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  • now we would look at financial statements of few listed companies

  • and see if we can calculate these ratios

  • let's start with Mcdonalds

  • since mcdonalds I have

  • 10K is the annual report in US and since it is listed in US

  • the financial statements are prepared as per the US gaap

  • What would be US GAAP?

  • gap would be generally accepted accounting practices

  • every country will have its own set of rules to prepare financial statements

  • These financial statements that we see here are prepared as per the rules in US

  • in US

  • here this is data for 2013 this is a data 2012

  • this is a data for 2011

  • is this visible to everyone?

  • sales by company

  • operator restaurants revenue from franchisee restaurants we will look at the total revenue

  • year 2011 it was 27006

  • 27567

  • 28106

  • can we say there's an increase in revenue ?

  • but fractional, not very significant

  • the data is given in dollars in millions

  • 27,000 million here now

  • these are there operating costs and expenses

  • company operated restaurant, franchisee, SGA

  • to be just saw that and total operating cost

  • so can we say that sales minus

  • operating cost will give us EBIT that means EBIT of MCdonalds

  • is how much?

  • 8764 , so using this can you calculate operating profit margin?

  • so please find out what is the operating profit margin of McDonald's?

  • for 2013

  • 8764

  • divided by 28106, these two numbers

  • 8764, 28106

  • how much would that be

  • it

  • 31-point so roughly about

  • let's say 31 percent so whatever is the sales

  • operating cost are about 69 percent of the sales

  • and therefore operating profit margin is 31 percent let's look at the same values

  • for 2018

  • so same 8605

  • divided by 27567

  • 30 it's almost the same number

  • and for year before that 8530

  • divided by 27006 31.5

  • so again I will sale maybe 31 or 32% which means

  • the operating performance of McDonald's over the period of 3 years 2011-12 and 13

  • has been more or less

  • similar so we do not have the bifurcation of what is COGS and

  • what are the other expenses

  • We don't have that but on a totality basis it looks to be on the

  • similar lines then we have interest expese here

  • we have non operating expenses profit before Taxes

  • then Taxes and this is where we have the net income

  • do see this net income numbers

  • 55 86 5465 5503

  • can you calculate net profit margin for McDonald's

  • this would be calculated as 5586

  • divided by 28106

  • 19.87

  • 5465 divided by 27567

  • 82

  • and 5503

  • divided by 272006

  • 20.37

  • so there is a really small fractionally degrees in your net profit margin

  • and maybe that's happening because we can see some small amount of increase in

  • interest cost

  • is it visible 493

  • then 517 and then 522

  • but it is not significant which means this appears to be more of a mature and

  • stable company

  • operating profit margin net profit margin and more predictable

  • over the period of time

  • let's look at a few more companies know so

  • one question is that 19.87

  • a good number or bad number yes

  • is that 19.87 good or bad

  • so the answer is depends it depends on

  • what are the profit margin of similar businesses in US

  • if you take Burger King

  • and if their KFC and if their profit margins at 35-40 percent

  • then we will say maybe McDonald's doesn't have the operating structure right

  • because similar industries who should generally produce

  • similar type a profit margins so now we will build comparative analysis on

  • few similar companies let's take a

  • Dabur India Limited let me find out the financial statements so this annual

  • report for 2012-13

  • financial statements fish 102 what would be difference between financial

  • statements standalone and consolidated consolidated means

  • inclusive of all the subsidiaries

  • to consolidated financial statement is available on

  • page 102 this is income statement all amount

  • in Rupees lacs except the share data

  • this is year 2012 this is year 2013

  • we started with revenues group is in lacks

  • so 2013 the revenue 627

  • 062 these are cost of material consumed

  • Employee Benefit so now this is an Indian accounting standard balance sheet

  • so therefore format is slightly different

  • but roughly these four items

  • up to 2916

  • are component of your cogs which is a manufacturing cost

  • so what I want to do is take a total of these items

  • take negative item as negative and find out what is total cogs

  • which means 242 211

  • is it visible at the back 242 211

  • plus 59922% W

  • plus 59922 W

  • minus 3028 minus

  • 87

  • plus 2916

  • 301934

  • your total cogs is 301934

  • now using this we can calculate the gross profit for

  • Dabur company here so

  • Ideally we should be taking only this number but just

  • senses are first analysis let's take 627062

  • 627062

  • minus 301934

  • 325128 now using this gross profit

  • can you find out gross profit margin so find out

  • 325128

  • divided by 627062

  • 51 percent so next time you buy a

  • Dabur product and if you buying it for 100 rupees

  • you know that it has been manufactured roughly at about 49 rupees

  • and because 51 percent is the gross profit margin

  • now after this

  • if you would observe these expenses this is a part of your SGA

  • which is given as: Employee Benefit expense

  • and even these other expenses are part of SGA

  • so when we will reduce 47123

  • and 165575

  • then we will get a beta from that you will reduce depreciation

  • then you would get a bit from that you will reduce

  • interest and you'd see interest is really really less

  • and for such a large size of company its very small amount of interest

  • that means it even this company appears to be more on the conservative side

  • so when you reduce interest you will get earning

  • before Taxes and then you will make adjustments for taxes and some other

  • items

  • which is here and finally we get net profits so directly calculate net profit

  • now

  • 76342

  • 76342 as ratios to 627062

  • 12.17 percent this is someone you knows just write down this number

  • since we'll be building comparative analysis gross profit margin Dabur

  • gross profit margin

  • Dabur 51 percent and net profit margin

  • 12.17 percent

  • are we fine here

  • let us go on to

  • Godrej now or maybe Hindustan Unilever is a better comparison

  • so let's pick up Hindustan Unilever

  • let's search for consolidated financial statements page number 115

  • so these are your financial statements your total revenue

  • is 27536

  • and your cogs

  • would be made of these three components

  • this is data is given in rupees and crore which was actually is

  • substantially larger in size company so

  • let's take an addition of these numbers 10987

  • plus 3125

  • -26 total of these 3 will gives us cogs

  • 14086

  • this is 14086 is the cogs

  • now sales minus cogs will give us a gross profit

  • 27536

  • -14086

  • 13450 and let us calculate gross profit margin

  • which is 13450 divided by 27536

  • forty-eight percent

  • 48.8 so about forty-nine percent

  • so which means

  • from a manufacturing perspective Dabur was

  • fractionally better that than the Hindustan Unilever but the 2% isn't really here

  • significant difference all we fine with this

  • so it appears now it's very nave conclusion

  • but based on two companies that we analyse on an average in the FMCG

  • sector

  • manufacturing cost is about fifty percent sales in India

  • so next time you buy some FMCG product

  • let it be a detergent or bathing bar or shampoo

  • you'd know that if you're buying it at fifty rupees it must have been

  • manufactured at price of

  • 25 now moving further

  • let us take the net profit margin

  • so you're total revenue is

  • 27536 and your net profit

  • is 3828 how much is that

  • 13.9% is the net profit margin

  • and how much was a net profit margin of Dabur

  • so

  • compared to Dabur HUL had slightly lesser gross profit margin

  • but it is got slightly higher net profit margin

  • and may be one reason that you can see is your finance cost just

  • 25 that's almost negligible twenty-fifth crores

  • on such a big balance sheet should which means actually appears to be more

now we would look at financial statements of few listed companies

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B1 中級 美國腔

非金融業的財務--利潤表分析--上市公司 (Finance for non Finance- Analysis of Income Statement- Listed Companies)

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    陳虹如 發佈於 2021 年 01 月 14 日
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