2 DAFI AF Partea 2 Bilant 1

octombrie 15

Prof.dr. Laura Obreja Brasoveanu 1

Analiza financiara -partea2

interpretareadocumentelor contabile

BILANTUL

Prof.dr. Laura OBREJA BRASOVEANU

ASE- BucurestiMaster oct 2015

1

Documente contabile….

“Financial statements are like fine perfume; to be sniffed but not swallowed”

Abraham Brillof

2

Documentele contabile….Activitatea operationala – finantele firmei:

Activitatea companiei, modul de operare, strategia competitionala … influenteaza structura financiara a firmei

Deciziile financiare … pot influenta semnificativ activitatea operationala

3

Documentele contabile… “sanatatea” companiei

Bilant (balance sheet) – pozitia financiara la un moment dat

Cont de profit si pierdere (income statement) –venituri si cheltuieli in perioada analizata

Tabloul fluxurilor de trezorerie (cash flow statement) – incasari si plati in perioada analizata

4

Tehnici de analiza utilizate• Analiza orizontala – modificarea anuala din

2 ani consecutivi – modificarea fiecarui element, cauze si efecte favorabile sau nefav.

• Analiza trendului – analiza orizontala pentru mai mult de 3 ani – modificare absoluta sau relativa

• Analiza verticala – ponderea fiecarui element in total; surprinde corelatii intre elemente

• Analiza prin rate

5

Bilant, cont, tabloul CF:

Active0 = Datorii0 + CPR0TN Capitalul actionarilorTabloul CF: Cont PP:Exploatare Bilant venituriInvestitii cheltuieliFinantareActive1 = Datorii1 + CPR1

6

octombrie 15


7 8

Analiza pebaza bilantului(Balance Sheet analysis)

9

Analiza pe baza bilantuluiACTIV = DATORII +CAPITALASSETS=LIABILITIES+SHAREHOLDERS’EQUITY

- la nivel global- la nivel individual (exemple)

SCOP - interpretare:

• Analiza echilibrului financiar• Analiza structurii activului/pasivului• Analiza dinamicii elementelor de activ/pasiv• Analiza riscului - rate

10

Analiza financiara pe baza bilantului

Formatul bilantului:

A. Active imobilizate (imobilizari necorporale, corporale, financiare)

B. Active circulante (stocuri, creante, investitii financiare pe termen scurt, casa si conturi la banci)

C. Cheltuieli in avans

D. Datorii ce trebuie platite intr-o perioada mai mica de un an

E. Active circulante nete, respectiv datorii curente nete

F. Total active minus datorii curente

G. Datorii ce trebuie platite intr-o perioada mai mare de un an

H. Provizioane pentru riscuri si cheltuieli

I. Venituri in avans

J. Capital si rezerve11


12

octombrie 15


Pregătirea informaţiilor contabile pentru analiza financiară

Corecţii ale activului:• Încadrarea activelor cu termen lichiditate > 1an în active

permanente şi a activelor cu termen de lichiditate < 1 an înactive temporare/curente

• Eliminarea activelor considerate dpdv. financiar fictive –ch.constituire

• Eliminarea amortizării şi a provizioanelor aferente activelorCorecţii ale datoriilor si capitalurilor proprii (pasivului):• Încadrarea pasivelor cu termen exigibilitate > 1an în pasive

permanente şi a pasivelor cu termen de exigibilitate < 1 an înpasive temporare/curente

• Eliminarea valorii aferentă activelor considerate dpdv. financiarfictive – ch.constituire

• Repartizarea profitului net : creşterea capitalurilor proprii (profit reinvestit) sau / şi distribuirea de dividende 13 14

SITUATII FINANCIARE

AGENTI ECONOMICIINSTITUTII PUBLICE ORGANIZATII NONGUVERNAMENTALEetc

Analiza financiara pe baza bilantului financiar Scopul: analiza situatiei financiare pe baza bilantului –

echilibrul financiar prin compararea resurselor pe termen lung/scurt cu utilizarile pe termen lung/scurt

Activ Pasiv Active permanente

- imobilizari necorporale - imobilizari corporale - imobilizari financiare

Active curente (temporare)

- stocuri - creante-clienti - …………(alte active curente) - active de trezorerie (cash in

casa sau cont curent)

Pasive permanente - capital propriu - datorii pe termen lung

Pasive curente (temporare)

- furnizori - datorii financiare pe termen

scurt - …………..(alte pasive curente) - Pasive de trezorerie

15


Indicatorii de echilibru financiar:fondul de rulment FR = Pasive permanente – Active permanente activ curent net (net working capital)ACN= Active curente – Pasive curenteNecesar de fond de rulmentNFR = (Active curente – Active de trezorerie) – (Pasive curente – Pasive de

trezorerie) Trezoreria netaTN = FR – NFR = Active de trezorerie – Pasive de trezoreriecash-flow CF=ΔTNactiv economicAE = Pasive permanente = CPR + DAT termen lung = Active imobilizate + ACN

Active permanente

Pasive permanente

FR=ACN

Active curente

Pasive curente

16

Indicatori de echilibru financiar

Firma A B C D E F Gpasive permanente 1000 1000 1000 1000 1200 800 600pasive de trezorerie 100 100 100 100 80 120 140pasive curente 800 800 800 800 600 1000 1200pasiv 1800 1800 1800 1800 1800 1800 1800active permanente 700 600 1000 1400 700 700 700active de trezorerie 200 150 150 110 200 200 200active curente 1100 1200 800 400 1100 1100 1100activ 1800 1800 1800 1800 1800 1800 1800

FR 300 400 0 -400 500 100 -100ACN 300 400 0 -400 500 100 -100NFR 200 350 -50 -410 380 20 -160TN 100 50 50 10 120 80 60AE 1000 1000 1000 1000 1200 800 600

17

?????????????Cum interpretati - valoarea negativa a fondului de rulment? -cresterea fondului de rulment?- valoarea pozitiva a necesarului de fond de rulment?- cresterea necesarului de fond de rulment?- valoarea negativa a trezoreriei nete?- cresterea trezoreriei nete?

18

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Analiza financiara pe baza bilantului –strategii de dimensionare a fondului de

rulment

19

Analiza bilantului financiarAlte variante de analiza a bilantului

Prin procent din total activ/pasiv – se analizeaza structura bilantuluiPrin variatia procentuala a fiecarui

element de activ/pasivPrin durate de rotatie – se analizeaza

rotatia prin CA a elementelor din bilantPrin ponderea in cifra de afaceri – se

analizeaza ponderea in CA a elementelor din bilant 20

Analiza bilantului financiar -rate

Rate de lichiditatelichiditatea curenta (current ratio)lichiditatea rapida (acid test ratio;

quick ratio)lichiditatea la vedere (cash ratio)

Rata de indatoraregradul de indatorarerata datorii-capital (debt equity

ratio)Rata de solvabilitate

21


exemplu FIRMABILANT

2013 2014

active imobilizate 1360 1840

imobilizari necorporale 200 300

imobilizari corporale 1000 1300

imobilizari financiare 160 240

active circulante 576 804

stocuri de materii prime 120 160

stocuri de produse finite 80 140creante comerciale 200 250alte creante 20 30investitii financiare pe termen scurt20 24casa si conturi la banci 136 200

activ 1936 2644

datorii <1 an 276 360

datorii comerciale 222 280alte datorii 54 80active circulante nete 300 444datorii >1 an 450 760

sume datorate institutiilor de credit450 760

capital si rezerve 1210 1524capital social 770 1184rezerve 440 340

22

Analiza financiara pe baza contului de profit si pierdere

– exemplu FIRMA

Cont de profit si pierdere2014

cifra de afaceri 1370productia socata 60cheltuieli cu materii prime 330cheltuieli salariale 100ch.amortizari si provizioane de exploatare244alte cheltuieli de exploatare 20rezultat de exploatare 736

venituri financiare 140cheltuieli financiare 80rezultat curent 796venituri extraordinare 40cheltuieli extraordinare 36rezultat brut 800impozit pe profit 128profit net 672


exemplu FIRMA2013 2014

Active permanente 1360 1840Active temporare 576 804 din care A.trezorerie 156 224Pasive permanente 1660 2284

din care capital propriu 1210 1524 dat.term.lg 450 760Pasive temporare 276 360

2013 2014FR 300 444Δ FR 144Δ capital propriu 314Δ dat.term.lg 310Δ imobilizari 480ACN 300 444Δ ACN 144

100Δ creante comerciale 50Δ alte creante 10

68Δ datorii comerciale 58Δ alte datorii 26NFR 144 220Δ NFR 76TN 156 224CF 68AE 1660 2284

Δ stocuri

Δ active de trezorerie

Interpretare???

