财务管理案例详解(英文版)

The casse stuudy offSony coorporaationMemberss of oour grroup:童士卫 财务务管理0201 011200200191066唐 虎 财财务管理0201 011200200191055王小夏 财务务管理0201 011200200191266季春蕾 财务务管理0202 011200200192144张亚茹 财务务管理0201 011200200191311任课老师: 夏夏新平完成时间: 22005年1月28日一 .Backkgrounnd infformattion oof Sonny1. Sonyy is ffoundeed on May 77, 19446 witth thee Headdquartters TTokyo and JJapan.2. Its corpoorate strattegiess are becomming aa “knowlledge-emerggent eenterpprise in thhe brooadbannd nettwork era”.Evidennced bby reccent iimprovvementts in netwoork innfrasttructuure, tthe brroadbaand ennvironnment has bbegun to exxpand at a rapidd pacee. In preeparattion ffor thhe arrrival of thhe fulll-scaale brroadbaand erra, Soony iss pursuuing iits viision of crreatinng a UUbiquiitous “Value” Netwwork (UVN).3. Its devellopmennt asppect eexpandded frrom thhe firrst maagnetiic tappe reccorderr in19950, to thhe firrst QQUALIAA prooductss in 22003, durinng theese yeears wwith rrepressentattive pproduccts inn eachh decaade: 60thfiirst ttape rrecordder annd traansisttor 70th-vvideo casseette pplayerr and headpphone stereeo Wallkman 80thh-CD playeer andd camccorderr 90th-hhigh-ddensitty dissc andd DVD playeer In tthe 211th cenntury- EL Displlay annd opttical disc二. The main operaationss of tthe coorporaation are: 三. The main struccture of itts salles inncome1. Firsst is the EElectrronicss:The Eleectronnics ssegmennt connsistss of tthe foollowiing caategorries: Audio, Videoo, Tellevisiions, Inforrmatioon and CCommunnicatiions, Semiconnductoors, CComponnents and OOther.The graaph shhows tthe innformaation aboutt thiss: The iincomee is ddecreaasing 2. Secoond iss the Game:Game coonsolee and softwware bbusineess iss condductedd by SSony CComputter Enntertaainmennt Incc.We can see tthe innformaation from the ggraph: the iincomee is aalso ddecreaasing3. Thirrd is the MMusic:Music bbusineess iss condductedd by SSony MMusic Enterrtainmment IInc. (SMEI) and Sony Musicc Enteertainnment (Japaan) Innc. (SSMEJ).The graaph iss showwing the bbasic inforrmatioon: The incomme is decreeasingg4. Fourrth iss the Pictuure:Motion pictuures, televvisionn and otherr busiinessees aree condductedd by SSony Picturees Enttertaiinmentt Inc. (SPEE).And alsso thee basiic infformattion iis froom thee Grapph: Thhe inccome iis inccreasiing5. Fiftth is the ffinanccial sservicce:The Finnanciaal Serrvicess segmment iincluddes Soony Liife Innsurannce Coo. Ltdd. Sonny Asssurancce Incc., Soony Baank Innc. annd Sonny Finnance Interrnatioonal. Inc.As grapph of rightt showw the operaating inforrmatioon: Thhe inccome iis inccreasiing6. Sixtth is otherr operratingg:The Othher seegmentt inclludes an Innterneet-rellated businness, So-neet, whhich iis connducteed by Sony Commuunicattion NNetworrk Corrporattion, an inn-Housse informaation systeem serrvicess busiiness, an IIC carrd bussinesss and otherr busiinessees.With thhe infformattion iin thee righht graaph: The iincomee is iincreaasingThe majjor Prroductts of SonyAudio Home aaudio, porttable audioo, carr audiio, annd carr naviigatioon sysstems Video Video camerras, ddigitaal stiill caamerass, viddeo deecks, and DDVD-Viideo pplayerrs/reccorderrs, annd Diggital-broaddcastiing reeceiviing syystemssTeleviisionss CRT-baased tteleviisionss, proojectiion teelevissions, PDP tteleviisionss, LCD tteleviisionss, proojectoor forr compputerss and displlay foor commputerrs Informmationn and commuunicattions PC, prrinterr systtem, pportabble innformaation PC, bbroadccast aand prrofesssionall use audioo/videeo/monnitorss and otherr proffessioonal-uuse equippment Semicoonducttors LCD, CCCD annd