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1 Engineering Accounting Understanding Financial Statements Professor Cho, Seong-Pyo School of Business Kyungpook National University Financial Statements 0

2 Why accounting? Objectives of the firms Life is a series of decision makings - view of economist - What is the final criterion in decision makings in firms 1) TECHNOLOGY 2) Market 3) Ethic 4) Profit Financial Statements 1

3 Why accounting? Objectives of the firms Maximizing Profits under the legal and ethical environment. Providing the just goods and service which customers want in the market. Just = Q.C.T. How can we understand we make the just goods and service which customers want in the market? Financial Statements 2

4 Why accounting? Objectives of the firms Stockholder s capitalism Stakeholder s capitalism S.P.I.C.E. (Society, Partners, Investors, Customers, Employees) R. Sisodia, D. Wolfe, J. Sheth, Firms of Endearment: How World-Class Companies Profit from Passion and Purpose Consider Profits in every decision in the firm Financial Statements 3

(Society, Partners, Investors, Customers, Employees) R. Sisodia, D. Wolfe, J.

5 Why accounting? Trend of Accounting Discipline 1970 s s 2000 s Specific knowledge for accountants in the firms Most popular among disciplines in management Passion for accounting of managers who didn t major in accounting Cost is key concept in every division in the firm Financial Statements 4

for accountants in the firms Most popular among disciplines in management

6 Why accounting? Why should an engineer learn accounting? - To understand financial and accounting concepts and fundamentals in practice - To enhance the ability of information and communication, as manager - To understand R&D expenditures, target costing and technology valuation in R&D management - To understand financial and accounting knowledge in establishing and managing venture firms. Part I Understanding and Analyzing Financial Statements Part II Cost Accounting and Managerial Decisions Part III Investment Decision in Business Development The origin of Engineering : Satisfying the constraints of budget Financial Statements 5

understand R&D expenditures, target costing and technology valuation in R&D management - To understand financial and accounting knowledge in establishing and

7 Why accounting? present progress ( 現在進行型 ) 3 ING s in Business Market + ing Engineer + ing Account + ing Capturing needs of customers Realizing the needs in our products Evaluating our performance Financial Statements 6

8 Contents 1. Nature and Role of Accounting 2. Financial Statements 3. Value of Innovation (053) Financial Statements 7

9 1. Nature and Role of Accounting Accounting is a Process measuring, classifying, recording and analyzing financial transactions or events in a company, and an Information System providing useful information about an economic entity to interested persons for decision making. Financial Statements 8

company, and an Information System providing useful information about an

10 1. Nature and Role of Accounting Two aspects of Accounting Information Transaction Decision Making Input, Recording Processing, Analysis Financial Statements Processing Financial Statements 9

11 1. Nature and Role of Accounting Accounting provides Information about financial position at the end of the fiscal year in Statement of Financial Position(Balance Sheet), and about operating performance during the fiscal year in Statement of Income on a particular entity. Accounting is Business Language!!!! Financial Statements 10

Sheet), and about operating performance during the fiscal year in Statement of

12 1. Nature and Role of Accounting Performance of IT Companies Operations of Samsung Elec. Major IT Companies in Korea and US Operating Income Sales ($0.1 Bill) Samsung HP Apple IBM MS Intel Oracle Google Qualcomm Financial Statements 11

Major IT Companies in Korea and US Operating Income Sales

13 1. Nature and Role of Accounting # 1) Accounting provides comprehensive information on a firm Financial Statements 12

14 1. Nature and Role of Accounting Sources of accounting information Sources Homepage of the firms Disclosure in FSS Portal sites : Naver, Yahoo Stock Exchanges Information Agencies Stockbrokerage firms Financial Statements 13

Naver, Yahoo Stock Exchanges Information Agencies Stockbrokerage

15 1. Nature and Role of Accounting Sites providing financial information Site Address Feature Official Sites (free) Portal Sites Naver (free) BIZ park (charge alteration) US info (charge) Fn Guide (charge) official site providing financial information of large companies audited by external CPA. site providing information about stock price, financial affairs and finance related operations of domestic/outside companies financial accounting, financial events, management benefit, added value, cash resin, financial ratio and index, industrial company data analysis comparison of stock prices in Korean, American stock markets corporations, economic centers, banks totaling 60 companies analysis report Others Stockbrokerage Firms, Economic News #2) Accounting information is provided without costs. The first step approaching an organization is reviewing accounting information Financial Statements 14

com official site providing financial information of large companies audited by external CPA.

