会计专业英语财务报表分析.docx
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会计专业英语财务报表分析.docx
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会计专业英语财务报表分析
FinancialStatementAnalysisofSICHUANCHANGHONGELECTRICCO.,LTD
【Abstract】
Afinancialtsunamiwhichhadneverbeensoviolentoverthepast100yearsisconfusingthewholeworldin2008.Viewingfromitsnature,thisfinancialstormwascausedbythesubprimecrisiscrisis.Andtheinnovationofthosefinancialderivativesjustaggravatesthissubprimecrisis,transformingtheregionalcrisisofAmericansub-loanintoasevereglobaleconomicstorm.Thesubprimecrisiscanalsoberegardedasabreak-downofthebubbleeconomy,whichisoverspreadingtothehigh-levelcreditmarket.Subprimemortgageloansandhigh-levelhousingloansarebasedonthesameasset-backedrealestate.
【Keyword】financialstormwholeworldsub-loanbubbleeconomy
Contents
Introduction1
1、MacroeconomicSituation2
2、MicrocosmicEnvironment4
2.1AggregativeCircumstance4
2.2MarketEnvironment4
3、CompanySituation6
4.1ComputetheRatios7
4.1.1LiquidityRatio7
4.1.2AssetManagementRatio7
4.1.3ProfitabilityRatio8
4.1.4RatioComparison8
4.2CompanyFinancialStrength9
4.2.1GrowthAbility10
4.2.2Profitability10
4.2.3TheVitalityofEnterprises11
4.2.4Enterprises'ManagementMechanisms11
4.3SWOT&Strategy12
4.3.1AnalysisofSWOT12
4.3.2Strategy13
5、Conclusion15
6、Reference16
7、Appendix17
Appendix1AssetsStatementofCHANGHONG17
Appendix2AssetsStatementofKONKAA18
Appendix3BalancesheetandIncomestatement19
Introduction
Incorporatedin1958,CHANGHONGhasgrownintoarulemakerandacontent&serviceproviderathomeandabroad,notasimplehouseholdappliancemanufacturer.CHANGHONGengageinindustriesasdigitalTV,AC,refrigerator,IT,healthycommunication,digitalAudio-Visual,digitalnetwork,electricalpowersource,commercialelectronicsandpettyappliance,etc.CHANGHONG’ssalesin2005hadhitRMB17.6billionsales,aswellas29.4percentamplitude comparedwiththesameperiodlastyear.AtthesametimeCHANGHONG’sbrandvaluedRMB39.861billionwhichishonorablyenrolledintotheWorld’s500MostInfluentialBrands.CHANGHONGbelongstoHouseholdelectricalappliancesmanufacturing.In1994,CHANGHONGstockslistedinShanghaistockexchange.In2005,thebrandvalueofCHANGHONGreachingto398.61billionyuantobethemostvaluablebrandsofChina.Sofar,CHANGHONG’sdigitalproductshavebeeningexportedtomorethan90countriesandregions.
Becauseoftheworldfinancialcrisisintereststheholdindustryisseriouslydamaged.TohavecertainknowledgeofCHANGHONG’struefinancialposition,IwillgiveyoutheanalysisofCHANGHONG’sfinancialstatementbelow.AndIshalllimitmyselftothreeaspectsofthesubject:
Liquidityratio,AssetmanagementratioandProfitabilityratio.Tofindout‘whytheorderreductionrecently?
’and‘Whyprofitabilityseriouslyreduced?
’
Asweknow,aratioisanexpressionoftherelationshipofoneitemtoanother.Aratiocanbeexpressedasapercent,rate,orproportion.Ratiosareparticularlyimportantinunderstandingfinancialstatementsbecausetheypermitustocompareinformationfromonefinancialstatementwithinformationfromanotherefinancialstatement.Foraratiotobeuseful,however,thetwoamountsbeiingcomparedmustbelogicallyrelated.
1、MacroeconomicSituation
Affectedbyfinancialcrisis,theUnitedStates,Europe,Japanandotherdevelopedcountriescomeintorecession,theconsumerdemandreducingandindustryexportunderhighpressure.What’smorethedomesticmarketofrealestateissustaineddeclineandthenaturaldisasterstoresidentsbeingadverselyaffectthedemandofhomeappliance.Atthesametimedomesticeconomicgrowthisslowingandthedicliningofresidentexpectedincomeisthefactorsrestraintheconsumptionofelectricalappliancesproductsuch.
Fromtheinternational,sinceenterredSeptember2008,theU.S.financialmarketscrisishasnevergone.AslehmanBrothersHoldingCompanywentbankrupt,BankofAmericapruchasedMerrillLynch,AIGGorporatecametoacrisis,alltheseconsuminglyshocktheU.S.financialmarketsanddrawn-outussubprimemortgagecrisisintoseriouscentury-oldfinancialcrisis.Becauseofthefinancialcrisisisstillinsustainabledevelopment,thefinancialmarketsinthetwinklingofaneye,crisiswillstopwhereandwhereto?
Greatuncertaintysurroundsglobal.Also,thecrisisoftheinfluenceandeffectisstilluncertain.Basedonthefinancialcrisisofbyfearsoftransitiontotheeconomiccrisis,theglobalgovernmentsuccessionorjointadoptedaseriesofmeasurestostrengthenthefinancialinstitutionstosupportandfinancialmarket.