othher seemiconnductoors Electrronic compoonentss Opticaal picckups, battteriess, auddio/viideo/ddata rrecordding mmedia, and data recorrding systeems 四.Saless and Operaating Revennue byy Geoggraphiic Infformattion1. The main markeet of coursse is the UUSA 2. It iis exppand tthe Euurope and oother counttry maarket ,whille deccreasee the USA aand Jaapan mmarkett ,While seemss flatt in ttotal markeet .3. We ccan cooncludde Sonny is facinng a wworldwwide ccompettitionn.4. It iis chaangingg its businness ffrom ttradittionall areaa to tthe neew areea, esspeciaally tthe enntertaainmennt marrket.5. It aalso nneed ffind nnew maarket, for exampple thhe Asiian maarket, and bringg new produuct wiith teechnollogy.This iss the Segmeent Innformaation of itts salles inncome200220032004ElectroonicsCustomeers477255004543313347584000Interseegmentt513631397137138995Total528618114940450048973955GameCustomeers986529936274753732Interseegmentt171851875726488Total10037144955031780220MusicCustomeers541418512908487457Interseegmentt586338459872431Total600051597506559888PictureesCustomeers635841802770756370Interseegmentt000Total635841802770756370Financiial SeerviceesCustomeers480190509398565752Interseegmentt289322787827792Total509122537276593544OtherCustomeers161730168970174680Interseegmentt99733137323155712Total261463306293330392Eliminaation-7181144-6656933-4214188Consoliidatedd totaal757825887473633374963911 6. Devellopingg trennd AnaalysissFactorss whicch mayy affeect Soonys finaanciall perfformannce inncludee the folloowing: markett condditionns, inncludiing geenerall econnomic condiitionss, levvels oof connsumerr spennding, foreeign eexchannge flluctuaationss Sonyss abillity tto conntinuee to iimplemment ppersonnnel rreducttion aand otther bbusineess reeorgannizatiion acctivitties Sonyss abillity tto impplemennt itss netwwork sstrateegy, aand immplemeent succeessfull salees andd disttributtion sstrateegies in thhe ligght off the Interrnet aand otther ttechnoologiccal deeveloppmentssSonyss abillity tto devvote ssufficcient resouurces to reesearcch andd deveelopmeentSonyss abillity tto priioritiize caapitall expeendituures, and tthe suuccesss Sonyys joiint ventuures aand allliancces. Risks and uuncerttaintiies allso inncludee the impacct of any ffuturee evennts wiith maateriaal unfforeseeen immpactss.7.The bbasic finanncial ratioos of Sony from year 2002 to 20004Financiial raatios of eaach ittems oof Sonny corrporattion200420032002currentt ratiio1.1278 1.2953 1.3044 Acid-teest raatio0.9043 1.0384 1.0411 Debt too totaal Asssets rratio0.7359 0.7249 0.7076 Long teerm Deebt too totaal Asssets rratio0.4078 0.4340 0.3950 Interesst guaaranteee levveragee1.2850 1.5090 1.2024 Cash guuaranttee leeveragge1.3056 1.3828 1.4109 Receivaable tturnovver6.1248 6.1867 5.1764 Inventoory tuurnoveer7.5891 7.9578 7.7804 Currentt Asseets Tuurnoveer2.0466 2.1926 2.1152 Fixed AAssetss Turnnover5.0427 5.4101 5.0003 Total AAssetss Turnnover0.7572 0.8262 0.8623 Gross Saless proffit maargin0.2652 0.2800 0.2577 Sales pprofitt marggin0.0209 0.0358 0.0131 Return on tootal AAssetss0.0158 0.0296 0.0113 Return on Eqquity0.0606 0.1086 0.0391 Assets Increement rate1.0426 0.9622 1.0237 Return on Fiixed AAssetss0.1055 0.1937 0.0657 Return on loong teerm Asssets0.0327 0.0648 0.0253 Net Salles prrofit margiin0.0129 0.0167 0.0022 Net prrofit margiin on totall Asseets0.0097 0.0138 0.0019 Net prrofit margiin on Equitty0.0372 0.0506 0.0065 From thhe aboove annalysiis andd the tablee, we can ssee thhat: The liqquiditty rattio annd Aciid-tesst rattio arre in a yeaar by year up-trrend ,but combbiningg receeivablle turrnoverr