3 dafi af partea 3 cont

7/23/2019 3 DAFI AF Partea 3 Cont

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Prof.dr. Laura Obreja Brasoveanu

Analiza financ iara partea3

interpretareadocumentelor contabile

Contul de profit sipierdere

Prof.d r. Laura OBREJABRASOVEANUASE- Bucuresti

Master 2015-2016

Analiza per formantelor financiare

cont prof it si pierdere(Income statement analysis)

Analiza performantelor financiare

cont prof it si pierdere(Income statement analysis)


Venituri Cheltuieli = Profit

Interpretare informatii din cont?

Contul deprofit sipierdere

na iza inanciarape contu ui eprofit si pierdere

Formatul CPP:

1. Cifra de afaceri neta

2. Variatia stocurilor

3. Productia imobilizata

4. Alte venituri din exploatare

5. Cheltuieli cu materii prime,

materiale consumabile si altech.din afara

6. Cheltuieli cu personalul

7. Ajustarea valorii imobilizarilor(a) si a activelor circulante (b)

8. Alte ch.de exploatare

9. Venituri din interese departicipatie

10. Venituri din alte investitiifinanciare si creante

11. Venituri din dobanzi.

12. Ajustarea valoriiimobilizarilor financiare

13. Cheltuieli cu dobanzile.

14. Profitul / Pierderea dinactivitatea curenta

15. Venituri extraordinare

16. Cheltuieli extraordinare

17. Profitul / Pierderea dinactivitatea extraordinara

18. impozitul pe profit

19. Rezultatul exercitiuluifinanciar

Cont profit pierdere:exemplu

vanzari de marfuri 290

cheltuieli aferente marfurilor

vandute

195

productia vanduta 3985cheltuieli cu materii prime,materiale si alte ch.din afara

1129

cifra de afaceri neta 4275 cheltuieli cu personalul 1874

variatia stocurilor 560

ajustar ea valorii imobilizar ilor si a activelor

circulante

productia imobilizata 480

cheltuieli privind amortizarea si

provizioanele de exploatare

1632

a lte venitur i din exploa ta re 149 alte cheltuieli de exploatare 200

ajustarea valorii imobilizarilor si aactivelor circulante

total cheltuieli de exploatare 5030

venituri din provizioane privind

exploatarea 128

total venituri de exploatare 5592 rezultat din exploatare 562


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Cont profit pierdere: exempluvenituri din interese de

participatie 48,7

cheltuieli cu dobanzile 51,9

venituri din alte investitii

financiare si creante 31,4

ajustar ea valorii imobilizar ilor si a activelorcirculante

venituri din dobanzi cheltuieli cu provizioane financiare 21,5

ajustar ea valorii imobilizarilor si aactivelor circulante

total cheltuieli financiare 73,4

venituri din provizioane

financiare 5,6

rezultat financiar 12,3

total ven ituri fi nanciare 85,7 rezultat curent 574,3

venituri extraordinare 0 cheltuieli extraordinare 0

rezultat extraordinar 0

total venituri 5677,7 total cheltuieli 5103,4

rezul tat bru t al exerc itiului 574,3

impozit pe profit 91,9

rezultat net 482,4

Cont profit pierdere -

interpretareRON

CA 4275 75,29%

venituri de exploatare 5592 98,49% 130,81%

cheltuieli de exploatare 5030 98,56% 117,66%rezultatul exploatari i 562 97,86% 13,15%

venituri financiare 85,7 1,51% 2,00%

cheltuieli financiare 73,4 1,44% 1,72%

rezultat financiar 12,3 2,14% 0,29%

rezultat extraordinar 0 0,00% 0,00%

total venituri 5677,7 132,81%

total cheltuieli 5103,4 119,38%

rezultat brut 574,3 13,43%

rezultat net 482,4 11,28%

exprimate in ponderi in

Cont profit pierdere - interpretare

Rezultatul net este influentat de

-politica de amortizare a companiei?

-politica de investitii a companiei?

-gradul de indatorare?

-politica de dividend?

Analiza soldurilor intermediare de gestiuneVenituri Cheltuieli SIG

vnzri de mrfuri cost aprov.mf.vndute marja comercial

--- cump.mf

---variaia stoc.

Producia vndut

Producia stocat

Producia imobilizat

prod.exerc.

marja comercial consumuri externe valoarea adugat

prod.exerc. Cump.de materii prime i alte aproviz.

Variaia stocurilor de mat.prime

Lucrri i servicii executate de teri

valoarea adugat Impozite, taxe, vrsm. asimilate

subvenii de expl.

