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Finance sample

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MFA
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Executive summary:
This research study is based on MFA. For the continuation of the study, the researcher has
chosen Apple and Samsung. For the completion of the study, the researcher has analysed
financial statements of both the companies. Along with that, ratio analysis has taken place for
analysing financial performance level of the companies. In support to that, the researcher has
provided recommendations for business performance development. The weaknesses have
framed for supporting the research study.
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Table of Contents
Introduction: ............................................................................................................................... 4
Task 1: Selection of companies: ................................................................................................ 5
a. Company introduction:........................................................................................................... 5
b. Analysis of companies’ income statement for the last 5 years: ............................................. 5
c. Analysis of companies’ balance sheet for the last 5 years: .................................................... 8
Task 2: Extraction of ratios: ..................................................................................................... 10
Task 3: Discussion of ratios: .................................................................................................... 17
a. Critical analysis of performances: ........................................................................................ 17
b. Recommendation: ................................................................................................................ 19
Task 4: Weaknesses of ratios: .................................................................................................. 21
Conclusion: .............................................................................................................................. 21
List of references: .................................................................................................................... 22
Appendix 1: .............................................................................................................................. 24
Appendix 2: .............................................................................................................................. 25
Appendix 3: .............................................................................................................................. 26
Appendix 4: .............................................................................................................................. 28
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Introduction:
Financial analysis is important for every business organisation. Through analysing
companies’ financial statements, companies’ management department will be able to
recognise strengths and weaknesses and frame necessary strategies for recovering those
weaknesses. According to Albrecht (2010, p- 145), financial analysis is consisting of past
performance level of the companies and frame future strategies for better position in market
area with effective strategies. Through analysis of financial statements, companies’
management level will be able to recognise liquidity level and financial stability in market
area. Therefore, company level will need to follow different steps for analysing financial
statements. These steps are financial situation analysis, financial control, financial planning
and financial evaluation alternatives.
Figure 1: Financial analysis process
(Source: Bebbington et al. 2010, p- 64)
For the continuation of the research study, the researcher will need to choose two companies
from different industries. This study will be consisting of financial statement analysis through
respective ratios and evaluation with effective recommendations. Along with that, this study
will be able to recognise weaknesses of ratios for future prospective.
Financial
situation
analysis
Financial
evaluation
alternatives
Financial
planning
Financial
control
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Task 1: Selection of companies:
a. Company introduction:
In this study, the researcher will need to choose different companies from same industry
level. Therefore, the researcher has chosen companies from technological industry level and
those two companies are Apple Inc and Samsung. The company Apple Inc is an American
multinational company. The company was started by Steve Jobs, Steve Wozniak and Ronald
Wayne in 1976. This company manufactures mobiles, tabs, laptops, I-phone etcetera with
advanced technological progression. The company use their own operating systems in their
products and those are technologically advanced in global market. The company has total
employee level of 98000. During the last financial year 2014, the company had revenue level
of more than US$ 182 billion. Along with that, company’s net income level was more than
US$ 39 billion. However, the company has reduction figure in total equity to US$ 111.55
billion (Financials.morningstar.com, 2015).
For the continuation of this study, the researcher chosen other company from same industry
level and the company is Samsung. Samsung is a Korean multinational company, which is
having same category of product level of Apple Inc. The company was started in 1938. The
company has spread its business process and products worldwide. During the previous
financial year 2014, the company had lost figures in revenue level to US$ 305 billion.
Therefore, the company’s net income has reduced to US$ 22 billion during the previous
financial year 2014. The company is employing total 489000 employees worldwide
(Financials.morningstar.com, 2015). Both the discussed companies are in the market
competition towards technological progression.
b. Analysis of companies’ income statement for the last 5 years:
For the continuation of the study, the researcher will need to present income statement as a
part of financial statement. In the words of Chenhall (2012, p-111), income statement refers
to the records of company’s different levels of incomes and gains from market area. Through
the analysis of income statement, management level will be able to frame necessary strategies
for increasing the revenue level and net income level. Therefore, company will need to
reduce the cost of revenue and production cost.
