耐克_2008年_财务报告(Nike_2008year_FinanceReport)
耐克公司财务报表分析
耐克公司财务报表分析引言财务报表是一家公司向投资者和利益相关方公开披露其财务状况和经营绩效的重要工具。
通过分析财务报表，投资者可以了解公司的盈利能力、资产负债状况和现金流等关键指标，从而做出投资决策。
本文将对耐克公司的财务报表进行分析，以揭示该公司的盈利能力和财务状况。
一、盈利能力分析盈利能力是衡量一家公司经营绩效的重要指标，包括销售收入、毛利率和净利润等关键指标。
1.1 销售收入分析表格2017年2018年2019年销售收入354.4亿美元363.8亿美元392.3亿美元从上表可以看出，耐克公司的销售收入呈稳步增长的趋势。
截至2019年，销售收入达到392.3亿美元，比2017年增长了10.7%。
这表明耐克公司在市场上有着强大的销售能力，能够吸引更多的消费者购买其产品。
1.2 毛利率分析表格2017年2018年2019年毛利率44.7% 43.8% 43.1%毛利率是衡量一家公司在销售过程中实际获得的利润水平。
从上表可以看出，耐克公司的毛利率呈下降趋势，从2017年的44.7%下降到2019年的43.1%。
这可能是由于原材料成本的上升以及市场竞争的加剧所致。
尽管毛利率出现下降，但仍然保持在相对较高的水平，表明耐克公司在产品定价和成本控制方面做得相对较好。
1.3 净利润分析表格2017年2018年2019年净利润39.6亿美元10.3亿美元39亿美元净利润是计算一家公司在一定时期内实现的总利润。
从上表可以看出，耐克公司的净利润在2017年和2019年之间出现了巨大的波动。
这主要是由于2018年发生了一次非常规事件，导致公司的净利润大幅下降。
尽管如此，从整体趋势来看，耐克公司的净利润呈增长态势。
公司在2019年实现了39亿美元的净利润，比2017年增长了约1%。
二、财务状况分析财务状况体现了一家公司的偿债能力和资产负债结构。
2.1 偿债能力分析表格2017年2018年2019年流动比率 2.6 2.5 2.4流动比率是用于衡量一家公司偿还短期债务能力的指标。
如何进行企业的财务分析（以Nike为例）（英文）
如何进行企业的财务分析（以Nike为例）（英文）ContentChapter 1: Introduction (1)1.1 Background of Nike (1)1.2 Management of Nike (1)1.3 Successful Story (2)1.4 Background of Puma (3)1.5 Management of Puma (3)1.6 Successful Story (4)Chapter 2: Financial Analysis (5)2.1 Vertical Analysis (5)2.2 Trend Analysis (6)2.3 Ratio Analysis (7)2.3.1 Profitable Ratio (7)2.3.2 Liquidity Ratio (9)2.3.3 Asset management ratio (10)2.3.4 Debt Utilization Ratio (12)2.3.5 Investments (14)Chapter 3: Financial Market and Impact (17)3.1 Global Economy (17)3.2Currency Fluctuations (17)3.3 Changes in Tax (18)3.4 Rising Input Cost (18)3.5 Intense Competitive Landscape (18)3.6 Product Counterfeiting Risk (19)Chapter 4: Challenges Faced and Solutions (19)4.1 High Inventory (19)4.1.1 Solution (20)4.2 High Production Cost (20)4.2.1 Solution (20)4.3 Selling and administrative expense (21)4.3.1 Solution (21)4.4 Tax rate (21)4.4.1 Solution (22)5. Summary and Future Outlook (22)5.1 Performance in Operating (22)5.1.1 Future Outlook (22)5.2 Performance in Financial Market (23)5.2.1 Future Outlook (23)Reference (24)Appendix 1：Nike Annual Report (27)Appendix 2 ：Puma Annual Report (30)Appendix 3: Process of Calculation (33)Chapter 1: Introduction1.1 Background of NikeNike Inc., (Nike) was founded on January 25, 1964 as Blue Ribbon Sports by Bill Bowerman and Phil Knight and officially became Nike, Inc. on May 30, 1971. Headquartered in Beaverton, Oregon, Nike is the largest seller of athletic footwear and athletic apparel in the world and is traded on the New York Stock Exchange. The Company sells its products to retail accounts, through Nike owned retail stores and Internet sales, and through a mix of independent distributors and licensees, in approximately 190 countries around the world. Nike is a leader company in athletic footwear industry, which has strong corporate image and brand value delivering to its customers. Sustaining innovation lead Nike develop high technology in their effort to stay ahead of their competitors with its products (Nike Inc., 2013). Nike’s successful based on three main factors: engaged with effectivemarketing strategies, vividly advertising campaigns and outsourcing the production at low cost labor market as developing countries.1.2 Management of NikeNominating and Corporate Governance Committee of Nike the “Committee” considers and evaluates candidates for appointment or election to the Board of Directors. In evaluating potential candidates for suitability, the Committee considers many factors to identify individuals with the requisite intelligence, education, experience, and character to make significant contributions to the Board of Directors.Source From: Nike Board of Director and Executive /pages/executives1.3 Successful StoryBy the mid-1980s, Nike had slipped from its position as theindustry leader, the debut of a new signature shoe for an NBA rookie by the name of Michael Jordan in 1985 helped bolster Nike’s bottom line. In 1989, Nike built on its momentum from the ‘Revolution’ campaign with the tagline “Just Do It.” In 1990s, Nike signed the World Cup-winning Brazilian National Team began designing the team’s distinctive uniform. Nike Golf land ed named Eldrick “Tiger” Woods for a reported $5 million per year. Competitors lau ghed and critics howled at Nike’s "folly," until Tiger won the 1997 Masters by a record 12 strokes. In 2010, Nike signed Chinese tennis player Li Na, Algerian- French dancer Sofia Boutella, British hurdler Perri Shakes-Drayton, Russian-born tennis star Mar ia Sharapova, running a new project “Make Y ourself” campaign to target women customers (Roy, 2012). The Nike+ FuelBand mobile app launched in 2012, which can be seen as a transition from traditional advertising to new media there are series of interactive campaigns designed to engage consumers on a whole new level and stimulate conversation in the athletic community (Nike Inc., 2013).1.4 Background of PumaPuma AG Rudolf Dassler Sport (Puma) is a major German multinational company that produces athletic and casual footwear, as well as sportswear, headquartered in Herzogenaurach, Bavaria, Germany. The company was formed in 1924 as Gebrüder Dassler Schuhfabrik by Adolf and Ru dolf Dassler. The relationship between the two brothers deteriorated until the two agreed to split in 1948, forming two separate entities, Adidas and Puma (Puma, 2013). Both companies are currently based in Herzogenaurach, Germany. Puma is one of the world’s largest providers of sport lifestyle footwear, apparel and accessories under the leading brands such as AlexanderMcQueen, Mihara, Rudolf Dassler Schuhfabrik, and P uma the black label. The company through its subsidiaries operates in more than 120 countries globally. The company, under its Footwear segment, is engaged in the designing, manufacturing and marketing of wide range of shoes for men, women, and juniors for various sports, including football, motor sport, cricket and golf.1.5 Management of PumaBoard of Directors: consists of both internal management directors and independent directors. The two groups of directors bring benefits to Nike the different knowledge and experience contributes into management it also provides another frame of overall board in thinking. Puma’s board would b e classified as an oversight board, playing an active role with regards to management’s decisions making of strategy. On the corporate level Puma’s strategy based on the mission “to be the first truly virtual sports company” that focus on building network of independent firm, suppliers and customers instead of managing activities of the value chain through direct ownership (Puma, 2013). In order to achieve this goals Puma has decentralized its structure and develop a virtual corporate structure which supported by organizational matrix. Managing the virtual structure, Puma create the group executive committee that incorporates the functions of brand management, product, and finance and growth management, legal and organizational structure in the central part.Source From:Puma Managing Director /category/company/managingdirectors/ 1.6 Successful StoryIn 1970, Brazilian football star Pele helped Brazil to win the World Cup in mexico wearing Puma fo otball boots. Germany’s Boris Becker won Wimbledon wearing Puma shoes and playing with a Puma racket. Eight years later, Puma sold in big department stores for very little money that result in its shoes become expensive and no more competitive advantage. In 1993, Jochen Zeitz named chairman and CEO of Puma he cutting costs by 40% and then pushes Puma IPO on the German stock exchange. Shortly, Jochen Zeitz was offshoring Puma’s production from German to Asia. Due to those business movements, Puma stop losing and earned $29 million on sales in 1996 (Puma, 2013).Chapter 2: Financial AnalysisThe global economic recession resulted in a significant slow-down in international trade and a sharp rise in protectionist actions around the world. These trends are affecting many global manufacturing and service sectors, and the footwear and apparel industries, as a whole, are not immune. Companies in our industry are facing trade protectionist challenges in many different regions, and in nearly all cases we are working together to address trade issues to reduce the impact to the industry, while observing applicable competition laws. Notwithstanding our efforts, such actions, if implemented, could result in increases in the cost of our products, which may in turn adversely affect our sales or profitability and the imported footwear and apparel industry as a whole. Accordingly, we are actively monitoring the developments described below.2.1 Vertical AnalysisWe choose one year to compare this two company and we can see the figures shown in the table, Nike more profitable than Puma in 2012. Nike’s cost of revenue is 56.60%, compare to Puma’s 51.70%. This means that for every $1 in net sales, Nike got almost $0.56 in 2012, and Puma got almost 0.51% in 2012 is spent on cost of revenue. Nike’s percentage of net income to revenue is 10.5%. That means 10.5% of revenue results in profit for the company’s stockholders. On the other hand, Puma’s percentage of net income to revenue is 2.5%.Nike sells to thousands of retail accounts and operates 16 distribution centers outside of the United States. In many countries and regions, including Canada, Asia, Europe and some Latin American countries we have a futures ordering pro gram for retailers similar to the United States futures program, the common-size statement highlights Nike advantage over Puma.2.2 Trend AnalysisAssume Nike and Puma total revenues were 10,000,000 in 2009 and rose to 2,3331,000 in 2012, the base the is 2009,so thatyear’s percentage is set equal to 100 .We can see the figures shown in the table: Nike’s net sales has been continued increasing during these three years, especially year of 2012. Puma’s net sales also keep an increasing trend, but still cannot compete with Nike; Nike sells products to retail accounts, through Nike’s own direct to consumer operations, and through a mix of independent distributors, licensees and sales representatives around the world. Compare with Puma, the sales figures of Nike higher than Puma, this is weakness for puma, cannot fight with Nike to getleader industry during these three years. Puma is still a small player relative to Nike. But has crept up in recent years, and in 2011, has reached its highest Global 500 brand value, Puma has the ingredients and heritage to increase its brand value and rise up the table. Selecting the right rising athletic and sports stars, clearly differentiating themselves against Nike and Adidas, capitalizing on their sporting heritage and treading a delicate path between product innovations and continuing their success of producing more style driven, non-performance-related product lines will all play a part. We can see puma has been prepared to challenge the Nike from many ways; puma is strength of the competitor in the next few years, in response to threats, Nike also has a lot of way to meet threats and more details shown in another chapter.2.3 Ratio AnalysisWe have to say, Nike is a leader of the industry, the company compare with Puma and analysis some representative ratios to explain why Nike can be a leader in industry depend on the annual ratio result that calculated by us in sheet of excel. (All industry averages taken from “Thomson Reuters”)，2.3.1 Profitable RatioNet profit margin: Measures the percentage of each sales dollar remaining after all costs and expenses, including interest, taxes, and preferred stock dividends, Nike‘s net profit margin have been deducted. Net profit margins vary widely