Alte venituri din exploatare

Chelt. cu personalul

Alte ch. de exploatare

EBE

Venituri de exploatare monetare Cheltuieli de exploatare monetare

EBE Cheltuieli cu amorti z.&provizioane Rezultat exploatare

Venituri din provizioane iamortismente privind exploatarea

Venituri de exploatare Cheltuieli de exploatare

rezultatul exploatrii chelt.financiare rezultatul curent

venituri financiarerezultatul curent chelt.extraordinare rezultat net

venituri extraordinare impozit pe profit

Solduri intermediare de gestiune: exemplu

venitur i cheltuieli SIG

vanzari de marfuri 290 ch.af.marfurilor vandute 195 marja comerciala 95

productia vanduta 3985 p ro du ct ia e x erci t iu lu i 5 025

productia stocata 560

productia imobilizata 480

marja comerciala 95 consumuri externe valoarea adaugata 3991

productia exercitiului5025

ch.materii prime, materiale si

alte ch.din afara 1129

valoarea adaugata 3991 cheltuieli cu personalul 1874 EBE 2066

alte venituri din exploatare 149 alte cheltuieli de exploatare 200

venituri de exploatare

monetare 5464ch.exploatare monetare

3398 2066

EBE 2066 ch.amort&prov.exploatare 1632 Re zu l ta tu l ex pl oa tar i i 562

v.prov.exploatare 128

Rezultatul exploatarii 562 total cheltuieli financiare 73,4 Rezul tat curent 574

total venituri financiare 85,7

Rezultat curent 574 cheltuieli extraordinare 0 Rezul tat brut 574

venituri extraordinare 0

Rezultat brut 574 impozit pe profit 91,9 Rezul tat net 482,4

Analiza financiara pe contului de profit sipierdere Capacitatea de autofinantare

Capacitatea de autofinanare (CAF)

--- reprezint o resurs intern aflat la dispoziia ntreprinderii, deci seva ine cont numai de veniturile ncasabile i de cheltuielile pltibile (nuia n calcul amortizrile i provizioanele)

Metoda de calcul:

PN = venituri

- cheltuieli

CAF = venituri monetare (ncasabile)

- cheltuieli monetare (pltibile)

CF =ncasri pli


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Solduri intermediare degestiune: exempluCAF - metoda deductiva

EBE 2066

+ venituri financiare monetare 80,1- c helt uieli financ iare monet are 51,9

+venituri extraordinare monetare 0

- c helt uieli ext raordi nare monetare 0

- impozit pe profit 91,9

= CAF 2002,3

CAF - metoda aditiva

PN 482,4

+ ch.nemonetare 1653,5

- venituri nemonetare 133,6

=CAF 2002,3

Analiza financiara pe baza contului de profit sipierdere varianta anglosaxonaVenituri de exploataremonetare- Cheltuieli de exploataremonetare= EBITDA (earnings before interest, tax,

depreciation and amortization)- Cheltuieli cu amortizarea si provizioanele= EBIT(earnings before interest and tax)- cheltuieli cu dobanzile= EBT(earnings before tax)- Impozit pe profit= profit net+ Cheltuieli cu amortizarea si

provizioanele= CAF (capacitate de autofinantare)

Gross margin = sales - COGS

Net interest expense after tax =(interest expense interest income)(1-t)

Net operating profit after tax NOPAT =

= EBIAT earnings before interest after tax= EBIT x (1 - t)= net income + net interest expense after tax- a company's after-tax operating profit for all investors,including shareholders and debt holder

- shows what a company's net profit would have been if itwere debt free

Analiza financiara pe baza contului de profit sipierdere varianta anglosaxona

Rate de marja (%)

= marja / CA

Rgross margin gross margin

RPN = ROS net profit marginREBITDA EBITDA margin

REBIT EBIT margin

RNOPAT NOPAT margin

alte rate???

Rate de marja factori determinanti

Rmarja = marja / CA

= (CA cheltuieli) / CA

Factori determinanti?

Strategii de imbunatatire?

Solduri intermediare de gestiune varianta anglosaxona: exemplu

venituri de exploatare monetare 5464

cheltuieli de exploatare monetare 3398

EBITDA 2066

EBIT 626,2

cheltuieli cu dobanzi 51,9

EBT 574,3

PN 482,4


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Exemplu pv. impactul ch.deductibile as.perform.firmeiFIRME A B C

