考文垂大学-商科课程-财务报表分析-比率分析 PPT课件

1 M17EFA FinancialStatementAnalysisandValuation Interpretationoffinancialstatementsusingratioanalysis 2 Learningobjectives Bytheendofthissessionstudentsshouldbeableto Calculateaccountingratiosforprofitability liquidity efficiency capitalstructureandinvestorsUsetheseratiostoassesstheperformanceofacompanyovertime 3 Categoriesofratio Ingeneralratiosarebrokenintofivegroupsdealingwith ProfitabilityEfficiencyLiquidityCapitalstructure gearing InvestorsSomeoverlapbetweentheseareasRememberthatinordertomakeuseofratioswemusthavesomethingtocomparethemagainst 4 Limitationsofratioanalysis Financialstatementsarehistoricinnature backwardratherthanforwardlooking outofdate Comparisonofresultsmadedifficultby UseofdifferentaccountingpoliciesOneoffitemsthatdistortresults eg largebaddebt restructure redundancy Definitionused eg ROCE Gearing capitalemployed Yearendbalancesnotalwaysrepresentativeofperiodasawhole eg highinventorylevelsbeforeXmas Ratioanalysismayindicateproblems itwon tnecessarilyrecommendsolutions 5 Interpretationtechnique Suggestreasonswhyperformancehasimproved declinedUseratiostosupportyouranalysisMakeuseoffinancialstatementsprovidedaswellasratios eg makeupofCurrentassets liabilitiesisoftenmoreusefulthanthecurrentratio acidtest MakerecommendationsbasedonyouranalysisStateanylimitations furtherinformationneededItisnotnecessarytocalculateeveryratio 6 Interpretationoffinancialstatementsusingratioanalysis Detailedexample ContinentalRestaurantsplc 7 Annual changeinrevenue Formula Revenuein20X5 Revenuein20X4x100Revenuein20X4 8 Annual changeinrevenue Calculation 20X47 026 484 6 566 805x100 7 0 6 566 80520X58 422 157 7 026 484x100 19 9 7 026 484 9 Annual changeinrevenue Comments Revenueduring20X5was19 9 higherthan20X4Growthdueto OpeningoftwonewrestaurantsExistingrestaurantsbecomingestablishedandgainingloyalcustomerbase 10 Profitabilityratios 11 Grossprofitmargin Formula GrossProfitx100 Revenue 12 Grossprofitmargin Calculation 20X4 4 279 904x100 60 9 7 026 48420X5 5 211 238x100 61 9 8 422 157 13 Grossprofitmargin Comments Onlytakesintoaccountcostofsales eg foodcosts In20X5 forevery 100ofsales thecompanymakesagrossprofitof 61 90Significantimprovementon20X4Maybedueto LoyalcustomerbasehasallowedrestaurantstoincreasepricesChangeinsalesmixIncreaseinsizeallowscompanytonegotiateimproveddiscountsfromsuppliersMoreexperiencedstaffresultinginbetterportioncontrolandlesswaste 14 Profitfromoperations Formula Profitfromoperationsx100 Revenue 15 Profitfromoperations Calculation 20X4 1 260 216x100 17 9 7 026 48420X5 1 513 358x100 18 0 8 422 157 16 Profitfromoperations Comments TakesintoaccountcostofsalesandallotheroperatingexpensesIn20X5 forevery 100ofsales thecompanymakesaprofitfromoperationsof 18 00Alternativelyforevery 100ofsales 82coversfoodcosts wagesandotherexpenses thebalanceisprofitfromoperationsNosignificantimprovementon20X4despiteimprovementingrossprofitmarginMaybedueto FailuretocontrolbusinessexpensesasnumberofrestaurantsexpandsImpactofoneoffcosts eg settingupnewrestaurants Breakdownofexpensesrequired 17 Controlofstaffcosts Formula Staffcostsx100 Revenue 18 Controlofstaffcosts Calculation 20X4 1 150 639x100 16 4 7 026 48420X5 1 460 166x100 17 3 8 422 157 19 Controlofstaffcosts Comments IndicateshowwellthecompanyiscontrollingemployeecostsIn20X5forevery 100ofsales 17 30wasspentonwagesandsalariesIncreaseonpreviousyear andthishasalmostwipedoutgainsarisingfromimprovementingrossprofitmarginMaybedueto ShortageofskilledlabourLocationofnewrestaurants 20 ReturnonCapitalemployed ROCE Formula Profitfromoperationsx100 CapitalemployedNote Capitalemployed shareholders fundsandLTdebtSeveraldifferentdefinitionsofcapitalemployed beconsistent 21 ROCE Calculations 20X4 1 260 216x100 21 6 5 078 210 750 00020X5 1 513 358x100 22 7 5 914 134 750 000 22 ROCE Comments IndicateshowefficientlyanorganisationutilisesthelongtermfundsatitsdisposalIn20X5forevery 100oflongtermfundsinvested thebusinessmadeareturnof 22 70Significantimprovementon20X4Comparewith InterestrateReturnsavailableelsewhere 23 Liquidityratios 24 Currentratio Formula CurrentAssetsCurrentLiabilities 25 Currentratio Calculations 20X4 2 954 210 7 6388 36420X5 2 416 669 9 2263 911 26 Quickratio Formula CurrentAssets InventoryCurrentLiabilities 27 Quickratio Calculations 20X4 2 954 210 37 625 7 5388 36420X5 2 416 669 61 