Overthefinancialinstitutionsandthroughlargeinjectioncurrencymonetarypolicy,alsoinvolvessomeadjustmentsystemwillbethecontent;thefuturedevelopmentoftheglobalfinancialcausedsomelong-termeffects.Atpresent,thefinancialcrisishastoglobaleconomicentitythatproducedagreatimpactin2008,aswellastheworldeconomyhasslowedsharply,downsiderisksincreasestepbystep,andtheprospectismuchmoreuncertainty.Forecastedforglobaleconomicgrowth,in20092.2%,developedeconomiesfell0.3%economic2009,theU.S.economywhichwillbenegative,Eurozonetwomajoreconomies0.7percentinGermanyandFrancerespectivelywithnegative0.8%0.5%.
Also,thecrisisoftheinfluenceandeffectisstilluncertain.Nowfromthepresentdomestic,itisthehomeapplianceindustrydevelopmentperiod.Inthesituationofthecurrentfinancialcrisis,knowingthesituation,controllingthedirection,givingdetailedanalysisoftheeffectsofhomeappliancesandthefuturedevelopmenttrendwhateverforthelong-termdevelopmentandthebreakthroughconcreteworkofChinesehomeapplianceshasthepositiveguidance.
2、MicrocosmicEnvironment
2.1AggregativeCircumstance
In2008,CHANGHONGwentthoughamuchmoresevereobjectiveenvironmentthanotherelectricalappliancesmanufactureenterprise:
512wenchuanearthquake,naturaldisastersandtheglobalfinancialcrisis,whichcausedmanyadverseeffectstoCHANGHONG.In2008,thebusinessincomeofCHANGHONGdidnotreachtheanticipatedprofitsandcomparedwiththesameperiodin2007itwasasharpdecline.
2009,thecountryhasissuedaseriesofeconomicstimuluspolicy,thecompanywillholdthemarketopportunities,like‘homeappliancesgoingtothecountryside’and‘homeappliancesettledherdsmenactionplan’,‘thereconstruction’andsoon,toensuretheproductssuchascolortelevision,refrigeratoryintheforefrontposition.
2.2MarketEnvironment
In2008,comparedthedemandofdomesticappliancemarketwithexportmarketthegrowthisslowandinsipid.Aswellastheunbalancedsupplyanddemandofaggravatedintensityplustheglobaleconomicrecession,almostalltheappliancesareoversupplied.Eachbigappliancesaleschainenterprisescarryintothelowpricecompetitiontodepresstheprofitspace,whichmadethepricescontinuetofallandprofitsofmanufacturerscanbeforeseencompletely.Fortunately,therelatedpoliciesonstimulatingdomesticdemandwhichcreatenewmarketstomostoftheelectricalappliancesmanufactureenterprise.
In2008,pricecompetitionisstillthemainmeansofcompetition,butwiththecompetition,theprofitspaceofallstagesofhomeapplianceindustryiscompressed,aswellastheabilitytoruduceprice.Moreandmorecompanieshaverealizedbypricecompetitioncanneitherestablishcorecompetitiveness,noralong-termdevelopmentdirection.Therefore,manyappliancesenterpriseincreasedtheinvestmentintotechnology,todevelopingnewhightechnologycontentproduct,andreferredtothedifferenceoftheproductasthedevelopmentoftheenterpriseinthelong-termplan.Atthesametimecompaniesseeknewmarketdemand(suchascentralairconditioning),establishneweconomicgrowthpoint(intosuchasappliancesandothersimilarindustry),inordertorealizethesustainabledevelopmentoftheenterprise.
3、CompanySituation
In2008,thecompanyfacedwiththeseveremacroeconomicsituationandtheincreasinglyfiercecompetitioninthemarketenvironment.Surrondingthegoalsandtaskswhichconstitutedbythedirectorate,CHANGHONGtrytoovercome’5.12earthquakeofwenchuan’,naturaldisastersandtheglobalfinancialcrisiscausedbyeconomicenvironmentdeteriorationtoaseriesofadverseeffects.Andundertheannualdirectionof‘benefit,efficiency&cooperation’,thestaffsinr&d,production,sales,theoperationofefficiencyandmanagementinnovationadoptedvariousmeasuresandhasachievedgoodeffect.Thecompanycontinuedhavingahealthyandthebenigndevelopmenttrend.[1]
Duringthereportingperiod,thecompanyoperatingrevenuewas279.30billionyuan,whichincreased20.14%year-on-year;theprofitswas2.90billionyuan,whichreduced34.95%year-on-year;thecompany’snetincomewas263millionyuan,whicereduced42.17%year-on-yearandattributable0.31billionyuantoshareholdersthatreduced91.59%year-on-year.Althoughthecompanybusinessincomehadabigincreaseduringthereportingperiod,butdueto‘512’2008wenchuanearthquakeandtheglobalfinancialcrisissincethelastquarterof2008,companyfailstoreachtheboardofdirectorswhichthecompanybusinessincomereachto300millionyuan[2].Comparedwiththesameperiodlastyear,thecompanysalesrevenuetargetprofitappeareddrasticallydescend.
4、Ratios
4.1ComputetheRatios
4.1.1LiquidityRatio
CHANGHONG
Liquidityratio
Currentratio=Currentassets/Currentliabilities
=17586260088/14541374787=1.21
Quickratio=(Currentassets-Inventory)/Currentliabilities
=(175********-6647777877)/14541374787=0.75
KONKA
Liquidityratio
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