Dat=0 Dat=0 Dat=40%AE

Amor t=0 Amort=500 Amort=0

AE 10000 10000 10000CPR 10000 10000 6000

DAT 0 0 4000Rdobanzii 10%venituri din exploatare monetare 7000 7000 7000

cheltuieli de exploatare monetare 4000 4000 4000EBITDA 3000 3000 3000

amortizare 0 500 0EBIT 3000 2500 3000

dobanzi 0 0 400EBT 3000 2500 2600

impozit pe profit 480 400 416PN 2520 2100 2184

CAF 2520 2600 2184economie fiscala 80 64

Analiza financiara pe bazacontului de profit si pierdere

exemplu FIRMA

Cont de profit si pierdere2014

cifra de afaceri 1370

productia socata 60

cheltuieli cu materii pri 330

cheltuieli salariale 100

ch.amortizari si provizi 244

alte cheltuieli de explo 20

rezultat de expl oatar 736

venituri financiare 140

cheltuieli financiare 80

rezultat curent 796

venituri extraordinare 40

cheltuieli extraordinare 36

rezultat brut 800

impozit pe profit 128

profit net 672

Analiza financiara pe baza contului deprofit si pierdere exemplu FIRMA

valoarea adaugata

EBE

Rezultatul ex ploatarii

rezultat curent

rezultat brut

profit net

CAF

EBT

EBIT

EBITDA

Analiza financiara pe baza contului deprofit si pierdere exemplu FIRMA

%CA

cifra de afaceri 1370

productia socata 60

p ro du ct ia e xe rc it iu lu i 1430 104%

cheltuiel i cu materi i prime 330 24%

valoarea adaugata 1100 80%

cheltuieli salariale 100 7%

alte cheltuiel i de exploatare 20 1%

EBE 980 72%

ch.amortizari si provizioane l244 18%

Rezul tatul ex pl oatar ii 736 54%

veni tur i financiare 140 10%

chel tuiel i financiare 80 6%

rez ultat curent 796 58%

venituri extraordinare 40 3%

cheltuieli extraordinare 36 3%

rezultat brut 800 58%

i mpo zi t pe profi t 128 9%

profit net 672 49%

CAF 916 67%

EBT 800 58%

EBIT 880 64%

EBITDA 1124 82%

Analiza financ iara

Seminar 2


23 24


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25

Analiza financiara pe contului deprofit si pierdere

Formatul CPP:

1. Cifra de afaceri neta

2. Variatia stocurilor

3. Productia imobilizata

4. Alte venituri din exploatare

5. Cheltuieli cu materii prime,materiale consumabile si altech.din afara

6. Cheltuieli cu personalul

7. Ajustarea valorii imobilizarilor(a) si a activelor circulante (b)

8. Alte ch.de exploatare

9. Venituri din interese departicipatie

10. Venituri din alte investitiifinanciare si creante

11. Venituri din dobanzi.

12. Ajustarea valoriiimobilizarilor financiare

13. Cheltuieli cu dobanzile.

14. Profitul / Pierderea dinactivitatea curenta

15. Venituri extraordinare

16. Cheltuieli extraordinare

17. Profitul / Pierderea dinactivitatea extraordinara

18. impozitul pe profit

19. Rezultatul exercitiuluifinanciar

26

Solduri intermediare de gestiunemarja comerciala

productia exercitiului

valoarea adaugata

EBE

Rezultatul exploatarii

Rezultat curent

Rezultat brut

Rezultat net

CAF27

gross margin

EBITDA

EBIT

EBT

net profit

CAFNOPAT

Analiza financiara pe contului deprofit si pierdere

28

Solduri intermediare de gestiune (marje)

Ponderea in CA (rate de marja)

Dinamica (%)

Rate (?/?)

Comparatie cu concurentii (rate

disponibile)

Studii de caz

Analiza cont deprofit si pierdereHewlett-Packard

Analiza cont deprofit sipierdere - Apple

29

HP

30

000 $ 2 009 2008 2007 2006 2005

Sales 114,175 117,994 103,928 91,330 86,325

Other Revenue, Total 377 370 358 328 371

Total Reve nue 114,552 118,364 104,286 91,658 86,696

Cost of Revenue, Total 87,524 89,699 78,887 69,427 66,440

Gross Profit 26,651 28,295 25,041 21,903 19,885

Sel l ing/General/Administrative Expenses, Total 11,613 13,326 12,226 11,266 11,184

Research & Development 2,819 3,543 3,611 3,591 3,490

Depreciation/Amortization 1,571 967 783 604 622

Unusual Expense (Income) 889 356 60 210 1,593

Operating Income 10,136 10,473 8,719 6,560 3,367Financial Income (Expense), Net Non-Operating excluding

interest -210 468 975 964 528Interest expense 511 468 517 333 352

Income Before Tax 9,415 10,473 9,177 7 ,191 3,543

Income Tax - Total 1,755 2,144 1,913 993 1,145

Income After Tax 7,660 8,329 7,264 6,198 2,398

EBT 9,415 10,473 9,177 7,191 3,543

EBIT 9,926 10,941 9,694 7,524 3,895

EBITDA 11,497 11,908 10,477 8,128 4,517


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31

T Revenue (st)

gross profit (st) Op income (dr)NP (dr)

EBT (dr)

EBITDA (dr)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

0

20000

40000

60000

80000

100000

120000

140000

2009 2008 2007 2006 2005

HP mii $ HP

32

Growth rates 2009 2008 2007 2006 2005 average industry S&P500

sales -3.2% 13.5% 13.8% 5.8% - 7.5% 2. 78 8 .97net income -8.0% 14.7% 17.2% 158.5% - 45.6% 13 .31 8 .23

