沃尔玛财务分析报告 (2)

Financial analysis report

Financial Management

Group Assignment: Wal-Mart Financial

analysis

Prepared by: Li Yingjie Wang Mengting Wu Ying Wang Ting Dou Chaofeng Sun Wei Hu Haoran 1

1291208 1291214 1291216 1291215 1291244 1291230 1291241

Table of contents

Executive summary ................................................................................................ 1 Background and Strategy ....................................................................................... 1 Three Strategic environments ................................................................................ 1 Three financial statements ..................................................................................... 3

Assets Analysis .............................................................................................. 4 Liability and Equity Analysis ........................................................................ 5 Income and Expense Analysis ....................................................................... 5 Profitability Analysis: ............................................................................................ 6 Operating Capacity Analysis: ................................................................................ 8 Long-term solvency ............................................................................................. 10 Short-term solvency ............................................................................................. 12 DuPont Analysis: ................................................................................................. 15 Conclusion: .......................................................................................................... 17 Appendix: ............................................................................................................. 18

Executive summary

This report is about the analysis of Wal-Mart in profitability, operating ability, debt repayment ability and three Major Financial Statements. It also comparing with Carrefour’s financial data to make the situation in the same industry.

Background and Strategy

Wal-Mart Stores is an American worldwide chain enterprise that operates large discount department stores. It headquartered in Bentonville, Arkansas and

incorporated on October 31, 1969. It has 8500 stores in global which distributed in 15 countries. According to the Fortune Global 500 list in 2014, Wal-Mart has more than two million employees and is one of the largest retailers in the world. Wal-Mart includes four operating mode: Wal-Mart shopping plaza, member of Sam store, Wal-Mart stores and Wal-Mart neighborhood market.

Three Strategic environments

Population

The faster population growth and centralization of the population living environment in developing countries provide huge opportunity for retailer. Economy

As the economy developing faster, people have higher living standards and consumption level which promote retailer developed. Technology

Technology also makes company more effective and cheaper because the fully automated management.

Competitive advantage: lower price

1

Wal-Mart Stores decrease operation costs and buy goods at low price through perfect stock inventory management which accelerated the turnover of funds utilization. Other reasons for low price are Wal-Mart Stores implement frugal corporate culture and has modern logistics distribution center to avoid unnecessary wasted time.

2

Three financial statements

? (Simple Income Statement) Total Revenue COGS Gross Income SG&A Expense Interest Expense Pretax Income Net Income EPS (Basic) EPS (diluted) EBITDA

? (Simple Balance Statement)

Total Accounts Receivable Inventories Total Current Assets Total Assets Accounts Payable Total Current 69.35B 71.82B 3

2014 476.29B 358.07B 118.23B 91.35B 2.34B 24.66B 15.88B 4.90 4.88 35.74B 2013 469.19B 352.49B 116.67B 88.87B 2.25B 25.74B 17B 5.04 5.02 36.3B 2012 446.95B 335.13B 111.82B 85.27B 2.32B 24.48B 15.77B 4.54 4.52 34.69B 2014 6.68B 6.77B 2013 5.94B 2012 44.86B 43.8B 40.71B 61.19B 59.94B 54.98B 204.75B 37.42B 203.11B 38.08B 193.41B 36.61B 62.3B

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