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Analysis of income statement of Apple:
Here, the researcher has analysed income statement of Apple for the last five financial years.
Through the analysis, it has found that total revenue level of the company has increased
through the financial years. During the financial year 2012, Apple had increased level of total
revenue by 11 %. Along with that, during the financial year 2013 the company had increased
level of total revenue by 15 %. Likewise, total revenue level has increased by the financial
years. However, the company has increased their operating income through the financial
years. For increasing gross profit level, Apple will need to reduce cost of revenue. During the
financial year 2015, Apple faced a reduction level in net profit level by 7 %. For increasing
sales revenue, company will need to increase investment level in marketing process and the
investment amount will need to recover from cost of revenue. For income statement of Apple
Inc, refer to Appendix 1.
Figure 2: Variances in income statement of Apple Inc
(Source: Created by author)
Here, the researcher has framed income statement of Apple Inc for the last 5 years. Through
the income statement, it has found that total revenue level of the company has increased by
the time, but the net income has reduced due to increased level in cost of revenue and lesser
investment in business development process.
103325181
114690950.9
131894593.5
162230350.1
199543330.6
39510097
44251308.64
49561465.68
55508841.56
49402868.99
0
50000000
100000000
150000000
200000000
250000000
2011 $ '0002012 $ '0002013 $ '0002014 $ '0002015 $ '000
Apple income statement variances
Total revenue
Net income
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Analysis of income statement of Samsung:
In this case, the researcher has found that, financial condition of Samsung was weaker than
Apple Inc. Through the analysis of income statement of Samsung, it has found that total
revenue level had increasing rate from the financial year 2011 to financial year 2014.
However, during the financial year 2015 the total revenue for the company level has
dramatically decreased by 77 %. Due to increased level of cost of goods sold and decreased
level of sales structure, Samsung has faced the reduction figure in total revenue. Therefore,
net profit level has reduced by 80 %. That means huge loss has occurred in business level due
to reduction in sales structure. Compare to Apple Inc Samsung has lower market share in
global market. Therefore, more market analysis and more promotional activities are required
for the company. Along with that, operating profit level will need to increase, as it has
decreased by 61.77 % during the financial year 2015. For income statement of Samsung,
refer to Appendix 2.
Figure 3: Variance in income statement of Samsung
(Source: Created by author)
165001771
201103613
228692667
206205987
47117918
13382645
23185375
29821215
23082499
4519323
0
50000000
100000000
150000000
200000000
250000000
2011 $ '000 2012 $ '000 2013 $ '000 2014 $ '000 2015 $ '000
Samsung income statement variances
Total revenue
Net income
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c. Analysis of companies’ balance sheet for the last 5 years:
Analysis of 5 years’ balance sheet of Apple Inc:
As it has shown in the balance sheet, that Apple Inc had increasing rate in total assets from
the financial year 2011 to 2013. However, the amount of total assets has reduced during the
financial year 2014 by 7 % and 12.76 % during the financial year 2015. As current assets
level has decreased through the financial years, Apple Inc has faced reduction value in total
assets. Therefore, it is necessary for the company level to increase total assets level for
enhancing the working capital level for executing business level objectives. During the
financial year 2013, Apple Inc has increased their investment level by 7.81 %.
However, the company has reduced their investment level by 9.41 % during the financial year
2014. Therefore, total assets level has reduced for those consecutive years. For reducing
liabilities in balance sheet, company will need to reduce credit transactions and credit
purchases in business. The long-term investment of the company has reduced during the
financial year 2015 by 2.59 %. Therefore, it is necessary for the3 company level to maintain
investment process in the business process. Through the analysis of balance sheet, the
researcher has found that capital surplus has fluctuation figure during the financial years. For
balance sheet of Apple Inc, refer to Appendix 3.
Analysis of 5 years’ balance sheet of Samsung electronics:
Through the analysis of balance sheet of Samsung electronics, the researcher has found that
Samsung also had reduction figures in balance sheet due to increased level of liabilities in the
business. However, it has observed that cash balances have increased by 27.9 % during the
financial year 2011. During the financial year 2013, cash balances have reduced by 13.34 %
due to decreased level of sales in market area. Therefore, it is necessary for the company
level to increase sales structure for enhancing cash balances so that assets level can be
increased. Apart from that, inventory level has decreased by 9.5 % during the financial year
2014. Along with that, company level will need to increase assets level for enhancing
working capital structure for the business process.