Margins % 2009 2008 2007 2006 2005 average industry S&P500

Gross margin 23.3% 24.0% 24.1% 24.0% 23.0% 23.7% 37. 1 3 8. 7

pre-tax margin 8.2% 8.9% 8.8% 7.9% 4.1% 7.6% 13. 1 1 5. 9

net profit margin 6.7% 7.1% 7.0% 6.8% 2.8% 6.1% 9 .5 11. 3

2009 2008 2007 2006 2005 average industry S&P500

EBIT/Dob 19.4 23.4 18.8 22.6 11.1 19.0 35. 6 2 9. 7

HP

33

Growth rates 2009 2008 2007 2006 2005 average industry S&P500

sales -3.2% 13.5% 13.8% 5.8% - 7.5% 2. 78 8 .97

net income -8.0% 14.7% 17.2% 158.5% - 45.6% 13 .31 8 .23

Margins % average industry S&P500

Gross margin 23.3% 24.0% 24.1% 24.0% 23.0% 23.7% 37.1 3 8. 7

pre-tax margin 8.2% 8.9% 8.8% 7.9% 4.1% 7.6% 13.1 1 5. 9

net profit margin 6.7% 7.1% 7.0% 6.8% 2.8% 6.1% 9 .5 11. 3

average industry S&P500

EBIT/Dob 19.4 23.4 18.8 22.6 11.1 19.0 35.6 2 9. 7

APPLE income statementdata source: Thomson Reuters; Thousands of U.S. Dollars

34

2003 2004 2005 2006 2007

CA 6,207,000 8,279,000 13,931,000 19,315,000 24,578,000

Cost of Revenue 4,499,000 6,022,000 9,889,000 13,717,000 16,426,000

Gross Profit 1,708,000 2,257,000 4,042,000 5,598,000 8,152,000

Operating Income (1,000) 313,000 1,643,000 2,453,000 4,407,000

Net Income Before Taxes 92,000 370,000 1,808,000 2,818,000 5,006,000

Provision for Income Taxes 24,000 104,000 480,000 829,000 1,511,000

Net Income After Taxes 68,000 266,000 1,328,000 1,989,000 3,495,000

Basic Weighted Average Shares 721,262 743,180 808,439 844,058 864,595

Basic EPS 0.09 0.36 1.64 2.36 4.04

Normalized EBIT 25,000 336,000 1,643,000 2,453,000 4,407,000

Normalized EBITDA 138,000 486,000 1,822,000 2,678,000 4,714,000

2008 2009 2010 2011 2012

CA 37,491,000 42,905,000 65,225,000 108,249,000 156,508,000

Cost of Revenue 24,294,000 25,683,000 39,541,000 64,431,000 87,846,000

Gross Profit 13,197,000 17,222,000 25,684,000 43,818,000 68,662,000

Operating Income 8,327,000 11,740,000 18,385,000 33,790,000 55,241,000

Net IncomeBefore Taxes 8,947,000 12,066,000 18,540,000 34,205,000 55,763,000

Provision for Income Taxes 2,828,000 3,831,000 4,527,000 8,283,000 14,030,000

Net IncomeAfter Taxes 6,119,000 8,235,000 14,013,000 25,922,000 41,733 ,000

Basic Weighted AverageS hares 881,592 893,016 909,461 924,258 934,818Basic EPS 6.94 9.22 15.41 2 8.05 44.64

