Ratios To Evaluate A Company Nike Inc Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1291 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? NIKE, Inc, incorporated in 1968, is engaged in the design, development and worldwide marketing and selling of footwear, apparel, equipment, accessories and services. NIKE is a seller of athletic footwear and athletic apparel worldwide. In the seventies, in the meantime, the company was undergoing a redesign of the production system, expanding internationally and especially in Australia, under licensing agreements, Korea and Taiwan. 1978 was the year of the official birth of Nike Inc., but also the first sponsorship contract signed with a major sports personality, tennis player John McEnroe. In 1979, Nike covered a great slice of the U.S. market, 50% in the field of running shoes, and had a turnover of approximately $150 million. The company, which employs just over 2,700 people, was listed in the following year, with two million ordinary shares as an offering to the public. The current economic climate is undoubtedly happy, as evidenced by the $250 million i n revenues. In June 2011, at an investor meeting at its world headquartersNIKE, Inc. announced an increase to its fiscal 2015 revenue target to a new range of $28-30 billion, up from its previous target of $27 billion announced in May 2010. The company also increased its fiscal 2015 revenue target for the NIKE Brand to $24-25 billion, up from its previous target of $23 billion. (https://nikeinc.com/pages/history-heritage) Financial Performance from 2008 to 2011 A high volatility and disruption in global and credit markets, due to financial crisis started in 2008, have led to a tightening of business credit and liquidity, a contraction of consumer credit, business failures, higher unemployment, and declines in consumer confidence and spending in the United States and internationally. It is obvious that the following factors had negative effects on Nikes financial performance also in 2009. This in fact reflected in a decrease in product demand and reduced orders, which led to lower revenues, an increase in revenues and lower profit margins. Nike generated $19.2 billion, but its earnings per share declined 19% for the year. The negative effects of the recession continued to show up in the slight decrease in Nikes revenues in 2010, which corresponded to $19 billion. However, earnings per share and futures orders went up, while inventories shrank. In 2011 it can be seen how Nikes financial performances started to recover from the crisis. Its revenue for the year was $20.9 billion and also earnings per share grew 14%, coming in at $4.39. This revenue increase was mainly due to higher contribution from the Nike brand and the companys other businesses. The operating profit of the company was $2.8 million and the net profit was $2.1 million in 2011, an increase respectively of 13.8% and of 11.9% from the previous year. Evaluating Ratios Leveraging 2008 2009 2010 2011 Debt RatioÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 0,37 0,34 0, 32 0,34 Debt/Equity RatioÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 0,59 0,52 0,48 0,52 Debt ratio indicates the leveraging of a company related with the risk that the company faces if it relies too much on the debt. In the case of Nike, from 2008 to 2011 it can be seen how this ratios remained almost unchanged also during the recovery period, meaning that the company also when facing a slight decrease in 2010, did not decide to use more debt to finance its operations. In addition, debt to equity ratios indicates how much of equity and debt the company used to finance its growth. Nike has a quite low and constant debt to equity ratio throughout all four years, indicating that the company has a lower risk, meaning that debt holders cannot claim on the companys assets and the company hasnt been aggressive in financing growth with debt. Efficiency 2008 2009 2010 2011 Stock (Inventory) turnoverÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 4,49 4,41 4,64 4, 77 Debtors turnover (accounts receivables)ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 7,04 6,75 6,87 7,21 Creditors turnover (Account payables) 41,49 40,04 40,85 43,78 Sales/Assets 1,50 1,45 1,32 1,39 A consistent value in Nikes net profit margin can be observed throughout the past four years, with a slight decrease in year 2009 where it was strictly correlated to the effects of the financial crisis. This ratio indicates the companys ability to generate constantly high levels of profit. However, Nike faces some problems when it gets to collecting money from its debtors. In fact both stock and debtors turnover are quite low, but still in the average of the industry, meaning that the business needs to improve its credit policies and collection procedures. On the contrary, creditors turnover is consistently high throughout all four years. However, because this number is constant it is possible that it is not due to the company paying back its cre ditors after many days, but it can be a financial choice of the company. In fact, the company does not present any liquidity problems or delays in paying back its debt. Profitability/ Investment 2008 2009 2010 2011 Net Profit MarginÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 10,11 7,75 10,03 10,22 Return on Asset (ROA)ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 16,28 11,57 13,78 14,5 Return on Equity (ROE)ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 25,36 18 20,67 21,77 Return on Invested Capital (ROIC) 22,81 16,56 19,27 20,46 Payout RatioÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 33,5 32,3 29,7 27,3 Return on assets shows the rate of return being earned on all of the firms assets regardless of debt and equity. It is a