In case of liabilities, it has observed that company has reduced their liabilities during the
financial year 2014 and 2015. However, during the financial year 2012, the liabilities have
increased by 9.37 % and during the financial year, 2013 total liabilities had increased by
7.5%. However, company’s treasury level has reduced through the financial years. Therefore,
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company will need to increase their assets level and reduce liabilities for increasing working
capital to execute business processes. The liabilities will be reduced with the reduced level of
credit purchase in business process. For balance sheet of Samsung, refer to Appendix 4.
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Task 2: Extraction of ratios:
Profitability ratios:
𝐺𝑟𝑜𝑠𝑠 𝑚𝑎𝑟𝑔𝑖𝑛 𝑟𝑎𝑡𝑖𝑜 = 𝐺𝑟𝑜𝑠𝑠 𝑝𝑟𝑜𝑓𝑖𝑡 / 𝑁𝑒𝑡 𝑠𝑎𝑙𝑒𝑠 × 100
For Apple Inc:
Financial year 2011 = 32.48
Financial year 2012 = 54.55
Financial year 2013 = 245.92
Financial year 2014 = 274.22
Financial year 2015 = 381.24
Samsung electronics:
Financial year 2011 = 394.96
Financial year 2012 = 321.11
Financial year 2013 = 305.14
Financial year 2014 = 337.60
Financial year 2015 = 401.89
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑚𝑎𝑟𝑔𝑖𝑛 𝑟𝑎𝑡𝑖𝑜 = 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑝𝑟𝑜𝑓𝑖𝑡 / 𝑁𝑒𝑡 𝑠𝑎𝑙𝑒𝑠 × 100
For Apple Inc:
Financial year 2011 = 68.63
Financial year 2012 = 68.02
Financial year 2013 = 67.41
Financial year 2014 = 66.81
Financial year 2015 = 83.33
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Samsung electronics:
Financial year 2011 = 187
Financial year 2012 = 158.66
Financial year 2013 = 97.41
Financial year 2014 = 67.78
Financial year 2015 = 132.31
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑎𝑠𝑠𝑒𝑡𝑠 = 𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 / 𝐴𝑠𝑠𝑒𝑡𝑠 × 100
Apple Inc:
Financial year 2011 = 4332.29
Financial year 2012 = 3985.56
Financial year 2013 = 2942.78
Financial year 2014 = 3556.31
Financial year 2015 = 3628.24
Samsung electronics
Financial year 2011 = 8.59
Financial year 2012 = 12.80
Financial year 2013 = 13.93
Financial year 2014 = 10.02
Financial year 2015 = 1.99
b. Liquidity ratios:
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 = 𝑇𝑜𝑡𝑎𝑙 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 – 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 / 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Apple Inc:
Financial year 2011 = 17.66
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Financial year 2012 = 20.29
Financial year 2013 = 31.04
Financial year 2014 = 18.85
Financial year 2015 = 13.07
Samsung electronics
Financial year 2011 = 1.26
Financial year 2012 = 1.48
Financial year 2013 = 1.76
Financial year 2014 = 1.88
Financial year 2015 = 1.84
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 / 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Apple Inc:
Financial year 2011 = 22.14
Financial year 2012 = 24.89
Financial year 2013 = 35.43
Financial year 2014 = 21.58
Financial year 2015 = 15.62
Samsung electronics
Financial year 2011 = 1.61
Financial year 2012 = 1.86
Financial year 2013 = 2.16
Financial year 2014 = 2.21
Financial year 2015 = 2.22
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𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑟𝑎𝑡𝑖𝑜 = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 / 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Apple Inc:
Financial year 2011 = 22.14
Financial year 2012 = 24.89
Financial year 2013 = 35.43
Financial year 2014 = 21.58
Financial year 2015 = 15.62
Samsung electronics
Financial year 2011 = 1.61
Financial year 2012 = 1.86
Financial year 2013 = 2.16
Financial year 2014 = 2.21