across industries. Puma s’ net profit margin decreased from 2010 to 2012, the problem very s e rious in 2012, Nike’s advantage over Puma during this three years.Gross profit margin: The higher the gross profit margin the better, and for the Nike has continued to decrease from 2010 to 2012. So the company got a little problem in the area of each sales dollar remaining after the firms has paid for its goods. The situation of Puma is quite good.Return on assets:Indicates how efficient management is at using its assets to generate earnings. The higher the number the better, because of the company can earn more money on less investment. For the Nike, the ratio of ROA has been increasing inthe past three years, Puma has huge decreased from 2011 to 2012, the condition is not very stability, Nike in this area got a generate earnings more than his competitors.Return on equity:measure of a corporation's profitability that reveals how much profit a company generates with the money shareholders have invested. ROE is useful for comparing the profitability of a company to other firms in the same industry. Nike made a lot of profit to theirshareholder, because of the ratio of ROE keep rising during these three years (2010-2012); Puma has huge decreased from 2011 to 2012, the condition is not very stability, the Nike has a high profitability than Puma.Overview: A class of financial metrics that are used to assess a business's ability to ge nerate earnings as compared to its expenses and other relevant costs incurred during a specific period of time. For most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a previous period is indicative that the company is doing well.so the result shown that the Nike is doing well compare to Puma.2.3.2 Liquidity RatioQuick ratio: This is a more stringent measure of liquidity than the Current Ratio because it excludes inventory. This ratio is more relevant than the Current Ratio for some industries where inventories are not liquid. The quick ratio from 2010 to 2012 there is little reduce in Nike company , puma also，but Nike’s quick ratio is above the industry average of 1.86 (Routers) being above the industry indicates that we could sell our inventory than what other companies in the industry would have to sell to meet current obli gations. Puma’s quick ratio is lower than Nik e and below the industry average of 1.86 (Routers).Cash ratio:The cash ratio is most commonly used as a measure of company liquidity. It can therefore determine if, and how quickly, the company can repay its short-term debt. Nike’s cash ratio has continued falling from year 2010 to 2012, we unexpected to see this downgrade, we would be willing to extend to the asking party. Even thought, the cash ratio of Nike is still higher than Puma.Overview: A class of financial metrics that is used to determine a company's ability to pay off its short-terms debtsobligations. Generally, the higher the value of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. A company's ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts and mortgage originators frequently use the liquidity ratios to determine whether a company will be able to continue as a going concern.2.3.3 Asset management ratioTotal asset turnover: The amount of sales generated for every dollar's worth of assets. Measures a firm's efficiency at using its assets in generate sales or revenue, the higher the number the better. The ratio of asset turnover keep stable in 2010 and 2011 is 1.37, but in the 2012 has a quite changes, raised up to 1.57 .It indicates pricing strategy: Nike with low profit margins tend to have high asset turnover, while those with high profit margins have low asset turnover. There is a little distance between Nike and Puma, but Puma’s amount of asset turnover still lower than Nike.Inventory turnover:Nike’s inventory turnover of 4.56 below the industry average of 5.91 (Router).Nike’s ratio of inventory turnover decreased from year 2010 to2012, so reducinginventory turnover levels were a key initiative for Nike in fiscal year. Due to our ability to quickly turnover inventory, Nike benefits from greater cash flows, reduced storage costs, and less spoilage. In addition, quick turnover reduces Nike’s inventory of out-of-style shoes and clothing. Company management stated, "We put a considerable amount of effort into improving product buying power patterns and as a result the composition and levels of inventory resulted in improved gross margins relative to a year ago." Inventory levels are being reduced due to increased sales in the company's own branch retail stores. Puma also stay a decreased trend, but the ratio of inventory turnover is lower than Nike, for Puma is not a bad condition.Receivable turnover: An accounting measure used to quantify a firm's effectiveness in extending credit as well as collecting debts. The receivables turnover ratio is an activity ratio, measuring how efficiently a firm uses its assets. A high ratio implies either that a company operates on a cash basis or that its extension of credit and collection of accounts receivable is efficient. A low ratio implies the company should re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for the firm. Nike’s A/C ratio keeps increasing from year 2010 to 2012, Nike account receivable is efficient. By maintaining accounts receivable, Nike is indirectly extending interest-free loans to their clients. Nike’s condition is still better than Puma.Overview: Asset management ratios are the key to analyzing how effectively and efficiency business is managing its assets to produce sales. Asset management ratios are also called turnover ratios or efficiency ratios. If the company has too much invested in their company's assets, operating capital will be too high. If don't have enough invested in assets, the company will lose sales and that will hurt profitability, free cash flow, and stock price. So the result shown that the Nike can easy to efficiency and effectively to managing its asset to produce sales, Nike do a quite performanc e compares to Puma. Nike is doing well compare to Puma.2.3.4 Debt Utilization RatioTotal debt ratio: What is acceptable varies by industry. A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. Nike’s total debt ratio is 0.06, which is below the industry average of 0.07. The debt ratio which is dealing from year 2010 to 2012, the figures are sho wn in the table, because of previous years the company has been aggressive in financing area with debt, create a stable basis, and during this three year the debt ratio reduces is normal. New products become more and moremature than before, the brand has been known in the world. But for Puma, they have to develop new product and put new technology into products to attract more customers, they are on the raising period, so the debt ratio a little higher than Nike.Long term debt ratio:Similar to total debt ratio but focused only on long-term debt. In these three years, the long term debt ratio of Nike in a downward trend and the reason similar to debt ratio, Puma also.Interest coverage: Also known as times interest earned used to determine how easily a company can pay interest on outstanding debt. The lower the ratio, the more the company is burdened by debt expense. Nike keep increasing during these three years ，floating is not big，It is good for Nike to pay short-termdebt，the company has ability to raise money. The debt condition of Puma is not very good, the burden become more and the company cannot easy to pay interest on outstanding debt.Overview: debt utilization ratio helps company measure ability to sell inventory, collec t receivable, and pay current liabilities. We can see the figures shown in previous tables, obviously Nike’s performance quite good, the higher ability to pay their debt, create a very good reputation. Puma need some times to develop themselves.2.3.5 InvestmentsEPS（*shown in annual income statement )EPS：Nike‘s EPS which is in maintaining growth, floating is not very big, represent the company got profit and this is good for the company's stock investors. Puma is doing well compare to Nike.P/E ratio ：The price to earnings ratio (PE Ratio) is the measure of the share price relative to the annual net income earned by the firm per share. PE ratio shows current investor demand for a company share. The PE ratio has units of years, which can be interpreted as the number of years of earnings to pay back purchase price. Many factors led to the changes in the stock market, Nike’s P/E ratio has a float is normal, from year 2011 to 2012, the P/E ratio increased by two percent，A high PE ratio generally indicates increased demand because investors anticipate earnings growth in the future. Even though the P/E ratio of Puma is lower than Nike, but from 2010 to 2012, Puma keep an increase trend and performance not bad.Share price: closing prices provide a useful marker for investors to assess changes in stock prices over time, the closing price of one day can be compared to the previous closing price in order to measure market sentiment for a given security over a trading day. Stock market has four performances: the opening price, closing price, the highest and the lowest price, the closing price is most important because it is a basic data used to analysis of the stock market, only the closing price is the benchmark of profit or loss. Nike is a potential stock which is to attract people to buy. From year 2010 to 2012, Puma’s share price has beendecreased but still more higher than Nike.Dividend coverage: Measure of the ability of an organization to pay dividends. A higher or lower dividend cover may be appropriate depending on the level of stability in earnings of the organizations. Nike’s dividend coverage ratio has been decreased from year 2010 to2012; the level of earning got a big floating in a company, the dividend cover ratio is not safety of the current dividend rate of a particular stock. The condition of Puma is quite good; keep an increase trend during this three years and higher dividend than Nike.Overview: investors purchase stock to earn a return on their investment, gain or losses from selling the stock at a price, dividend which is help analysis evaluation stock investment. Puma’s performance is quite good, and the investment condition of Puma become very attract investors, so Nike need to work on so continuing to increase EPS so that it is more competitive with other companies in its industry.At the end of May 31, 2012, it appears that Nike is in an optimal financial condition. Not only does it exceed the industry averages in liquidity, solvency, and profitability, but they also have well-structured plans to combat any threat that may arise. Ni ke’s current situation showcases their ability to survive in thelong-run and grow. Nike’s cash management leaves no room for immediateliabilities to go unpaid, thus granting the company the ability to function fluidly. The bottom line is that Nike will continue to be a leader and one of the most preferred, iconic brands in its industry.Chapter 3: Financial Market and ImpactThe global economic recession resulted in a significant slow-down in international trade and a sharp rise in protectionist actions around the world. These trends are affecting many global manufacturing and service sectors, and the footwear and apparel industries, as a whole, are not immune.3.1 Global EconomyThe uncertain state of the global economy continues to impact businesses aro und the world. The current political and economic global environment has resulted in continued economic unpredictability, particularly