14_cost - 2.008 For-Profit manufacturing firms Performance...

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Unformatted text preview: 2.008 For-Profit manufacturing firms Performance Measures Cost Ownership: Market value = PV (Earning) + PV (Growth Opportunity) Management: Performance Targets 2.008 - Spring 2004 1 2.008 - Spring 2004 2 Automotive Market Share in the U.S. 35% 30% 25% 20% 15% 10% 5% 0% Oct-99 Jul-00 Apr-01 Dec-01 Oct-02 GM (w/S aab) DaimlerChrysler (w/Mercedes) Honda Ford (w/Volvo, Jaguar, & Land Rover) Toyota Nissan 2.008 - Spring 2004 3 GM Financials $ bilions Income Statement Dec-02 Dec-00 Dec-99 Dec-98 Dec-97 Revenue 177.3 Gross Profit Margin 26.1% Operating Margin 5.7% Total Net Income 0.6 Net Profit Margin 0.3% 184.6 167.4 154.0 166.4 28.4% 21.0% 23.4% 21.9% 9.1% 5.6% 4.2% 2.2% 4.5 6.0 3.0 6.7 2.4% 3.6% 1.9% 4.0% Balance She e t De c-02 Dec-00 Dec-99 Dec-98 Dec-97 Cash 18.6 Net Receivables 141.4 Inventories 10.0 Other Cur ent Assets 23.9 Total Cur ent Assets 193.8 Net Fixed Assets 34.9 Other Noncur ent Assets 95.2 Total Assets 324.0 10.3 10.4 10.9 11.3 100.2 123.1 76.9 66.4 10.9 10.6 12.2 12.1 24.8 19.8 37.4 11.7 146.3 164.0 137.3 101.4 34.0 32.8 37.2 34.6 122.8 77.9 82.9 92.9 303.1 274.7 257.4 228.9 Accounts Payable 26.2 25.7 21.5 20.0 15.8 Short-Term Debt 2.4 2.2 2.0 0.0 0.0 Other Cur ent Liabilities 35.6 35.2 33.9 0.0 0.0 Total Cur ent Liabilities 64.2 63.2 57.4 20.0 15.8 Long-Term Debt 163.9 142.4 129.7 114.2 93.0 Other Noncur ent Liabilities 75.4 66.5 59.6 97.7 98.7 Total Liabilities 304.3 272.9 254.1 242.4 211.4 Prefer ed Stock Equity 0.0 0.0 0.0 0.0 0.0 Common Stock Equity 19.7 30.2 20.6 15.0 17.5 Total Equity 19.7 30.2 20.6 15.0 17.5 2.008 - Spring 2004 4 Toyota Financials Financial Comparison $ bil ions Income Statement Mar-02 Mar-02 Mar-00 Mar-99 Mar-98 Revenue 107.4 106.0 119.7 105.8 88.5 Gross Profit Margin Operating Margin Total Net Income 26.5% 7.6% 4.2 24.9% 6.0% 5.4 27.4% 5.5% 4.5 27.8% 5.9% 3.7 27.0% 6.4% 3.4 GM TOYOTA Net Profit Margin 3.9% 5.1% 3.8% 3.5% 3.9% 2001 2000 1999 2001 2000 1999 Balance Sheet Mar-02 Mar-02 Mar-00 Mar-99 Mar-98 Current Ratio 3.02 2.32 2.86 1.21 1.24 1.22 Cash Net Receivables 12.4 29.9 12.2 26.3 14.4 26.2 11.1 21.8 9.3 8.9 Days Receivable 291 198 269 102 91 80 Inventories Other Cur ent Assets 7.2 11.0 7.1 9.8 7.4 11.2 6.3 8.0 5.6 24.6 Asset Turnover 0.57 0.64 0.63 0.76 0.73 0.84 Total Cur ent Assets Net Fixed Assets 60.6 38.3 55.4 36.0 59.2 43.9 47.3 41.2 48.3 34.9 Inventory Turnover 16.90 17.11 14.65 15.04 14.61 14....
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14_cost - 2.008 For-Profit manufacturing firms Performance...

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