Financial year 2015 = 2.22
c. Working capital management
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑟𝑎𝑡𝑖𝑜 = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 / 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Apple Inc:
Financial year 2011 = 22.14
Financial year 2012 = 24.89
Financial year 2013 = 35.43
Financial year 2014 = 21.58
Financial year 2015 = 15.62
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Samsung electronics
Financial year 2011:
= 1.61
Financial year 2012 = 1.86
Financial year 2013 = 2.16
Financial year 2014 = 2.21
Financial year 2015 = 2.22
d. Capital structure ratios:
𝐷𝑒𝑏𝑡 𝑡𝑜 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑟𝑎𝑡𝑖𝑜 = 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑏𝑒𝑎𝑟𝑖𝑛𝑔 𝑑𝑒𝑏𝑡 / 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑏𝑒𝑎𝑟𝑖𝑛𝑔 𝑑𝑒𝑏𝑡 +
𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠’ 𝑒𝑞𝑢𝑖𝑡𝑦
Apple Inc:
Financial year 2011 = 0.52
Financial year 2012 = 0.50
Financial year 2013 = 0.51
Financial year 2014 = 0.59
Financial year 2015 = 0.56
Samsung electronics
Financial year 2011 = 0.48
Financial year 2012 = 0.50
Financial year 2013 = 0.29
Financial year 2014 = 0.21
Financial year 2015 = 0.21
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𝐷𝑒𝑏𝑡 𝑡𝑜 𝑒𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 = 𝑇𝑜𝑡𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑦 / 𝑡𝑜𝑡𝑎𝑙 𝑒𝑞𝑢𝑖𝑡𝑦
Apple Inc:
Financial year 2011 = 0.32
Financial year 2012 = 0.69
Financial year 2013 = 0.67
Financial year 2014 = 0.72
Financial year 2015 = 0.72
Samsung electronics
Financial year 2011 = 4.43
Financial year 2012 = 5.86
Financial year 2013 = 0.78
Financial year 2014 = 0.80
Financial year 2015 = 0.78
e. Investment ratios:
𝑃𝑟𝑖𝑐𝑒 𝑡𝑜 𝑒𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑟𝑎𝑡𝑖𝑜 = 𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 / 𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
Apple Inc:
Financial year 2011 = 25.3
Financial year 2012 = 25.8
Financial year 2013 = 26.1
Financial year 2014 = 27.4
Financial year 2015 = 28.7
Samsung electronics
Financial year 2011 = 8.6
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Financial year 2012 = 8.6
Financial year 2013 = 4.0
Financial year 2014 =3.2
Financial year 2015 = 9.0
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Task 3: Discussion of ratios:
a. Critical analysis of performances:
Ratio calculation has taken place in the previous task by the researcher. The ratio analysis is
necessary for evaluating company’s financial performance level and working capital
structure. In this case, Apple and Samsung have chosen for analysing the financial
performance level in the market area. During the calculation of ratio it has found that
company’s financial structure has many ups and downs.
Figure 4: Current ratio variations
(Source: Created by author)
From the above figure, it has found that Apple Inc has down balancing figures in their current
ratio. That means Apple Inc has reduction in assets level and increased level in liabilities. In
the words of Chen and Deng (2011, p- 214), for supporting business level activities in the
long run, company level will need to increase the level of assets and reduce the level of
liabilities. However, Chapman (2012, p- 62), argued that company level will need to have
loss figures in business process for determining the risk areas and develop those for future
prospective. However, Samsung electronics has increasing rate in current ratio. That means
Samsung has increased its assets level gradually for supporting business level activities.
However, increasing level in assets will create better working capital level for business
process.
