财务管理案例解析英文版doc 29页正式版.docx
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财务管理案例解析英文版doc 29页正式版.docx
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财务管理案例解析英文版doc29页正式版
Thecasestudyof
Sonycorporation
Membersofourgroup:
童士卫财务管理0201012002019106
唐虎财务管理0201012002019105
王小夏财务管理0201012002019126
季春蕾财务管理0202012002019214
张亚茹财务管理0201012002019131
任课老师:
夏新平
完成时间:
2005年1月28日
一.BackgroundinformationofSony
1.SonyisfoundedonMay7,1946withtheHeadquartersTokyoandJapan.
2.Itscorporatestrategiesarebecominga“knowledge-emergententerpriseinthebroadbandnetworkera”.
①Evidencedbyrecentimprovementsinnetworkinfrastructure,thebroadbandenvironmenthasbeguntoexpandatarapidpace.
②Inpreparationforthearrivalofthefull-scalebroadbandera,SonyispursuingitsvisionofcreatingaUbiquitous“Value”Network(UVN).
3.Itsdevelopmentaspectexpandedfromthefirstmagnetictaperecorderin1950,tothefirst"QUALIA"productsin2003,duringtheseyearswithrepresentativeproductsineachdecade:
60th—firsttaperecorderandtransistor
70th--videocassetteplayerandheadphonestereoWalkman
80th--CDplayerandcamcorder
90th--high-densitydiscandDVDplayer
Inthe21thcentury--ELDisplayandopticaldisc
二.Themainoperationsofthecorporationare:
①
②
③
④
⑤
⑥
三.Themainstructureofitssalesincome
1.FirstistheElectronics:
TheElectronicssegmentconsistsofthefollowingcategories:
Audio,Video,Televisions,InformationandCommunications,
Semiconductors,ComponentsandOther.
Thegraphshowstheinformationaboutthis:
Theincomeisdecreasing
2.SecondistheGame:
GameconsoleandsoftwarebusinessisconductedbySonyComputerEntertainmentInc.
Wecanseetheinformationfromthegraph:
theincomeisalsodecreasing
3.ThirdistheMusic:
MusicbusinessisconductedbySonyMusicEntertainmentInc.(SMEI)andSonyMusicEntertainment(Japan)Inc.(SMEJ).
Thegraphisshowingthebasicinformation:
Theincomeisdecreasing
4.FourthisthePicture:
Motionpictures,televisionandotherbusinessesareconductedbySony
PicturesEntertainmentInc.(SPE).
AndalsothebasicinformationisfromtheGraph:
Theincomeisincreasing
5.Fifthisthefinancialservice:
TheFinancialServicessegmentincludesSonyLifeInsuranceCo.Ltd.SonyAssuranceInc.,SonyBankInc.andSonyFinanceInternational.Inc.
Asgraphofrightshowtheoperatinginformation:
Theincomeisincreasing
6.Sixthisotheroperating:
TheOthersegmentincludesanInternet-relatedbusiness,So-net,whichisconductedbySonyCommunicationNetworkCorporation,anin-House
informationsystemservicesbusiness,anICcardbusinessandotherbusinesses.
Withtheinformationintherightgraph:
Theincomeisincreasing
ThemajorProductsofSony
①Audio
Homeaudio,portableaudio,caraudio,andcarnavigationsystems
②Video
Videocameras,digitalstillcameras,videodecks,andDVD-Videoplayers/recorders,andDigital-broadcastingreceivingsystems
③Televisions
CRT-basedtelevisions,projectiontelevisions,PDPtelevisions,LCDtelevisions,projectorforcomputersanddisplayforcomputers
④Informationandcommunications
PC,printersystem,portableinformationPC,broadcastandprofessionaluseaudio/video/monitorsandotherprofessional-useequipment
⑤Semiconductors
LCD,CCDandothersemiconductors
⑥Electroniccomponents
Opticalpickups,batteries,audio/video/datarecordingmedia,anddatarecordingsystems
四.SalesandOperatingRevenuebyGeographicInformation
1.ThemainmarketofcourseistheUSA
2.ItisexpandtheEuropeandothercountrymarket,whiledecreasetheUSAandJapanmarket,Whileseemsflatintotalmarket.
3.WecanconcludeSonyisfacingaworldwidecompetition.
4.Itischangingitsbusinessfromtraditionalareatothenewarea,especiallytheentertainmentmarket.
5.Italsoneedfindnewmarket,forexampletheAsianmarket,andbringnewproductwithtechnology.
ThisistheSegmentInformationofitssalesincome
2002
2003
2004
Electronics
Customers
4772550
4543313
4758400
Intersegment
513631
397137
138995
Total
5286181
4940450
4897395
Game
Customers
986529
936274
753732
Intersegment
17185
18757
26488
Total
1003714
955031
780220
Music
Customers
541418
512908
487457
Intersegment
58633
84598
72431
Total
600051
597506
559888
Pictures
Customers
635841
802770
756370
Intersegment
0
0
0
Total
635841
802770
756370
FinancialServices
Customers
480190
509398
565752
Intersegment
28932
27878
27792
Total
509122
537276
593544
Other
Customers
161730
168970
174680
Intersegment
99733
137323
155712
Total
261463
306293
330392
Elimination
-718114
-665693
-421418
Consolidatedtotal
7578258
7473633
7496391
6.DevelopingtrendAnalysis
FactorswhichmayaffectSony’sfinancialperformanceincludethefollowing:
①marketconditions,includinggeneraleconomicconditions,levelsofconsumerspending,foreignexchangefluctuations
②Sony’sabilitytocontinuetoimplementpersonnelreductionandotherbusinessreorganizationactivities
③Sony’sabilitytoimplementitsnetworkstrategy,andimplementsuccessfulsalesanddistributionstrategiesinthelightoftheInternetandothertechnologicaldevelopments
④Sony’sabilitytodevotesufficientresourcestoresearchanddevelopment
⑤Sony’sabilitytoprioritizecapitalexpenditures,andthesuccessSony’sjointventuresandalliances.
