Financial assement on JohnsonJohnson CompanyWord文档格式.docx
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Financial assement on JohnsonJohnson CompanyWord文档格式.docx
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2.2.3HorizontalAnalysisofCashFlows3
2.3VerticalAnalysis3
2.3.1VerticalAnalysisofIncomeStatement3
2.3.2VerticalAnalysisofBalanceSheet4
2.3.3VerticalAnalysisofCashFlows4
2.4ComparisonwithNovartisAG4
2.4.1VerticalAnalysisofIncomeStatementComparedtoNovartisAG4
2.4.2VerticalAnalysisofBalanceSheetComparedtoNovartisAG4
2.4.3VerticalAnalysisofCashFlowsComparedtoNovartisAG5
2.5AnalysisofFinancialRatios5
2.5.1LiquidityRatios5
2.5.2ProfitabilityRatios5
2.5.3SolvencyRatios5
2.6ComparisonwithIndustryandCompetitors5
3.0HistoricalSharePricePerformance6
4.0AnalysisofLeverageRatio7
5.0Recommendation8
6.0References10
7.0Appendix12
Exhibit1(FinancialStatement)12
Exhibit1-1(IncomeStatement)12
Exhibit1-2(BalanceSheet)13
Exhibit1-3(StatementofCashFlows)14
Exhibit2(DataofHorizontalAnalysis)15
Exhibit2-1(HorizontalAnalysisofIncomeStatement)15
Exhibit2-2(HorizontalAnalysisofBalanceSheet)17
Exhibit2-3(HorizontalAnalysisofCashFlows)19
Exhibit3(DataofVerticalAnalysis)21
Exhibit3-1(VerticalAnalysisofIncomeStatement)21
Exhibit3-2(VerticalAnalysisofBalanceSheet)22
Exhibit3-3(VerticalAnalysisofCashFlows)23
Exhibit4(ComparisonwithNovartisAG)24
Exhibit4-1(VerticalAnalysisofIncomeStatement)24
Exhibit4-2(VerticalAnalysisofBalanceSheet)25
Exhibit4-3(VerticalAnalysisofCashFlows)26
Exhibit5(DataofFinancialRatios)27
Exhibit5-1(FormulaofRatios)27
Exhibit5-2(LiquidityRatios)28
Exhibit5-3(ProfitabilityRatios)28
Exhibit5-4(SolvencyRatios)28
Exhibit6(CompetitorComparison)29
Exhibit6-1(CompetitorComparison)29
Exhibit6-2(ComparisonwithIndustry)29
Exhibit7(ChartofJNJcomparingwithNASDAQ&
DowJones&
S&
P500)30
Exhibit7-1(5years)30
Exhibit7-2(2-years)30
Exhibit8(HistoricalSharePricePerformance)31
Exhibit8-1(StockPerformanceofJNJcomparingtoNasdaqLast6Months)31
Exhibit8-2(StockPerformanceofJohnsonandJohnson(JNJ)Last6Months)31
Exhibit8-3(StockPerformanceofNovartisAG(NVS)Last6Months)32
Exhibit8-4(ComparisonQuotesbetweenJNJandNVSas14thOctober12.30pm)32
Exhibit9(FormulaofLeverageRatiosandtheData)33
Exhibit9-1(RivalComparison)33
Exhibit9-2(SalesComparison)33
Exhibit9-3(DebtsandEquityPosition)34
Exhibit9-4(StatementsofFinancialPosition)35
Exhibit9-5(Johnson&
Johnson2013AnnualReport)36
1.0Introduction
TheJohnson&
JohnsonCompanyisanAmericanmedicalhealth-careandconsumerspersonal-carecompany,whichisestablishedbyRobertWoodJohnsonin1886,headquarteredinNewBrunswick,NewJersey,America.Johnson&
Johnsonmainlymanufacturesconsumerhealth-careproducts,medicaldevicesanddiagnostics,andpharmaceutical.Asagloballarge-scaleenterprise,Johnson&
Johnsonhasmorethan250companieslocatedin60countrieswithapproximately116000employeesaroundtheworld.Thecompanysellssomewell-knownproductssuchasJohnson’sBaby,Neutrogena,andTylenolundertheJohnson&
Johnsonbrand.(BusinessWeek,2014)
TheFortuneofUnitedStatesnamedthe500mostglobalenterprisesin2010,Johnson&
Johnsonisthe108thinUS$12.266billionofprofits;
in2011,TheForbesnamedJohnson&
Johnsonasthemostpopularbrandof“100mostpopularbrandsofAmericanconsumers”;
andthen,theJohnson&
JohnsoncompanygottheacquisitionofAliosBioPharmaIncinaboutUS$1.75billion,whichisaprivatelyheldcorporationdevotedtoresearchingviraldiseasetreatmentonSeptember30,2014.Moreover,Johnson&
JohnsonCompanyisthebiggestforeignpharmaceuticalcompanyinChina,anditdonatesnearlyUS$2milliontosocietyforpublicwelfareprojectseveryyear(TheNewYorkTimes,2008).
