STATEMENT项目ITEMS产品销售收入Sales of products其中:出口产品销售收入Including：Export sales减：销售折扣与折让Less：Sales discount and allowances产品销售净额Net sales of products减：产品销售税金Less:Sales tax产品销售成本Cost of sales其中:出口产品销售成本Including：Cost of export sales产品销售毛利Gross profit on sales减:销售费用Less：Selling expenses管理费用General and administrative expenses财务费用Financial expenses其中:利息支出（减利息收入) Including：Interest expenses (minusinterest ihcome）汇兑损失(减汇兑收益）Exchange losses（minus exchange gains)产品销售利润Profit on sales加：其他业务利润Add：profit from other operations营业利润Operating profit加:投资收益Add：Income on investment加：营业外收入Add：Non-operating income减:营业外支出Less：Non-operating expenses加：以前年度损益调整Add:adjustment of loss and gain for previous years利润总额Total profit减：所得税Less：Income tax净利润Net profit==================================================================现金流量表Cash Flows StatementPrepared by:Period：Unit:Items1.Cash Flows from Operating Activities:01）Cash received from sales of goods or rendering of services02)Rental receivedValue added tax on sales received and refunds of value03）added tax paid04）Refund of other taxes and levy other than value added tax07）Other cash received relating to operating activities08）Sub-total of cash inflows09）Cash paid for goods and services10）Cash paid for operating leases11）Cash paid to and on behalf of employees12）Value added tax on purchases paid13）Income tax paid14)Taxes paid other than value added tax and income tax17)Other cash paid relating to operating activities18）Sub-total of cash outflows19)Net cash flows from operating activities2。
苹果公司财务状况分析报告
目录1.苹果公司 (2)2.筹资 (2)3.投资 (3)4.经营 (3)5.分配 (4)6.分析 (4)7.结论 (7)8.附报表 (7)11会计2班J11031232 黄章论文公司：苹果公司苹果公司（Apple Inc.）是美国的一家高科技公司，2007年由苹果电脑公司（Apple Computer, Inc.）更名而来，核心业务为电子科技产品，总部位于加利福尼亚州的库比蒂诺。
苹果公司由史蒂夫·乔布斯、斯蒂夫·沃兹尼亚克和Ron Wayn在1976年4月1日创立，在高科技企业中以创新而闻名，知名的产品有Apple II、Macintosh电脑、Macbook笔记本电脑、ipod音乐播放器、iTunes商店、iMac一体机、iPhone手机和iPad平板电脑等。
2012年8月21日，苹果成为世界市值第一的上市公司。
从苹果公司2012年的三大报表我分析得出以下粗略结论。
一．筹资2012年苹果公司普通股从最开始的14850百万美元到17167百万美元，资产增加了2317百万美元。
通过对外发行债券，苹果公司从市场上筹资了2317百万美元。
二．投资从苹果公司的资产负债表上看到，苹果公司的投资分为短期投资和长期投资。
其中短期投资从2012年开始的18417百万美元到年底的23666百万美元，一年内增加了5249百万美元。
增幅是28.5%。
而苹果公司的长期投资则从年初的81638百万美元增加到了97292百万美元。
15654百万美元。
增加了19.2%。
从这可以知道苹果公司的投资是逐渐加大的。
在2012 财年苹果一共开设了33 家新苹果零售店，其中28 家在美国境外，目前苹果零售店的总数已经达到390 家。
每家苹果零售店平均收益从2011 年的4330 万美元增至2012 年的5150 万美元，同比增长19%。
三．经营从苹果公司的利润分配表可以知道，苹果公司收入从2012年年初的39186百万美元增加到年底的54512百万美元。
财务报表分析(英文版)答案
Chapter 8Return On Invested Capital And Profitability AnalysisReturn on invested capital is important in our analysis of financial statements. Financial statement analysis involves our assessing both risk and return. The prior three chapters focused primarily on risk, whereas this chapter extends our analysis to return. Return on invested capital refers to a company's earnings relative to both the level and source of financing. It is a measure of a company's success in using financing to generate profits, and is an excellent measure of operating performance. This chapter describes return on invested capital and its relevance to financial statement analysis. We also explain variations in measurement of return on invested capital and their interpretation. We also disaggregate return on invested capital into important components for additional insights into company performance. The role of financial leverage and its importance for returns analysis is examined. This chapter demonstrates each of these analysis techniques using financial statement data.•Importance of Return on Invested CapitalMeasuring Managerial EffectivenessMeasuring ProfitabilityMeasuring for Planning and Control •Components of Return on Invested CapitalDefining Invested CapitalAdjustments to Invested Capital and IncomeComputing Return on Invested Capital•Analyzing Return on Net Operating AssetsDisaggregating Return on Net Operating AssetsRelation between Profit Margin and Asset TurnoverProfit Margin AnalysisAsset Turnover Analysis•Analyzing Return on Common EquityDisaggregating Return on Common EquityFinancial Leverage and Return on Common EquityAssessing Growth in Common Equity•Describe the usefulness of return measures in financial statement analysis. •Explain return on invested capital and variations in its computation.•Analyze return on net operating assets and its relevance in our analysis. •Describe disaggregation of return on net operating assets and the importance of its components.•Describe the relation between profit margin and turnover.•Analyze return on common shareholders' equity and its role in our analysis. •Describe disaggregation of return on common shareholders' equity and the relevance of its components.•Explain financial leverage and how to assess a company's success in trading on the equity across financing sources.1. The return that is achieved in any one period on the invested capital of a companyconsists of the returns (and losses) realized by its various segments and divisions. In turn, these returns are made up of the results achieved by individual product lines and projects. A well-managed company exercises rigorous control over the returns achieved by each of its profit centers, and it rewards the managers on the basis of such results. Specifically, when evaluating new investments in assets or projects, management will compute the estimated returns it expects to achieve and use these estimates as a basis for its decision to invest or not.2. Profit generation is the first and foremost purpose of a company. The effectiveness ofoperating performance determines the ability of the company to survive financially, to attract suppliers of funds, and to reward them adequately. Return on invested capital is the prime measure of company performance. The analyst uses it as an indicator of managerial effectiveness, and/or a measure of the company's ability to earn a satisfactory return on investment.3. If the investment base is defined as comprising net operating assets, then netoperating profit (e.g., before interest) after tax (NOPAT) is the relevant income figure to use. The exclusion of interest from income deductions is due to its being regarded asa payment for the use of money from the suppliers of debt capital (in the same waythat dividends are regarded as a payment to suppliers of equity capital). NOPAT is the appropriate amount to measure against net operating assets as both are considered to be operating.4. First, the motivation for excluding nonproductive assets from invested capital isbased on the idea that management is not responsible for earning a return on non-operating invested capital. Second, the exclusion of intangible assets from the investment base is often due to skepticism regarding their value or their contribution to the earning power of the company. Under GAAP, intangibles are carried at cost.However, if their cost exceeds their future utility, they are written down (or there will be an uncertainty exception regarding their carrying value in the auditor's opinion).The exclusion of intangible assets from the asset base must be based on more substantial evidence than a mere lack of understanding of what these assets represent or an unsupported suspicion regarding their value. This implies that intangible assets should generally not be excluded from invested capital.5. The basic formula for computing the return on investment is net income divided bytotal invested capital. Whenever we modify the definition of the investment base by, say, omitting certain items (liabilities, idle assets, intangibles, etc.) we must also adjust the corresponding income figure to make it consistent with the modified asset base.6. The relation of net income to sales is a measure of operating performance (profitmargin). The relation of sales to total assets is a measure of asset utilization or turnover—a means of determining how effectively (in terms of sales generation) the assets are utilized. Both of these measures, profit margin as well as asset utilization,determine the return realized on a given investment base. Sales are an important factor in both of these performance measures.7. Profit margin, although important, is only one aspect of the return on invested capital.The other is asset turnover. Consequently, while Company B's profit margin is high, its asset turnover may have been sufficiently depressed so as to drag down the overall return on invested capital, leading to the shareholder's complaint.8. The asset turnover of Company X is 3. The profit margin of Company Y is 0.5%. Sinceboth companies are in the same industry, it is clear that Company X must concentrate on improving its asset turnover. On the other hand, Company Y must concentrate on improving its profit margin. More specific strategies depend