3 DAFI AF Partea 3 Cont
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7/23/2019 3 DAFI AF Partea 3 Cont
1/8
octombrie
Prof.dr. Laura Obreja Brasoveanu
Analiza financ iara partea3
interpretareadocumentelor contabile
Contul de profit sipierdere
Prof.d r. Laura OBREJABRASOVEANUASE- Bucuresti
Master 2015-2016
Analiza per formantelor financiare
cont prof it si pierdere(Income statement analysis)
Analiza performantelor financiare
cont prof it si pierdere(Income statement analysis)
Contul de profit sipierdere
Venituri Cheltuieli = Profit
Interpretare informatii din cont?
Contul deprofit sipierdere
na iza inanciarape contu ui eprofit si pierdere
Formatul CPP:
1. Cifra de afaceri neta
2. Variatia stocurilor
3. Productia imobilizata
4. Alte venituri din exploatare
5. Cheltuieli cu materii prime,
materiale consumabile si altech.din afara
6. Cheltuieli cu personalul
7. Ajustarea valorii imobilizarilor(a) si a activelor circulante (b)
8. Alte ch.de exploatare
9. Venituri din interese departicipatie
10. Venituri din alte investitiifinanciare si creante
11. Venituri din dobanzi.
12. Ajustarea valoriiimobilizarilor financiare
13. Cheltuieli cu dobanzile.
14. Profitul / Pierderea dinactivitatea curenta
15. Venituri extraordinare
16. Cheltuieli extraordinare
17. Profitul / Pierderea dinactivitatea extraordinara
18. impozitul pe profit
19. Rezultatul exercitiuluifinanciar
Cont profit pierdere:exemplu
vanzari de marfuri 290
cheltuieli aferente marfurilor
vandute
195
productia vanduta 3985cheltuieli cu materii prime,materiale si alte ch.din afara
1129
cifra de afaceri neta 4275 cheltuieli cu personalul 1874
variatia stocurilor 560
ajustar ea valorii imobilizar ilor si a activelor
circulante
productia imobilizata 480
cheltuieli privind amortizarea si
provizioanele de exploatare
1632
a lte venitur i din exploa ta re 149 alte cheltuieli de exploatare 200
ajustarea valorii imobilizarilor si aactivelor circulante
total cheltuieli de exploatare 5030
venituri din provizioane privind
exploatarea 128
total venituri de exploatare 5592 rezultat din exploatare 562
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Prof.dr. Laura Obreja Brasoveanu
Cont profit pierdere: exempluvenituri din interese de
participatie 48,7
cheltuieli cu dobanzile 51,9
venituri din alte investitii
financiare si creante 31,4
ajustar ea valorii imobilizar ilor si a activelorcirculante
venituri din dobanzi cheltuieli cu provizioane financiare 21,5
ajustar ea valorii imobilizarilor si aactivelor circulante
total cheltuieli financiare 73,4
venituri din provizioane
financiare 5,6
rezultat financiar 12,3
total ven ituri fi nanciare 85,7 rezultat curent 574,3
venituri extraordinare 0 cheltuieli extraordinare 0
rezultat extraordinar 0
total venituri 5677,7 total cheltuieli 5103,4
rezul tat bru t al exerc itiului 574,3
impozit pe profit 91,9
rezultat net 482,4
Cont profit pierdere -
interpretareRON
CA 4275 75,29%
venituri de exploatare 5592 98,49% 130,81%
cheltuieli de exploatare 5030 98,56% 117,66%rezultatul exploatari i 562 97,86% 13,15%
venituri financiare 85,7 1,51% 2,00%
cheltuieli financiare 73,4 1,44% 1,72%
rezultat financiar 12,3 2,14% 0,29%
rezultat extraordinar 0 0,00% 0,00%
total venituri 5677,7 132,81%
total cheltuieli 5103,4 119,38%
rezultat brut 574,3 13,43%
rezultat net 482,4 11,28%
exprimate in ponderi in
Cont profit pierdere - interpretare
Rezultatul net este influentat de
-politica de amortizare a companiei?
-politica de investitii a companiei?
-gradul de indatorare?
-politica de dividend?
Analiza soldurilor intermediare de gestiuneVenituri Cheltuieli SIG
vnzri de mrfuri cost aprov.mf.vndute marja comercial
--- cump.mf
---variaia stoc.
Producia vndut
Producia stocat
Producia imobilizat
prod.exerc.
marja comercial consumuri externe valoarea adugat
prod.exerc. Cump.de materii prime i alte aproviz.
Variaia stocurilor de mat.prime
Lucrri i servicii executate de teri
valoarea adugat Impozite, taxe, vrsm. asimilate
subvenii de expl.
