Phân tích tình hình tài chính Johnson & Johnson

Phân tích tình hình tài chính Johnson & Johnson

DUC CHIEN NGO Dear Flcircle, I send you the file Basic information to analysis the ratios: No. Criteria (Dollars in Millions) 2009 2010 2011 2012 2013 1 Cash & Current marketable securities 19,425 27,658 32,261 21,089 29,206 2 Inventory 6,285 7,495 7,878 3 Receivables 10,581 11,309 11,713 4 Fixed asset 14,739 16,097 16,710 5 Total asset 94,682 102,908 113,644 121,347 132,683 6 Short - term debt 6,658 4,676 4,852 7 Long - term debt 12,969 11,489 13,328 8 Total Debt 14,541 16,773 19,627 16,165 18,180 9 Shareholder’s equity 50,588 56,579 57,080 64,826 74,053 10 Net sales 61,897 61,587 65,030 67,224 71,312 11 Profit before tax 15,755 16,947 12,361 13,775 15,471 12 Profit after tax 12,266 13,334 9,672 10,853 13,831 13 ROA 13% 13% 8.5% 8.9% 10.4% 1. Liquidity Ratio: No. Criteria 2009 2010 2011 2012 2013 1 Cash & Current marketable securities 19,425 27,658 32,261 21,089 29,206 2 Inventory 6,285 7,495 7,878 3 Receivables 10,581 11,309 11,713 4 Short - term debt 6,658 4,676 4,852 5 = (1+2+3)/4 Current Liquidity Ratio 7.38 8.53 10.06 6 = (1+3)/4 Quick Liquidity Ratio 6.43 6.93 8.43 7 = 1/4 Cash Liquidity Ratio 4.85 4.51 6.02 Johnson & Johnson Page 1 DUC CHIEN NGO Overall, all the Liquidity Ratio are increased, because the Cash & Current marketable securities, Inventor and Receivables are increased from 2011 to 2013, While, the Short - term debt are reduced. Cash is increased about 50% from 2009 to 2013. Inventory is increased about 25.35% and Receivables is increased about 10.70% from 2011 to 2013. Opposed, the Short - term debt is reduced about 27.13% from 2011 to 2013. So, all the Liquidity Ratio are increased from 2011 to 2013. And the Current Liquidity Ratio is the most increased because it is the sum of Cash & Current marketable securities, Inventor and Receivables divided Short - term debt. 2. Asset Ratio: No. Criteria (Dollars in Millions) 2009 2010 2011 2012 2013 1 Fixed asset 14,739 16,097 16,710 2 Total asset 94,682 102,908 113,644 121,347 132,683 3 Total Debt 14,541 16,773 19,627 16,165 18,180 4 Net sales 61,897 61,587 65,030 67,224 71,312 5 Profit after tax 12,266 13,334 9,672 10,853 13,831 6 = 4/1 Sales – to – Fixed Assets Ratio 22.66% 23.95% 23.43% 7 = 4/2 Sales – to – Total Assets Ratio 152.97% 167.09% 174.76% 180.51% 186.06% 8 ROA 13% 13% 8.5% 8.9% 10.4% 9 Total debt/Total asset 15.36% 16.30% 17.27% 13.32% 13.70% Johnson & Johnson Page 2 DUC CHIEN NGO =3/2 All the Asset Ratio are increased, because the net sales is increased about 15.21% from 2009 to 2013. The Fixed asset have increased more slightly than the net sales, so Sales – to – Fixed Assets Ratio is increased about 3.4% from 2011 to 2013. But, the Total debt/Total asset is reduced about 10.81% from 2009 to 2013 because the Total asset is increased about 40.14% and the Total Debt is only increased about 25.03% from 2009 to 2013. Specially, the ROA is reduced about 34.62% from 2009 to 2011 but it is increased about 22.35% from 2011 to 2013. Because, in the period from 2009 to 2011, the Profit after tax is reduced about 21.15% and the Total asset is increased about 20.03%. While, in the period from 2011 to 2013, the Profit after tax is increased about 43.0% and the Total asset is increased more slightly than the Profit after tax, it is increased about 16.75%. 