measure of how efficiently the company is using all stakeholders assets to earn returns. Because this ratio can differ significantly across firms, it is often used to compare a company over time or against companies tha t have similar financing structures. Nike shows a quite good return on assets ratio, even though it has experienced a decrease from 2008 to 2009, but however it started to increase again and it is expected to grow in the future years, due to the very high revenues of the company in recent years. Another fundamental ratio for measuring the profitability of a company is return on equity. This provides a measure of the return that the firm has earned on its past investments. It demonstrates a companys ability to generate profits from shareholders equity. A high return on equity may indicate the firm is able to find investment opportunities that are very profitable. This is the case of Nike that demonstrates a consistently high return on equity making it a very attractive and profitable investment option for its stockholders. Liquidity 2008 2009 2010 2011 Current RatioÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¨ 2,66 2,97 3,26 2,85 Quick RatioÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã ‚ ¬Ãƒâ€šÃ‚ ¨ 3,32 3,85 4,05 3,65 The current ratio compares the liquid assets of a company with the current liabilities. Nikes current and quick ratios are very high, meaning that the company is very liquid and it is able to meet short-term financial obligations. Nike growth is mainly attributed to investment activities such as Nike Golf, Converse, and Hurley. However, cash flow has decrease from 2010 to 2011 even though the companys earnings are continuing to grow. Market Valuation 2008 2009 2010 2011 Earnings per Share 1,87 1,52 1,93 2,2 Dividends 0,44 0,49 0,53 0,6 Shares 1,008 981 988 971 Book Value per Share 7,94 8,97 10,74 11,63 Share Prices 31,71 26,93 34,76 41,15 P/E Ratio 16,69 17,72 18,01 18,70 Price to earnings ratio is a very good guide to market confidence concerning the future of a company, and it can be very helpful when comparing it to other busi nesses. High price to earning ratio is not only proof of its profitability, but also shows the extensive confidence the shareholders put into this company, expecting higher returns.   This, in turn, will raise the demand for investors to gain more equity within the business, pushing the share price further up.   Nikes earnings per share had continually increased; demonstrating Nikes capability to generate higher levels of earnings, utilizing less equity than would have been used otherwise.   Due to higher liquidity, net profit margins and increasing retained earnings, Nike is capable of paying out dividends at a significantly higher rate than their competitors. Conclusion To sum up, during the first two quarters of 2012, Nike bet expectations both with earnings per share and with revenues. The companys earnings per share were equivalent to $1.23, 0.10 more than expected, and revenues of $6.67 billion, versus the $6.51 billion expected. Revenues, co mpared to the same quarter in 2011, increased 9.7%. The companys liquidity remains very good and Nike has been rated A-1. Moreover, the companys short-term debt obligations are at minimum, meaning that the company plans to pay back its debt shortly with excess cash on the balance sheet. Nike is not only performing well financially, but has the biggest competitive advantage towards its competitors, which is the unequaled brand power that makes the company the leading in its segment. Don’t waste time! Our writers will create an original "Ratios To Evaluate A Company Nike Inc Finance Essay" essay for you Create order

Domestic Violence And Sexual Violence - 859 Words

Domestic violence occurs in all economic, ethnic, and social backgrounds of every society of the world. In Canada, 546, 000 men suffer from domestic violence; that equates to 6% of the male population (Family Violence). The number of women who are victimized through intimate violence total around 653, 000; that equates to 7% of the female population (Family Violence). The amount of abuse being directed towards men is essentially the same amount that is directed towards women. However, the family Violence has on the parent-child relationships referring to the father as the abuser or the perpetrator of domestic violence and the mother as the victim of domestic violence. Both men and women are abused; however, there is lack of research and lack of awareness that leading father’s being the victim and mother’s being the perpetrators. A study done by Denise Hines, a professor of psychology at Clark University, found that men who attempted to contact police, domestic violence agencies, and abuse hotlines were because â€Å"Police that focus on severe violence by men towards women† ( Hines and Douglas). Background literature family violence According to this literature insight a different perspective about the research dealing with domestic violence has also focused mainly on women as victims and men as perpetrator. The extent of abuse against men is more terrifying than terrified, feeling humiliated than they are of being battered because† the belief the police would not take anyShow MoreRelatedDomestic Violence And Sexual Violence1411 Words   |  6 PagesThe term domestic violence is defined as the deliberate frightening, sexual and physical assault, or a behavior that is abusive or intolerable to others as a part of the regular sequence of power and the domination executed by one confidant companion to the other. The patterns of domestic violence usually comprise of the sexual violence, abusing the partner emotionally, psychological assault, and the physical violence. It is dramatic that how the severity and the frequency of the occurrences of theRead MoreDomestic Violenc e And Sexual Violence1237 Words   |  5 Pages1.0 Introduction Domestic violence or intimate partner violence can occur in any type of relationship. There are many types of domestic violence including; social, physical, emotional and spiritual. Domestic violence is all about one person wanting control and power over the other and it can be expressed in many ways. It can occur in more than one way such as; coercion, threats, intimidation, isolation, stalking, sexual abuse, and economic abuse. It can also be a single act or a pattern of behaviourRead MoreDomestic Violence And Sexual Violence1237 Words   |  5 Pages1.0 Introduction Domestic violence or intimate partner violence can occur in any type of relationship. 