on the product and industry.9. The sales to total assets (asset turnover) component of the return on invested capitalmeasure reflects the overall rate of asset utilization. It does not reflect the rate of utilization of individual asset categories that enter into the overall asset turnover. To better evaluate the reasons for the level of asset turnover or the reasons for changes in that level, it is helpful to compute the rate of individual asset turnovers that make up the overall turnover rate.10. The evaluation of return on invested capital involves many factors. Theinclusion/exclusion of extraordinary gains and losses, the use/nonuse of trends, the effect of acquisitions accounted for as poolings and their chance of recurrence, the effect of discontinued operations, and the possibility of averaging net income are justa few of many such factors. Moreover, the analyst must take into account the effectsof price-level changes on return calculations. It also is important that the analyst bear in mind that return on invested capital is most commonly based on book values from financial statements rather than on market values. And finally, many assets either do not appear in the financial statements or are significantly understated. Examples of such assets are intangibles such as patents, trademarks, research and development activities, advertising and training, and intellectual capital.11. The equity growth rate is calculated as follows:[Net income – Preferred dividends – Common dividend payout] / Average common equity.This is the growth rate due to the retention of earnings and assumes a constant dividend payout over time. It indicates the possibilities of earnings growth without resort to external financing. The resulting increase in equity can be expected to earn the rate of return that the company earns on its assets and, thus, further contribute to growth in earnings.12. a. The return on net operating assets and the return on common stockholders' equitydiffer by the capital investment base (and its corresponding effects on net income).RNOA reflects the return on the net operating assets of the company whereas ROCE reflects the perspective of common shareholders.b. ROCE can be disaggregated into the following components to facilitate analysis:ROCE = RNOA + Leverage x Spread. RNOA measures the return on net operating assets, a measure of operating performance. The second component (Leverage x Spread) measures the effects of financial leverage. ROCE is increased by adding financial leverage so long as RNOA>weighted average cost of capital. That is, if the firm can earn a return on operating assets that is greater than the cost of the capital used to finance the purchase of those assets, then shareholders are better off adding debt to increase operating assets.13. a. ROCE can be disaggregated as follows:equitycommon Av erage Sales Sales div idends Preferred - income Net ⨯ This shows that “equity turnover” (sales to average common equity) is one of the two components of the return on common shareholders' equity. Assuming a stable profit margin, the equity turnover can be used to determine the level and trend of ROCE. Specifically, an increase in equity turnover will produce an increase in ROCE if the profit margin is stable or declines less than the increase in equity turnover. For example, a common objective of discount stores is to lower prices by lowering profit margins, but to offset this by increasing equity turnover by more than the decrease in profit margin.b. Equity turnover can be rewritten as follows:equitycommon Av erage assets operating Net assets operating Net Sales ⨯ The first factor reflects how well net operating assets are being utilized. If the ratio is increasing, this can signal either a technological advantage or under-capacity and the need for expansion. The second factor reflects the use of leverage. Leverage will be higher for those firms that have financed more of their assets through debt. By considering these factors that comprise equity turnover, it is apparent that EPS cannot grow indefinitely from an increase in these factors. This is because these factors cannot grow indefinitely. Even if there is a technological advantage in production, the sales to net operating assets ratio cannot increase indefinitely. This is because sooner or later the firm must expand its net operating asset base to meet rising sales or else not meet sales and lose a share of the market. Also, financing new assets with debt can increase the net operating assets to common equity ratio. However, this can only be pursued to a point —at which time the equity base must expand (which decreases the ratio).14. When convertible debt sells at a substantial premium above par and is clearly held byinvestors for its conversion feature, there is justification for treating it as the equivalent of equity capital. This is particularly true when the company can choose at any time to force conversion of the debt by calling it in.Exercise 8-1 (35 minutes)a. First alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$1,000,000*12%](1-.40) = $528,000Second alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$2,000,000*12%](1-.40) = $456,000b. First alternative:ROCE = $528,000 / $5,000,000 = 10.56%Second alternative:ROCE = $456,000 / $4,000,000 = 11.40%c. First alternative:Assets-to-Equity = $6,000,000 / $5,000,000 = 1.2Second alternative:Assets-to-Equity = $6,000,000 / $4,000,000 = 1.5d. First, let’s compute return on assets (R NOA):First alternative: $600,000 / $6,000,000 = 10%Second alternative: $600,000 / $6,000,000 = 10%Second, notice that the interest rate is 12% on the debt (bonds). More importantly, the after-tax interest rate is 7.2% (12% x (1-0.40)), which is less than RNOA. Hence, the company earns more on its assets than it pays for debt on an after-tax basis. That is, it can successfully trade on the equity—use bondholders’ funds to earn additional profits.Finally, since the second alternative uses more debt, as reflected in the assets-to-equity ratio in c, the second alternative is probably preferred. The shareholders would take on additional risk with the second alternative, but the expected returns are greater as evidenced from computations in b.Exercise 8-2 (40 minutes)a. NOPAT = Net income = $10,000,000 x 10% = $1,000,000b. First alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($2,000,000 ⨯ 5% x [1-.40]) = $1,540,000Second alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($6,000,000 ⨯ 6% x [1-.40]) = $1,384,000c. First alternative: ROCE = $1,540,000 / ($10,000,000 + $4,000,000) = 11%Second alternative: ROCE = $1,384,000 / ($10,000,000 + $0) = 13.84%d. ROCE is higher under the second alternative due to successful use ofleverage—that is, successfully trading on the equity. [Note: Asset-to-Equity is1.14=$16 mil./$14 mil. (1.60=$16 mil./$10 mil.) under the first (second)alternative.] The company should pursue the second alternative in the interest of shareholders (assuming projected returns are consistent with current performance levels).a. RNOA = 2 x 5% = 10%b. ROCE = 10% + 1.786 x 4.4% = 17.86%c. RNOA 10.00%Leverage advantage 7.86%Return on equity 17.86%Exercise 8-4 (30 minutes)a. Computation and Interpretation of ROCE:Year 5 Year 9Pre-tax profit margin .......................................................... 0.112 0.109 Asset turnover .................................................................... 0.46 0.44 Assets-to-equity ................................................................. 3.25 3.40 After-tax income retention * .............................................. 0.570 0.556 ROCE (product of above) .................................................. 9.54% 9.07% * 1-Tax rate.ROCE declines from Year 5 to Year 9 because: (1) pre-tax margin decreases by approximately 3%, (2) asset turnover declines by roughly 4.3%, and (3) the tax rate increases by about 3.8%. The combination of these factors drives the decline in ROCE—this is despite the slight improvement in the assets-to-equity ratio.b. The main reason EPS increases is that shareholders had a large amount ofassets and equity working for them. Namely, the company grew while return on assets and return on equity remained fairly stable. In addition, the amount of preferred stock declined, as did the amount of preferred dividends. With this decline in the cost of carrying preferred stock, earnings available to common stock increased.(CFA Adapted)a. RNOA = 3 x 7% = 21%b. ROCE = RNOA + LEV x Spread = 21% + (1.667 x 8.4%) = 35%c. Net leverage advantage to common equityReturn on net operating assets .................................. 21%Leverage advantage .................................................... 