22.14
24.89
35.43
21.58
15.62
1.61
1.86
2.16
2.21
2.22
0
5
10
15
20
25
30
35
40
2011 2012 2013 2014 2015
Current ratio variations
Apple
Samsung
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Figure 5: Working capital variations
(Source: Created by author)
From the above figure, it can evaluate that Apple Inc has reduced figure in working capital
level. As it has analysed earlier stage that Apple Inc has reduced figure in asset level. In the
words of Bjornenak and Ax (2012, p- 14), increase in the working capital level will lead to
have financial supports in company’s business process and helpful for executing business
level objectives. Therefore, organisational level will need to increase their assets level for
business development. In this case, Samsung has increasing rate in working capital level.
Samsung has gradually increased its assets level for supporting financially towards the
business process. In this regard, Apple Inc will need to increase assets level. Therefore, tie-up
or merger process can help for increasing assets level in business.
It has found that Apple Inc has reduced figure of working capital from financial year 2014.
Here, Samsung has gained revenue through increasing working capital level in business
process. However, in case of gross profit margin Apple Inc has increased its market gross
profit gradually. Here, Samsung has reduced its gross profit figure during the financial year
2013. From the view point of Banker and Chen (2012, p- 300), gross profit will increase with
the decrease level in cost of production. That means, Apple Inc had higher level of liabilities
and that is why net profit level has reduced for Apple Inc. In other case, Samsung has
maintained lower liabilities for increasing working capital level in business process.
22.14
24.89
35.43
21.58
15.62
1.61
1.86
2.16
2.21
2.22
0
5
10
15
20
25
30
35
40
2011 2012 2013 2014 2015
Working capital variations
Apple
Samsung
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Figure 6: Variations in gross profit margin
(Source: Created by author)
In all levels of business process, company will need to increase its revenue and net profit
level. Along with that, assets level will need to be increased. According to Valipour et al.
(2012, p- 112), merger and acquisition process is the safest way for increasing company level
assets and increase company’s working capital structure. Through this process, company will
be able to have goodwill and market share structure of the acquired company and that will
lead to increase assets level of the owner company.
b. Recommendation:
Business development will need to take place in every organisational level. In this case,
management level will need to take close initiatives and engage employee level for corporate
level strategy making process Berry (2012, p- 108). In this case, the researcher has analysed
financial statement for Apple Inc and Samsung electronics and it has found that both the
companies are performing well in international market. However, there are few loss figures
for both the companies. For developing financial structure of the company level, the
companies can implement following strategies in organisational level:
32.48
54.55
245.92
274.22
381.24
394.96
321.11
305.14
337.6
401.89
0
100
200
300
400
500
600
700
800
900
2011 2012 2013 2014 2015
Variations in gross profit margin
Samsung
Apple
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i. Increase in the assets level will need to take place in every business level. This will
create working capital for executing business level objectives. Along with this,
liabilities will need to reduce for increasing net assets figure.
ii. Merger and acquisition can help for increasing companies’ assets level and market
share structures. Through this process, companies will gain percentage of profit
sharing according to the invested capital in merger process.
iii. Companies will need to reduce cost of production for increasing net profit level. In
this case, companies can be profitable with implementation of robotic technologies in
manufacturing process. This will reduce labour cost for the company.
iv. Along with that, companies will need to increase the investment level for supporting
business activities. This will be helpful for financing towards the business process and
increase the business in international level.
v. Product development can support in this case, because developed product will attract
the customers towards the purchasing process. That will lead to increase the sales
structure in market area. Through this process market share will increase and that will
lead to increase in goodwill of the companies.
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Task 4: Weaknesses of ratios:
Ratio analysis is important for analysing financial strength and weakness in company level.
Through ratio analysis, management department can become able to frame necessary
strategies for business development. However, there are weaknesses of ratios:
a. Ratio analysis is based on historical data. Therefore, it does not mean that same
scenario will repeat in the near future for the company level.
b. Ratio analysis cannot figure out the exact necessary amount required for business
level.
c. Ratio analysis helps to indicate the financial structure of the business level and
recognise the risk area. However, ratio analyse does not frame strategies for
increasing the financial strength in the company level.
d. Market scenario does not stable for long time. Therefore, ratio analysis cannot justify
the next level of market and business process. It is the duty of management to forecast
and assume based on the resulted outcomes.
