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Furniture and Related P roduct M anufac turing
0%
5%
10%
15%
20%
25%
30%
Period
Return on equity [%]
Return on equity [%]
Return on assets [%]
P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3Value [%] 4.67% 4.66% 4.65% 5.43%
Y /Y inc reas e [% ] 0 .9 9 % -0 .0 1 % -0 .0 1 % 0 .7 8 %
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 6.45% 6.40% 7.31% 7.32%
Y /Y inc reas e [% ] 1 .0 2 % -0 .0 5 % 0 .9 1 % 0 .0 1 %
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] 7.78% 9.05% 11.82% 12.20%
Y /Y inc reas e [% ] 0 .4 6 % 1 .2 8 % 2 .7 6 % 0.38%
0%
2%
4%
6%
8%
10%
12%
14%
Period
Return on assets [%]
Return on assets [%]
rise of return onassets in 2011comparing to thevalue in 2010
rise of return on netsales in 2011comparing to thevalue in 2010
Return on net sales [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 4.73% 4.42% 4.08% 4.26%
Y /Y inc rease [%] 0.77% -0.31% -0 .3 4 % 0 .1 8 %
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7Value [%] 4.47% 4.56% 4.82% 4.72%
Y /Y inc reas e [% ] 0 .2 1 % 0 .0 9 % 0 .2 6 % -0 .1 0 %
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] 4.83% 5.62% 6.70% 7.11%
Y /Y inc reas e [% ] 0 .1 1 % 0 .7 9 % 1 .0 8 % 0.41%ISIEmergingMarketsPDF cn cpml from 218.1.16.190 on 2014 07 23 21:38:09 EDT. DownloadPDF.
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Furniture and Related P roduct M anufac turing
0%
1%
2%
3%
4%
5%
6%
7%
8%
Period
Return on net sales [%]
Return on net sales [%]
Share of profit-generating companies [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 81.98% 81.23% 82.97% 84.56%
Y /Y inc reas e [% ] 1 .5 3 % -0 .7 5 % 1 .7 3 % 1 .5 9 %
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 79.80% 83.28% 85.32% 85.33%
Y /Y inc reas e [% ] -4 .7 5 % 3 .4 8 % 2 .0 4 % 0 .0 1 %
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] 81.77% 85.35% 89.57% 90.79%
Y /Y inc reas e [% ] -3 .5 6 % 3 .5 8 % 4 .2 2 % 1.22%
74%
76%
78%
80%
82%
84%
86%
88%
90%
92%
Period
Share of profit-generating companies [%]
Share of prof it-generating companies [%]
rise of share ofprofit-generatingcompanies in 2011comparing to thevalue in 2010
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Furniture and Related P roduct M anufac turing
Liquidity RatiosCurrent ratio [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
0%
20%
40%
60%
80%
100%
120%
Period
Current ratio [%]
Current ratio [%]
Quick ratio [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
0%
20%
40%
60%
80%
100%
120%
Period
Quick ratio [%]
Quick ratio [%]
No data available
No data available
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Furniture and Related P roduct M anufac turing
Receivables to liabilities ratio [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
0%
20%
40%
60%
80%
100%
120%
Period
Receivables to liabilities ratio [%]
Receivables to liabilities ratio [%]
Financial Leverage RatiosDebt to Equity ra tio [%]Long-term liabilities [% ] 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
Long-term liabilities [% ] 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
Long-term liabilities [% ] 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] n/a n/a n/a n/aY /Y inc reas e [% ] n/a n/a n/a n/a
Equity to total assets ratio [%]Long-term liabilities [% ] 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 43.71% 44.42% 44.73% 43.92%
Y /Y inc reas e [% ] 2 .5 9 % 0 .7 1 % 0 .3 1 % -0 .8 1 %
Long-term liabilities [% ] 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 41.48% 42.61% 44.01% 44.24%
Y /Y inc reas e [% ] -2 .4 4 % 1 .1 3 % 1 .4 0 % 0 .2 3 %
Long-term liabilities [% ] 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11Value [%] 44.61% 46.39% 46.26% 47.27%
Y /Y inc reas e [% ] 0 .3 7 % 1 .7 8 % -0 .1 4 % 1.01%
No data available
No data available
rise of equity to totalassets ratio in 2011comparing to thevalue in 2010
