[재무관리] NHN(네이버) 재무분석(재무제표분석) 영문

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2010.06.17 / 2019.12.24
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목차: A. What are the principal activities of NHN?
B. Evaluate the performance of NHN on the year under review.
(1) Sales
① Comparison of 3 corporations in reference to a former quarter
② Disparity between the competitors
(2) Net Income
(3) Gross profit margin
① Trends
② Analysis among competitors
(4) Analysis of other ratios ; NHN
C. Evaluate the liquidity of your company at the end of year under review.
(1) Liquidity ratio
(2) Account receivables turnover
D. Does the cash flows statement add any further information to that provided by the income statement or the balance sheet? Explain.
E. Check the main accounting policies of NHN. Choose one interesting/doubtful accounting policy. Then, comment on the chosen accounting policy. More specifically, is it too aggressive, too conservative or reasonable in terms of the effects on the related accounting information, such as net income, ending balance of account receivable, etc.?
(1) revaluation of fixed assets
(2) Changes in Accounting policy of equipments and supplies
(3) Separation
- Appendices & References

본문내용: E. Check the main accounting policies of NHN. Choose one interesting/doubtful accounting policy. Then, comment on the chosen accounting policy. More specifically, is it too aggressive, too conservative or reasonable in terms of the effects on the related accounting information, such as net income, ending balance of account receivable, etc.?

(1) revaluation of fixed assets

[as of 30.9.2009] (단위 : 백만원)
사업소 소유형태 소재지 구분 기초
장부가액 당기증감 당기
상각 기말
장부가액 비고
증가 감소
본사외 등기 분당 6,600 35,039 7,595 　- - 42,634 사옥부지
등기 춘천 46,877 3,558 　- 　- - 3,558 연구소부지
합 계 38,597 7,595 - - 46,192 -
<Reference : land in㎡>
Revaluation of fixed assets is a technique that may be required to accurately describe the true value of the capital goods a business owns.
In this case, Revaluation of fixed assets made Naver’s asset amount higher than before with new book value of the land even though it didn’t purchase any land. This result can help Naver have better financial structure but at the same time, it will make Naver pay higher property tax because of increase in asset amount. In addition, upward revaluation overvalues the service provided by the asset in its operational use and maintain profitability so that the company might rely on higher land values instead of actively doing operational activities for increasing profits. Also, it creates unearned return. In other aspects, however, revaluation of fixed asset can be helpful if the company decides to invest in another business because revalued price can tell the exact price that Naver can be paid when it liquidates its assets. In this case, since the it is upward revaluation and it is not based on historical cost, it is against the conservative valuation.

(2) Changes in Accounting policy of equipments and supplies

Changes in accounting policy concerned with equipments and supplies are mentioned in quarter report. NHN applied 5 service years on equipments and supplies up until 2006, and it has been changed to 4 service years on the part of its equipments and supplies which is reflecting actual service period. These changes are for reflecting appropriate response of cost and profit and economic reality more accurately on the financial statement.
Another interesting fact is that the book value of equipments and supplies is “zero” as of September 30th, 2009. If the company finished depreciation of equipments, the accumulated amount of depreciation cannot be zero and should be appropriated as net book value. But the fact that balance about equipments and supplies can mean the possibility of having disposed of it. Therefore, we managed to look up on those disposition details and found out that this is due to transfer of equipments and supplies to NHN Business Platform Inc., which was established by split-offs on May 1st, 2009.
(3) Separation

The third thing is about separation. In may 1, 2009, operation/business platform section and infra section were separated from the head office, NHN. The method of separation is that the main office continues to exist and it has 100% equity of NHN business platform corporation which is made newly. This is one of the simple, physical methods. Decision about this separation is decided by determination of stockholders meeting in march 31, 2009 and the date of separation is may 1, 2009. NHN platform corporation's object is online advertisement and operation/business platform and infra section. Accordingly, because of this objects, equity method stocks in balance sheet increase sharply.

As we can see from the table above, the most left figure of the equity method stocks is much bigger than the last year's one. This is simply because the process of separation.

And also, during the process of separation, some parts of Assets and Liabilities are transferred to the newly making company. The interest thing which we have to focus is that how the main company and newly making company evaluate their asset and liability during the separating process. We can know about this in parts of separation of the quarter report. NHN evaluates their assests and liabilities which decrease in their balance sheet to fair value. And newly making corporation also evaluates those things to fair value when they make an entry.

참고문헌: http://news.mk.co.kr/newsRead.php?year=2009&no=259065
http://news.mk.co.kr/newsRead.php?year=2009&no=52008
http://news.mk.co.kr/newsRead.php?year=2009&no=428514
http://koreacrunch.com/archive/sk-communications-buy-empas
http://news.mk.co.kr/newsRead.php?year=2008&no=744614
http://www.koreaninsight.com/2008/12/naver-1-internet-portal-in-korea-is-changing-their-closed-policy/

http://www.zibb.com/article/5626848/S+Korean+net+portal+operator+NHN+posts+29+jump+in+Q3+earnings

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