In2013,Johnson&
Johnsoncompanysalesincreased6.1%toUS$71.3billionaroundtheworld,comparedtoincreasesof3.4%in2012and5.6%in2011.Thefive-yearcompoundannualgrowthratesforU.S.,worldwideandinternationalsaleswere0.2%,2.3%and4.6%respectively.Theten-yearcompoundannualgrowthratesforthesesales,whichareU.S.,worldwideandinternational,were2.4%,5.5%and9.0%respectively.Inaddition,themarketvalueofJohnson&
JohnsonCompanyisUS$277.01billionuntilMay2014,anditsstockpriceisaboutUS$100duringrecentoneyear.(JOHNSON&
JOHNSONannualreport,2013)
2.0AnalysisofFinancialPerformance
2.1AnalysisofRecentFinancialStatement
2.1.1IncomeStatement
Exhibit1-1isincomestatementofJohnson&
JohnsonCorp.,itsummarizestherevenuesandexpensesoverfromannualreport.Fromtable1wecanknowtheJohnson`sgrossprofitincreasedfromJan-01-2012toDec-31-2012increasedby2%andfromDec-31-2012toDec-31-2013increaseby7%,itindicatesthatJNJhaspositiveimpactontheirfinancialhealthybecauseofsignificantgrowthstrategy,theyhavehighgrossprofitisoftenabletospendmoreonmarketingandadvertising,italsocanreflectsamanagementteamthatisefficientlyusingresourcesandtalenttoproducethegoodsandservicessold,wecansuggesttoinvestorsthatnextyearitwillkeepingoodfinancialhealth.Operatingincomealsoincreasedby2%fromJan-01-2012toDec-31-2012and16%inDec-31-2012toDec-31-2013,itindicatesthattheJNJmoreprofitabilitythanbeforethusthoseinvestorsarevaluabletoinvestintoitduringthesetwoyearsbecauseJNJ`searningpoweriswillbecomestrongerandstrongerthustheyhaveabilitytocovercostsandmakeprofit.Thusinvestorscanmakedecisiontocontinueinvestingthere.
2.1.2BalanceSheet
Exhibit1-2isbalancesheetofJohnson&
JohnsonCorp.,itdescribesasasnapshotofJohnsonCorporation’sfinancialcondition,thetotalassetsincreasedby7.703billionU.SfromJan-01-2012toDec-31-2012andalsoincreased11.336billionU.SfromDec-31-2012toDec-31-2013,comparisonthetotalcurrentliabilitiesisstillincreasefromJan-01-2012toDec-31-2013,thecommonstocknochangeis3.120billionU.S,butthetreasurystockandotherstockequityfromJan-01-2012toDec-31-2012increasedwhileDec-31-2012toDec-31-2013decreasedthustotalstockholderequityfromJan-01-2012toDec-31-2013isincreasingby7.746billionU.SformJan-01-2012toDec-31-2012and9.227billionU.SfromDec-31-2012toDec-31-2013inexecutiveanalysisthatweknowJNJhasprotectedshareholdersbenefitsintheiraccountsandthemanagementofcapitalissoefficientandhasmuchpotentialspacetogrowintheirbusiness.ThecreditorsandinterestedstockinvestorsalsocandetermineJNJfinancialstandingisgainprofitsandisvaluabletoinvestinthenextyear.
2.1.3StatementofCashflows
Exhibit1-3isthecashflowofJohnson&
JohnsonCorp.,thenetincomefromJan-01-2012toDec-31-2012decreasedby6.17billionUSandfromDec-31-2012toDec-31-2013increasedby4.88billionUS,totalcashflowfromoperatingactivitiesisslightlyincreasedfromJan-01-2012toDec-31-2013.thus,theaccountingpersonnelcanconfirmJNJwillbecoverpayrollandotherimmediateexpense.CreditorsandlendersalsocanjudgetheJNJhaveabilitytorepay.
2.2HorizontalAnalysis
2.2.1HorizontalAnalysisofIncomeStatement
Exhibit2-1showsthehorizontalanalysisofincomestatement;
firstly,weanalyzedfiguresofJohnsonandJohnsoncorporationsfromDec-31-2012toDec-30-2013,revenueincreasedby6.08%aswelltheoperatingincomeincreasedby15.80%perhapsduetoincreasedresearchanddevelopmentandsellinggeneralandadministrationthatshowedoperatingactivitieswasmorefunctionality.atthesametimegrossprofitsincreasedby7.47%,netincomeincreasedby27.44%thatwecanseequality`sprofitstrendappearfavorable.Secondly,thefiguresofJohnsonandJohnsoncorporationsfromDec-31-2011toDec-30-2012,thegrossprofitandoperatingincomewasupweakly,thereasonissellinggeneralandadministrativedecreasedby0.48%,atthesametimeearningincomebeforetaxincreasedandtotalotherincome/expensedecreased41.1%thatcanknowtheoperationalefficiencywasdeteriorating.
2.2.2HorizontalAnalysisofBalanceSheet
Exhibit2-2showsthehorizontalanalysisofbalancesheet;
first,weanalyzedfiguresofJohnsonandJohnsoncorporationsinDec-31-2012toDec-30-2013,thetotalliabilitiesandtotalstockholderequitybothincreasedby3.73%and14.23%,themostcontributionwaslongtermdebtincreasedby16.01%.Secondly,duringinDec-31-2011toDec-30-2012,totalcurrentassetsdecreasedby15.10%,thelargestcontributionwascashandshortterminvestmentsaswellthelongtermdebtdecreasedby11.41%leadtototallyliabilitydecreasedby0.08%.SothatwecanclearlyandtransparentgeneralchangebyaccountsovermultipleyearsaswellasbetterunderstandingtheJNJhasgoodperformanceinallfinancialactivities.
2.2.3HorizontalAnalysisofCashFlows
Exhibit2-3showshorizontalanalysisofcashflow.WeanalyzedfiguresofJohnsonandJohnsoncorporationsinDec-31-2012toDec-30-2013,thechangeincashandcashequivalentsdecreasedby285.68%itindicatedthattotalcashflowsfromoperatingactivitiesincreasedweaklybuttotalcashflowsfrominvestingactivitiesdecreasedsignificantly.Thus,investorsmaymakedecisionnottocontinueinvesttheircurrentinvestmentaccountsbasedonitsnosteadygrowthtrend.
2.3VerticalAnalys
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