Alte venituri din exploatare
Chelt. cu personalul
Alte ch. de exploatare
EBE
Venituri de exploatare monetare Cheltuieli de exploatare monetare
EBE Cheltuieli cu amorti z.&provizioane Rezultat exploatare
Venituri din provizioane iamortismente privind exploatarea
Venituri de exploatare Cheltuieli de exploatare
rezultatul exploatrii chelt.financiare rezultatul curent
venituri financiarerezultatul curent chelt.extraordinare rezultat net
venituri extraordinare impozit pe profit
Solduri intermediare de gestiune: exemplu
venitur i cheltuieli SIG
vanzari de marfuri 290 ch.af.marfurilor vandute 195 marja comerciala 95
productia vanduta 3985 p ro du ct ia e x erci t iu lu i 5 025
productia stocata 560
productia imobilizata 480
marja comerciala 95 consumuri externe valoarea adaugata 3991
productia exercitiului5025
ch.materii prime, materiale si
alte ch.din afara 1129
valoarea adaugata 3991 cheltuieli cu personalul 1874 EBE 2066
alte venituri din exploatare 149 alte cheltuieli de exploatare 200
venituri de exploatare
monetare 5464ch.exploatare monetare
3398 2066
EBE 2066 ch.amort&prov.exploatare 1632 Re zu l ta tu l ex pl oa tar i i 562
v.prov.exploatare 128
Rezultatul exploatarii 562 total cheltuieli financiare 73,4 Rezul tat curent 574
total venituri financiare 85,7
Rezultat curent 574 cheltuieli extraordinare 0 Rezul tat brut 574
venituri extraordinare 0
Rezultat brut 574 impozit pe profit 91,9 Rezul tat net 482,4
Analiza financiara pe contului de profit sipierdere Capacitatea de autofinantare
Capacitatea de autofinanare (CAF)
--- reprezint o resurs intern aflat la dispoziia ntreprinderii, deci seva ine cont numai de veniturile ncasabile i de cheltuielile pltibile (nuia n calcul amortizrile i provizioanele)
Metoda de calcul:
PN = venituri
- cheltuieli
CAF = venituri monetare (ncasabile)
- cheltuieli monetare (pltibile)
CF =ncasri pli
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Prof.dr. Laura Obreja Brasoveanu
Solduri intermediare degestiune: exempluCAF - metoda deductiva
EBE 2066
+ venituri financiare monetare 80,1- c helt uieli financ iare monet are 51,9
+venituri extraordinare monetare 0
- c helt uieli ext raordi nare monetare 0
- impozit pe profit 91,9
= CAF 2002,3
CAF - metoda aditiva
PN 482,4
+ ch.nemonetare 1653,5
- venituri nemonetare 133,6
=CAF 2002,3
Analiza financiara pe baza contului de profit sipierdere varianta anglosaxonaVenituri de exploataremonetare- Cheltuieli de exploataremonetare= EBITDA (earnings before interest, tax,
depreciation and amortization)- Cheltuieli cu amortizarea si provizioanele= EBIT(earnings before interest and tax)- cheltuieli cu dobanzile= EBT(earnings before tax)- Impozit pe profit= profit net+ Cheltuieli cu amortizarea si
provizioanele= CAF (capacitate de autofinantare)
Gross margin = sales - COGS
Net interest expense after tax =(interest expense interest income)(1-t)
Net operating profit after tax NOPAT =
= EBIAT earnings before interest after tax= EBIT x (1 - t)= net income + net interest expense after tax- a company's after-tax operating profit for all investors,including shareholders and debt holder
- shows what a company's net profit would have been if itwere debt free
Analiza financiara pe baza contului de profit sipierdere varianta anglosaxona
Rate de marja (%)
= marja / CA
Rgross margin gross margin
RPN = ROS net profit marginREBITDA EBITDA margin
REBIT EBIT margin
RNOPAT NOPAT margin
alte rate???
Rate de marja factori determinanti
Rmarja = marja / CA
= (CA cheltuieli) / CA
Factori determinanti?
Strategii de imbunatatire?
