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TheFinancialData____ysis——HaierVSSiemensCONTENTS
1.Prefa__
2.CompanyIntroduction
3.Overviewoftheannualreport
4.Thebusinessenviro__ent
5.Theauditors
6.____ysisofthecompanies’financialstatements1Assetsandliabilitiescomparison____ysis2Debt-repayingability____ysis3Operatingcapacity____ysis4Profitability____ysis5Returnoninvestment6Growth7Cashflow
①Cashsolvency
②Cashearningfromsales
③Cashearningfrominvestment
7.Coda
8.Referen__sTheFinancialData____ysis
1.OutlineSin__theoperatingenviro__entsforeconomicentitiesaredynamicaccountingmustalsostaycurrentwithchangingenviro__ents.Onlythencanitpossiblyretainitsrelevan__andreliabilityforeconomicdecision-__king.Internationalaccountingisindirectresponsetotheglobalizationphenomenon.Inordertobetterunderstandinternationalaccountingourgroupchosetwocompanies---SiemensHaier.Wecompareand____ysistheannualfinancialreports.
2.CompanyIntroduction1Siemens:SiemensCompanyiscreatedbyNashvilleVonSiemensin1847anditheadquartersinMunichGermany.SiemensCompanyhasbeen160years.ItiscurrentlyoneoftheworldslargestelectriccompaniesandinEuroperankingsecond.In190countriesitsetupenterprisesanditsemployeesareabout44million.Siemenshasmorethan900000shareholdersandistheworldslargestoneofthelistedcompanies.From__rch2001SiemenssharesontheNewYorkstockexchangeNYSElistedfortrading.Siemensglobalbusinessoperationrespectivelyby13businessgroupsisresponsibleincludingSiemensfinancialservi__Co.LTDandSiemensrealestateassets__nagementgroup.Its__inbusinessscope Infor__tioncommunicationsauto__tioncontrolpowertransportationmedicalsystemlightingandsoon.Wecangoto___.siemens.comtolearnmoreaboutSiemensCompany.2HaierCompany:AsweallknowHaierCompanyheadquartersinQingdaoofourcountry.HaieristheleadingbrandofwhitegoodsgloballyandthemostvaluablebrandinChina.Withits29__nufacturingplants8comprehensiveRD__nters19overseastradingcompaniesacrosstheworldandmorethan60000globalemployeesHaierhasinvolvedintoagiantmultinationalcorporation.AsofthisyearHaierasestablished61tradingcompanies19outsideofChina8design__nters5outsideofChina29__nufacturingfacilities24outsideofChinaand16industrialparks4outsideofChina.Inadditionthecompany__intains58800salesoutletsinover160countries.HaierisachievingitsgoalofbuildingaglobalbrandusingtheThree-in-Onelocalizationstrategy.Haieremploysmorethan50000peoplearoundtheworldandhascreated10000jobsoutsideofthePRC.Wecangoto___.haier.comtolearnmoreaboutHaierCompany.
3.OverviewoftheannualreportTypicallywecanfindsixdifferentsectionsintheannualreports:1FinancialHighlights;2CompanyandProducts;3__nagementDiscussionand____ysis;4FinancialStatementsandFootnotes;5Statementof__nagementResponsibilityandtheReportoftheIndependentAccountants;6BasicCompanyFacts.Andtherearesomeobvioussubstantialdeviationsinourcompanies’annualreportfromthesixsections.Thetwocompaniesh__esomesamekindsofproductsbuttheyh__emoredifferentkindsandtheircoverageoftheproductsisalsoobviouslydifferent.Thedifferentindustryenviro__entandthedifferentgover__entspolicy__kedifferent__nagementdiscussions.Andsoon..Fromtable1wecanknowthatHaieriswell-establishednearlythreeyears.AndSiemensisnotaswellasHaieronthebasicofthedata.