24

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exemplu FIRMABilant - structura

2013 2014 2013 2014Active permanente 70.2% 69.6% Pasive 85.7% 86.4%imobilizari necorporale 10.3% 11.3% capital propriu 62.5% 57.6%imobilizari corporale 51.7% 49.2% datorii > 1 an 23.2% 28.7%imobilizari financiare 8.3% 9.1%Active temporare 29.8% 30.4%stocuri de materii prime 6.2% 6.1%stocuri de produse finite 4.1% 5.3% Pasive temporare 14.3% 13.6%creante comerciale 10.3% 9.5% datorii comerciale 11.5% 10.6%alte creante 1.0% 1.1% alte datorii 2.8% 3.0%active de trezorerie 1.0% 0.9%Total activ 100.0% 100.0% Total pasiv 100.0% 100.0%

25


exemplu FIRMABilant - modificare relativa

2014 2014Active permanente 35.3% Pasive permanente 37.6%imobilizari necorporale 50.0% capital propriu 26.0%imobilizari corporale 30.0% datorii > 1 an 68.9%imobilizari financiare 50.0%Active temporare 39.6%stocuri de materii prime 33.3%stocuri de produse finite 75.0% Pasive temporare 30.4%creante comerciale 25.0% datorii comerciale 26.1%alte creante 50.0% alte datorii 48.1%active de trezorerie 43.6%Total activ 36.6% Total pasiv 36.6%

26


exemplu FIRMABilant - durate de rotatie

2013 2014 2013 2014

Active permanente 612 484 Pasive permanente 747 600imobilizari necorporale 90 79 capital propriu 545 400imobilizari corporale 450 342 datorii > 1 an 203 200imobilizari financiare 72 63Active temporare 259 211stocuri de materii prime 54 42stocuri de produse finite 36 37 Pasive temporare 124 95creante comerciale 90 66 datorii comerciale 100 74alte creante 9 8 alte datorii 24 21active de trezorerie 70 59Total activ 871 695 Total pasiv 871 695

27


exemplu FIRMABilant - procent din CA

2013 2014 2013 2014Active permanente 170% 134% Pasive permanente 208% 167%imobilizari necorporale 25% 22% capital propriu 151% 111%imobilizari corporale 125% 95% datorii > 1 an 56% 55%imobilizari financiare 20% 18%Active temporare 72% 59%stocuri de materii prime 15% 12%stocuri de produse finite 10% 10% Pasive temporare 35% 26%creante comerciale 25% 18% datorii comerciale 28% 20%alte creante 3% 2% alte datorii 7% 6%active de trezorerie 20% 16%Total activ 242% 193% Total pasiv 242% 193%

28

Seminar

– analiza pe bazabilantului

Prof.dr. Laura OBREJA BRASOVEANU

ASE- BucurestiMaster DAFI / FABBV

2015 - 2016

Documentele contabile… “sanatatea” companiei

Bilant (balance sheet) – pozitia financiara la un moment dat

Cont de profit si pierdere (income statement) –venituri si cheltuieli in perioada analizata

Tabloul fluxurilor de trezorerie (cash flow statement) – incasari si plati in perioada analizata

octombrie 15


Tehnici de analiza utilizate• Analiza orizontala – modificarea anuala din

2 ani consecutivi – modificarea fiecarui element, cauze si efecte favorabile sau nefav.

• Analiza trendului – analiza orizontala pentru mai mult de 3 ani – modificare absoluta sau relativa

• Analiza verticala – ponderea fiecarui element in total; surprinde corelatii intre elemente

• Analiza prin rate


Indicatorii de echilibru financiar:fondul de rulment FR = Pasive permanente – Active permanente activ curent net (net working capital)ACN= Active curente – Pasive curenteNecesar de fond de rulmentNFR = (Active curente – Active de trezorerie) – (Pasive curente – Pasive de

trezorerie) Trezoreria netaTN = FR – NFR = Active de trezorerie – Pasive de trezoreriecash-flow CF=ΔTNactiv economicAE = Pasive permanente = CPR + DAT termen lung = Active imobilizate + ACN

Active permanente

Pasive permanente

FR=ACN

Active curente

Pasive curente

Analiza financiara pe bazabilantului

Indicatorii de echilibru financiar –

comparatie cu alte companii:

FR/AE

NFR/FR

TN/FR

CPR/AE; Dat t lg/AE

alte rate ???

Analiza financiara pe baza bilantului -comparatie cu alte companii

Ratios - Key Metrics:

Leverage: Assets/Equity, Debt/Equity; % LT Debt to Total

Capital

Liquidity: Quick Ratio; Current Ratio

Operating: A/R Turnover, Avg. A/R Days, Inv Turnover, Avg.

Inventory Days, Avg. A/P Days, Fixed Asset Turnover, WC /

Sales Growth

Ratios - Profit/Value/Risk:

Profitability/Return: Sales/Receivables, Revenue/Inventory,

Revenue/Wk Cap, Revenue/Tot Assets

Value: Hist Price/Bk, Tot Eqty

Analiza bilantului financiarAlte variante de analiza a bilantului

Prin procent din total activ/pasiv – se analizeaza structura bilantuluiPrin variatia procentuala a fiecarui

element de activ/pasivPrin durate de rotatie – se analizeaza

rotatia prin CA a elementelor din bilantPrin ponderea in cifra de afaceri – se

analizeaza ponderea in CA a elementelor din bilant

Analiza bilantului financiar -rate

Rate de lichiditatelichiditatea curenta (current ratio)lichiditatea rapida (acid test ratio;

quick ratio)lichiditatea la vedere (cash ratio)

Rata de indatoraregradul de indatorarerata datorii-capital (debt equity

ratio)Rata de solvabilitate

octombrie 15


Studii de caz• Analiza pe baza ratelor – studiu de caz Holly

Fashion

• Analiza bilant si cont de profit si pierdere –studiu de caz APPLE

Studii de caz Analiza pe baza ratelor – studiu de caz Holly Fashion

t t+1 t+2 t+3Sales 985 1040 1236 1305.1Cost of goods 748.6 774.8 928.2 978.8Gross margin 236.4 265.2 307.8 326.3Administrative 169.4 202.8 236.1 249.3Depreciation 10.8 11.4 13.6 14.4EBIT 56.2 51 58.1 62.6Interest 7 6 5 4EBT 49.2 45 53.1 58.6Taxes 19.7 18.0 21.2 23.4Net income 29.5 27.0 31.9 35.2

EXHIBIT 1HOLLY FASHIONS' Income Statement -- t - t+3 (000s)


t t+1 t+2 t+3ASSETSCash 40.4 51.9 38.6 10.6Receivables 153.2 158.9 175.1 224.8Inventory 117 121.1 193.4 191.9Other current assets 5.9 6.2 7.4 7.8Current assets 316.5 338.1 414.5 435.1Gross fixed 44.8 58.9 78.1 96.4Accumulated depreciation 12 23.4 37 51.4Net fixed 32.8 35.5 41.1 45Total assets 349.3 373.6 455.6 480.1

LIABILITIES & NET WORTHAccounts payable 53.8 54.7 86.2 84.2Debt due 10 10 10 10Accruals 19.7 26 24.7 26.1Current liabilities 83.5 90.7 120.9 120.3Long-term debt 60 50 40 30Common stock 150 150 180 180Retained earnings 55.8 82.8 114.6 149.8Total L&NW 349.3 373.5 455.5 480.1