Solduri intermediare de gestiune varianta anglosaxona: exemplu
venituri de exploatare monetare 5464
cheltuieli de exploatare monetare 3398
EBITDA 2066
EBIT 626,2
cheltuieli cu dobanzi 51,9
EBT 574,3
PN 482,4
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Prof.dr. Laura Obreja Brasoveanu
Exemplu pv. impactul ch.deductibile as.perform.firmeiFIRME A B C
Dat=0 Dat=0 Dat=40%AE
Amor t=0 Amort=500 Amort=0
AE 10000 10000 10000CPR 10000 10000 6000
DAT 0 0 4000Rdobanzii 10%venituri din exploatare monetare 7000 7000 7000
cheltuieli de exploatare monetare 4000 4000 4000EBITDA 3000 3000 3000
amortizare 0 500 0EBIT 3000 2500 3000
dobanzi 0 0 400EBT 3000 2500 2600
impozit pe profit 480 400 416PN 2520 2100 2184
CAF 2520 2600 2184economie fiscala 80 64
Analiza financiara pe bazacontului de profit si pierdere
exemplu FIRMA
Cont de profit si pierdere2014
cifra de afaceri 1370
productia socata 60
cheltuieli cu materii pri 330
cheltuieli salariale 100
ch.amortizari si provizi 244
alte cheltuieli de explo 20
rezultat de expl oatar 736
venituri financiare 140
cheltuieli financiare 80
rezultat curent 796
venituri extraordinare 40
cheltuieli extraordinare 36
rezultat brut 800
impozit pe profit 128
profit net 672
Analiza financiara pe baza contului deprofit si pierdere exemplu FIRMA
valoarea adaugata
EBE
Rezultatul ex ploatarii
rezultat curent
rezultat brut
profit net
CAF
EBT
EBIT
EBITDA
Analiza financiara pe baza contului deprofit si pierdere exemplu FIRMA
%CA
cifra de afaceri 1370
productia socata 60
p ro du ct ia e xe rc it iu lu i 1430 104%
cheltuiel i cu materi i prime 330 24%
valoarea adaugata 1100 80%
cheltuieli salariale 100 7%
alte cheltuiel i de exploatare 20 1%
EBE 980 72%
ch.amortizari si provizioane l244 18%
Rezul tatul ex pl oatar ii 736 54%
veni tur i financiare 140 10%
chel tuiel i financiare 80 6%
rez ultat curent 796 58%
venituri extraordinare 40 3%
cheltuieli extraordinare 36 3%
rezultat brut 800 58%
i mpo zi t pe profi t 128 9%
profit net 672 49%
CAF 916 67%
EBT 800 58%
EBIT 880 64%
EBITDA 1124 82%
Analiza financ iara
Seminar 2
Contul de profit sipierdere
23 24
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Prof.dr. Laura Obreja Brasoveanu
25
Analiza financiara pe contului deprofit si pierdere
Formatul CPP:
1. Cifra de afaceri neta
2. Variatia stocurilor
3. Productia imobilizata
4. Alte venituri din exploatare
5. Cheltuieli cu materii prime,materiale consumabile si altech.din afara
6. Cheltuieli cu personalul
7. Ajustarea valorii imobilizarilor(a) si a activelor circulante (b)
8. Alte ch.de exploatare
9. Venituri din interese departicipatie
10. Venituri din alte investitiifinanciare si creante
11. Venituri din dobanzi.
12. Ajustarea valoriiimobilizarilor financiare
13. Cheltuieli cu dobanzile.
14. Profitul / Pierderea dinactivitatea curenta
15. Venituri extraordinare
16. Cheltuieli extraordinare
17. Profitul / Pierderea dinactivitatea extraordinara
18. impozitul pe profit
19. Rezultatul exercitiuluifinanciar
26
Solduri intermediare de gestiunemarja comerciala
productia exercitiului
valoarea adaugata
EBE
Rezultatul exploatarii
Rezultat curent
Rezultat brut
Rezultat net
CAF27
gross margin
EBITDA
EBIT
EBT
net profit
CAFNOPAT