Normalized EBIT 8,327,000 11,740,000 18,385,000 33,790,000 55,241,000

Normalized EBITDA 8,760,000 12,399,000 19,269,000 35,604,000 58,518,000

35

IS - %CA

2003 2 004 2 005 2 006 20 07

CA

Cost of Revenue 72.48% 72.74% 70.99% 71.02% 66.83%

gross margin 27.52% 27.26% 29.01% 28.98% 33.17%

operating margin -0.02% 3.78% 11.79% 12.70% 17.93%

p re tax m ar gin 1 .4 8% 4 .4 7% 1 2.9 8% 1 4.5 9% 2 0.3 7%

ne t m ar gin 1 .1 0% 3 .2 1% 9.5 3% 1 0.3 0% 1 4.2 2%

Normalized EBIT margin 0.40% 4.06% 11.79% 12.70% 17.93%

Normalized EBITDA margin 2.22% 5.87% 13.08% 13.86% 19.18%

IS - %CA

2 008 2 00 9 2 01 0 2 01 1 20 12

CA

Cos t of Rev enue 64 .8 0% 59.86% 6 0.62% 59.52% 56.13 %

gross margin 35.20% 40.14% 39.38% 40.48% 43.87%

operating margin 22.21% 27.36% 28.19% 31.22% 35.30%

pretax margin 23.86% 28.12% 28.42% 31.60% 35.63%

n et m ar gin 16 .3 2% 1 9.1 9% 2 1.48 % 2 3.9 5% 2 6.6 7%

Normalized EBIT margin 22.21% 27.36% 28.19% 31.22% 35.30%

Normalized EBITDA margin 23.37% 28.90% 29.54% 32.89% 37.39%

APPLE

income

statement -

%CA

APPLE income statement rate de marja

36


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APPLE

income

statement

%

37

IS - % 2003 2004 2005 2006 2007

CA 8.10% 33.38% 68.27% 38.65% 27.25%

Cost of Revenue 8.70% 33.85% 64.21% 38.71% 19.75%

Gross Profit 6.55% 32.14% 79.09% 38.50% 45.62%

Operating Income -1 05.88% -31 400.00% 42 4.92% 49 .30 % 79.66%

Net Income Before Taxes 5.75% 302.17% 388.65% 55.86% 77.64%

Net Income After Taxes 4.62% 291.18% 399.25% 49.77% 75.72%

Normalized EBIT -47.92% 1244.00% 388.99% 49.30% 79.66%

Normalized EBITDA -14.81% 252.17% 274.90% 46.98% 76.03%

IS - % 2008 2009 2010 2011 2012

CA 52.54% 14.44% 52.02% 65.96% 44.58%

Cost of Revenue 47.90% 5.72% 53.96% 62.95% 36.34%

Gross Profit 61.89% 30.50% 49.13% 70.60% 56.70%

Operating Income 88.95% 40.99% 56.60% 83.79% 63.48%

Net Income Before Taxes 78.73% 34.86% 53.65% 84.49% 63.03%

Net Income After Taxes 75.08% 34.58% 70.16% 84.99% 60.99%

Normalized EBIT 88.95% 40.99% 56.60% 83.79% 63.48%

Normalized EBITDA 85.83% 41.54% 55.41% 84.77% 64.36%

APPLE income statement D%

38

Peers competitors - TR

Ratios - Key Metrics

39

Gross Margin

EBITDA Margin

Operating Margin

Pretax Margin

Effective Tax Rate

Net Margin

APPLE income statement gross margin

peers comparison

40

Gross Margin 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

AAPL.O - Apple Inc 27.52% 27.26% 29.01% 28.98% 33.17% 35.20% 40.14 % 39.38% 40.48% 43.87%

HPQ - Hewlet t-P ack 25.80% 23. 50% 23.00 % 24.00% 24.10% 2 4.00% 23.4 0% 23.70% 23 .20% 22.90%

DELL.O - Dell Inc 17.90% 18.20% 18.40% 17.70% 16.60% 19.10% 17.90 % 17.50% 18.50% 22.30%

C SC O. OQ - Ci sc o Sy 70.10% 68.60% 67.20% 65.80% 63.70% 64.10% 63.90 % 64.00% 61.50% 61.20%

M SI .N - Mo to ro la S 32.40% 33.60% 32.40% 29.70% 48.50% 50.60% 50.10 % 50.00% 50.50% 50.00%

INT C.OQ - I nt el Co 56.70% 57. 70% 59.40 % 51.50% 51.90% 5 5.50% 55.7 0% 65.30% 62 .50% 62.10%

NOK1V.HE - Nokia 41.50% 38.10 % 35.00% 32.50% 33.80% 34.30% 32.40 % 30.20% 29.30% 27.80%

GOOG. OQ - Google I 57.30% 53. 90% 58.00 % 60.20% 59.90% 6 0.40% 62.6 0% 64.50% 65 .20% 59.10%

APP LE 6 6 6 6 6 5 5 5 5 5

average 41.15% 40.11% 40.30% 38.80% 41.46% 42.90% 43.27% 44.32% 43.90% 43.66%

median 36.95% 35.85% 33.70% 31.10% 41.15% 42.90% 45.12% 44.69% 45.49% 46.94%

quartile

27.09,

36.95,

56.85

26.32,

35.85,

54.85

27.51,

33.7, 58.35

27.74,

31.1,

53.68

30.9,

41.15,

53.9

31.73,

42.9,

56.73

30.15,

45.12,

57.43

28.58,

44.69,

64.13

27.78,

45.49,

61.75

26.58,

46.94,

59.63

q q2 q2 q2 q2 q2 q2 q2 q2 q2 q2

APPLE income statement EBITDA margin

peers comparison

41

EBITDA Margi n 2003 2004 20 05 2006 2007 200 8 2 009 20 10 2 011 20 12

AAPL.O - Apple Inc 2 .20 % 5 .9 0% 1 3. 10 % 1 3.9 0% 1 9. 20% 2 3.4 0% 2 8. 90 % 2 9. 50 % 3 2. 90 % 3 7. 40 %

HPQ - Hewl et t -P a c 9.00% 8.60 % 8.40% 10 .0 0% 11.00% 12 .0 0% 13.80 % 1 4.10% 13.70 % 1 2.00%

DELL.O - Dell Inc 8.60% 9.20% 9.20% 8.60% 6.20% 6.80% 6.90% 6.80% 7.80% 9.20%

CSCO.OQ - Cis co Sy 3 3.6 0% 3 4.0 0% 3 4. 10 % 2 9.6 0% 2 9. 00% 2 8.3 0% 2 5. 60 % 2 8. 70 % 2 6. 70 % 2 8. 60 %

