黑莓蘋(píng)果2014英文年報(bào)分析

1、Ratio Analysis APPLE and BLACKBERRYClass: 12(1+3)CName: 耿千惠ID number: 120816108- 1 -1.Abstract- 1 -2.Introduction- 1 -APPLE- 1 -BLACKBERRY- 1 -3.Basic data- 2 -4.Ratio Analysis and Assessment- 3 -(1). Return on Equity- 3 -APPLE- 3 -BLACKBERRY- 3 -(2).Operating Profit %- 3 -APPLE- 3 -BLACKBERRY- 3 -(

2、3). Asset Turnover- 4 -APPLE- 4 -BLACKBERRY- 4 -(4). Gross Profit %- 4 -APPLE- 4 -BLACKBERRY- 4 -(5). Current Ratio- 5 -APPLE- 5 -BLACKBERRY- 5 -(6)Quick Ratio- 5 -APPLE- 5 -BLACKBERRY- 5 -(7)Efficiency Ratios- 5 -APPLE- 5 -BLACKBERRY- 6 -(8)Gearing- 6 -APPLE- 6 -BLACKBERRY- 6 -(9) Earnings per shar

3、e- 7 -5.Assessment conclusions- 7 -6.Limitation- 7 -7.Reference- 8 -1.Abstract I used ratio analysis to analyse BLACKBERRY and APPLEs financial performance and financial position in 2014. These two companies are both the electronic equipment manufacturing and these condensed consolidated financial s

4、tatements in conformity with U.S. generally accepted accounting principles (“GAAP”). The ratios are Capital employed, Operating profit, Asset turnover, Gross profit %, Current ratio, Quick ratio, Inventory days, Receivable days, Payable days, Gearing and Earnings per share .2.Introduction APPLEApple

5、 Inc. and its wholly-owned subsidiaries (collectively “Apple” or the “Company”) designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and

6、 third-party digital content and applications. The Company sells its products worldwide through its retail stores, online stores, and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers and value-added resellers. In addition, the Company sells a varie

7、ty of third-party iPhone, iPad, Mac, and iPod compatible products, including application software, and various accessories through its online and retail stores. The Company sells to consumers; small and mid-sized businesses; and education, enterprise and government customers.BLACKBERRYBlackBerry Lim

8、ited, formerly Research In Motion Limited, (the "Company") is a global leader in wireless innovation. Through the development of integrated hardware, software and services that support multiple wireless network standards, the Company provides platforms and solutions for seamless access to

9、information, including email, voice, instant messaging, short message service, internet and intranet-based applications and browsing. The Companys technology also enables a broad array of third party developers and manufacturers to enhance their products and services through software development kit

10、s, wireless connectivity to data and third-party support programs. The Companys portfolio of award winning products, services and embedded technologies are used by thousands of organizations and millions of consumers around the world and include the BlackBerry® wireless solution, the - 1 -Black

11、Berry Wireless Handheld product line, software development tools and other software and hardware. The Companys sales and marketing efforts include collaboration with strategic partners and distribution channels, as well as its own supporting sales and marketing teams, to promote the sale of its prod

12、ucts and services. The Company was incorporated on March 7, 1984 under the Ontario Business Corporations Act. The Companys shares are traded on the Toronto Stock Exchange under the symbol “BB” andon the NASDAQ Global Select Market under the symbol “BBRY”.3.Basic dataAPPLEBLACKBERRYNet Profit after t

13、ax23295(5873)Equity2059897552Sales456466813Gross profit13593(7163)Current assets705415057Current liability432082268Cost of sales276996856Trade receivable9700972Trade payable18941474All Borrowings169621627EPS11.69(11.8)4.Ratio Analysis and Assessment(1). Return on EquityAPPLECapital em

14、ployed =total assets current liability =205989-43208=162781ROCE=operating profit /CE=13593/162781=8.35%BLACKBERRYCapital employed =total assets current liability =7552-2268=5284ROCE=operating profit /CE=-7163/5284=-135.56%Return on capital employed can show the profitability of the company. ROCE sho

15、ws how well a company uses investment funds to generate earnings growth. APPLEs ROCE is 8.35%, while BLACKBERRYs is -135.56%, apparently, it got an operating loss. Shareholders are more likely invest in APPLE.(2).Operating Profit %APPLEOperating profit %=operating profit /sales revenue =13593/45646=

16、29.78%BLACKBERRYOperating profit %=operating profit /sales revenue =-7163/6813=-104.14%This index reflects how many operating profit can be gained by each monetary unit. It is directly proportional to operating profit and inversely proportional to sales revenue. Company should gain more profit when

17、increase its sales revenue, so that it can keep the net profit margin remain unchanged or increase. Operating profit ratio in APPLE is 29.78%, but in BLACKBERRY is -104.14%. BLACKBERRY got operating loss, there might be something wrong with its expense distribution .(3). Asset TurnoverAPPLEAsset tur

18、nover =sales revenue /CE=45646/162781=0.28BLACKBERRYAsset turnover =sales revenue /CE=6813/5284=1.29Asset turnover is a measure of how much sales are generated by the capital asset base of the company. Asset Turnover shows a companys asset current speed from input to output, company assets manage qu

19、ality and utilization efficiency. The higher the number, the faster the asset turnover speed. If the marketing capacity strong, the asset utilization efficiency will be high. If one companys asset turnover is negative, the number is meaningless because the company is deficit. We can see that asset t

