[중급회계] 현대건설 재무분석(~2009)(영문)

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레포트 > 경제경영계열
2010.12.14
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[중급회계] 현대건설 재무분석(~2009)(영문)

[졸업][회계]재무부정의 예방과 적발

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[경영학] 기업의 내 외부 환경분석과 향후 경영전략의 제시(현대중공업, 로레알)

경영학과 기업재무구조분석

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재무제표분석 레포트

[조직행동이론] 글로벌 시대의 혁신적 조직관리 방안- 현대중공업사례

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[중급회계] 현대건설 재무분석(~2009)(영문)에 대한 자료입니다.

A. What are the principal activities of your company?

(1) Principal activities
(2) Common-sized income statement of Hyundai E&C

B. Evaluate the performance of your company on the year under review.

(1) Comparison of common-sized income statement
(2) Performance overview
(3) ROA

C. Evaluate the liquidity of your company at the end of year under review.

(1) Current ratio
(2) Quick ratio
(3) Account receivable turnover
(4) Inventory turnover
(5) Account payable turnover

D. Does the cash flows statement add any further information to that provided by the income statement or the balance sheet? Explain.

(1) Definition of cash flow statement
(2) Purpose of the cash flow statement
(3) The cash flow statement of the Hyundai E & C

E. Check the main accounting policies of your company. Choose one interesting/doubtful accounting policy. Then, comment on the chosen accounting policy. More specifically, is it too aggressive, too conservative or reasonable in terms of the effects on the related accounting information, such as net income, ending balance of account receivable, etc?

(1) Basis of Financial Statement Presentation
(2) Adoption of Statement of Korea Accounting Standards ("SKAS")
(3) Revenue Recognition
(4) Allowance for Doubtful Accounts
(5) Inventories Valuation

F. Compute the price-earnings ratio and the ratio of market price to book value of equity for your company. Do you believe that your company is fairly valued by investors?

(1) Price Earnings Ratio (PER)
(2) Market price to Book Value Equity Ratio (PBR)
(3) Do you believe that your company is fairly valued by investors?

본문내용

(2) Performance overview

Hyundai E&C ‘s main performance related to sales is consist of plant & electrical works. Second major performance is building & housing. According to this, new orders follow similarly. Plant & Electrical and building & housing new orders account for about 70 % of whole new orders.

(3) ROA
ROA(Return on Assets) = NOPAT / Average assets
① Tuksu E&C
ROA = {1,329,109,420 / (100,199,571,124 + 101,902,757,327)/2}
≒ 0.013 or 1.3 %

② Keryoung Construction Industrial Co.
ROA = {30,761,216,090 / (1,118,006,586,683 + 958,682,825,010 /2}
≒ 0.030 or 3.0 %
③ Hyundai E&C
ROA ={ 456,633,227,213 / (8,091,281,364,062 + 8,143,809,596,723)/2 }
≒ 0.056 or 5.6 %

ROA(Return On Assets) is usually used to evaluate the company’s profitability. First, the calculation results above shows the ROA of three companies during 2009. Compared with Tuksu E&C and Keryoung, Hyundai E&C shows the highest ROA, 5.6 % among three companies. So we can conclude that the profitability of Hyundai E&C is the best and they performed well during last year 2009.
Second, we analyzed the ROA of Hyundai according to time passed during last 3 years.
Year 2009 2008 2007
ROA 5.6 % 5.0 % 4.15 %
Above the ROA table, Hyundai’s ROA gradually increase during last 3 years. It can also explain that the Hyundai’s performance is steadily improved until now.

C. Evaluate the liquidity of your company at the end of year under review.

(1) Current ratio
Current ratio = Current assets / Current liabilities

Year 2009 2008 2007
ratio 1.16 1.20 1.23

The first liquidity index, current ratio is slightly decreased during last 3 years. Maybe the current liabilities are more roughly increased than the current assets increase as time goes by so the current ratio shows the decreasing trend.
(2) Quick ratio
Quick ratio = Cash + Marketable securities + Receivables / Current liabilities
= Quick assets / Current liabilities
Year 2009 2008 2007
ratio 0.99 1.04 1.12
Quick ratio of Hyundai also slightly decreased as we can see right above. In conclusion, liquidity ratios consist of current ratio and quick ratio is gradually decreased so they need to raise liquidity little bit.
(3) Account receivable turnover
Account receivable turnover = Net credit sales / average accounts receivable
Year 2009 2008 2007
turnover 3.75 4.78 3.40
Account receivable turnover shows portion of account receivables to sales revenue. The account receivable turnover ratio goes up and down during last 3 years so the liquidity looks like instable.

(4) Inventory turnover
Inventory turnover = COGS / Average inventory
Year 2009 2008 2007
turnover 11.36 11.74 8.41
Last 3 years, the inventory turnover of Hyundai E&C gradually increased although turnover of 2009 slightly decreased. Compared with 2007’s turnover, 2009’s turnover grows up about 35 %. It means the company use inventories more efficiently than 2007.
(5) Account payable turnover
Account payable turnover = Inventory purchases / Average accounts payable
Year 2009 2008 2007
turnover 5.96 8.80 5.58

#재무분석 #중급회계 #현대건설 #건설 #현대

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