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Furniture and Related P roduct M anufac turing
Long-term liabilities to total liabilities ratio [%]Long-term liabilities [% ] 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
Long-term liabilities [% ] 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
Long-term liabilities [% ] 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] n/a n/a n/a n/a
Y /Y inc reas e [% ] n/a n/a n/a n/a
Debt ratio [%]Long-term liabilities [% ] 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 56.28% 55.58% 55.27% 56.08%
Y /Y inc reas e [% ] -2 .5 9 % -0 .7 0 % -0 .3 1 % 0 .8 1 %
Long-term liabilities [% ] 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 58.52% 57.39% 55.99% 55.76%
Y /Y inc reas e [% ] 2 .4 4 % -1 .1 3 % -1 .4 0 % -0 .2 3 %
Long-term liabilities [% ] 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] 55.39% 53.22% 53.44% 52.31%
Y /Y inc reas e [% ] -0 .3 7 % -2 .1 7 % 0 .2 2 % -1.13%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011
Period
Capital structure [%]
Equity [%] Short-term liabilities [%] Long-term liabilities [%]
No data available
fall of debt ratio in2011 comparing tothe value in 2010
liabilities dominatein the capitalstructure
Capital structure [%]
E quity [% ] 4 6 .3 9 % 46 .2 6 % 47.27%
Short-term liabilities [% ] n/a n/a n/a
Long-term liabilities [% ] n/a n/a n/a
P eriod 2 0 0 9 2 0 1 0 2 0 11
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Furniture and Related P roduct M anufac turing
Operating profit coverage [%]Long-term liabilities [% ] 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 1131.47% 1028.52% 958.83% 949.11%
Y /Y inc rease [%] -98.33% -102.95% -69.69% -9.72%
Long-term liabilities [% ] 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 898.14% 566.13% 602.33% 445.18%
Y /Y inc rease [%] -50.97% -332.01% 36.20% -157.15%
Long-term liabilities [% ] 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11Value [%] 1043.40% 301.87% 302.80% 600.73%
Y /Y inc rease [%] 598.21% -741.52% 0.93% 297.93%
0%
200%
400%
600%
800%
1000%
1200%
Period
Operating profit coverage [%]
Operating profit coverage [%]
Financial Cycles
Days of coverage for cash & equivalent [days]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [days] n/a n/a n/a n/a
Y /Y inc reas e [days ] n/a n/a n/a n/a
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [days] n/a n/a n/a n/a
Y /Y inc reas e [days ] n/a n/a n/a n/a
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [days] n/a n/a n/a n/a
Y /Y inc reas e [days ] n/a n/a n/a n/a
0
0
0
1
1
1
1
[ d a y s
]
Period
Days of coverage for cash & equivalent [days]
Days of coverage for cash & equivalent [days]
No data available
rise of operatingprofit coverage in2011 comparing tothe value in 2010
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Furniture and Related P roduct M anufac turing
Days of cov erage for current liabilities [days]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [days] n/a n/a n/a n/a
Y /Y inc reas e [days ] n/a n/a n/a n/a
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [days] n/a n/a n/a n/a
Y /Y inc reas e [days ] n/a n/a n/a n/a
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11Value [days] n/a n/a n/a n/a
Y /Y inc reas e [days ] n/a n/a n/a n/a
0
0
0
1
1
1
1
[ d a y
s ]
Period
Days of cove rage for current liabilities [days]
Days of coverage for current liabilities [days]
Days of coverage for receivables [days]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [days] 44 41 39 38
Y /Y increase [days] -2 -3 -3 -1
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [days] 37 42 39 32
Y /Y increase [days] -1 5 -3 -7
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [days] 30 28 26 27
Y /Y increase [days] -2 -2 -2 1
0
5
10
15
20
25
30
35
40
45
50
[ d a y s
]
Period
Days of coverage for receivables [days]
Days of coverage for receivables [days]