MSI.N - Mo toro la S 8 .80 % 1 2.5 0% 1 4. 70 % 1 1.5 0% 3 .6 0% - 9.0 0% 1 3. 90 % 1 4. 80 % 1 6. 70 % 1 7. 00 %

I NT C.O Q - In te l Co 4 3.9 0% 4 3. 90 % 4 3. 00 % 3 1.4 0% 3 5. 30 % 3 8. 00 % 3 1. 30 % 4 6. 40 % 4 4. 00 % 4 1. 50 %

NOK1V.HE - Nokia 20.60 % 17.70 % 15.70 % 15.5 0% 18.30% 14.00 % 10.00 % 9.40% 6.30% -3.20%

GOO G. OQ - Go ogle 2 6.8 0% 3 1. 00 % 3 9. 10 % 3 8.8 0% 3 6. 50 % 3 7. 30 % 4 1. 50 % 4 0. 10 % 3 7. 10 % 3 2. 30 %

APPLE 8 8 6 5 4 4 3 3 3 2

av erage 19 .19% 20.35 % 22.16% 19 .9 1% 19.89% 18.85% 21.49 % 2 3.73% 23.15% 2 1.85%

median 14 .80% 15.10 % 15.20% 14 .7 0% 18.75% 18.70% 19.75 % 2 1.75% 21.70% 2 2.80%

quartile

8.75,

14.8,

28.5

9.05,

15.1,

31.75

12.13,

15.2,

35.35

11.13,

14.7,

30.05

9.8,

18.75,

30.58

10.7,

18.7,

30.55

12.85,

19.75,

29.5

12.93,

21.75,

32.15

12.23,

21.7,

33.95

11.3,

22.8,

33.58

q q1 q1 q2 q2 q3 q3 q3 q3 q3 q4


peers comparison

42

Operating Margi 20 03 20 04 2 00 5 2 00 6 2 00 7 20 08 2 00 9 20 10 2 01 1 2 012

AAPL.O - Apple In -0. 02% 3.78% 11. 79% 12. 70% 17.93% 22. 21% 27.36% 28. 19% 31.22% 35. 30%

H PQ - H ewlet t -Pac 4.00 % 5.20% 3.90% 7.20% 8.40% 8.8 0% 8.80% 9.10 % 7 .60% - 9.20 %

DELL. O - Dell In c 8.0 0% 8 .6 0% 8 .6 0% 7 .9 0% 5 .3 0% 5 .6 0% 5 .20 % 4 .1 0% 5 .70 % 7.1 0%

CSCO.OQ - Cisc o S 25.90% 28.50% 29.90% 24.60% 24.70% 23.90% 20.30% 22.90% 17.80% 21.90%

MSI.N - Motoro la 5 .20% 10.10% 12. 60% 9.50% 3.60% -9. 00% 8.00% 9.40% 9. 40% 14. 30%

INTC.OQ - Intel C 25.00% 29.60% 30.60% 15.80% 20.90% 19.70% 15.60% 35.40% 32.10% 27.40%

NOK1V.HE - Noki 1 7. 00 % 1 4.7 0% 1 3. 60 % 1 3. 30 % 1 5. 60 % 9 .8 0% 2 .9 0% 4 .9 0% -2 .8 0% - 7. 60 %

GOOG.OQ - Google 23.40% 20.10% 32.90% 33.50% 30.60% 25.40% 35.10% 35.40% 30.70% 25.40%

APPLE 8 8 6 5 4 3 2 3 2 1

a ver age 1 3.5 6% 1 5.0 7% 17 .9 9% 1 5.5 6% 1 5.8 8% 1 3.3 0% 1 5.41 % 1 8.6 7% 16 .46 % 1 4.3 2%

me di an 1 2.5 0% 1 2.4 0% 13 .1 0% 1 3.0 0% 1 6.7 7% 1 4.7 5% 1 2.20 % 1 6.1 5% 13 .60 % 1 8.1 0%

quartile

4.9,

12.5,

23.8

7.75,

12.4,

22.2

11,

13.1,

30.08

9.1,

13,

18

7.63,

16.77,

21.85

8,

14.75,

22.63

7.3,

12.2,

22.07

8.05,

16.15,

29.99

7.13,

13.6,

30.83

3.43,

18.1,

25.9

q q1 q1 q2 q2 q3 q3 q4 q3 q4 q4


8/8

octombrie



peers comparison

43

Pretax Margin 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

AAPL.O - Apple Inc 1 .4 8% 4 .4 7% 1 2.9 8% 1 4.5 9% 20 .37 % 2 3.8 6% 2 8. 12 % 2 8.4 2% 3 1. 60% 3 5.6 3%

HP Q - Hewlet t-P ack ar 4 .0 0% 5.3 0% 4 .1 0% 7 .9 0% 8 .80 % 8 .9 0% 8. 20 % 8 .7 0% 7.1 0% -1 0.0 0%

