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Subject: Financial Statement Analysis

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truc giang

on 17 January 2016

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Transcript of Subject: Financial Statement Analysis

INTRODUCTION
Financial Analysis
Strategy Analysis
Forecasting
MAIN CONTENT

1. Introduction
2. Strategy Analyis
3. Financial Analysis
4. Forecasting
5. Recommendations
Be
more convenient
and be there when consumers need
Make
quality
a priority and give consumers an
upgrade
Give consumers
something the competitor are not
Seeking
more
potential
consumers
More
specific
and
rational

strategies
in purchasing intangibles, plant and
Avoid
sudden change
in investing activities.
Allocate

net

cash
in a portfolio of 2 components: cash and liquid
Call more debt
to finance company's activities due to increasingly positive spread in alternative Dupont model however it is dangerous at the same time because of higher liability.

Recommendations
“Henkel operates worldwide with leading brands and technologies in three business areas:
laundry & home care
,
beauty care
, and
adhesive technologies

Macro Analysis
Industry analysis
Strategy Analysis
Advantages

Global economy,
Economic growth rate
was positive, taking up 3.6% per year
Domestic economy
GDP
, the overall trend was increas
The inflation tends to decrease


Disadvantages
Global economy
Political risk
is a kind of risk that investors, corporations, and governments have to face
Currency risk

is a type of risk that arises from the variation in the estimation of currency exchanges
Module
“Financial Statement Analysis”
Prof. Dr. Philipp Schorn

HENKEL AG & Co. KGaA FINANCIAL STATEMENT ANALYSIS
Group 16:
Nguyen, Thi Truc Giang
Vu, Thi Phuong Thao
Nguyen, Hoang Nam
Tran, Bao Phi

Porter's 5 Forces Model

Rivalry Among Existing Firms
In dustry Growth:
The average growth rate has risen 2.46%
Concentration rate
HHI < 1500
=> It is a fragmented industry
Degree on Differentiation and Switching Costs
No differentiation
Low switching costs
Scale/ learning economies and the ratio of fixed to variable costs
The ratio of fixed to variable costs is high
Exit barriers
No costly legal barriers
The acquisition and merger trend reduces exit barriers
Competitive strategy analysis
Differentiation
Strong global distribution network
Investment in brand image
Research and Development
Being a Cost Leader
Economies of scale and scope
Efficient Production
Lower Input Costs
Low Cost Distribution
Corporate strategy analysis
Investment in brand image
Focus on the top brands is central
access the international market by rapid launching of global brands
Research and Development
Researching common consumer trends, buying habits, and customer psychology
Analyzing their businesses and brands
Seeking the intermediate distributors
Advertising
Develop digital marketing in reaching consumers
Economies of scale and scope
Expanding and diversifying portfolios so as to take advantage of economies of scale.
Strict cost management
Standardize their processes, invest in information technology to reduce the administrative costs
Net profit margin (ROS) has increasing
Asset turnover stays unchanged
The Financial leverage decreases gradually
Net operating profit margin: increasing gradually
Operating asset turnover: positive sign
Return on investment assets in 2013more than 600% compared to previous negative result
Net interest expense for pension obligations: declined
Positive spread
Analysis of working capital management
Financial leverage analysis
Profitability
Full transcript