SK에너지와 BP(British Petroleum) 회계 분석 및 비교

소개

회계원리 과제물로
SK에너지와 다국적 기업 BP의 회계상황을 비교, 분석한 영문 리포트입니다.

목차

I. Financial Analysis on SK Energy
1. ROE Analysis
2. Common Sized Financial Statement
3. Ratio Analysis
II. Financial Analysis on BP
1. ROE Analysis
2. Common Sized Financial Statement
3. Ratio Analysis
III. Assessment of the operating performance and financial position

본문내용

I. Financial Analysis on SK Energy

1. ROE analysis on SK Energy
ROE (Return on equity) is the amount of net income returned as a percentage of shareholders equity. ROE measures a corporation`s profitability by revealing how much profit a company generates with the money shareholders have invested. In addition, it is useful for comparing the profitability of a company to that of other firms in the same industry. For this reason, we are going to use ROE in order to compare SK Energy with BP. If ROE is high, it is generally a great sign for the company as it is showing that the rate of return on the shareholders equity is going up. The problem is that this number can also increase if the company takes debt which in turn will increase the leverage of the company, which could be good, but it will also make the stock more risky because of extra interest and debt repayments.
The three-step equation breaks up ROE into three very important components as ROE = Net profit margin (net income / sales) x Asset Turnover (sales / assets) x financial leverage (assets / shareholder’s equity). By multiplying the equation by (sales / sales), finally we get ROE = (net income / sales) * (sales / shareholder’s equity).

SK Energy’s ROE analysis is as following.
Figures ROE(2008)
Net Income / Net Sales 0.0194
0.131 (13.1%)
Net Sales / Avg. Total Assets 2.397
Avg. Total Assets / Avg. SE 2.826
By calculating the ROE equation, we can get the figure about how much SK Energy earned for each 1,000 won of stockholder’s investment in 2008.

The Following table is the ROE of SK Energy during the last 5 years.
2004 2005 2006 2007 2008
ROE 27.5% 22.8% 17.1% 16.5% 13.1%
SK Energy separated from SK Holdings on July 1, 2007, thus the ROE during 2004~2006 are based on those of SK Holdings. As we can observe from the table above, ROE is gradually decreasing since 2004. The decrease of ROE in 2008 was due to the challenging business environment. It was difficult due to the surging crude oil prices and weakened demand for petroleum products.

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