Analiza financiara pe contului deprofit si pierdere
28
Solduri intermediare de gestiune (marje)
Ponderea in CA (rate de marja)
Dinamica (%)
Rate (?/?)
Comparatie cu concurentii (rate
disponibile)
Studii de caz
Analiza cont deprofit si pierdereHewlett-Packard
Analiza cont deprofit sipierdere - Apple
29
HP
30
000 $ 2 009 2008 2007 2006 2005
Sales 114,175 117,994 103,928 91,330 86,325
Other Revenue, Total 377 370 358 328 371
Total Reve nue 114,552 118,364 104,286 91,658 86,696
Cost of Revenue, Total 87,524 89,699 78,887 69,427 66,440
Gross Profit 26,651 28,295 25,041 21,903 19,885
Sel l ing/General/Administrative Expenses, Total 11,613 13,326 12,226 11,266 11,184
Research & Development 2,819 3,543 3,611 3,591 3,490
Depreciation/Amortization 1,571 967 783 604 622
Unusual Expense (Income) 889 356 60 210 1,593
Operating Income 10,136 10,473 8,719 6,560 3,367Financial Income (Expense), Net Non-Operating excluding
interest -210 468 975 964 528Interest expense 511 468 517 333 352
Income Before Tax 9,415 10,473 9,177 7 ,191 3,543
Income Tax - Total 1,755 2,144 1,913 993 1,145
Income After Tax 7,660 8,329 7,264 6,198 2,398
EBT 9,415 10,473 9,177 7,191 3,543
EBIT 9,926 10,941 9,694 7,524 3,895
EBITDA 11,497 11,908 10,477 8,128 4,517
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31
T Revenue (st)
gross profit (st) Op income (dr)NP (dr)
EBT (dr)
EBITDA (dr)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
0
20000
40000
60000
80000
100000
120000
140000
2009 2008 2007 2006 2005
HP mii $ HP
32
Growth rates 2009 2008 2007 2006 2005 average industry S&P500
sales -3.2% 13.5% 13.8% 5.8% - 7.5% 2. 78 8 .97net income -8.0% 14.7% 17.2% 158.5% - 45.6% 13 .31 8 .23
Margins % 2009 2008 2007 2006 2005 average industry S&P500
Gross margin 23.3% 24.0% 24.1% 24.0% 23.0% 23.7% 37. 1 3 8. 7
pre-tax margin 8.2% 8.9% 8.8% 7.9% 4.1% 7.6% 13. 1 1 5. 9
net profit margin 6.7% 7.1% 7.0% 6.8% 2.8% 6.1% 9 .5 11. 3
2009 2008 2007 2006 2005 average industry S&P500
EBIT/Dob 19.4 23.4 18.8 22.6 11.1 19.0 35. 6 2 9. 7
HP
33
Growth rates 2009 2008 2007 2006 2005 average industry S&P500
sales -3.2% 13.5% 13.8% 5.8% - 7.5% 2. 78 8 .97
net income -8.0% 14.7% 17.2% 158.5% - 45.6% 13 .31 8 .23
Margins % average industry S&P500
Gross margin 23.3% 24.0% 24.1% 24.0% 23.0% 23.7% 37.1 3 8. 7
pre-tax margin 8.2% 8.9% 8.8% 7.9% 4.1% 7.6% 13.1 1 5. 9
net profit margin 6.7% 7.1% 7.0% 6.8% 2.8% 6.1% 9 .5 11. 3
average industry S&P500
EBIT/Dob 19.4 23.4 18.8 22.6 11.1 19.0 35.6 2 9. 7
APPLE income statementdata source: Thomson Reuters; Thousands of U.S. Dollars
34
2003 2004 2005 2006 2007
CA 6,207,000 8,279,000 13,931,000 19,315,000 24,578,000
Cost of Revenue 4,499,000 6,022,000 9,889,000 13,717,000 16,426,000
Gross Profit 1,708,000 2,257,000 4,042,000 5,598,000 8,152,000
Operating Income (1,000) 313,000 1,643,000 2,453,000 4,407,000
Net Income Before Taxes 92,000 370,000 1,808,000 2,818,000 5,006,000
Provision for Income Taxes 24,000 104,000 480,000 829,000 1,511,000
Net Income After Taxes 68,000 266,000 1,328,000 1,989,000 3,495,000
Basic Weighted Average Shares 721,262 743,180 808,439 844,058 864,595
Basic EPS 0.09 0.36 1.64 2.36 4.04
Normalized EBIT 25,000 336,000 1,643,000 2,453,000 4,407,000