EXHIBIT 2Balance Sheet of the HOLLY FASHIONS company -- t - t+3


t t+1 t+2 t+3 Industry average t - t+3*liquidity ratios current 3.8 3.7 3.4 3.6 2.6 1.7 1.3 quick 2.4 2.4 1.8 2.0 1.6 0.8 0.6leverage ratios debt% 41% 38% 35% 31% 41% 57% 71% times interest earned 8.0 8.5 11.6 15.7 7.4 3.9 1.3activity ratios inventory turnover 8.4 8.6 6.4 6.8 8.1 6 3.5 fixed assets turnover 30.0 29.3 30.1 29.0 40 25 12 total assets turnover 2.8 2.8 2.7 2.7 3.5 2.8 2 average collection period 56 55 51 62 41 50 68 day purchases outstanding (average payment period) **26 25 33 31 18 25 32profitability ratios gross margin 24.0% 25.5% 24.9% 25.0% 28% 26% 24% net profit margin 3.0% 2.6% 2.6% 2.7% 4.20% 3.10% 1.20% return on equity 14.3% 11.6% 10.8% 10.7% 27.30% 19.50% 7.80% return on total assets 8.5% 7.2% 7.0% 7.3% 11.80% 8.70% 3.40%operating margin *** 6.8% 6.0% 5.8% 5.9% 9.90% 7.20% 3.10%

EXHIBIT 3FINANCIAL RATIOS FOR THE HOLLY FASHION COMPANY -- t - t+3

Diagnostic – Holly Fashions

• Cerintele 1 – 9• Vezi pdf cu studiul de caz

REZOLVARE t t+1 t+2 t+3 average Industry average t - t+3 * qliquidity ratios current =current assets/current liabilities3.8 3.7 3.4 3.6 3.6 2.6 1.7 1.3 q4 quick =(current assets-inventories)/current liabilities2.4 2.4 1.8 2.0 2.2 1.6 0.8 0.6 q4leverage ratios debt% =(current liabilit ies+long term debt)/t otal41% 38% 35% 31% 36% 41% 57% 71% q4 times interest earned =EBIT/interest 8.0 8.5 11.6 15.7 10.9 7.4 3.9 1.3 q4activity ratios inventory turnover =sales/inventory 8.4 8.6 6.4 6.8 7.5 8.1 6 3.5 q3 fixed assets turnover =sales/net f ixed assets 30.0 29.3 30.1 29.0 29.6 40 25 12 q3 total assets turnover =sales/total assets 2.8 2.8 2.7 2.7 2.8 3.5 2.8 2 q2 average collection period =receivables*360/sales 56 55 51 62 56.0 41 50 68 q2 day purchases outstanding (average payment period) **26 25 33 31 28.9 18 25 32 q1profitability ratios gross margin =gross margin/sales 24.0% 25.5% 24.9% 25.0% 24.9% 28% 26% 24% q2 net profit margin =net income/sales 3.0% 2.6% 2.6% 2.7% 2.7% 4.20% 3.10% 1.20% q2 return on equity =net income/equity 14.3% 11.6% 10.8% 10.7% 11.9% 27.30% 19.50% 7.80% q2 return on total assets =net income/tot al assets 8.5% 7.2% 7.0% 7.3% 7.5% 11.80% 8.70% 3.40% q2operating margin *** =(EBIT+depreciation)/sales 6.8% 6.0% 5.8% 5.9% 6.1% 9.90% 7.20% 3.10% q2

octombrie 15


Studii de caz

• Analiza bilant si cont de profit si pierdere –studiu de caz APPLE

Analiza financiara - APPLE

Analiza financiara - APPLE

Daily QAAPL.O 3/5/2008 - 10/8/2013 (EST)

BarOHLC, QAAPL.O, Trade Price10/1/2013, 478.45, 489.14, 478.38, 487.96, N/A, N/ASMA, QAAPL.O, Trade Price(Last), 2010/1/2013, 480.15

PriceUSD

.12100

150

200

250

300

350

400

450

500

550

600

487.96480.15

Vol, QAAPL.O, Trade Price10/2/2013, 63,949.00 Volume

.12A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O

2008 2009 2010 2011 2012 2013

Name Last PE EPS DPS Div. Yld (%) ROE (%) P/Book P/Sales Mcap (USD)

Apple Inc 498.68 12.39 40.04 12.20 2.46 42.84 3.81 2.88 450,650,851,880Sector average (Mean) 141.49 2.16 2.22 2.37 -0.17 3.51 2.42 25,121,952,839Sector median 20.11 0.63 0.95 2.39 9.85 2.32 1.70 1,563,766,158EMC Corp 24.65 20.11 1.26 0.40 1.58 13.12 2.36 2.43 52,832,882,679Hewlett-Packard Co 22.79 -- -1.59 0.58 2.54 -41.43 1.96 0.37 44,009,764,722Del l Inc 13.83 18.17 0.76 0.32 2.31 24.21 2.28 0.43 24,344,622,626Western Digi tal Corp 68.32 17.65 3.90 1.00 1.45 12.59 2.06 1.06 16,248,980,039SanDisk Corp 62.69 21.54 2.93 0.90 1.43 5.83 2.09 3.00 15,151,755,7323D Systems Corp 53.90 119.90 0.45 -- -- 10.59 11.36 15.44 5,458,571,821Diebold Inc 29.71 -- -1.71 1.15 3.77 10.09 3.02 0.80 2,389,463,696SYNNEX Corp 59.30 14.87 4.09 -- -- 12.22 1.73 0.22 2,286,524,483Lexmark International Inc 34.76 17.35 2.03 1.20 3.41 7.95 1.72 0.58 2,202,727,516Cardtronics Inc 38.03 35.76 1.07 -- -- 33.65 11.64 2.20 1,716,376,345Synaptics Inc 52.16 17.26 2.86 -- -- 21.54 3.06 2.40 1,595,866,976Electronics For Imaging Inc 33.19 18.36 1.83 -- -- 13.70 2.40 2.40 1,563,766,158Fusion-io Inc 13.71 -- -0.40 -- -- -8.04 2.88 3.27 1,411,999,219ScanSource Inc 34.68 28.66 1.24 -- -- 5.14 1.43 0.35 997,057,980QLogic Corp 10.86 19.51 0.56 -- -- 9.85 1.30 1.97 954,933,210Cray Inc 22.90 1,810.71 0.01 -- -- 63.56 2.73 2.21 931,352,218Super Micro Computer Inc 14.16 29.89 0.48 -- -- 5.98 1.64 0.53 614,063,460Violin Memory Inc 7.24 -- -8.02 -- -- -245.52 13.36 8.09 597,317,813Si li con Graphics International Corp

14.31 -- -0.10 -- -- -2.34 3.86 0.66 502,796,397

Steel Excel Inc 29.50 41.70 0.71 -- -- 5.67 0.86 3.71 371,710,237Quantum Corp 1.47 -- -0.13 -- -- -- -- 0.63 368,902,124Mercury Systems Inc 8.47 -- -0.44 -- -- -3.99 0.91 1.44 299,681,066Ci tadel EFT Inc 10.5 c -- -- -- -- -- -- -- 282,606,492Agi lysys Inc 11.78 161.51 0.07 -- -- -1.14 2.32 1.12 264,246,098

1 - 25 of 25

APPLE – sector competitors - TRBC - Computer Hardware, Top 25, United States

APPLE – peers competitors - economic sector -- technology

market cap (USD Mill)enterprise value (USD Mill) economic sector industry groupApple 483239 457591 technology computers&office equipment

HPQ.N Hewlett-Packard 45893 57765 technology computers&office equipmentDELL.OQ Dell Inc 24353 19336 technology computers&office equipment

CSCO.OQ Cisco System Inc 120475 86084 technology communications equipmentMSI.N Motorola Solutions Inc 16172 15773 technology communications equipment

