Seminar 1 - Analiza Bilant

Oct-14
Documentele contabile
sanatatea companiei
Bilant (balance sheet) pozitia financiara la un
moment dat
Seminar
analiza pe baza
bilantului
Cont de profit si pierdere (income statement)

venituri si cheltuieli in perioada analizata
Prof.dr. Laura OBREJA

BRASOVEANU
Tabloul fluxurilor de trezorerie (cash flow

statement) incasari si plati in perioada
analizata
ASE- Bucuresti
Master FABBV
2014 - 2015
Analiza financiara pe baza

bilantului
Tehnici de analiza utilizate

Analiza orizontala modificarea anuala din
2 ani consecutivi modificarea fiecarui
element, cauze si efecte favorabile sau
nefav.
Analiza trendului analiza orizontala
pentru mai mult de 3 ani modificare
absoluta sau relativa
Analiza verticala ponderea fiecarui
element in total; surprinde corelatii intre
elemente
Analiza prin rate
Active
Pasive
Indicatorii de echilibru financiar:
permanente
permanente
fondul de rulment
FR = Pasive permanente Active permanente
FR=ACN
activ curent net (net working capital)
Active curente Pasive curente
ACN= Active curente Pasive curente
Necesar de fond de rulment
NFR = (Active curente Active de trezorerie) (Pasive curente Pasive de
trezorerie)
Trezoreria neta
TN = FR NFR = Active de trezorerie Pasive de trezorerie
cash-flow
CF=TN
activ economic
AE = Pasive permanente = CPR + DAT termen lung = Active imobilizate + ACN
3
Analiza financiara pe baza

bilantului
Analiza financiara pe baza bilantului comparatie cu alte companii
Indicatorii de echilibru financiar
Ratios - Key Metrics:

Leverage: Assets/Equity, Debt/Equity; % LT Debt to Total
comparatie cu alte companii:
Capital
FR/AE
Liquidity: Quick Ratio; Current Ratio

Operating: A/R Turnover, Avg. A/R Days, Inv Turnover, Avg.
NFR/FR
Inventory Days, Avg. A/P Days, Fixed Asset Turnover, WC /
TN/FR
Sales Growth
Ratios - Profit/Value/Risk:
CPR/AE; Dat t lg/AE

alte rate ???
Profitability/Return: Sales/Receivables, Revenue/Inventory,

Revenue/Wk Cap, Revenue/Tot Assets
5
Value: Hist Price/Bk, Tot Eqty
Prof.dr. Laura Obreja Brasoveanu
Oct-14
Analiza bilantului financiar

Alte variante de analiza a bilantului
Analiza bilantului financiar rate
Prin procent din total activ/pasiv se

analizeaza structura bilantului
Prin variatia procentuala a fiecarui
element de activ/pasiv
Prin durate de rotatie se analizeaza
rotatia prin CA a elementelor din bilant
Prin ponderea in cifra de afaceri se
analizeaza ponderea in CA a elementelor
din bilant
Rate de lichiditate
lichiditatea curenta (current ratio)
lichiditatea rapida (acid test ratio;
quick ratio)
lichiditatea la vedere (cash ratio)
Rata de indatorare
gradul de indatorare
rata datorii-capital (debt equity
ratio)
Rata de solvabilitate
Studii de caz Analiza pe baza ratelor

studiu de caz Holly Fashion
Studii de caz
Analiza pe baza ratelor studiu de caz Holly
Fashion
Analiza bilant si cont de profit si pierdere
studiu de caz APPLE

54.7
10
26
90.7
50
150
82.8
373.5
86.2
10
24.7
120.9
40
180
114.6
455.5
t+3
1305.1
978.8
326.3
249.3
14.4
62.6
4
58.6
23.4
35.2
10

EXHIBIT 2
Balance Sheet of the HOLLY FASHIONS company -- t - t+3
t
t+1
t+2
t+3
ASSETS
Cash
40.4
51.9
38.6
10.6
Receivables
153.2
158.9
175.1
224.8
Inventory
117
121.1
193.4
191.9
Other current assets
5.9
6.2
7.4
7.8
Current assets
316.5
338.1
414.5
435.1
Gross fixed
44.8
58.9
78.1
96.4
Accumulated depreciation
12
23.4
37
51.4
Net fixed
32.8
35.5
41.1
45
Total assets
349.3
373.6
455.6
480.1
LIABILITIES & NET WORTH
Accounts payable
53.8
Debt due
10
Accruals
19.7
Current liabilities
83.5
Long-term debt
60
Common stock
150
Retained earnings
55.8
Total L&NW
349.3
EXHIBIT 1
HOLLY FASHIONS' Income Statement -- t - t+3 (000s)
t
t+1
t+2
Sales
985
1040
1236
Cost of goods
748.6
774.8
928.2
Gross margin
236.4
265.2
307.8
Administrative
169.4
202.8
236.1
Depreciation
10.8
11.4
13.6
EBIT
56.2
51
58.1
Interest
7
6
5
EBT
49.2
45
53.1
Taxes
19.7
18.0
21.2
Net income
29.5
27.0
31.9
84.2
10
26.1
120.3
30
180
149.8
480.1
11
EXHIBIT 3
FINANCIAL RATIOS FOR THE HOLLY FASHION COMPANY -- t - t+3
t
t+1
t+2
t+3 Industry average t
liquidity ratios
3.6
current
3.8
3.7
3.4
2.6
1.7
quick
2.4
2.4
1.8
2.0
1.6
0.8
leverage ratios
31%
debt%
41%
38%
35%
41%
57%
times interest earned
8.0
8.5
11.6
15.7
7.4
3.9
activity ratios
inventory turnover
8.4
8.6
6.4
6.8
8.1
6
29.0
fixed assets turnover
30.0
29.3
30.1
40
25
total assets turnover
2.8
2.8
2.7
2.7
3.5
2.8
average collection period
56
55
51
62
41
50
31
day purchases outstanding (average
26payment
25period)33
**
18
25
profitability ratios
gross margin
24.0% 25.5% 24.9% 25.0%
28%
26%
net profit margin
3.0%
2.6%
2.6% 2.7%
4.20% 3.10%
return on equity
14.3% 11.6% 10.8% 10.7% 27.30% 19.50%
return on total assets
8.5%
7.2%
7.0% 7.3% 11.80% 8.70%
operating margin ***
6.8%
6.0%
5.8% 5.9%
9.90% 7.20%
- t+3*
1.3
0.6
71%
1.3
3.5
12
2
68
32
24%
1.20%
7.80%
12
3.40%
3.10%
Oct-14
Diagnostic Holly
Fashions
Studii de caz
Analiza bilant si cont de profit si pierdere
studiu de caz APPLE
Cerintele 1 9
Vezi pdf cu studiul de caz
13
Analiza financiara - APPLE
14
Analiza financiara - APPLE