16 2. Financial Statements Basic structure of Income Statement Income Statement. Jan.1..1Dec.31. Company Name Performance from Major Activities Operating Activities Non-major Activities Performance from Financial Activities Discontinued Operations Other Activities Financial Statements 15

Company Name Performance from Major Activities Operating Activities

17 2. Financial Statements Structure of K-GAAP Income Statement (report form) OOO Ltd. For the Year Ended December 31, 20xx Continuing Discontinued Operations Nonoperations 매 출 액 (Sales) Revenue associated with the sale of a good, product or service (-) 매출원가 (Cost of Goods Sold) The cost of inventory sold = 매출총이익 (Gross Profit) Performance from Sales (-) 판매비와 관리비 (Sales and General Administration Expenses) Expenses incurred in divisions of sales and administration = 영업이익 (Operating Income) Performance in major operations (+) 영업외 수익 (Nonoperating Incomes) Revenues from interests, equity, dividends (-) 영업외 비용 (Nonoperating Expenses) Interest expenses.. = 법인세비용차감전계속사업손익 (Income from Continuing Operations before Income Taxes) Performance from continuing operations (-) 계속사업손익법인세비용(Income Taxes) Taxes imposed on continuing operations = 계속사업손익(income from continuing operations) Net performance from continuing operations (±) 중단사업손익(income from discontinued operations) Net performance from discontinued operations = 당기순이익 (Net Income) Net overall performance in the period 주당순이익 (Earning Per Share) * Revenues in Credit, Expenses in Debit. Net Income/number of stock issued Financial Statements 16

cost of inventory sold = 매출총이익 (Gross Profit) Performance from Sales (-) 판매비와 관리비 (Sales and General Administration Expenses) Expenses incurred in divisions of sales and administration = 영업이익

18 2. Financial Statements Structure of IFRS Statement of Comprehensive Income 매 출 액 (Sales) For the Year Ended December 31, 20xx 판매에 의한 수익 Continuing Discontinued Operations Non-major operations Discontinued operations Comprehensive (-) 매출원가 (Cost of Goods Sold) 판매된 제품 제조원가 또는 상품 구입원가 = 매출총이익 (Gross Profit) 제조 및 판매 활동에서의 성과 (-) 연구개발비 (R&D Costs) 연구비 및 개발비에 비용화 금액 (-) 판매비와 관리비 (Sales and General Administration Expenses) 판매부와 관리부의 비용 = 영업이익 (Operating Income) 영업활동에서의 성과 (±) 지분법 손익 (Gains/Losses on Equity) 지분법적용대상기업의 순손익의 지분 (±) 금융 손익 (Financial Incomes/costs) 이자수익(지출), 외환수익(손실) 등 (+) 기타영업외수익 (Other Non-operating Gains) 배당금, 수수료, 임대료수익, 자산처분이익 등 (-) 기타영업외비용 (Other Non-operating Losses) 자산처분손실 등 = 법인세비용차감전계속영업손익 경상적 계속 사업에서의 성과 (-) 계속사업손익법인세비용 계속사업에서 법인세납부액 = 계속영업손익 (income from continuing operations) 계속사업에서 순성과 (±) 중단영업손익 (income from discontinued operations) 중단된 부문의 성과로 법인세 공제후 금액 = 당기순이익 (Net Income) 당기의 순 성과 (±) 기타포괄손익 (Other comprehensive income) 매도가능증권평가이익 등 = 총당기포괄이익(Total comprehensive income) 당기순이익 + 세후기타포괄이익 주당이익 (Earning per Share) Financial Statements 17 당기순이익/보통주발행주식수

General Administration Expenses) 판매부와 관리부의 비용 = 영업이익 (Operating Income) 영업활동에서의 성과 (±) 지분법 손익 (Gains/Losses on Equity) 지분법적용대상기업의 순손익의 지분 (±) 금융 손익 (Financial Incomes/costs) 이자수익(지출), 외환수익(손실) 등 (+)