14%Return on common equity (rounding difference) ..... 35%Exercise 8-6 (30 minutes)a. At the present level of debt, ROCE = $157,500 / $1,125,000 = 14%.In the absence of leverage, the noncurrent liabilities would be substituted with equity. Accordingly, there would be no interest expense with all-equityROCE without leverage = $184,500 / $1,800,000 = 10.25%.14% with leverage but only 10.25% without leverage.b. NOPAT = $157,500 + [$675,000 x 8% x (1-.50)] = $184,500RNOA = $184,500 / ($2,000,000-$200,000) = 10.25%c. The company is utilizing borrowed funds in its capital structure. Since theROCE is greater than RNOA, the use of financial leverage is beneficial to stockholders. Specifically, the after cost of debt is 4% and the financial leverage (NFO/Equity) is $675,000 / $1,125,000 = 60%. Therefore,ROCE = RNOA + LEV x Spread = 10.25% + 0.60 x (10.25% - 4%) = 14%, as before. The favorable effect of financial leverage is given by the term [0.60 x (10.25% - 4%)] = 3.75%.1. c2. a3. cExercise 8-8 (20 minutes)(Assessments of profit margin and asset turnover are relative to industry norms.)a. Higher profit margin and lower asset turnover.b. Higher asset turnover and lower profit margin.c. Higher profit margin and similar/lower asset turnover.d. Higher asset turnover and similar/lower profit margin.e. Higher asset turnover and lower/similar profit margin.f. Higher asset turnover and similar/higher profit margin.g. Higher asset turnover and lower profit margin.Exercise 8-9 (20 minutes)The memorandum to Reliable Auto Sales President would include the following points:•Both Reliable and Legend Auto Sales are perpetually investing $100,000 in automobile inventory.•Legend Auto Sales is able to generate more profit than Reliable because it is turning over its inventory (10 cars) more often. Specifically, Legend is turning its inventory over 10 times per year while Reliable is turning its inventory over only 5 times per year. Hence, given the same investment in automobile inventory, Legend is twice as profitable as Reliable.•Encourage Reliable to sacrifice some return on each sale to increase the inventory turnover. By slightly reducing price, relative to that charged by Legend, Reliable predictably will find that overall profitability increases. This is because while profit per sale declines, the number of units sold and, therefore, inventory turnover will increase. These factors predictably yield increased return on assets.Computation of Asset (PP&E) Turnover [computed as Sales / PP&E (net)]: Northern: $12,000 / $20,000 = 0.60Southern: $6,000 / $20,000 = 0.30This implies that Northern generates $0.60 in sales per year for each $1 investment in PP&E. In contrast, Southern generates $0.30 in sales per year for each $1 investment in PP&E. This shows that Northern is able to generate twice the return for each $1 invested in PP&E. Assuming equal profit margins, Northern will report a higher return on assets because of the volume of sales that the company is able to generate with its investment in PP&E (at least in the short run).Exercise 8-11 (15 minutes)Low volume operations mean that fixed costs, which in the case of automakers are substantial, must be absorbed by a low number of units produced. Since the lower of cost or market rule implies that inventory cannot be priced higher than expected sales price less costs of disposal plus a normal profit margin, much of that excess cost must be charged to the period incurred. In this case, that means the fourth quarter financial statements absorb much of this cost. This is probably the most likely accounting-based reason for the fourth quarter losses described in the news release.Problem 8-1 (30 minutes)a. 1. Quaker Oats does not reveal its computation of this return. Accordingly, wemake some simple computations and assumptions: (i) For simplicity, focus on one share, (ii) The dividend is $1.56 for Year 11, (iii) The average stock price is $55 and the price increase for Year 11 is $14—based on the beginning price of $48 and the ending price of $62. Using this information, we compute return to a share of stock as follows:= [Dividend per share + Price increase per share] / Average price per share = [$1.56 + $14] / $55= 28.3%However, if we use the beginning price of $48 per share, we get closer to the company's 34% return:= [$1.56 + $14] / $48= 32.4%2. The return on common equity is based on the relation between net incomeand the book value of the equity capital. In contrast, Quaker Oats’ “return t o shareholders” uses dividends plus market value change in relation to the market price per share (cost of investment to shareholders.)b. The company must have derived the 3.6% from price, market, and otherfactors that are not disclosed. Conceptually, this 3.6% should reflect the added risk of an investment in Quaker Oats’ stock vis-à-vis a risk-free security such as a U.S. Treasury bond.c. Quaker does not reveal its computations. It may disclose a variety of interestrates on long-term debt that it carries in the notes to financial statements.Based on data available to it, but not to the financial statement reader, it probably computed a weighted-average interest rate from which it deducted the tax benefit in arriving at the 6.4% cost of debt.a. Computation of Return on Invested Capital Measures:As a first step, we construct the company’s income statement.Sales (500,000 units @ $10). ................................................ $5,000,000 Fixed costs ....................................................................... 1,500,000 Variable costs (500,000 units @ $4). ............................. 2,000,000 Labor costs (20 employees x $35,000). ......................... 700,000 Income before taxes .......................................................... 800,000 Taxes (50% rate) ................................................................. 400,000 Net income .......................................................................... $ 400,000(1) RNOA = [$400,000 + ($2,000,000 x 7.5%)(1-0.50)] / ($8,000,000-$2,00,000)= $475,000 / $6,000,000 = 7.92%(2) ROCE = [$400,000 - ($1,000,000 x 6%)] / $3,000,000 = 11.33%Fixed costs ($1,500,000 x 1.06) ......................................................... 1,590,000 Variable costs ($550,000 units @ $4) .............................................. 2,200,000 Income before labor costs and taxes ............................................. $1,710,000 To obtain a 10% return on long-term debt and equity capital, Zear will need a numerator of $600,000 given an invested capital base of $6,000,000. The required operating income to yield this $600,000 amount is computed as: Net income + Interest expense x (1 - 0.50) = $600,000Net income + ($2,000,000 x 7.5%) x (1-0.50) = $600,000Net income = $525,000Assuming taxes at a 50% rate, Zear needs pre-tax income of $1,050,000, computed as:Income before labor and taxes ............ $1,710,000Labor costs ........................................... ?Pre-tax income ...................................... $1,050,000This implies:Labor costs = $660,000 orAverage wage per worker = $660,000 / 22 employees = $30,000 per employee Since the current salary level is $35,000, Zear cannot achieve its target return level and give a salary raise to its employees.(CFA Adapted)a. ROCE = $1,650 / $3,860 = 42.7%b. NOPAT = ($2,550 + $10) x (1-0.35) = $1,664NOA = $7,250-$3,290 = $3,960RNOA (using year-end NOA balance) = $1,664 / $3,960 = 42%The effect of financial leverage, thus, is only 0.7% as NFO/NFE are insignificant. Most of Merck’s ROCE in this year is derived from operating results.Pre-tax income to sales 0.36Net income to sales 0.23Sales/current assets 1.47Sales / fixed assets 2.97Sales / total assets 0.98Total liabilities / equity 0.88L-T liabilities / equity 0.03a. 1. RNOA = NOPATAvg. NOANOPAT = [$186,000 + $2,000 - $120,000 - $37,000 + $1,000] x 50% = $16,000 Note: we include income from equity investments under the assumptions that these are operating rather than financial investments. We also include the cumulative effect as operating in the absence of information to the contrary. Minority interest and discontinued operations are nonoperating (minority interest is therefore, treated as equity in the ROCE computation).NOA Year 6 = $138,000 - $29,000 - $7000 - $3,600 = $98,400 NOA Year 5 = $105,000 - $23,000 - $2,000 - $2,000 = $78,000RNOA = $16,000 / ([$98,400 + $78,000]/2) = 18.14%2. ROCE = Net income - Preferred dividendsAverage common equityROCE = ($10,000 –$0) /[($55,400* + $47,800*)/2] = 19.38% *Note: minority interest is treated as equity. If Minority interest is ignored, the ROCE is 19.8%b. NFO = NOA - EquityYear 6: $43,000; Year 5: $30,200LEV = Avg. NFO / Ave Equity = ([$43,000 + $30,200] / 2) / ([$55,400* + $47,800*] /2)= 0.71NFE = NOPAT – Net incomeYear 6: $6,000NFR = NFE / Avg. NFO = $6,000 / ([$43,000 + $30,200] / 2) = 16.4%Spread = RNOA – NFR = 18.14% - 16.4% = 1.74%ROCE = RNOA + LEV x Spread = 18.14 + 0.71 x 1.74% = 19.38%94% (18.14%/19.38%) of Zeta’s ROCE is derived for m operating activities. The company is effectively using leverage, however, as indicated by the positive spread, but the leverage does not contribute significantly to Zeta’s return on equity and may not be worth the added risk.a. ROCE = [Net income –preferred dividends] / stockholders’ equity**end of year in this problemROCE Year 5: [$14 – $0] / $125 = 11.2%ROCE Year 9: [$34 - $0] / $220 = 15.5%RNOA Year 5 = ($35 x 0.50) / ($52 + $123) = 10.0%RNOA Year 9 = ($68 x 0.50) / ($63 + $157) = 15.5%ROCE = RNOA + Leverage x SpreadYear 5: 10.0% + 1.2% = 11.2%Year 9: 15.5% + 0 = 15.5%b. Texas Talcom’s ROCE has increased form years 5 to 9. The source is thisincrease, however, has been an increase in RNOA as the leverage effect is zero in Year 9 since its long-term debt has been retired. Given the RNOA increase, additional leverage might be explored as a way to increase shareholder returns.Selling price per unit ...................... $6.00 $5.00 $50.00 $50.00 Unit cost ........................................... $5.00 $4.00 $32.50 $30.00Analysis of Variation in Product A SalesIncreased quantity at Yr 6 prices (3,000 x $5) ........................ $ 15,000 Price increase at Yr 6 quantity (7,000 x $1) ........................... 7,000 Quantity increase x price increase (3,000 x $1) .................... 3,000 Analysis of Variation in Product A Cost of SalesIncreased quantity at Yr 6 cost (3,000 x $4) ........................... (12,000) Increased cost at Yr 6 quantity (7,000 x $1) ........................... (7,000) Cost increase x quantity increase (3,000 x $1) ...................... (3,000) Net Variation (Increase) in Gross Margin for Product A ............. $ 3,000Analysis of Variation in Product B SalesDecreased quantity at Yr 6 prices (300 x $50) ....................... $ (15,000) Analysis of Variation in Product B Cost of Sales:Decreased quantity at Yr 6 cost (300 x $30) .......................... 9,000 Increased cost at Yr 6 quantity (900 x $2.50) ......................... (2,250) Cost increase x quantity decrease (300 x $2.50) . (750)Net Variation (Decrease) in Gross Margin for Product B ............ $ (7,500)Summary of Net Variation in Margins for Products A and BNet increase from product A ......................................................... $ 3,000 Net decrease from product B ........................................................ (7,500) Net Decrease in Gross Margin ...................................................... $ (4,500)a.SPYRES MANUFACTURING COMPANYComparative Common-Size Income StatementsYear Ended December 31 IncreaseYear 9 Year 8(Decrease)Net sales ............................. 100.0% 100.0% 20.0% Cost of goods sold ............ 81.7 86.0 14.0 Gross margin on sales ...... 18.3 14.0 57.1 Operating expenses .......... 16.8 10.2 98.0 Income before taxes .......... 1.5 3.8 (52.6) Income taxes ...................... 0.4 1.0 (52.0) Net income ......................... 1.1 2.8 (52.9)b. Performance in Year 9 is poor when compared with Year 8. One bright spot isthe percentage of Cost of Goods Sold to Sales, which decreased in Year 9.However, Operating Expenses climbed sharply. This sharp climb in operating expenses is unexpected since there is usually a larger fixed cost component comprising these costs compared with that for Cost of Goods Sold.Management should further check operating expenses. If operating expenses had remained at the Year 8 level of 10.2%, income would have been up favorably for Year 9. Operating expenses may have included a future-directed component such as advertising or training costs. Also, management would want to follow up on the change in gross margin. The sharp improvement in gross margin may have been due to factors such as the liquidation LIFO inventory layers or, alternatively, to something more fundamental with the activities of the firm.。
《苹果公司》战略分析
《苹果公司》战略分析《苹果公司》战略分析一、苹果公司的公司简介苹果公司由史蒂夫·乔布斯、斯蒂夫·盖瑞·沃兹尼亚克和罗纳德·杰拉尔德·韦恩在1976年4月1日创立，在高科技企业中以创新而闻名，知名的产品有AppleII、Macintosh电脑、Macbook笔记本电脑、iPod音乐播放器、iTunes商店、iMac一体机、iPhone手机和iPad平板电脑等。
2013年9月21日凌晨，苹果公司正式发布了新一代的iPhone 手机，这一代分为iPhone5s和iPhone5c两个版本，在中国定价分别为5288元和4488元起。
2013年世界500强发布，苹果公司排名第19位。
在电脑方面，现已超过微软(Microsoft)成为世界第一大桌面软件公司。
北京时间2013年10月23日凌晨1点，苹果公司在旧金山芳草地艺术中心举办新品发布会，推出新款平板电脑iPadAir、RetinaiPadMini新款13英寸/15英寸MacBookProRetina、新MacPro等5款硬件新品。
此外，苹果还在发布会上发布了正式版OSXMavericks。
苹果公司已连续三年成为全球市值最大公司(创下6235亿美元记录，现为4778亿美元)。
二、苹果公司现行的公司层战略公司层战略，也称总体战略，是指一家公司在从事多种业务或在多个产品市场上，为了获得竞争优势而对业务组合进行选择及管理的行为。
它所要解决的主要问题是整个企业的经营范围和企业资源在在不同经营经营单位上的分配。
根据战略的进攻性可以将公司层战略为稳定型战略、发展型(进攻型)战略、紧缩型战略。
其中发展型战略和紧缩型战略又有多种具体的战略形式，形成如下公司层战略的类型体系：2.1苹果的发展型战略发展型战略，也称进攻型战略，是一种快速增长的战略。
发展型战略的特征：(1)增长速度比产品市场发展得更快;(2)企图消除其行业中价格竞争危险;(3)不断地开发新产品、开拓新市场、采用新技术等技术创新手段;(4)利润率高出行业的平均水平;(5)通过创新来创造需求和影响环境适应自己。
AAPL苹果公司财务报表分析
项目 营业收入 固定资产平均净值 2011年 2012年 2013年 170910.00 28519.00 5.99 61 2014年 182795 .00 39015.00 4.67 78
108249.00 156508.00 11768.00 21887.00 7.15 51
固定资产周转率（次数） 9.20 固定资产周转天数 40
股东权益比率
单位：百万美元 项目 股东权益 资产总额 股东权益比率 权益乘数 2011年 76615.00 116371.00 65.84% 1.52 2012年 118210.00 176064.00 67.14% 1.49 2013年 123549.00 207000.00 59.69% 1.68 2014年 111547.00 231839.00 48.11% 2.08
1.08
苹果与谷歌、微软流动比率对比
公司 2012年 2013年 2014年
苹果
1.50
1.68
1.08
谷歌
4.42
4.58
4.80
微软
2.60
2.71
2.50
速动比率
单位：百万美元
项目
流动资产 存货
2011年
44988.00 776.00
2012年
57653.00 791.00
2013年
73286.00 1764.00
目录
1 2 3 3
短期偿债能力分析
长期偿债能力分析
营运能力分析
盈利能力与盈利质量分析
短期偿债能力分析
营运资本
项目 流动资产 流动负债 营运资本 2011年 44988.00 27970.00 17018.00 2012年 57653.00 38542.00 19001.00
苹果公司2015年报分析-英文
Financial Statements Analysis on Apple CompanyABSTRACTThe Company designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players, and sells a vari ety of related software, services, peripherals, networking solutions, andthird-party digital content and applications. The Company sells its products worldwid e through its retail stores, online stores, and direct sales force, as well as through third -party cellular network carriers, wholesalers, retailers, and value-added resellers.The Company’s customers are primarily in the consumer, education, enterprise and government markets. The Company sells its products and resells third-partyproducts in most of its major markets directly to consumers through its retail and on line stores and its direct sales force. The Company also employs a variety of indirect distribution channels, such as third-party cellular network carriers, wholesalers, retailers, and value-added resellers. I will introduce about the financial status with two aspects in 2015, and the financial analysis is my importance in my followingcontents.Key words: Financial Status; Net Sales; Net Income.目录1、Net Sales (1)2、Net Income (2)3、Financial Status and Analysis (3)（1）Product Performance (3)（2）Segment Operating Performance (4)4、View on the Future (5)5、conclution (6)Reference (6)Financial Statements Analysis on Apple Company1、Net SalesNet sales rose27.86% or $50,920 million during 2015 compared to 2014. This resulted from growth in net sales of iPhone; ipad, Mac, and services; and Other Products.Growth in 2015 reflects strong sales of iPhone , strong performance of theOther Products and Mac, and continued growth in the Company’s online sales of apps , digital content, and services. Growth in these areas was partially offset by declines in net sales of iPad . All of the Company’s operating segments experiencedincreased net sales in 2015, with net sales growth being particularly strong in the Americas, Greater China and Japan operating segments. Similar to 2014, growth in total net sales was higher during 2015, rising $50,920 million or 28% over the same period in 2014. First half growth in 2015 was driven by iPhone introductions at or near the beginning of 2015.Apple take a lot of concepts and re-purpose them, repackage them, make them beautiful and everybody wants to have them," said Rozolis. "They always had a way to take technology and make it again affordable and easy to use and therefore popular.2、Net IncomeNet income rose.37.49% or $13,884 million during 2015 compared to Income continued rose from 2011 to 2015，Global inflation result in the growth of the manpower cost. In such circumstances, Apple company can still keep a great growth in net income which we kan see the foresight in operating and the control of the market about Apple company, also shows the unique texture and function of Apple products.3、Financial Status