INTC.OQ Intel Corp 118472 112833 technology semiconductor equipmentNOK1V.HE Nokia Oyj 26737 22331 technology communications equipmentGOOG.OQ Google Inc 342695 291419 technology software&IT services

Asset s ($ Thousands)

Cash and Short Term Investments

Cash & Equivalent s

Short Term Investments

Accounts Receivable - Trade, Net

Accounts Receivable - T rade, Gross

Provision for Doubt ful Accounts

Total Receivables, Net

Receivables - Other

Total Inventory

Inventories - Finished Goods

Inventories - Work In Progress

Inventories - Other

Prepaid Expense s

Other Current Asse ts, Total

Deferred Income Tax - Current Asset

Other Current Asset s

Total Current Assets

Property/Plant/Equipment, T otal - Gross

Buildings - Gross

Land/Improvements - Gross

Machinery/Equipment - Gross

Prope rty/Plant/Equipment, Total - Net

Accumulated Depreciation, T otal

Goodwill , Net

Intangible s, Net

Intangibles - Gross

Accumulated Intangible Amortization

Long Term Investme nts

LT Investment - Affiliate Companies

LT Investments - Other

Note Receivable - Long Te rm

Other Long Term Assets, Total

Defered Income Tax - Long Term Asset

Other Long Term Assets

long term assets

Total Assets

octombrie 15


Other Current Asset sLiabilities ($ Thousands)

Accounts Payable

Payable/Accrued

Accrued Expenses

Notes Payable/Short Term Debt

Current Port. of LT Debt/Capital Leases

O ther Current liabil ities, Total

Customer Advances

Income Taxes Payable

Other Current Liabilities

Total Current Liabilities

Total Long Term Debt

Long Term Debt

Capital Lease Obligations

Total Debt

Deferred Income Tax

Deferred Income Tax - LT Liability

Minority Interest

Other Liabilities, Total

Other Long Term Liabilities

Total Liabilities

Shareholders Equity ($ Thousands)

Redeemable Preferred Stock, Total

Preferred Stock - Non Redeemable, Net

Preferred Stock - Non Redeemable

Common Stock, Total

Common Stock

Addit ional Paid-In Capital

Retained Earnings (Accumulated Deficit)

Treasury Stock - Common

ESOP Debt Guarantee

Unrealized Gain (Loss)

Other Equity, Total

Translat ion Adjustment

Other Comprehensive Income

Total Equity


balance debt/equitynet

debt/EBITDA

interest

coverage

current

ratioquick ratio

inventory

turnoveraccts rec DSO

sheet latest LTM LTM latest latest latest latestApple 13.70% NA NA 1.90 1.80 60.80 34.50peer median 63.20% 0.90 12.50 2.30 1.90 13.30 60.00peer average 55.10% 0.90 36.10 2.30 2.10 24.10 58.80HPQ.N 100.60% 0.90 12.20 1.10 0.90 13.30 58.90DELL.OQ 63.20% NA 10.70 1.20 1.10 33.20 60.00CSCO.OQ 27.40% NA 14.40 3.00 2.90 13.80 67.20MSI.N 92.00% NA 12.50 2.30 2.00 4.60 77.70INTC.OQ 24.40% NA 163.10 2.30 1.90 4.50 24.30NOK1V.HE 72.20% NA -0.10 1.30 1.20 10.30 72.20GOOG.OQ 6.30% NA 39.80 4.80 4.70 89.20 51.20

profitability ROE ROAGross

margin

operating

margin

operating

margin 5Y

pretax

marginnet margin

Apple 32.10% 20.80% 38.30% 29.50% 31.10% 30% 22.30%peer median 15.50% 9.10% 49.30% 13.90% 6.60% 13.40% 12.70%peer average 12.10% 6.60% 42.80% 11.90% 15.90% 11.80% 9.50%HPQ.N -11.20% -2.80% 23% -1.10% 5.10% -1.80% -2.80%DELL.OQ 13% 3% 20.20% 3.20% 5.50% 2.80% 2.40%CSCO.OQ 31.40% 18% 60.60% 23% 35% 23.10% 20.50%MSI.N 33.40% 9.10% 49.30% 13.90% 6.60% 13.40% 12.70%INTC.OQ 18.10% 11.50% 59% 22.60% 27% 23.40% 18.10%NOK1V.HE -15.40% -4.50% 31% -1.50% 2.40% -2.70% -4.90%GOOG.OQ 15.50% 12.10% 56.70% 23.40% 29.90% 24.40% 20.50%


2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Active permanente 928,000 995,000 1,216,000 2,696,000 3,391,000 6,165,000 15,946,000 33,505,000 71,383,000 118,411,000Property/Plant/Equipment, Total - Net

Imobilizari corporale 669,000 707,000 817,000 1,281,000 1,832,000 2,455,000 2,954,000 4,768,000 7,777,000 15,452,000Goodwill, Net; Intangibles, Net

Imobilizari necorporale 109,000 122,000 96,000 177,000 420,000 559,000 559,000 1,083,000 4,432,000 5,359,000Long Term Investments;

Note Receivable - Long TermImobilizari financiare

0 0 0 0 0 2,379,000 10,528,000 25,391,000 55,618,000 92,122,000Other Long Term Assets, Total

alte imobilizari 150,000 166,000 303,000 1,238,000 1,139,000 772,000 1,905,000 2,263,000 3,556,000 5,478,000

Active curente 5,887,000 7,055,000 10,300,000 14,509,000 21,956,000 30,006,000 31,555,000 41,678,000 44,988,000 57,653,000Total Inventory stocuri 56,000 101,000 165,000 270,000 346,000 509,000 455,000 1,051,000 776,000 791,000Accounts Receivable - T rade, Net

creante clienti 766,000 774,000 895,000 1,252,000 1,637,000 2,422,000 3,361,000 5,510,000 5,369,000 10,930,000

Receivables - Other alte creante 0 276,000 0 1,593,000 2,392,000 2,282,000 1,696,000 4,414,000 6,348,000 7,762,000

Other Current Assets, Total alte active curente 499,000 440,000 979,000 1,076,000 1,778,000 2,207,000 2,270,000 5,083,000 6,543,000 9,041,000Prepaid Expenses ch avans 0 0 0 208,000 417,000 475,000 309,000 0 0 0Cash and Short Term Investments

Active de trezorerie 4,566,000 5,464,000 8,261,000 10,110,000 15,386,000 22,111,000 23,464,000 25,620,000 25,952,000 29,129,000

Activ total 6,815,000 8,050,000 11,516,000 17,205,000 25,347,000 36,171,000 47,501,000 75,183,000 116,371,000 176,064,000Pasive permanente 4,458,000 5,399,000 8,029,000 10,762,000 16,067,000 24,810,000 35,995,000 54,461,000 88,401,000 137,522,000

Total Equity Capital propriu 4,223,000 5,076,000 7,428,000 9,984,000 14,532,000 22,297,000 31,640,000 47,791,000 76,615,000 118,210,000Total Long Term Debt; Deferred Income Tax - LT Liability; O ther Liabilities, Total

Datorii termen lung

235,000 323,000 601,000 778,000 1,535,000 2,513,000 4,355,000 6,670,000 11,786,000 19,312,000long term debt 0 0 0 0 0 0 0 0 0 0Datorii curente 2,357,000 2,651,000 3,487,000 6,443,000 9,280,000 11,361,000 11,506,000 20,722,000 27,970,000 38,542,000

Accounts Payable Furnizori 1,154,000 1,451,000 1,779,000 3,390,000 4,970,000 5,520,000 5,601,000 12,015,000 14,632,000 21,175,000

Accrued Expenses Ch amanate 292,000 386,000 576,000 803,000 772,000 1,320,000 1,293,000 1,593,000 2,428,000 3,283,000Notes Payable/Short Term Debt; Current Port . of LT Debt/Capital Leases

datorii financiare pe

termen scurt 304,000 0 0 0 0 0 0 0 0 0

Other Current liabilit ies, Total alte pasive curente 607,000 814,000 1,132,000 2,250,000 3,538,000 4,521,000 4,612,000 7,114,000 10,910,000 14,084,000Datorii totale 2,592,000 2,974,000 4,088,000 7,221,000 10,815,000 13,874,000 15,861,000 27,392,000 39,756,000 57,854,000Pasive totale 6,815,000 8,050,000 11,516,000 17,205,000 25,347,000 36,171,000 47,501,000 75,183,000 116,371,000 176,064,000

