YANJING financial analysis.pptVIP

BY Wang shiyin 王石音 FINANCIAL ANALYSIS AND INTERPRETATION ON YANJING BEER BREWERY CO,.LTD BASIC INFORMATION OF THE COMPANY BACKGROUND ANALYSIS The capital enlargement in Beer industry is a common method to increase the market share. The goal of scale economy is to maximize the profit. But Different strategy used by Yanjing Beer and Qingdao Beer have got different financial result. Strategy Comparison Strategy of Yanjing Beer 1. Use own cash in acquisition process.No too much liability pressure. 2. Pay more attention to the internal management and operation efficiency of the goal factory. Strategy of Qingdao Beer 1.Depend on local governments and bank, take the opportunity of state-owned enterprises restructuring lower the cost of acquisition. 2.Using borrowing as the main financing method. 3.Got the controlling rights by transforming the liability of the tactory. MAIN RATIOS COMPARISION SOLVENCY PROFITABILITY EFFICIENCY RETURN ON SHAREHOLDERS SOLVENCY TOTAL ASSETS  COMPARISION YANJING beer’s total assets is smaller than QINGDAO beer CURRENT RATIO YANJING BEER’S CURRENT RATIO IS HIGHER THAN QINGDAO BEER THIS MEANS YANJING BEER HAS LOWER RUNNING RISK QUICK RATIO YANJING BEER’S QUICK RATIO IS HIGHER THAN QINGDAO BEER THIS MEANS YANJING BEER HAS HIGH LIQUIDITY DEBT RATIO PROFITABILITY SALES COMPARISION YANJING BEER’S SALES SCALE IS SMALLER THAN QINGDAO BEER NET PROFIT NET PROFIT of Yanjing Beer IS LARGER THAN QINGDAO BEER RETURN ON ASSETS EXPENSES RATIO AND EXPENSES RATIO IS LOWER THAN QINGDAO BEER EFFICIENCY FIXED ASSET AND TOTAL ASSETS TURNOVER RATE THE FIXED ASSETS TURNOVER RATE OF YANJING HAS INCREASED IN 2001 THE TOTAL ASSET TURNOVER RATE OF YANJING IS HIGHER THAN QINGDAO OPERATING EFFICIENCY 1999 2000 2001 ACCOUNTS RECEIVABLE TURNOVER YANJING BEER 19.79 13.21 31.44 QINGDAO BEER 11.13 8.69 4.96 INVENTORY TURNO