Conclusion:
In this study, the researcher has analysed financial statements of Apple and Samsung. The
ratio analysis has shown difficulties in financial structure of the company level. Along with
that, this study will be helpful for conducting future financial analysis for financial structure
of companies. The weakness part of ratio has shown the limitations in ratio analysis.
However, ratio analysis is important for financial decision-making.
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List of references:
Books:
Albrecht, W. (2010). Financial Accounting. 3
rd
ed. New York: John Wiley and Sons.
Bebbington, J., Gray, R. and Laughlin, R. (2010). Financial Accounting: practice and
principles. 7
th
ed. Bedford, London: Thomson Learning.
Berry, A., (2012). Financial Accounting: an introduction. 4
th
ed. California: Random House.
Journals:
Valipour, H., Moradi, J. and Farsi, F. D. (2012) The Impact of Company Characteristics on
Working Capital Management, Journal of Applied Finance and Banking,2(1), 105-125
Banker, R., and Chen, L. (2012) ‘‘Predicting Earnings Using a Model Based on Cost
Variability and Cost Stickiness.’’ The Accounting Review 81, 285–307.
Bjornenak, T. and Ax, C. (2012). Bundling and diffusion of management accounting
innovations: the case of the balanced scorecard in Sweden. Management Accounting
Research, 16, pp. 1-20.
Chapman, C. S. (2012) Discussion Of: The Role of Information Systems in Supporting
Exploitative and Exploratory Management Control Activities, Journal of Management
Accounting Research, 24(1), pp. 61-63
Chen, Y. and Deng, M. (2011) Capital Rationing and Managerial Retention: The Role of
External Capital, Journal of Management Accounting Research, 23(1), pp. 285-304
Chenhall, R. H. (2012) Developing an Organizational Perspective to Management
Accounting, Journal of Management Accounting Research, 24(1), pp. 65-76
Websites:
Financials.morningstar.com, (2015). Balance Sheet for Samsung Electronics Co Ltd GDR
144A (7674) from Morningstar.com. Available from:
http://financials.morningstar.com/balance-sheet/bs.html?t=7674&region=lux [Accessed 10
Jul. 2015].
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Financials.morningstar.com, (2015). Balance Sheet for Apple Inc (AAPL) from
Morningstar.com. Available from: http://financials.morningstar.com/balance-
sheet/bs.html?t=AAPL [Accessed 10 Jul. 2015]
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Appendix 1:
Apple Inc
Income statement for the year ended 2011 – 2015
Particulars
2011 $ ‘000
2012 $
‘000
2014 $
‘000
2015 $ ‘000
Total revenue
103325181
114690951
162230350
199543330.6
Cost of revenue
90491121
90551892
10014382
11201348
Gross profit
12834060
24139058.9
152215968
188341982.6
Total operating expenses
112894134
125312489
154397517
171381244.3
Operating income or loss
27116898
30099756.8
37085910.3
41165360.46
Earnings before interest and taxes
27116898
30099756.8
37085910.3
41165360.46
Interest expenses
644133
599006
592940
166918
Income before tax
27761031
30698762.8
37678850.3
41332278.46
Income tax expenses
2114978
2305326.02
2738957.84
2985464.05
Minority interest
376398
410273.82
487446.326
531316.4948
Net income from continuing
operations
13759043
23845285
23394358
4625815
Net income
39510097
44251308.6
55508841.6
49402868.99
25 | P a g e
Appendix 2:
Samsung Electronics
Income statement for the year ended 2011 – 2015
Particulars
2011 $ '000
2012 $ '000
2013 $ '000
2014 $ '000
2015 $ '000
Total revenue
165001771
201103613
228692667
206205987
47117918
Cost of revenue
112145120
126651931
137696309
128278800
28955387
Gross profit
52856651
74451682
90996358
77927187
18162531
Total operating expenses
149357480
172054275
191907654
181180916
41138551
Operating income or loss
25025071
36785013
29049338
15644291