in Europe where there are concerns regarding the increased debt levels of certain countries and their ability to meet future financial obligations, as well as the overall stability of the Euro currency (Nike Annual Report, 2012). Continuing volatility and disruption in the global capital and credit markets have led to a tightening of business credit and liquidity, a contraction of consumer credit, business failures, higher unemployment, and declines in consumer confidence and spending in many parts of the world. The economy depression direct impact on Athletic industry by influenced the purchasing power of customers that may lead Nike and Puma sales decreased, particularly to Puma which currency significant influenced by Europe economy.3.2Currency FluctuationsA majority of products of Nike and Puma are sold outside of the domestic market. As a result, companies conduct transactions in various currencies, which increase the exposure to fluctuations in foreign currency exchange rates relative to the domestic currency (Nike Annual Report, 2012). International revenues and expenses generally are derived from sales and operations in foreign currencies, and these revenues and expenses could be affected by currency fluctuations.3.3 Changes in TaxThe effective income tax rate in the future could be adversely affected by a number of factors, including: changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, changes in tax laws, the outcome of income tax audits in various jurisdictions around the world, and any repatriation of non-domestic earnings for which companies (Nike Annual Report, 2012). The trend of income tax is going up that arise the operational cost and decline the revenue of Nike and Puma.3.4 Rising Input CostThe increasing price of raw materials and labor costs could be a cause for concern to the company. The athletic industry uses raw materials including natural and synthetic rubber, nylon, leather, canvas, polyurethane films and plastic compounds. Raw material, especially rubber, is a key component in the production. The cost of rubber has been gradually increasing, owing to the increase in the oil prices. According to industry analysts, the average world natural rubber price was increased by more than two percentage points during 2009-2012 (Rubber Economist Report, 2013). With the political strife in Libya, the oil prices have soared across all markets. The entire industry faces challenges inmaintaining pricing pressure on its products due to increase raw material cost. Nike and Puma heavily dependent on Asian sourcing markets, the increased raw material costs in Asian sourcing markets may impact the growth of the companies.3.5 Intense Competitive LandscapeThe profit and market share could be impacted by the growing competition in the marketplace. With rising competition, the industry has been realizing consolidation wherein the smaller entities are being acquired by or merged with major players. The influx of private labels in the industry is also on the rise. T o survive and succeed in a stiff competitive environment, it becomes very important for companies to distinguish its product and service offerings through a clear and unique value proposition. The key players such as Nike Inc., Adidas Group, PUMA AG Rudolf Dassler Sport, Polo Ralph Lauren, Fila USA, Inc., Reebok International Ltd. and Callaway Golf Company. Some of these players enjoy a strong financial。
耐克案例分析
耐克案例分析【篇一：耐克案例分析】耐克成功的案例分析在中国的成长随着中国不断发展，越来越多的跨国公司开始关注中国市场。
耐克正在使其在中国市场中的业务变得更加清晰，背后的原因是中国市场在其全球版图上越发重要。
耐克的成功有着许多必然的因素。
（一）把公司文化个性化 just do it 是耐克的广告语，符合年轻人追求个性，独特的特性。
体育、表演、洒脱自由的运动员精神是耐克追求个性化的公司文化。
这具有鲜明特征的公司文化一反传统观念的企业形象，是由公司创始人菲利普耐特创立的。
也正是耐克的这种与众不同吸引着无数顾客的不断支持。
作为公司的创始人，奈特把永不停息的个人奋斗和商业伦理贯穿于企业运营的始终。
对奈特被选入俄勒冈州大学田径队，成为专业中长跑队员后，他对体育用品的激情被磨掉了。
后来他曾在波兰 price waterhouse 当了 5 年会计师，他的商业意识也就是在那时培养起来。
俄勒冈传奇人特式的田径教练彼尔 #8226;鲍尔，总是给他的明星运动员订做跑鞋。
他告诉奈特，一个田径队是由一些个体队员组成的，每个人必须永不停息地拼命提高他或她的成绩，径赛运动员的信条是：没有端点。
而 price waterhouse 给了的启示是商业行为有最基本的原则。
耐克的历史是以上两个信条不断对话的过程，是运动员的个人奋斗精神与商业约束相协调的过程。
奈特与鲍尔曼开始共同创办蓝带，并于 1972 年更名为耐克，从那以后，它开始设计带本公司商标的鞋，并在亚洲生产。
耐克通过提供样式各异、价格不同和多种永夜的产品，吸引了各种各样的跑步者，是人们感到耐克公司是提供品种最全的运动鞋制造商。
成千上万的跑步者都有这种想法，这在一个迅速增长的行业里，确实引人注目，而且，在不断扩展的市场上，耐克能够以其种类繁多的产品开拓最广阔的市场，它可以把鞋卖给普通零售商（例如百货商店和鞋店等），也可以继续与专业鞋店做生意。
耐克在中国市场也根据中国特色来壮大发展自己。
耐克公司的品牌故事和财务报表分析
耐克公司的品牌故事和财务报表分析一、耐克公司品牌故事的介绍与发展历程耐克公司作为全球最著名的运动品牌之一，其品牌故事是值得探究和研究的。
该部分将从品牌的起源开始介绍，随后详细说明其最具代表性的广告、品牌策略和营销手段，最后探讨耐克公司未来的发展方向。
耐克公司的品牌起源可以追溯到1964年，当时菲尔·奈特和比尔·鲍尔曼两位大学生联合开办了名为“蓝色丝带体育用品公司”的小公司。
1966年該公司更名為 Nike。
在当时，该公司只是小范围的贩卖旅游鞋。
然而，随着耐克一系列与活力和勇气相关的广告形象的推出，以及运动明星和名人的代言，耐克的市场地位得到了空前的提升。
此后，耐克一直注重创新和五花八门的品牌策略，在运动鞋的领域拥有自己的独特之处。
最具代表性的广告无疑是“Just do it”，这款广告说迅速风靡全球。
1988年，“Just do it”广告首次在电视上播出，将耐克的品牌形象完美地融入其中。
在广告中，由曼尼·佩卡姆(Manny Pacquiao)代言连拿三个拳击世界冠军的成就，真实地表现出了耐克"勇敢"品牌形象。
耐克运用“Just do it”的口号，力求激励更多人逐梦体育，打破自己的限制。
这种鼓励自我和创造力的精神是耐克品牌的核心理念。
此外，耐克的品牌策略也是其成功的重要因素。
耐克公司通过合理的定价策略满足消费者的需求。
耐克通过广泛的研究，能够提供各类特殊需求的运动鞋产品，满足消费者的特定需求。
在推广方面，耐克采用丰富多彩、深入人心的推广手法，将精彩的运动活动和耐克品牌紧密结合起来，一直是消费者的青睐之选。
此外，耐克公司还懂得如何运营社交媒体，通过社交媒体平台让消费者与品牌产生共鸣，提高品牌的认知度和忠实度。
随着市场的竞争越来越激烈，耐克的未来发展面临的机遇和挑战都非常严峻。
未来，耐克公司需要加强创新和不断超越自己的品牌理念，才能在日益激烈的市场竞争中立于不败之地。
2008年金融危机
2008年金融危机：渐行渐近的全球经济滞胀次贷危机是美国经济放缓的导火索，其后续影响不断恶化并逐渐波及到世界经济。
2007年世界经济在连续四年的高速增长之后，出现了调整的迹象。
同时，美国、欧元区和广大发展中国家的CPI上涨率已超过央行设定的控制目标。
经济增长放缓和通货膨胀的压力同时出现，威胁着世界经济的发展，全球经济滞胀已经渐行渐近2008 financial crisis (in English)2008 financial crisis: Jianxingjianjin global economic stagflationSecond loan crisis in the U.S. economy is slowing down the fuse, and its follow-up impact of the deteriorating and gradually spread to the world economy. In 2007 the world economy for the fourth consecutive year of rapid growth, there have been signs of adjustment. At the same time, the United States, and the vast number of developing countries in the euro zone's CPI growth rate has exceeded the central bank set the goal of control. Slowdown in economic growth and inflation pressures at the same time, threatening the world economy, global economic stagnation has been Jianxingjianjin.世界主要国家出现滞胀的早期征毙2007年以来，主要发达国家经济增长开始“减速” ，全球大多数国家通货膨胀水平上升，世界上主要国家已经出现经济滞胀的早期迹象The world's major countries stagflation of the early symptoms to deathSince 2007, economic growth in major developed countries began to "slow down", the global rise in the level of inflation in most countries of the world's major countries have been early signs of economic stagnation美国作为世界上第一大经济体，对世界经济的发展具有火车头的作用。
篮球鞋店财务分析报告(3篇)
第1篇一、前言随着我国篮球运动的蓬勃发展和篮球鞋市场的不断扩大，篮球鞋店作为篮球运动用品的重要销售渠道，其经营状况和发展前景备受关注。
本报告旨在通过对某篮球鞋店的财务状况进行深入分析，揭示其经营特点、盈利能力和风险因素，为投资者、经营者和政府部门提供决策依据。
二、篮球鞋店基本情况1.店铺名称：某篮球鞋店2.店铺地址：某市某区某商圈3.经营模式：实体店铺销售，线上线下同步经营4.经营时间：自2018年开业至今5.主要经营品牌：耐克、阿迪达斯、李宁等国内外知名篮球鞋品牌三、财务分析1.收入分析（1）营业收入某篮球鞋店自2018年开业以来，营业收入逐年增长。
2018年营业收入为100万元，2019年增长至150万元，2020年增长至200万元，2021年增长至250万元。
近年来，营业收入增长率保持在30%以上，表明店铺经营状况良好。
（2）毛利率某篮球鞋店毛利率保持在30%左右，略高于行业平均水平。
其中，耐克、阿迪达斯等高端品牌毛利率较高，李宁等国内品牌毛利率相对较低。
毛利率的稳定表明店铺具有较强的盈利能力。
2.成本分析（1）采购成本某篮球鞋店采购成本主要包括原辅材料成本、人工成本、租金成本、水电费等。
近年来，采购成本逐年上升，主要原因是原材料价格上涨和租金成本增加。
2018年采购成本为80万元，2019年增长至100万元，2020年增长至120万元，2021年增长至150万元。
（2）费用分析某篮球鞋店费用主要包括销售费用、管理费用和财务费用。
近年来，费用控制良好，销售费用和管理费用逐年下降，财务费用相对稳定。
2018年费用总额为30万元，2019年下降至25万元，2020年下降至20万元，2021年下降至18万元。
3.盈利能力分析（1）净利润某篮球鞋店净利润逐年增长，2018年净利润为20万元，2019年增长至25万元，2020年增长至30万元，2021年增长至35万元。
净利润增长率与营业收入增长率基本保持一致，表明店铺具有较强的盈利能力。
耐克 投资未来的公司
耐克投资未来的公司作者：陈益锋来源：《中国新时代》2008年第07期通过培养明日之星而不是赞助体育赛事来取得品牌最大化传播已经是耐克最为倚重的利器，这也是在体育圈内众所周知的“耐克式押宝”美国俄勒冈州比佛顿的耐克公司总部，随处可见中国田径运动员刘翔的海报，这位当年在雅典奥运会前被耐克成功“押宝”的新星已成为耐克的全球代言人。
耐克中国的公关工作人员王红对《中国新时代》说，“我们一般是在运动员出名之前就已经合作，比如刘翔在2002年就已经和耐克签约合作，而他在2004年才成名。
”王红表示，和别的品牌公司不同，服务运动员已经成为耐克公司内部一个重要的日常工作。
这一次在北京2008年奥运会上，耐克公司要帮助的不仅仅是刘翔，而是超过100名的中国各体育精英。
在所有奥运会28个大项中，耐克已经与22个中国国家队签约，并为他们提供装备。
2008年5月12日，耐克公司总裁兼首席执行官马克·帕克（Mark Parker）与22个中国参赛运动协会一起，发布了全新比赛装备。
在北京参赛的28个中国运动协会中，耐克和其中22个紧密合作，与中国奥委会及运动员一起，设计完成的这些产品不仅最轻质、最具创新性能，同时还将彰显中国代表团的全新风貌。
“我们与运动员密切合作，帮助他们挖掘自身潜能、发挥出最佳竞技水平。
这是耐克的核心精神。
”耐克总裁兼首席执行官马克·帕克表示。
如今的耐克公司已成长为中国第一大运动品牌。
中国也是耐克公司在全球的第二大市场，仅次于美国本土。
此前，耐克首席执行官帕克在美国耐克总部宣布，其上一年度（2007年）在中国的销售额已经突破10亿美元（约70多亿人民币）。
根据市场的公开数据，阿迪达斯（中国区）、李宁以及安踏分别以50多亿元、40多亿元和30多亿元紧随在耐克之后——从销售规模上看，四家公司被视为目前国内体育用品的第一集团军，他们在2008年奥运会前后的体育营销大战，也将是体育比赛之外的精彩看点。
Nike公司6年财务报告分析
一、耐克公司背景1964年，俄勒冈大学田径教练比尔.鲍尔曼和他以前的学生费利浦.奈特一起创建了蓝色彩虹运动公司。
1972年，蓝色彩虹运动公司更名为耐克公司。
耐克是一个象征速度的希腊女神的名字。
在1979年以前，耐克公司是世界上最大的运动鞋供应商和世界上最大的运动服装供应商之一。
它的产品行销100多个国家，它可能是世界上唯一一家销售网络遍及全球的运动鞋和运动服装公司。
1999年6月，比尔.鲍尔曼从公司董事会退休，并与当年12月去世。
费利浦.奈特成为耐克公司董事会主席首席执行官。
欲知耐克公司更多的信息，可以访问公司：.nike..二、管理层讨论及分析（参见年报）（部分）经营成果——2008年度要点●公司收入达到182亿美元，比2007年度的136亿美元增长14％。
●不考虑会计变更累计影响，公司收益从去年的15亿美元增长到19亿美元，增长率达26％，进行相应调整后，净收益增长达26%。
●会计变更影响前稀释后的每股收益从2.93美元增长到3.74美元，增长率达27.6%，调整后的每股收益增长27.6%。
●作为收入的一定百分比的毛利率从2007年的43.9%增长到45%。
●销售和管理费用占年度收入的比例从2007年的30.8%增长到32%。
三、纵向共同比收益表要点由2003年到2008年的纵向共同比收益表可以看出，销售成本所占总收入比例呈下降趋势；销售和管理费用所占比例变化不大，略有上升；利息费用所占总收入比例略有下降；总成本和费用所占总收入比例略显下降趋势；由于2003年至2008年收入的明显增加导致了净收益额所占总收入比例呈上升趋势。
Vertical Common-Size Statement of IncomeYear Ended May 31四、横向共同比收益表要点●从2003年到2008年，公司收入大约增长74%，2007年至2008年增幅尤其大；●从2003年到2008年，产品销售成本大约增长62%，2007年至2008年增幅相对较大；●从2003年到2008年，销售和管理费用大约增长89%，同样2007年至2008年增幅尤其大，达到29%；●销售成本、销售与管理费用的合并增长与年收入的增长大致持平；●利息费用和其他收益/费用金额出现较大幅度的波动，但这些费用和销售、管理费用没有实质性联系；●所得税的增长速度明显低于税前和会计变更累计影响调整前的收益增长，从而会计变更累计效应前的收益增长显著大于年收入的增长。
耐克公司财务报表分析(1)
本科毕业论文Thesis for Bachelor’s Degree题目耐克公司的财务报表分析诚信声明本人郑重声明：本人所呈交的毕业论文，是在导师的指导下独立进行研究所取得的成果。
毕业论文中凡引用他人已经发表或未发表的成果、数据、观点等，均已明确注明出处。
除文中已经注明引用的内容外，不包含任何其他个人或集体已经发表或在网上发表的论文。
本声明的法律结果由本人承担。
签名：日期：年月日耐克公司的财务报表分析姓名自己填×××摘要:随着我国市场经济体制的深化以及资本市场的快速发展，企业外部环境发生了巨大变化。
财务报表分析不仅是企业内部的一项基础工作，而且对财政、税务、银行、审计及企业主管部门和广大投资者全面了解企业生产经营情况，正确评价企业绩效，从外部推动企业挖潜增效和改善管理起着不可替代的作用。
但是单纯从财务报表的简单数字和文字上得不出实质性的成果，而要利用一定的分析方法和分析技巧，同时结合实际情况，正确认识财务报表本身的局限性和非正常影响因素，对资产负债表、利润表和现金流量表进行全面综合分析，以便做出科学决策，这个系统的动态过程就是财务报表分析。
本文以耐克公司为例，从财务分析的内涵入手，介绍了企业财务分析的基础资料以及目前常用的财务分析方法。
对现行常用财务分析指标进行了详细的分析研究，并运用财务比率分析指标对耐克公司综合财务状况进行分析和评价。
最后，分析了常用财务比率分析存在的局限性，并从企业偿债能力、营运能力和盈利能力等几个方面对其指标提出了改进建议。
运用财务指标来评价企业的整体盈利能力、偿债能力、资产的营运效率、资产周转率、现金流量以及持续发展能力进行分析等探索如何进行财务报表分析，并对财务报表分析的局限性和影响因素提出自己的观点。
关键词：财务报表；财务报表分析；财务指标；局限性Nike company financial statement analysisAbstract：With deepening of market economy system in our country and the rapid development of capital market, great changes have taken place in enterprise external environment. Financial statement analysis is not only a basic work within the enterprise, and the fiscal, taxation, banking, audit and enterprise to fully understand the enterprise production and management departments and the broad masses of investors, the correct evaluation of enterprise performance, from the outside to promote enterprise development efficiency and improving management plays an irreplaceable role. But pure simple Numbers and words from the financial statements are not substantial results, and to take advantage of certain methods and analysis skills, combined with the actual situation at the same time, the correct understanding the limitations and abnormal factors of financial statements, the balance sheet, income statement and statement of cash flows to conduct a comprehensive comprehensive analysis, in order to make scientific decision, the system is the dynamic process of financial statement analysis.Based on Nike company as an example, this paper from the definition of the financial analysis, this paper introduces the enterprise financial analysis of data and the basis of the current commonly used methods of financial analysis. The financial analysis indicators, which are used in the current carried on the detailed analysis and research, and using the financial ratios analysis indicators to Nike comprehensive analysis and evaluation on the financial situation. Finally, the paper analyzes the common use of thelimitation of financial ratio analysis, and from the enterprise debt paying ability, operation ability and profitability indicators to its improvement Suggestions are put forward. Using financial indicators to evaluate enterprise's overall profitability, solvency, the operating efficiency of assets, asset turnover, cash flow and sustainable development ability is analyzed to explore how to carry out financial statement analysis, and the limitations of financial statement analysis and put forward their views.Key Words: The financial statements; Financial statement analysis. Financial indicators; limitations目录摘要 (I)Abstract. ............................................................................................................................................... I I 1绪论 (1)1.1研究背景和意义 (1)1.2研究目的与研究对象 (1)1.3研究内容 (2)1.4论文研究方法 (2)2 财务报表基础理论 (3)2.1财务报表分析概念 (3)2.1.1 财务报表分析的原则与程序 (3)2.1.2 财务报表分析的作用 (3)2.2财务报表分析的常用方法 (4)2.2.1比率分析法 (4)2.2.2比较分析法 (4)2.2.3趋势分析法 (4)2.3财务分析方法的局限性 (4)3 耐克公司整体概况 (5)3.1耐克公司简介 (5)3.2耐克公司品牌标志与品牌故事 (5)3.2.1品牌标志 (5)3.2.2品牌故事 (5)3.3耐克公司竞争者环境分析 (6)3.3.1耐克公司市场竞争者组成 (6)3.3.2耐克公司市场竞争的优势与劣势 (7)3.3.3耐克公司在市场竞争中的机会与威胁 (7)4耐克公司财务报表的具体分析研究 (10)4.1财务三大报表分析 (10)4.1.1资产负债表分析 (10)4.1.2利润表分析 (15)4.1.3现金流量表分析 (17)4.2相关财务指标分析 (21)4.2.1偿债能力分析 (21)4.2.2营运能力分析 (22)4.2.3获利盈利分析 (23)4.3财务综合分析 (24)5对耐克公司财务状况的综合评价与建议 (26)5.1对耐克公司财务状况的综合评价 (26)5.1.1偿债能力较弱 (26)5.1.2营业总成本高 (26)5.1.3应收账款周转速度慢 (26)5.2对耐克公司财务状况的建议 (26)5.2.1提高偿债能力 (27)5.2.2为降低运营总成本加强管理 (27)5.2.3加强应收账款的回收力度 (27)结论 (29)致谢 (30)参考文献 (31)1绪论1.1研究背景和意义随着人们生活水平与质量的提高，运动消费已经成为一个新热点。