APPLE – balance sheet analysis --- construirea bilantului financiar

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012FR 3,530,000 4,404,000 6,813,000 8,066,000 12,676,000 18,645,000 20,049,000 20,956,000 17,018,000 19,111,000

NFR (1,036,000) (1,060,000) (1,448,000) (2,044,000) (2,710,000) (3,466,000) (3,415,000) (4,664,000) (8,934,000) (10,018,000)

NWC 3,530,000 4,404,000 6,813,000 8,066,000 12,676,000 18,645,000 20,049,000 20,956,000 17,018,000 19,111,000

TN 4,566,000 5,464,000 8,261,000 10,110,000 15,386,000 22,111,000 23,464,000 25,620,000 25,952,000 29,129,000

CF 898,000 2,797,000 1,849,000 5,276,000 6,725,000 1,353,000 2,156,000 332,000 3,177,000AE 4,458,000 5,399,000 8,029,000 10,762,000 16,067,000 24,810,000 35,995,000 54,461,000 88,401,000 137,522,000

NFR/FR -29.35% -24.07% -21.25% -25.34% -21.38% -18.59% -17.03% -22.26% -52.50% -52.42%

lichiditate gen = current ratio 2.50 2.66 2.95 2.25 2.37 2.64 2.74 2.01 1.61 1.50lichiditate partiala = quick rat io 2.47 2.62 2.91 2.21 2.33 2.60 2.70 1.96 1.58 1.48

lichiditate imediata 1.94 2.06 2.37 1.57 1.66 1.95 2.04 1.24 0.93 0.76grad indatorare pe termen scurt 34.59% 32.93% 30.28% 37.45% 36.61% 31.41% 24.22% 27.56% 24.04% 21.89%grad indatorare pe termen lung 3.45% 4.01% 5.22% 4.52% 6.06% 6.95% 9.17% 8.87% 10.13% 10.97%

APPLE – balance sheet analysis --- indicatori de echilibru financiar si rate

??? Explicatii ale dinamicii indicatorilor de echilibru financiarRatelor de lichiditate si indatorare

APPLE – balance sheet analysis

??? Explicatii si interpretari ale dinamicii indicatorilor de echilibru financiarRatelor de lichiditate si indatorare

octombrie 15


APPLE – balance sheet analysis --- structura bilantului financiar

Bilant - structura

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Active permanente 13.62% 12.36% 10.56% 15.67% 13.38% 17.04% 33.57% 44.56% 61.34% 67.25%

Active cu rente 86.38% 87.64% 89.44% 84.33% 86.62% 82.96% 66.43% 55.44% 38.66% 32.75%stocuri 0.82% 1.25% 1.43% 1.57% 1.37% 1.41% 0.96% 1.40% 0.67% 0.45%creante client i 11.24% 9.61% 7.77% 7.28% 6.46% 6.70% 7.08% 7.33% 4.61% 6.21%Active de trezorerie 67.00% 67.88% 71.73% 58.76% 60.70% 61.13% 49.40% 34.08% 22.30% 16.54%

Activ total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Pasive permanen te 65.41% 67.07% 69.72% 62.55% 63.39% 68.59% 75.78% 72.44% 75.96% 78.11%

Capital propriu 61.97% 63.06% 64.50% 58.03% 57.33% 61.64% 66.61% 63.57% 65.84% 67.14%

Datorii termen lung 3.45% 4.01% 5.22% 4.52% 6.06% 6.95% 9.17% 8.87% 10.13% 10.97%

Pasive curente 34.59% 32.93% 30.28% 37.45% 36.61% 31.41% 24.22% 27.56% 24.04% 21.89%Furnizori 16.93% 18.02% 15.45% 19.70% 19.61% 15.26% 11.79% 15.98% 12.57% 12.03%

Datorii totale 38.03% 36.94% 35.50% 41.97% 42.67% 38.36% 33.39% 36.43% 34.16% 32.86%

Pasive totale 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

APPLE – balance sheet analysis --- structura bilantului financiar


Bilant - modificare procentuala

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Active permanente 1.98% 7.22% 22.21% 121.71% 25.78% 81.80% 158.65% 110.12% 113.05% 65.88%

Active curente 9.26% 19.84% 46.00% 40.86% 51.33% 36.66% 5.16% 32.08% 7.94% 28.15%stocuri 24.44% 80.36% 63.37% 63.64% 28.15% 47.11% -10.61% 130.99% -26.17% 1.93%creante clienti 35.58% 1.04% 15.63% 39.89% 30.75% 47.95% 38.77% 63.94% -2.56% 103.58%Act ive de t rezorerie 5.28% 19.67% 51.19% 22.38% 52.19% 43.71% 6.12% 9.19% 1.30% 12.24%

Activ total 8.21% 18.12% 43.06% 49.40% 47.32% 42.70% 31.32% 58.28% 54.78% 51.30%

Pasive permanente -3.92% 21.11% 48.71% 34.04% 49.29% 54.42% 45.08% 51.30% 62.32% 55.57%

C api tal propriu 3.13% 20.20% 46.34% 34.41% 45.55% 53.43% 41.90% 51.05% 60.31% 54.29%

Datori i termen lung -56.88% 37.45% 86.07% 29.45% 97.30% 63.71% 73.30% 53.16% 76.70% 63.86%

Pasive cure nte 42.16% 12.47% 31.54% 84.77% 44.03% 22.42% 1.28% 80.10% 34.98% 37.80%Furnizori 26.67% 25.74% 22.61% 90.56% 46.61% 11.07% 1.47% 114.52% 21.78% 44.72%

Datori i totale 17.66% 14.74% 37.46% 76.64% 49.77% 28.28% 14.32% 72.70% 45.14% 45.52%

Pasive totale 8.21% 18.12% 43.06% 49.40% 47.32% 42.70% 31.32% 58.28% 54.78% 51.30%


APPLE – balance sheet analysis --- bilantului financiar – durate de rotatie prin CA

Bilant - durata de rotatie prin CA

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012C A 6 ,207,000 8 ,279,000 13,931,0 00 24 ,006,00 0 3 2,479,000 37,491,000 42,90 5,00 0 65,225,000 108,249 ,000 156,508,000

Active permanen te 54 43 31 40 38 59 134 185 237 272Imobilizari corporale 39 31 21 19 20 24 25 26 26 36

Active curente 341 307 266 218 243 288 265 230 150 133stocuri 3 4 4 4 4 5 4 6 3 2creante clienti 44 34 23 19 18 23 28 30 18 25Active de t rezorerie 265 238 213 152 171 212 197 141 86 67

Activ total 395 350 298 258 281 347 399 415 387 405

Pasive permanente 259 235 207 161 178 238 302 301 294 316

Capital propriu 245 221 192 150 161 214 265 264 255 272

Datori i termen lung 14 14 16 12 17 24 37 37 39 44

Pasive curente 137 115 90 97 103 109 97 114 93 89Furnizori 67 63 46 51 55 53 47 66 49 49

Datori i totale 150 129 106 108 120 133 133 151 132 133

Pasive totale 395 350 298 258 281 347 399 415 387 405

APPLE – balance sheet analysis --- bilantului financiar – durate de rotatie

octombrie 15


APPLE --- comparison

sector competitors – concurenti din sectorpeers competitors – concurenti similari

clasament = rank(…)medie = average(…)mediana = median(…)quartile = quartile(…,1), quartile(…,2),

quartile(…,3)

APPLE – balance sheet analysis --- comparison – sector competitors

Quick Ratio 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012APPLE (median) 2.47 2.62 2.91 2.21 2.33 2.60 2.70 1.96 1.58 1.48