19 2. Financial Statements Structure Income Statement For the Year ended December 31, 2011 S Co. (unit : billion won) Performance from Major Activities Non-major Activities Performance from Amount % 1. Sales 120, % 2. Costs of goods sold 90, % 3. Gross profits 30, % (-) R&D expenses 9, % (-) S&GA 11, % 4. Operating income 11, % (+) Financial gains 4, % (-) Financial losses 4, % (+) Other Non-op. gains 2, % 5. Income before tax from C.O. 11, % (-) Corporate tax 1, % 6. income from continuing op. 10, % income from discontinued op % 7. Net income 10, % (±) Other com incomes (529) -0.4% 8. Total comprehensive income 9, % Operations Non-operations Tax Discontinued Other comprehensive * Rounding error may occurs in total amount Financial Statements 18

3% (-) Financial losses 4,212 3.5% (+) Other Non-op. gains 2,022 1.7% 5. Income before tax from C.O. 11,493 9.5% (-) Corporate tax 1,464 1.2% 6. income from continuing op. 10,029 8.

20 2. Financial Statements 경영성과 및 구성요소 해석 <0단계> 기간: 2011년도 <1단계> 매출액: 2011년도 120.8조원 <2단계> 최종성과 : 총당기포괄이익 9.5조원 <3단계> 총당기포괄이익의 구성요소별 성과를 파악한다. <3-1> 영업성과의 변동 : 영업이익이 11.7조원, 9.7% 1) 매출원가율 : 74.8% 매출총이익률 25.2% 2) 연구개발비 7.7%, 판매관리비 9.4%, 기타영업수익 2.7%, 비용 1.0% <3-2> 금융손익 : 금융수익 4조 003십억원(3.3%), 금융비용 4조 212십억원(3.5%) <3-3> 법인세비용 1조 464십억원 <3-4> 중단사업의 영향 : 중단사업손익은 없음 <3-5> 기타포괄손익의 영향 : 5,291억원 (-0.4%) A주식회사의 세전계속사업이익에서 영업이익이 101.8% 차지, 금융손익은 -1.8% 정도 Financial Statements 19

7%, 판매관리비 9.4%, 기타영업수익 2.7%, 비용 1.0% <3-2> 금융손익 : 금융수익 4조 003십억원(3.3%), 금융비용 4조 212십억원(3.

21 2. Financial Statements Analyzing Financial Statements Compare numbers of this year with them of past years: Trend analysis Compare numbers of the company with average of the industry: Common-size financial statements Compare numbers of the company with them of other competitive companies: Benchmarking Refer to footnotes of Compare numbers of the financial statements Review the relationship of assets, liabilities, capital, revenues and expenses Collect information from other sources. Financial Statements 20

22 2. Financial Statements Common-size Income Statement Year 2011, Company A Company P Company A Company P Amount (\ Billion) Increase (%) Compo sition(%) Amount ($ Million) Increa se(%) Comp osition (%) Amount (\ Billion) Compo sition(%) Amount ($ Million) Comp ositio n(%) Ⅰ. Sales 120, , , , Ⅱ. Costs of Good Sold 90, , , , Ⅲ. Gross Profits 30, , , , R&D Costs 9, , , , S&GA 11, , , , Other Gains and Losses 2, , Ⅳ. Operating Income 11, , , , Financial Income & Losses Ⅴ. Income before Tax 11, , , , Income Tax 1, , , , Ⅵ. Net Income 10, , , , Other Comprehensive I/L Ⅶ. Total comprehensive I. 9, , , , Financial Statements 21

23 2. Financial Statements 경영성과 해석 <0단계> 기간: 2011년도와 2010년도의 성과 <1단계> 매출액의 변동: 2011년도 121조원으로 7.63% <2단계> 최종성과 : 총당기포괄이익 10조원으로 32.6% 감소 <3단계> 총당기포괄이익의 변동원인을 파악한다. <3-1> 영업성과의 변동 : 영업이익이 12조원으로 21% 감소 1) 매출원가율 증가 : 74.8% 69.5% 2) 연구개발비 증가, 판매관리비 및 기타손익 상승 <3-2> 금융손익의 변동 : 2010년도에는 흑자 전환되었으나, 2011년도 2,090억원으로 다시 적자 전환됨 <3-3> 법인세의 변동 : 1.8조원에서 1.5조원으로 18.34%감소 <3-4> 중단사업의 영향 : 중단사업손익은 없음 <3-5> 기타포괄이익의 영향 : 5,290억원으로 161.6%감소 A사는 전년도보다 수익성과 성장성이 감소하였으나, 경쟁사인 P사는 호전됨 Financial Statements 22