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Follow this paper carefully while it takes you on an expedition ofRead MoreDomestic Violence And Sexual Abuse1478 Words   |  6 PagesLiterature Review Background of Study ​Anger and violence happen at every level in the family, which ultimately destroys the family life, and it happens with couples, parents, children and also siblings. However, females have primarily been the target of violence (Payne Wermeling, 2009). Domestic abuse is often recurring and it signifies that one partner in the relationship threatens the other psychologically, economically and sexually by harming them physically or threatening to harm themRead MoreDomestic Violence And Sexual Abuse1431 Words   |  6 PagesDomestic violence by definition is a violent or aggressive way of being within the confines of the home; in most occasions it is typically involving the violent abuse of a spouse or partner. There are various cues that display an abuse relationship; domestic violence is just the definition of the type of abuse itself. Abusive individuals that are most likely to commit domestic violence actions are said to need to feel in charge of the relationship. They will make decisions for you and the family

Analysising Television Advertisements Music Products Free Essays

I have found six advertisements for music, such as compilations and greatest hits albums; they were all obtained between the times of 6pm and 8pm on Channel Four. The majority of this time was taken up by the broadcasting of a live concert of a ‘chart topping’ solo artist. The first advertisement is for the band True Steppers’ album True Stepping. We will write a custom essay sample on Analysising Television Advertisements: Music Products or any similar topic only for you Order Now Their record company is Virgin, so the advertisement began with a large Virgin symbol surrounded with a white border: this border remained unchanged throughout the advertisement and is the same with all Virgin music advertisements. This means one can identify and associate all advertisements like it with the Virgin record label. The music then began to play: it was the band’s number one hit and instantly grabbed the attention of anyone who knew the song. The band itself is not widely known, but they have made a number of songs featuring more famous artists than themselves. A list of these artists was then read out to associate these big names with this smaller product. This was to make people buy the record not only for the main band but also, for the featured artists. The music continues to play and the tracks on the album are listed. The narrator then states ‘It’s so good you might just want to share it with everyone else’. An attractive young lady is then shown, wearing very revealing clothes, standing outside a building with the album playing, extremely loud. There are also many respectable onlookers, (men in suits, pensioners and mothers with young children) are watching with looks of horror on their faces. This essentially uses sex to sell the product however it also uses the image of being ‘cool’. Loud music and the appearance of standing up against the respectable majority bring about this image and encourage the target audience want to buy the product just to be cool and be in the ‘in crowd’: where a lot of teenagers would like to be. Finally the narrator says the Virgin slogan ‘Whatever turns you on’ and a picture of the box comes up with a large price beneath it. The price is stated and is made to stand out because it is a reasonably low price and is an important factor along with the high quality of the product, tending to make people more likely to part with their money. The second advertisement is for a compilation of various artists, of the dance and trace genres. The advertisement starts on a typical, boring, dull coloured, city bus. The camera the zooms in on the back row, where a girl is reading the Holy Bible. However the camera only just gives the viewer time to take all this information in, before it continues it’s zoom into her golden eyes. In the pupil of here eye is a nun standing in front of a stained glass window, the music then begins and the nun’s vestments fall to the ground to reveal a stereotypical ‘clubber’. It is then that the viewer realises that it is not in fact a stained glass window but a set of disco lights and is a club not a church or nunnery. A number of tracks are played and the appropriate artists are listed, the music stops and the camera zooms back to show the girl looking shocked as though she has just found something out, or been converted The camera then zooms out to the front of the bus. The screen blurs and a picture of the box appears. No price is mentioned nor is there any other information on the product. Then for the first time is the name of the product mentioned, The Clubbers’ Bible, and a slogan appears ‘The Clubbers’ Bible: worship your weekends’. The advertisement starts off dull so that the contrast between the bright club and the grey bus is as large