2008年财务报告
银泰证券有限责任公司 财 务 报 告（2008年度）二ＯＯ九年四月目 录审计报告．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．1-2 财务报表．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．3-6 资产负债表．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．3 利润表．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．4 所有者权益变动表．．．．．．．．．．．．．．．．．．．．．．．．．．．．5 现金流量表．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．6 会计报表附注．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．7-34审计报告上会师报字(2009)第0807号银泰证券经纪有限责任公司董事会：我们审计了后附的银泰证券经纪有限责任公司（以下简称“贵公司”）的财务报表，包括2008年12月31日的资产负债表、2008年度的利润表、所有者权益变动表和现金流量表以及财务报表附注。
一、管理层对财务报表的责任按照企业会计准则的规定编制财务报表是贵公司管理层的责任。
这种责任包括：(1)设计、实施和维护与财务报表编制相关的内部控制，以使财务报表不存在由于舞弊或错误而导致的重大错报；(2)选择和运用恰当的会计政策；(3)作出合理的会计估计。
二、注册会计师的责任我们的责任是在实施审计工作的基础上对财务报表发表审计意见。
我们按照中国注册会计师审计准则的规定执行了审计工作。
中国注册会计师审计准则要求我们遵守职业道德规范，计划和实施审计工作以对财务报表是否不存在重大错报获取合理保证。
审计工作涉及实施审计程序，以获取有关财务报表金额和披露的审计证据。
选择的审计程序取决于注册会计师的判断，包括对由于舞弊或错误导致的财务报表重大错报风险的评估。
在进行风险评估时，我们考虑与财务报表编制相关的内部控制，以设计恰当的审计程序，但目的并非对内部控制的有效性发表意见。
Nike2008第三季度财报
PART 1 − FINANCIAL INFORMATIONItem 1. FINANCIAL STATEMENTSNIKE, Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETSAugust 31,2008May 31, 2008(in millions)The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.NIKE, Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOMEThree Months EndedAugust 31,20082007The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.NIKE, Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSThree Months EndedAugust 31,2008 2007The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.NIKE, Inc.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTSNOTE 1 − Summary of Significant Accounting Policies:Basis of presentation:The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year−end condensed consolidated balance sheet data as of May 31, 2008 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The interim financial information and notes thereto should be read in conjunction with the Company’s latest Annual Report on Form 10−K. The results of operations for the three months ended August 31, 2008 are not necessarily indicative of results to be expected for the entire year.Recently Adopted Accounting Standards:On June 1, 2008, the Company adopted Statement of Financial Accounting Standard ("SFAS") No. 157, "Fair Value Measurements" ("FAS 157") for financial assets and liabilities, which clarifies the meaning of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined under FAS 157 as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the assets or liabilities in an orderly transaction between market participants on the measurementdate. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. The effective date of the provisions of FAS 157 for non−financial assets and liabilities, except for items recognized at fair value on a recurring basis, was deferred by Financial Accounting Standards Board ("FASB") Staff Position FAS 157−2 (FSP FAS 157−2) and are effective for the fiscal year beginning June 1, 2009. The Company is currently evaluating the impact of the provisions for non−financial assets and liabilities. The adoption of FAS 157 for financial assets and liabilities did not have an impact on the Company's consolidated financial position or results of operations. For additional information on the fair value of financial assets and liabilities, see Note 5 – Fair Value Measurements.Also effective June 1, 2008, the Company adopted SFAS No. 159 "The Fair Value Option for Financial Assets and Financial Liabilities" ("FAS 159") which allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract−by−contract basis. As of August 31, 2008, the company has not elected the fair value option for any additional financial assets and liabilities beyond those already prescribed by accounting principles generally accepted in the United States.Recently Issued Accounting Standards:In December 2007, the FASB issued SFAS No. 141 (revised 2007), "Business Combinations" ("FAS 141(R)") and SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements" ("FAS 160"). These standards aim to improve, simplify, and converge internationally the accounting for business combinations and the reporting of noncontrolling interests in consolidated financial statements. The provisions of FAS 141(R) and FAS 160 are effective for the fiscal year beginning June 1, 2009. The Company is currently evaluating the impact of the provisions of FAS 141(R) and FAS 160.In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity's financial position, financial performance, and cash flows. The provisions of FAS 161 are effective for the quarter ending February 28, 2009. The Company does not expect that the adoption will have a material impact on the Company’s consolidated financial position or results of operations.NOTE 2 − Inventories:Inventory balances of $2,453.9 million and $2,438.4 million at August 31, 2008 and May 31, 2008, respectively, were substantially all finished goods.NOTE 3 − Identifiable Intangible Assets and Goodwill:The following table summarizes the Company’s identifiable intangible assets and goodwill balances as of August 31, 2008 and May 31, 2008.August 31, 2008May 31, 2008GrossCarrying Accumulated Net CarryingGrossCarrying Accumulated Net CarryingThe effect of foreign exchange fluctuations for the three−month period ended August 31, 2008 reduced goodwill by $23.7 million resulting from the strengthening of the U.S. dollar in relation to the British pound sterling.Amortization expense, which is included in selling and administrative expense, was $2.2 million and $2.7 million for the three−month periods ended August 31, 2008 and 2007, respectively. The estimated amortization expense for intangible assets subject to amortization for each of the years ending May 31, 2009 through May 31, 2013 are as follows: 2009: $8.1 million; 2010: $8.5 million; 2011: $8.1 million; 2012: $7.4 million; 2013: $5.6 million.NOTE 4 − Accrued Liabilities:Accrued liabilities include the following:August 31, 2008May 31, 20081 Other consists of various accrued expenses and no individual item accounted for more than 5% of the balance at August 31, 2008 and May 31, 2008.NOTE 5 – Fair Value Measurements:Effective June 1, 2008, the Company adopted SFAS No. 157, "Fair Value Measurements" ("FAS 157") for financial assets and liabilities. FAS 157 establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). FAS 157 is applied under existing accounting pronouncements that require or permit fair value measurements and, accordingly, does not require any new fair value measurements.The levels of hierarchy are described below:−Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.− Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.−Level 3: Unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions.The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most stringent level of input that is significant to the fair value measurement.The following table presents information about the Company's financial assets and liabilities measured at fair value on a recurring basis as of August 31, 2008 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.August 31, 2008Fair Value Measurements UsingLevel 1 Level 2Level 3Assets/Liabilitiesat Fair ValueBalance Sheet Classification(in millions)Derivative financial instruments include foreign currency forwards, option contracts and interest rate swaps. The fair value of these derivatives contracts is determined using observable market inputs such as the forward pricing curve, currency volatilities, currency correlations, and interest rates, and considers nonperformance risk of the Company and that of its counterparties. Adjustments relating to these risks were not material for the period ending August 31, 2008.Available−for−sale securities are primarily comprised of investments in U.S. Treasury and agency securities, corporate commercial paper and bonds. These securities are valued using market prices on both active markets (level 1) and less active markets (level 2). Level 1 instrument valuations are obtained from real−time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily−available pricing sources for comparable instruments.The Company had no material level three measurements for the quarter ending August 31, 2008.NOTE 6 – Income Taxes:The effective tax rate was 28.5% and 15% for the three months ended August 31, 2008 and August 31, 2007, respectively. The tax rate for the three month period ended August 31, 2007 included the realization of a one−time tax benefit. In the years prior to fiscal 2008, several of our international entities generated losses for which we did not recognize offsetting tax benefits because the realization of those benefits was uncertain. The necessary steps to realize these benefits were taken in the first quarter of fiscal 2008, resulting in a one−time tax benefit of $105.4 million.As of August 31, 2008, total gross unrecognized tax benefits, excluding related interest and penalties were $296.7 million, $65.7 of which would affect the Company’s effective tax rate if recognized in future periods. Total gross unrecognized tax benefits, excluding interest and penalties, as of May 31, 2008 were $251.1 million, $60.6 million of which would affect the Company’s effective tax rate if recognized in future periods. The liability for payment of interest and penalties increased $13.1 million during the quarter ended August 31, 2008. As of August 31, 2008, accrued interest and penalties related to uncertain tax positions was $88.4 million (excluding federal benefit).The Company is subject to taxation primarily in the U.S., China and the Netherlands as well as various state and other foreign jurisdictions. The Company has concluded substantially all U.S. federal income tax matters through fiscal year 2004. The Company is currently under audit by the Internal Revenue Service for the 2005 and 2006 tax years. The Company’s major foreign jurisdictions, China and the Netherlands, have concluded substantially all income tax matters through calendar 1997 and fiscal 2002, respectively. It is reasonably possible that the Internal Revenue Service audit for the 2005 and 2006 tax years will be completed during the next