Microsoft_Financial Statements Analyisis _Aarif Shah_City University_Peshawar[1]

8/9/2019 Microsoft_Financial Statements Analyisis _Aarif Shah_City University_Peshawar[1].

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Y o u r P o t e n t i a l O u r P a s s i o n

Submitted b y:

Muhammad Arif Shah

ID No: 2882

Semester: 5th

Under the Guidance of:SIR. MUHAMMAD ANEES

Lecturer in Financial Statement Analysis

City University of Information Technology

City University of Information Technology

Project onFinancial Statements

Analysis


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Project on Financial Ratios Analysis of Microsoft_ {@Aarif Shah_MBA (Finance), Semester: 5th_CU}1

TABLE OF CONTENTS

Sr. #: TOPICS NAME: PAGE NO:

1. Acknowledgment: 02

2. Executive Summary: 03

3. Nature of Business: 04

4. Business Description: 05-06

5. Objectives of the Project: 07

6. Scope of the Project: 07

7. Limitations of the Project: 08

8. Framework for Financial Analysis: 09-10-11

9. Use of Financial Analysis: 11

10. Liquidity Ratios:

11.

Efficiency Ratios:

12. Profitability Ratios:

13. Financial Leverage Ratios:

14. Financial Coverage Ratios:

10-20

15. Balance Sheet & Income Statement: 21

16. Summarized Table of Microsofts: 22

17. Comments: 23

18. Summary & Finding: 24

19. Observations: 25

20. Major Suggestions: 26

21. Conclusion: 27

22. References: 28


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ACKNOWLEDGEMENT:

To Him belongs the dimensions of the Heavens and theEarth, it is HE, who give life and death and HE has the

Power over all things

(Al-Quran)

All acclamation to ALLAH, who has empowered and enabled me to

accomplish the perspectives of the project successfully. First of all, I would

like to thank my ALLAH Mighty, who really helps me in every problem during

the completion of this project. I would like to express my sincere and humble

gratitude to ALLAH Almighty, whose blessings; help guidance has been a real

source of all my achievements in my entire life.

I wish to express my appreciation to my honorable & respectable

Lecturer i.e. SIR. MUHAMMAD ANEES, Lecturer in Financial Statement

Analysis, City University of Information Technology, Peshawar, who help me a

lot and introduced me to new dimensions of knowledge. I am sure that thesame support would be continued to help to achieve the entire Programme /

MBA Degree Objectives smoothly in near future as well.

I express my deepest affection for my parents; who prayed for my

success and encourage me. I appreciate their patience, cooperation and love

for me. It is, of courses, the reward of their good wishes and kin blessing.

The acknowledgment will be incomplete without special thanks to all

my University peers, office colleagues for their excellent cooperation and nice

companionship.

(Muhammad Aarif Shah)

MBA (Finance)

ID No: 2882



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Nature of Business:

Microsoft provides software and services that help people

communicate, do their work, be entertained, and manage their personal lives.Over the past 30 year, innovate technology has transformed how we access

and share information, changed the ways of business and institutions operate,

and make the world smaller by giving us instant access to people and

resources everywhere.

Microsoft was founded in 15th Sep, 1975 and remains a leader in the

wave of innovation that has crated so much new opportunity, convenience,

and values over the past three decades. During that time, Microsoft has

crated many new products, added new lines of Business, and openhanded

their operation worldwide, along the ways, Microsoft was guided by their

corporate mission and the six core values it reflects and will continue to guide

us in the future.

Microsoft is committed to being a responsible industry partner, working

with businesses, communities, and government to help advance social and

economics well being and to enable people around the world to realized

their full potential. Microsofts commitment and responsibilities as a global

corporate citizen are grounded in their company mission and values,

manifested through their business practices and operations, and carried out

by thousands of Microsoft employees and supplies worldwide.