APPLE(quartile) 2.47 2.62 2.91 2.21 2.33 2.6 2.7 1.96 1.58 1.48

EMC - EMC Corp 1.64 1.46 1.59 1.55 2.08 1.88 1.87 0.95 1.03 1.07HPQ - Hewlett-Packard Co 1.37 1.25 1.16 1.13 1.00 0.83 1.08 0.97 0.86 0.95DELL.O - Dell Inc 0.96 0.95 1.16 1.06 1.08 1.01 1.30 1.22 1.42 1.27WDC.O - Western Digital Corp 1.28 1.21 1.25 1.49 1.57 1.45 1.87 2.06 2.26 1.47SNDK.O - SanDisk Corp 4.64 4.76 3.93 4.18 3.00 1.67 2.66 3.67 3.36 2.05DDD - 3D Systems Corp 1.23 1.53 1.73 0.87 1.42 1.37 1.55 1.32 4.00 3.27DBD - Diebold Inc 1.36 1.23 1.87 1.50 1.51 1.46 1.53 1.57 1.57 1.63SNX - SYNNEX Corp 0.73 0.85 0.78 0.75 0.81 0.91 1.04 0.99 1.07 1.11LXK - Lexmark International Inc 1.70 1.73 1.43 1.04 1.07 1.29 1.50 1.53 1.67 1.14

CAT M.O - Cardtronics Inc 1.19 0.42 0.49 0.63 0.44 0.49 0.49 0.54 0.65 0.87APPLE (rank) 2 2 2 2 2 1 1 3 5 4

average 1.69 1.64 1.66 1.49 1.48 1.36 1.60 1.53 1.77 1.48median 1.36 1.25 1.43 1.13 1.42 1.37 1.53 1.32 1.57 1.27

quartile1.21, 1.36, 1.67

1.08, 1.25, 1.63

1.16, 1.43, 1.8

0.96, 1.13, 1.53

1.04, 1.42, 1.83

0.96, 1.37, 1.57

1.19, 1.53, 1.87

0.98, 1.32, 1.77

1.05, 1.57, 1.97

1.09, 1.27, 1.56

q q4 q4 q4 q4 q4 q4 q4 q4 q3 q3


Current Ratio 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

APPLE (median) 2.50 2.66 2.95 2.25 2.37 2.64 2.74 2.01 1.61 1.50

APPLE(quartile) 2.5 2.66 2.95 2.25 2.37 2.64 2.74 2.01 1.61 1.5

EMC - EMC Corp 1.84 1.64 1.79 1.78 2.28 2.04 2.05 1.04 1.13 1.18HPQ - Hewlet t -Packard Co 1.61 1.50 1.38 1.35 1.21 0.98 1.22 1.10 1.01 1.09

DELL.O - Dell Inc 1.00 0.98 1.20 1.10 1.12 1.07 1.36 1.28 1.49 1.34WDC.O - Western Digital Corp 1.47 1.46 1.44 1.73 1.80 1.75 2.12 2.33 2.53 1.77

SNDK.O - SanDisk Corp 4.97 5.32 4.51 4.73 3.61 2.15 3.35 4.20 3.98 2.45

DDD - 3D Systems Corp 1.47 1.81 2.10 1.25 1.82 1.90 2.10 1.74 4.43 3.82DBD - Diebold Inc 1.78 1.67 2.55 2.17 2.27 2.19 2.14 2.12 2.10 2.11SNX - SYNNEX Corp 1.41 1.53 1.55 1.58 1.36 1.52 1.71 1.68 1.78 1.73LXK - Lexmark Internat ional Inc 2.07 2.04 1.76 1.38 1.38 1.64 1.80 1.82 1.97 1.33CAT M.O - Cardt ronics Inc 1.34 0.49 0.55 0.71 0.46 0.52 0.52 0.56 0.68 0.90APPLE (rank) 2 2 2 2 2 1 2 4 7 6

average 1.95 1.92 1.98 1.82 1.79 1.67 1.92 1.81 2.06 1.75

median 1.61 1.64 1.76 1.58 1.80 1.75 2.05 1.74 1.78 1.50

quart ile1.44, 1.61, 1.96

1.48, 1.64, 1.93

1.41, 1.76, 2.33

1.3, 1.58, 1.98

1.29, 1.8, 2.28

1.3, 1.75, 2.1

1.54, 2.05, 2.13

1.19, 1.74, 2.07

1.31, 1.78, 2.32

1.26, 1.5, 1.94

q q4 q4 q4 q4 q4 q4 q4 q3 q2 q3


Assets/Equity 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012APPLE (median) 1.61 1.59 1.55 1.72 1.74 1.62 1.50 1.57 1.52 1.49

APPLE(quartile) 1.61 1.59 1.55 1.72 1.74 1.62 1.5 1.57 1.52 1.49

EMC - EMC Corp 1.29 1.34 1.39 1.80 1.78 1.79 1.72 1.77 1.78 1.70HPQ - Hewlett-Packard Co 1.98 2.03 2.08 2.15 2.30 2.91 2.83 3.08 3.35 4.85DELL.O - Dell Inc 1.30 1.33 1.29 1.34 1.39 1.80 1.78 1.79 1.72 1.77WDC.O - Western Digital Corp 2.65 2.38 2.27 1.80 1.69 1.81 1.66 1.56 1.48 1.85SNDK.O - SanDisk Corp 1.35 1.20 1.24 1.46 1.46 1.72 1.53 1.52 1.44 1.42DDD - 3D Systems Corp 3.58 2.48 2.19 2.39 1.60 1.50 1.44 1.57 1.82 1.41DBD - Diebold Inc 1.67 1.71 2.04 2.60 2.33 2.68 2.44 2.62 3.04 3.28SNX - SYNNEX Corp 3.12 2.70 2.48 2.70 3.12 2.99 2.54 2.52 2.45 2.25LXK - Lexmark International Inc 2.10 1.98 2.33 2.75 2.44 4.02 3.31 2.66 2.61 2.75CATM.O - Cardtronics Inc - - - - 5.52 - - 10.74 6.39 5.21APPLE 5 5 5 4 6 3 3 5 4 4

average 2.07 1.87 1.89 2.07 2.31 2.28 2.08 2.85 2.51 2.54median 1.83 1.85 2.06 1.98 1.78 1.81 1.75 1.79 1.82 1.85

quartile2.51, 1.83, 1.42

2.29, 1.85, 1.4

2.25, 2.06, 1.43

2.55, 1.98, 1.74

2.39, 1.78, 1.65

2.85, 1.81, 1.74

2.52, 1.75, 1.56

2.64, 1.79, 1.57

2.83, 1.82, 1.62

3.02, 1.85, 1.6

q q3 q3 q3 q4 q3 q4 q4 q4 q4 q4

APPLE – balance sheet analysis --- comparison – sector competitors Debt/Equity 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

APPLE 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

APPLE(quartile) 0.07 0 0 0 0 0 0 0 0 0

EMC - EMC Corp 0.01 0.01 0.01 0.33 0.28 0.22 0.20 0.20 0.18 0.08

HPQ - Hewlett-Packard Co 0.20 0.19 0.14 0.14 0.21 0.46 0.39 0.55 0.79 1.27

DELL.O - Dell Inc 0.01 0.00 0.01 0.01 0.01 0.33 0.28 0.22 0.20 0.20WDC.O - Western Digital Corp 0.00 0.14 0.08 0.04 0.01 0.19 0.15 0.08 0.05 0.28SNDK.O - SanDisk Corp 0.10 0.00 0.00 0.26 0.25 0.28 0.26 0.30 0.23 0.23

DDD - 3D Systems Corp 1.00 0.50 0.38 0.52 0.12 0.11 0.08 0.06 0.55 0.18

DBD - Diebold Inc 0.18 0.24 0.44 0.68 0.56 0.65 0.54 0.59 0.76 0.83SNX - SYNNEX Corp 0.31 0.24 0.07 0.19 0.64 0.72 0.35 0.39 0.33 0.21LXK - Lexmark Int ernat ional Inc 0.09 0.07 0.10 0.14 0.12 0.81 0.64 0.47 0.47 0.51