Daily QAAPL.O
3/5/2008 - 10/8/2013 (EST)
BarOHLC, QAAPL.O, Trade Price

10/1/2013, 478.45, 489.14, 478.38, 487.96, N/A, N/A
SMA, QAAPL.O, Trade Price(Last), 20
10/1/2013, 480.15
Price
USD
600
550
500
487.96
480.15
450
400
350
300
250
200
150
100
.12
Vol, QAAPL.O, Trade Price

10/2/2013, 63,949.00
Volume
.12
A M J J A S O ND J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
2008
2009
2010
2011
2012
2013
15
APPLE sector competitors - TRBC - Computer Hardware,
16
APPLE peers competitors - economic sector -- technology
Top 25, United States

Name
Appl e Inc
Last
498.68
PE
EPS
DPS Div. Yld (%) ROE (%) P/Book P/Sales
Mcap (USD)
12.39
40.04
12.20
2.46
42.84
3.81
2.88
450,650,851,880
141.49
2.16
2.22
2.37
-0.17
3.51
2.42
25,121,952,839
20.11
20.11
0.63
1.26
0.95
0.40
2.39
1.58
9.85
13.12
2.32
2.36
1.70
2.43
1,563,766,158
52,832,882,679
-1.59
0.58
2.54
-41.43
1.96
0.37
44,009,764,722
18.17
0.76
0.32
2.31
24.21
2.28
0.43
24,344,622,626
17.65
3.90
1.00
1.45
12.59
2.06
1.06
16,248,980,039
62.69
21.54
2.93
0.90
53.90
119.90
Sector average (Mean)

Sector medi an
EMC Corp
24.65
Hewl ett-Packard Co
22.79 --
Del l Inc
13.83
Western Digi tal Corp
68.32
SanDi sk Corp
3D Systems Corp
Di ebold Inc
SYNNEX Corp
29.71 -59.30
14.87
Lexmark International Inc
34.76
17.35
2.03
7.95
Cardtronics Inc
38.03
35.76
1.07 --
--
33.65
Synapti cs Inc
52.16
17.26
2.86 --
--
21.54
El ectroni cs For Imagi ng Inc
33.19
18.36
1.83 --
--
Fusion-io Inc
ScanSource Inc
13.71 -34.68
28.66
-0.40 -1.24 --
QLogic Corp
10.86
Cray Inc
22.90 1,810.71
Super Mi cro Computer Inc
14.16
19.51
5.83
2.09
3.00
15,151,755,732
10.59
11.36
15.44
5,458,571,821
3.02
1.73
0.80
0.22
2,389,463,696
2,286,524,483
1.72
0.58
2,202,727,516
11.64
2.20
1,716,376,345
3.06
2.40
1,595,866,976
13.70
2.40
2.40
1,563,766,158
---
-8.04
5.14
2.88
1.43
3.27
0.35
1,411,999,219
997,057,980
0.56 --
--
9.85
1.30
1.97
954,933,210
0.01 --
--
0.45 --
1.43
--
-1.71
1.15
4.09 --1.20
3.77
10.09
12.22
3.41
2.73
2.21
931,352,218
0.48 --
--
5.98
1.64
0.53
614,063,460
Vi oli n Memory Inc
7.24 --
-8.02 --
--
-245.52
13.36
8.09
597,317,813
Si li con Graphi cs
Internati onal Corp
Steel Excel Inc
14.31 --
-0.10 --
--
-2.34
3.86
0.66
502,796,397
0.86
3.71
371,710,237
0.63
368,902,124
1.44
299,681,066
1.12
282,606,492
264,246,098
17
0.71 --
--
Quantum Corp
1.47 --
-0.13 --
--
Mercury Systems Inc
8.47 --
-0.44 --
--
-0.07 --
---
Ci tadel EFT Inc

Agi lysys Inc
29.50
29.89
41.70
10.5 c
--11.78 161.51
63.56
5.67
--
--3.99
--
0.91
--
-1.14
-2.32
market cap (USDenterprise

Mill) value (USD Mill)
Apple
483239
457591
HPQ.N
Hewlett-Packard
45893
57765
DELL.OQ
Dell Inc
24353
19336
CSCO.OQ
Cisco System Inc
120475
86084
MSI.N Motorola Solutions Inc
16172
15773
INTC.OQ
Intel Corp
118472
112833
NOK1V.HE
Nokia Oyj
26737
22331
GOOG.OQ
Google Inc
342695
291419
economic sector
industry group
technology computers&office equipment
technology communications equipment
technology
semiconductor equipment
technology
software&IT services
18
1 - 25 of 25
Oct-14
Asset s ($ Thousands)
Property/Plant/Equipment, T otal - Gross
Cas h and Short Term Investm ents
Other Current Asset s