twelve months, which could result in a decrease in our balance of unrecognized tax benefits. An estimate of the range cannot be made at this time; however, we do not anticipate that total gross unrecognized tax benefits will change significantly as a result of full or partial settlement of audits within the next 12 months.NOTE 7 − Comprehensive Income:Comprehensive income, net of taxes, is as follows:Three Months EndedAugust 31,NOTE 8 − Stock−Based Compensation:A committee of the Board of Directors grants stock options and restricted stock under the NIKE, Inc. 1990 Stock Incentive Plan (the “1990 Plan”). The committee has granted substantially all stock options at 100% of the market price on the date of grant. Substantially all stock option grants outstanding under the 1990 Plan were granted in the first quarter of each fiscal year, vest ratably over four years, and expire 10 years from the date of grant. In addition to the 1990 Plan, the Company gives employees the right to purchase shares at a discount to the market price under employee stock purchase plans (“ESPPs”).The Company accounts for stock−based compensation in accordance with SFAS No. 123R “Share−Based Payment” (“FAS 123R”). Under FAS 123R, the Company estimates the fair value of options granted under the 1990 Plan and employees’ purchase rights under the ESPPs using theBlack−Scholes option pricing model. The Company recognizes this fair value as selling and administrative expense over the vesting period using the straight−line method.The following table summarizes the Company’s total stock−based compensation expense:Three Months EndedAugust 31,1 In accordance with FAS 123R, expense related to stock options reported during the three months ended August 31, 2008 and 2007, includes $55.3 and $38.5 million, respectively, of accelerated stock option expense recorded for employees eligible for accelerated stock option vesting upon retirement. Because the Company usually grants the majority of stock options in a single grant in the first three months of each fiscal year, under FAS 123R, accelerated vesting will normally result in higher expense in the first threemonths of the fiscal year.As of August 31, 2008, the Company had $135.5 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as selling and administrative expense over a weighted average period of 2.7 years.The weighted average fair value per share of the options granted during the three months ended August 31, 2008 and 2007 as computed using the Black−Scholes pricing model was $17.11 and $13.87, respectively. The weighted average assumptions used to estimate these fair values are as follows:Three Months EndedAugust 31,Dividend yield 1.5% 1.4%Expected volatility32.4%20.4%Weighted−average expected life (in years) 5.0 5.0Risk−free interest rate 3.4% 4.9%Expected volatility is estimated based on the implied volatility in market traded options on the Company’s common stock with a term greater than one year, along with other factors. The weighted average expected life of options is based on an analysis of historical and expected future exercise patterns. The interest rate is based on the U.S. Treasury (constant maturity) risk−free rate in effect at the date of grant for periods corresponding with the expected term of the options.NOTE 9 − Earnings Per Common Share:The following represents a reconciliation from basic earnings per share to diluted earnings per share. Options to purchase an additional 13.9 million and 6.8 million shares of common stock were outstanding at August 31, 2008 and 2007, respectively, but were not included in the computation of diluted earnings per share because the options were antidilutive.Three Months EndedAugust 31,2008 2007(in millions, except per share data)Determination of shares:Weighted average common shares outstanding487.2499.4Assumed conversion of dilutive stock options andawards7.77.9Diluted weighted average common shares outstanding494.9507.3Basic earnings per common share$1.05$ 1.14Diluted earnings per common share$1.03$ 1.12NOTE 10 − Operating Segments:The Company’s operating segments are evidence of the structure of the Company’s internal organization. The major segments are defined by geographic regions for operations participating in NIKE brand sales activity excluding NIKE Golf and NIKE Bauer Hockey. Each NIKE brand geographic segment operates predominantly in one industry: the design, production, marketing and selling of sports and fitness footwear, apparel, and equipment. The “Other” category shown below represents activities of Cole Haan, Converse Inc., Hurley International LLC, NIKE Golf and Umbro Ltd. in the first quarter of fiscal 2009 and Cole Haan, Converse Inc., Exeter Brands Group LLC (whose primary business was the Starter brand business which was sold on December 17, 2007), Hurley International LLC, NIKE Bauer Hockey (which was sold on April 17, 2008) and NIKE Golf in the first quarter of fiscal 2008. Activities represented in the "Other" category are considered immaterial for individual disclosure based on the aggregation criteria in SFAS No. 131“Disclosures about Segments of an Enterprise and Related Information”.Where applicable, “Corporate” represents items necessary to reconcile to the consolidated financial statements, which generally include corporate activity and corporate eliminations.Net revenues, as shown below, represent sales to external customers for each segment. Intercompany revenues have been eliminated and are immaterial for separate disclosure. The Company evaluates performance of individual operating segments based on pre−tax income. On a consolidated basis, this amount represents income before income taxes as shown in the Unaudited Condensed Consolidated Statements of Income. Reconciling items for pre−tax income represent corporate costs that are not allocated to the operating segments for management reporting including corporate activity,stock−based compensation expense, certain currency exchange rate gains and losses on transactions, and intercompany eliminations for specific income statement items in the Unaudited Condensed Consolidated Statements of Income.Accounts receivable, net, inventories, and property, plant and equipment, net for operating segments are regularly reviewed and therefore provided below.Certain prior year amounts have been re−classed to conform to fiscal 2009 presentation.Three Months EndedAugust 31,2008 2007August31, May 31,NOTE 11 − Commitments and Contingencies:At August 31, 2008, the Company had letters of credit outstanding totaling $182.6 million. These letters of credit were issued primarily for the purchase of inventory.There have been no other significant subsequent developments relating to the commitments and contingencies reported on the Company’s latest Annual Report on Form 10−K.NOTE 12 — Acquisition and Divestitures:Acquisition:On March 3, 2008 the Company completed its acquisition of 100% of the outstanding shares of Umbro, a leading United Kingdom−based global soccer brand, for a purchase price of 290.5 million British pounds sterling in cash (approximately $576.4 million), inclusive of direct transaction costs. The acquisition of Umbro was accounted for as a purchase business combination in accordance with SFAS No. 141 “Business Combinations.” The purchase price was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the date of acquisition, with the remaining purchase price recorded as goodwill. The valuation of these tangible and identifiable intangible assets and liabilities may be adjusted in future periods, subject to the availability of additional information during the allocation period regarding a pre−acquisition legal contingency.Divestitures:On December 17, 2007, the Company completed the sale of the Starter brand business to Iconix Brand Group, Inc. for $60.0 million incash. This transaction resulted in a gain of $28.6 million during the year ended May 31, 2008.On April 17, 2008, the Company completed the sale of NIKE Bauer Hockey Corp. for $189.2 million in cash to a group of private investors (“the Buyer”). The sale resulted in a net gain of $32.0 million recorded during the year ended May 31, 2008. This gain included the recognition of a $46.3 million cumulative foreign currency translation adjustment previously included in accumulated other comprehensive income. As part of the terms of the sale agreement, the Company granted the Buyer a royalty free limited license for the use of certain NIKE trademarks for a transitional period of approximately two years. The Company deferred $41.0 million of the sale proceeds related to this license agreement, to be recognized over the license period.Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOverviewIn the first quarter of fiscal 2009, our revenues grew 17% to $5.4 billion, net income decreased 10% to $510.5 million and we delivered diluted earnings per share of $1.03, an 8% decrease compared to the first quarter of fiscal 2008.Net income and diluted earnings per share for the first quarter of fiscal 2009 as compared to the same period in the prior year was negatively affected by a year−over−year increase in our effective tax rate from 15.0% to 28.5%. The prior year rate reflected a $105.4 million one−time tax benefit associated with past foreign losses.Income before income taxes grew 7% for the first quarter, driven by revenue growth and a 2.4 percentage point improvement in gross margins, partially offset by an increase in selling and administrative expenses driven by investments in marketing around the Beijing Olympics and the European Football Championship, athlete and team endorsements, company owned retail and rapidly growing emerging market and non−Nike branded businesses. Increases in the value of stock based compensation and normal wage inflation also contributed to the increase.Results of OperationsThree Months EndedAugust 31,20082007% change(dollars in millions,except per share data) Revenues$5,432.2$4,655.117% Cost of sales2,870.12,568.112% Gross margin2,562.12,087.023% Gross margin %47.2%44.8%Selling and administrative1,856.41,434.729% % of revenue34.2%30.8%Income before income taxes714.2670.37% Net income510.5569.7(10)% Diluted earnings per share$ 1.03$ 1.12(8)%Consolidated Operating ResultsRevenuesThree Months EndedAugust 31,20082007% change(dollars inmillions)Revenues$5,432.2$4,655.117%During the first quarter of fiscal 2009, changes in foreign currency exchange rates contributed 7 percentage points of consolidated revenue growth. All three of our product groups, all four of our geographic regions, and our businesses reported in “Other” delivered revenue growth. Excluding the effects of changes in currency exchange rates, our international regions contributed over 6 percentage points and the U.S. Region contributed nearly 3 percentage points of the consolidated revenue growth for the quarter. Our Other businesses were comprised primarily of results from Cole Haan, Converse Inc., Hurley International LLC, NIKE Golf and Umbro Ltd. in the first quarter of fiscal 2009 and Cole Haan, Converse Inc., Exeter Brands Group LLC (whose primary business was the Starter brand business which was sold on December 17, 2007), Hurley International LLC, Nike Bauer Hockey Corp. (which was sold on April 17, 2008) and NIKE Golf in the first quarter of fiscal 2008. These businesses contributed the balance of the revenue growth.By product group, our worldwide footwear business reported revenue growth of 19% and contributed $460 million of incremental revenue for the first quarter of fiscal 2009. Our worldwide apparel and equipment businesses grew 18% and 