Normalized EBITDA 138,000 486,000 1,822,000 2,678,000 4,714,000
2008 2009 2010 2011 2012
CA 37,491,000 42,905,000 65,225,000 108,249,000 156,508,000
Cost of Revenue 24,294,000 25,683,000 39,541,000 64,431,000 87,846,000
Gross Profit 13,197,000 17,222,000 25,684,000 43,818,000 68,662,000
Operating Income 8,327,000 11,740,000 18,385,000 33,790,000 55,241,000
Net IncomeBefore Taxes 8,947,000 12,066,000 18,540,000 34,205,000 55,763,000
Provision for Income Taxes 2,828,000 3,831,000 4,527,000 8,283,000 14,030,000
Net IncomeAfter Taxes 6,119,000 8,235,000 14,013,000 25,922,000 41,733 ,000
Basic Weighted AverageS hares 881,592 893,016 909,461 924,258 934,818Basic EPS 6.94 9.22 15.41 2 8.05 44.64
Normalized EBIT 8,327,000 11,740,000 18,385,000 33,790,000 55,241,000
Normalized EBITDA 8,760,000 12,399,000 19,269,000 35,604,000 58,518,000
35
IS - %CA
2003 2 004 2 005 2 006 20 07
CA
Cost of Revenue 72.48% 72.74% 70.99% 71.02% 66.83%
gross margin 27.52% 27.26% 29.01% 28.98% 33.17%
operating margin -0.02% 3.78% 11.79% 12.70% 17.93%
p re tax m ar gin 1 .4 8% 4 .4 7% 1 2.9 8% 1 4.5 9% 2 0.3 7%
ne t m ar gin 1 .1 0% 3 .2 1% 9.5 3% 1 0.3 0% 1 4.2 2%
Normalized EBIT margin 0.40% 4.06% 11.79% 12.70% 17.93%
Normalized EBITDA margin 2.22% 5.87% 13.08% 13.86% 19.18%
IS - %CA
2 008 2 00 9 2 01 0 2 01 1 20 12
CA
Cos t of Rev enue 64 .8 0% 59.86% 6 0.62% 59.52% 56.13 %
gross margin 35.20% 40.14% 39.38% 40.48% 43.87%
operating margin 22.21% 27.36% 28.19% 31.22% 35.30%
pretax margin 23.86% 28.12% 28.42% 31.60% 35.63%
n et m ar gin 16 .3 2% 1 9.1 9% 2 1.48 % 2 3.9 5% 2 6.6 7%
Normalized EBIT margin 22.21% 27.36% 28.19% 31.22% 35.30%
Normalized EBITDA margin 23.37% 28.90% 29.54% 32.89% 37.39%
APPLE
income
statement -
%CA
APPLE income statement rate de marja
36
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APPLE
income
statement
%
37
IS - % 2003 2004 2005 2006 2007
CA 8.10% 33.38% 68.27% 38.65% 27.25%
Cost of Revenue 8.70% 33.85% 64.21% 38.71% 19.75%
Gross Profit 6.55% 32.14% 79.09% 38.50% 45.62%
Operating Income -1 05.88% -31 400.00% 42 4.92% 49 .30 % 79.66%
Net Income Before Taxes 5.75% 302.17% 388.65% 55.86% 77.64%
Net Income After Taxes 4.62% 291.18% 399.25% 49.77% 75.72%
Normalized EBIT -47.92% 1244.00% 388.99% 49.30% 79.66%
Normalized EBITDA -14.81% 252.17% 274.90% 46.98% 76.03%
IS - % 2008 2009 2010 2011 2012
CA 52.54% 14.44% 52.02% 65.96% 44.58%
Cost of Revenue 47.90% 5.72% 53.96% 62.95% 36.34%
Gross Profit 61.89% 30.50% 49.13% 70.60% 56.70%
Operating Income 88.95% 40.99% 56.60% 83.79% 63.48%
Net Income Before Taxes 78.73% 34.86% 53.65% 84.49% 63.03%
Net Income After Taxes 75.08% 34.58% 70.16% 84.99% 60.99%
Normalized EBIT 88.95% 40.99% 56.60% 83.79% 63.48%
Normalized EBITDA 85.83% 41.54% 55.41% 84.77% 64.36%
APPLE income statement D%
38
Peers competitors - TR
Ratios - Key Metrics
39
Gross Margin
EBITDA Margin
Operating Margin
Pretax Margin
Effective Tax Rate
Net Margin
APPLE income statement gross margin
peers comparison
40
Gross Margin 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
AAPL.O - Apple Inc 27.52% 27.26% 29.01% 28.98% 33.17% 35.20% 40.14 % 39.38% 40.48% 43.87%
HPQ - Hewlet t-P ack 25.80% 23. 50% 23.00 % 24.00% 24.10% 2 4.00% 23.4 0% 23.70% 23 .20% 22.90%
