今回は、日本マクドナルドホールディングス<2702>(以下、マクドナルドHD)を分析する。2014年夏の使用期限切れ鶏肉問題や15年の異物混入問題で厳しい経営状況と言われているが、どの程度厳しいのだろうか。
05~14年12月期までの10年間を分析してみた。キーワードは、危機のレベルの確認である。

 営業効率(もうかるか指標)、資本効率(株主評価指標)は急落、天井値から底値、まるで天国から地獄へ落ちたような悪化だ。生産効率(人の利用度)は、右肩上がりトレンド。直営店のFC店化を進めていた。人手のいる直営店が減り、従業員数が減る。当然、FC店への物販が増え、店舗売り上げは減少し、相殺して減収トレンド(09年以降)。減収より、従業員数減少が強いため改善したのだ。

 資産効率(資産の利用度)は、生産効率で説明した減収が響いて、悪化トレンドだ。流動性(短期資金繰り指標)は改善トレンド、安全性(長期資金繰り指標)は、ほぼ天井値。

 上記全てを加味したグラフ、企業力総合評価は、8年間積み上げてきた企業力を一瞬にして消し去り、この先、同じトレンドを続ければ、あと1年で破綻懸念領域という危機である。まったく予断を許さない。

 マクドナルドHDは4月16日にビジネス・リカバリー・プラン(16年度の数字は示さず、15年のプランを実行することで16年度黒字化すると記載)を発表した。内容の詳細は譲るとして、15年度予定決算数字概略は、売上高2000億円、営業損失250億円、経常損失310億円、当期損失380億円、220億円の借入金増加を見込んでいる。

 改善計画どおりであった場合、マクドナルドHDはどうなるのだろうか。キーワードは、経営計画の妥当性だ。

 まず、過去に食品不祥事を起こした雪印乳業を見てみよう。マクドナルドHDと同じく続けざまに2回、食中毒問題と牛肉偽装問題があった。

00~05年までの6年間の分析。(00年個別財務諸表、01年以降連結財務諸表)

「悪化」を読んでみる。01年は57P下落し、悪化成り行き倍率1年と、マクドナルドHDと同じ危機レベルだ(青矢印)。営業効率・資本効率も底値で両社同様。生産効率は、業種の特質で雪印乳業がよい評価である。資産効率は、両社青信号領域だ。流動性・安全性の財務体質は、マクドナルドHDが圧倒的によいと言える。

「改善」は、下表の01年以降の数字を読む。雪印乳業は、売上を1/4、総資産を1/3、従業員数を1/5にし、この大リストラが功を奏し売上高経常利益率は7.53%改善しV字回復を達成した。

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" unselectable="on">

 

            マクドナルドHDのビジネス・リカバリー・プラン数値を分析してみた。
企業力総合評価はさらに悪化して、63.16Pとなり傾きが緩やかになったものの、いまだに悪化成り行き倍率1年である。悪化成り行き倍率1年とは、「このままの経営状況を続ければあと1年で破綻懸念へ行くほど企業力を下げた。だから対策をとって下さい」という警告である。しかし、このプランは63.16Pしか獲得できず、このままでは警告どおり(?)≒破綻懸念となってしまう。

 下表に会社が明示したビジネス・リカバリー・プランの数値のみを表示する。雪印乳業の数字と見比べてみよう。16年度の改善を予想できるだろうか?

<まとめ>
①危機のレベル、捕捉できているのか。②経営計画の妥当性、検証できているのか(他社事例研究が有用)。この苦難を乗り越え日本人に愛されるハンバーガーチェーンになることを期待する。

文:株式会社SPLENDID21 代表取締役社長 山本純子