Liabilities ($ T housands)
Buildings - Gross
Cash & Equivalent s
Land/Improvements - Gross
Short Term Invest ments
Machinery/Equipment - Gross
Accoun ts Payable
Prope rty/Plant/Equipment, Total - Net
Accounts Receivable - Trade, Net
Accumulated Depreciation, T otal
Account s Receivable - T rade, Gross
Shareholders Equity ($ T housands)
Accru ed Expen ses
Redeemable Preferred Stock, T ot al
Notes Payable/Sh ort Term Debt
Preferred Stock - Non Redeemable, Net
Cu rrent Port. of LT Debt/C apital Leases
Addit ional Paid-In Capit al
Other Current Liabilities
Accumulated Intangible Amortization
Total Inventory
Common St ock
Income T axes P ayable
Intangibles - Gross
Receivables - O ther
Common Stock, T otal
Customer Advances
Intangible s, Net
Tot al Receivables, Net
P referred St ock - Non Redeemable
O ther C urren t liabil ities, Total
Goodwill, Net
Provision for Doubt ful Accounts
Payable/Accrued
Ret ained Earnings (Accumulat ed Deficit)
Total C urren t Liabilities
Long Term Investme nts
Inventories - Finished Goods
LT Investment - Affiliate Companies
Inventories - Work In Progress
Prepaid Expense s
Other Equit y, T otal
T otal Debt
O ther Long Term Assets, Total
Deferred In come Tax
T ranslat ion Adjust ment
Deferred Income T ax - LT Liability
Defered Income Tax - Long Term Asset
Deferred Income T ax - Current Asset
Unrealized Gain (Loss)
Capital Lease Obligations
Note Receivable - Long Te rm
O ther C urrent Asse ts, Total
ESOP Debt Guarant ee
Long T erm Debt
LT Investments - Other
Inventories - Other
T reasury Stock - Common
Total Long Term Debt
Ot her Comprehensive Income
Minority Interest
Other Long Term Assets
Total Equity
Other Liabilities, T otal
long term assets
Other Current Asset s
19
Total Current Assets
Total Liabilities
balance
debt/equity
sheet
latest
Apple
peer median
peer average
HPQ.N
DELL.OQ
CSCO.OQ
MSI.N
INTC.OQ
NOK1V.HE
GOOG.OQ
net interest
current
debt/EBITDA coverage
LTM LTM
NA NA
0.90
0.90
0.90
NA
NA
NA
NA
NA
NA
13.70%
63.20%
55.10%
100.60%
63.20%
27.40%
92.00%
24.40%
72.20%
6.30%
latest
latest
1.90
2.30
2.30
1.10
1.20
3.00
2.30
2.30
1.30
4.80
inventory
quick ratio
ratio
12.50
36.10
12.20
10.70
14.40
12.50
163.10
-0.10
39.80
20
Other Long T erm Liabilities
Total Assets
turnover
accts rec DSO
latest
latest
1.80
60.80
1.90
13.30
2.10
24.10
0.90
13.30
1.10
33.20
2.90
13.80
2.00
4.60
1.90
4.50
1.20
10.30
4.70
89.20
34.50
60.00
58.80
58.90
60.00
67.20
77.70
24.30
72.20
51.20
profitability
Apple
peer median
peer average
HPQ.N
DELL.OQ
CSCO.OQ
MSI.N
INTC.OQ
NOK1V.HE
GOOG.OQ
ROE
Gross
ROA
32.10%
15.50%
12.10%
-11.20%
13%
31.40%
33.40%
18.10%
-15.40%
15.50%
20.80%
9.10%
6.60%
-2.80%
3%
18%
9.10%
11.50%
-4.50%
12.10%
operating
operating
pretax
margin
margin
margin 5Y
margin
38.30%
29.50%
31.10%
30%
49.30%
13.90%
6.60%
13.40%
42.80%
11.90%
15.90%
11.80%
23%
-1.10%
5.10%
-1.80%
20.20%
3.20%
5.50%
2.80%
60.60%
23%
35%
23.10%
49.30%
13.90%
6.60%
13.40%
59%
22.60%
27%
23.40%
31%
-1.50%
2.40%
-2.70%
56.70%
23.40%
29.90%
24.40%
net margin
22.30%
12.70%
9.50%
-2.80%
2.40%
20.50%
12.70%
18.10%
-4.90%
20.50%
21
22
APPLE balance sheet analysis --- construirea bilantului financiar

2003
Acti ve pe rman en te
P ropert y/Plant /Equipment ,
T ot al - Net
Goodwill, Net ; Int angibles,
Net
Long Term Invest ment s;
Imobilizari corporale
Imobilizari necorporale
Imobilizari financiare
Not e Receivable - Long Term
Other Long T erm Asset s,
alte imobilizari
T ot al
Acti ve cu ren te
T ot al Invent ory
st ocuri
Account s Receivable - T rade,

creant e client i
Net
Receivables - Other
alte creant e
Other Current Asset s, T ot al
alte active curent e
P repaid Expenses
ch avans
Cash and Short Term

Invest ments
Act ive de t rezorerie
2007
2008
APPLE balance sheet analysis --- indicatori de echilibru financiar si rate
2004
2005
2006
928,000
995,000
1,216,000
2,696,000
3,391,000
6,165,000
15,946,000
2009
33,505,000
2010
2011
2012
669,000
707,000
817,000
1,281,000
1,832,000
2,455,000
2,954,000
4,768,000
7,777,000
15,452,000
109,000
122,000
96,000
177,000
420,000
559,000
559,000
1,083,000
4,432,000
5,359,000
2,379,000
10,528,000
25,391,000
55,618,000
92,122,000
FR
150,000
5,887,000
166,000
303,000
1,238,000
1,139,000
772,000
1,905,000
2,263,000
3,556,000
5,478,000
7,055,000 10,300,000 14,509,000 21,956,000
30,006,000
31,555,000
41,678,000
44,988,000
57,653,000
56,000
101,000
165,000
270,000
346,000
509,000
455,000
1,051,000
776,000
791,000
766,000
774,000
895,000
1,252,000
1,637,000
2,422,000
3,361,000
5,510,000
5,369,000
10,930,000
276,000
1,593,000
2,392,000
2,282,000
1,696,000
4,414,000
6,348,000
7,762,000
499,000
440,000
979,000
1,076,000
1,778,000
2,207,000
2,270,000
5,083,000
6,543,000
9,041,000
208,000
417,000
475,000
309,000
4,566,000
5,464,000
8,261,000 10,110,000 15,386,000
22,111,000
23,464,000
25,620,000
Acti v total
6,815,000
8,050,000 11,516,000 17,205,000 25,347,000
36,171,000
47,501,000
75,183,000 116,371,000 176,064,000
Pasi ve pe rmane n te
4,458,000
5,399,000
8,029,000 10,762,000 16,067,000
24,810,000
35,995,000
54,461,000
88,401,000 137,522,000
Total Equ ity
C api tal propri u
4,223,000
5,076,000
7,428,000
22,297,000
31,640,000
47,791,000
76,615,000 118,210,000
Total Lon g Te rm De bt;

Defe rre d In come Tax - LT
Liabi li ty; O the r
Liabi li ti e s, Total
Datorii te rm e n l u ng
l ong term de bt
Pasi ve cu ren te
235,000
0
323,000
0
601,000
0
778,000
0
1,535,000
0
2,513,000
0
4,355,000
0
6,670,000
0
11,786,000
0
19,312,000
0
2,357,000
2,651,000
3,487,000
6,443,000
9,280,000
11,361,000
11,506,000
20,722,000
27,970,000
38,542,000
Account s Payable
Furnizori
1,154,000
1,451,000
1,779,000
3,390,000
4,970,000
5,520,000
5,601,000
12,015,000
14,632,000
21,175,000
Accrued Expenses
Ch amanat e
292,000
386,000
576,000
803,000
772,000
1,320,000
1,293,000
1,593,000
2,428,000
3,283,000
Not es P ayable/Short T erm

