宝洁vs联合利华财务报表对比分析英文版课件.ppt

1、P&G Unilever宝洁公司 VS 联合利华Unilever CompanyBrief IntroductionnUnilever Company in 1930 by the Dutch margarine company merger with the British company Lever Brothers soap is made. nUnilevers ice cream, frozen food, tea drinks, condiments, margarine and edible oil production in the world first. nUnilever

2、 is the worlds second largest detergent, cleansing products, and hair care product manufacturer. nEvery day, there are 160 million consumers use Unilever products. They take pride in, their slogan to reflect this: home, there Unilever.Unilever CompanyBrief IntroductionnUnilever owns the brand:Lipton

3、 Kellogg Dove OMO Walls and so on.nUnilever has 317 production bases in six continentsnPursuit of safety and high efficiency and high quality and environmental protectionnUnilever has a research and development center in several countries.nUnilevers distribution channels P&G Co. Brief introductionn

4、P&G was born in 1837,its full name is the Procter and Gamble company.Referred to by the companys two founders, William Procter Walcott and James Gamble choose their surnames in the first letters. At first it was just that the city of Cincinnati, Ohio, one of the 18 for candle and soap manufacturer,

5、after which up to 160 years in time, this conservative style, but constantly innovative Finally the company become the worlds largest manufacturer in washing and skin care health care products, and successfully created a day of the consumer goods industry, P & G Empire.P&G Co. Brief introductionn Pr

6、octer & Gamble has become the worlds top commodity consumer goods manufacturers and distributors in the United States, its employees more than 100,000 all over the world. 2001-2002 fiscal year, the companys annual consumption amounted to 40.2 billion US dollars. In the Fortune magazine selected the

7、500 most recent worlds largest industrial / service companies, ranked No. 93, ranked the nations 35 and was named the industrys most respected companies. n Procter & Gamble, in more than 80 countries around the world with factories and offices, operated by more than 300 brands of products sold in mo

8、re than 160 countries and regions, including shampoo, hair care, skin care products, cosmetics, baby care products, feminine hygiene products, pharmaceuticals, food, beverages, textiles, furniture, personal care and cleaning products.nFabric Care and Home Care segment Health & Well-Being Health Care

9、 Snacks, Coffee and Pet CarenBeauty Care Beauty segment Grooming segment Household Care Baby Care and Family Care segment Five Forces Analysis of UnileverPotential new entrants-HighFast-moving consumer goods industry :a)high frequenciesb) short-term usec) very convenientd) Easy to be perceived and j

10、udged by consumerThese features provide the certain breakthrough, as long as marketing successfully and entering the market quickly, new entrants can carve up a certain market share.Threat of substitute product-High Washing products have alternatives and customers have many choices. In addition, som

11、e customers are sensitive to product price and they lack of brand loyalty.nOnce the competitors implement marketing strategies, it is likely to give up the initial selection.nEg:n in anti-dandruff shampoo market, Unilever has “CLEAR”, while P&G has “head&shoulders”n in Personal Care product market,

12、Unilever has dove,Lux, while P&G has Safeguard 、Tide.Suppliers bargaining power-Lowna)Sometimes, powerful suppliers are threats for companies.nb)Supply chains are made up of the upstream raw materials suppliers ，downstream of the sales companies,and consumers .n c)raw materials price increase,the co

13、st will increase for Unilever.nd)some raw materials are monopolized by a few suppliers.That is,suppliers concentration is higher than the concentration of the buyer. Therefore Unilever has to share profits with suppliers.The buyers bargaining power-MediumThe key factors of the supplier bargaining po

14、wer:(1)The supplier industry concentration,(2)size of trading volume,(3)The degree of product differentiation,(4)The size of the transformation the supplier cost,Prior to the possibility of integration,(5)The degree of information control. a)the cusumers want to buy industrial products affordable,an

15、d cost-effective .They benefit from the existing enterprise competition between industries.As a result, they always hold down prices, improve product quality and service level . b)Substitute products are numerous and the differences between each other is small, the range of consumer choice is bigger

16、, so theres bargaining power.The competition between existing competitors-HighnUnilever is a very famous FMCG companies, Unilevers fiercest rival in the international commodity market is P&G.nP&G and Unilever are has many kinds of famous brand products, and they have their respective product innovat

17、ion tactics:P&G to constantly develop new products, and constantly optimized combination product lines, Unilever is to excavate the potential market, meet the demand of local consumers.nthe 2004 Business Week rankings in the world, P&G worth $139.335 billion, In the world ranking 17th, Unilever in 5

18、4th in the global ranking list, valued at $65.3 billion.nIn the competition with P&G,Unilever is in a relatively disadvantageous position.In Chinas household and personal care products market,Unilever is also in a relatively disadvantageous position.Five Forces Analysis of P>hreat of entry-HighnTh

19、e involvement of foreign capitalnExperienced dealers establish their own brandnInternal staff want to have their own brandnPart of the technical invention and patent holders like to form their own factoryBuyer power-MediunnPurchasers want to use high quality product with the low price through bargai

