然而，净利润率是19%，反映了业务的巨大损失。虽然过去五年其他四年净利润为正，但净利润持续下降，平均净利润率为1.12%，远低于行业平均水平4.60%（路透社，2013）。这里的原因可能是销售经历了大萧条和品牌已经在走下坡路，如图1中的销售数字几乎在一个水平线，表明增长率接近于零相比，约10%的行业平均水平（路透社，2013），并已通过3亿4300万美元商誉受损，这是2012的损失的主要原因。
根据分流的2012财务报告的说法，“由于在全球零售业的贸易条件的恶化，本集团已具有丰富的销售经验和在多个地区品牌和显著下降，因此减损费用进行确认。”（分流，2013）。最严重的是其主要的品牌和区域品牌分流，主要销售地区澳大利亚、南非和北美洲。
按总负债除以总资产计算，债务比率保持在0.51。虽然总资产减少2419965美元至2079869美元，负债总额下降到类似的程度从1196839美元1028571.the资产减值主要由商誉减值。随着未来支付预测的调整，负债下降有助于偿还借款和减少延期付款。值得一提的是，提供了从早期的终止或公司由于其表现不佳可能的损失，从而拉动负债的金额和占未来负债增加。
不用说，那次利息率从4.58直降到-16.57由于负的净利润，利息费用的增加从24762美元到29080美元。行业平均水平达到13.65高（路透社，2013）。因此，即使债务比率较低，财务实力也不是那么强大。这里仍然是分流的可怕的盈利状况的主要原因。
毫无疑问，每股收益和市盈率下降到负数分流为2012，虽然2011的每股收益是0.39，接近0.3849，市盈率行业平均水平的15.41相比，2011是行业平均水平的16.61（路透社，2013）。市场预期在2011看来是正常的。
基于负市盈率和每股收益的股票市场前景很难分析，比较股价、股利和账面价值是很有用的。在财务年度，股价从6.01下跌至1.08。市盈率从1.52降至0.32，而行业平均水平为2.74（路透社，2013）。每股帐面价值减少0.57美元。股利支付从86140下降到40670，尽管这种分配与经营业绩密切相关。持有该股会对本年度的资本利得、净利润分配及公司资产申索造成重大损失。根据盈利能力的分析，未来的前景仍然黯淡。因此，市场上没有一个很好的观点的投资洼地。
金融assignment代写: 股票盈利能力分析
The profitability situation is disappointing. The net profit is $-275,649, a great drop from the last year and the first loss during the last five years. The profit from continuing operation is even worse, which is $-522,665.
However, the net profit margin is -19%, reflecting huge loss from the operation. Although the net profit is positive in other four years during the last five years, the net profit declined continuously and the average net margin of 1.12% is far below the industry average of 4.60% (Reuters, 2013). The possible reason here is the sales has experienced depression and the brand has gone downhill, as the sales figures in Figure 1 hold almost at a level line, indicating the growth rate is close to zero compared to the industry average of about 10% (Reuters, 2013), and the goodwill has been impaired by $343.0 million, which is the main cause of the loss for 2012.
According to the statement in Billabong’s 2012 Financial Report, “due to thedeterioration in trading conditions in the global retail sector, the Group has experienced significant declines in sales andprofitability across a number of regions and brands and as a result impairment charges were recognised.”(Billabong, 2013). The most severe brand and regions are its main brand Billabong, main sale regions Australia, South Africa and North America.
Measured by total liabilities divided by total assets, the debt ratio remains at 0.51. Though total asset decreases from $2,419,965 to $2,079,869, total liability decreases to a similar extent from $1,196,839 to $1,028,571.The assets are impaired mainly by the goodwill devaluation. The liabilities’ decline contribute to the repayment of the borrowings as well as the decrease of deferred payments as the future payment forecast is adjusted. What’s worth mentioning is that the provision has been raised for possible loss from early terminating or trading stores due to their underperformance, which pulls up the amount of liabilities and could account for the future liabilities increase.
The Debt to Equity ratio remains at 1.02, which is far lower than the industry average of 62.67(Reuters, 2013), indicating that Billabong has not good investment opportunity thus the leverage is low.
Needless to say, that the times-interest earned ration is dragged from 4.58 straight down to -16.57 due to the negative net profit, where interest expense increases from $24,762 to $29,080. The industry average reaches 13.65 high (Reuters, 2013). So, the financial strength is not so strong even though the debt ratio is low. The main reason here is still Billabong’s terrible profitability status.
Thereis no doubt that the EPS and P/E of Billabong decrease to a negative figure for 2012, although the 2011 EPS is 0.39, almost the same as the industry average of 0.3849 and P/E ratio in 2011 is 15.41 compared to the industry average of 16.61 (Reuters, 2013). The market expectation seems normal for 2011.
As it is difficult to analyse the future market expectation on the share based on the negative P/E and EPS, it is useful to compare share price, dividend and book value. The share price dropped from 6.01 to 1.08 during the financial year. P/B dropped from 1.52 to 0.32 compared to the industry average of 2.74 (Reuters, 2013). The book value per share decreases by $0.57. Dividend payment decreases from 86,140 to 40,670, which still makes sense though the distribution is highly linked to the operating performance. The holding of the share would result great loss regarding the capital gain, net profit distribution and claims on the company’s assets for the financial year. The future prospects are still bleak according to the analysis of the profitability. Therefore, the market does not have a good view on the investment of Billabong.