Debt ; Current Port . of LT
Debt /Capit al Leases
datorii financiare pe
304,000
t ermen scurt
Other Current liabilities, Tot al alte pasive curent e
2003
71,383,000 118,411,000
9,984,000 14,532,000
25,952,000
29,129,000
607,000
814,000
1,132,000
2,250,000
3,538,000
4,521,000
4,612,000
7,114,000
10,910,000
14,084,000
Datorii total e
2,592,000
2,974,000
4,088,000
7,221,000 10,815,000
13,874,000
15,861,000
27,392,000
39,756,000
57,854,000
Pasi ve total e
6,815,000
8,050,000 11,516,000 17,205,000 25,347,000
36,171,000
47,501,000
75,183,000 116,371,000 176,064,000
23
NFR
3,530,000
2004
4,404,000
2005
6,813,000
2006
2007
8,066,000 12,676,000
2008
18,645,000
(1,036,000) (1,060,000) (1,448,000) (2,044,000) (2,710,000) (3,466,000)
NWC
3,530,000
4,404,000
6,813,000
8,066,000 12,676,000
18,645,000
TN
4,566,000
5,464,000
8,261,000 10,110,000 15,386,000
CF
AE
NFR/FR
lichidit at e gen =
current ratio
lichidit at e partiala =
quick rat io
lichidit at e imediat a
grad indat orare pe
termen scurt
grad indat orare pe
termen lung
898,000
4,458,000
-29.35%
5,399,000
-24.07%
2009
20,049,000
2010
20,956,000
2011
17,018,000
2012
19,111,000
(3,415,000) (4,664,000)
(8,934,000) (10,018,000)
20,049,000
20,956,000
17,018,000
19,111,000
22,111,000
23,464,000
25,620,000
25,952,000
29,129,000
5,276,000
6,725,000
1,353,000
2,156,000
332,000
3,177,000
8,029,000 10,762,000 16,067,000
24,810,000
35,995,000
54,461,000
2,797,000
-21.25%
1,849,000
-25.34%
-21.38%
-18.59%
-17.03%
-22.26%
88,401,000 137,522,000
-52.50%
-52.42%
2.50
2.66
2.95
2.25
2.37
2.64
2.74
2.01
1.61
1.50
2.47
2.62
2.91
2.21
2.33
2.60
2.70
1.96
1.58
1.48
1.94
2.06
2.37
1.57
1.66
1.95
2.04
1.24
0.93
0.76
34.59%
32.93%
30.28%
37.45%
36.61%
31.41%
24.22%
27.56%
24.04%
21.89%
3.45%
4.01%
5.22%
4.52%
6.06%
6.95%
9.17%
8.87%
10.13%
10.97%
???
Explicatii ale
dinamicii indicatorilor de echilibru financiar
Ratelor de lichiditate si indatorare
24
Oct-14
APPLE balance sheet analysis
APPLE balance sheet analysis --- structura bilantului financiar
Bilant - structura
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Active pe rmane nte
13.62%
12.36%
10.56%
15.67%
13.38%
17.04%
33.57%
44.56%
61.34%
67.25%
Active cu re nte
86.38%
87.64%
89.44%
84.33%
86.62%
82.96%
66.43%
55.44%
38.66%
32.75%
stocuri
0.82%
1.43%
1.57%
1.37%
1.41%
0.96%
1.40%
0.67%
9.61%
7.77%
7.28%
6.46%
6.70%
7.08%
7.33%
4.61%
6.21%
67.00%
67.88%
71.73%
58.76%
60.70%
61.13%
49.40%
34.08%
22.30%
16.54%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Pas ive pe rm anen te
65.41%
67.07%
69.72%
62.55%
63.39%
68.59%
75.78%
72.44%
75.96%
78.11%
Capital propriu
61.97%
63.06%
64.50%
58.03%
57.33%
61.64%
66.61%
63.57%
65.84%
67.14%
3.45%
4.01%
5.22%
4.52%
6.06%
6.95%
9.17%
8.87%
10.13%
10.97%
Pas ive cure nte
34.59%
32.93%
30.28%
37.45%
36.61%
31.41%
24.22%
27.56%
24.04%
21.89%
Furnizori
16.93%
18.02%
15.45%
19.70%
19.61%
15.26%
11.79%
15.98%
12.57%
12.03%
38.03%
36.94%
35.50%
41.97%
42.67%
38.36%
33.39%
36.43%
34.16%
32.86%
Datorii te rm en lung
Datorii totale
Pas ive totale
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
26
25
APPLE balance sheet analysis --- structura bilantului financiar
0.45%
11.24%
Active de trezorerie
Activ total
???
Explicatii si interpretari ale
dinamicii indicatorilor de echilibru financiar
Ratelor de lichiditate si indatorare
1.25%
creante clienti
Bilant - modificare
procentuala
Active perman en te
Active cu ren te
2003
2004
1.98%
7.22%
2006
2007
2011
2012
22.21% 121.71%
2005
25.78%
81.80% 158.65% 110.12% 113.05%
2008
65.88%
9.26%
19.84%
46.00%
40.86%
51.33%
36.66%
stocuri
24.44%
80.36%
63.37%
63.64%
28.15%
47.11%
creante clienti
35.58%
1.04%
15.63%
39.89%
30.75%
47.95%
5.28%
Act ive de t rezorerie

Activ total
Pasi ve perman en te
C api tal propriu
2009
5.16%
2010
32.08%
7.94%
28.15%
-10.61% 130.99%
-26.17%
1.93%
38.77%
63.94%
-2.56% 103.58%
19.67%
51.19%
22.38%
52.19%
43.71%
6.12%
9.19%
1.30%
12.24%
8.21%
18.12%
43.06%
49.40%
47.32%
42.70%
31.32%
58.28%
54.78%
51.30%
-3.92%
21.11%
48.71%
34.04%
49.29%
54.42%
45.08%
51.30%
62.32%
55.57%
3.13%
20.20%
46.34%
34.41%
45.55%
53.43%
41.90%
51.05%
60.31%
54.29%
-56.88%
37.45%
86.07%
29.45%
97.30%
63.71%
73.30%
53.16%
76.70%
63.86%
Pasi ve cure nte
42.16%
12.47%
31.54%
84.77%
44.03%
22.42%
1.28%
80.10%
34.98%
37.80%
Furnizori
26.67%
25.74%
22.61%
90.56%
46.61%
11.07%
1.47% 114.52%
21.78%
44.72%
Datori i totale
17.66%
14.74%
37.46%
76.64%
49.77%
28.28%
14.32%
72.70%
45.14%
45.52%
Pasi ve total e
8.21%
18.12%
43.06%
49.40%
47.32%
42.70%
31.32%
58.28%
54.78%
51.30%
Datori i termen lu n g
28
27
APPLE balance sheet analysis --- bilantului financiar durate de rotatie prin CA
Bilant - durata de
rotatie prin CA
2003
2004
6 ,2 0 7,0 0 0
8 ,2 79 ,0 0 0
Active permanen te
54
43
31
40
Imobilizari corporale
39
31
21
341
307
44
Active de trezorerie
Activ total
Pasive pe rmane nte
Capital propriu
CA
Active curente
stocuri
creante clienti
2007
2008
2009
2010
2011
2012
3 2 ,4 79 ,0 0 0
3 7,4 9 1,0 0 0
4 2 ,9 0 5,0 0 0
6 5,2 2 5,0 0 0
10 8 ,2 4 9 ,0 0 0
156 ,50 8 ,0 0 0
38
59
134
185
237
272
19
20
24
25
26
26
36
266
218
243
288
265
230
150
133
34
23
19
18
23
28
30
18
25
265
238
213
152
171
212
197
141
86
67
395
350
298
258
281
347
399
415
387
405
259
235
207
161
178
238
302
301
294
316
245
161
221
192
150
214
265
264
255
272
14
14
16
12
17
24
37
37
39
44
115
90
97
103
109
97
114
93
89
67
63
46
51
55
53
47
66
49
49
Datorii totale
150
129
106
108
120
133
133
151
132
133
Pasive totale
395
350
298
258
281
347
399
415
387
405
Pasive cure nte

