1、Analysis report of Panasonic,09会计2班 第7组,Introduction of the companyAnalysis of the companys financial statementsConclusion,Company Profile,Panasonic Corporation is a Japan-based electronics manufacturer,Analysis of financial statements,1) Stockholder analysis 2) Corporate governance3) Risk and retur
2、n 4) Measuring investment returns5) Selection and optimization of capital structure6) Mechanics of moving to the optimal 7) Dividend policy and analysis,Corporate Governance Structure,The following table lists the number of shares owned by the Directors and Corporate Auditors of the Company as of Ju
3、ne 24, 2011.Kunio Nakamura Chairman of the Board of Directors 91,600 Masayuki Matsushita Vice Chairman of the Board of Directors 7,924,100 Fumio Ohtsubo President and Director 66,600 Toshihiro Sakamoto Executive Vice President and Director 42,278 Takahiro Mori Executive Vice President and Director 4
4、1,060 Yasuo Katsura Executive Vice President and Director 31,716The total is 18,039,787 shares constituting 0.87% of all issued and outstanding shares of the Companys common stock, excluding its own stock.,Stockholder analysis,The 10 largest shareholders of record and their share holdings as of Marc
5、h 31, 2011 are as follows:The Master Trust Bank of Japan, Ltd. (trust account) 116,892 5.64% Japan Trustee Services Bank, Ltd. (trust account) 108,189 5.22 Moxley & Co. 78,609 3.79 Nippon Life Insurance Company 67,000 3.23 Sumitomo Mitsui Banking Corporation 57,024 2.75Panasonic Employee Shareholdin
6、g Association 43,446 2.09 SSBT OD05 Omnibus Account-Treaty Clients 39,700 1.91 Sumitomo Life Insurance Co. 37,408 1.80 State Street Bank and Trust Co. 33,117 1.59 Mitsui Sumitomo Insurance Co., Ltd. 30,105 1.45 Panasonic is not, directly or indirectly, owned or controlled by other corporations, by t
7、he Japanese government or any foreign government or by any natural or legal person or persons severally or jointly.,Risk and Return,Equity Price Risk,Quantitative and Qualitative Disclosures about Market Risk,Foreign Exchange Risk,Commodity Price Risk,Interest Rate Risk,Measuring investment returns,
8、Total capital investment amounted to 404 billion yen, 385 billion yen and 494 billion yen for fiscal 2011, 2010 and 2009, respectively. In these years, the Company intended to curb capital investment in a number of business areas, in line with an increased management emphasis on cash flows and capit
9、al efficiency.,Panasonic has long-term project, and is relatively long-term, such as long-term monopoly washing machines, electric fans and other household appliances.,The projects in the future will not likely to look like the projects in the past.,Selection and optimization of capital structure,In
10、 Dec.2011，Panasonics balance sheet as follows：,Note that the values of debt and equity add up to the firms value（D+E=V） D/V=(2847050+2029485)/7822870*100%=62.23% E/V=2946335/7822870*100%=37.66%. D/E=(2847050+2029485)/2946335*100%=165%That is to say，Panasonic historically heldso much long-term debt ,
11、and has long-term debt in bad condition, financial risk is bigger,A companys ratio of short and long-term debt should also be considered when examining its capital structure. Capital structure is most often referred to as a firms debt-to-equity ratio, which provides insight into how risky a company
12、is for potential investors. Determining an optimal capital is a chief requirement of any firms corporate finance department.,Mechanics of moving to the optimal,Actual debt ratio is different from its recommended debt ratio,Do it gradually over time Take new projects with debt or equity,Dividend poli
13、cy and analysis,Firstly, dividend policy is the corporation on whether to extend dividend, extend the issue of how much and when.,Stock information,Dividend,Decision,From the listing above, we can know that treasury stock at the end of the year remains a level. So I think the corporation can choose
14、the way that they buy back a stated number of shares at a fixed price. We will not suggest that they return cash to the stockholders for the companys future . Because I think they need cash to invest in order to earn more money.,Summary,Market value Market value (millions) 1,896,210.00 Already issue
15、d capital 2,453.05 current 2,385.92Financial data per share (JPY) income -164.02 sales 4,198.67 Book value 1,008.74 cash 504.63Valuations Total market value/sales 0.22 Market-to-book ratio 0.63 Share price/cash 3.61,Summary,Profitability ratio (%)Maori 25.29 Operating margins 0.64 Net profit margin -5.12 ROE 2.77 ROA 0.94 Return on investment 1.64 Payout Ratio 0.28,Summary,Market-Value RatioDividend yields (%) 1.29 Dividends per share (JPY) 10.00 Dividend payment rate 27.97Liquidity Ratio Quick ratio 0.91 Current ratio 1.23 Long-term ratio 45.42 Debt equity ratio 64.69,