20、ning price down. Competitors-HighnJohnsonnJahwanLongliqinAnd so onThreat of subsititutions-HighnP & G brand：Head & Shoulders、Rejoice、Sassoon、Pantene、ClairolnAlternatives Brand：Shulei、Sunsilk、Fengying、HOUDY、LAF Supply power -LownEstablish long-term cooperative relationship with suppliersnSelect the a

21、ppropriate scale suppliersnDeepen cooperation with suppliers Unilever index analysisBalancesheetofUnilever(2012)BalancesheetofUnilever(2012)BalancesheetofUnilever(2013-2014)BalancesheetofUnilever(2012)CashFlowStatement(2012-2014)Income statement (2012-2014)Statementofshareholdersequity(2012-2014)1 S

22、hort-term liquidity analysis-Unilevern2012:current ratio=12147/15815=0.7681times n2013:current ratio=12122/17382=0.6974timesn2014:current ratio=12347/19642=0.6286timesnFrom 2012 to 2014,all current ratios of less than 1 would mean that net working capital was negative.Every year,the current ratio sl

23、ightly lower than last year.The company increased in short-term debt,so increased the current liabilities.1 Short-term liquidity analysis-Unilever 2012:quick ratio=(12147-4436)/15815=0.4876n2013:quick ratio=(12122-3937)/17382=0.4709n2014:quick ratio=(12347-4168)/19642=0.4164From 2012 to 2014,the sho

24、rt-term solvency of company was weakened.The quick ratio was lower than the previous year.The major factors were that the inventories slightly increased and raised the current liabilities. 1 Short-term liquidity analysis-Unilever 2012:cash ratio=2465/15815=0.1559n2013:cash ratio=2285/17382=0.1315n20

25、14:cash ratio=2151/19642=0.1095nFrom 2012to 2014,the ability of company to repay the short-term debt with cash was descended.Because the reduction of cash assets,and slower than the changing rate of current liabilities. 2 Long-term financial leverage anayles-UnilevernTotal debt ratio in 2014=33764/4

26、8027=0.7030nTotal debt ratio in 2013=30698/45513=0.6745nTotal debt ratio in 2012=30240/46189=0.6547nFrom 2012 to 2014,total debt ratio were rising.The higher this ratio is,the more enterprise risk Unilever had to face.3.turnover ratios anaylsis-UnilevernInventory turnover in 2014：28387/4168=6.8107 t

27、imesnInventory turnover in 2013：29065/3937=7.3825 timesnInventory turnover in 2012：30530/4436=6.8823 timesUnilevers inventory turnover in 2014 dropped to the lowest in three years.It means that Unilever were managing inventory less efficiently.3.Asset turnover ratios anaylsis-UnilevernTotal asset tu

28、rnover in 2014：48436/48027=1.0085nTotal asset turnover in 2013：49797/45513=1.0941nTotal asset turnover in 2012：51324/46189=1.1112From 2012 to 2014,all total asset turnovers were more than 1,which means these new assets could be less productive and efficient than those used by Unilevers competitors l

29、ike P&G.4.Profitability Analysis-Unilevern2012:ROA=4836/46189=0.1047n2013:ROA=5263/45513=0.1156n2014:ROA=5515/48027=0.1148nROA is a measure of profit per dollar of asstes.From above,the ROA in 12year was 10.47% which is less than in 13year which ROA is 11.56%.nBut in 14year,the ROA is less than that

30、 in 13year.This shows that the companys profitability weakened.5.Growth Analysis-Unilevern2012-2013:Operating income growth ratio=(7517-6977)/6977=0.0774n2013-2014:Operating income growth ratio=(7980-7517)/7517=0.0616nDuring 2012-13 year,the operating income had increased 540 million.nDuring2013-201

31、4 year, the operating income had increased 463million.nWith the development of the company,we can see the operating income had decreased. 5.Growth Analysis-Unilevern2012-2013:Net income growth ratio =(5263-4836)/4836=0.0883n2013-2014:Net income growth ratio =(5515-5263)/5263=0.0530nDuring 2012-2013

32、year the net income had increased 427 million.nDuring 2012-2013 year,the net income had increased 252million.nWith the development of the company,we can see the net income had decreased.P&G index analysisBalance sheet of P&G(2012-2013)Balance sheet of P&G(2013-2014)Cash flow of P&G(2012-2014)Stateme

33、nt of shareholders equity(2012-2014)Income statement(2012-2014)1.Short-term liquidity analysis -P&Gn2012:current ratio=21910/24907=0.8800 timesn2013:current ratio=23990/30037=0.7987 timesn2014:current ratio=31617/33726=0.9375 times From 2012 to 2014 year,all current ratios were less than 1 ,which me

34、ans that P&Gs ability to pay its bills over the short run is medium .In general,P&G operates steadily.1.Short-term liquidity analysis -P&Gn2012:quick ratio=(21910-6721)/24907=0.6098 timesn2013:quick ratio=(23990-6909)/30037=0.5687 timesn2014:quick ratio=(31617-6759)/33726=0.7371 timesnCompared to 20

