有表范文.docx
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有表范文.docx
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有表范文
AratioanalysisofBMW
Executivesummary
Thebusinesswasgivenanewstrategicdirectionwithanemphasisonprofitabilityandlong-termvaluegrowth.Ontaskone,theauthormakesaratioanalysisofBMWwithfiveindexes.Thefiveindexesincludefivearea,theyareprofitability,liquidity,workingcapitalefficiency,long-termfinancialstructureandinventors’perspective.TheresultoftheanalysisofBMWshowsthatthecompanyperformedwellbefore2008,duringthe2008and2009,BMWexperiencedabigdropbecauseoftheeconomiccrisis.Butfromtheendof2009,thecompanybegantorecoverfromthecrisis,andtheindexperformedwell.Ontasktwo,theauthorintroducestheJITmethodadoptedbyBMWinthecurrentclimatewhichmakesacontributiontothecompany’ssalevolumes,andmakesaconclusionthatJITissuitableforBWMevenintheeconomiccrisis.Ontaskthree,theauthormakesasuggestionbasedontaskoneandtasktwothatitiswiseforinventorstobuyBMW’sshares.
Contents
ExecutivesummaryI
1Introduction1
2Taskone:
ratioanalysisofBMW1
2.1Profitability1
2.2Liquidity/Solvency4
2.3Workingcapitalefficiency5
2.4Longtermfinancialstructure7
2.5Investors’perspective8
2.6Summary10
3Tasktwo:
EvaluationtoJITofBMW10
3.1TheoreticaldiscussiontoJIT10
3.2ApplicabilityofJITtoBMW11
4Taskthree:
suggestiontoinvestment13
5Conclusion14
References16
Appendix18
1Introduction
Recentyearsautomobileindustryhasgottenunprecedenteddevelopment.Eveninthe2008-2009crisis,Germancarmakersdidnotforeseeadouble-diprecession,ratheronlyaslowingofgrowthinsomeeconomies.BMWasaworldfamoustopgradeautomobileandmotorcyclemanufacturersinGerman,isalsocalledtheBavarianmachineryfactoryjoint-stockcompany.Itisalsohasgoodperformance,especiallyinemergingmarkets.Thecompany’sperformancehasaninfluenceontheinterestsoftheshareholders,soastudyofthistypicalcaseonBMWisworthwhile.ThisreportfocusesontheBMWandisdividedintothreeparts.FirstlytheperformanceofBMWinrecentyearsanditscomparisontoAudiisgiven.Alsofindingsandtheinterestsofdifferentstakeholdersisrevealed.Secondlycriticalanalysisoftheapplicationof‘JustInTime’(JIT)practicesinBMWisanalyzed.Thirdlysomeadvicesonbuying,sellingorholdingBMWsharesareshared.
2Taskone:
ratioanalysisofBMW
Therearesomeindexofratioanalysis,theyareProfitability,Solvencyability,Capitaloperationefficiency,long-termfinancingstructureandOninventors’view.
2.1Profitability
Profitabilityistheindextodescribetheabilityofacompanytogainmoney.Itincludesfouraspects,theyareGrossProfitMargin,Netprofitmargin,ReturnonCapital,ReturnonShareholders’Funds.
2.1.1GrossProfitMargin
Figure1GrossMargin
(statisticresource:
BMW’sisfromtale1inappendix,Audi’sisfromannualreport)
Grossprofitmarginisthecontributionmadebycapitaltocompany’srevenue.ItcanbefoundthattheGrossprofitmarginstartstoperformwellfromtheendof2009,withtheeconomicrecoveringfromtheeconomiccrisis.ItisshowninthechartthattheGrossprofitmarginofBMWis18%,andAudiis16.2%attheendof2010.
2.1.2Netprofitmargin
Figure2Netoperatingmargin
(statisticresource:
BMW’sisfromtale2inappendix,Audi’sisfromannualreport)
Netprofitmarginistheabilitytogainmoneybyoperating.ThepictureshowstheNetprofitmarginofBMWandAudi.Audi’sNetoperatingmarginratioismuchhigherthanBMW.AlthoughBMWexperiencedtheeconomiccrisis,itsnetprofitmargindidn'tshowadrop.
2.1.3ReturnonCapital
Figure3ReturnonCapitalEmployed
(statisticresource:
BMW’sisfromtale3inappendix,Audi’sisfromannualreport)
ReturnonCapitalistheindextocalculatetheefficiencyofcapital.ItcanbeconcludedthattheReturnonCapitalofBMWislowerthanAudi,whichisabout5%comparedto20%.Thatistosay,thecapitalofBMWbringlessmoneythanAudi.Thelowestyearis2008andin2010theindexbeginstoreachahigherlevel.
2.1.4ReturnonShareholders’Funds
Figure4ReturnonShareholders’Funds
(Statisticresource:
BMW’sisfromtale4inappendix,Audi’sisfromannualreport)
ReturnonShareholders’Fundsisthereturnrateofshareholders’invest.ThelinechartshowsthatReturnonShareholders’FundsofBMWislowerthanAudiandtheaveragelevelofBMWisabout7.7,buttheindexgotthelowestlevelin2009whichmakestheinterestsofshareholdersinamess.
2.2Liquidity/Solvency
Liquidity/Solvencyistheabilitytopayitsway,itincludesCurrentRatioandAcidTest.