24 2. Financial Statements Basic structure Statement of Financial Position OOO Ltd. December 31, 20xx 자 산 (Assets) 부채 및 자본 (Liabilities and Capital) 유동자산 (Current Assets) Resources which will be converted into cash within one year 부채 (Liabilities) Obligations which was financed from creditors and should be paid to them in the future. 타인자본 Creditor s Equities 자 산 비유동 자산 (Noncurrent Assets) Resources which have a life exceeding one year 자본 (Equity) 납입자본 (Paid-in capital) 유보자본 (retained earnings) Equity which was paid by owners. Accumulated earnings from the business that have not be distributed to stockholders. 자기자본 Owner s Equities <Debit> State of resources (Investments) <Credit> Sources of resources (Claims) Financial Statements 23

25 2. Financial Statements Structure Assets OOO Ltd. Current Assets 당좌자산 (Quick A) 재고자산 (Inventories) Non-current Assets 투자자산 (Investment) 유형자산 (Tangible A) 무형자산 (Intangible A) 기타비유동자산 (Other Non-C. A) Statement of Financial Position (account form) ASSETS To be quickly converted into cash (cash, cash in bank, accounts receivable, short-term investments..) Available for sale in the normal course of business or support the operation (materials, WIP, products ) Invested for interest/dividend or controlling other firms in long term. (equity securities, debt securities ) Tangible, long-lived assets used in production or sale of goods/services. (land, building, machinery, equipment, automobiles ) The rights, privileges, and the benefits of possession without physical existence but contributing profit (development cost, patent, copyright ) Deferred income taxes December 31, 20xx Liabilities LIABILITIES AND OWNER S EQUITY 유동부채 (Current L) 비유동부채 (Non-current L) Equity 자본금 (Capital Stock) 자본잉여금 (Capital Surplus) 자본조정 (Capital Adjustment) 기타포괄손익누계액 (Other Accumulated Comprehensive Income) 이익잉여금 (Retained Earning) Obligations expected to be paid in one year (accounts payable, shortterm borrowings, advances ) Obligations expected to be paid after one year (bonds, allowances, longterm borrowings ) Par value X number of issued shares Surplus from the transactions with stockholders (excess of par value ) Treasury stock Other comprehensive incomes not included in Income Statement. (Unrealized holding gains) Accumulated earnings from the business that have not be distributed to stockholders. Creditor s Equities Owner s Equities Debit (State of Resources) Credit (Sources of Resources) Financial Statements 24

26 3. Financial Statements Structure Statement of Financial Position S Co. December 31, 2011 (unit : billion won) Assets Amount % Amount % Current Assets 39, % Current Lia. 26, % Quick A. 29, % Non-current Lia. 1, % Inventories 5, % Liabilities 28, % Other CA 4, % Creditor s Equities Non-Current A 77, % Capital Stock % Investment 28, % Capital Surplus 4, % PPE 43, % Retained Earning 88, % Intangibles 2, % Other Capital -5, % Other NCA 4, % Equity 88, % Total 117, % Total 117, % Debit (State of Resources) <Principle of Equilibrium> Credit (Sources of Resources) Owner s Equities Financial Statements 25

27 2. Financial Statements 재정상태 및 구성요소 해석 <0단계> 시점: 2011년 12월 31일 <1단계> 자원 총계: 자산 총계 = 부채및자본 총계 117조원 <2단계> 자원의 조달 원천: 대변 - 자기자본 88.9조원 (75.7%) : 이익잉여금이 88.7조원 (75.5%) - 타인자본 28.6조원 (24.3%) : 유동부채 27조원, 비유동부채 1.6조원 <3단계> 자원의 보유 현황: 차변 - 유동자산 39.5조원 (33.6%) : 당좌자산 33.5조원 - 비유동자산 78조원 (66.4%) : 유형자산 43조원, 투자자산 28.4조원 Financial Statements 26