No data available
rise of days ofcoveragereceivables in 2011comparing to thevalue in 2010
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Furniture and Related P roduct M anufac turing
Days of coverage for inventory [days]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [days] 81 76 70 67
Y /Y increase [days] -3 -5 -6 -3
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [days] 67 59 56 52
Y /Y increase [days] 0 -8 -2 -4
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11Value [days] 49 42 39 36
Y /Y increase [days] -3 -7 -3 -3
0
10
20
30
40
50
60
70
80
90
[ d a y s ]
Period
Days of coverage for inventory [days]
Days of coverage for inventory [days]
Production Factors
Employment [thou person]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [thou person] 270 298 340 434
Y /Y inc reas e [thou pers on] 1 6 2 8 4 1 9 4
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [thou person] 649 713 838 913
Y /Y inc reas e [thou pers on] 2 1 6 6 3 1 2 5 7 5P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [thou person] 1 044 986 1 117 1 064
Y /Y inc reas e [thou pers on] 1 3 1 -5 8 1 3 2 -5 3
Employment per company [person]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [person] 181 184 192 212
Y /Y inc reas e [pers on] 8 3 9 2 0
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [person] 215 232 233 222
Y /Y inc reas e [pers on] 3 1 7 1 -1 0
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [person] 194 177 188 250
Y /Y inc reas e [pers on] -2 8 -1 7 1 2 6 2
fall of days ofcoverage forinventory in 2011comparing to thevalue in 2010
fall of employmentin 2011 comparingto the value in 2010
rise of averageemployment percompany in 2011comparing to thevalue in 2010
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Furniture and Related P roduct M anufac turing
Labour productivity [thou RMB/person]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [thou RMB/person] 128.49 141.00 151.21 175.58
Y /Y dynamic s [%] 13.32% 9.74% 7.24% 16.11%
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [thou RMB/person] 202.23 199.40 230.34 263.72
Y /Y dynamic s [%] 15.18% -1.40% 15.52% 14.49%
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11Value [thou RMB/person] 295.76 322.60 399.53 439.58
Y /Y dynamic s [%] 12.15% 9.07% 23.85% 10.02%
0
50
100
150
200
250
300
350
400
450
500
Period
Labour productivity [thou RMB/person]
Labour productivity [thou RMB/person]
Fixed assets per employee [mn RMB/person]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [mn RMB/person] 44.49 43.28 43.60 43.13
Y /Y dynamic s [% ] 6 .4 9 % -2 .7 2 % 0 .7 5 % -1 .0 8 %
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [mn RMB/person] 39.40 42.85 48.10 55.09
Y /Y dynamic s [% ] -8 .6 6 % 8 .7 6 % 1 2 .2 4 % 1 4 .5 5 %
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [mn RMB/person] 55.14 62.20 66.39 79.01
Y /Y dynamic s [% ] 0 .0 9 % 1 2 .8 1 % 6 .7 3 % 19.00%
0
10
20
30
40
50
60
70
80
90
Period
Fixed asse ts per employee [mn RMB/person]
Fixed assets per employee [mn RMB/person]
fall of Y/Y dynamicsof labourproductivity in 2011comparing to thevalue in 2010
rise of Y/Y dynamicsof fixed assets peremployee in 2011comparing to thevalue in 2010
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Furniture and Related P roduct M anufac turing
Fixed assets productivity [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 297.61% 321.53% 348.00% 405.12%
Y /Y inc rease [%] 17.81% 23.92% 26.47% 57.12%
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 494.52% 483.93% 504.21% 509.65%
Y /Y inc rease [%] 89.41% -10.59% 20.27% 5.45%
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11Value [%] 536.58% 550.77% 620.09% 605.92%
Y /Y inc rease [%] 26.93% 14.19% 69.32% -14.18%
0%
100%
200%
300%
400%
500%
600%
700%
Period
Fixed assets productivity [%]
Fixed assets productivity [%]