20、urnover in APPLE is 0.28 times and in BLACKBERRY is 1.29 times. BLACKBERRY is higher than APPLE. It means BLACKBERRYs marketing capacity is stronger and keep higher asset utilization efficiency than APPLEs.(4). Gross Profit %APPLEGross profit %=gross profit /sales revenue =17947/45646=39.32%BLACKBER

21、RYGross profit %=gross profit /sales revenue =-43/6813=-0.63%Gross profit ratio is important to assess the type of business and the normal margins expected. The higher index, the more effective in price policy and product policy than same industry. Company can not gain profit without number big enou

22、gh. APPLEs ratio is 39.42%, BLACKBERRYs is -0.63%, that means APPLE has more effective in price policy and product policy than same industry. BLACKBERRY didnt gain profit but gain loss .(5). Current RatioAPPLECurrent ratio =current asset /current liability =70541/43208=1.63BLACKBERRYCurrent ratio =c

23、urrent asset /current liability =5057/2268=2.23Current ratio looks at the short term liquidity of the company. Generally speaking, high current ratio means company assets cashability strong and short term liquidity repaying capability is also strong. Current ratio should over 2 : 1, but different in

24、dustry has different current ratio. If current ratio too high, which means current assets is too much than current liabilities, it might be large stock unsold or too much cash, or both these two situations. BLACKBERRYs cashability is stronger than APPLE, which ratio is 2.23 to APPLEs 1.63.(6)Quick R

25、atioAPPLEQuick ratio =(current asset inventory )/current liability =68712/43208=1.59BLACKBERRYQuick ratio =(current asset inventory )/current liability =4813/2268=2.12The quick ratio (also known as the acid test) provides the acid test of whether the company has sufficient resources (debtors and cas

26、h, but excluding stocks) to settle its liabilities. It is also worth considering the availability of further finance and how close the company is in exceeding its borrowing limits/overdraft facilities. We can see that the quick ratio in BLACKBERRY is 2.12， it is higher than that in APPLE, which is 1

27、.59. BLACKBERRY has more sufficient resources to settle its liabilities than APPLE.(7)Efficiency Ratios APPLEInventory days =inventory /COGS*365=(1829/27699)*365=24Receivable days =trade receivable /sales revenue *365=(9700/45646)*365=78Payable days =trade payable /COGS*365=(18914/27699)*365=249BLAC

28、KBERRYInventory days =inventory /COGS*365=(244/6856)*365=13Receivable days =trade receivable /sales revenue *365=(972/6813)*365=52Payable days =trade payable /COGS*365=(474/6856)*365=25The above ratios give us the average number of days to collect from our customers (and average number of days to pa

29、y our suppliers). Distortions may arise if there are a few abnormally high debtors or creditors. Again, the normal expected figures will depend upon the nature of business and the typical levels of terms for payment within the industry.Inventory days of APPLE is 24 days, and in BLACKBERRY it is 13 d

30、ays. BLACKBERRY has more efficiency in inventory turnover than APPLE.Receivable days of APPLE is 78 days, and in BLACKBERRY it is 52 days. The less of the debtor collection period, the shorter of the resumed period. BLACKBERRY is 26 days less than APPLE. So BLACKBERRY can take back its trade receiva

31、bles faster than APPLE. It also shows BLACKBERRY has better cashability.Payable days measure how many time will a company need to pay up the trade payables. Payable days of APPLE is 249 days, and in BLACKBERRY it is only 25 days.(8)Gearing APPLEGearing =long term borrowing /equity =16962/205989=8.23

32、%BLACKBERRYGearing =long term borrowing /equity =1627/7552=21.54%The main issues here are the degree of risk the company is facing in terms of external debt financing, whether or not the company has access to sufficient finance to enable it to meet its commitments, and whether the finance is structu

33、red in an appropriate way.Gearing is the relationship between the companys debt and equity, Gearing is a measure of the amount of debt a company has. High gearing is risky if profits are declining the company must pay its lenders irrespective of whether it makes a profit or a loss. BLACKBERRYs geari

34、ng is much more than that in APPLE. In BLACKBERRY, it is 21.54%, and in APPLE it is 8.23%. It means that BLACKBERRY is more risky than APPLE.(9) Earnings per shareAAPLEs basic earnings per share is 11.69.BLACKBERRYs basic earnings(loss) per share is -11.8.This represents the amount of profit, in pen

35、ce, the company has earned during the year for each ordinary share. The EPS figure is required to be shown by all companies listed on the Stock Exchange, and therefore is seen to be very important indicator of performance. However, the use of creative accounting can make a mockery of this. AAPLEs ba

36、sic earnings per share is 11.69.BLACKBERRYs basic earnings(loss) per share is -11.8. Apparently APPLEs basic earnings per share is much higher than BLACKBERRY.5.Assessment conclusions From ratio analysis, we can know that BLACKBERRY had operating loss in 2014. And it is still carries the debt status

37、, which total equity is hard to return. Its net profit(loss) was the lowest in 2014. Combining all data, APPLE has absolute predominance to BLACKBERRY. During these period, APPLE is keeping earning status. it has far more total asset than BLACKBERRY. Although BLACKBERRYs asset return period is short

38、er and cashability is strong. APPLEs smaller gearing may influence the earnings-generating capacity in some extend, it still can make sure that shareholders will gain satisfying economic income. Both financial performance and financial position are good.6.Limitation 1.The financial statements given are for one period only and are not necessarily covering the same 12 month pe