and Analysis（1）Product PerformanceWhen it comes to the iPhone, the growth in iPhone net sales and unit sales during 2015 resulted from increased demand for iPhone in all of the Company ’s operating segme nts primarily due to the launch of iPhone 6 beginning in September 2015 and strong on going demand for iPhone 5 and5s. All of the Company ’s operating segments experienc ed increases in net sales and unit sales of iPhone during 2015 compared to 2014. Th e year-over-year impact of higher iPhone net sales in 2015 was partially offset by a 3% rose in iPhone average selling prices in 2015 compared to 2014 primarily as a result of a shift in product mix towards lower-priced iPhone models, particularly iPhone 5. All of the Company ’s geographic operating segments experienced a decline in iPhone ASPs during 2015.Of course, the growth in net sales and unit sales of iPad during 2015 resulted from growth in Mac unit sales in all of the Company ’s operating segments. This growth was driven by the launch of Mac . The year-over-year growth rate of total Mac unit sales w as significantly higher than the growth rate of total iPad net sales for 2015 due to a red uction in iPad ASPs of 15% in 2015 compared to 2014. This decline resulted primarily from introduction of the lower priced iPad mini and the full year impact of the price reduction on iPad air2 made in 2014. The decline in iPad ASPs was experienced to various degrees by all of the Company ’s operating segments.In addition, the increase in net sales of iTunes, software and services in 2015 compare$155,041.00 $23,227.00 $25,471.00 $19,909.00$10,067.00 iPhoneiPadMacServicesOther Productsd to 2014 was primarily due to growth in net sales from the iTunes Store and so on. Growth in the iTunes Store, which includes the App Store, the Mac App Store and the iBooks Store, reflectsContinued growth in the installed base of iOS devices, expanded offerings of iOS apps and related in-App purchases, and expanded offerings of iTunes digital conten But for Apple, there is no great advantage with Mac. During 2015, ipad net sales and unit sales were down or relatively flat in all of the Company ’s operating segments. ipad ASPs increased slightly partially offsetting the impact of lower unit sales on net sales. The decline in ipad unit sales and net sales reflects the overall weakness in the market f or ipad.（2）Segment Operating PerformanceThe Company manages its business primarily on a geographic basis. Accordingly, the Company determined its reportable operating segments, which are generally based on the nature and location of its customers, to be the Americas, Europe, Greater China , Japan, Rest of Asia Pacific and Retail. The Americas segment includes both North an d South America. The Europe segment includes European countries, as well as India, the Middle East and Africa. The Greater China segment includes China, Hong Kong and Taiwan. The Rest of Asia Pacific segment includes Australia and Asian countries, other than those countries included in the Company ’s other operating segments. The Retail segment operates Apple retail stores in 13 countries, including the U.S. The results of the Company ’s geographic segments do not include results of the Retail segment. Each operating segment provides similar hardware and software products and similar services. No matter how many the segments are, we can see that they all keep the increasing trend for the net sales.$93,864.00 $50,337.00 $58,715.00$15,706.00 $15,093.00AmericasEuropeGreater ChinaJapanRest of Asia PacificHere,we just see the result of the Greater China.The growth in net sales in the Greater China segment during2015resulted from two major iPhone introductions during the year.Further contributing to the growth in2015was the introduction of the fourth generation iPad and iPad air2during the secondquarter of2015and an increase in iPhone channel inventory as of the end of2015compared to the end of2014.While net sales in the China segment were up84%for all of2015,this is a great rose for the whole net sales about Apple company.4、View on the FutureIn fiscal year 2015 was the most successful year, Apple revenue growth of 28%, reached nearly $234 billion. This continued success is the results of our commitment to produce the best and the most innovative products in the world, , but also proved that the company team great execution. Apple company are to the holiday shopping season, and their product portfolio is the most powerful, including the iPhone and the iPhone 6 s Plus 6 s, Apple Watch and its expanded casing and new band combination and the Ipad Pro, etc., and new Apple TV set-top box will start shipment.The Company’s future gross margin can be impacted by multiple factors includin g,but not limited to those set forth above in Part I,Item1A of this Form10-K under th e heading“Risk Factors”and those described in this paragraph.In general,gross margi ns and margins on individual products will remain under downward pressure due to a v ariety of factors,including continued industry wide global product pricing pressures,i ncreased competition,compressed product life cycles,product transitions,potential inc reases in the cost of components,and potential strengthening of the U.S.dollar,as well as potential increases in the costs of outside manufacturing services and a potential sh ift in the Company’s sales mix towards products with lower gross margins.In response to competitive pressures,the Company expects it will continue to take product pricing actions,which would adversely affect gross margins.Gross margins could also be affe cted by the Company’s ability to manage product quality and warranty costs effectivel y and to stimulate demand for certain of its products.Due to the Company’s significant international operations,financial results can be significantly affected in the short-ter m by fluctuations in exchange rates.5、conclutionIn short-term solvency, whether it's, current ratio, quick ratio, cash ratio is superior to other electronic products industry for the company. In asset operational efficiency index, from inventory turnover, the company turnover is fastest. From this aspect we can see it also reflects the apple products widely recognized by the market, and achieves good sales performance. In the profitability, the company's gross margin and operation profit is the best in the same industry.Under the leadership of Steve Jobs, Apple has produced products that have changed the way people around the world communicate, obtain information and entertain themselves. Here's a look at Apple’s success and what sets the company apart from other computer companies as it prepares for its founder and visionary leader to step down as CEO.Whether it’s iPods, iPhones or iPads, they have become a part of daily life for people around the world. Technology analyst Francis Lun in Hong Kong said the man responsible is Apple’s chief executive of ficer, Steve Jobs.When you travel, everybody’s got one of these things, an Apple iPad. When I say everybody, I mean little kids, mothers, women who would otherwise be knitting, So we have here a very interesting contrast between the Apple sense of only doing what you can do well, versus the standard industry approach, which is stick in every possible feature you can, but in the end that’s kludgy .Reference[1] The Analysis of Financial Reports on Apple, 2013</link?url=hDp7xSXz_fxfEtmlhQUODgXTiumpaCp1r 90yOxCwLy4R1XSwI8JnrB_1WzX9E1LdqGIx-HMgpuMaN0ihooBQanjUmsqweqn xUWAzf-Pwcs3.html>.[2] 2015 10-K Annual Reports, 2015 </>.。
解读公司财务报表分析的实用技巧
财务报表分析的对象是企业的各项基本活动。
公司财务报表分析技巧可以分为四种，包括横向分析、纵向分析、趋势百分率分析、财务比率分析。
Object of financial statement analysis is the basic activities of enterprises. Company / financial statement analysis techniques can be divided into four types, including analysis of horizontal analysis, vertical analysis, trend analysis, the percentage of financial ratios.一、财务报表横向分析A horizontal analysis, financial statements横向分析的前提，就是采用前后期对比的方式编制比较会计报表，即将企业连续几年的会计报表数据并行排列在一起，设置“绝对金额增减”和“百分率增减”两栏，以揭示各个会计项目在比较期内所发生的绝对金额和百分率的增减变化情况。
Horizontal analysis is the premise, pre and post contrast method to make comparative accounting statements, parallel arranged together to enterprises for several consecutive years of / accounting data, set up "the absolute amount of change" and "percentage increase or decrease in" two column, to reveal the various accounting item in the ratio change of a period the absolute amount and percentage of.二、财务报表纵向分析Two, the longitudinal analysis of the financial statement横向分析实际上是对不同年度的会计报表中的相同项目进行比较分析;而纵向分析则是相同年度会计报表各项目之间的比率分析。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