14%, respectively, during the first quarter of fiscal 2009, and combined added $275 million of incremental revenue.Gross MarginThree Months EndedAugust 31,20082007% change(dollars in millions)Gross margin$2,562.1$2,087.023%Gross margin %47.2%44.8% 240 bpsFor the first quarter of fiscal 2009, the primary factors contributing to the increase in gross margins versus the prior year period were an improved sales mix of higher margin footwear products, most notably in the U.S. and the Europe, Middle East and Africa ("EMEA") regions, improved year−on−year hedge rates, sourcing cost initiatives and higher gross margins in our other businesses. These factors were partially offset by higher input costs due primarily to cost inflation in Asia, and lower apparel gross margins in the U.S. region due to higher mix of close−out product sales.Selling and Administrative ExpenseThree Months EndedAugust 31,20082007% change%ofrevenues34.2%30.8%340 bps 1 Demand creation consists of advertising and promotion expenses, including costs of endorsement contracts.In the first quarter of fiscal 2009, currency exchange rates increased selling and administrative expense by 5 percentage points versus the prior year’s first quarter.Excluding changes in exchange rates, operating overhead increased 14% during the first quarter of fiscal 2009 versus the comparable prior year period. This increase was primarily attributable to investments in growth drivers such as NIKE−owned retail, infrastructure for emerging markets andnon−NIKE brand businesses, and on the ground costs to support the Beijing Olympics and European Football Championship marketing. Increases in the value of stock based compensation and normal wage inflation also contributed to the growth.On a constant−currency basis, demand creation expense increased 39% during the first quarter of fiscal 2009 compared to the same period in the prior year. The increase was primarily attributable to strategic investments in demand creation, including spending around the 2008 Olympics in Beijing, the European Football Championships and increased investments in athlete and team endorsements.For the year, we believe selling and administrative expenses will grow at a faster rate than revenue growth as we continue to invest in demand creation to drive growth in our core product lines.Other Expense, netThree Months EndedAugust 31,%Other expense, net is comprised primarily of gains and losses associated with the conversion of non−functional currency receivables and payables, the re−measurement of foreign currency derivative instruments, disposals of fixed assets, as well as other unusual or non−recurring transactions that are outside the normal course of business. For both the first quarter of fiscal 2009 and fiscal 2008, Other expense, net was primarily comprised of foreign currency hedge losses.Foreign currency hedge gains and losses reported in Other expense, net are reflected in the Corporate line in our segment presentation of pre−tax income in the Notes to Unaudited Condensed Consolidated Financial Statements (Note 10 — Operating Segments).In the first quarter of fiscal 2009, we estimate that the combination of foreign currency hedge losses in Other expense, net and the favorable translation of foreign currency−denominated profits from our international businesses resulted in a year−over−year increase in consolidated income before income taxes of approximately $71 million.Income TaxesThree Months EndedAugust 31,20082007change Effective tax rate28.5%15.0% 1,350 bpsOur effective tax rate for the first quarter of fiscal 2009 was 13.5 percentage points higher than the prior year period, due primarily to a one−time tax benefit realized in the first quarter of fiscal 2008. In the years prior to fiscal 2008, several of our international entities generated losses for which we did not recognize the corresponding tax benefits, as the realization of those benefits was uncertain. In the first quarter of fiscal 2008, we took the steps necessary to realize these benefits, resulting in a one−time tax benefit of $105.4 million. We estimate that our ongoing effective tax rate for the remainder of fiscal year 2009 will be at or below 28.5%.Futures OrdersWorldwide futures and advance orders for our footwear and apparel, scheduled for delivery from September 2008 through January 2009, were 10% higher than such orders reported for the comparable period of fiscal 2008. This futures growth rate is calculated based upon our forecasts of the actual exchange rates under which our revenues will be translated during this period, which approximate current spot rates. The net effect of changes in foreign currency exchange rates contributed approximately 1 percentage point to futures growth versus the same period in the prior year. Excluding this currency impact, unit sales volume increases for both footwear and apparel drove the growth in overall futures and advance orders. The reported futures and advance orders growth is not necessarily indicative of our expectation of revenue growth during this period. This is due to year−over−year changes in shipment timing, and because the mix of orders can shift between advance/futures and at−once orders. In addition, exchange rate fluctuations as well as differing levels of order cancellations and discounts can cause differences in the comparisons between advance/futures orders and actual revenues. Moreover, a significant portion of our revenue is not derived from futures and advance orders, including at−once and closeout sales of NIKE footwear and apparel, wholesale sales of equipment, Cole Haan, Converse, Hurley, Umbro, NIKE Golf and retail sales across all brands.。
PG_2008_AnnualReport
InnovateC:I H6A:H^c W^aa^dch d[ YdaaVgh*&#)-(#**+#,+-#',+#*%)%*%+%-%,DE:G6I>C< 86H= ;ADL^c W^aa^dch d[ YdaaVgh.#)&*#--#,&&#)&(#)%)%*%+%-%,9>AJI:9 C:I :6GC>C<HeZg Xdbbdc h]VgZ'#'%(#+)'#*('#+)(#%)%)%*%+%-%,ContentsLetter to Shareholders 2Defining Innovation 10Investing in Innovation 14Managing Innovation 18Delivering Innovation 22Leading Innovation 26Financial Contents 35Corporate Officers 77Board of Directors 78Shareholder Information 7911-Year Financial Summary 80P&G at a Glance 82Financial HighlightsFInAnCIAl SummARy (unAuDIteD)Amounts in millions, except per share amounts 2008 2007 2006 2005 2004 Net Sales $83,503 $76,476 $68,222 $56,741 $51,407 Operating Income 17,083 15,450 13,249 10,469 9,382 Net Earnings 12,075 10,340 8,684 6,923 6,156 Net Earnings Margin 14.5% 13.5% 12.7% 12.2% 12.0% Basic Net Earnings Per Common Share $ 3.86 $ 3.22 $ 2.79 $ 2.70 $ 2.34 Diluted Net Earnings Per Common Share 3.64 3.04 2.64 2.53 2.20 Dividends Per Common Share 1.45 1.28 1.15 1.03 0.93P&G is designed to innovate consistently and successfullyin every part of our business.We define innovation broadly, in terms of what it is, where it comes from, and who’s responsible for it.We invest in innovation at industry-leading levels with ongoing productivity savings.We manage innovation with discipline.We deliver innovation that builds consumer trust and loyalty over time.We lead innovation on leading global brands and with an outstanding team of innovation leaders.P&G is Designed to Innovate… and to grow.On June 4, 2008, we announced our agreement to merge P&G’s coffee business with The J.M. Smucker Company. The agreement maximizes the after-tax value of the coffee business for P&G shareholders and minimizes earnings-per-share dilution versus other alternatives. We expect to complete the transaction during the second quarter of fiscal 2009.sustAInInG GRowth thRouGh InnovAtIonThis is strong performance, but the challenge of sustaining growth is greater today than at any time in the past 50 years. Commodity and energy costs continue to rise for companies. Consumers are facing higher food and gas prices, declining home values, and rising levels of unemployment. The question shareholders and prospective investors are asking is: ”How willP&G sustain growth in today’s challenging and uncertain economic environment?”the answer is clear to all of us at P&G: we will continue to innovate in every part of our business. Innovation is at the heart of P&G’s business model. It is the primary way we delight consumers, create value with retail partners, and create new business models to deliver consistent, sustainable growth at or ahead of the Company’s goals.A lot of companies talk about innovation, but P&G has demonstrated the capability — over decades — to innovate consistently, reliably and successfully. We have a long list of innovation firsts in our industry:Tide was the first heavy-duty laundry detergent•Crest, the first fluoride toothpaste clinically proven to prevent •tooth decayDowny, the first ultra-concentrated rinse-add fabric softener •Pert Plus, the first 2-in-1 shampoo and conditioner•Head• & Shoulders, the first pleasant-to-use shampoo effective against dandruffPampers, the first affordable, mass-marketed disposable diaper •Bounty, the first three-dimensional paper towel•Always, the first feminine protection pad with an innovative, •dry-weave topsheet.Febreze, the first fabric and air care products that actually •remove odors from fabrics and the airCrest White Strips, the first patented in-home teeth whitening •technology P&G continues to be one of the few companies in our industry that creates new categories and brands, new performance standards, and new definitions of consumer value. Swiffer and Febreze created entirely new product categories. Crest Pro-Health, Olay Regenerist and Definity, Pampers Baby Stages of Development, and Tide with Bleach redefined high performance in their categories. Olay innovation has created new consumer experiences that are as good as — or better than — several-hundred-dollar department and specialty store brands.We innovate so consistently across our diverse portfolio of businesses, and so consistently over time, because we’ve created a unique design for innovation at P&G.1. We define innovation broadly.2. We invest in innovation at industry-leading levels.3. We manage innovation with discipline.4. We deliver innovation that builds consumer trustand loyalty over time.5. We lead innovation with global brands and an outstanding team of innovation leaders.This integrated, end-to-end approach is complemented byP&G’s global scale and scope, which is unrivaled in our industry. The result is an innovation design that enables P&G to win with consumers and retail customers and to generate sustainable long-term growth and shareholder value.DeFInInG InnovAtIon BRoADLyWe define innovation broadly. We innovate in every area where our brands touch consumers’ lives: the package and product, the shopping experience, the in-home product usage experience, and every aspect of communication. We also create innovative new business models and organizational structures. By innovating so broadly, we get to see more innovation opportunities and to leverage more innovation resources than more narrowly focused competitors.Our Family Care business is a good example. Twenty years ago, we created a proprietary paper-making process that enables us to produce the strongest, softest, most absorbent paper towels and tissues on the market. But our approach to innovation in Tissues and Towels is driven by consumers, not by the technology.4 The Procter & Gamble CompanyBy defining innovation so broadly — what it is, where it comes from, who’s responsible for it — we continually expand and unleash P&G’s innovation potential. The best proof of our innovation capability is the number of top-selling new products that come from P&G. The IRI Pacesetters study