and invenntory turnoover, the iincreaase iss mainnly beecausee of tthe inncreasse of accouunts rreceivvable and tthe deecreasse of curreent liiabiliity. The commpany accouunts rreceivvable turnoover aand innventoory tuurnoveer aree in uup-treend ,tthis sshows that Sony do weell inn accoounts receiivablee and invenntory, so iits deebt-reepay aabilitty andd proffit abbilitiies wiill bee in aadvanttages.Its deebt raatio iis deccreasiing yeear byy yearr, so we caan seee thatt Sonyy willl havee a loow finnanciaal levveragee, itss finaanciall enviironmeent wiill bee goodd for its ooperatting Also, from analyysis oof thee tablle, Soonys connsoliddated saless, opeeratinng inccome, incomme beffore ttaxes, and net iincomee are expeccted tto deccreasee comppared with the ffiscall yearr endeed Marrch 311, 20004. Whhile wwe asssume tthat tthe yeen forr the fiscaal yeaar endding MMarch 31, 22005 wwill sstrenggthen againnst thhe U.SS. dolllar aand wiill weeaken againnst thhe eurroSonyss inveestmennts arre commpriseed of debt and eequityy secuuritiees acccounteed forr undeer botth thee costt and equitty metthod oof acccountiing. IIf it haas beeen detterminned thhat ann inveestmennt hass susttainedd an oother-than-tempoorary decliine inn its valuee, thee inveestmennt is writtten doown too its fair valuee by aa charrge too earnnings.五. Anallysis of Soonys abiilitiees1. The abiliity too meett the obliggationn200220032004Currentt ratiio 1.30441.29531.1278 Quick rratio 1.04111.03840.9043Interesst coverrage rratio 1.202441.50901.2850Debt too totaal Asssets rratio 0.707660.72490.7359For shoort-teerm obbligattions:. Fromm the curreent raatio, we seee thaat thee situuationn is nnot goood foor Sonny corpooratioon. Beecausee the mediaan currrent ratioo for the iindusttry iss 2.1, but thosee of SSony iis lesss thaan thiis obvviouslly. But if wee lookk at tthe quuick rratio, we wwill ffind iits verry goood: thhe inddustryy mediian quuick rratio is 1.1, annd thoose off Sonyy are very near to itt. This iss becaause SSony hhas noot as much invenntoriees as otherr corpporatiions.Then wee can see tthat tthe abbilityy of SSony tto meeet shoort-teerm obbligattions is goood.For lonng-terrm oblligatiions. The debt ratioos aree lageer thaan 50%, whiich inndicattes thhat Soony boorrowss a laarge aamountt of mmoney. Its evideenced by thhe inccreasiing ammount of innteresst payyment. . Its interrest ccoveraage raatios are oobviouusly lless tthan tthe meedian of thhat foor thee induustry whichh is 4.00. Then wee can see tthat SSonys abiility to meeet thhe lonng-terrm oblligatiions iis nott goodd.2. Asseets maanagemment aanalyssis200220032004Receivaable tturnovver 5.17646.18676.1248Inventoory tuurnoveer7.78047.95787.5891Total aassetss turnnover 0.86230.82620.7572First, the rreceivvable turnoovers are oobviouusly lless tthan tthe meedian of 8.1for the iindusttry, whichh tellls us that Sonys recceivabbles aare coonsideerablyy slowwer inn turnning oover tthan iis typpical for tthe inndustrry.Second, the invenntory turnoovers are hhigherr thann the mediaan of 3.3 ffor thhe inddustryy, whichh showws Sonny hass a goood innventoory maanagemment. This is beecausee thatt inveentoryy is aa smalll porrtion of asssets Third, the ttotal assett turnnoverss are obvioously less than the mediaan of 1.66 for tthe inndustrry. Soo it iis cleear thhat Soony geenerattes leess saales rrevenuue perr dolllar off asseet invvestmeent thhan dooes thhe inddustryy.So Sonyys asssets mmanageement is noot goood enoough3. Proffitabiility analyysisGross pprofitt marggin 26.52% 28.00%25.77% Return on asssets(ROI) 0.97% 1.38% 0.19% Return on neet proofit(RROE) 3.72% 5.06% 0.65% Sonyss grosss proofit mmarginn is aabove the mmediann of 223.8 ppercennt forr the indusstry, indiccatingg thatt it iis rellativeely moore efffectiive att prodducingg and selliing prroductts aboove coost.But coompariing too the mediaan ROII valuue of 7.8% and tthe meedian ROE vvalue of 144.04%, thosse of Sony are vvery ppoor. And tthis mmeans that it emmployss moree asseets annd equuity tto genneratee a doollar of prrofit than does the ttypicaal firrm in the iindusttry. 