DELL.O - Dell Inc 17.90% 18.20% 18.40% 17.70% 16.60% 19.10% 17.90 % 17.50% 18.50% 22.30%
C SC O. OQ - Ci sc o Sy 70.10% 68.60% 67.20% 65.80% 63.70% 64.10% 63.90 % 64.00% 61.50% 61.20%
M SI .N - Mo to ro la S 32.40% 33.60% 32.40% 29.70% 48.50% 50.60% 50.10 % 50.00% 50.50% 50.00%
INT C.OQ - I nt el Co 56.70% 57. 70% 59.40 % 51.50% 51.90% 5 5.50% 55.7 0% 65.30% 62 .50% 62.10%
NOK1V.HE - Nokia 41.50% 38.10 % 35.00% 32.50% 33.80% 34.30% 32.40 % 30.20% 29.30% 27.80%
GOOG. OQ - Google I 57.30% 53. 90% 58.00 % 60.20% 59.90% 6 0.40% 62.6 0% 64.50% 65 .20% 59.10%
APP LE 6 6 6 6 6 5 5 5 5 5
average 41.15% 40.11% 40.30% 38.80% 41.46% 42.90% 43.27% 44.32% 43.90% 43.66%
median 36.95% 35.85% 33.70% 31.10% 41.15% 42.90% 45.12% 44.69% 45.49% 46.94%
quartile
27.09,
36.95,
56.85
26.32,
35.85,
54.85
27.51,
33.7, 58.35
27.74,
31.1,
53.68
30.9,
41.15,
53.9
31.73,
42.9,
56.73
30.15,
45.12,
57.43
28.58,
44.69,
64.13
27.78,
45.49,
61.75
26.58,
46.94,
59.63
q q2 q2 q2 q2 q2 q2 q2 q2 q2 q2
APPLE income statement EBITDA margin
peers comparison
41
EBITDA Margi n 2003 2004 20 05 2006 2007 200 8 2 009 20 10 2 011 20 12
AAPL.O - Apple Inc 2 .20 % 5 .9 0% 1 3. 10 % 1 3.9 0% 1 9. 20% 2 3.4 0% 2 8. 90 % 2 9. 50 % 3 2. 90 % 3 7. 40 %
HPQ - Hewl et t -P a c 9.00% 8.60 % 8.40% 10 .0 0% 11.00% 12 .0 0% 13.80 % 1 4.10% 13.70 % 1 2.00%
DELL.O - Dell Inc 8.60% 9.20% 9.20% 8.60% 6.20% 6.80% 6.90% 6.80% 7.80% 9.20%
CSCO.OQ - Cis co Sy 3 3.6 0% 3 4.0 0% 3 4. 10 % 2 9.6 0% 2 9. 00% 2 8.3 0% 2 5. 60 % 2 8. 70 % 2 6. 70 % 2 8. 60 %
MSI.N - Mo toro la S 8 .80 % 1 2.5 0% 1 4. 70 % 1 1.5 0% 3 .6 0% - 9.0 0% 1 3. 90 % 1 4. 80 % 1 6. 70 % 1 7. 00 %
I NT C.O Q - In te l Co 4 3.9 0% 4 3. 90 % 4 3. 00 % 3 1.4 0% 3 5. 30 % 3 8. 00 % 3 1. 30 % 4 6. 40 % 4 4. 00 % 4 1. 50 %
NOK1V.HE - Nokia 20.60 % 17.70 % 15.70 % 15.5 0% 18.30% 14.00 % 10.00 % 9.40% 6.30% -3.20%
GOO G. OQ - Go ogle 2 6.8 0% 3 1. 00 % 3 9. 10 % 3 8.8 0% 3 6. 50 % 3 7. 30 % 4 1. 50 % 4 0. 10 % 3 7. 10 % 3 2. 30 %
APPLE 8 8 6 5 4 4 3 3 3 2
av erage 19 .19% 20.35 % 22.16% 19 .9 1% 19.89% 18.85% 21.49 % 2 3.73% 23.15% 2 1.85%
median 14 .80% 15.10 % 15.20% 14 .7 0% 18.75% 18.70% 19.75 % 2 1.75% 21.70% 2 2.80%
quartile
8.75,
14.8,
28.5
9.05,
15.1,
31.75
12.13,
15.2,
35.35
11.13,
14.7,
30.05
9.8,
18.75,
30.58
10.7,
18.7,
30.55
12.85,
19.75,
29.5
12.93,
21.75,
32.15
12.23,
21.7,
33.95
11.3,
22.8,
33.58
q q1 q1 q2 q2 q3 q3 q3 q3 q3 q4
APPLE income statement gross margin
peers comparison
42
Operating Margi 20 03 20 04 2 00 5 2 00 6 2 00 7 20 08 2 00 9 20 10 2 01 1 2 012
AAPL.O - Apple In -0. 02% 3.78% 11. 79% 12. 70% 17.93% 22. 21% 27.36% 28. 19% 31.22% 35. 30%
H PQ - H ewlet t -Pac 4.00 % 5.20% 3.90% 7.20% 8.40% 8.8 0% 8.80% 9.10 % 7 .60% - 9.20 %
DELL. O - Dell In c 8.0 0% 8 .6 0% 8 .6 0% 7 .9 0% 5 .3 0% 5 .6 0% 5 .20 % 4 .1 0% 5 .70 % 7.1 0%
CSCO.OQ - Cisc o S 25.90% 28.50% 29.90% 24.60% 24.70% 23.90% 20.30% 22.90% 17.80% 21.90%
MSI.N - Motoro la 5 .20% 10.10% 12. 60% 9.50% 3.60% -9. 00% 8.00% 9.40% 9. 40% 14. 30%
INTC.OQ - Intel C 25.00% 29.60% 30.60% 15.80% 20.90% 19.70% 15.60% 35.40% 32.10% 27.40%
NOK1V.HE - Noki 1 7. 00 % 1 4.7 0% 1 3. 60 % 1 3. 30 % 1 5. 60 % 9 .8 0% 2 .9 0% 4 .9 0% -2 .8 0% - 7. 60 %
GOOG.OQ - Google 23.40% 20.10% 32.90% 33.50% 30.60% 25.40% 35.10% 35.40% 30.70% 25.40%