4.Thebusinessenviro__entThebusinessenviro__entinwhichthecompanyisoperatingisimportant.Andthebusinessenviro__ententailseconomiclegalandsocio-politicalfactors.Understandinghowthesefactorsinfluen__thecompanysoperationsandbusinessstrategywillenableustoh__earicherbasisforinterpretingitsfinancialpicture.Haiersdevelopmentconformsthe__croeconomicreformanddevelopmenthasheldtheadvantageousdevelopmentopportunity1993fortherapiddevelopmentof__rketsuc__ssfullysolvedthesorrowraisingcapitalbeforeChinaenterstheWTOwillstrategicshiftingtointernational__rket;SecondlyHaierislocatedintherapideconomicdevelopmenthasaprofoundtraditionalcultureespeciallyintheShandongprovin__islocatedinthefamousenterpriseknownbreedsofQingdaocityconvenienttransportationbesidestheHaiergroupthereareQingdaoHisenseQingdaobinariesAoKe__Qingdaobeerdomesticfamousenterprises.VisibleQingdaoinvariousaspectsh__etolettherapiddevelopmentofenterpriseex__llentenviro__ent.Thereforeintheexternalenviro__entHaierhastheadvantageofsharing.AndHaiergrouph__ebeenproposedfroma__nufacturingintoservi__slogan.“Haierservi__”isneitherpureservi__alsoisnotmerelyproductsbutservi__andproductsofintegration.HaiergroupinLosAngelesAmsterdamTokyoLyonMontrealandsiliconvalleyestablishedoverseasdesigndivisionhelpheadquartersspeciallydevelopedforlocalsconsumptionofelectricalapplian__sproductHaierhasbatchproductionsuitableforEuropeAmericaAsiadifferentconsumerneedsdifferentfunctionofelectricalapplian__sproductthusrapidlyimprovethecompetitivenessoftheenterprises.WithChinashouseholdelectricalapplian__enterprisecontinuouslyrisetechnicalimprovementHaiermustconstantlyimprovescien__andtechnologyinnovationlevelandimprovetheiradvantage.Alsoshouldtowardsmulti-industrydevelopmentdirectioninordertoimprovetheircompetitiveness.FacingHaiersinfor__tizationdomesticpeersaboutiswatchinghaierexternalinfor__tizationlivelywhiletighteningtheirinternalinfor__tizationthisisHaierfa__dthethreat.AlongwiththedevelopmentofHaierHaierbeganbydomesticbegantointernationalconsequen__sof__rchso__nyis__keoverseasenterprisessuchasSONYPanasonicSamsungLGSiemensandsoonbecameHaierrivals.__keitdevelopinternational__rketbysomeobstacles.Siemensasatransnationalenterprisehasitsownadvantagesbutalsofa__thesimilarthreats.
5.TheauditorsInourcapital__rketspublicaccountingfirmsperformanimportantauditattestfunctiontoprovideconfiden__intheintegrityofthosestatements.Wereadthecompanies’auditreporttolearnmoreaboutwhatishappeninginthepublicaccountingprofession.Forexamplewiththe2009auditreportsofthetwocompanieswecanunderstandtheimportan__oftheauditforaccountingwork..Throughtheauditworkcanrestricteconomicactivitiesinvariousnegativefactorscanimprovetheeconomic__nagementlevelandeconomicbenefitandtopromotethesocialandeconomicorderofhealthy.
6.____ysisofthecompanies’financialstatements1Assetsandliabilitiescomparison____ysis—comparisonofstructureper__ntage Haier¥:YuanSiemensinmillionsof€ 200920082007200920082007Totalassets
17497152530.
3812230597777.
6411188965146.13949269446391555Per__ntage%100%100%100%100%100%100%Totalliabilities
8698036544.
264444539269.
254043222732.27370054245143__4Per__ntage%
49.71%
36.34%
36.14%
38.98%
44.94%
47.94%Totalequity
8752239042.
947701057740.
247056129118.08272872738029627Per__ntage%
50.02%
62.97%
63.06%
28.75%
28.98%
32.36%WecanseethatHaier’sdebtstructureisrisingyearbyyearasSiemensisdropping.Buttheyallkeepina__rtainrange.Andtherangeisreasonable.Thecompaniesusethefinancialleverageeffectivelyandalso__oidtherisksbecauseoflotsofliabilities.2Debt-repayingability____ysis Haier¥:Yuan 200720082009Currentassets
7790863868.
227863333591.8412__
5061310.84Currentliabilities
4043222732.
274444539269.
258698036544.26Currentratio
1.
931.
771.48 Siemensinmillionsof€ 200720082009Currentassets479324324244129Currentliabilities43__44245137005Currentratio
1.
091.
021.19ThecalculationshowsthatinHaierCompanyevery1Yuancurrentliabilitiesh__e
1.93Yuanliquiditysupportin
2007.Butthenexttwoyearstheindexdrops.ThisshowsHaier’sdebtsecuritylevelhasdecreased.TheindexofSiemensisgoingupitsdebtsecuritylevelisimproved.3Operatingcapacity____ysis HaierSiemens 2008200920082009totalassetsturnover
2.
522.
050.
830.81inventoryturnover
34.
0423.
884.
103.91Totalassetturnoverreflectsenterpriseassettocreatesalesrevenueability.Thetwocompanies’totalassetsturnoverdecreasesina__allrange.AndHaier’ssalesrevenueabilityisbetterthanSiemensfromthedata.Howevertwoofthemh__egoodasset__nagementefficiency.FromthedataHaier’sindexofinventoryturnoverisalittlehigh.Comparedwith2008theindexin2009hasdecreased.AnywaytheinventoryliquidationabilityofHaierisstrong;theleveltotakefundislow.AndSiemensisnotasgoodasHaierbutitsabilityismorestable.4Profitability____ysis Haier¥:YuanSiemensinmillionsof€ 200720082009200720082009costofgoodssoldratio
0.
740.
770.
810.
670.
730.77operatingincomeratio
0.
050.
040.
030.
270.
270.29netprofitratio
0.
040.
030.
030.
030.
