财务管理案例分析Word下载.docx
- 文档编号:19907656
- 上传时间:2023-01-12
- 格式:DOCX
- 页数:21
- 大小:555.26KB
财务管理案例分析Word下载.docx
《财务管理案例分析Word下载.docx》由会员分享,可在线阅读,更多相关《财务管理案例分析Word下载.docx(21页珍藏版)》请在冰豆网上搜索。
二.Themainoperationsofthecorporationare:
①
②
③
④
⑤
⑥
三.Themainstructureofitssalesincome
1.FirstistheElectronics:
TheElectronicssegmentconsistsofthefollowingcategories:
Audio,Video,Televisions,InformationandCommunications,
Semiconductors,ComponentsandOther.
Thegraphshowstheinformationaboutthis:
Theincomeisdecreasing
2.SecondistheGame:
GameconsoleandsoftwarebusinessisconductedbySonyComputerEntertainmentInc.
Wecanseetheinformationfromthegraph:
theincomeisalsodecreasing
3.ThirdistheMusic:
MusicbusinessisconductedbySonyMusicEntertainmentInc.(SMEI)andSonyMusicEntertainment(Japan)Inc.(SMEJ).
Thegraphisshowingthebasicinformation:
Theincomeisdecreasing
4.FourthisthePicture:
Motionpictures,televisionandotherbusinessesareconductedbySony
PicturesEntertainmentInc.(SPE).
AndalsothebasicinformationisfromtheGraph:
Theincomeisincreasing
5.Fifthisthefinancialservice:
TheFinancialServicessegmentincludesSonyLifeInsuranceCo.Ltd.SonyAssuranceInc.,SonyBankInc.andSonyFinanceInternational.Inc.
Asgraphofrightshowtheoperatinginformation:
6.Sixthisotheroperating:
TheOthersegmentincludesanInternet-relatedbusiness,So-net,whichisconductedbySonyCommunicationNetworkCorporation,anin-House
informationsystemservicesbusiness,anICcardbusinessandotherbusinesses.
Withtheinformationintherightgraph:
ThemajorProductsofSony
①Audio
Homeaudio,portableaudio,caraudio,andcarnavigationsystems
②Video
Videocameras,digitalstillcameras,videodecks,andDVD-Videoplayers/recorders,andDigital-broadcastingreceivingsystems
③Televisions
CRT-basedtelevisions,projectiontelevisions,PDPtelevisions,LCDtelevisions,projectorforcomputersanddisplayforcomputers
④Informationandcommunications
PC,printersystem,portableinformationPC,broadcastandprofessionaluseaudio/video/monitorsandotherprofessional-useequipment
⑤Semiconductors
LCD,CCDandothersemiconductors
⑥Electroniccomponents
Opticalpickups,batteries,audio/video/datarecordingmedia,anddatarecordingsystems
四.SalesandOperatingRevenuebyGeographicInformation
1.ThemainmarketofcourseistheUSA
2.ItisexpandtheEuropeandothercountrymarket,whiledecreasetheUSAandJapanmarket,Whileseemsflatintotalmarket.
3.WecanconcludeSonyisfacingaworldwidecompetition.
4.Itischangingitsbusinessfromtraditionalareatothenewarea,especiallytheentertainmentmarket.
5.Italsoneedfindnewmarket,forexampletheAsianmarket,andbringnewproductwithtechnology.
ThisistheSegmentInformationofitssalesincome
2002
2003
2004
Electronics
Customers
4772550
4543313
4758400
Intersegment
513631
397137
138995
Total
5286181
4940450
4897395
Game
986529
936274
753732
17185
18757
26488
1003714
955031
780220
Music
541418
512908
487457
58633
84598
72431
600051
597506
559888
Pictures
635841
802770
756370
FinancialServices
480190
509398
565752
28932
27878
27792
509122
537276
593544
Other
161730
168970
174680
99733
137323
155712
261463
306293
330392
Elimination
-718114
-665693
-421418
Consolidatedtotal
7578258
7473633
7496391
6.DevelopingtrendAnalysis
FactorswhichmayaffectSony’sfinancialperformanceincludethefollowing:
①marketconditions,includinggeneraleconomicconditions,levelsofconsumerspending,foreignexchangefluctuations
②Sony’sabilitytocontinuetoimplementpersonnelreductionandotherbusinessreorganizationactivities
③Sony’sabilitytoimplementitsnetworkstrategy,andimplementsuccessfulsalesanddistributionstrategiesinthelightoftheInternetandothertechnologicaldevelopments
④Sony’sabilitytodevotesufficientresourcestoresearchanddevelopment
⑤Sony’sabilitytoprioritizecapitalexpenditures,andthesuccessSony’sjointventuresandalliances.
⑥Risksanduncertaintiesalsoincludetheimpactofanyfutureeventswithmaterialunforeseenimpacts.