APPLE 8 8 6 5 4 3 2 3 2 1
a ver age 1 3.5 6% 1 5.0 7% 17 .9 9% 1 5.5 6% 1 5.8 8% 1 3.3 0% 1 5.41 % 1 8.6 7% 16 .46 % 1 4.3 2%
me di an 1 2.5 0% 1 2.4 0% 13 .1 0% 1 3.0 0% 1 6.7 7% 1 4.7 5% 1 2.20 % 1 6.1 5% 13 .60 % 1 8.1 0%
quartile
4.9,
12.5,
23.8
7.75,
12.4,
22.2
11,
13.1,
30.08
9.1,
13,
18
7.63,
16.77,
21.85
8,
14.75,
22.63
7.3,
12.2,
22.07
8.05,
16.15,
29.99
7.13,
13.6,
30.83
3.43,
18.1,
25.9
q q1 q1 q2 q2 q3 q3 q4 q3 q4 q4
-
7/23/2019 3 DAFI AF Partea 3 Cont
8/8
octombrie
Prof.dr. Laura Obreja Brasoveanu
APPLE income statement gross margin
peers comparison
43
Pretax Margin 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
AAPL.O - Apple Inc 1 .4 8% 4 .4 7% 1 2.9 8% 1 4.5 9% 20 .37 % 2 3.8 6% 2 8. 12 % 2 8.4 2% 3 1. 60% 3 5.6 3%
HP Q - Hewlet t-P ack ar 4 .0 0% 5.3 0% 4 .1 0% 7 .9 0% 8 .80 % 8 .9 0% 8. 20 % 8 .7 0% 7.1 0% -1 0.0 0%
DELL.O - Dell Inc 8.50% 9.00% 9.00% 8.30% 5.80% 6.30% 5.40% 3.80% 5.40% 6.80%CSCO.OQ - Cisco Syst 2 6.6 0% 3 1. 70% 3 2.4 0% 2 6.8 0% 27 .10 % 2 5.9 0% 2 1. 30 % 2 3.5 0% 1 8. 10% 2 2.1 0%
MSI .N - Mot o ro la So l 5 .9 0% 1 0.5 0% 1 8.2 0% 1 0.8 0% 4 .80 % -1 3.0 0% 9. 10 % 8 .7 0% 9.0 0% 1 4.0 0%
I NT C. OQ - I nt el Co rp 2 4. 70 % 3 0. 50 % 3 2. 50 % 2 0. 00 % 2 3. 90 % 2 0. 40 % 1 6. 20 % 3 6. 80 % 3 2. 90 % 2 7. 90 %
NOK1V.HE - Nokia O 18.1 0% 16.0 0% 14.5 0% 13.9 0% 16.20 % 9.80 % 2.30% 4.20 % -3.10% -8.70%
GOO G. OQ - Go og le In 2 3. 60 % 2 0. 40 % 3 4. 90 % 3 7. 80 % 3 4. 20 % 2 6. 90 % 3 5. 40 % 3 6. 80 % 3 2. 50 % 2 6. 70 %
APPLE 8 8 6 4 4 3 2 3 3 1
average 14.11% 15.98% 19.82% 17.51% 17.65% 13.63% 15.75% 18.87% 16.69% 14.30%
median 13.30% 13.25% 16.35% 14.24% 18.28% 15.10% 12.65% 16.10% 13.55% 18.05%
quartile
5.43,
13.3,
23.88
8.08,
13.25,
22.93
11.98,
16.35,
32.43
10.18,
14.24,
21.7
8.05,
18.28,
24.7
8.25,
15.1,
24.37
7.5,
12.65,
23.01
7.58,
16.1,
30.52
6.68,
13.55,
31.82
2.93,
18.05,
27
q q1 q1 q2 q3 q3 q3 q4 q3 q3 q4
APPLE income statement gross margin
peers comparison
44
Effective Tax Rate 2003 2004 20 05 20 06 2007 2008 2009 20 10 20 11 20 12
AAPL.O - Apple Inc 2 6. 09 % 2 8. 11 % 2 6.5 5% 2 9. 42 % 30 .1 8% 3 1. 61 % 3 1. 75 % 2 4. 42 % 24 .2 2% 2 5. 16 %
HP Q - He wle tt -P ac ka 1 2. 10 % 1 6. 70 % 3 2.3 0% 1 3. 80 % 20 .8 0% 2 0. 50 % 1 8. 60 % 2 0. 20 % 21 .2 0% -
DE LL .O - D ell I nc 2 9. 90 % 2 9. 00 % 3 1.5 0% 2 1. 80 % 22 .8 0% 2 3. 00 % 2 5. 50 % 2 9. 20 % 21 .3 0% 1 7. 60 %
CSCO.OQ - Cisco Syst 2 8. 60 % 2 8. 90 % 2 8.6 0% 2 6. 90 % 22 .5 0% 2 1. 50 % 2 0. 30 % 1 7. 50 % 17 .1 0% 2 0. 80 %
M SI .N - Mo t or ol a So l 32.60% 32.60% 29.50% 29.30% 6.00% - 29.70% 60.70% -0.40% 27.70%
I NT C. OQ - I nt el Co r 2 4. 20 % 2 7. 80 % 3 1.3 0% 2 8. 60 % 23 .9 0% 3 1. 10 % 2 3. 40 % 2 8. 60 % 27 .2 0% 2 6. 00 %
NOK1V.HE - Nok ia 31.80% 30.70% 25.80% 23.70% 18.40% 21.80% 73.00% 24.80% - -
GOO G. OQ - G oo gl e I 6 9. 50 % 3 8. 60 % 3 1.6 0% 2 3. 30 % 25 .9 0% 2 7. 80 % 2 2. 20 % 2 1. 20 % 21 .0 0% 1 9. 40 %
APPLE 3 3 2 8 8 7 7 4 6 4
average 31.85% 29.05% 29.64% 24.60% 21.31% 25.33% 30.56% 28.33% 18.80% 22.78%
median 29.25% 28.95% 30.40% 25.30% 22.65% 23.00% 24.45% 24.61% 21.20% 22.98%
quartile
32,
29.25,
25.62
31.18,
28.95,
28.03
31.53,
30.4,
28.09
28.78,
25.3,
22.93
24.4,
22.65,
20.2