as possible. The bus is meant to show how boring your life is and how colourful your life could be if you brought this product: it is appealing to our aspirational desires. The girl is reading the Bible for the simple reason of the products name. The nun in front of the stained glass window draws the viewer further into the religious implications the product makes but then it is all change to the music side of the product. The advertisement again uses an attractive young woman as a suggestive lever to bend the viewer towards buying the product. The club featured in the advertisement reveals more information on the true nature of the product and makes people associate the perfection and holiness of the Bible with the product, clubs and the people within. This perfection is attempting to sell the product in the real and very imperfect world. The design on the front of the box is the same as that on the Bible again connecting the Bible and this product. A price is not mentioned at the end, probably because the product is rather more expensive than it should be so less people would be willing to part with their hard earned cash. The whole advert carries a mainly religious theme to imply perfection and superiority so it appears above any rivals in the mind of the viewer. The third advertisement is for another compilation called RB2. The music began at once with a recent hit by one of the featured bands. This action was to entice the viewer into concentrating on the advert to see if any other major artists are mentioned, which they are. The compilation is a double CD and in the advertisement there are only six artists mentioned: these are the most widely known in the compilation. The most renowned artists are the only ones mentioned because this would make people want to buy the whole record for individual or a view of the featured artists, not for the fact that there are many artists. The advertisement has no slogan but a price is mentioned and is also made very prominent. In this case the price is mentioned because it is very low and is therefore a good selling angle of the product and would help it to sell. The advertisers would have paid for this prime time (mentioned above) in order to catch their target audience, whom I believe to be mainly teenagers, because they have the largest effect on record sales. If they are not buying the record themselves then they are having it bought for them as a gift. It is my belief that teenagers are the target audience because the majority of the crowd at the concert were teenagers: therefore I come to the conclusion that this percentage will also be the equivalent for home viewers, the majority would be in their teens. Here are the reasons that I believe that the adverts are aimed at people in their teens: firstly all of the people featured in the above advertisement, who were not artists, appear to be in their early twenties or teens, so teenagers can imagine themselves in the place of those in the advertisement. Secondly, a lot of bright and appealing colours are used throughout, which I find attractive, and I therefore conclude that other teenagers would like this and it would help the adverts to lodge themselves in the mind of the viewer. Finally, sex appeal is used in two of the above advertisements, but only very mildly, and as a teenager one becomes aware, for the first time, of the use of sex in advertising in the real world.? How to cite Analysising Television Advertisements: Music Products, Papers

Impact of Bottlenecks on Manufacturing Facility Free Samples

Questions: 1) What did you learn about the Impact of bottlenecks on the Process Metrics of the Manufacturing Facility? 2) As the Operations Manager, what changes are you going to make for Maximising the Capacity per hour? Answers: Introduction A bottleneck is a process in which its limited capacity retards the whole chains capacity. This assignment provides a reflective view of learning regarding bottlenecks impact on process metrics of the manufacturing facility. Changes requires as an operational manager for maximizing capacity per hour are also identified without purchasing additional workstations. 1.Impact of bottlenecks on process metrics of the manufacturing facility Amaral (2014) stated that Bottlenecks are usually constraints that take the longest time in a supply for a particular demand. In the simulation three-step model, workstation B assigned to Bob is the bottleneck of the supply chain process. Due to the bottleneck, I have learned that workstation A is blocked and as a result, workstation C is blocked too for additional 5 minutes. Workstation A assigned to Alice and workstation C is assigned to Charlie having different task time in units, which are 3 minutes for workstation A, 5 minutes for workstation B and 2 minutes for workstation C respectively. Using the simulation, no matter where the bottleneck is used that is the workstation B with 5 minutes times is placed, overall capacity per hour remains same at a constant rate of 12. A total utilization percentage of 66.67% is calculated. However, when the bottleneck is placed at mid position after workstation A and before workstation C, the task at workstation A is delayed during processing of workstation B. Hence, it is recommended to place workstation B at starting of the supply chain followed by workstation B and workstation C respectively. With such arrangement I have learnt that the throughout process was increased. However, process metrics was not influenced significantly. The bottleneck working at 100% utilization increased the capacity per hour and overall utilization although the other two workstations were not working at 100% utilization but at 60% (Workstation A) and 40% (Workstation B) (Kjellsdotter Ivert 2014). Overall utilization remains to be an average value of 66.67%. The cycle time remains 5 minutes because as a task is assigned to Alice, it takes 3 minutes to process, then after it is passed to Bob, it takes around 5 minutes to process when the task at A is blocked. Hence, I have learnt that cost per hour on a bottleneck is numerically equal to loss of an hour for the entire supply chain and equal to the loss of throughout for the supply chain as a whole (Rotaru 2014). When I recognized the bottleneck, incurred a total cost of 0.1% of the total cost, rest of the 99.9% can be used for spending in increment of the throughout without any extra cost to be incurred (Cb.hbsp.harvard.edu 2017). 