新闻 网页 贴吧 知道 音乐 图片 视频 地图 百科 文库 全部 DOC PPT TXT PDF XLS 百度一下 帮助 3. Financial statement Analysis Report 6 百度文库 教育专区 高等教育 经济学 3. Financial statement Analysis Report (26人评价) | 1000人阅读 | 78次下载 | 举报文档 Financial statement analysis report 手机文库 我的文库 首页 分类 教育文库 个人认证 机构合作 开放平台 百度文库首页 | 下载客户端 | 百度首页 | 登录 注册 3 Capital Structure and Solvency Analysis 3.1 Analysis of Capital Structure Geely automobile Holdings Limited Analysis of Capital Structure HK$'000 2005 2006 2007 2008 2 L-Tdebt – – – 87000 1318 Deferred taxation – – – 8018 37 other L-T liabilities – 682838 309274 0 1442 Total L-T liabilities – 682838 309274 95018 2797 Current liabilities 54548 227198 5273470 76378 8907 Total liabilities 54548 910036 5582744 171396 11705 % 6% 46% 68% 3% 6 common shareholder's equity 798080 1030157 2441440 4197862 6375 minority interests 9013 19769 211760 584619 720 Total equity capital 798080 1049926 2653200 4782481 7096 % 94% 54% 32% 97% 3 Total liabilities and equity 852628 1959962 8235944 4953877 18802 100% 100% 100% 100% 10 From common-size analysis, we know leverage rate of Geely is stable for year 20 and 2007, declines sharply for year 2008, and then rebounds strongly to 62% in y 2009. Then look at the absolute value, it's not difficult to find out a great rise in b liability and equity capital. In 2009, the total liability is more than a trilion. Referr to its investment and operation in recent years, we think Geely is trading on equity, which indicates it is using equity capital as a borrowing base in a desire to r excess returns. This can be confirmed by its step-by-step acquisition of ma assembly line and investment on new factories financed by bond and bank borrowi which is conversely based on increasing equity( stock price stimulated by expansio Those investments are revalued and taken into asset as a new backup. 1 /6 1 下载券 加入会员!送免财富值下载特权 分享到:
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新闻 网页 贴吧 知道 音乐 图片 视频 地图 百科 文库
全部 DOC PPT TXT PDF XLS
百度一下 帮助3. Financial statement Analysis Report 6
百度文库 教育专区 高等教育 经济学
3. Financial statement Analysis Report(26人评价)
|
1000人阅读|
78次下载|
举报文档
Financial statement analysis report
手机文库 我的文库首页 分类 教育文库 个人认证 机构合作 开放平台
百度文库首页 | 下载客户端 | 百度首页 | 登录 注册
3 Capital Structure and Solvency Analysis
3.1 Analysis of Capital Structure
Geely automobile Holdings Limited
Analysis of Capital Structure
HK$'000 2005 2006 2007 2008 2009
L-Tdebt – – – 87000 1318000
Deferred taxation – – – 8018 37727
other L-T liabilities – 682838 309274 0 1442153
Total L-T liabilities – 682838 309274 95018 2797880
Current liabilities 54548 227198 5273470 76378 8907789 Total liabilities 54548 910036 5582744 171396 11705669
% 6% 46% 68% 3% 62%
common shareholder's
equity 798080 1030157 2441440 4197862 6375613
minority interests 9013 19769 211760 584619 720907 Total equity capital 798080 1049926 2653200 4782481 7096520
% 94% 54% 32% 97% 38%
Total liabilities and
equity 852628 1959962 8235944 4953877 18802189
100% 100% 100% 100% 100%
From common-size analysis, we know leverage rate of Geely is stable for year 2006
and 2007, declines sharply for year 2008, and then rebounds strongly to 62% in year
2009. Then look at the absolute value, it's not difficult to find out a great rise in both
liability and equity capital. In 2009, the total liability is more than a trilion. Referring
to its investment and operation in recent years, we think Geely is trading on equity, which indicates it is using equity capital as a borrowing base in a desire to reap
excess returns. This can be confirmed by its step-by-step acquisition of many
assembly line and investment on new factories financed by bond and bank borrowing,
which is conversely based on increasing equity( stock price stimulated by expansion).
Those investments are revalued and taken into asset as a new backup.
The accounts receivable turnover is much worse than industry average. However, an increase of accounts receivable may due to rise in sales or difficulty in collecting quite
timely. Referring to NOTE, we know that receivables are guaranteed by established
banks in the PRC and have maturities of six months or less. So the likelihood
timely collection is in less question.
The inventory turnover is exaggeratedly higher than industry level, especially after its installment of P-SCM supply chain management system, which integrates ordering,
producing, selling, and distributing. So we can conclude that Geely is doing
excellence in inventory management and is enjoying a growth in market demand of its
products.
1 Industry average figure reference: http:// www.stats.gov.cn
5 Operating Performance and Profitability
5.1 Return on Investment Geely automobile Holdings Limited
Return on Invested Capital Ratios
HK$'000 2005 2006 2007 2008 2009
RNOA 8.95% 14.01% 8.29% 5.71% 7.58%
ROCE 15.90% 23.43% 18.33% 26.09% 24.95%
The detailed computation are as follows: Payables 34817 23653 38725 37176 4229631
Assuming all other income and equity earnings of affiliates( share of results of associates) are operating, and interest income and minority interest are nonoperating.
Also, using the statutory income tax rate of 35%.
HK$'000 2004 2005 2006 2007 2008 2009
Net income 115377 214149 318100 866053 1319028
Common equity 653447 798080 1030157 2441440 4197862 6375613
Average common equity
725763.5 914118.5
1735798.5
3319651 5286737.5
ROCE = Net income - Preferred dividends / Average common equity
No evidence of preferred dividend payment revealed in statements