Microsofts Global Citizenship Initiative is organized around three

themes, or strategic concepts, which from the foundation of their citizenship

activities worldwide:-

o Responsible Business Practice;o Security and Internet Safety;o Building a Knowledge Economy.

Each of these themes is fundamental to Microsofts Business. Microsoft

organizes their Global Citizenship Initiative this ways to help ensure it

business strategies fully support their commitment to corporate governance,

business ethics, and global citizenship.



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BUSINESS DESCRIPTION:

Our mission is to enable people and businesses throughout the world

to realize their full potential. Since the company was founded in 1975, we

have worked to achieve this mission by creating technology that transforms

the way people work, play, and communicate. We develop and market

software, services, hardware, and solutions that we believe deliver new

opportunities, greater convenience, and enhanced value to peoples lives. We

do business throughout the world and have offices in more than 100

countries.

We generate revenue by developing, manufacturing, licensing, and

supporting a wide range of software products and services for many different

types of computing devices. Our software products and services include

operating systems for servers, personal computers, and intelligent devices;

server applications for distributed computing environments; information

worker productivity applications; business solutions applications; high-

performance computing applications; software development tools; and video

games. We provide consulting and product and solution support services, and

we train and certify computer system integrators and developers. We also

design and sell hardware including the Xbox 360 video game console, the

Zune digital music and entertainment device, and peripherals. Online offerings

and information are delivered through Bing, Windows Live, Office Live, our

MSN portals and channels, and the Microsoft Online Services platform which

includes offerings for businesses such as Microsoft Dynamics CRM Online,

Exchange Hosted Services, Exchange Online, and Share Point Online. We

enable the delivery of online advertising across our broad range of digital

media properties and on Bing through our proprietary ad Center platform.

We also conduct research and develop advanced technologies for

future software products and services. We believe that delivering

breakthrough innovation and high-value solutions through our integrated

software platform is the key to meeting our customers needs and to our

future growth. We believe that we will continue to lay the foundation for long-



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term growth by delivering new products and services, creating new

opportunities for partners, improving customer satisfaction, and improving our

internal processes. Our focus is to build on this foundation through ongoing

innovation in our integrated software platforms; by delivering compellingvalue propositions to customers; by responding effectively to customer and

partner needs; and by continuing to emphasize the importance of product

excellence, business efficacy, and accountability.



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Objectives of the Project:

So far, as Microsoft is concerned the objectives is to find out the whole

funds investment and its areas of investment including its future analysis,which will assisted in comparing the other software relating to this project is

as follows:-

To find out the total investment of the organization.

To find out the rate of progress.

To find out the utilization of fund.

To know the sources of fund generated.

To know the utilization of excess fund.

To assess the rate of income in earning oninvestments etc

Scope of the Project:

The scope of the project Financial Statement Analysis of Microsoft is

to carryout the Maximum analysis during 2005 and 2006 ratio analysis. At the

same time this project also contains the profit analysis as well as some pare

of financial aspects of the organization.

Now, some analysis charges of Microsoft are as under:-

Balance Sheet;

Income Statement;

Cash Flow Statement;

Stock Holders equity Statement;

Selected Financial Data, Stock Process Information andIssuer Purchases of Equity Securities.



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Limitation of the Project:

At the last instance, I try my best to collect adequate data for

completing all the aspect for Financial Condition of Microsoft in a collectivemanner. Though, it is a time consuming process, which will Carrey more

result-oriented information to the organization. But to some extent I tried my

all effort to make it best in spite of my following limitations:-

o Due office activities; and load shedding problems; there is nosufficient time provided for preparation of this project work.

o Lack of sufficient magazines and publications.

o Inadequacy financial conditions and political condition of theregion/ especially of our Country i.e. Pakistan.

o Unable to have Authorization, required for log-In intoMicrosoft Directors Desk.