2.Maximizing the capacity per hour As an operation manager, first I would like to rearrange the workstations. According to Costas et al. (2015), if the task time is constraints then it will be difficult to obtain a higher capacity per hour. However trying to decrease the task time in minutes will increase the production per hour dramatically. If the utilization percentage of each workstation is to increase, I need to find a way to decrease bottlenecks time duration. Since the bottleneck is working at 100% efficiency, other workstations are providing maximum utilization (Stadtler 2015). If the workstation Bs task time is decreased to 2.5 minutes, the utilization is decreased to 83% and hence the workstation A gets a full utilization of 100%. Simultaneously, workstation B has a comparatively lower utilization of 67%. The capacity per hour in this scenario is increased to 20 and a total utility of 83.33% is achieved hence an improvement of 16.66% extra from initial condition is achieved. Cycle time is also decreased to 3 minutes as well as minimum throughout cycle is 7.5 minutes. Most importantly maximum utilization will be achieved if all the workstations are made to have an equal task time of 3.33 minutes as average working time for Alice, Bob and Charlie are 3.33 [(5+3+2)/3 = 3.33]. Therefore, 100% utilization is achieved due to removal of bottlenecks and a min throughout time of 10 minutes is achieved. Capacity per hour is also improved to 18 with a total utilization percentage of 100% (Cb.hbsp.harvard.edu 2017). However if the task time cannot be changed or altered and there is only option to interchange the position of workers in workstation, I would prefer Bob the slowest to start the chain followed by next slowest Alice and finally Charlie the fastest. This will ensure that no goods are retained in the factory process chain and are delivered to logistics as soon as they arrive at workplace (Roehrich 2014). If the task times cannot be changed and workstations cannot be interchanged, I would decrease the input to bottleneck steps. Moreover, I would ensure that everything provided to the bottleneck is free from any sort of defect. As stated by Kerzner (2013), valuable bottleneck resources will not be used up in this way to process materials, which will be discarded later on. Any activities, which can be done by other machinery or personnel, will be removed from bottlenecks. I will also assign most productive member to the bottleneck process and reinforce it with latest technology. I will also add capacity to the bottleneck process. Adding capacity to bottlenecks will ensure that the supply-chain management process is enhanced to maximum proficiency level increasing production output. Conclusion It can be concluded that by simply shifting the work, process efficiency can be improved significantly without the application of additional cost. Specialized job roles if assigned will however create problems, as the job cannot be shifted. In the above simulated process, if the work is possible to be shifted from one workstation to another workstation, it is recommended to keep the bottlenecks at the initial step or provide finished product to the bottleneck so that no resource of the bottleneck is used. In addition, if the shifting is not possible, it is recommended to use efficient machine and worker for the bottleneck task. Most importantly if bottleneck task is used is not scheduled properly will delay the entire process. It is also seen that as an operational manager I will try to resource and level time of each workstation that will cause to obtain a greater production rate and increase utilization percentage. References Amaral, T.M. and Costa, A.P., 2014. Improving decision-making and management of hospital resources: An application of the PROMETHEE II method in an Emergency Department.Operations Research for Health Care,3(1), pp.1-6. Cb.hbsp.harvard.edu, 2017, Process Analytics Simulations, Available at: https://cb.hbsp.harvard.edu/cbmp/context/coursepacks/61182556 [Accessed 1 April 2017]. Costas, J., Ponte, B., de la Fuente, D., Pino, R. and Puche, J., 2015. Applying Goldratts Theory of Constraints to reduce the Bullwhip Effect through agent-based modeling.Expert Systems with Applications,42(4), pp.2049-2060. Roehrich, J., Grosvold, J. and U. Hoejmose, S., 2014. Reputational risks and sustainable supply chain management: Decision making under bounded rationality.International Journal of Operations Production Management,34(5), pp.695-719. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Kjellsdotter Ivert, L. and Jonsson, P., 2014. When should advanced planning and scheduling systems be used in sales and operations planning?.International Journal of Operations Production Management,34(10), pp.1338-1362. Rotaru, K., Churilov, L. and Flitman, A., 2014. Can critical realism enable a journey from description to understanding in operations and supply chain management?.Supply Chain Management: An International Journal,19(2), pp.117-125. Stadtler, H., 2015. Supply chain management: Supply chain management and advanced planning. Springer Berlin Heidelberg.