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1、AdidasGroup 10ContentIntroductionHorizontalVerticalanalysisRatioRisk/StrategyanalysissummaryIntroductionlOnAugust18,1949，AdidasAGregisteredlInAugust2005,Adidasannounceda$3.8billionUSdollaracquisitionofrivalReeboklAGermanmultinationalcorporationthatdesignsandmanufacturessportsshoes,clothingandaccesso
2、ries.lAdidasisthelargestsportswearmanufacturerinEuropeandthesecondbiggestintheworld,afterNike.HorizontalanalysisThischangesThischangessuggestedthatthesuggestedthatthecompanycompanydecreaseditsdecreaseditsassetsbaseduringassetsbaseduring2013andfinanced2013andfinanceditsassuminglong-itsassuminglong-te
3、rmdebtrathertermdebtratherthanretainedthanretainedincome.income.Overall,grossOverall,grossprofitandnetprofitandnetincomewereup.incomewereup.GrossprofitGrossprofitincreased0.52%,increased0.52%,andnetincome,andnetincome,50.76%.Adidass50.76%.Adidassprofittrendprofittrendappearsfavorable.appearsfavorabl
4、e.InthehorizontalInthehorizontalanalysisoftheanalysisofthestatementofstatementoffinancialpositionfinancialpositiontheendingtheendingretainedearningsretainedearningsincreased11.34%.increased11.34%.AsindicatedAsindicatedearlier,theearlier,thecompanyretainedcompanyretainedasignificantasignificantportio
5、nofnetportionofnetincome.income.VerticalanalysisAdidasisAdidasischoosingtokeepchoosingtokeepthescalethescalethroughthroughretentionofretentionofearningsratherearningsratherthanthroughthanthroughissuingissuingadditionaldebt.additionaldebt.AdidasappearsAdidasappearstobeatobeaprofitableprofitableenterp
6、risethatenterprisethatisbecomingisbecomingevenmoreevenmoresuccessful.successful.RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalueAssetsmanagementCurrentRatio=20132012CurrentRatioAdidasNike2013201220131.45：11.57:13.47:1WecanknowthatithadWecanknowthatithadlowadequatecurrentlowadequatecurr
7、entassetsrelativetoitsassetsrelativetoitscurrentliabilities.currentliabilities.Acid-TestRatioAdidasNike2013201220130.75：10.85:12.31:1TheratiohaddeclinedinTheratiohaddeclinedin2013.Whencompared2013.WhencomparedwithNikesof2.31:1,withNikesof2.31:1,Adidasacid-testratioAdidasacid-testratioseemedtoolow.se
8、emedtoolow.Acid-TestRatio=20132012AssetsmanagementAssetsmanagementAccountsReceivableTurnover=20132012=8.29times=9.07timesAccountsReceivableTurnoverAdidasNike2013201220138.29times9.07times8.10timesAlthoughAdidasaccountsAlthoughAdidasaccountsreceivableturnoverdecreasedinreceivableturnoverdecreasedin20
9、13,itwashigherthanNikes.2013,itwashigherthanNikes.RelativelyspeakingRelativelyspeaking， ，itmeansititmeansithasmorenetsales.hasmorenetsales.InventoryTurnoverAdidasNike2013201220132.87times3.12times4.29timesGenerally,thelargertheGenerally,thelargertheinventoryturnover,theinventoryturnover,thelesstimea
10、companyhaslesstimeacompanyhasstoreinventoryandthestoreinventoryandthelessthechanceoflessthechanceofinventoryobsolescence.inventoryobsolescence.InventoryTurnover=20132012AssetsmanagementAdidasmadeastrategythatAdidasmadeastrategythatallowedretailerstoplaceanorderfor5allowedretailerstoplaceanorderfor5、
11、6 6monthsaheadofscheduletopredeterminemonthsaheadofscheduletopredeterminethetransportguaranteeandguaranteedthetransportguaranteeandguaranteed90%orderwillbetransportedtothematthe90%orderwillbetransportedtothematthetimeofdetermination.timeofdetermination.ThisstrategycansuccessfullyreducedThisstrategyc
12、ansuccessfullyreducedinventorytoaminimum,andamplifytheinventorytoaminimum,andamplifytheinventoryturnover.inventoryturnover.RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalue profitabilityF=abcROE=NetprofitmargintotalassetturnoverequitymultiplierAffectofa:(a1-a0)b0c0(5.45-3.52)1.302.16=5.
13、42Affectofb:a1(b1-b0)c05.45(1.25-1.30)2.16=-0.589Affectofc:a1b1(c1-c0)5.451.25(2.10-2.16)=-0.409RatioAssetsmanagementProfitabilityLong-termsolvencyMarketvalueMarketvalueEarningsperShare=EarningsperShare=EarningsperShareAdidasNike2013201220134.013.782.75AdidasearningperAdidasearningpersharehadincreas
14、edinsharehadincreasedin2013andishigherthan2013andishigherthanNikes.Nikes.NetincomepreferencedividendsNetincomepreferencedividendsWeighted-AverageordinarysharesoutstandingWeighted-AverageordinarysharesoutstandingPrice-EarningsRatioAdidasNike20132012201323.10times17.81times22.90timesAdidasP-EratiohadA
15、didasP-Eratiohadincreasedin2013andisincreasedin2013andishigherthanNikestoo.SohigherthanNikestoo.SoinvestorsweremoreinvestorsweremoreconfidentforfuturethanconfidentforfuturethanthoseforNike.thoseforNike.Price-EarningsRatio=20132012MarketvalueRatioAssetsmanagementProfitabilityLong-termsolvencyMarketva
16、lueLong-termsolvencyDebttoTotalAssetsRatio=20132012DebttoTotalAssetsRatioAdidasNike20132012201352.75%54.59%36.56%AlthoughAdidasdebttoAlthoughAdidasdebttototalassetsratiohadtotalassetsratiohaddeclinedin2013,itwasdeclinedin2013,itwasstillhigherthanNike.stillhigherthanNike.TimesInterestEarnedAdidas2013
17、201216.53times9.77timesTherejustAdidasTherejustAdidastimesinterestearned.timesinterestearned.IthaddecreasedinIthaddecreasedin2013.2013.TimesInterestEarned=20132012Long-termsolvencyRisksanalysisStrategyanalysisUsingconservativemarketexpansionpolicyAimathigh-endmarket(高端市场）ChangetheSinglesaleschannels
18、SummaryuAdidasisapotentialandprofitablecompany.Adidasisapotentialandprofitablecompany.uImprovethechain-value,lowerthecostImprovethechain-value,lowerthecost,Strengthentheproductsadd-value.,Strengthentheproductsadd-value.uEnhancemarketshare.Enhancemarketshare.uItsdebtpayingabilityispoor.OptimizeItsdebtpayingabilityispoor.Optimizethecapitalandexpenditurestructure.thecapitalandexpenditurestructure.