7.ThebasicfinancialratiosofSonyfromyear2002to2004
FinancialratiosofeachitemsofSonycorporation
currentratio
1.1278
1.2953
1.3044
Acid-testratio
0.9043
1.0384
1.0411
DebttototalAssetsratio
0.7359
0.7249
0.7076
LongtermDebttototalAssetsratio
0.4078
0.4340
0.3950
Interestguaranteeleverage
1.2850
1.5090
1.2024
Cashguaranteeleverage
1.3056
1.3828
1.4109
Receivableturnover
6.1248
6.1867
5.1764
Inventoryturnover
7.5891
7.9578
7.7804
CurrentAssetsTurnover
2.0466
2.1926
2.1152
FixedAssetsTurnover
5.0427
5.4101
5.0003
TotalAssetsTurnover
0.7572
0.8262
0.8623
GrossSalesprofitmargin
0.2652
0.2800
0.2577
Salesprofitmargin
0.0209
0.0358
0.0131
ReturnontotalAssets
0.0158
0.0296
0.0113
ReturnonEquity
0.0606
0.1086
0.0391
AssetsIncrementrate
1.0426
0.9622
1.0237
ReturnonFixedAssets
0.1055
0.1937
0.0657
ReturnonlongtermAssets
0.0327
0.0648
0.0253
NetSalesprofitmargin
0.0129
0.0167
0.0022
NetprofitmarginontotalAssets
0.0097
0.0138
0.0019
NetprofitmarginonEquity
0.0372
0.0506
0.0065
Fromtheaboveanalysisandthetable,wecanseethat:
1TheliquidityratioandAcid-testratioareinayearbyyearup-trend,butcombiningreceivableturnoverandinventoryturnover,theincreaseismainlybecauseoftheincreaseofaccountsreceivableandthedecreaseofcurrentliability.
2Thecompanyaccountsreceivableturnoverandinventoryturnoverareinup-trend,thisshowsthatSonydowellinaccountsreceivableandinventory,soitsdebt-repayabilityandprofitabilitieswillbeinadvantages.
③Itsdebtratioisdecreasingyearbyyear,sowecanseethatSonywillhavealowfinancialleverage,itsfinancialenvironmentwillbegoodforitsoperating
④Also,fromanalysisofthetable,Sony’sconsolidatedsales,operatingincome,incomebeforetaxes,andnetincomeareexpectedtodecreasecomparedwiththefiscalyearendedMarch31,2004.WhileweassumethattheyenforthefiscalyearendingMarch31,2005willstrengthenagainsttheU.S.dollarandwillweakenagainsttheeuro
⑤Sony’sinvestmentsarecomprisedofdebtandequitysecuritiesaccountedforunderboththecostandequitymethodofaccounting.Ifithasbeendeterminedthataninvestmenthassustainedanother-than-temporarydeclineinitsvalue,theinvestmentiswrittendowntoitsfairvaluebyachargetoearnings.
五.AnalysisofSony’sabilities
1.Theabilitytomeettheobligation
Currentratio
1.3044
1.2953
Quickratio
1.0411
1.0384
0.9043
Interestcoverageratio
1.2024
1.5090
1.2850
DebttototalAssetsratio
0.7076
0.7249
0.7359
Forshort-termobligations:
①.Fromthecurrentratio,weseethatthesituationisnotgoodforSonycorporation.Becausethemediancurrentratiofortheindustryis2.1,butthoseofSonyislessthanthisobviously.
②.Butifwelookatthequickratio,wewillfindit’sverygood:
theindustrymedianquickratiois1.1,andthoseofSonyareveryneartoit.
ThisisbecauseSonyhasnotasmuchinventoriesasothercorporations.
ThenwecanseethattheabilityofSonytomeetshort-termobligationsisgood.
Forlong-termobligations
①.Thedebtratiosarelagerthan50%,whichindicatesthatSonyborrowsalargeamountofmoney.Itsevidencedbytheincreasingamountofinterestpayment.
②.Itsinterestcoverageratiosareobviouslylessthanthemedianofthatfortheindustrywhichis4.0.
ThenwecanseethatSony’sabilitytomeetthelong-termobligationsisnotgood.
2.Assetsmanagementanalysis
Receivableturnover
5.1764
6.1867
6.1248
7.7804
7.9578
7.5891
Totalassetsturnover
0.8623
0.8262
0.7572
First,thereceivableturnoversareobviouslylessthanthemedianof8.1fortheindustry,whichtellsusthatSony’sreceivablesareconsiderablyslowerinturningoverthanistypicalfortheindustry.
Second,theinventoryturnoversarehigherthanthemedianof3.3fortheindustry,whichshowsSonyhasagoodinventorymanagement.Thisisbecausethatinventoryisasmallportionof
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 财务管理 案例 分析
![提示](https://static.bdocx.com/images/bang_tan.gif)