28 2. Financial Statements Sources Common-size Financial Position Statement Year 2011, 2010 Liabilities and Equities Liabilities Amount (\ Billion) Company A Company P Company A Company P Increa se(%) Compo sition(%) Amount ($ Million) Increas e(%) Compos ition(%) Amount (\ Billion) Composit ion(%) Amount ($ Million) Composi tion(%) Ⅰ. Current L. 26, , , , Account Payable 6, , , , Other C.L. 19, , , , Ⅱ. Non-current L. 1, , , , Non C.L. 1, , , , Liabilities Total 28, , , , Equities Ⅰ. Capital Stock , , Ⅱ. Cap. Surplus 4, , Ⅲ. Retained Earning 88, , , , Ⅳ. Other Cap. -5, , Equities Total 88, , , , L and E Total 117, , , , Financial Statements 27

29 2. Financial Statements Investments Common-size Financial Position Statement Year 2011, Assets Amount (\ Billion) Company A Company P Company A Company P Increase( %) Composit ion(%) Amount ($ Million) Increase( %) Composit ion(%) Amount (\ Billion) Composit ion(%) Amount ($ Million) Composit ion(%) Ⅰ. Current A. 39, , , , Cash 2, , , , Short-Term Investments 3. Account Receivables 11, , , , , , , , Inventories 5, , , Other C.A. 4, , , , Ⅱ. Non-current A. 77, , , , Long-Term Investments 28, , , , PP&E 43, , , , Intangibles 2, , , , Other NonCA. 4, , , , Assets Total 117, , , , Financial Statements 28

30 2. Financial Statements 재정상태 및 구성요소 변동 해석 <0단계> 시점: 2011년과 2010년 12월 31일 <1단계> 자원 총계의 변동: 자산 총계 117조원으로 전년도보다 9.59% 증가 <2단계> 자원의 조달 원천의 변동: 대변 - 자기자본 11.17% 증가, 자기주식 매각, 이익잉여금의 증가 - 타인자본 4.94% 증가, 유동부채 7.92% 증가, 비유동부채 감소 <3단계> 자원의 보유 현황의 변동: 차변 - 유동자산 8.98% 증가, 매출채권 및 현금, 재고자산 증가 - 비유동자산 9.90% 증가, 투자자산, 유형자산, 무형자산 증가 A주식회사는 P사에 비하여 자기자본이 비중이 높음 P사는 유형자산의 비중이 매우 낮고 투자자산의 비중이 높음 Financial Statements 29

31 2. Financial Statements Types of financial statements (재무제표 財務諸表 ) Determining a profit Information on business activity in a period - Statement of Income : Operating performance for an accounting period (revenue - expenses = net income (loss)) - Statement of Cash Flows : Flow of cash during an accounting period (cash inflow cash outflow = increase or decrease in cash) Information on financial position on a point of time - Statement of Financial Position : financial condition at the end of accounting period (assets = liabilities + equities) (equities in the end equities in the beginning = net income) Distributing a profit and changes in capital - Statement of Stockholders Equity: schedule of changes in items of capital Financial Statements 30

32 2. Financial Statements Relationship among F/S Income Statement (period t) (Rev. - Exp = Income) 4,000 2,800 = 1,200 Financial Position (end of t-1) Assets cash 8,000 Liabilities Equity 6,000 Stockholders Equity (period t) Begin + Inc Dec = Ending 6, ,200 0 = 7,200 Financial Position (end of t) Assets cash 7,900 Liabilities Equity 7,200 Cash Flow Statement (period t) (Receipt Expend = Change in Cash) 3,500 3,600 = -100 t-1 Period t t+1 Financial Statements 31

33 3. Value of Innovation Trend of Stock Price of Apple No.1 in Market Capitalization $658B Exxon Overtakes MS May 2010 Walmart Financial Statements 32

34 3. Value of Innovation Apple Sept. 26, 25, 24? Sales Growth 66% 52% 32% Operating Margin = Operating income/sales 32% 28% 27% 19% Net Income Growth 85% 70% Financial Statements 33