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1. LIQUIDITY RATIOS:

YEAR:

2005 2006

48,73716,87749,01022,442

Current Ratio: =Current Assets

Current Liabilities

2.89 2.18

COMPARISON:

Microsofts had strong Current Ratio in 2005 as compared to 2006, so

the company was in stronger position in 2005. Theses calculation

also indicated that Microsoft had almost $3 to meet $1 currentliabilities, on the other hand; it had in the 2006 2.18 $ to meet $1

current liabilities.

YEAR:

2005 2006

48,737-49116,877

49,010-1,478

22,442

Quick Ratio: =Current Assets-Inv.Current Liabilities

2.86 2.12

COMPARISON:

Microsofts had strong Quick Ratio in 2005 as compared to 2006, so

the company was in stronger position in 2005 to meet their current

liabilities with Quick Assets i.e. Cash / Bank Deposits/ M/S & A/R.

Moreover; the two years calculation indicated that the firm had

almost $3 & $2 Quick Assets to meet $ 1 current liabilities.


YEAR:

2005 2006

31,86070,81526,56869,597

N.W. Cap. Ratio: =Net Working CapitalCurrent Liabilities

45% 38%

COMPARISON:

Net Working Capital Ratios indicated that the company was in

stronger position in 2005 as compared to 2006.


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YEAR:

2005 2006

48,737-[7180+491]16,87749,010[9316+1478]

22,442

Cash Ratio: =Curr. Asset (R/A+Inv.)

Current Liabilities

2.43 1.70

COMPARISON:

Cash Ratio indicated that in 2005 the firm had $2.43 to meet 1 $

short term liability, while, in 2006 had $1.70 to meet 1$, so it

showed that the firm was much stronger position in 2005 to meet their

current liabilities with the most current assets i.e. Cash & M/S.



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2. EFFICIENCY RATIOS

YEAR:

2005 2006

39,7887,18044,2829,316

Receivable Turnover: =Annual Net Credit Sales

Receivable

5.54 4.75

COMPARISON:

In 2005, the firm was efficient to receive its R/A as compare to

2006, the above mentioned calculation showed that firm was much

better positions as compared to 2006.

YEAR:

2005 2006

3655.543654.75

Avg. Collection Period: =No. of Days in a YearReceivable Turnover

66 Days 77 Days

COMPARISON:

The Firms received its R/A in 66 Days in 2005, while in 2006 its

was 77 Day, this indicated that the firms performance was better in

2005.

YEAR:

2005 2006

6,2007,1807,6509,316

Days Sales Inv. : =Cost of Goods Sold

Inventory

0.86 0.82

COMPARISON:

In 2005, the effectiveness of the inventory management practices of

the firm was better as compared to 2006



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YEAR:

2005 2006

3650.863650.82

Inv. Turnover in Day : =

No. of Days in Year

Inventory Turnover

424 Days 445 Days

COMPARISON:

In 2005, the effectiveness of the inventory management practices of

the firm was better as compared to 2006.

YEAR:

2005 2006

4916,200/3651,478

7,650/365

Days Sales Inv. : =Inventory

Cost of Goods Sold/365

29 Days 70 Days

COMPARISON:

In 2005, the effectiveness of the inventory management practices ofthe firm was better as compared to 2006.

YEAR:

2005 2006

39,78870,81544,28269,597

Total Assets Turnover : =Sales

Total Assets

56% 63%

COMPARISON:

The Assets Turnover Ratios of 2006 indicated that the firm

effectively utilized its assets to generate sales, as compared to

2005.



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3. PROFITABILITY RATIOS:

YEAR:

2005 2006

12,25439,78812,59944,282

Profit Margin : =Net Income

Sales

30% 28%

COMPARISON:

In 2005, the firm Profit Margin is greater than 2006, is cleared

show the profitably of the firm after taking account of all expenses

an income taxes was better than 2006

YEAR:

2005 2006

12,25470,81512,59969,597

Return on Assets: =Net Income +Int{EBT}

Total Assets

17% 18%

COMPARISON:

In 2006, the firms ROA ratio performance was better than 2005, this

indicated that the profitably on the assets of the firm after all

expenses and tax was better than 2005.