DELL.O - Dell Inc 8.50% 9.00% 9.00% 8.30% 5.80% 6.30% 5.40% 3.80% 5.40% 6.80%CSCO.OQ - Cisco Syst 2 6.6 0% 3 1. 70% 3 2.4 0% 2 6.8 0% 27 .10 % 2 5.9 0% 2 1. 30 % 2 3.5 0% 1 8. 10% 2 2.1 0%

MSI .N - Mot o ro la So l 5 .9 0% 1 0.5 0% 1 8.2 0% 1 0.8 0% 4 .80 % -1 3.0 0% 9. 10 % 8 .7 0% 9.0 0% 1 4.0 0%

I NT C. OQ - I nt el Co rp 2 4. 70 % 3 0. 50 % 3 2. 50 % 2 0. 00 % 2 3. 90 % 2 0. 40 % 1 6. 20 % 3 6. 80 % 3 2. 90 % 2 7. 90 %

NOK1V.HE - Nokia O 18.1 0% 16.0 0% 14.5 0% 13.9 0% 16.20 % 9.80 % 2.30% 4.20 % -3.10% -8.70%

GOO G. OQ - Go og le In 2 3. 60 % 2 0. 40 % 3 4. 90 % 3 7. 80 % 3 4. 20 % 2 6. 90 % 3 5. 40 % 3 6. 80 % 3 2. 50 % 2 6. 70 %

APPLE 8 8 6 4 4 3 2 3 3 1

average 14.11% 15.98% 19.82% 17.51% 17.65% 13.63% 15.75% 18.87% 16.69% 14.30%

median 13.30% 13.25% 16.35% 14.24% 18.28% 15.10% 12.65% 16.10% 13.55% 18.05%

quartile

5.43,

13.3,

23.88

8.08,

13.25,

22.93

11.98,

16.35,

32.43

10.18,

14.24,

21.7

8.05,

18.28,

24.7

8.25,

15.1,

24.37

7.5,

12.65,

23.01

7.58,

16.1,

30.52

6.68,

13.55,

31.82

2.93,

18.05,

27

q q1 q1 q2 q3 q3 q3 q4 q3 q3 q4


peers comparison

44

Effective Tax Rate 2003 2004 20 05 20 06 2007 2008 2009 20 10 20 11 20 12

AAPL.O - Apple Inc 2 6. 09 % 2 8. 11 % 2 6.5 5% 2 9. 42 % 30 .1 8% 3 1. 61 % 3 1. 75 % 2 4. 42 % 24 .2 2% 2 5. 16 %

HP Q - He wle tt -P ac ka 1 2. 10 % 1 6. 70 % 3 2.3 0% 1 3. 80 % 20 .8 0% 2 0. 50 % 1 8. 60 % 2 0. 20 % 21 .2 0% -

DE LL .O - D ell I nc 2 9. 90 % 2 9. 00 % 3 1.5 0% 2 1. 80 % 22 .8 0% 2 3. 00 % 2 5. 50 % 2 9. 20 % 21 .3 0% 1 7. 60 %

CSCO.OQ - Cisco Syst 2 8. 60 % 2 8. 90 % 2 8.6 0% 2 6. 90 % 22 .5 0% 2 1. 50 % 2 0. 30 % 1 7. 50 % 17 .1 0% 2 0. 80 %

M SI .N - Mo t or ol a So l 32.60% 32.60% 29.50% 29.30% 6.00% - 29.70% 60.70% -0.40% 27.70%

I NT C. OQ - I nt el Co r 2 4. 20 % 2 7. 80 % 3 1.3 0% 2 8. 60 % 23 .9 0% 3 1. 10 % 2 3. 40 % 2 8. 60 % 27 .2 0% 2 6. 00 %

NOK1V.HE - Nok ia 31.80% 30.70% 25.80% 23.70% 18.40% 21.80% 73.00% 24.80% - -

GOO G. OQ - G oo gl e I 6 9. 50 % 3 8. 60 % 3 1.6 0% 2 3. 30 % 25 .9 0% 2 7. 80 % 2 2. 20 % 2 1. 20 % 21 .0 0% 1 9. 40 %

APPLE 3 3 2 8 8 7 7 4 6 4

average 31.85% 29.05% 29.64% 24.60% 21.31% 25.33% 30.56% 28.33% 18.80% 22.78%

median 29.25% 28.95% 30.40% 25.30% 22.65% 23.00% 24.45% 24.61% 21.20% 22.98%

quartile

32,

29.25,

25.62

31.18,

28.95,

28.03

31.53,

30.4,

28.09

28.78,

25.3,

22.93

24.4,

22.65,

20.2

29.45,

23,

21.65

30.21,

24.45,

21.73

28.75,

24.61,

20.95

22.76,

21.2,

19.05

25.79,

22.98,

19.75

q q3 q3 q4 q1 q1 q1 q1 q3 q1 q2


peers comparison

45

Net margin 2 00 3 200 4 2 00 5 2 00 6 2 00 7 20 08 20 09 20 10 20 11 20 12

AAPL.O - Apple 1 .10 % 3 .20 % 9 .5 0% 10 .3 0% 14 .2 0% 1 6.3 0% 1 9.2 0% 2 1.5 0% 2 3. 90 % 2 6.7 0%