Material, energy, other services intensity of production [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 71.88% 70.67% 71.11% 73.06%
Y /Y increase [%] -0.91% -1.20% 0.44% 1.95%
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 74.08% 71.66% 71.94% 71.99%
Y /Y increase [%] 1.02% -2.42% 0 .28% 0.04%
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] 71.99% 71.99% 71.99% 71.99%
Y /Y increase [%] 0.00% 0.00% 0.00% 0.00%
Investment Outlays
Total investment outlays [mn RMB]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [mn RMB] 1 905.00 1 723.00 2 839.00 5 452.00
Y /Y dynamic s [%] 62.13% -9.55% 64.77% 92.04%
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [mn RMB] 8 713.00 6 429.00 7 739.00 12 093.00
Y /Y dynamic s [%] 59.81% -26.21% 2 0.3 8 % 5 6 .2 6 %P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [mn RMB] 10 845.85 16 662.00 25 473.00 34 606.00
Y /Y dynamic s [%] -10.31% 53.63% 52.88% 35.85%
fall of fixed assetsproductivity in 2011comparing to thevalue in 2010
stabilisation ofmaterial, energy,other servicesintensity ofproduction in 2011comparing to thevalue in 2010
fall of Y/Y dynamicsof total investmentoutlays in 2011comparing to thevalue in 2010
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Furniture and Related P roduct M anufac turing
Investment outlays as share in net revenue [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 5.65% 4.30% 5.89% 8.03%
Y /Y inc rease [%] 1.55% -1.35% 1.59% 2.14%
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 7.95% 4.73% 4.33% 5.24%
Y /Y inc rease [%] -0.07% -3.22% -0.40% 0.90%
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] 3.75% 5.09% 6.06% 7.22%
Y /Y inc rease [%] -1.49% 1.34% 0.97% 1.15%
Investment outlays per company [mn RMB]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [mn RMB] 1.27 1.06 1.61 2.66
Y /Y dynamic s [%] 59.42% -16.62% 51.53% 65.85%
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [mn RMB] 2.88 2.09 2.15 2.94
Y /Y dynamic s [%] 8.09% -27.39% 2.70% 36.98%
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11Value [mn RMB] 2.01 2.99 4.29 8.13
Y /Y dynamic s [%] -31.56% 48.39% 43.66% 89.46%
Investment outlays index [%]P eriod 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3
Value [%] 11.58% 6.82% 12.84% 20.86%
Y /Y increase [%] 4.06% -4.76% 6.02% 8.02%
P eriod 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Value [%] 26.85% 14.17% 12.51% 17.10%
Y /Y increase [%] 5.99% -12.68% -1.66% 4.59%
P eriod 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11
Value [%] 4.57% 19.20% 23.29% 34.95%
Y /Y increase [%] -12.52% 14.63% 4.09% 11.66%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
I n v e s t m e n
t o u t
l a y s
i n d e x [ %
]
N e t p r o f
i t [ m n
R M B ]
Period
Investment outlays index [%]Net profit [mn RMB]
Net p rofi t [mn RMB] Investmen t outl ays index [%]
rise of investmentoutlays as share innet revenue in 2011comparing to thevalue in 2010
rise of Y/Y dynamicsof investmentoutlays percompany in 2011comparing to thevalue in 2010
rise of investmentoutlays index in2011 comparing tothe value in 2010
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Furnitureand Related Product Manufacturing
DuPont Pyram
id
Equity
2011
131
2010
110
2009
93
2008 80
Leverage
2011
2.137
Assets
2011
280
2010
2.159
2010
238
2009
2.196
2009
203
ROE
2011
26.1%
2008
2.250
TAT
2011
1.715
2008
180
2010
25.5%
2010
1 . 7
6 3
2009
19.9%
2009
1 . 6 1
0
2008
17.5%
ROA
2011
12.2%
2008
1 . 6
0 9
Net
revenue
2011
479
2010
11.8%
2010
4 2 0
2009
9.1%
2009
3 2 7
2008
7.8%
ROS
2011
7.1%
2008
2 8 9
2010
6 . 7
%
2009
5 . 6
%
2008
4 . 8
% EBT
2011 34
2010
28
2009
18
2008
14
Return on equity
ROE =ROA* leverage
Assets turnover
TAT =Net revenue/Assets
Return on assets
ROA=ROS* TAT
Net revenue(*)
[bn RMB]
(*)Earning beforetaxes or net revenuefrom agiven year
(**)Averageofassets or equityfrom thelast twoyears
Equity(**)
[bn RMB]
leverage=Assets /Equity
