阿迪达斯财务分析报告.pptVIP

Adidas Group 10 Content Introduction Horizontal Vertical analysis Ratio Risk/Strategy analysis summary Introduction On August 18, 1949 ，Adidas AG registered In August 2005, Adidas announced a $ 3.8  billion US dollar acquisition of rival Reebok A German multinational corporation that designs and manufactures sports shoes, clothing and accessories. Adidas is the largest sportswear  manufacturer in Europe and the second biggest in the world, after Nike. Horizontal analysis This changes suggested that the company decreased its assets base during 2013 and financed its assuming long-term debt rather than retained income . Overall, gross profit and net income were up. Gross profit increased 0.52%, and net income, 50.76%. Adidas’s profit trend appears favorable. In the horizontal analysis of the statement of financial position the ending retained earnings increased 11.34%. As indicated earlier, the company retained a significant portion of net income. Vertical analysis Adidas is choosing to keep the scale through retention of earnings rather than through issuing additional debt. Adidas appears to be a profitable enterprise that is becoming even more successful. Ratio Assets management Profitability Long-term solvency Market value Assets management Current Ratio = 2013 2012 Current Ratio Adidas Nike 2013 2012 2013 1.45：1 1.57:1 3.47:1 We can know that it had low adequate current assets relative to its current liabilities. Acid-Test Ratio Adidas Nike 2013 2012 2013 0.75：1 0.85:1 2.31:1 The ratio had declined in 2013. When compared with Nike’s of 2.31:1, Adidas’ acid-test ratio seemed too low. Acid-Test Ratio = 2013 2012 Assets management Assets management Accounts Receivable Turnover= 2013 2012 =8.29 times =9.07 times Accounts Receivable Turnover Adidas Nike 2013 2012 2013 8.29 times 9.07 times 8.10 times Although Adidas’ accounts receivable turnover decreased in 2013, it was higher than Nike’s. Relatively spe