《公司演講模板》PPT課件.ppt

Financial Analysis in Gome,Group members:,GOME Introduction,Founded by Wong Kwong Yu with his brother in 1987 in Beijing Leading privately owned electrical appliance retailer in China 2004 listed in Hong Kong (stock code 493) Chen Xiao is the Chairman after Wong arrested,Financial Highlights,GOME Wong Kwong Yu Fraud,Wong Kwong Yu Founder and former Chairman of GOME 2008 No.1 on HURUN Report about RMB 43 billions Arrested for economic crime on Nov. 17,2008 He will be sentenced at most 10 years in prison for insider dealing,GOME Wong Kwong Yu Fraud,Insider Dealing Huang Junqin（黃俊欽） founder and chairman of New Handsome Joint Group(北京新恒基集團) holding ST金泰 Wong Kwong Yu manipulate the stock price of ST金泰,Backdoor Listing - Deng Zhan: former deputy administrator of foreign investment at the Ministry of Commerce - Guo Jingyi: former official at the department of Treaty and Law at Ministry of Commerce,GOME Wong Kwong Yu Fraud,Bribery Zheng Shaodong: former Assistant Minister of Public Security Xiang Huaizhu: former director of Economic Crime Investigation Dep. at Ministry of Public Security Chen Shaoji: former chairman of Guangdong CPPCC Wang Huanyuan: former secretary of Zhejiang Discipline Inspection Committee Xu Zongheng: former Mayer of Shenzhen,Management Discussion and Analysis,optimizing retail network coverage,Statement of comprehensive income,The financial statements of GOME,Balance Sheet Income statement Statement of Changes in Equity Gome Financial Statement.doc,Ratios for three years,Profitability & Asset management,Net profit margin of Gome Company is lower year by year. This means that PPs operations are not efficient. The problem is that the company has a much higher operation costs and it can not generate a higher profit to write off the costs.,The lower return on assets of Gome Company when compared to the industry Return on owners equity is lower. It is because the inefficiency in utilizing assets out weights operational efficiency.,Liquidity and solvency analysis,Long term solvency ratios,Liquidity and Solvency,The current ratio has a dramatically increase from 1.04 to 1.38(about 33% increase). Inventory turnover ratio is very critical to the electrical appliance-retailing enterprise such as Gome. This ratio is increasing every year from 2006 to 2008 The receivables are much lower, and the receivables turnover is less important to analyze the internal liquidity. Gome is on the normal level and some ratios are becoming better.,The debt ratio refers to the relationship of total liabilities and total assets and means how many times the total assets can cover total debts. The debt to equity ratio is at utmost position in the long term solvency. Another important ratio in this field is interest cover which indicates how many times the profit before interest and tax can cover the interest cost (finance cost). In a word, the long term solvency capability is in a reasonable scale and the risk the company facing may deteriorating these ratios easily. So the company may do some improvements in its short term liquidity and long term solvency.,A financing miracle in 2004,Main Participants: Mr. Wong Kwong Yu (黃光裕）- A big fan of capital operation; Mr. Jim Chung Pui （詹忠培）- The king of shell in Hong Kong. Main Company: China Eagle Group (Code 0493) (中國鵬潤集團有限公司）； Ocean Town ,an offshore company incorporated in British Virgin Islands. Operation: 65% of GOME A A subsidiary of China Eagle China Eagle Changing name to GOME.,HOW TO FINANCE,Two ways of financing behavior: Issued capital Bank Loan,Holding structure,Mr. Wong Kwong Yu & Mrs.Du Juan 35.55% Bain Capital 22.26% JP Morgan 10.24% Others 32%,Holding structure,22,Bank Loan,Total Amount (RMB000) Main banks name: Industrial Bank (興業(yè)銀行） China CITIC Bank (中信銀行） Standard Chartered Bank Agriculture Bank of China Bank of Shanghai,Comparison of two ways,Evaluation,Income statement,the sales and cost of sales both increase and the cost of sales account for the same amount of revenue in 2008 and 2007 as about 90%, which is a little higher than 2006. the distribution and selling expense has increased from 3,547,907 thousand to 4,487,131 thousand. administrative expense has raised 141,288 thousand.,Income statement,PPE of company has increased from 3,144,458 to 3,719,829 thousand, the sales has a slow increase at only 8%. ROE of the company has dropped a lot, from 18.29% to 11.10%.,Income statement,Therefore, although there is a higher revenue, the incurred expense also increased a lot ,which cause a lowest net profit in recent 3 three years .there is some problem with companys profitability.,Balance sheet,the inventory turnover ratio is 5.88,7.84 and 7.62 times in 2006,2007 and and inventory holding period is 62 ,49 and 48 days. Trading creditors payment period has decreased every year from 2006 to 2008 (21% from 2006 to 2007, 6% from 2007 to 2008).,Cash flow statement,The account receivable and prepaid expense has decreased 37%. Total cash amount is 30.5 million which declined about 50%. net cash generated by operating activities has increased from 126, 2,561 to 3,610 million.,Cash flow statement,For Gome, sales and inventory has increased, but account receivable has decreased from 2007 to 2008. Increasing housing price has created higher rent expense.,Cash flow statement,The company is facing some cash problems. Because at the end of 2008, 3,117 million cash outflow is instead of 4,908 cash inflow in the previous year.,Disadvantages,a number of single stores which can not create evident profit. Employee expense and selling administrative expense has incurred too much. intensify internal managment. higher rent e