Assets (**)
[bn RMB]
Return on net sales
ROS=EBT /Net revenue
Earning beforetaxes (*)
[bn RMB]
*
*
/
/
/
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Furniture and Related P roduct M anufac turing
List of Source Financials
Financial indicator \ Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Gross Sales DB DB DB DB DB DB DB DB DB DB DB DB
Value Added Tax e e e e e DB DB e e e e DB
Sales Tax e e e e e DB DB e e e e DB
Indirect Taxes e e e e e DB DB e e e e DB
Net Sales e e e e e DB DB e e e e DB
Value Added of Industry DB DB DB DB e DB DB DB e e e e
Material, Energy and OtherServices Cost e e e e e DB DB e e e e e
Depretiation e e e e e e e e e e e e
Distribution Cost e e e e e DB DB e e e e DB
Administration Expenses e e e e e DB DB e e e e DB
Cost of Sales e e e e e DB DB e e e e DB
Total Costs e e e e e e e e e e e e
Earning Before Taxes DB DB DB DB DB DB DB DB DB DB DB DB
Earning Before Interest and Taxes e e e e e e e e e e e e
Earning Before Interest, Taxesadn Depretiation e e e e e DB DB e e e e DB
Inventories DB e DB DB DB DB DB DB DB DB DB DB
Receivables e e e e e DB DB e DB e e DB
Current Assets DB DB DB DB DB DB DB DB DB DB DB e
Net Fixed Assets DB DB DB DB DB DB DB DB DB DB DB e
Total Assets DB DB DB DB DB DB DB DB DB DB DB DB
Short-term Liabilities n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Long-term Liabilities n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Liabilities DB DB DB DB DB DB DB DB DB DB DB DB
Equity DB DB DB DB DB DB DB DB DB DB DB DB
Investment Outlays e e e e e DB DB DB e DB DB DB
Employment DB DB DB DB DB DB DB DB DB DB DB DB
No. of C ompanies loss-generating DB DB DB DB DB DB DB DB DB DB DB DB
No. of Companies profit-generating DB DB DB DB DB DB DB DB DB DB DB DB
No. of Companies DB DB DB DB DB DB DB DB DB DB DB DB
DB - data from the CEIC Databasee - estimated valuen/a - value unavailable
Title
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Key ConceptsDefinitions of Indices
Number of companies Number of reporting companies V
Net revenue [mn RMB] Revenue generated by core activity V
Earning before taxes [mn RMB] Earning before taxes V
Net revenue per company [mn RMB]Revenue generated by core activity
-----------------------------------------Number of companies
V---V
Total costs [mn RMB] Total cost associated with core activity V
Tot al cost per company [mn RMB]Total costs
--------------------------Number of companies
V---V
Value added to net sales ratio [%]Value added
---------------Net sales
V---V
Return on Sales [%]Earning before taxes
------------------------Net revenue
V-----
V
Return on Equity [%]Earning before taxes
------------------------Equity
V-----AV2
Return on Assets [%]Earning before taxes
------------------------Total assets
V-----AV2
Share of profit-generating companies [%]Number of profit-generating companies
---------------------------------------------Number of companies
V-----
V
Current ratio [%]Current assets
------------------------Short-term liabilities
V---V
Quick ratio [%]Current assets - Inventory
-------------------------------Short-term liabilities
V---V
Receivables to liabilities ratio [%]Current receivables
------------------------Short-term liabilities
V---V
Days of coverage for Cash & equivalent [days](Current receivables + Inventories - Short-term liabilities) * 360
---------------------------------------------------------------------------Net revenue
V-----
V
Days of c overage for c urrent liabilities [days]Short-term liabilities * 3 60
-------------------------------Net revenue
V-----
V
Days of coverage receivables [days]Current receivables * 360------------------------------
Net revenue
V-----
V
Days of coverage for inventory [days]Inventories * 3 60---------------------
Net revenue
V-----
V
Debt to Equity ratio [%]Long-term liabilities-----------------------
Equity
V---V
Equity to total assets ratio [%]Equity