4. Accoounts receiivablee secuuritizzationn proggram In the Uniteed Staates oof Ameerica, Sonyy set up ann accoounts receiivablee secuuritizzationn proggram wwherebby Sonny cann selll inteerestss in uup to $900 milliion off eliggible tradee accoounts receiivablee, as definned. TThrouggh thiis proogram, Sonyy can securritizee and sell a perrcentaage off undiividedd inteerest in thhat poool off receeivablles too seveeral mmulti-selleer commmerciial paaper cconduiits owwned aand opperateed by bankss. Sonny cann selll receeivablles inn whicch thee agreeed uppon orriginaal duee datees aree no mmore tthan 990 dayys. affter tthe innvoicee datees. Thhe vallue asssigneed to undivvided interrests retaiined iin seccuritiized ttrade receiivablees is basedd on tthe reelativve faiir vallues oof thee inteerest retaiined aand soold inn the securritizaation. Sonyy has assummed thhat thhe faiir vallue off the retaiined iintereest iss equiivalennt to its ccarryiing vaalue aas thee receeivablles arre shoort-teerm inn natuure, hhigh qqualitty andd havee apprropriaate reeservees forr bad debt inciddence. Therre wass no ssale oof recceivabbles ffor thhe fisscal yyear eended Marchh 31, 2003. Lossses frrom thhese ttransaactionns werre inssignifficantt.5. EPS attriibutabble too commmon sttock:Reconciiliatiion off the diffeerencees bettween basicc and dilutted EPPS forr the yearss endeed Marrch 311, 20002, 20003 annd 20004 is as foollowss:As disccussedd in NNote 22, thee earnnings alloccated to thhe subbsidiaary trrackinng stoock arre detterminned baased oon the ssubsiddiary trackking sstockhholderrs econoomic iintereest.The staatutorry rettainedd earnnings of SCCN (thhe subbsidiaary trrackinng stoock enntity as diiscusssed inn Notee 15) availlable for ddivideends tto thee sharreholdders wwere 209 mmillioon as of Maarch 331, 20002, wwhich decreeased by 374 milliion duuring the yyear eended Marchh 31, 2002 afterr the date of isssuancce.The acccumulaated llossess of SSCN weere 779 mmillioon andd 1,7644 milllion ($17 mmillioon) ass of MMarch 31, 22003annd 20004, reespecttivelyy.For thee yearr endeed Marrch 311, 20002, 755,201 thoussand ssharess of ppotenttial ccommonn stocck upoon thee convversioon of conveertiblle bonnds weere exxcludeed froom thee compputatiion off diluuted EEPS duue to theirr antii-diluutive effecct.44,603 thoussand ssharess of ppotenttial ccommonn stocck upoon thee convversioon of 250,000 mmillioon connvertiible bbond iissuedd dateed Deccemberr 18, 2003 were excluuded ffrom tthe coomputaation of thhe nummber oof weiightedd-averrage ssharess for dilutted EPPSPotentiial coommon stockk uponn the exerccise oof warrrantss and stockk acquuisitiion riights, whicch werre exccludedd from the ccomputtationn of ddiluteed EPSS sincce theey havve an exerccise pprice in exxcess of thhe aveerage markeet vallue of Soonys commmon sstock durinng thee fisccal yeear, wwere 22,665 thoussand ssharess, 4,1141 thhousannd shaares, and 6,7966 thouusand sharees forr the yearss endeed Marrch 311, 20002, 20003 annd 20004, reespecttivelyy.Warrantts andd stocck acqquisittion