35、12 year,quick ratio fell 4% in 2013 and Increase 10% in2014 respectively.This kind of change was caused by changes in inventory and current liabilities1.Short-term liquidity analysis -P&Gn2012:cash ratio=4436/24907=0.1781 timesn2013:cash ratio=5947/30037=0.1980 timesn2014:cash ratio=8558/33726=0.253

36、8 timesnNormally,20%cash ratio is preferred.Obviously,cash ratio increased year by year,which caused by increasedcash and cash equivalent .So P&G Increased cash solvency from 2012 to 2014.2.Long-term financial leverage anayles-P&GnTotal debt ratio in 2014=74290/144266=0.5150 timesnTotal debt ratio i

37、n 2013=70554/139263=0.5066 timesnTotal debt ratio in 2012=68209/132244=0.5158 times a)for operator:debts help expand Production Scaleprefer high debt ratiob)creditors:They want toget repayments and receive the interests prefer low debt ratio P&G has about $0.51 in debt for every $1 in assets and its

38、 easy to find that P&G capital structures were steady and proper.3.Asset turnover ratios anaylsis-P&GnInventory turnover in 2014=42460/6759=6.2820 timesnInventory turnover in 2013=41391/6909=6.2514 timesnInventory turnover in 2012=41411/6721=6.1614 timesFrom 2012 to 2014,the value of inventory turno

39、ver were rising.The higher this ratio is,the more efficiently P&G is managing inventory.3.Asset turnover ratios anaylsis-P&GnTotal asset turnover in 2014=83062/144266=0.5758nTotal asset turnover in 2013=82581/139263=0.5929nTotal asset turnover in 2012=82006/132244=0.6201nFrom 2012 to 2014,the value

40、of the total asset turnover were Declining.It can be interpreted as the less dollar investment in assets needed to generate $1 in sales.4.Profitability analysis-P&Gn2012:ROA=10904/132244=0.0825n2013:ROA=11402/139263=0.0819n2014:ROA=11785/144266=0.0817nROA is stable along 0.08, means P&G profitable i

41、s stable5.Growth rate analysis-P&Gn2012-2013:Operating income ratio=(82581-82006)/82006=0.0070 2013-2014:Operating income ratio=(83067- 82581)/82581=0.0058During 2012-2013 year,the operating income had increased 575 million.During2013-2014 year, the operating income had increased 486million.With the

42、 development of the company,we can see the operating income had decreased.5.Growth rate analysis-P&Gn2012-2013: Net income growth ratio =(11402-10904)/10904=0.0457n2013-2014: Net income growth ratio =(11785-11402)/11402=0.0336nDuring 2012-2013 year,the net income had increased 498 million.nDuring 20

43、12-2013 year,the net income had increased 383 million.nWith the development of the company,we can see the net income had decreased.Forecast-UnileverLong-term financial leverage forecast-Unileveryear201220132014Total debt ratio0.65470.67450.7030From 2012 to 2014,total debt ratio were rising.That mean

44、s in 2015 to 2017, during this period, total debt ratio will likely continue to rise in Unilever .Unilever may have to face more enterprise risk in the future.Asset turnover ratios forecast-Unileveryear201220132014Inventory turnover6.8823 times7.3825 times6.8107 timesUnilevers inventory turnover in

45、2014 dropped to the lowest in three years.In the next few years, unilevers inventory turnover or falling or maintain at a lower level.Asset turnover ratios forecast-Unileveryear201220132014Total asset turnover1.1112times1.0941times1.0085timesFrom 2012 to 2014,all total asset turnovers were more than

46、 1.In the next few years, unilevers total asset turnover will remain at around 1.Unilever will use its assets to generate sales inefficiently in the next few years. ROA forecast-Unilevern 12year 13year 14yearnROA 0.1047 0.1156 0.1148nTotal assets 46189 45513 48027nNet income 4836 5623 5515nROA in 12

47、year was less than in 13year .But in 14year,the ROA is a little less than that in 13year.And the net income was also increasing substantially,but the net income in 14year is a little less than that in 13year.This shows that the companys profitability is a little weakened in the future.Operating inco

48、me ratio forecast-Unilevern 12year - 13year - 14yearnOperating income ratio 0.0774 0.0616nOperating income 6977 7517 7980nWith the development of the company,we could see the operating income ratio had decreased.But from the F/S,the operating income had increased .Those show that the ability of Unil

49、evers operating income was weakened in the future.Net income growth ratio forecast-Unilever12year - 13year - 14yearnNet income growth ratio 0.0883 0.0530nNet income 4836 5263 5515nWith the development of the company,we can see the net income growth ratio had decreased.But from the F/S,the net income

50、 had increased year by year.Those show that the ability of Unilevers net income was weakened in the future.Current ratio forecast-UnileverYear201220132014CurrentRatio0.76810.69740.6286Future:the current assets decreased and current liabilities increased in 2012 to 2014,caused the current ratio was c