YEAR:

2005 2006

12,25448,11512,59940,104

Return on Equity: = Net Income +Int{EBT}Shareholders Equity

25% 35%

COMPARISON:

In 2006, the firms ROE ratio performance was better than 2005, this

indicated that the profitably on the Shareholders Equity of the

firm after all expenses and tax was better than 2005.



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YEAR:

2005 2006

3.402.250.352.41

Payout Ratio: = DividendsEarnings (EPS)

1.51 0.84

COMPARISON:

The Company Payout Ratio in 2005 was absolutely higher which isalmost: 150 % as compared to 2006 where it was 84%, this indicatedthat the company some hidden reserve in its accounts

YEAR:

2005 2006

2.253.402.410.35

Retained Earning Ratio:Earnings (EPS)

Dividends

66% 84%

COMPARISON:

In these two year; the company RE Ratios is absolutely high, for thedetail see last, in which I discussed them in details

YEAR:

2005 2006

1-1.51 1-0.84Plowback: = 1-Payout Ratio

-0.51 0.16

COMPARISON:

Comparatively Microsoft maintained it Plowback ratio better in 2006



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YEAR:

2005 2006

-0.51*0.17 0.16*0.18

Growth in Equity from

Plowback : = Plowback x ROE

-8.67% 2.88%

COMPARISON:

In growth in equity from Plowback in 2005, its indicated Negativegrowth, while in 2006 its was 2.88% almost 3.00%, which goodenough.



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4. Financial Leverage Ratios:

YEAR:

2005 2006

5,82348,115+5,8237,051

40,104+7,051

Capitalization Ratio: =Long-Term Debt

Capitalization*(Debt+Equity)

11% 15%

COMPARISON:

This Ratio indicated that the firm had 11% long term debt in 2005,

while in 2006, the firmed is financed by 15% long term debt, this

indicated that was in better position in 2005 as compared to 2006

YEAR:

2005 2006

5,82348,1157,05140,104

Debt to Equity Ratio: =Long-Term Debt

Shareholders Equity

12% 18%

COMPARISON:

Debt To Equity Ratio indicated, that the how much the firms assets

supported by debt financing, this is cleared from the calculation,

the firms was in better position in 2005 as compared to 2006.

YEAR:

2005 2006

16,877+5,82370,81522,442+7,051

69,597

Total Debt Ratio: =Total Liabilities*Total Assets*

32% 42%

COMPARISON:

This ratio indicates, that the how much the firms assets supportedby total liabilities, it cleared from the picture, the firms was in

better position in 2005 as compared to 2006.



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5. Interest Coverage Ratios:

YEAR:

2005 2006

14,5612,06716,4721,790

Time Interest Earned: =EBIT

Interest Expense

7.044% 9.20%

COMPARISON:

Microsoft had 9.20% interest Earned ratio in 2009, which is goodsing for the company.

YEAR:

2005 2006

14,5612,06716,4721,790

Cash Coverage : =EBIT+ Depreciation *

Interest Expense

7.044% 9.20%

COMPARISON:

Microsoft had 9.20% interest Earned ratio in 2006, which is goodsign for the company. While in 2005, it wash 7.044% which iscomparatively less than 2006.

* There was no depreciation mentioned in the balance

sheet; that why the value of Deprecation was taken ZERO



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Balance Sheets (Annex-A):

From the Balance sheet, I conclude the there is decrease total cash

and short-term investment, the figure reduces from $ 37,756 million to $

34,161 million with a 10.5% of decrease, whereas; the total current assets

has increase of $ 273 million. But the total current liability has been increased

$ 16,877 million to $ 22,442 million with a total change of $ 5,565 million and

75.2% in change where as the stock holders equity has been tremendously

reduction of $ 8,011 million. But overall the balance sheet show net decease

of $ 1,218 million from the previous year. The statements are not satisfactory

according to me, but I think there must be some hidden reserve investment

or some gain kept secret which is not furnished for valuation of statement.

