[중급회계] SK텔레콤 재무분석(~2009)(영문)

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2010.11.29 / 2019.12.24
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목차: a. What are the principal activities of your company?

b. Evaluate the performance of your company on the year under review.

c. Evaluate the liquidity of your company at the end of year under review.

d. Does the cash flows statement add any further information to that provided by the income statement or the balance sheet?

e. Check the main accounting policies of your company. Choose one interesting/doubtful accounting policy. Then, comment on the chosen accounting policy.

f. (Optional: You can skip this question) Compute the price earnings ratio and the ratio of market price to book value of equity for your company. Do you believe that your company is fairly valued by investors?

본문내용: The account receivable turnover is net credit sales/Average account receivable. Net credit sales is 12,101,184,389 and Average accounts receivable is 3,196,357,007. Therefore, the result is 3.78. The Inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the cost of goods sold divided by the average inventory. The result is 1.96.
Rate of return on sales is the ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested. Dividing 12,101,184,389 by 18,957,564,071, the result is 0.6. Rate of return on common equity is 0.59. Lastly, dividend yield is the company's annual dividend payments divided by its market capitalization. The result is 0.00000007.
We calculated ratios of other 2 companies, KT and LG telecom. Except for account receivable turnover and rate of return on sales, other 7 ratios of SK telecom was higher than other 2 companies. Through current ratio and quick ratio, we can notice that short-term liquidity is the highest. Also, debt ratio shows that long-term solvency is also the highest. SK telecom earns rates of return above the floor, so it has a competitive advantage. Rate of return on equity proves that SK telecom used capital provided by common shareholders effectively.
Comparing them, we could conclude that liquidity of SK telecom was the highest among them.

d. Does the cash flows statement add any further information to that provided by the income statement or the balance sheet?

General characteristics of CFS : Complementing the balance sheet and income statement, the Cash Flow Statements allow investors to understand how a company's operations are running, where its money is coming from, and how it is being spent.
Due to the accrual accounting, the income statements released each quarter may not necessarily reflect changes in their cash positions. For example, if a company lands a major contract, this contract would be recognized as revenue (and therefore income), but the company may not yet actually receive the cash from the contract until a later date. While the company may be earning a profit in the eyes of accountants (and paying income taxes on it), the company may, during the quarter, actually end up with less cash than when it started the quarter. Even profitable companies can fail to adequately manage their cash flow, which is why the cash flow statement is important: it helps investors see if a company is having trouble with cash.
The cash flow statement is distinct from the income statement and balance sheet because it does not include the amount of future incoming and outgoing cash that has been recorded on credit. Therefore, cash is not the same as net income, which, on the income statement and balance sheet, includes cash sales and sales made on credit. Cash flow is determined by looking at three components by which cash enters and leaves a company: operations, investing and financing.
In SK Telecom's annual cash flow statement of 2009, the main source of cash inflow(Increase in cash) comes from operating activities including net income and loss, additions of non-cash transactions, change in assets and liabilities. Especially Net income and additions of non-cash transactions were the major source that brought about cash in to the company. Cash inflows from financing activities were relatively smaller than that of operating activities, but still added surplus of cash inflows to the company, recording 434,124,157 thousand won. Financing activities of SK Telecom include issuing bonds and selling treasuary stocks. However, the main source of cash outflows was 'Investing activities' including the sale of short-term/long-term financial instruments, the sale of property, plant/equipment, and decrease in short-term/long-term loans, deducting 3,394,212,490 thousand won from the company's cash.
In conclusion, the CFS of SK Telecom reveals how much cash it generates and, particularly, how much of that cash stems from core operations, which could be inferred from neither balance sheet nor income statements. In 2009, SKT went through decrease in cash and cash equivalents by 1,41,469,167 thousand won, which made total cash and cash equivalents of the company 434,177,269 thousand won. The cash flow statement is derived from the income statement and the balance sheet. Net earnings from the income statement is the figure from which the information on the CFS is deduced. As for the balance sheet, the net cash flow in the CFS from one year to the next should equal the increase or decrease of cash between the two consecutive balance sheets that apply to the period that the cash flow statement covers.

e. Check the main accounting policies of your company. Choose one interesting/doubtful accounting policy. Then, comment on the chosen accounting policy.
<Accounting Policies of three

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