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The purpose of this report is to analyze the financial position of Ballard Power Systems Incorporated (Ballard). Using the annual reports provided by the company, the audited financial statements, the accompanying notes and Generally Accepted Accounting Principles (GAAP) this analysis will provide insight into Ballard’s financial health as of December 31, 2002.
INCOME STATEMENT
Ballard’s financial performance has been one of losses.
Net Earnings:
$US millions 2002 2001 2000
Net Losses -$146 -$96 -$52
% Change 162% 266% 209%
Accumulated deficit -$362 -$214 -$118
Ballard incurred a net loss of $146 million in 2002 compared to a net loss of $96 million in 2001 and $52million in 2000. ...
The chart below demonstrates the current trend of Ballard’s revenues and expenses. ... 1
Revenue Segments Acquisition2001/2 2002% of Total Revenues 2001% of Total Revenues 2000% of Total Revenues
Technology and Corporate 0 0% 0% 0%
Power Generation Ebara – (2002)Alstrom (2002) 3% 10% 39%
Transportation Xcellsis (2001) 72% 63% 61%
Electric Drives and Power Conversion Ecostar (2001) 9% 1% 0%
Material Products Textron carbon products(2001) 17% 25% 0%
Total 100% 100% 100%
The transportation segment contributes the lions share of revenues representing 72% of the total or $66million for 2002. ... 4)
Total expenses for Ballard increased 81% to $237 million in 2002 from $131. ... 4million represents the amounts not under Ballard ownership. ... This was the result of Ballard acquiring a number of the businesses in which they held equity positions. With 49% ownership, Ballard accounts for their holdings with Alstom and Ebara Ballard under the equity method. ...
BALANCE SHEET
The balance sheet provides information regarding Ballard’s liquidity, solvency and financial flexibility. ... Ballard does not have a liquidity problem as for every dollar of current liabilities there is $5. ... Ballard has favourable short term liquidity.
Approximate Word count = 1474
Approximate Pages = 5.9
(250 words per page double spaced)
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