Income statement (Annex-B):

Form the Income Statement Analysis, I find that the total operation

expenses had a tremendous increase of $ 2,583 million with a 10.23 % of

change, the revenue increased from 39,788 million to $ 44,282 million with an

absolute change of $ 4,494 million with 11.29 % of change, where as the net

income from all sources is just increased to $ 345 million, the earning per

share has an increase of 7.07% and 7.14 %, whereas, the weighted average

share outstanding is reduced to 3.69 % and 3.43 %.

(See Annexed: Balance Sheet & Income Statement for details)



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Summarized table of Ratios Analysis of Microsoft.

YEAR:SR.#: RATIOS NAME:

2005 20061. LIQUIDI TY RATIOS:

Current Ratio: 2.89 2.18

Quick Assets Ratio: 2.86 2.12

NWC Ratio: 45% 38%

Cash Ratio: 2.43 170

2. EFFICIENCY RATIOS:

Relievable Turnover: 5.54 4.75

Avg. Collection Period: 66 Days 77 Days

Days Sales Inventory: 0.86 0.82

Inv. Turnover in Days: 424 Days 445 Day

Days Sales Innovatory: 29 Days 70 Days

Assets Turnover: 56% 63%

3. PROFITABILITY:

Profit Margin: 30% 28%

Return on Assets: 17% 18%

Return on Equity: 25% 35%

Payout Ratio: 1.51 .84

Retained Earning Ratio: 66% 84%

Growth in Equity from Plowback: 8.67% 2.88%

4. FINANCIAL LEVERAGE RATIOS: Capitalization Ratio: 11% 15%

Debt to Equity Ration: 12% 18%

Total Debt Ratio: 32% 42%

5. INTEREST COVERAGE RATIOS:

Time Interest Earned: 7.044% 9.20%

Cash Coverage Ratio: 7.44% 9.20%



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Comments:

From the above ratios analysis of Microsoft that the current

ratio of the company is quit satisfactory in the Year: 2006,but not in 2005, because the ratio should lies within the

standard limit of 2.11, but in the year: 2006 it just above

standard limit which can be ignored but in 2005, the ratio

largely exceed the standard limit, which means the company

is inefficient in proper utilization of funds.

Acid test ration or the Quick Ratios on the other hand is quit

more the normal standard of 1.1, in the year: 2005 the

company holds more than the standard limit which means

the firms has not utilized the funds, in 2006, the firms has

maintained the standard limit by keeping the Ratio by:

1.937.1 which is just good enough than the previous year:

2005.



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Summary and Finding:

From this project report, I got to know Microsofts

financing position, investments plan, liquidity position,

solvency position, profitability ratios, net income, total

assets and liabilities, income from all possible operation,

considering income statement & balance sheet.

Moreover, I learnt the comparative statement analysis of

year: 2005 & 2006.

The total operating expenses has increased by: $ 2,583

million with a ratio increase 10.23% and net income

increase to $ 12,599 million.

The total current assets increased by 273 million with

0.58 %. the detail analysis and observation has been

discussed in the next page as Heading of Observation



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OBSERVATION:

From the ratios calculation / analysis; I have observedthat the company is passing through many up and downs

in the middle of the previous year, but some how the

company mange to control the total return at the end of

the period. But in the year: 2006 the company total

operating expenses had a tremendous increased of $

2,583 million with a 10.23 % of change, the revenue

increased from $ 29,788 million with 11.29% of change.

Where as the net income from all sources is just

increased to $ 345 million.

The earning per share has an increased of 7.07 $ and7.14 % whereas the weighted average share ousting is

reduce to 3.69%. But there is decreased total cash and

short term investment, the figure reduces from $ 37,756

million to $ 34,161 million with a 10.5% of decrease,

whereas the total current asset has an increase of $ 273

million. But the total current liability has been increased $

16,877 million to $ 2,2442 million with a total change of $

5,565 million and 75.2 % change whereas, the stock

holders equity has been tremendously reduction of $

8,011 million.