⑥Risksanduncertaintiesalsoincludetheimpactofanyfutureeventswithmaterialunforeseenimpacts.
7.ThebasicfinancialratiosofSonyfromyear2002to2004
FinancialratiosofeachitemsofSonycorporation
2004
2003
2002
currentratio
1.1278
1.2953
1.3044
Acid-testratio
0.9043
1.0384
1.0411
DebttototalAssetsratio
0.7359
0.7249
0.7076
LongtermDebttototalAssetsratio
0.4078
0.4340
0.3950
Interestguaranteeleverage
1.2850
1.5090
1.2024
Cashguaranteeleverage
1.3056
1.3828
1.4109
Receivableturnover
6.1248
6.1867
5.1764
Inventoryturnover
7.5891
7.9578
7.7804
CurrentAssetsTurnover
2.0466
2.1926
2.1152
FixedAssetsTurnover
5.0427
5.4101
5.0003
TotalAssetsTurnover
0.7572
0.8262
0.8623
GrossSalesprofitmargin
0.2652
0.2800
0.2577
Salesprofitmargin
0.0209
0.0358
0.0131
ReturnontotalAssets
0.0158
0.0296
0.0113
ReturnonEquity
0.0606
0.1086
0.0391
AssetsIncrementrate
1.0426
0.9622
1.0237
ReturnonFixedAssets
0.1055
0.1937
0.0657
ReturnonlongtermAssets
0.0327
0.0648
0.0253
NetSalesprofitmargin
0.0129
0.0167
0.0022
NetprofitmarginontotalAssets
0.0097
0.0138
0.0019
NetprofitmarginonEquity
0.0372
0.0506
0.0065
Fromtheaboveanalysisandthetable,wecanseethat:
1TheliquidityratioandAcid-testratioareinayearbyyearup-trend,butcombiningreceivableturnoverandinventoryturnover,theincreaseismainlybecauseoftheincreaseofaccountsreceivableandthedecreaseofcurrentliability.
2Thecompanyaccountsreceivableturnoverandinventoryturnoverareinup-trend,thisshowsthatSonydowellinaccountsreceivableandinventory,soitsdebt-repayabilityandprofitabilitieswillbeinadvantages.
③Itsdebtratioisdecreasingyearbyyear,sowecanseethatSonywillhavealowfinancialleverage,itsfinancialenvironmentwillbegoodforitsoperating
④Also,fromanalysisofthetable,Sony’sconsolidatedsales,operatingincome,incomebeforetaxes,andnetincomeareexpectedtodecreasecomparedwiththefiscalyearendedMarch31,2004.WhileweassumethattheyenforthefiscalyearendingMarch31,2005willstrengthenagainsttheU.S.dollarandwillweakenagainsttheeuro
⑤Sony’sinvestmentsarecomprisedofdebtandequitysecuritiesaccountedforunderboththecostandequitymethodofaccounting.Ifithasbeendeterminedthataninvestmenthassustainedanother-than-temporarydeclineinitsvalue,theinvestmentiswrittendowntoitsfairvaluebyachargetoearnings.
五.AnalysisofSony’sabilities
1.Theabilitytomeettheobligation
2002
2003
2004
Currentratio
1.3044
1.2953
1.1278
Quickratio
1.0411
1.0384
0.9043
Interestcoverageratio
1.2024
1.5090
1.2850
DebttototalAssetsratio
0.7076
0.7249
0.7359
Forshort-termobligations:
①.Fromthecurrentratio,weseethatthesituationisnotgoodforSonycorporation.Becausethemediancurrentratiofortheindustryis2.1,butthoseofSonyislessthanthisobviously.
②.Butifwelookatthequickratio,wewillfindit’sverygood:
theindustrymedianquickratiois1.1,andthoseofSonyareveryneartoit.
ThisisbecauseSonyhasnotasmuchinventoriesasothercorporations.
ThenwecanseethattheabilityofSonytomeetshort-termobligationsisgood.
Forlong-termobligations
①.Thedebtratiosarelagerthan50%,whichindicatesthatSonyborrowsalargeamountofmoney.Itsevidencedbytheincreasingamountofinterestpayment.
②.Itsinterestcoverageratiosareobviouslylessthanthemedianofthatfortheindustrywhichis4.0.
ThenwecanseethatSony’sabilitytomeetthelong-termobligationsisnotgood.
2.Assetsmanagementanalysis
2002
2003
2004
Receivableturnover
5.1764
6.1867
6.1248
Inventoryturnover
7.7804
7.9578
7.5891
Totalassetsturnover
0.8623
0.8262
0.7572
First,thereceivableturnoversareobviouslylessthanthemedianof8.1fortheindustry,whichtellsusthatSony’sreceivablesareconsiderablyslowerinturningoverthanistypicalfortheindustry.
Second,theinventoryturnoversarehigherthanthemedianof3.3fortheindustry,whichshowsSonyhasagoodinventorymanagement.Thisisbecausethatinventoryisasmallportionofassets
Third,theto
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