579 8 9263 911 28 Liquidityratios Comments Whencommentingonliquidityalwaysconsiderthemakeupofcurrentassets toomuchinventory receivables In20X5 forevery 1ofshorttermliabilities thebusinesshad 9 20ofcurrentassets 8 90ofquickassets 29 Liquidityratios Comments Withover 2millionincashthebusinesscurrentlyhasnoliquidityproblemsHoweverholdingsuchhugeamountsofcashfortoolongmayindicateaninefficientuseofbusinessresourcesBecarefuloftextbook recommended currentratioof2 1McDonald s Tesco ManUtdoperatewith0 2 1 30 Useofassets efficiencyratios 31 AssetTurnover Formula Revenue Capitalemployed 32 Assetturnover Calculations 20X4 7 026 484 1 215 078 210 750 00020X5 8 422 157 1 265 914 134 750 000 33 Assetturnover Comments In20X5forevery 1invested thebusinessmakes 1 30ofrevenueThisisaslightimprovementon20X4andisdespiteopeningtwonewrestaurantsduring20X5 34 Inventoryturnoverperiod Formula AveInventoryx365daysCostofSalesNote Useclosinginventoryisaveragenotavailable beconsistent 35 Inventoryturnoverperiod Calculations 20X4 37 625x365days 5days2 746 58020X5 61 579x365days 7days3 210 919 36 Inventoryturnoverperiod Comments IndicateshowlongonaveragegoodsareheldininventoryFreshfoodshouldbeheldfornomorethanafewdays BWSmaybeheldlongerNomajorproblemswithinventorycontrolpolicy 37 Averagetradereceivablescollectionperiod formula Tradereceivablesx365daysCreditsalesorRevenue 38 Averagetradereceivablescollectionperiod Calculations 20X4 206 777x365days 11days7 026 48420X5 256 729x365days 11days8 422 157 39 Averagetradereceivablescollectionperiod Comments ProvidesanindicationofhowquicklycustomerstaketopayforcreditsalesUKaverageis30daysLengthycollectionperiodmightindicate IncreasedriskofbaddebtsPotentialcashflowproblems 40 Payablespaymentperiod Formula TradePayables x365daysPurchases ORCOS 41 Payablespaymentperiod Calculations 20X4 388 364x365days 52days2 746 58020X5 263 911x365days 30days3 210 919 42 Payablespaymentperiod Comments Providesanindicationofhowquicklyabusinesspaysitstradepayables suppliersTakingtoolongwillimpactuponanorganisationscreditratingandmightmeanthatitmissesoutondiscountsforpromptpayment30daysisinlinewithUKaverageandrepresentsasignificantimprovementon20X4 43 DuPontanalysis 44 DuPontanalysis 45 DuPontanalysis 20X4 46 DuPontanalysis 20X5 47 DuPontanalysis LinksprofitabilityandefficiencyratiosSplittingtheROCEintothese2componentscangivefurtherinformationaboutperformanceForexamplemaybeabletoimproveprofitsthroughmakingbetteruseofresources efficiency 48 Capitalstructure 49 Gearingratio Formula Nonequityfundsx100Nonequityfunds ShareholdersFundsNote Severaldefinitionsofcapitalemployed beconsistent 50 Gearingratio Calculations 20X4750 000 x100 12 9 750 000 5 078 21020X5750 000 x100 11 3 750 000 5 914 134 51 Gearingratio Comments IndicatesbusinessesrelianceonlongtermdebtIn20X5forevery 100oflong termfunds 11 30isintheformoflong termdebtBalance 88 70 isprovidedbyshareholdersOncegearingcreepsabove50 ProfitmaynotcompletelycoverinterestpaymentsLongtermlendershaveinvestedmoreinthebusinessthanshareholdersandhavemoretoloseintheeventofbusinessfailureBusinessesareseenasariskierinvestment 52 Investorratios 53 Ordinarydividendcover Formula ProfitattributabletoordinaryshareholdersOrdinaryDividend 54 Ordinarydividendcover Calculations 20X4 863 957 3 0times286 45420X5 1 179 669 3 4times343 745 55 Ordinarydividendcover Comments In20X5thecompanyhassufficientprofitstopayitsordinarydividend3 4timesSufficientfundstopaydividendandretainsomeprofitstofundfuturegrowthofthebusiness 56 Dividendpershare pence Formula Dividends equity Numberofsharesinissue 57 Dividendpershare pence Calculations 20X4 286 454 0 03 3 0p9 548 47020X5 343 745 0 036 3 6p9 548 470 58 Dividendpershare pence Comments In20X5foreachshareowned ashareholderwillreceiveadividendof3 6pence Slightincreaseon20X4 59 Dividendyield Formula Dividendpershare equity x100Marketvaluepershare 60 Dividendyield Calculations 20X4 3 0 x100 2 9 105 020X5 3 6x100 2 7 135 0 61 Dividendyield Comments In20X5foreachshareowned ashareholderreceivedadividendthatrepresentsareturnof2 7 whencomparedwiththemarketvalueofoneshareAlthoughthedividendpersharehasincreased dividendyieldhasfallenslightlysince20X4 62 Earningspershare Formula ProfitattributabletoordinaryshareholdersNumberofordinarysharesinissue 63 Earningspershare Calculations 20X4 863 957 0 09 9 0pence9 548 47020X5 1 179