rrightss of ssubsiddiary trackking sstock for tthe yeears eended Marchh 31, 2002, 2003 and 22004, whichh havee a pootentiially diluttive eeffectt by ddecreaasing net iincomee alloocatedd to ccommonn stocck, weere exxcludeed froom thee compputatiion off diluuted EEPS siince tthey ddid noot havve a ddilutiive efffectStock ooptionns isssued bby afffiliatted coompaniies acccountted foor undder thhe equuity mmethodd for the yyears endeddMarch 331, 20002, 22003 aand 20004, wwhich have a pottentiaally ddilutiive efffect by deecreassing nnet inncome alloccated to coommon stockk, werre exccludedd fromm the compuutatioon of dilutted EPPS sinnce suuch sttock ooptionns didd not have a dillutivee effeect.On Octoober 11, 20002, Soony immplemeented a shaare exxchangge as a ressult oof whiich Aiiwa beecame a whoolly-oowned subsiidiaryy. As a ressult oof thiis shaare exxchangge, Soony isssued 2,5022 thouusand sharees. Thhe shaares wwere iincludded inn the compuutatioon of basicc and dilutted EPPS.6. P/E ratiooLets ssee thhe thrree yeears datta of P/E RRatio200220032004P/E Rattio401.9199635.52999947.975335We can see tthat tthe P/E rattios aare laarge, and iif we invesst on it, wwe willl neeed manny yeaars too get back our mmoney. So iits nott goodd to iinvestt on iit. 六. Do PPont analyysis1. Heree Id likke to analyysis tthe efffectss of aall kiinds oof iteems, ssuch aas Returrn of totall asseets and Equitty mulltipliier, to ROE. Then, baseed on the ccontriibutioons off the itemss, we try tto finnd wayys to improove thhe ROEE.At the firstt glannce off the tablee, youu willl obveerse tthere is soo greaat diffferennce beetweenn the ROE oof 20002 andd the otherr two year. -SSo I ddecidee to aanalyssis thhat onne forr exammple tthe deecreasse of the RROE inn yearr 20022 is pprimarrily bbecausse of the ddecreaase off otheer inccome, increease of costss and expennses aand otther eexpensses.Let us go too the “incomme staatemennt” to ssee thhe dettails-From thhe incomme staatemennt behiind, (1)we ccan seee thaat thee decrrease of otherr incoome is pprimarrily bbecausse of the ddecreaase off foreiign exxchangge gaiin and decreease oof markeetablee secuurity and ssecuriity saales.The newws behhind hhas shhown tthat tthe fooreignn exchhange rate has cchangeed so much that the fforeiggn excchangee riskk is sso higgh ,annd thee econnomicss in JJapaneese haas falllen ddown.It is mmay bee one of thhe reaasons of thhe deccreasee of foreiign exxchangge gaiin 中新网香港1月月23日消息：尽尽管亚洲国家家对日元继续续贬值表示关关注，但美国国财政部长奥奥尼尔与日本本财务大臣盐盐川正十郎进进行会谈后表表态，外汇汇汇率应由市场场决定。有关关言论被市场场理解为美国国容忍日元下下跌，日元汇汇率随即下挫挫，日元兑美美元跌穿一百百三十四水平平，创近三年年来新低。 22002年1月23日08:244 去年(20022)日本10大消费种类类中有6大类物价出现现下跌，其中中教育娱乐类类下跌3%，家居类下下跌3.6%，工业制品品下跌1.9%，尤其是耐耐久类工业产产品下跌了6.9%。在价格下下跌显著的商商品中，笔记记本电脑价格格下跌了38%，台式电脑脑下跌37%，录像机下下跌15%，固定电话话通信费减少少7.8%等。也也即意味着日日本正处于通通货紧缩状态态2. The pictuure beehind showss the markeetablee secuuritiees andd secuuritiees invvestmeents changges3. The increease oof costss and expennses is pprimarrily bbecausse thaat thee cost oof salles has increeased so muuch.This taable sshows the cchangees of reseaarch aand deeveloppment expennses cchangees in year 2002 2003 and 22004.(1) Ressearchh and devellopmennt cossts:Researcch andd deveelopmeent coosts cchargeed to cost of saales ffor thhe yeaars ennded MMarch 31, 22002 wwas 433,2214 miillionn ($3,257 mmillioon)(2) Advvertissing ccosts:Advertiising costss inclluded in seellingg, genneral and aadminiistrattive eexpensses foor thee yearrs endded Maarch 331,2002 waas 401,9960 miillionn ($3,022 mmillioon),So By ddecreaasing reseaarcherr and devellopmennt cosst, adverrtisinng cosst annd/or shippping a