2.2.1CurrentRatio
Figure5CurrentRatio
(statisticresource:
BMW’sisfromtale5inappendix,Audi’sisfromannualreport)
The currentratio isa indexthatshowswhetherthereisenoughassetstomakeupforitsliabilities.TheCurrentRatioofBMWisabout1.7,whichisless0.7thanAudi.Thatistosay,BMWhaslesscurrentcapitaltopayitswayandthesolvencyriskisbigger.
2.2.2AcidTest
Figure6AcidTest
(statisticresource:
BMW’sisfromtale6inappendix,Audi’sisfromannualreport)
AcidTestisalsoknownasacid-testratiooracid-testliquidityratio,itcanreflecttheabilityofcashliquidity.ThereisnodifficultytofindthatAudi’sAcidTestisabout1.3whileBMW’sisabout0.5lessthanitscompetitor.TheAcidTestofBMWincreasesfrom0.74to0.89,itrevealsthatBMW’sabilityofsolvencyisgoodandtherisktopayitswayisdecreasing.
2.3Capitaloperationefficiency
Capitaloperationefficiencyistheeffectofusingcapital,Ithasthreeindex,firstisAssetsTurnoverRatio,andsecondisDebtorsTurnoverandlastisCreditorsTurnover.
2.3.1AssetsTurnoverRatio
Figure7AssetsTurnoverRatio
(statisticresource:
BMW’sisfromtale7inappendix,Audi’sisfromannualreport)
AssetsTurnoverRatio istheratioreflectingthespeedofturnoveronusingcapital.ThechartshowstheAssetsTurnoverRatioofBMWislowerthanAudi.ThatistosaytheworkingcapitalefficiencyofBMWisworsethanAudisincetheconditionisnotsogoodin2009.
2.3.2DebtorsTurnover
Figure8DebtorsTurnover
(statisticresource:
BMW’sisfromtale8inappendix,Audi’sisfromannualreport)
DebtorsTurnoveristhetimeforreceivablemoney.ItcanbeseeninthelinechartthatDebtorsTurnoverofBMWismuchlowerthanAudi.Sincethedebtorsexperiencealossduringtheeconomiccrisisin2008,theyhavetoborrowlotsofcashorcapitaltomaintainthetheiroperation,sothedebtorsturnoverhastogrowup.
2.3.3CreditorsTurnover
Figure9CreditorsTurnover
(statisticresource:
BMW’sisfromtale9inappendix,Audi’sisfromannualreport)
CreditorsTurnoverisanotheraspecttocalculatetheworkingcapitaldeficiency.Bothofthetwocompanyhavearatherhighcreditorsturnoverin2009and2010.ThetotaltrendofBMW’sperformanceoncreditorsturnoverisnotsogoodinrecentyearsanddoesn'tchangemuch.
2.4Longtermfinancialstructure
Long-termfinancingstructuretakesthestructureofassetsandliabilitiesinthefutureintoconsideration,itincludesGearing,InterestCover.
2.4.1Gearing
Figure10Gearing
(statisticresource:
BMW’sisfromtale10inappendix,Audi’sisfromannualreport)
Gearingisanindex,illustratingthedegreeofusingcompany’scapitalandcreditor’scapital.ItisshownabovethattheGearingofBMWexperiencesasmoothlychangeduringthelastfouryearsandmuchhigherthanAudi.ThedroppinggearingofBMWin2010indicatesthatthefinancialstructureofthecompanyhasachangesincethecapitalislessandtheliabilityismore.
2.4.2InterestCover
Figure11InterestCover
(statisticresource:
BMW’sisfromtale11inappendix,Audi’sisfromannualreport)
InterestCoveristhenumberofintereststimeacompanycanputitsway.ItisshownthatBMW’sInterestCoverrangesfrom1.4to6andAudi’sInterestCoverisbetween20and45,thiscomparisonshowstheprofitsofBMWcanmakeupforitsinterestexpensein1.4to6timeswhileAudiin20to45times.
2.5Investors’perspective
Investors’perspectiveistosolutetheproblemswhetherthecompanyagoodinvestmentornot,theindexincludesDividendYieldandEarningspershare(EPS)togetherwithPrice/earningsratio.
2.5.1DividendYield
Figure12DividendYield
(statisticresource:
BMW’sisfromtale12inappendix,Audi’sisfromannualreport)
DividendYieldistheratioofdividendandtheshare’sprice.TheDividendYieldratioofBMWismuchlowerthanAudi,achievingaverage1.75%,thisexplainsthatthedividendofBMWaccountsforlesspartoftheprofitofshares.DividendYieldofBMWrangesfrom0.9to2.5andthecompanybecomestorecoverin2010.
2.5.2Earningspershare(EPS)
Figure13Earningspershare(EPS)
(statisticresource:
BMW’sisfromtale13inappendix,Audi’sisfromannualreport)
Earningspershareistheindexreflectingthecompany’sprofittoeachshare.ThechartshowstheEarningpershareonBMWandAudi.BMW’sEPSis4.91whileAudi’sEPSis60.13in2010muchhigherthanBMW.ThisistosaytheshareholdersofAudicangetmuchmorethanBMWattheendof2010.TheperformanceofEarningspershareofBMWexperiencedalowin2009whichdroppedfrom4.78to0.31.
2.5.3Price/earningsratio
Figure14Price/earningsratio
(statisticresource:
BMW’sisfromtale1inappendix,Audi’sisfromannualreport)
Price/earningsratioisaratioofthecurrentsharepriceofthecompanycomparedtoitsearningsofeachshare.ItcanbeconcludedthatthePrice/earningsratioofBMWisoverestimatecomparedtoAudi.Itiseasytoseein2010thePrice/e
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