2.1. Sales – to – Fixed Assets Ratio (2011 – 2013): 2.2. Sales – to – Total Assets Ratio (2009 – 2013): 2.3. ROA (2009 – 2013): Johnson & Johnson Page 3 DUC CHIEN NGO 2.4. Total debt/Total asset (2009 – 2013): 3. Other: 3.1. Asset: No. Criteria (Dollars in Millions) 2011 2012 2013 1 Current asset 54,316 46,116 56,407 2 Property, plant & equipment, net 14,739 16,097 16,710 3 Intangible assets, net & Goodwill 34,276 51,176 50,745 4 Other non-current assets 10,313 7,958 8,821 5 Total asset 113,644 121,347 132,683 In 2011, the Current asset has the highest value of total assets. But, in 2012, the Intangible assets, net & Goodwill is increased, it become the highest value of total assets. And, in 2013, the Current asset and the Intangible assets, net & Goodwill are the main component in total assets. Total assets have increased from 2011 to 2013, due to the composition of the assets have increased Chart 1 Johnson & Johnson Page 4 DUC CHIEN NGO Chart 2 Total Asset (2009 – 2013) No. Criteria (Dollars in Millions) 2009 2010 2011 2012 2013 1 Total asset 94,682 102,908 113,644 121,347 132,683 Assets (Percent) (2011 -2013) Johnson & Johnson Page 5 DUC CHIEN NGO No. Criteria (%) 2011 2012 2013 1 Current asset 47.79% 38.00% 42.51% 2 Property, plant & equipment, net 12.97% 13.27% 12.59% 3 Intangible assets, net & Goodwill 30.16% 42.17% 38.25% 4 Other non-current assets 9.07% 6.56% 6.65% 5 Total asset 100% 100% 100% Assets (Percent) – 2011 Assets (Percent) – 2012 Assets (Percent) – 2013 Johnson & Johnson Page 6 DUC CHIEN NGO In 2011, the Current asset has the highest value of total assets, it accounts for about 47.79% But, in 2012, the Intangible assets, net & Goodwill is increased, it become the highest value of total assets, it accounts for about 42.17% And, in 2013, the Current asset and the Intangible assets, net & Goodwill are the main component in total assets. They account for about 80.76% 3.2. Capital structure (2009 – 2013): No. Criteria (Dollars in Millions) 2009 2010 2011 2012 2013 1 Total debt 14,541 16,773 19,627 16,165 18,180 2 Equity 50,588 56,579 57,080 64,826 74,053 3 = 1 + 2 Total capital 65,129 73,352 76,707 80,991 92,233 2 = 1/3 Total debt/Total capital (%) 22.3% 22.9% 25.6% 20.0% 19.7% 5 = 2/3 Equity/Total capital (%) 77.7% 77.1% 74.4% 80.0% 80.3% Chart 1 Johnson & Johnson Page 7 DUC CHIEN NGO Chart 2 Capital (Percent) – 2009 Capital (Percent) – 2010 Johnson & Johnson Page 8 DUC CHIEN NGO Capital (Percent) – 2011 Capital (Percent) – 2012 Johnson & Johnson Page 9 DUC CHIEN NGO Capital (Percent) – 2013 Johnson & Johnson Page 10 . (%) 77.7% 77.1% 74.4% 80.0% 80.3% Chart 1 Johnson & Johnson Page 7 DUC CHIEN NGO Chart 2 Capital (Percent) – 2009 Capital (Percent) – 2010 Johnson & Johnson Page 8 DUC CHIEN NGO Capital (Percent). NGO Capital (Percent) – 2011 Capital (Percent) – 2012 Johnson & Johnson Page 9 DUC CHIEN NGO Capital (Percent) – 2013 Johnson & Johnson Page 10 . = 1/4 Cash Liquidity Ratio 4.85 4.51 6.02 Johnson & Johnson Page 1 DUC CHIEN NGO Overall, all the Liquidity Ratio are increased, because the Cash & Current marketable securities, Inventor