2013苹果公司英文版财务报表及分析Table of Co ntentsCONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except n umber o f shares which are reflected in thousands and per share amounts)Years ended September 28, 2013 September 29, 2012 September 24, 2011 Net sales $ 1 70,910 $ 156,508 $ 108,249 Cost of sales 1 06,606 87,846 64,431Gross margin 64,304 68,662 43,818 Operatin g expenses: Research and development 4,475 3,381 2,429Selling, general and administrative 10,830 10,040 7,599Total operating expenses 15,305 13,421 10,028 Operatin g income48,999 55,241 33,790 Other income/(expense), net 1,156 522 415 Income before provision for income taxes 50,155 55,763 34,205 Provision for income taxes 13,118 14,030 8,283 Net income $ 37,037 $ 41,733 $ 25,922 Earnings per share:Basic $ 40.03 $ 44.64 $ 28.05Diluted $ 39.75 $ 44.15 $ 27.68 Shares used in computin g earnings per share:Basic 9 25,331 934,818 924,258Diluted 9 31,662 945,355 936,645$ $ $ Cash dividends declared per common share 11.40 2.65 0.00See accompanying Notes to Consolidated Financial Statements.45Table of Co ntentsCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In millions)Years ended September 28, September 29, September 24, 2013 2012 2011 Net income $ 37,037 $ 41,733 $ 25,922 Other comprehensive income/(loss):Change in foreign currency translation, net of tax effects of $35, $13 and $18, respectively (112 (15 (12 Change in unrecognizedgains/losses on derivative instruments:Change in fair value of derivatives, net of tax benefit/(expense) of $(351), $73 and $(50),respectively 522 (131 92 Adju stment for net losses/(g ains)realized and inclu ded in net income, net of tax expense/ (benefit) of $255, $220 and $(250), respectively (458 (399 450 Total change in unrecognized gains/losses on derivative instruments, net oftax 64 (530 542 Change in unrealized gains/losses on marketable securities:Change in fair value of marketable securities, net of taxbenefit/(exp ense) of $458, $(421) and$ 17, respectively (791 715 29 Adju stment for net losses/(g ains) realized and inclu ded in net income, net of tax expense/ (benefit) of $82, $68 and $(40), respectively (131 (114 (70 Total change in unrealized gains/losses on marketable securities, net o f tax (922 601 (41 Total other comprehensive income/(loss) (970 56 489$ $ $ Total comprehen sive income 36,067 41,789 26,411See accompanying Notes to Consolidated Financial Statements.46Table of Co ntentsCONSOLIDATED BALANCE SHEETS(In millions, except number of shares which are reflected in thousands)September 28, 2013 September 29, 2012ASSETS:Current assets:Cash and cash equivalents $ 14,259 $ 10,746 Short-term marketab le securities 26,287 18,383Accounts receivable, less allowances of $99 and $9 8, respectively 13,102 10,930Inventories 1,764 791Deferred tax assets 3,453 2,583Vendor non-trade receivables 7,539 7,762Other current assets 6,882 6,458Total current assets 73,286 57,653 Long-term marketable securities 106,215 92,122 Property, plant and equipment, net 16,597 15,452 Goodwill 1,577 1,135 Acquired intangible assets, net 4,179 4,224 Other assets5,146 5,478$ $ Total assets 207,000 176,064LIABILITIES AND SHAREHOLDERS’ EQUITY:Current liabilities:Accounts payable $ 22,367 $ 21,175Accrued expenses 13,856 11,414Deferred revenue 7,435 5,953Total current liabilities 43,658 38,542 Deferred revenue – non-current 2,625 2,648 Long-term debt 16,960 0 Other non-cu rrentliabilities 20,208 16,664Total liabilities 83,451 57,854 Commitmen ts and contingenciesShareholders’ equity :Common stock, no par value; 1,800 ,000 shares au thorized; 89 9,213 and 939,208shares issued and outstanding, respectively 19,764 16,422Retained earning s 104,256 101,289Accumulated other comprehensive income/(loss) (471 499Total shareholders’ equity 123,549 118,210Total liabilities and shareholders’ equity $ 207,000 $ 176,064See accompanying Notes to Consolidated Financial Statements.47Table of Co ntentsCONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQU ITY(In millions, except number of shares which are reflected in thousands)Accum- ulated Other Compre- Total hensive Share- Common Stock Retained Income/ holders’ Shares Amount Earnings (Loss) Equity Balances as of September 25, 2010 915,970 $ 0,668 $ 37,169 $ (46 $ 47,791 Net income 0 0 25,922 0 25,922 Other comprehensive income/(loss) 0 0 489 0 489 Share-based compen sation 0 1,168 0 0 1,1 68 Common stock issued under stock plans, net of shares withheld foremployee taxes 13,307 561 (250 0 311 Tax b enefit from equity awards, including transfer pricing adjustments 0 934 0 0 934 Balances as ofSeptember 24, 2011 929,277 13,331 62,841 443 76,615 Net income 0 041,733 0 41,733 Other comprehensive income/(loss) 0 0 0 56 56 Dividends an d dividend equivalent rights declared 0 0 (2,523 0 (2,523 Share-based compen sation 0 1,740 0 0 1,7 40 Common stock issued under stock plans, net of shares withheld foremployee taxes 9,931 200 (762 0 (5 62 Tax b enefit from equity awards, including transfer pricing adjustments 0 1,151 0 0 1,1 51 Balances as of September 29, 2012 939,208 16,422 101,289 499 118,210 Net income 0 0 37,037 0 37,037 Other comprehensive income/(loss) 0 0 0 (970 (9 70 Dividends an d dividend equivalent rights declared 0 0 (10,676 0 (10,676 Repurchase of common stock (46,976 0 (22,950 0 (22,950 Share-based compen sation 0 2,253 0 0 2,2 53 Common stock issued under stock plans, net of shares withheld foremployee taxes 6,981 (143 (444 0 (5 87 Tax b enefit from equity awards, including transfer pricing adjustments 0 1,232 0 0 1,2 32 Balances as of September 28, 2013 899,213 $ 9,764 $ 04,256 $ (471 $23,549See accompanying Notes to Consolidated Financial Statements.48Table of Co ntentsCONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)Years ended September 28, September 29, September 24, 2013 2012 2011 Cash and cash equivalents, beginning of the year $ 10,746 $ 9,815 $11,261 Operatin g activities:37,037 41,733 25,922 Net incomeAdju stments to reconcile net income to cash generated by operating activities:Depreciation and amortization 6,757 3,277 1,814 Share-based compen sation expense 2,253 1,740 1,168 Deferred income tax expense 1,141 4,405 2,868 Changes in operatin g assets and liabilities:Accounts receivable, net (2,172 (5,551 143 Inventories (973 (15 275 Vendor non-trade receivables 223 (1,414 (1,934 Other current and no n-current assets 1,080 (3,162 (1,391 Accounts payable 2,340 4,467 2,515 Deferred revenue 1,459 2,824 1,654 Other current and no n-current liabilities 4,521 2,552 4,495Cash generated by operating activities 53,666 50,856 37,529Investing activities:Purchases of marketable securities (148,489 (151,232 (102,317 Proceeds from maturities of marketable securities 20,317 13,035 20,437 Proceeds from sales of marketable secu rities 104,130 99,770 49,416 Payments made in connection with business acquisitions, net (496 (350 (2 44 Payments for acquisition of property, plant and equipment (8,165 (8,295 (4,260 Payments for acquisition of intangible assets (911 (1,107 (3,192 Other (160 (48 (2 59Cash used in investing activities (33,774 (48,227 (40,419 Financin g activities:Proceeds from issuance of common stock 530 665 831 Excess tax b enefits from equity awards 701 1,351 1,133 Taxes paid related to net share settlement o f equity awards (1,082 (1,226 (5 20 Dividends an d dividend equivalent rights paid (10,564 (2,488 0 Repurchase of common stock (22,860 0 0 Proceeds from issuance of long-term debt, net 16,896 0 0Cash generated by/(used in) financing activities (16,379 (1,6981,444 Increase/(decrease) in cash and cash equivalents 3,513 931 (1,446 $ $ $ Cash and cash equivalents, end of the year 14,259 10,746 9,815 Supplemental cash flow disclosure:Cash paid for income taxes, net $ 9,128 $ 7,682 $ 3,338See accompanying Notes to Consolidated Financial Statements.49Table of Co ntentsNotes to Consolidated Financial StatementsNote 1 – Summary of Significant Accounting PoliciesApple Inc. and its wholly-owned subsidiaries (collectively “Apple” or the “Comp any”) designs, manufactures, and markets mobile commun ication and media devices, personal computers, and portable dig ital music players, and sells a variety of related software, services,p eripherals, networking solutions, and third-party d igital content and applications. The Company sells its products worldwide through its retail stores, online stores, and direct sales force, as well as through third-party cellu lar network carriers, wholesalers, retailers andvalue-addedresellers. In addition, th e Company sells a variety of third-party iPhone, iPad, Mac, and iPod compatible products, including application software, an d various accessories through its online and retail stores. Th e Company sells to consumers, small and mid-sized