35 3. Value of Innovation Apple Growth rate of i Phone 90% (80% of Apple sales growth) % of iphone in sales 43% 39% 30% 18% % of iphone + ipad in 2011 sales 62% Financial Statements 34

36 3. Value of Innovation iphone Who Captures Value in a Global Innovation Network? Kenneth L. Kraemer, Greg Linden, and Jason Dedrick University of California, Irvine, University of California, Berkeley and Syracuse University March 2009 July 2011 Financial Statements 35

37 3. Value of Innovation iphone Source: Capturing Value in Global Networks: Apple s ipad and iphone - Kenneth L. Kraemer, Greg Linden, and Jason Dedrick - Financial Statements 36

38 3. Value of Innovation Sales Price Gross Profits Labor Costs Materials Financial Statements

39 3. Value of Innovation Value Added in Supply Chain Value-added in iphone (Apple & Suppliers) Materials $120 Manufacturing Labor $29 Sales Price $549 Gross Profits = Sales COGS = $549 ($120+29) = $401 = S&GA + R&D Costs + Depreciation + Operating Income Value-added = Sales Price Materials = $549 - $120 = $429 Source: Who Captures Value in a Global Innovation Network?: The Case of Apple s ipod - Greg Linden, Kenneth L. Kraemer, and Jason Dedrick - Financial Statements 38

40 3. Value of Innovation Value Added in Supply Chain Supply Chain of iphone Source: Who Captures Value in a Global Innovation Network?: The Case of Apple s ipod - Greg Linden, Kenneth L. Kraemer, and Jason Dedrick - Financial Statements 39

41 3. Value of Innovation Value-added in Income Statement Income Statement Manufacturing costs 판매가 (Sales price) (-) 매출원가 (Cost of Goods Sold) 재료원가 (Purchase inputs) 노무원가 (Direct Labor) 간접원가 (Indirect costs) = 매출총이익 (Gross Profit) (-) 판매비와 관리비 (S&GA) (-) 연구개발비 (R&D) (-) 감가상각비 (Depreciation) 부가 가치 (VA) 매출 총이익 (GP) = 영업이익 (Net Profit) Financial Statements 40

42 3. Value of Innovation Distribution of Value in iphone Value-added in Income Statement Income Statement Amount Value-added Countries Amount % 판매가 (Sales price) $ % (-) 재료원가 (Purchase inputs) $ % (-) 노무원가 (Direct Labor) = 매출총이익 (Gross Profit) 직접인건비 China $ % Others $ % Apple $ % (-) 판매비와 관리비 (S&GA) US $ % 부가 (-) 연구개발비 (R&D) 가치 Japan $ 3 0.5% (VA) 매출 (-) 감가상각비 (Depreciation) ($429) 총이익 Korea $ % Taiwan $ 3 0.5% EU $ 6 1.1% = 영업이익 (Net Profit) Others $ % Financial Statements 41

43 3. Value of Innovation Distribution of Value in iphone Questions How can Apple earn 58.5% of sales price in iphone? How much is the share of Japan? 0.5%? How much is the share of China, manufacturer? How much is the share of Korea? What is the differences between company 2.0 and company 3.0? Is it correct? iphone should be made in USA Financial Statements 42

44 3. Value of Innovation Distribution of Value in iphone Additional analysis in materials Total material costs in iphone : $120 Parts from Korea : A4 Processor, display, memory, camera, battery (Samsung, LG) 46% of total material costs $120 * 0.46 = $55 material costs from Korea domestic portion in the parts: 60-70% Real portion of domestic technology is about 50%. value-added in Korea : $27 value-added in Japan : $28 Recalculate the portions of Korea and Japan: value-added in Korea : $ = $53 value-added in Japan : $ = $31 Source: 조신Blog에서 일부 자료 참조 숨은그림 찾기: 아이폰 이윤, 애플이 58.5% 한국기업이 4.7% 챙겼다는데 Financial Statements 43