5979367
Earnings before interest and
taxes
25025071
36785013
29049338
15644291
5979367
Interest expenses
644133
599006
509658
592940
166918
Income before tax
25669204
37384019
29558996
16237231
6146285
Income tax expenses
3432875
6069732
7889515
4480676
1592828
Minority interest
376398
659910
653549
311859
106492
Net income from continuing
operations
13759043
23845285
30474764
23394358
4625815
Net income
13382645
23185375
29821215
23082499
4519323
26 | P a g e
Appendix 3:
Apple Inc
Balance sheet for the year ended 2011 – 2015
Particulars
2011 $ '000
2012 $
'000
2013 $
'000
2014 $
'000
2015 $
'000
Assets
Current assets:
Cash and cash equivalents
10511
10746
14259
19844
16721
Short term investments
121461
185251
381719
449118
377317
Net receivables
241530
267597
278913
282852
273562
Inventory
157167
177474
191348
173175
191198
Additional current assets
246499
318299
680436
444402
314259
Total current assets
777168
959367
1546675
1369391
1173057
Long term investments
124767
140087
126595
178943
174304
Property plant and equipment
-
-
-
-
-
Goodwill
1121
1135
1577
4616
5011
Intangible assets
4018
4224
4179
4142
4355
Accumulated amortisation
-
-
-
-
-
Additional assets
4918
5478
5146
3764
4892
Deferred long term assets charges
-
-
-
-
-
Total assets
911992
1110291
1684172
1560856
1361619
Liabilities
Current liabilities:
Accounts payables
29154
32589
36223
48649
55844
Short term debt
1129
-
-
6308
9851
Other liabilities
4821
5953
7435
8491
9411
Total current liabilities
35104
38542
43658
63448
75106
Long term debt
11979
-
16960
28987
30112
Additional liabilities
-
-
-
-
-
Deferred long term liability
charges
4724
6274
2669
1933
1016
Minority interest
-
-
-
-
-
27 | P a g e
Negative goodwill
-
-
-
-
-
Total liabilities
51807
44816
63287
94368
106234
Common stock
11269
13554
16422
19764
23313
retained earnings
97622
11989
14882
16604
17130
Treasury stock
-
-
-
-
-
Capital surplus
160698
70359
94591
130736
146677
28 | P a g e
Appendix 4:
Samsung Electronics
Balance sheet for the year ended 2011 – 2015
Particulars
2011 $ '000
2012 $ '000
2013 $ '000
2014 $
'000
2015 $
'000
Assets
Current assets:
Cash and cash equivalents
14691761
18791460
16284780
16840766
18395883
Short term investments
12146104
18525122
38171930
44911895
37731742
Net receivables
24153028
26759796
27891383
28285245
27356285
Inventory
15716715
17747413
19134868
17317504
19119811
Additional current assets
2464992
3182992
6804360
4444023
3142597
Total current assets
71502063
87269017
110760271
115146026
109479079
Long term investments
12427767
14008987
12654995
17894293
17439704
Property plant and equipment
-
-
-
-
-
Goodwill
523409
573845
560534
739576
921559
Intangible assets
-
-
-
-
-
Accumulated amortisation
-
-
-
-
-
Additional assets
-
-
-
-
-
Deferred long term assets charges
1783086
2516080
4621780
4526595
4439185
Total assets
155800263
181071570
214075018
230422958
227250377
Liabilities
Current liabilities:
Accounts payables
18509490
16889350
8437139
7914704
8736903
Short term debt
14646610
14895164
11160533
11265519
9847251
Other liabilities
8301782
11105784
22669392
21414466
23348126
Total current liabilities
44319014
46933052
51315409
52013913
49214383
Long term debt
4839678
5350631
2213783
1379871
1391086
Additional liabilities
-
-
-
-
-
Deferred long term liability
charges
473024
602274
752669
1239933
1059116
Minority interest
-
-
-
-
-
29 | P a g e
Negative goodwill
-
-
-
-
-
Total liabilities
54486633
59591364
64059008
62334770
59631070
Common stock
5301407
5301407
5301407
5301407
5181940
retained earnings
97622872
119985689
148600282
169529604
171105630
Treasury stock
-5833896
-8193044
-9459073
-12649286
-14811088
Capital surplus
12291802
10177148
82402209
77682006
76427882

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