But overall the balance sheet shows net decrease of $

or some gains kept secrete which is not disclosed or

on of stock and income of the year:

2006.

1,218 million from the previous year i.e. 2005. The

statements are still not satisfactory according to me, but

I think there must be some hidden reserve, involvement

declared for valuati



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Major Suggestion:

Microsofts has tremendously increased the per capitaincome of the company in year: 2006 upto $ 12,599 million

with a net increase of $ 345 million and with 2.81% of

increase, but in 2006 the companys investment income is

greatly reduce $ 277 million with a net fall of 13.4% from

the pervious year; i.e. 2005. The company should try to

maintain a positive figure towards investment income by safe

guarding the invested amount in proper way. Microsofts

should give more attention towards short term investments

including securities.

I suggest that Microsofts should expand its business toHardware manufacturing and assembling Moreover, there is

opportunity for Microsoft to develop software for Mobile

Phone Sector. Though Microsofts is one of the leading

software firm, so should try to hold a position in hardware

production & Cell Phone Software Sector and than

Microsofts might be become the Global Leader in overall

Information Technology (IT) and as well as Mobile Phone

sector, which now a growing sector.

other funds. Particularly, the long-term investment also

management to improve the rate of

growth.

At last I suggest to the management of Microsoft to improve

their investment by imposing new policies, plans as well as

increased during the: 20052006. In case basic analysis I

want to suggest the



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CONCLUSION:

Microsoft is one of the most leading Software firm and remainson top among other software industries, creating a new

dimension for the next generations technology.

From the above, study I conclude that Microsofts has relativelyhigh earned revenue in an increasing order with an average net

growth rate of 9% to 18% and with a net income increases

every year with every new product and product update launch,

since last decade.

ies of product assurance and soas of its shareholders.

rm investment also increases to a high by the end of

2006.

ing launches of

Windows 07 & Microsoft Office 2010 System.

een

I do not expect a significant impact from year-over-year foreigncurrency exchange rates in fiscal year; 2010.

Microsofts always kept is polic

For this project report, I found that the Microsofts will increases

its amount of investment in a speed way. Microsofts also

generates new system eve in the firms production. Here; the

long-te

No doubt in the fiscal 2009-1-, I expect double digit revenue

growth primarily as a result of the upcom

I estimate worldwide PC shipments will grow between 10 % to

15 % and PC unit growth rates will be higher in the consumer

segment than in the boniness segment and higher in emerging

markets than in mature markets.

I estimate worldwide sever unit shipments will grow betw

15% to 20 % in fiscal year: 2010 as compare to 2005-2009.



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REFERENCE:

o http://finance.yahoo.com/news/category-stocks/

o http://finance.yahoo.com/news/category-economy-govt-and-policy

o http://in.finance.yahoo.com/

o http://www.microsoft.com/msft/reports/ar09/index.html

o http://www.microsoft.com/msft/reports/ar09/10k_fh_fin.html

o http://www.microsoft.com/msft/reports/ar09/10k_fr_mar.html

o http://www.microsoft.com/msft/reports/ar09/10k_fr_not.html

o http://www.microsoft.com/msft/reports/ar09/10k_fr_not_06.html

http://www.microsoft.com/msft/reports/ar09/10k_fr_dis.htmlo

http://www.microsoft.com/msft/reports/ar09/10k_fr_aud.htmlo

http://www.microsoft.com/msft/stock/default.mspxo

o http://www.thocp.net/companices/micrsoft/microsoft_company.htm

o www.morningstar.com

o http://wps.pearsoned.co.uk/wps/me

o

dia/objects/1669/1709846/023685988_ch06.pdf

http:// www.wikpedia.org.micrsoft.

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Documents

Microsoft_Financial Statements Analyisis _Aarif Shah_City University_Peshawar[1]