Furnizori
2005
137
Datorii te rme n lung
29
2006
13 ,9 3 1,0 0 0 2 4 ,0 0 6 ,0 0 0
30
Oct-14
APPLE balance sheet analysis --- bilantului financiar durate de rotatie
APPLE --- comparison

sector competitors concurenti din sector
peers competitors concurenti similari
clasament = rank()
medie = average()
mediana = median()
quartile = quartile(,1), quartile(,2),
quartile(,3)
32
31
APPLE balance sheet

analysis
--- comparison sector
competitors
APPLE balance sheet

analysis
competitors
Quick Ratio
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
APP LE (median)
2.47
2.62
2.91
2.21
2.33
2.60
2.70
1.96
1.58
1.48
APP LE(quartile)
2.47
2.62
2.91
2.21
2.33
2.6
2.7
1.96
1.58
1.48
EMC - EMC Corp
1.64
1.46
1.59
1.55
2.08
1.88
1.87
0.95
1.03
1.07
HPQ - Hewlett-P ackard Co
1.37
1.25
1.16
1.13
1.00
0.83
1.08
0.97
0.86
0.95
DELL.O - Dell Inc
0.96
0.95
1.16
1.06
1.08
1.01
1.30
1.22
1.42
1.27
WDC.O - Western Digital

Corp
1.28
1.21
1.25
1.49
1.57
1.45
1.87
2.06
2.26
1.47
SNDK.O - SanDisk Corp
4.64
4.76
3.93
4.18
3.00
1.67
2.66
3.67
3.36
2.05
DDD - 3D Systems Corp
1.23
1.53
1.73
0.87
1.42
1.37
1.55
1.32
4.00
3.27
DBD - Diebold Inc
1.36
1.23
1.87
1.50
1.51
1.46
1.53
1.57
1.57
1.63
SNX - SYNNEX Corp
0.73
0.85
0.78
0.75
0.81
0.91
1.04
0.99
1.07
1.11
LXK - Lexmark International

Inc
1.70
1.73
1.43
1.04
1.07
1.29
1.50
1.53
1.67
1.14
CAT M.O - Cardtronics Inc
1.19
0.42
0.49
0.63
0.44
0.49
0.49
0.54
0.65
0.87
APP LE (rank)
Current Ratio
2003
2004
2005
2006
2007
2008
2009
2010
2011
APPLE (median)
2.50
2.66
2.95
2.25
2.37
2.64
2.74
2.01
1.61
APPLE(quartile)
2.5
2.66
2.95
2.25
2.37
2.64
2.74
2.01
1.61
1.69
median
1.64
1.66
1.49
1.48
1.36
1.60
1.53
1.77
1.48
1.36
1.25
1.43
1.13
1.42
1.37
1.53
1.32
1.57
1.27
1.21,
1.08,
1.16,
0.96,
1.04,
0.96,
1.19,
0.98,
1.05,
1.09,
1.36,
1.25,
1.43,
1.13,
1.42,
1.37,
1.53,
1.32,
1.57,
1.27,
33
1.67
1.63
1.8
1.53
1.83
1.57
1.87
1.77
1.97
1.56
quartile
q
q4
q4
q4
q4
q4
q4
q4
q4
q3
q3
APPLE balance sheet

analysis
competitors
2003 2004
2005
2006
2007
2008
2009
2010
2011
2012
APP LE (median)
1.61 1.59
1.55
1.72
1.74
1.62
1.50
1.57
1.52
1.49
1.5
1.84
1.64
1.79
1.78
2.28
2.04
2.05
1.04
1.13
1.18
HPQ - Hewlet t -Packard Co
1.61
1.50
1.38
1.35
1.21
0.98
1.22
1.10
1.01
1.09
DELL.O - Dell Inc
1.00
0.98
1.20
1.10
1.12
1.07
1.36
1.28
1.49
1.34
WDC.O - West ern Digital

Corp
1.47
1.46
1.44
1.73
1.80
1.75
2.12
2.33
2.53
1.77
4.97
5.32
4.51
4.73
3.61
2.15
3.35
4.20
3.98
2.45
1.47
1.81
2.10
1.25
1.82
1.90
2.10
1.74
4.43
3.82
DBD - Diebold Inc
1.78
1.67
2.55
2.17
2.27
2.19
2.14
2.12
2.10
2.11
SNX - SYNNEX Corp
1.41
1.53
1.55
1.58
1.36
1.52
1.71
1.68
1.78
1.73
LXK - Lexmark Internat ional

Inc
2.07
2.04
1.76
1.38
1.38
1.64
1.80
1.82
1.97
1.33
CAT M.O - Cardt ronics Inc
1.34
0.49
0.55
0.71
0.46
0.52
0.52
0.56
0.68
0.90
APPLE (rank)
median
1.92
1.61
1.44,
1.61,
1.96
quart ile
1.95
1.98
1.82
2
1.79
1.67
1.92
1.81
2.06
6
1.75
1.64
1.76
1.58
1.80
1.75
2.05
1.74
1.78 1.50
1.48,
1.41,
1.3,
1.29, 1.3,
1.54,
1.19,
1.31,
1.26,
1.64,
1.76,
1.58,
1.8,
1.75, 2.05,
1.74,
1.78,
1.5,
1.93
2.33
1.98
2.28
2.1
2.13
2.07
2.32 34
1.94
q4
APPLE balance sheet

analysis
competitors Debt/Equity
Assets/Equity
1.50
EMC - EMC Corp
average
average
2012
q4
q4
q4
q4
q4
q4
q3
q2
2003 2004
2005
2006
2007
2008
2009
2010
2011
AP PLE
0.07 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
AP PLE(quartile)
0.07
q3
2012
0.00
0
EMC - EMC Corp
0.01 0.01
0.01
0.33
0.28
0.22
0.20
0.20
0.18
0.08
1.49
HP Q - Hewlett-Packard Co
0.20 0.19
0.14
0.14
0.21
0.46
0.39
0.55
0.79
1.27
EMC - EMC Corp
1.29 1.34
1.39
1.80
1.78
1.79
1.72
1.77
1.78
1.70
DELL.O - Dell Inc
0.01 0.00
0.01
0.01
0.01
0.33
0.28
0.22
0.20
0.20
HPQ - Hewlett-Packard Co
1.98 2.03
2.08
2.15
2.30
2.91
2.83
3.08
3.35
4.85