tracks and ranks the most successful new consumer products introduced in the U.S. For the past 13 years, one-third of the most successful Pacesetter products, on average, have come from P&G and Gillette — more than our top six competitors combined. In 2008, 5 of the 10 best-selling new products came from P&G, including Tide Simple Pleasures detergent, Febreze Noticeables air fresh-ener, the new Herbal Essences line of products, Crest Pro-Health toothpaste, and Olay Definity skin care products.InvestInG In InnovAtIonAnother point of difference is P&G’s ability to invest in innovation at industry-leading levels. We invest more than $2 billion a year in R&D, nearly twice the level of our closest competitor, Unilever, and roughly equal to the combined total of our other major competitors — Avon, Clorox, Colgate, Energizer, Henkel, Kimberly Clark, L’Oreal, and Reckitt Benckiser. We also maintain a high level of marketing investment in our brands. P&G’s advertising investment has averaged about 10% of sales over the past 15 years.We maintain this strong level of innovation and marketing investment, while continuing to grow margins, by continually increasing P&G’s productivity. The more productive we become, the more we can redeploy people and dollars to innovation.P&G has a strong track record of reliable productivity growth. Sales per employee have grown more than threefold and net earnings per employee are up eightfold since 1980. Over the past 10 years, P&G’s productivity on a sales-per-employee basis has grown at an average rate of 6% a year. This performance is more than twice the U.S. average of roughly 2.5% productivity growth per year.P&G grows productivity so reliably because we take a very systemic approach. A good example of this is Global Business Services — P&G’s shared services business model. Early this decade, we significantly reduced the cost of business services by centralizing and standardizing P&G systems, infrastructure and services. We then focused on improved service levels and greater value creation, ultimately creating a global business services organization that has been recognized externally as the best shared-services organization in the world, and which has delivered nearly $600 million of cumulative cost savings to date — a substantial portion of which we’ve reinvested in innovation.In addition, GBS — in collaboration with our R&D and Engineering functions — is making P&G a more productive and effective innovator by accelerating the use of virtualization, computer modeling and simulation. Virtualization is enabling P&G brands to co-design products with consumers. The same technologies allow us to show retailers virtual in-store displays for half the cost and less than half the time required for physical shelf designs. Computer modeling and simulation saved P&G about 17 years of design time in the last year alone.We’re convinced we can become even more productive, increasing productivity 7–8% a year. We’re making our brand portfolio more productive by focusing even more on our largest leading brands — the 44 brands with sales of $500 million or more that represent 85% of sales and more than 90% of profits. We’re getting more disciplined about how to manage the remaining brands in P&G’s portfolio, investing in small brands that have potential to become billion-dollar brands of the future, supporting brands that may not have global potential but are local jewels in some markets, and consolidating or divesting underperforming brands. And, we’re seizing even more opportunities to leverage P&G scale by eliminating duplicative activities, centralizing more functional support, and consolidating some small countries into regional hubs.We’re also going after cost savings throughout the Company. We have clearly defined goals for controlling overhead spending. Businesses projected to grow significantly faster than the balance of the portfolio have an overhead target equal to or less than half their projected sales growth; slower-growing businesses and all corporate functions are committed to zero overhead growth; businesses growing below company goals and/or with significant cost-structure issues must reduce overhead spending every year. This discipline reflects our commitment to flat or declining headcount for the foreseeable future.These and other efforts throughout the Company are critical. Productivity fuels innovation. Innovation drives growth. MAnAGInG InnovAtIon wIth DIscIPLIneThe next factor that sets P&G apart as an innovator is discipline. We don’t rely on “Eureka!” moments; we take a systematic approach to innovation.For example, we’re highly systematic about how we organize for innovation. We don’t take a “one-size-fits-all” approach but we’re deliberate about creating the right structure for different kinds of innovation work. Our Corporate Innovation Fund, for example, specializes in high-risk, high-reward ideas; it’s essentially an in-house venture capital firm that does initial concept, design, engineering, and qualification work and then6 The Procter & Gamble Companyhands over successful ideas to the appropriate business units. The FutureWorks team focuses exclusively on innovations that can create entirely new businesses. There are new-business development teams in every global business unit focusing on opportunities to create adjacent categories. Innovation centers help us solve tough innovation challenges by providing simulated in-home and in-store environments where P&G teams can isolate themselves and interact with consumers and shoppers for days or even weeks at a time.Once an idea is qualified and begins moving through our product launch system, the innovation team continues to face go / no-go gates at every critical milestone. At each gate, we make decisions about which initiatives are ready to progress, which need further work, and which should be stopped. Every decision is grounded in maximizing the productivity of innovation investments and generating shareholder value.This disciplined approach is essential to innovation success.It builds accountability into both the creative and executional aspects of innovation. P&G’s Family Care business is a good example here, as well. Family Care is one of P&G’s strongest value-creating businesses. They’ve innovated broadly across brand platforms — Bounty, Charmin and Puffs — while delivering industry-leading, double-digit total shareholder return for the past one-, three- and five-year periods in a highly capital-intensive category. They’ve increased gross margins 7% and have delivered free cash flow well above the Company’s 90% cash productivity target for the past five years, despite invest-ments in innovation and in new manufacturing capacity to support growth.There are similar stories in Fabric Care, Feminine Care, Baby Care, Beauty Care, and Health Care. These are the results of disciplined innovation.DeLIveRInG A steADy stReAM oF InnovAtIon What I’ve explained so far — the way we think about innovation, our ability to invest in it, and the discipline with which we manage it — are the elements of P&G’s innovation design that are difficult to see from the outside. Each of these factors helps to set P&G apart as an innovator. What counts most, however, is the innovation that consumers experience day after day, year after year.We earn consumer trust and loyalty over time by delivering an unending stream of innovation that consumers learn to expect from P&G brands. We plan three-to-five years out and fill our pipeline with three distinct kinds of innovation.Disruptive innovation• creates new categories, new segments, or entirely new sources of consumer consumption. These are innovations that address consumer needs no other brand or product has met. Virtually all of P&G’s billion-dollar brands were created with disruptive innovations.Sustaining innovation• is what we focus on most. These are extensions or improvements of existing products: big initiatives that meet consumer needs by filling gaps, eliminating consumer trade-offs, or providing new benefits. Examples include Pampers Caterpillar-Flex, which improved the fit and comfort of baby diapers, and Crest Pro-Health Rinse, the Crest brand’s entry into the mouth-rinse category adjacent to toothpastes. Commercial innovation• generates trial on existing products without a product or package change. Examples include the Gillette Champions and Pampers Unicef programs, marketing efforts that give consumers new reasons to be interested in and loyal to a P&G brand.Always is a great example of how this multidimensional innovation strategy builds loyalty and category leadership. We introduced Always in 1984 as the first feminine protection pad with an innovative, dry-weave topsheet. In 1986, the brand set yet another performance standard with its proprietary “wings” product, followed by Ultra Thin products in 1991. These three disruptive innovations brought years of competitive advantage. In addition to these disruptive innovations, we have maintained a steady pace of product upgrades with sustaining innovations like Always Fresh, Always Clean and Always Overnight. This year, Always is leading innovation again, with a disruptive initiative called Always Infinity that uses a unique pad design and new, state-of-the-art technology to bring a new level of superior protection and absorbency to consumers. Always has also delivered a steady stream of meaningful commercial innovation. The brand’s school education programs teach girls about puberty, and introduce them to the category and our brands. Another commercial innovation, from both Always and Tampax, is , a unique website that enables teens to get information in a safe, discreet environment and to interact with peers facing similar life-stage issues.This combination of disruptive, sustaining and commercial innovation keeps a brand like Always growing year after year. Always has grown in 21 of the 24 years since launch and has increased its U.S. market share from 14% to 48%, and today has a global share of 31%. There are examples like Always throughout P&G’s brand portfolio.The Procter & Gamble Company 7LeADInG InnovAtIonMaking P&G’s design for innovation work is the job of leadership.Innovation is a human activity and leaders must unleash the creativity, initiative, leadership, and productivity of the innovators in their businesses. This requires a blend of intelligence and empathy. Empathy is incredibly important in a diverse, people-intensive business like ours. Most of our creativity and innovation happens in teams, and often the teammates are working in different parts of the world.To lead in this kind of environment, we need a balance of intellectual skills and empathic skills. We have to develop the intuition to understand and appreciate people’s intentions, feelings and motivations — all of which have been shaped by experiences that may be sharply different from those we’ve grown up with ourselves.At the same time, innovation leaders must be decision-makers. They must exercise the judgment and the courage to take innovation risks and to understand the role fast failure plays in the innovation process, while also being willing to stop projects and reallocate resources to bigger innovation opportunities when necessary.I’m a big believer that innovation leaders are made, not born. They learn to get comfortable with uncertainty. They learn to become more open-minded, to co-create with consumers, and to be receptive to ideas from different disciplines and industries. They learn to become both strategists and operational managers, to be agile and disciplined. As