29.45,
23,
21.65
30.21,
24.45,
21.73
28.75,
24.61,
20.95
22.76,
21.2,
19.05
25.79,
22.98,
19.75
q q3 q3 q4 q1 q1 q1 q1 q3 q1 q2
APPLE income statement gross margin
peers comparison
45
Net margin 2 00 3 200 4 2 00 5 2 00 6 2 00 7 20 08 20 09 20 10 20 11 20 12
AAPL.O - Apple 1 .10 % 3 .20 % 9 .5 0% 10 .3 0% 14 .2 0% 1 6.3 0% 1 9.2 0% 2 1.5 0% 2 3. 90 % 2 6.7 0%
HP 3.50% 4.40% 2.80% 6.80% 7.00% 7.00% 6.70% 7.00% 5.60% -10.50%
DELL 6.00% 6.40% 6.10% 6.50% 4.50% 4.80% 4.10% 2.70% 4.30% 5.60%
Cisc o 1 9.00% 22 .50 % 23.1 0% 19 .60% 21.0 0% 2 0.4 0% 17 .0 0% 1 9.40 % 15 .00% 1 7.5 0%
Motorola 4.00% 7.10% 12.80% 7.60% 4.50% -44.40% 6.40% 3.40% 9.00% 10.10%
Intel 18.70% 22.00% 22.30% 14.30% 18.20% 14.10% 12.40% 26.30% 24.00% 20.60%
Nokia 12.40 % 11.10% 10.80% 10.60% 13.20% 7.70% 0.60% 3.20% -3.80% -12.50 %
Go ogle 7 .20% 12 .50 % 23.9 0% 29 .00% 25.3 0% 1 9.4 0% 27 .6 0% 2 9.00 % 25 .70% 2 1.5 0%
APPLE 8 8 6 5 4 3 2 3 3 1
average 8.99% 11.15% 13.91% 13.09% 13.49% 5.66% 11.75% 14.06% 12.96% 9.88%
median 7 .20% 11 .10 % 12.8 0% 10 .60% 14.2 0% 1 4.1 0% 12 .4 0% 1 9.40 % 15 .00% 1 7.5 0%
quartile
4,
7.2,
18.7
6.4,
11.1,
22
9.5,
12.8,
23.1
7.6,
10.6,
19.6
7,
14.2,
21
7,
14.1,
19.4
6.4,
12.4,
19.2
3.4,
19.4,
26.3
5.6,
15,
24
5.6,
17.5,
21.5
q q1 q1 q2 q2 q3 q3 q4 q3 q3 q4
APPLE income statement margins
peers comparison
46
APPLE 198 3 1984 1985 1986 1987 1988 1989 1990 1 991 1992
Gross Margin 48.54% 4 2.04% 41 .73% 53.15% 51.2 9% 51.10% 49.00% 53 .11% 47.47% 43.68%
EBITDA Margin 13.20% 5.70% 9 .50% 17.10% 16.6 0% 17.10% 14.40% 17 .10% 13.90% 14.40%
Operating Margin 13.19% 5.66% 5.36% 14.38% 13.96% 15.24% 12.00% 12 .81% 7.09% 11.37%
Pretax Margin 14.87% 7.20% 6.26% 16.28% 15.42% 16.12% 14.09% 14 .01% 7.92% 12.07%
Effective Tax Rate 47.50% 4 1.33% 49 .00% 50.29% 47.0 0% 39.00% 39.00% 39 .00% 38.00% 38.00%
Net margin 7.80% 4.20% 3.20% 8.10% 8.20% 9.80% 8.60% 8.50% 4.90% 7.50%
APLLE 1993 1994 1995 1996 1997 1998 199 9 2000 2001 2002
Gross Margin 34.20% 25.51% 25.84% 9.84% 19.32% 24.89% 27.65% 27.13% 23.03% 27.92%
EBITDA Margin 7.50% 6.10% 7.10% -11.10% -4.00% 6.40% 7.7 0% 7.70% -4.30% 2.80%
Operating Margin 1.38% 5.68% 6.18% -14.06% -15.11% 4.39% 5.8 5% 6.54% -6.41% 0.30%
Pretax Margin 1.75% 5.44% 6.09% -13.17% -14.76% 5.54% 11.02% 13.68% -0.97% 1.52%
Effective Tax Rate 38.00% 38.00% 37.09% 36.99% 0.00% 6.08% 11.09% 28.02% 28.85% 25.29%
Net margin 1.10% 3.40% 3.80% -8.30% -14.80% 5.20% 9.8 0% 9.80% -0.70% 1.10%
APPLE 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
GrossMargin 27.52% 27.26% 29.01% 28.98% 33.17% 35.20% 40.14% 39.38% 40.48% 43.87%
EBITDA Margin 2.20% 5.90% 13.10% 13.90% 19.20% 23.40% 28.90% 29.50% 32.90% 37.40%
Operating Margin -0.02% 3.78% 11.79% 12.70% 17.93% 22.21% 27.36% 28.19% 31.22% 35.30%
Pretax Margin 1.48% 4.47% 12.98% 14.59% 20.37% 23.86% 28.12% 28.42% 31.60% 35.63%
Effective Tax Rate 26.09% 28.11% 26.55% 29.42% 30.18% 31.61% 31.75% 24.42% 24.22% 25.16%
Net margin 1.10% 3.20% 9.50% 10.30% 14.20% 16.30% 19.20% 21.50% 23.90% 26.70%
APPLE income statement
net margin
47
Teme / sugestii / recomandari
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The Tipping Point, 2000 Malcolm Gladwell
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