Corp
0.00 0.14
0.08
0.04
0.01
0.19
0.15
0.08
0.05
0.28
APP LE(quartile)
1.61 1.59
1.55
1.72
1.74
1.62
1.5
1.57
1.52
DELL.O - Dell Inc
1.30 1.33
1.29
1.34
1.39
1.80
1.78
1.79
1.72
1.77

Corp
0.10 0.00
0.00
0.26
0.25
0.28
0.26
0.30
0.23
0.23
2.65 2.38
2.27
1.80
1.69
1.81
1.66
1.56
1.48
1.85
DDD - 3D Syst ems Corp
1.00 0.50
0.38
0.52
0.12
0.11
0.08
0.06
0.55
0.18
1.35 1.20
1.24
1.46
1.46
1.72
1.53
1.52
1.44
1.42
DBD - Diebold Inc
0.18 0.24
0.44
0.68
0.56
0.65
0.54
0.59
0.76
0.83
3.58 2.48
2.19
2.39
1.60
1.50
1.44
1.57
1.82
1.41
SNX - SYNNEX Corp
DBD - Diebold Inc
0.31 0.24
0.07
0.19
0.64
0.72
0.35
0.39
0.33
0.21
1.67 1.71
2.04
2.60
2.33
2.68
2.44
2.62
3.04
3.28
SNX - SYNNEX Corp
3.12 2.70
2.48
2.70
3.12
2.99
2.54
2.52
2.45
2.25
LXK - Lexmark Int ernat ional

Inc
0.09 0.07
0.10
0.14
0.12
0.81
0.64
0.47
0.47
0.51
2.75
2.44
4.02
2.66
2.61
2.75
6.01
3.32
2.41
10.74
6.39
5.21

Inc
APP LE
average
median
quartile
q
2.10 1.98
-
q3
5.52 4
3.31
-
AP PLE (rank)
average
0.20 0.14
2.90 -
3
0.12
2
0.23
2
0.46
2
0.38
2
0.29
2
0.81
2
0.63
2
0.56
2.54
median
1.85
2.06
1.98
1.78
1.81
1.75
1.79
1.82 1.85
2.29, 2.25,
2.55,
2.39,
2.85,
2.52,
2.64,
2.83,
3.02,
1.85, 2.06,
1.98,
1.78,
1.81,
1.75,
1.79,
1.82,
1.85,
35
1.4 1.43
1.74
1.65
1.74
1.56
1.57
1.62
1.6
0.10 0.11 0.08 0.17 0.21 0.31 0.27 0.30 0.33 0.23
0.2,
0.23, 0.13, 0.31, 0.42, 0.6,
0.38, 0.51, 0.66, 0.67,
quart ile
0.1,
2.07 1.87
1.83
2.51,
1.83,
1.42
2.33
-
q3
1.89
q3
2.07
q4
2.31
q3
2.28
q4
2.08
q4
2.85
q4
2.51
q4
q4
0.03
q
q3
0.11, 0.08,
0.17,
0.21,
0.31,
0.27,
0.3,
0.07
0.07
0.2
0.16
0.14
0.01
q4
q4
q4
q4
q4
q4
q4
0.33,
0.23,
0.19
0.19
36
q4
q4
Oct-14
APPLE balance sheet

analysis
competitors% LT Debt to Total Capital2003
2004
2005
2006
2007
2008
2009
2010
2011
APPLE
APPLE(quartile)
EMC - EMC Corp
0.01
0.01
0.01
0.25
0.21
0.18
0.16
0.01
2012
0
0.00
0.14
0.10
0.08
0.06
0.11
0.14
0.25
0.24
0.32
0.43
DELL.O - Dell Inc
0.00
0.00
0.01
0.01
0.01
0.25
0.21
0.18
0.16
0.01
WDC.O - West ern Digit al

Corp
0.00
0.10
0.04
0.02
0.01
0.15
0.11
0.06
0.03
0.20
0.09
0.00
0.00
0.20
0.20
0.22
0.19
0.23
0.19
0.09
0.41
0.28
0.23
0.23
0.07
0.07
0.07
0.06
0.35
0.16
DBD - Diebold Inc
0.01
0.01
0.28
0.39
0.35
0.38
0.34
0.35
0.41
0.42
SNX - SYNNEX Corp
0.02
0.03
0.00
0.08
0.04
0.13
0.12
0.10
0.14
0.05

Inc
CATM.O
- Cardtronics Inc
0.08
0.07
0.10
0.13
0.00
0.44
0.39
0.32
0.32
0.16
0.69
0.75
0.89
0.86
0.74
1.05
1.00
0.84
0.76
0.70
average
0.13
median
0.12
0.024
0.12,
0.02,
0.01
quartile
q
0.15
0.20
0.16
2
0.27
0.028
0.043
0.126
0.074 0.180
0.1, 0.16,
0.24,
0.21,
0.32,
0.03, 0.04,
0.13,
0.07,
0.18,
0
0.01
0.04
0.01
0.13
q4
q4
q4
q4
q4
0.26
0.22
APPLE
Quick Ratio
Current Ratio
Assets/Equity
Debt/Equity
% LT Debt to Total Capital
0.01
HPQ - Hewlet t-Packard Co
APPLE
APPLE balance sheet

analysis
competitors
0.20
0.190
0.180
0.185
0.155
0.29, 0.28,
0.34,
0.31,
0.19, 0.18,
0.19,
0.16,
0.12 0.06
0.09
0.03
q4
q4
q4
q4
1984
1985
1986
1987
1988
1989
1990
1991
1992
2.54
1.66
2.22
2.84
2.26
2.05
2.03
1.99
1.8
2.09
3.64
2.69
2.78
3.17
2.73
2.16
2.56
2.34
2.35
2.5
1.47
1.7
1.7
1.67
1.77
2.07
1.85
2.06
1.98
1.93
0.31
0.04
0.08
0.08
0.08
0.30%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
APPLE
Quick Ratio
Current Ratio
Assets/Equity
Debt/Equity
0.24
1983
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1.13
1.74
1.48
1.92
1.64
2.38
2.75
2.79
3.38
3.22
1.73
2.3
2.25
2.25
1.88
2.43
2.77
2.81
3.39
3.25
2.55
2.22
2.15
2.61
4.03
2.87
1.75
1.69
1.54
0.41
0.25
0.26
0.55
0.93
0.64
0.1
0.07
0.08
0.08
0.20%
10.20%
8.30%
29.70%
43.70%
36.70%
8.80%
6.80%
7.50%
7.20%
APPLE
Quick Ratio
Current Ratio
Assets/Equity
Debt/Equity
q4
37
APPLE balance sheet

analysis
--- comparison peers
competitors
2002
2003
3.22
2008
1.54
2004
2005
2006
2007
2009
2010
2011
2012
2.47
2.62
2.91
2.21
2.33
2.6
2.7
1.96
1.58
1.48
3.25
2.5
2.66
2.95
2.25
2.37
2.64
2.74
2.01
1.61
1.5
1.54
1.61
1.59
1.55
1.72
1.74
1.62
1.5
1.57
1.52
1.49
0.08
0.07
7.20%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0
38
0.00%
APPLE balance sheet