they learn and gain experience, they become more effective at leveraging P&G’s design for innovation to deliver consistent, sustainable growth.The ability to lead effective innovation programs is required at P&G, particularly at the general manager and president levels. Good innovation leaders need to be cultivated and promoted — and I hold myself accountable for helping to select and develop the innovation leaders who run P&G businesses around the world. Ensuring P&G has the leaders and the pipeline to innovate for the next ten years is one of my most fundamental responsibilities as chief executive.LeveRAGInG GLoBAL scALe AnD scoPeThe most differentiating aspect of P&G’s approach to innovation is the scale and scope of our business and brand portfolio, science and technology platforms, and geographic reach.The diversity of our business portfolio creates highly valuable scale benefits. Our Health & Beauty businesses take advantage of purchasing pools created by Household businesses such as laundry, diapers and paper products. This enables them to purchase packing materials and basic commodities at lower prices than their direct competitors. Similarly, Household Care enjoys economies of scale created by the large advertising budgets supporting our Health & Beauty Care businesses.We use these scale advantages to invest in innovation.The diversity of P&G’s brand portfolio gives us the opportunity to innovate in more aspects of consumers’ lives than nearly any other company. P&G brands are in every room of the house, at virtually every hour of the day. As a result, we get to see more of consumers’ needs than other companies. This helps us spot more problems P&G innovation can help solve and more aspirations P&G brands can help achieve.Our science and technology portfolio is another huge scale advantage. Bleach technology from Laundry has been used in Health & Beauty Care products such as Crest White Strips and Nice ‘n Easy Perfect 10 Hair Colorant. Non-woven top sheet technology started in Diapers, traveled to Feminine Care then moved to Swiffer and Olay Daily Facials. Proprietary perfume technology has been used to enhance the performance of Bounce, Febreze, Fine Fragrances, Camay and most recently Secret and Gillette Clinical Strength deodorant. We’re now combining Gillette’s expertise in mechanical engineering with our expertise in chemical engineering.Companies that compete primarily in Beauty can’t benefit from such technology transfer because they don’t have a Laundry business. Home Care competitors can’t move a substrate technology from diapers or feminine hygiene if they’re not in those businesses. There is no other company in our industry whose portfolio of businesses and brands, sciences and technologies is as broad, as deep or as diverse as P&G’s. This is a very significant source of competitive advantage. We use our diverse mix of sciences and technologies to make innovation connections that other companies cannot make on their own. Another area in which we can leverage P&G scale is our geographic reach. In developed markets like the U.S., where P&G brands can be found in virtually every household, we leverage household penetration as a scale advantage. In developing markets, we’re using our portfolio of leading brands to attract and build a network of best-in-class, often exclusive distributors in countries such as China, India and Russia. Today our distributor network in China reaches about 800 million people. In India, our distributor network covers 4.5 million stores, an increase of two million stores in just five years. In Russia, we now have access to 80% of the population.8 The Procter & Gamble CompanyWhat innovation is at P&G:Where innovationcomes from at P&G:Who’s responsible for innovation at P&G:N NGI N N O V A T I O NHead & Shoulders is now the best-selling shampoo in the world. By innovating broadly, Head & Shoulders doubled its global sales in just five years.Consumer InsightsGreat innovation begins with a deep understanding of current and potential consumers. Most consumers felt Head & Shoulders delivered good dandruff control, but many assumed they had to trade off beauty benefits. This research clearly defined the brand team’s challenge in developing new product, package and marketing innovations.Product InnovationThe challenge: keep improving antidandruff performance while innovating to satisfy consumers’ beauty desires. A new focus on scalp health as the first step toward beautiful hair has appealed to a broad range of consumers beyond those concerned with dandruff. In addition, line extensions, such as “Sensitives,” have appealed to consumers with sensitive scalps, and on-package endorsements from dermatological associations have helped drive trial.The Procter & Gamble Company 12 Package and Graphics InnovationThe simple, elegant curve of the new Head & Shouldersbottle design conveys the softer, more cosmetic sideof the brand, while the bottle’s straight side reflectsthe strength and efficacy that consumers expect fromHead & Shoulders. The dramatic, intuitive graphic hasstrengthened brand equity and made it much easierfor consumers to find the product that’s right for them.Marketing InnovationThe package curve has become a consistent designfeature in all global consumer communications,including TV, print, Internet and outdoor advertising.This consistent graphic look has helped build equityin the Head & Shoulders brand at every consumertouch-point.Go-to-Market InnovationThe business team developed a tool to evaluate scalphealth and recommend the right Head & Shouldersproduct. Millions of scalp evaluations have been donein and near retail stores around the world, helpingconsumers take the first step toward healthy,beautiful hair.Supply Chain InnovationP&G’s hair care R&D and supply chain experts developedcreative solutions to produce the challenging newpackage along with selective product formulationimprovements in record time. The new, equity-enhancingpackage was launched in more than 140 countries injust nine months, yielding amazing speed-to-market todelight Head & Shoulders consumers around the world.Head & Shoulders now generates about$2 billion in annual sales for P&G. With strongmomentum and a robust innovation pipeline,Head & Shoulders should remain one ofP&G’s fastest-growing billion-dollar brands.Productivity and cost savings discipline Steady investment in innovation and brand buildingI N I N N O V A T I O NST NG-%%-.%%%(#*MH6A:H E:G :BEADN::* 8dbedjcY 6kZgV\Z <gdli] GViZ-%%-.%%%-#)MC:I :6GC>C<H E:G :BEADN::- 8dbedjcY 6kZgV\Z <gdli] GViZMaintaining consistent investment in innovation and marketing requires a relentless focus on productivity improvements and cost savings.Innovation, Productivity & GrowthInnovation, productivity andgrowth is a virtuous cycle at P &G. In our industry, innovation and productivity are the key drivers of profitable organic sales growth. Innovation creates superiorconsumer value, differentiates brands, and prevents thecommoditization of categories. Productivity fuels investment in innovation and brand-building, acting as an engine of both top- and bottom-line growth.Historical Productivity ImprovementP &G’s organizational productivity has increased both significantly and consistently over the years. Since 1980, it has jumped more than threefold, growing at acompound average rate of nearly 5% a year — more than twice the broad-based U.S. productivity rate. Net earnings per employee are up more than eight-fold, growing at an average of nearly 8% per year.Productivity & Savings ProjectsWe are constantly improving productivity in all areas of the business and all elements of cost.Net Sales- Cost of Products SoldRaw & Packaging Materials Manufacturing Expenses Finished Product Logistics- S elling, General & Administrative CostsMarketing Sales ResearchAdministrationOperating Profit- Interest Expense- Other Income ExpensePretax Profit- TaxesNet EarningsP &G researchers are continually searching for new formulations and designs that lower cost, improve performance and increase value for consumers. For instance, new formulations of laundry detergents significantly reduced our use of packaging material, leading to cost savings, more consumer convenience and less waste for the environment.MATErIAlS PrOduCTIvITyWe are building more local, multi-category manufacturing plants closer to the consumer, enabling local materialssourcing, lower distribution costs, and lower import duties. This also helps P &G build strong international relationships and deepens our understanding of local consumer needs.MANufACTurING PrOduCTIvITyWe are generating cost savings in shipping and warehousing while improving service levels to customers by optimizing the Company’s finished-product supply chain, including cutting the number of distribution centers in half.dISTrIbuTION PrOduCTIvITyAll of P &G’s major global brands have changed their mix of marketing tools to reach target consumers more costeffectively. In Feminine Care, for instance, Always and Tampax have reduced TV advertising budgets in favor of higher-return magazine ads and our “” website.MArkETING PrOduCTIvITyP &G is reducing go-to-market costs with streamlined organization designs in developing markets, smaller local organizations, and faster decision-making. We areimplementing these designs in the Latin America, Central and Eastern Europe and ASEAN markets.GO-TO-MArkET PrOduCTIvITyP &G has reduced R &D costs as a percentage of sales, increased the value of the innovation pipeline and led the industry in innovation delivered to market by leveraging a global network of external innovation partners.r &dPrOduCTIvITyP &G is driving down overhead costs as a percentage of sales by reducing senior management positions, cutting the number of managers on international assignments, moving toward a corporate shared services structure, and reducing staffing duplication among global, regional and local organizations.OrGANIzATIONAl PrOduCTIvITyThe Procter & Gamble Company 16。
富耐克财务分析报告(3篇)
第1篇一、引言富耐克公司作为一家知名的体育用品制造商，自成立以来一直致力于为全球消费者提供高品质的体育用品。
本报告通过对富耐克公司的财务报表进行深入分析，旨在评估其财务状况、盈利能力、偿债能力、运营效率和成长性等方面，为投资者、管理层及相关部门提供决策参考。
二、公司概况富耐克公司成立于1980年，总部位于中国，是一家集研发、生产、销售为一体的大型体育用品企业。
公司主要产品包括运动鞋、服装、配件等，产品销往全球100多个国家和地区。
近年来，富耐克公司通过不断的技术创新和品牌建设，已经成为全球体育用品行业的领军企业。
三、财务报表分析（一）资产负债表分析1. 资产结构分析富耐克公司的资产主要由流动资产、固定资产和无形资产组成。
流动资产主要包括货币资金、应收账款、存货等；固定资产主要包括生产设备、土地、建筑物等；无形资产主要包括专利、商标、著作权等。
从资产结构来看，富耐克公司的流动资产占总资产的比例较高，表明公司具有较强的短期偿债能力。
同时，公司固定资产和无形资产的比例也相对合理，有利于公司长期发展。
2. 负债结构分析富耐克公司的负债主要由流动负债和长期负债组成。
流动负债主要包括短期借款、应付账款等；长期负债主要包括长期借款、应付债券等。
从负债结构来看，富耐克公司的流动负债占总负债的比例较高，表明公司短期偿债压力较大。
但公司长期负债比例相对较低，有利于公司长期财务稳定。
（二）利润表分析1. 营业收入分析富耐克公司的营业收入呈逐年增长趋势，表明公司产品市场需求旺盛，销售状况良好。
近年来，公司营业收入增长率保持在较高水平，说明公司具有较强的市场竞争力。
2. 毛利率分析富耐克公司的毛利率较高，表明公司产品附加值较高，盈利能力较强。
同时，毛利率的稳定增长也说明公司在成本控制方面取得了一定的成效。
3. 净利率分析富耐克公司的净利率也呈逐年增长趋势，表明公司盈利能力不断提升。
这主要得益于公司营业收入和毛利率的持续增长。
体育品牌推广
广告推广策略的作用
传播企业信息，塑造品牌形象 刺激、诱导消费 创造企业品牌附加价值 具有品牌防御功能
广告推广策略的实施
• • • • 消费者分析 广告定位 选择合适媒体 广告创意及广告语
消费者 分析
• 年龄 • 性别 • 职业
• 消费能力
• ……
广告定位
• 广告主通过广告活动，使企业或品牌在消费 者心目中确定位置的一种方法。
Nike Free 2013新品发布会
• Nike Free 3.0/4.0/5.0跑鞋以及女性训练鞋，这些数字 代表著「对脚的支撑力’：数字愈低，愈跑名将，2012年伦敦 体育盛会200米、100米以及400米接力金牌获得者爱 丽森•费利克斯（Allyson Felix）以及亚洲百米女飞人 韦永利来到北京，向大家展示 2013夏季全新NIKE FREE系列鞋款。
•
8月18日下午耐克公司发表简短的官 方声明：“刘翔一直是中国最杰出的田 径运动员之一。耐克为能与刘翔紧密合 作而感到自豪。在此时，我们理解他的 感受，并期待他伤愈复出。”
• •
刘翔退赛第 二天，耐克便在 《华西都市报》、 《南方都市报》、 《北京青年报》、 《东方早报》等 媒体的头版刊登 广告。 据不完全统计， 这些广告的总价 格绝对不低于 150万元人民币。
企业的公共关系推广方式
• 新闻传播 • 公益广告 • 举办展览会
• 赞助活动
Nike Free 2013新品 发布会
Nike Free 2013新品发布会
• 2013年3月13日，北京798艺术区，Nike在‘圣 之空间’举办的大型Nike Free跑鞋2013夏季 系列发表会。 • 现场以拟真跑道设计现场陈设，宛如跑鞋的 时尚伸展台，并透过灯光转换呼应Nike近来 强调的‘不分昼夜都能跑步’概念。 •