--------------Total assets
V---V
Long-term liabilities to total liabilities ratio [%]Long-term liabilities-----------------------
Total assets
V---V
Debt ratio [%]Total liabilities-----------------
Total assets
V---V
Operating profit c overage [%]Total liabilities
-------------------------------------------------------------------Earning before interest, taxes, depretiation & amortisation
V-----
V
V - Value for a given yearAV2 - Average of values over the two last years
Definition of index
Profitabilityratios
Liquidityratios
General indices
Financial cycles
Financial leverage ratios
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Employment [person] Number of employees V
Average employment per company [person]Number of employees
--------------------------Number of companies
V---V
Labour productivity [mn RMB/person]Net revenue
---------------Employment
V-----AV2
Fixed assets per employee [mn RMB/person]Net fixed assets------------------
Employment
V---V
Material, energy, other services intensity of production [%]Material, energy, other services cost
------------------------------------------Net revenue
V---V
Fixed assets productivity [%]Net revenue
------------------Net fixed assets
V-----AV2
Total investment outlays [mn RMB] Investment outlays V
Investment outlays as share in net revenue [%]Investment outlays----------------------
Net revenue
V---V
Investment outlays per company [mn RMB]Investment outlays
--------------------------Numebr of companies
V---V
Investment outlays t o amortisation & depretiat ion ratio [%]Investment outlays----------------------
Depreciation
V---V
Investment outlays index [%]Investment outlays - Depretiation
---------------------------------------Net fixed assets
V---V
Share of indirect taxes in total costs [%]Indirect taxes----------------
Total costs
V---V
Share of cost of sales in total costs [%]Cost of sales
---------------Total costs
V---V
Share of distribution cost in total cost [%]Distribution cost
-------------------Total costs
V---V
Share of administration expenses in total c osts [%]
Administration expenses
----------------------------Total costs
V
---V
Share of depretiation in total costs [%]Depretiation
---------------Total costs
V---V
Definition of index
Productionfactors
Investmentoutlays
Costs
V - Value for a given yearAV2 - Average of values over the two last years
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Definitions of Selected Concepts
EconTrends for China are based to large extent on t he structure of the North American IndustryClassification System (NAICS), where possible. Analyses made for respective industry sections,divisions groups and classes are more less consistent with this classification. However t he usedsystem of industry classificat ion is not fully c ompatible with the NAICS due to Chinese stat istics -specific factors.
Seasonal adjustment is an econometric procedure consisting in elimination of seasonal deviations thatimpair the effec tiveness of econometric modeling. T his stat istical procedure is based on appropriate,specialized econometric tools (the Tramo/Seats method). The software applied performs seasonaladjustment according to the Chinese calendar (e.g. public and religious holidays, etc.), to set off theimpact of differences in the number of working days in particular quarters. Forecasts of financialparameters in the given sectors are derived based on forecasts of deseasonalised trend. The accuracyof the seasonal adjustment procedure is additionally supported by verificat ion of key stat istical tests,inclusion of incidental factors and drastic leaps in production volume, as well as testing the model.
cative one, where seasonal deviations are c alculated as the percentage deviations from the long termtrend (in that case a deviation of 103 means a deviation of 3% from the value of the trend, and e.g.98 a deviation of -2%).
