Apple Inc

Apple Inc.

Apple Inc.

Apply Inc. released the 3Q financial statements for financial 2012. The Margin component of DuPont for FY 2012 is based on 3Q adjusted using straight line trajactory from the 3Q 2012.

Apple Inc Balance Sheet for FY2012 is take at the 3Q 2012. This assumes that the operating capacity of the company is able to sustain present profit and loss trajectory of the company without changes in capacity.

Apple Inc. DuPont Table

3Q
2012 2011 2010 2009
Return on Owner’s Equity 0.400 0.338 0.293 0.260
adj
3Q 3Q
(Margin) 2012 2011 2010 2009 (Capital Turnover) 2012 2011 2010 2009 (Gearing/Financial Leverage) 2012 2011 2010 2009
Net income 0.278 0.239 0.215 0.192 Net Sales 0.987 0.930 0.868 0.903 T Assets 1.46 1.52 1.57 1.50
Net Sales T Assets T shareholder’s equity
Cost of Sales 0.550 0.595 0.606 0.599 Net Sales 1.449 1.516 1.947 2.691 T Assets na na na na
Net Sales T Non Current A Long Term Debt
Gross Margin 0.450 0.405 0.394 0.401 Net Sales 15.326 13.919 13.680 14.524 Long Term Debt -1.000 -1.000 0.000 0.000
Net Sales PPE T shareholder’s equity
R n D expenses 0.021 0.022 0.027 0.031 Net Sales 1.794 1.946 2.569 4.075
Net Sales Long term marketable sercurities Note: Long Term Debt includes only long-term
interest bearing debt.
SGA expenses 0.062 0.070 0.085 0.097 Net Sales 29.431 24.424 60.226 94.713
Net Sales Goodwill Total Debt/ Total Equity 0.458 0.519 0.573 0.501
Acquired intangible assets, net
Total Op expenses 0.083 0.093 0.112 0.128
Net Sales Net Sales 29.555 30.441 28.822 21.335
Other assets, long term
Ops Income 0.367 0.312 0.282 0.274
Net Sales Net Sales 3.094 2.406 1.565 1.360
T Current A
Income before Tax 0.372 0.316 0.284 0.281
Net Sales Net Sales 143.247 139.496 62.060 94.297
Inventories
Tax 0.094 0.077 0.069 0.089
Net Sales Net Sales 20.99 20.16 11.84 12.77
Accounts receivables
Net income 0.278 0.239 0.215 0.192
Net Sales Net Sales 5.812 4.171 2.546 1.829
Cash + Marketable Securities
Net Sales 10.36 8.40 6.87 10.04
Deferred tax assets
Vendor non trade receivables
Other current assets

Apple Inc. cashflow statement

The Cashflow Statement for Apple Inc. is not adjusted for the full year as it is the lifeblood of the business and it is anybody’s guess meaningfully how it could be in 3 months time.

Apple Inc. ratio analysis table

Overall Performance Measures
Price/Earnings Ratio
Return on assets 0.205 0.169 0.141 0.118
Return on invested capital 0.201 0.175 0.172 0.173
Return on shareholder’s equity 0.400 0.338 0.293 0.260
Return on capital employed 0.464 0.390 0.345 0.334
Profitability Measures
Gross margin 0.450 0.405 0.394 0.401
Profit margin 0.278 0.239 0.215 0.192
earnings per share (cents) 47.3 27.7 15.2 9.1
cash realization 0.934 1.448 1.327 1.234
Test of Investment Utilization
Asset turnover 0.987 0.930 0.868 0.903
Invested capital turnover 1.238 1.225 1.198 1.192
Equity turnover 1.438 1.413 1.365 1.356
Capital Intensity 15.326 13.919 13.680 14.524
(cash cost per day) 272.2 199.0 125.5 83.4
Days cash (at hand and liquid investments)
Days cash (at hand only)
Debtors Turnover 20.990 20.162 11.838 12.766
Days’ receivables (debt collection period) 17.389 18.103 30.834 28.593
Creditors Turnover 5.258 4.403 3.291 4.585
Creditors days 69.42 82.89 110.91 79.60
Days’ inventory 3.920 5.175 6.951 3.233
Inventory turnover 93.12 70.53 52.51 112.89
cash conversion cycle -48.11 -59.61 -73.12 -47.77
Working Capital turnover 202.677 20.690 4.566 2.734
Current ratio 1.571 1.608 2.011 2.742
Acid test (quick) ratio 1.537 1.581 1.961 2.703
Acid test (quick) ratio (variant) 0.940 1.028 1.366 2.177
Tests of Financial Condition
Financial leverage ratio
Debt / equity ratio 0 0 0 0
0.458 0.519 0.573 0.501
Debt / capitalization 0 0 0 0
Times interest earned (interest cover) NA NA NA NA
Cash flow / debt (total liabilities) 0.816 0.944 0.679 0.641
Cash flow / debt (current liabilities only) 1.262 1.342 0.897 0.883
Tests of Dividend Policy
Dividend yield NA NA NA NA
Dividend payout NA NA NA NA
Analysis of Cashflow Statement
Cash realization ratio 0.933751 1.447766 1.327 1.2336
Cover ratios(interest cover) NA NA NA NA
Fixed charges coverage 0.410388 0.504022 0.397 0.326
Tax 0.253 0.242 0.244 0.318
NOWC’000 18883 17018 20956 20049
TOC’000 40269 32783 29070 25467
NOPAT’000 44680 25922 14013 8235

Apple Inc. has a negative cash conversion cycle. It shows that Apple Inc. is funded by customers and suppliers as opposed to being funded by debt and equity sources. This is confirmed by the absence of interest bearing loans with Apple Inc.