45 3. Value of Innovation Distribution of Value in iphone Value-added in Income Statement (revised) Income Statement Amount Value-added Countries Amount % 판매가 (Sales price) $ % (-) 재료원가 (Purchase inputs) $ 120 Others $ % (-) 노무원가 (Direct Labor) = 매출총이익 (Gross Profit) 직접인건비 China $ % Others $ % Apple $ % (-) 판매비와 관리비 (S&GA) 부가 US $ % (-) 연구개발비 (R&D) (-) 감가상각비 (Depreciation) 가치 (VA) 매출 ($429) 총이익 Japan * Korea $ $ % 9.7% Taiwan $ 3 0.5% EU $ 6 1.1% = 영업이익 (Net Profit) Others $ % * Value of Japan may be added from the parts produced in other countries. Financial Statements 44

46 3. Value of Innovation Distribution of Value in iphone Implications Apple $321 S/W, IP, Design, Product Planning, Marketing Innovation pays Japan Korea China Materials & Basic Tech. High Value Parts Manufacture $31 $53 $10 Others $134 China makes almost nothing out of Apple's ipads and iphones Tim Worstall (Forbes 12/24/2011) Financial Statements 45

47 3. Value of Innovation "애플 앱스토어의 가장 혁신적인 특징은 바로 소프트웨어의 중간 유통단계를 없앤 것입니다. 앱스토어를 통해 개발자가 소비자와 직접 만날 수 있는 장을 마련했고, 거기에서 발생하는 수익의 70%를 개발자가 가져가는 매우 혁신적인 규칙을 만들어냈습니다. 소리바다 양정원 대표 Apple has innovated an ecosystem of distribution channel. Financial Statements 46

48 3. Value of Innovation Value Added in Supply Chain Countries in Supply Chain of IPhone Korea Japan Apple China Source: Who Captures Value in a Global Innovation Network?: The Case of Apple s ipod - Greg Linden, Kenneth L. Kraemer, and Jason Dedrick - Financial Statements 47

49 3. Value of Innovation Value Added in Supply Chain Market Share of Major Smart Phones Samsung Others Samsung Apple Apple Nokia HTC Nokia RIM "삼성은 세계 최강, 애플은 미국 최강, 아이뉴스, :24 최근 4년 주요 스마트폰업체 시장점유율 추이. 2012, 2013년은 예측치. 디스플레이서치 제공. Financial Statements 48

50 3. Value of Innovation 2012 Performance of Apple Sales Growth 45% Operating margin 35.3% Financial Statements 49 Growth in Net Income 61%

51 3. Value of Innovation Distribution of Value in iphone Questions How can Apple earn 58.5% of sales price in iphone? How much is the share of Japan? 0.5%? How much is the share of China, manufacturer? How much is the share of Korea? What is the differences between company 2.0 and company 3.0? Is it correct? iphone should be made in USA How much is the impact of Iphone on US GDP? Financial Statements 50

52 3. Value of Innovation Can one little phone impact GDP? New iphone could boost U.S. GDP by up to 0.5 percent JP Morgan says "Calculated using the so-called retail control method, sales of iphone 5 could boost annualized GDP growth by $3.2 billion, or $12.8 billion at an annual rate," Feroli wrote. That 0.33 percentage-point boost, he added, "would limit the downside risk to our Q4 GDP growth protection, which remains 2.0 percent." Feroli laid out his math. J.P. Morgan's analysts expect Apple to sell around 8 million iphone 5s in the fourth quarter. They expect the sales price to be about $600. With about $200 in discounted import component costs, the government can factor in $400 per phone into its measure of gross domestic product for the fourth quarter. 8 million X ($ ) = $3.2 billion / 4Q * 4 = $12.8 billion/yr 0.33%p of GDP Financial Statements 51

53 3. Value of Innovation Recent Trend of Apple Iphone5 released on Sept. 12 Financial Statements 52

54 3. Value of Innovation Most products of Samsung are disappeared in IPhone 5 (2012/09/21) Why There May Be an iphone 5 Shortage (2012/10/08) Apple s iphone 5 Is Pried Open and Its Profitable Secrets Start Bursting Out Financial Statements 53

55 Wrap Up The role of technology in increasing firm s value Customer Market Firm Value to Customer Price Costs > > Surplus of customer Profit of firm Financial Statements 54

56 Wrap Up Financial Statements 55

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