businesses, and education, enterprise and government customers.Basis of Presentation and PreparationThe accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles(“GAAP”) requires management to make estimates and assumptionsthat affect the amounts reported in these consolidated financialstatements and accompanying notes. Actual results could differmaterially from those estimates. Certain prior period amounts in the consolidated financial statements and notes thereto have been reclassified to conform to the current period’s presentation.The Company’s fiscal year i s the 52 or 53-week period that ends on the last Saturday of September. The Company’s fiscal years 2013, 2012 and 2 011 ended on September 28, 2013, September 29, 2012 and September 24, 2011, respectively. An additional week is included in the first fiscal q uarter approximately every six years to realign fiscal quarters with calendar quarters. Fiscal year 2012 spanned 5 3 weeks, with a 14th week inclu ded in the first quarter of 2012. Fiscal years 2013 and 2011 spanned 52 weeks each. Unless otherwise stated, references to particular years, q uarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, month s and periods of those fiscal years.During the first quarter of 2013, the Company adopted amended accounting standards that changed the presen tation of comprehensive income. These standards increased the prominence of other comprehensive income (“OCI”) by eliminating the option to present components of OCI as p art of the statement of changes in shareh olders’ equity and required the components of OCI to be presented either in a single continuousstatement of comprehensive income or in two consecutive statements. The amended accounting standards only impacted the financial statement presentation of OCI and did not change the components that are recognized in net income or OCI; acco rdingly, the adoption had no imp act on the Company’s financial positio n or results of operations.Revenue RecognitionNet sales consist primarily of revenue from the sale of hardware, software, digital content and applications, peripherals, and service and support contracts. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the salesprice is fixed or d eterminable, and collection is probable. Product is considered delivered to the customer once it has been shipped and title and risk of loss have b een transferred. For most of the Company’s product sales, these criteria are met at the time the product is shipped. For online sales toindividuals, for some sales to educatio n customers in the U.S., and for certain other sales, the Company defers revenu e until the customer receives the product because th e Company retains a portion of therisk of loss on these sales during tran sit. The Company recognizes revenue from the sale of hardware products, software bundled with hardware that is essential to the functionality of the hardware, andthird-party dig ital content sold on the iTunes Sto re in accordancewith general revenue recognition accounting guidance. The Company recognizes revenue inaccordance with industry specific software accounting guidance forthe50Table of Co ntentsfollowing types of sales transactions: (i) standalone sales of software products, (ii) sales o f so ftware upgrades and (iii) sales of software bundled with hard ware not essential to the functionality of the hardware.For the sale of most third-party products, th e Company recognizes revenue based on the gross amount billed to customers because the Company establish es its own pricing for such products, retains related inventory risk for physical products, is the primary obligor to the customer andassumes the credit risk for amounts billed to its customers. Forthird-party applications so ld through the App Store and Mac App Store andcertain digital content sold thro ugh the iTunes Store, the Company does not determine the selling price of the products and is not the primary o bligor to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in net sales only the commission it retains from each sale. The p ortion of the gross amount billed to customers that is remitted by the Company to third-party app developers and certain d igital content o wners is not reflected in the Company’s Consolid ated Statements of Operations.The Company records deferred reven ue when it receives payments in advance of the delivery of products or the performance of services. Thisinclu des amounts that have been deferred for unspecified and specified software upgrade rights and non-software services that are attached to h ardware and software products. The Company sells gift cards redeemable at its retail and onlin e stores, and also sells gift cards redeemable on the iTunes Store for the purchase of digital content and software. The Company records deferred revenue upon the sale of the card, which is relieved upon redemption of the card by the customer. Revenue from AppleCare service and support contracts is deferred and recognized o ver the service coverag e periods. AppleCare service and sup port contracts typically include extend ed phone support, repair services, web-based support resources and diagnostic tools offered under the Comp any’s standard limited warranty.The Company record s reductions to revenue for estimated commitments related to price pro tection and other customer incentive prog rams. For transactions involving price protection, the Company recognizes revenue net of the estimated amount to be refunded. Fo r the Compan y’s other customer incen tive programs, the estimated cost of these prog rams is recognized at the later of the date at which the Company has sold the p roduct or the date at which the program is offered. The Company also records reductions to revenue for expected future product returns based o n the Company’s historical experience. Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority.Revenue Recognition for Arrangements with Multiple DeliverablesFor multi-element arrangements that include hardware products containing so ftware essential to the hardware product’s functionality, u ndelivered software elements that relate to the h ardwareproduct’s essential software, an d undelivered non-software services, the Company allocates revenu e to all deliverables based on their relative selling prices. In such circumstances, the Company uses a hierarchy to determine the selling price to be used fo r allocating revenue to deliverables: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-partyevidence of selling price (“TPE”), and (iii) best estimate of selling price (“ESP”). VSOE generally exists only when the Company sells thed eliv erable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company’s best estimates of what the selling prices of elements would be if they were so ld regularly on a stand-alone basis. For multi-element arrangements accounted for inaccordance with industry specific software accounting guidance, the Company allocates revenue to all deliverab les based on the VSOE of each element, and if VSOE does not exist revenue is recognized when elements lacking VSOE are delivered.For sales of qualifying versions of iPhone, iPad and iPod touch (“iOS devices”), Mac and Apple TV, the Company has indicated it mayfrom time to time provide future unspecified software upgrades and features to th e essential software bundled with each of th ese h ardware products free of charge to customers. Essential software for iOS devices includes iOS and related applications and for Mac includes OS X and related applications. The Co mpany also provides various non-software services to owners of qualify ing versions of iOS devices and Mac.51Table of Co ntentsThe Company has identified up to three deliverables regularly included in arrangements involving the sale of these devices. The first deliverable is the hardware and software essential to the functionality of the hardware device delivered at the time of sale. The secon d deliverable is the embedded right included with the purchase of iOS devices, Mac and Apple TV to receive on a when-and-if-available basis, future unspecified software upgrades and features relating to the product’s essential software. The third deliverable is the non-software services to be provided to q ualifying versions of iOS devices and Mac. The Company allocates revenue between these deliverables using the relative selling price method. Because the Company has neither VSOE nor TPE for these deliverables, the allocation of revenue is based on the Company’s ESPs. Revenue allocated to the delivered hardware and the related essential software is recognized at the time of sale p rovided the other conditions for revenue