Seasonal deviations are obtained by using the Tramo/Seats econometric procedure. A seasonaldeviation shows the average deviation of the value of revenue at a given quarter from the long termtrend. Seasonal variation informs us about an additional changeability associated with a particularseason of the year, which is a result of temporarily increased or decreased revenue. Skilfulassessment of seasonal deviation may be one of the advantages of a firm, which will be able to assessthe level of revenue in a given quarter, that in turn will result in better production planning. However,a bad assessment of seasonal changes may be a source of additional risk. The graph of seasonaldeviation for the period shows deviation from the long term trend in a given quarter (quarterly valuesare arranged chronologically in years i.e. January '98, '99 etc.), which allows for precise forecasting of deviation in the analyzed quarter. In the above materials we can see two methods of presentingseasonality. The first is the additive one, when the revenues are decomposed as a sum of long termtrend and nominal value seasonal deviations. The second way of presenting seasonality is the multipli-
Forecasting models used in EconTrends have a hierarchical structure. The first layer consists of models that transmit behavior of macroeconomic variables like nominal GDP growth, increases in pricesto the behaviors of financial parameters like net sales and gross margin in all analyzed ec onomicsections. Gross margin should be understood as the share of gross profit (net sales - cost of sales) innet sales. T he next layer of models t ranslates the behavior of the above parameters in economicsections into the divisions within them. The last layer links the groups with the classes that arecontained in them. The econometric models that are used in respective layers have a linear structure
and belong to a well known group of ADL (Autoregressive Distributed Lags) models. The long termrelation between GDP growth and growth of sales in a given sector (called implied long term growth) isalso developed on the ground of these models.
Risk-profitability maps show the location of sectors depending on the value of profitability and riskthey ac hieve. Sectors singled out by being encircled by a red ring are most useful efficient forinvestors, due to the relatively highest return at the lowest variability of profit (relatively high value of the Sharps index). On the basis of t he coordinate values of efficient sectors, the preferences of investors on the market are shown by a grey dotted line visible on the graphs this is a level line of the linear function of utility for investors (Investors Utility Function). The level line shows preferencesof the majority of investors with regard t o achieved profitability at a given risk. Sec tors, which are
placed above the linear funct ion of usefulness are preferred by investors due to the possibility of achieving a high profitability, at a particular level of risk. Sectors lying below the level line are not asattractive for investors, due to the relatively high variability in profit as against their profitability.
Seasonal adjustment
Seasonal deviations
Forecasting models
Risk-profitability maps
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The long-term trend indicates so-called potential level of production for a given sector i.e. a level atwhich there is no significant tension for a rise/fall in price dynamics and employment within the sector.
DuPont Pyramid is a very useful tool t o decompose Return on Equity (ROE) into various ratios like:Return on Sales (ROS), Total Assets Turnover (TAT) and Financial Leverage. It enables easy drawingof conclusions about the efficiency of an analyzed company in various areas of its activity.
The forces map shows decompositions of the profitability index into particular driving forces. The ideaof the strengths map is to show the effect of particular variables on the dynamics of profit both incurrent and forecasted situation.
In the section financial ratios analysis presented numbers are calculated either on basis of original
financials or they are derived through estimation some of them. Financial ratios in which at least onecomponent is estimated are written in italic.
Y/Y Increase, Y/Y Dynamics. Increases are c alculated as absolute differences with respect to t hepreceding year (Y/Y). Dynamics are calculated as relative [%] differences with respect to the
preceding year (Y/Y ).
Forecasts presented in EconTrends for China relate to a period of two years ahead in relation to theend of the time period for which statistical data are available.
The business cyc le shows fluctuations of business ac tivity for a given sector around a long-term trendrepresenting the potential level of product ion for the sector. Positive values of the business cyc leindicat e a possibility of price dynamics increase pressure, increase of employment or rebound ininvestments, since the capacity utilization ratio remains high. Negative values of the business cycleindicate a possibility of price dynamics decrease pressure, decrease of employment or deterioration ininvestment activity, since the capacity utilization ratio is relatively weak.
The forces map
Y/Y Increase, Y/Y Dynamics
Forecasts
The business cycle
The long-term trend
DuPont Pyramid