CATM.O - Cardtronics Inc - - - - 2.90 - - 6.01 3.32 2.41APPLE (rank) 5 4 3 2 2 2 2 2 2 2

average 0.20 0.14 0.12 0.23 0.46 0.38 0.29 0.81 0.63 0.56

median 0.10 0.11 0.08 0.17 0.21 0.31 0.27 0.30 0.33 0.23

quart ile0.2, 0.1, 0.03

0.23, 0.11, 0

0.13, 0.08, 0.01

0.31, 0.17, 0.07

0.42, 0.21, 0.07

0.6, 0.31, 0.2

0.38, 0.27, 0.16

0.51, 0.3, 0.14

0.66, 0.33, 0.19

0.67, 0.23, 0.19

q q3 q4 q4 q4 q4 q4 q4 q4 q4 q4

APPLE – balance sheet analysis --- comparison – sector competitors% LT Debt to Total Capital2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

APPLE 0 0 0 0 0 0 0 0 0 0

APPLE(quartile) 0 0 0 0 0 0 0 0 0 0

EMC - EMC Corp 0.01 0.01 0.01 0.25 0.21 0.18 0.16 0.01 0.01 0.00HPQ - Hewlet t-Packard Co 0.14 0.10 0.08 0.06 0.11 0.14 0.25 0.24 0.32 0.43DELL.O - Dell Inc 0.00 0.00 0.01 0.01 0.01 0.25 0.21 0.18 0.16 0.01WDC.O - West ern Digit al Corp

0.00 0.10 0.04 0.02 0.01 0.15 0.11 0.06 0.03 0.20SNDK.O - SanDisk Corp 0.09 0.00 0.00 0.20 0.20 0.22 0.19 0.23 0.19 0.09DDD - 3D Systems Corp 0.41 0.28 0.23 0.23 0.07 0.07 0.07 0.06 0.35 0.16DBD - Diebold Inc 0.01 0.01 0.28 0.39 0.35 0.38 0.34 0.35 0.41 0.42SNX - SYNNEX Corp 0.02 0.03 0.00 0.08 0.04 0.13 0.12 0.10 0.14 0.05LXK - Lexmark International Inc

0.08 0.07 0.10 0.13 0.00 0.44 0.39 0.32 0.32 0.16CATM.O - Cardtronics Inc 0.69 0.75 0.89 0.86 0.74 1.05 1.00 0.84 0.76 0.70

APPLE 4 4 3 2 3 2 2 2 2 2

average 0.13 0.12 0.15 0.20 0.16 0.27 0.26 0.22 0.24 0.20

median 0.024 0.028 0.043 0.126 0.074 0.180 0.190 0.180 0.185 0.155

quartile0.12, 0.02, 0.01

0.1, 0.03, 0

0.16, 0.04, 0.01

0.24, 0.13, 0.04

0.21, 0.07, 0.01

0.32, 0.18, 0.13

0.29, 0.19, 0.12

0.28, 0.18, 0.06

0.34, 0.19, 0.09

0.31, 0.16, 0.03

q q4 q4 q4 q4 q4 q4 q4 q4 q4 q4

octombrie 15


APPLE – balance sheet analysis --- comparison – sector competitorsAPPLE 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Quick Ratio 2.54 1.66 2.22 2.84 2.26 2.05 2.03 1.99 1.8 2.09

Current Ratio 3.64 2.69 2.78 3.17 2.73 2.16 2.56 2.34 2.35 2.5

Assets/Equity 1.47 1.7 1.7 1.67 1.77 2.07 1.85 2.06 1.98 1.93

Debt/Equity 0 0 0 0 0 0.31 0.04 0.08 0.08 0.08

% LT Debt to Total Capital 0.30% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

APPLE 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Quick Ratio 1.13 1.74 1.48 1.92 1.64 2.38 2.75 2.79 3.38 3.22

Current Ratio 1.73 2.3 2.25 2.25 1.88 2.43 2.77 2.81 3.39 3.25

Assets/Equity 2.55 2.22 2.15 2.61 4.03 2.87 1.75 1.69 1.54 1.54

Debt/Equity 0.41 0.25 0.26 0.55 0.93 0.64 0.1 0.07 0.08 0.08

% LT Debt to Total Capital 0.20% 10.20% 8.30% 29.70% 43.70% 36.70% 8.80% 6.80% 7.50% 7.20%

APPLE 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Quick Ratio 3.22 2.47 2.62 2.91 2.21 2.33 2.6 2.7 1.96 1.58 1.48

Current Ratio 3.25 2.5 2.66 2.95 2.25 2.37 2.64 2.74 2.01 1.61 1.5

Assets/Equity 1.54 1.61 1.59 1.55 1.72 1.74 1.62 1.5 1.57 1.52 1.49

Debt/Equity 0.08 0.07 0 0 0 0 0 0 0 0 0

% LT Debt to Total Capital 7.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

APPLE – balance sheet analysis --- comparison – peers competitors

Quick Ratio 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Apple (median) 2.47 2.62 2.91 2.21 2.33 2.60 2.70 1.96 1.58 1.48APPLE(quart ile) 2.47 2.62 2.91 2.21 2.33 2.6 2.7 1.96 1.58 1.48

HPQ - Hewlet t-Packard Co 1.37 1.25 1.16 1.13 1.00 0.83 1.08 0.97 0.86 0.95DELL.O - Dell Inc 0.96 0.95 1.16 1.06 1.08 1.01 1.30 1.22 1.42 1.27CSCO.OQ - Cisco Systems Inc 1.51 1.51 2.18 2.15 2.26 2.49 3.16 2.60 3.18 3.40MSI.N - Motorola Solutions Inc

1.68 1.75 2.03 1.80 1.55 1.38 1.81 1.91 2.08 1.94INTC.OQ - Intel Corp 2.96 2.68 1.96 1.64 2.39 2.06 2.40 2.99 1.81 2.06NOK1V.HE - Nokia Oyj 2.28 2.28 1.79 1.68 1.39 1.08 1.43 1.40 1.33 1.33GOOG.OQ - Google Inc - - - - - - - - 5.92 4.18APPLE 2 2 1 1 2 1 2 3 5 5

average 1.89 1.86 1.88 1.67 1.71 1.64 1.98 1.86 2.27 2.08median 1.68 1.75 1.96 1.68 1.55 1.38 1.81 1.91 1.70 1.71quartile 1.44,

1.68, 2.38

1.38, 1.75, 2.45

1.48, 1.96, 2.11

1.39, 1.68, 1.98

1.24, 1.55, 2.3

1.05, 1.38, 2.28

1.37, 1.81, 2.55

1.31, 1.91, 2.28

1.4, 1.7, 2.36

1.32, 1.71, 2.4

q q4 q4 q4 q4 q4 q4 q4 q3 q2 q2


Current Ratio 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Apple 2.50 2.66 2.95 2.25 2.37 2.64 2.74 2.01 1.61 1.50APPLE(quartile) 2.5 2.66 2.95 2.25 2.37 2.64 2.74 2.01 1.61 1.5

HPQ - Hewlett-Packard Co 1.61 1.50 1.38 1.35 1.21 0.98 1.22 1.10 1.01 1.09DELL.O - Dell Inc 1.00 0.98 1.20 1.10 1.12 1.07 1.36 1.28 1.49 1.34