analysis
competitors
Current Ratio
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Apple
2.50
2.66
2.95
2.25
2.37
2.64
2.74
2.01
1.61
1.50
Quick Ratio
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
APP LE(quartile)
Apple (median)
2.47
2.62
2.91
2.21
2.33
2.60
2.70
1.96
1.58
1.48
1.61
1.50
1.38
1.35
1.21
0.98
1.22
1.10
1.01
1.09
DELL.O - Dell Inc
1.00
0.98
1.20
1.10
1.12
1.07
1.36
1.28
1.49
1.34
APPLE(quart ile)
2.47
2.62
2.91
2.21
2.33
2.6
2.7
1.96
1.58
1.48
2.5
2.66
2.95
2.25
2.37
2.64
2.74
2.01
1.61
1.5
1.37
1.25
1.16
1.13
1.00
0.83
1.08
0.97
0.86
0.95
CSCO.OQ - Cisco Systems Inc
1.62
1.65
2.31
2.27
2.36
2.58
3.24
2.67
3.27
3.49
DELL.O - Dell Inc
0.96
0.95
1.16
1.06
1.08
1.01
1.30
1.22
1.42
1.27
CSCO.OQ - Cisco Syst ems Inc
1.51
1.51
2.18
2.15
2.26
2.49
3.16
2.60
3.18
3.40
1.90
1.99
2.23
2.01
1.78
1.63
1.94
1.97
2.30
2.22
MSI.N - Mot orola Solutions

Inc
INT C.OQ - Int el Corp
MSI.N - Motorola Solutions

Inc
INT C.OQ - Intel Corp
1.68
1.75
2.03
1.80
1.55
1.38
1.81
1.91
2.08
1.94
3.33
3.00
2.30
2.15
2.79
2.54
2.79
3.39
2.15
2.43
NOK1V.HE - Nokia Oyj
2.43
2.45
1.96
1.83
1.54
1.20
1.55
1.55
1.46
1.43
2.96
2.68
1.96
1.64
2.39
2.06
2.40
2.99
1.81
2.06
GOOG.OQ - Google Inc
2.38
7.91
12.08
10.00
8.49
8.77 10.62
4.16
5.92
4.22
2.28
2.28
1.79
1.68
1.39
1.08
1.43
1.40
1.33
1.33
APP LE
5.92
4.18
average
APPLE
median
quartile
average
1.89
2
1.86
1.88
1.67
2
1.71
1
1.64
1.98
1.86
2.27
2.08
1.68
1.75
1.96
1.68
1.55
1.38
1.81
1.91
1.70
1.71
1.44,
1.38,
1.48,
1.39,
1.24,
1.05,
1.37,
1.31,
1.4,
1.32,
1.68,
1.75,
1.96,
1.68,
1.55,
1.38,
1.81,
1.91,
1.7,
1.71,
2.38
2.45
2.11
1.98
2.3
2.28
2.55
2.28
2.36
2.4
q4
q4
q4
q4
q4
q4
q4
q3
2003
2004
200 5
200 6 2007
2008
2009
2010
2011
2012
1 .59
1.55
1.72
1.62
1.50
1.57
1.52
1 .49
1.61
1.59
1 .55
1.7 2
1.74
1.74
1.62
1.5
1.57
1.52
1.49
1 .98
2 .03
2.08
2.15
2.30
2.91
2.83
3.08
3.35
4 .85
DELL.O - Dell Inc
3 .17
3 .08
3.58
5.75
5.77
7.20
6.20
5.97
4.97
4 .99
1 .32
1 .38
1.46
1.81
1.69
1.71
1.76
1.83
1.84
1 .79
MSI.N - Motorola Solutio ns

Inc
2 .53
2 .32
2.15
2.25
2.25
2.93
2.62
2.35
2.67
3 .88
1 .25
1 .25
1.34
1.32
1.30
1.28
1.27
1.28
1.55
1 .58
1 .59
1.82
1.89
2.55
2.79
2.73
2.72
GOOG.OQ - Go ogle Inc
1 .60
1 .13
1.09
1.08
1.12
1.12
1.12
1.25
median
quart ile
q
3.30
2.87
2.71
2.68
3.18
4
2.27
2.40
2.22
2.14
2.22
2.27
2.08
2.07 2.09
2.34
1.99
1.88 1.86
1.62,
1.61,
1.82,
1.71,
1.46,
1.17, 1.5,
1.48,
1.48,
1.41,
2.14,
2.22,
2.27,
2.08,
2.07,
2.09, 2.34, 1.99,
1.88,
1.86,
2.45
2.75
2.47
2.26
2.48
2.6
2.9
2.85
2.54
2.7
q4
q3
q4
q3
q3
q4
q3
q3
q2
q2
quartile
q
APPLE balance sheet

analysis
competitors
1 .61
average
median
2.77
40
Apple
APP LE (rank)
2.10
q2
Assets/Equity
39
q2
APPLE balance sheet

analysis
competitors
APP LE(quartile)
0
0.00%
6
1 .88
6
1 .80
5
1.88
4
2.25
5
2.34
4
2.70
4
2.50
4
2.51
q3
q3
q3
q3
q3
q3
q3
2003
2004 2005
2006
2007
2008
2009
2010
2011
2012
Apple
0.07
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
APPLE(quartile)
0.07
0.00
0
0.20
0.19
0.14
0.14
0.21
0.46
0.39
0.55
0.79
1.27
DELL.O - Dell Inc
0.10
0.08
0.08
0.17
0.17
0.15
0.47
0.72
0.77
1.04
0.00
0.00
0.00
0.26
0.20
0.20
0.27
0.35
0.36
0.32
MSI.N - Motorola Solutions

Inc
0.63
0.40
0.26
0.26
0.28
0.44
0.40
0.25
0.29
0.57
INT C.OQ - Intel Corp
0.03
0.02
0.07
0.06
0.05
0.03
0.05
0.04
0.16
0.26
0.03
0.02
0.03
0.03
0.07
0.31
0.40
0.37
0.45
0.70
1 .65
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.07
0.07
0.08
3.05
3 .78
APPLE (rank)
1.25
1 .31
average
3
2.53
q4
median
2 .97
1 .61
1 .59
1.69
1.85 2.00
2.25
2.19
2.09
2.26
2 .79
2.12,
2.1,
2.1,
2.18,
2.36, 2.92,
2.76,
2.81, 3.13,
4.12,
1.61,
1.59,
1.69,
1.85,
2,
2.25,
2.19,
2.09, 2.26,
2.79,
1.52
1.35
1.43
1.62
1.59 1.54
1.44
1.5
1.54
1.61
q2
Debt/Equity
41 q4
quartile
q
0.13
0.09
0.07
0.12
0.12
0.20
0.25
0.29
0.36
0.05
0.02
0.05
0.10
0.12
0.18
0.33
0.30
0.33
0.13,
0.05,
0.03
0.11, 0.1, 0.19,