recognition have been met. Revenueallocated to the embedded unspecified software upgrade rights and the non-software services is deferred and recognized on a straigh t-line basis over the estimated period the software upgrades and non-software services are expected to be provided for each of these devices, which ranges from two to four years. Cost of sales related to delivered hardware and related essential software, includ ing estimated warranty costs, are recognized at the time of sale. Costs incurred to provid e non-software services are recognized as cost of sales as incurred, and engineering and sales and marketing costs are recognized as operating expenses as incurred.The Company’s process for determin ing its ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. The Company believes its customers would be reluctant to buy unspecified software upgrade rights for the essential software included with its qualifying hardware products. This view is primarily based on the fact that u nspecified software upgrade rights do not obligate the Company to provide upgrades at a particular time or at all, and do no t specify to customers which upgrades or features will be delivered. The Company also believes its customers wo uld be unwilling to pay a significant amount for access to the non-software services because oth er companies offer similar services at little or no cost to users. Therefore, theCompany has concluded that if it were to sell upgrade rights or access to the non-software services on a standalone basis, including those rights and services attached to iOS devices, Mac and Apple TV, the selling prices wo uld be relatively low. Key factors considered by the Company in d eveloping the ESPs for software upgrade rights include prices charged by the Company for similar offerings, market trends in the pricing ofApple-branded and third-party Mac and iOS compatible software, the n ature of the upgrade righ ts (e.g., unspecified versus specified), and the relative ESP of the u pgrade rights as compared to the total selling price of the product. The Co mpany may also consider additional factors as appropriate, including the impact of other products and services provided to customers, the p ricing of competitive alternatives if they exist,p roduct-specific business objectives, and the length of time a particular version of a device has been available. When relevant, the same factors are considered by the Company in develop ing ESPs for offerings such as the non-so ftware services with additional consideration given to the estimated cost to pro vide such services.In 2013, 20 12 and 2011, the Company’s combined ESPs for the unspecified software upgrade rights and the rights to receive the no n-software services included with its qualifying hardware devices have ranged from $5 to $25. Beginning in September 2013, the combined ESPsforiPhone and iPad were increased by up to $5 to reflect additions to unspecified software upgrade rights due to expansion of essential software b und led with these devices. Accordingly, the range of combined ESPs for iPhone and iPad as of September 2013 is $15 to $25. Beginning in October 2013, the Company anticipates increasing the combined ESPs for Mac from $20 to $40 to reflect additions to unspecified softwareu pgrade rights related to expansion of bundled essential software. Revenue allocated to such rights is deferred and recognized on a straight-line b asis over the estimated period the rights are expected to be provided for each device, which ranges from two to fou r years. Shipping CostsFor all periods presen ted, amounts billed to customers related to shipping and handling are classified as revenue, and the Company’s shipp ing and handling costs are included in cost of sales.52Table of Co ntentsWa rranty ExpenseThe Company generally provides for the estimated cost of hardware and software warranties at the time the related revenue is recog nized. The Company assesses the adequacy of its pre-existing warrantyliabilities and adjusts the amo unts as necessary based on actual experience andchanges in future estimates.Software Development CostsResearch and development costs are expensed as incurred. Development costs of computer software to be sold, leased, or otherwise marketed are subject to capitalization beginning when a product’s te chnological feasibility has been established and ending when a produ ct is available for g eneral release to customers. In most instances, the Company’s products are released soon after technological feasibility has been established. Costs incurred subsequent to achievement of technological feasibility were not sign ificant, and software development costs were expensed as incurred during 2013, 2012 and 2011.Advertising CostsAdvertising costs are expensed as incu rred and included in selling, general and administrative expenses. Advertising expense was $1.1 billion, $ 1.0 billion and $933 million for 2013, 2012 and 2011, respectively.Share-based CompensationThe Company recognizes expense related to share-based payment transactions in which it receives employee services in exchange for (a) equity instruments of the Compan y or (b) liabilities that are based on the fair value of the enterprise’s equity instruments or that may be settled by the issuance of such equity instruments. Share-based compensation cost for restricted stock units (“RSUs”) is measu red based on the closing fair market value of the Company’s common stock onthe date of grant. Share-based compensation cost for sto ck options and employee stockp urchase plan rights (“stock purchase rights”) is measured at the grant date and offering date, respectively, based on the fair-value as calculated b y the Black-Scholes-Merton (“BSM”) option-pricing model. The BSM option-pricing model incorporates vario us assumptions includ ingexpected volatility, estimated expected life and interest rates. The Company recognizes share-based compensation cost over the award’s requisite service period on a straight-line basis for time-based RSUs and on a graded basis for RSUs that are contingent on th e achievement ofp erformance metrics. The Company recognizes a benefit from share-b ased compensation in the Conso lidated Statements of Shareholders’ Equity if an incremen tal tax benefit is realized. In addition, the Company recognizes the indirect effects of share-based compensation on research and d evelopment tax credits, foreign tax credits and do mestic manufacturing deductions in the Consolidated Statements of Operations. Furtherinformation regardin g share-based compensation can be found in Note 9, “Benefit Plans” of this Form 10-K.Income TaxesThe pro vision for income taxes is computed using the asset and liability method, u nder which deferred tax assets and liabilities arerecognized for the exp ected future tax consequen ces of temporary differences between the financial rep orting and tax bases of assets and liabilities, and for o perating losses an d tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable in come in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuationallowance to reduce deferred tax assets to the amou nt that is believed more likely than not to be realized.The Company recognizes the tax benefit from an un certain taxposition only if it is more likely than not the tax position will be sustained onexamination by the taxing authorities, based on the technical merits of the positio n. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upo n settlement. See Note 5 , “Income Taxes” of this Form 10-K for additional information.53Table of Co ntentsEarnings Per ShareBasic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares ofcommon stock outstanding during the p eriod. Diluted earnin gs per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that wo uld have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities includeo utstanding stock op tions, shares to be purchased under the Company’s employee stock pu rchase plan and unvested RSUs. The dilutive effect of p otentially dilu tive securities is reflected in diluted earnings per share by application of th e treasury stock method. Under the treasury stockmeth od, an increase in the fair market value of the Company’s common stock can result in a g reater dilutive effect from potentially dilutive securities.The following table shows the computation of basic and diluted earnings per share for 2013, 2012, and 2011 (in thousands, except net income in millions and per share amounts):2013 2012 2011 Numerator:Net income $ 37,037 $ 41,733 $ 25,922 Denominator:Weighted-average shares outstanding 925,331 934,818 924,258Effect of dilutive securities 6,331 10,537 12,387。