CSCO.OQ - Cisco Systems Inc 1.62 1.65 2.31 2.27 2.36 2.58 3.24 2.67 3.27 3.49MSI.N - Motorola Solutions Inc 1.90 1.99 2.23 2.01 1.78 1.63 1.94 1.97 2.30 2.22INTC.OQ - Intel Corp 3.33 3.00 2.30 2.15 2.79 2.54 2.79 3.39 2.15 2.43NOK1V.HE - Nokia Oyj 2.43 2.45 1.96 1.83 1.54 1.20 1.55 1.55 1.46 1.43GOOG.OQ - Google Inc 2.38 7.91 12.08 10.00 8.49 8.77 10.62 4.16 5.92 4.22APPLE 2 3 2 3 3 2 4 4 5 5

average 2.10 2.77 3.30 2.87 2.71 2.68 3.18 2.27 2.40 2.22median 2.14 2.22 2.27 2.08 2.07 2.09 2.34 1.99 1.88 1.86

quartile1.62, 2.14, 2.45

1.61, 2.22, 2.75

1.82, 2.27, 2.47

1.71, 2.08, 2.26

1.46, 2.07, 2.48

1.17, 2.09, 2.6

1.5, 2.34, 2.9

1.48, 1.99, 2.85

1.48, 1.88, 2.54

1.41, 1.86, 2.7

q q4 q3 q4 q3 q3 q4 q3 q3 q2 q2


Assets/Equity 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Apple 1 .61 1.59 1.55 1.72 1.74 1.62 1.50 1.57 1.52 1.49

APPLE(quartile) 1.61 1.59 1.55 1.72 1.74 1.62 1.5 1.57 1.52 1.49

HPQ - Hewlett-Packard Co 1.98 2.03 2.08 2.15 2.30 2.91 2.83 3.08 3.35 4.85DELL.O - Dell Inc 3 .17 3.08 3.58 5.75 5.77 7.20 6.20 5.97 4.97 4.99

CSCO.OQ - Cisco Systems Inc 1 .32 1.38 1.46 1.81 1.69 1.71 1.76 1.83 1.84 1.79MSI.N - Motorola Solutions Inc 2 .53 2.32 2.15 2.25 2.25 2.93 2.62 2.35 2.67 3.88INT C.OQ - Int el Corp 1.25 1.25 1.34 1.32 1.30 1.28 1.27 1.28 1.55 1.65NOK1V.HE - Nokia Oyj 1 .58 1.59 1.82 1.89 2.55 2.79 2.73 2.72 3.05 3.78GOOG.OQ - Google Inc 1 .60 1.13 1.09 1.08 1.12 1.12 1.12 1.25 1.25 1.31APPLE (rank) 6 6 5 4 5 4 4 4 3 3

average 1 .88 1.80 1.88 2.25 2.34 2.70 2.50 2.51 2.53 2.97median 1.61 1.59 1.69 1.85 2.00 2.25 2.19 2.09 2.26 2.79

quart ile2.12, 1.61, 1.52

2.1, 1.59, 1.35

2.1, 1.69, 1.43

2.18, 1.85, 1.62

2.36, 2, 1.59

2.92, 2.25, 1.54

2.76, 2.19, 1.44

2.81, 2.09, 1.5

3.13, 2.26, 1.54

4.12, 2.79, 1.61

q q2 q3 q3 q3 q3 q3 q3 q3 q4 q4


Debt/Equity 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Apple 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

APPLE(quartile) 0.07 0 0 0 0 0 0 0 0 0

HPQ - Hewlet t-Packard Co 0.20 0.19 0.14 0.14 0.21 0.46 0.39 0.55 0.79 1.27

DELL.O - Dell Inc 0.10 0.08 0.08 0.17 0.17 0.15 0.47 0.72 0.77 1.04

CSCO.OQ - Cisco Systems Inc 0.00 0.00 0.00 0.26 0.20 0.20 0.27 0.35 0.36 0.32MSI.N - Motorola Solutions Inc 0.63 0.40 0.26 0.26 0.28 0.44 0.40 0.25 0.29 0.57INTC.OQ - Intel Corp 0.03 0.02 0.07 0.06 0.05 0.03 0.05 0.04 0.16 0.26

NOK1V.HE - Nokia Oyj 0.03 0.02 0.03 0.03 0.07 0.31 0.40 0.37 0.45 0.70

GOOG.OQ - Google Inc 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.07 0.08

APPLE (rank) 6 4 4 3 3 3 3 2 2 2

average 0.13 0.09 0.07 0.12 0.12 0.20 0.25 0.29 0.36 0.53

median 0.05 0.02 0.05 0.10 0.12 0.18 0.33 0.30 0.33 0.45

quartile0.13, 0.05, 0.03

0.11, 0.02, 0

0.1, 0.05, 0

0.19, 0.1, 0.02

0.2, 0.12, 0.04

0.34, 0.18, 0.02

0.4, 0.33,

0.04

0.42, 0.3, 0.06

0.53, 0.33, 0.14

0.79, 0.45, 0.22

q q2 q4 q4 q4 q4 q4 q4 q4 q4 q4

APPLE – balance sheet analysis --- comparison – peers competitors % LT Debt to Total Capital2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Apple 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

APPLE quartile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

HPQ - Hewlett-Packard Co 0.14 0.10 0.08 0.06 0.11 0.14 0.25 0.24 0.32 0.43

DELL.O - Dell Inc 0.09 0.07 0.07 0.13 0.11 0.08 0.30 0.35 0.37 0.35

CSCO.OQ - Cisco Systems Inc 0.00 0.00 0.00 0.21 0.17 0.16 0.21 0.21 0.25 0.24MSI.N - Mot orola Solutions Inc 0.35 0.25 0.18 0.13 0.20 0.30 0.24 0.15 0.17 0.36

INT C.OQ - Int el Corp 0.02 0.02 0.06 0.05 0.04 0.03 0.05 0.04 0.13 0.20

NOK1V.HE - Nokia Oyj 0.00 0.00 0.00 0.01 0.01 0.04 0.22 0.20 0.21 0.34

GOOG.OQ - Google Inc 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.04APPLE (rank) 3 4 4 3 3 3 3 3 2 2

average 0.08 0.06 0.05 0.07 0.08 0.09 0.16 0.15 0.19 0.25median 0.01 0.01 0.03 0.05 0.08 0.06 0.22 0.18 0.19 0.29

quartile0.11, 0.01, 0

0.08, 0.01, 0

0.07, 0.03, 0

0.13, 0.05, 0

0.12, 0.08, 0.01

0.14, 0.06, 0.02

0.24, 0.22, 0.04

0.21, 0.18, 0.03

0.27, 0.19, 0.11

0.35, 0.29, 0.16

q q4 q4 q4 q4 q4 q4 q4 q4 q4 q4

octombrie 15



Peers 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Quick Ratio 2.54 1.66 2.22 2 .84 2 .26 2.05 2.03 1 .99 1.8 2.09

Current Ratio 3.64 2.69 2.78 3 .17 2 .73 2.16 2.56 2 .34 2 .35 2.5

Assets/Equity 1.47 1.7 1 .7 1 .67 1 .77 2.07 1.85 2 .06 1 .98 1.93

Debt/Equity 0 0 0 0 0 0.31 0.04 0 .08 0 .08 0.08

% LT Debt to Total Capital 0.00 0.00 0 .00 0.00 0.00 0.00 0 .00 0.00 0.00 0.00

Peers 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Quick Ratio 2.47 2.62 2.91 2.21 2.33 2.6 2.7 1.96 1.58 1.48

Current Ratio 2.5 2.66 2.95 2.25 2.37 2.64 2.74 2.01 1.61 1.5

Assets/Equity 1.61 1.59 1.55 1.72 1.74 1.62 1.5 1.57 1.52 1.49

Debt/Equity 0.07 0 0 0 0 0 0 0 0 0

% LT Debt to Total Capital 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Peers 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Quick Ratio 1.13 1.74 1 .48 1.92 1.64 2 .38 2.75 2.79 3 .38 3.22

Current Ratio 1.73 2 .3 2 .25 2.25 1.88 2 .43 2.77 2.81 3 .39 3.25

Assets/Equity 2.55 2.22 2 .15 2.61 4.03 2 .87 1.75 1.69 1 .54 1.54

Debt/Equity 0.41 0.25 0 .26 0.55 0.93 0 .64 0.1 0.07 0 .08 0.08

% LT Debt to Total Capital 0.00 0 .10 0.08 0.30 0 .44 0.37 0.09 0 .07 0.08 0.07

Recomandari…• http://www.mfinante.ro• “The Outliers - The Story of Success”,

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