0.2,
0.34,
0.02, 0.05, 0.1,
0.12,
0.18,
0
0
0.02
0.04
0.02
q2
q4
q4
q4
q4
0.4, 0.33, 0.42,

0.53,
0.3,
0.33,
0.04
0.06
0.14
q4
q4
q4
2
0.53
0.45
0.79,
0.45,
0.22
q4
q4
42
Oct-14
APPLE balance sheet

analysis
competitors % LT Debt to Total Capital2003
Apple
APPLE quartile
DELL.O - Dell Inc
MSI.N - Mot orola Solutions
Inc
2004
2005
2006
2007
2008
2009
2010
2011
2012
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.14
0.10
0.08
0.06
0.11
0.14
0.25
0.24
0.32
0.43
0.09
0.07
0.07
0.13
0.11
0.08
0.30
0.35
0.37
0.35
0.00
0.00
0.00
0.21
0.17
0.16
0.21
0.21
0.25
0.24
0.35
0.25
0.18
0.13
0.20
0.30
0.24
0.15
0.17
0.36
0.02
0.02
0.06
0.05
0.04
0.03
0.05
0.04
0.13
0.20
0.00
0.00
0.00
0.01
0.01
0.04
0.22
0.20
0.21
0.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.05
0.04
APPLE (rank)
average
0.08
median
0.01
0.11,
0.01,
0
q4
quartile
q
4
0.06
4
0.05
3
0.07
3
0.08
3
0.09
3
0.16
3
0.15
2
0.19
APPLE balance sheet

analysis
competitors
Peers
Quick Ratio
Current Ratio
Assets/Equity
Debt/Equity
Peers
Quick Ratio
Current Ratio
Assets/Equity
Debt/Equity
198 3
19 84
1 985
198 6
198 7
19 88
1 989
199 0
199 1
19 92
2 .5 4
1.66
2.22
2 .8 4
2 .2 6
2.05
2.03
1 .9 9
1.8
2.09
3 .6 4
2.69
2.78
3 .1 7
2 .7 3
2.16
2.56
2 .3 4
2 .3 5
2.5
1 .4 7
1.7
1 .7
1 .6 7
1 .7 7
2.07
1.85
2 .0 6
1 .9 8
1.93
0.31
0.04
0 .0 8
0 .0 8
0.08
0.00
0.00
0.00
0.00
0 .0 0
19 93
1 994
1.13
0.00
0.00
0.00
0 .0 0
0.00
199 5
19 96
1 997
199 8
19 99
2 000
200 1
20 02
1.74
1 .4 8
1.92
1.64
2 .3 8
2.75
2.79
3 .3 8
3.22
1.73
2 .3
2 .2 5
2.25
1.88
2 .4 3
2.77
2.81
3 .3 9
3.25
2.55
2.22
2 .1 5
2.61
4.03
2 .8 7
1.75
1.69
1 .5 4
0.41
0.25
0 .2 6
0.55
0.93
0 .6 4
0.1
0.07
0 .0 8
0.0 0
0 .1 0
0.08
0.30
0 .4 4
0.37
0.09
0 .0 7
0.08
1.54
0.08
0.07
2
0.25
0.01
0.03
0.05
0.08
0.06
0.22
0.18 0.19
0.29
0.08, 0.07, 0.13, 0.12,
0.14,
0.24,
0.21,
0.27, 0.35,
0.01, 0.03, 0.05, 0.08,
0.06,
0.22,
0.18,
0.19, 0.29,
0
0
0
0.01
0.02
0.04
0.03
0.11
0.16
q4
q4
q4
q4
q4
q4
q4
q4 43
q4
Peers
Quick Ratio
Current Ratio
Assets/Equity
Debt/Equity
2003
2004
2.47
2005
2006
2007
2009
2010
2011
2012
2.62
2.91
2.21
2.33
2.6
2.7
1.96
1.58
1.48
2.5
2.66
2.95
2.25
2.37
2.64
2.74
2.01
1.61
1.5
1.61
1.59
1.55
1.72
1.74
1.62
1.5
1.57
1.52
1.49
0.07
0.00
0.00
0.00
0.00
0.00
2008
0.00
0.00
0.00
0.00
44
0
0.00
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Cont de profit si pierdere (income statement)

Prof.dr. Laura OBREJA

Tabloul fluxurilor de trezorerie (cash flow

Analiza financiara pe baza

Tehnici de analiza utilizate

Analiza financiara pe baza

Analiza financiara pe baza bilantului comparatie cu alte companii

Indicatorii de echilibru financiar

Ratios - Key Metrics:

comparatie cu alte companii:

Liquidity: Quick Ratio; Current Ratio

Inventory Days, Avg. A/P Days, Fixed Asset Turnover, WC /

CPR/AE; Dat t lg/AE

Profitability/Return: Sales/Receivables, Revenue/Inventory,

Value: Hist Price/Bk, Tot Eqty

Prof.dr. Laura Obreja Brasoveanu

Analiza bilantului financiar

Analiza bilantului financiar rate

Prin procent din total activ/pasiv se

Studii de caz Analiza pe baza ratelor

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Prof.dr. Laura Obreja Brasoveanu

Studii de caz Analiza pe baza ratelor

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Analiza financiara - APPLE

3/5/2008 - 10/8/2013 (EST)

BarOHLC, QAAPL.O, Trade Price

Vol, QAAPL.O, Trade Price

APPLE sector competitors - TRBC - Computer Hardware,

APPLE peers competitors - economic sector -- technology

Top 25, United States

DPS Div. Yld (%) ROE (%) P/Book P/Sales

Sector average (Mean)

Western Digi tal Corp

Lexmark International Inc

El ectroni cs For Imagi ng Inc

Super Mi cro Computer Inc

Vi oli n Memory Inc

Mercury Systems Inc

Ci tadel EFT Inc

market cap (USDenterprise

Prof.dr. Laura Obreja Brasoveanu

Property/Plant/Equipment, T otal - Gross

Cas h and Short Term Investm ents

Other Current Asset s

Cash & Equivalent s

Short Term Invest ments

Prope rty/Plant/Equipment, Total - Net

Accounts Receivable - Trade, Net

Accumulated Depreciation, T otal

Account s Receivable - T rade, Gross

Shareholders Equity ($ T housands)

Accru ed Expen ses

Redeemable Preferred Stock, T ot al

Notes Payable/Sh ort Term Debt

Preferred Stock - Non Redeemable, Net

Cu rrent Port. of LT Debt/C apital Leases

Addit ional Paid-In Capit al

Other Current Liabilities

Accumulated Intangible Amortization

Income T axes P ayable

Common Stock, T otal

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