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FINANCIAL ANALYSIS IN ENG
Comparison Carrefour Group with Rewe Group - Financial analysis
Financial analysis is based on consolidated financial statements. Source are web pages of the company.
When we compare retailers French Carrefour Group and German Rewe Group we have to take into consideration facts that they are operating in different markets (Carrefour in global markets France, Europe, Latin America, Asia and Rewe in Central and Eastern Europe). Additionally Rewe is also operates in segment of travel and truism (9,4% of total revenue in 2017).
REWE is advancing and growing much rapidly the Carrefour retailer. In 2017 REWE net sales grow for 9,1% in comparison with Carrefour which net sales grow only for 2,9%. If we look growth in period between 2017 and 2013, REWE expanded for 17,2% in comparison with Carrefour which net sale grow for 5,4%. That indicates that REWE is operating in market with higher growth opportunities.
Gross profit margin is calculated as gross profit in net sales. Gross profit margin of Carrefour is about 20,5% in 2017 in comparison with Rewe retailer which gross profit margin is about 17,4% in 2017, which indicates that Carrefour is selling at higher price or/and purchasing price achieved in negotiations with suppliers is lower.
EBITDA margin of Carrefour is about 4,4% in 2017 in comparison with Rewe retalier which had EBITDA margin around 3,0%. Also expenses in revenue are much lower with Carrefour around 18,1% in comparison with Rewe where expenses in revenue accumulate for about 26,9%.
EBIT margin of Carrefour is set at 2,5% in comparison with EBIT margin of Rewe retailer which is 0,9% due to the fact that Rewe is expanding investing in the fixed asset what is increasing depreciation costs.
Net profit margin
Net profit margin of Carrefour is in 2016 set on 1,1% (in 2017 Carrefour accounted loss because write offs) is greater then Rewe net profit margin which was in 2016 0,9%.
There is much higher asset turnover of Rewe retailer (2,71 in 2017) in comparison with Carrefour company (1,69 in 2017). Reason is that Carrefour is holding high goodwill in 2017 (intangible assets in amount of 9.341 mio EUR), high financial investments in amount of 2.722mio EUR, high cash and cash equivalents 3.593 mio EUR. It would be advised to Carrefour management to disinvests, retire borrowings and loans and sell assets, or pay higher dividends to shareholders.
Per employee analysis
TABEL 1: Per employee analysis (in EUR)
*Figures in the table are only approximation, because labour costs and number of employees are not exact figures and are only approximations.
The personal expenditures per employee were higher for Carrefour approximation of 22.505 EUR in comparison with Rewe where personal expenditures per employee were 20.445 EUR.
Revenue per employee were higher for Carrefour around 213 thousand EUR with comparison with Rewe around 160 thousand EUR. That indicates that Rewe with additional marketing activities could achieve higher sales, increasing productivity and better utilisation of assets.
Fixed asset per employee were higher for Rewe around 29 thousand EUR with comparison with Carrefour around 25 thousand EUR.
Inventory /Inventory in sales
Inventory in revenue indicates that Rewe has better management of inventory accounting for 7,3% with comparison with Carrefour with 8,3%.
Trade payable in revenue indicates that Rewe has lower margin 11,6% in comparison with Carrefour 18,6%.
Loans/Debt in liabilities
Carrefour operates with higher leverage with debt in liabilities short term in around 8,1% and long term with 19%. Rewe operates with short term debt in around 6,1% and long term debt in around 6,2%. All ratios are for end of 2017.
Cash flow analysis
Carrefour generates much higher cash flow in amount of 2.653 mio EUR in comparison with Rewe which generated cash flow in amount 1.297 mio EUR in 2017. Both companies invest as much as they generate gross cash flow. Only exception was Rewe which produced negative free cash flow in 2017 mainly because company is expending fast. That implicated in increase of debt.
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