HP 3.50% 4.40% 2.80% 6.80% 7.00% 7.00% 6.70% 7.00% 5.60% -10.50%

DELL 6.00% 6.40% 6.10% 6.50% 4.50% 4.80% 4.10% 2.70% 4.30% 5.60%

Cisc o 1 9.00% 22 .50 % 23.1 0% 19 .60% 21.0 0% 2 0.4 0% 17 .0 0% 1 9.40 % 15 .00% 1 7.5 0%

Motorola 4.00% 7.10% 12.80% 7.60% 4.50% -44.40% 6.40% 3.40% 9.00% 10.10%

Intel 18.70% 22.00% 22.30% 14.30% 18.20% 14.10% 12.40% 26.30% 24.00% 20.60%

Nokia 12.40 % 11.10% 10.80% 10.60% 13.20% 7.70% 0.60% 3.20% -3.80% -12.50 %

Go ogle 7 .20% 12 .50 % 23.9 0% 29 .00% 25.3 0% 1 9.4 0% 27 .6 0% 2 9.00 % 25 .70% 2 1.5 0%

APPLE 8 8 6 5 4 3 2 3 3 1

average 8.99% 11.15% 13.91% 13.09% 13.49% 5.66% 11.75% 14.06% 12.96% 9.88%

median 7 .20% 11 .10 % 12.8 0% 10 .60% 14.2 0% 1 4.1 0% 12 .4 0% 1 9.40 % 15 .00% 1 7.5 0%

quartile

4,

7.2,

18.7

6.4,

11.1,

22

9.5,

12.8,

23.1

7.6,

10.6,

19.6

7,

14.2,

21

7,

14.1,

19.4

6.4,

12.4,

19.2

3.4,

19.4,

26.3

5.6,

15,

24

5.6,

17.5,

21.5

q q1 q1 q2 q2 q3 q3 q4 q3 q3 q4

APPLE income statement margins

peers comparison

46

APPLE 198 3 1984 1985 1986 1987 1988 1989 1990 1 991 1992

Gross Margin 48.54% 4 2.04% 41 .73% 53.15% 51.2 9% 51.10% 49.00% 53 .11% 47.47% 43.68%

EBITDA Margin 13.20% 5.70% 9 .50% 17.10% 16.6 0% 17.10% 14.40% 17 .10% 13.90% 14.40%

Operating Margin 13.19% 5.66% 5.36% 14.38% 13.96% 15.24% 12.00% 12 .81% 7.09% 11.37%

Pretax Margin 14.87% 7.20% 6.26% 16.28% 15.42% 16.12% 14.09% 14 .01% 7.92% 12.07%

Effective Tax Rate 47.50% 4 1.33% 49 .00% 50.29% 47.0 0% 39.00% 39.00% 39 .00% 38.00% 38.00%

Net margin 7.80% 4.20% 3.20% 8.10% 8.20% 9.80% 8.60% 8.50% 4.90% 7.50%

APLLE 1993 1994 1995 1996 1997 1998 199 9 2000 2001 2002

Gross Margin 34.20% 25.51% 25.84% 9.84% 19.32% 24.89% 27.65% 27.13% 23.03% 27.92%

EBITDA Margin 7.50% 6.10% 7.10% -11.10% -4.00% 6.40% 7.7 0% 7.70% -4.30% 2.80%

Operating Margin 1.38% 5.68% 6.18% -14.06% -15.11% 4.39% 5.8 5% 6.54% -6.41% 0.30%

Pretax Margin 1.75% 5.44% 6.09% -13.17% -14.76% 5.54% 11.02% 13.68% -0.97% 1.52%

Effective Tax Rate 38.00% 38.00% 37.09% 36.99% 0.00% 6.08% 11.09% 28.02% 28.85% 25.29%

Net margin 1.10% 3.40% 3.80% -8.30% -14.80% 5.20% 9.8 0% 9.80% -0.70% 1.10%

APPLE 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

GrossMargin 27.52% 27.26% 29.01% 28.98% 33.17% 35.20% 40.14% 39.38% 40.48% 43.87%

EBITDA Margin 2.20% 5.90% 13.10% 13.90% 19.20% 23.40% 28.90% 29.50% 32.90% 37.40%

Operating Margin -0.02% 3.78% 11.79% 12.70% 17.93% 22.21% 27.36% 28.19% 31.22% 35.30%

Pretax Margin 1.48% 4.47% 12.98% 14.59% 20.37% 23.86% 28.12% 28.42% 31.60% 35.63%

Effective Tax Rate 26.09% 28.11% 26.55% 29.42% 30.18% 31.61% 31.75% 24.42% 24.22% 25.16%

Net margin 1.10% 3.20% 9.50% 10.30% 14.20% 16.30% 19.20% 21.50% 23.90% 26.70%

APPLE income statement

net margin

47

Teme / sugestii / recomandari

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