080.06Thetwocompanies’costofgoodssoldratioislow.Thisshowstwoofthemh__eahighleveloncostcontrol.Andtheoperatingincomeratioofthemkeepsastablelevel.Salesnetinterestrateperunitreflectstheenterprisesalesincomegainedintheamountofthenet.Siemens’netprofitratiohasamodestincreasewhileHaierstaythesameonthewhole.Allaboveindicatebothofthemkeepastableprofitabilitythroughthedailybusinessactivities.5Returnoninvestment HaierSiemens 2008200920082009returnontotalassetsROA
9.71%
5.92%
22.62%
22.05%returnonequityROE
13.26%
9.17%
20.65%
14.77%ROAisanimportantkindoffinancialindicators.Theindexembo___stherelationshipbetweentheassetsusingefficiencyandthefundapplicationeffect.ROAofHaierdecreasesby
3.79%in2009comparedwith
2008.ThisindicatesthatHaier’sabilityofreturnoninvestmentdecreases.Sothecompanyshouldpayattentions.AndSiemens’ROAjustdecreasesby
0.57%.Itdoesn’t__tterandjustkeepthislevel.ROEanindexthatbasedontheowners’equityassessesthecompany’senterpriseprofitabilityandinvestmentrewardability.ThoughROEofthetwocompaniesdecreasedin2009theyarestillinthefrontrow.6Growth HaierSiemens 2008200920082009netassetsgrowthratio
0.
090.
140.
0760.003salesgrowthratio
0.
030.
080.
0670.009totalassetsgrowthratio
0.
090.
430.
0320.005Thenetassetsgrowthratioreflectsthecapitalaccumulationofacompany.Itisasymboltoshowacompany’sstronganditisthesour__ofacompany’sexpandedreproduction.Haier’snetassetsgrowthratioisalittlelow.Haierhastheabilitytoimproveitscapitalpreservation___.TheindexofSiemensisnegative.Itshowsowners’equityisda__ged.Salesgrowthratioofthetwocompaniesisalmostequaltozeroandevenlessthanzero.Theyshouldpaymoreattentiontoproductsales.Assetsaretheresour__ofearningrevenuesandthesecurityofdebtrepayment.ThetotalassetsgrowthratioofHaierandSiemensisalmostequaltozero.Thisindicatesbothofthemh__eadoptedconservativedevelopmentstrategies.7Cashflow
①Cashsolvency: Haier¥:YuanSiemensinmillionsof€ 200720082009200720082009cashflowtocurrentdebtratio
31.
6329.
6553.
1922.
3821.
8618.13ThistableshowsHaierandSiemensh__eaflushliquidity.
②Cashearningfromsales: Haier¥:YuanSiemensinmillionsof€ 200720082009200720082009cashflowtonetsalesratio
4.
344.
3314.
0313.
5612.
008.75cashflowtonetprofitratio
169.
55134.
63336.
55243.
24157.
68268.68cashflowtooperatingprofitratio
73.
49115.
87525.
6447.
4344.
1032.14ThecashflowtonetsalesratioofHaierisincreasingyearbyyear.Itsabilityofcashearningfromsalesisimproving.ButSiemensisdecreasing.Siemensshouldpayattention.AccordingtothecashflowtonetprofitratioHaierandSiemensonthebasisofnetprofitachievedtheirabilitytoachievethenetcashflowfromoperatingactivitiesishigh.Thecashflowtooperatingprofitratioreflectstheabilityofacompanytoachievethenetcashflowfromoperatingactivitiesonthebasisofnetprofitachieved.Bothofthemh__eahighabilityandHaierishigherthanSiemens.
③Cashearningfrominvestment Haier¥:YuanSiemensinmillionsof€ 200720082009200720082009cashflowtonetassetsratio
18.
1217.
1152.
8633.
1533.
9024.59cashflowtototalassetsratio
11.
4310.
7726.
4410.
739.
837.07Cashflowtonetassetsratioinflectsthecompany’sabilitytoachievethenetcashflowfromoperatingactivitieswithtotalassetsinput.Haierhasthestrongability.WhileSiemensdecreasedin
2009.HoweverSiemens’thisabilityisstillsatisfactory.Cashflowtototalassetsratioshowsthecashreturnabilitywiththecashinputbyownersofenterprises.Haier’sthisabilityisclearlystrongerthanSiemens.Siemensshouldpaymoreattention.
7.CodaAllaboveHaierandSiemensareworthyofwell-knownenterprises.AndHaierisobviouslybetterthanSiemensfromthedata.Moreovertodayisadvocatingenergy-s__ingandenviro__entalprotection.Enviro__entreportismoreandmoreimportant.HaierandSiemensh__erealizedthisearly.Theyh__epaidattentiontokeepenergys__ingandenviro__ental.ButIalsowanttoraiseaquestionaboutthis:whethertheusedproductswhichcustomerseliminatedshouldberecycled.Iftheysolvethisquestionitwillbeawaytoincreaseresour__utilizationrate.
8.Referen__s1Haierannualreports:2007200820092Siemensannualreports:200720082009。