创业金融课件2

net profit % = net profit or revenue return on sales (ROS)
=
profit before tax (PBT) − corporate income tax revenue
Profitability Ratios
• return on investment (ROI) = operating profit _____ (pre-tax) • or return on capital employed total assets – current liabilities • (ROCE) % (usually averaged) • • • return on equity (ROE) = profit after tax__ • equity • Return on assets • (ROA)
(or purchases)
inventories value_________ average daily cost of sales in period
• • •
finished goods average weekly dispatches
raw materials average weekly raw material usage
• Problems arise from the differences in approach, and alternative methods used to value the different categories of assets and liabilities:
• • • non-current assets brand names goodwill
Profit (or loss) vs Cash
• The statement of cash flows is directly related to both the income statement and the balance sheet, and the links between them may be quantified and reconciled.
Profitability Ratios
Profitability Ratios
• • • • • • • • • • • • • gross profit % = gross profit revenue = revenue − cost of sales (COS) revenue operating profit % = operating profit = revenue − COS − other operating expenses revenue revenue or profit before interest and tax (PBIT) profit before tax % (PBT) = profit before tax revenue = operating profit +/− net interest revenue
Investment Ratios
• • • • • • • • • • • • • Dividend yield % = dividend per share current share price = current share price eps Price/earnings ratio or P/E ratio
• Care must be taken in reviewing business performance, primarily because of lack of consistency in definitions, and changes in economic conditions.
Ratio Analysis
The relationship between risk and return
The Balance Sheet
•Non-current assets • tangible non-current assets • intangible non-current assets • financial assets
•Current liabilities • short-term financial debt • trade payables (short-term) • accruals
•Non-current liabilities
• long-term financial debt • trade payables (long-term) • provisions
Operating cycle (days) = inventories days + receivables days – payables days Operating cycle % = working capital requirement (inventories + receivables – revenue payables)
Quick ratio (times) or acid test
=
current assets – inventories_ current liabilities
Defensive interval (days) =
quick assets_____ (current assets – inventories) average daily cash from operations
The Income Statement
An Example of a Balance Sheet (Horizontal Format)
The Balance Sheet
•Equity
• share capital • share premiums • retained earnings
The Balance Sheet
Asset turnover (times) =
revenue __ total assets
Liquidity Ratios
Liquidity Ratios
• • Current ratio (times) = current assets__ current liabilities
• • • • •
The Income Statement
The Income Statement
The Income Statement
The Income Statement
Profit (or loss) vs Cash
• The profit (or loss) earned during an accounting period is not the same as the cash flow generated during the period.
•An important area of business performance review is the use of ratio analysis looking at
• profitability • efficiency • liquidity • investment • growth • financial structure
The Balance Sheet
•Current assets • inventories • trade receivables • cash and cash equivalents
• prepayments
The Balance Sheet (Vertical Format)
Valuation of assets
•
• •
research and development costs
inventories receivables
•
foreign currency transactions
Balance Sheet Issues
•There are limitations to the conventional balance sheet, arising not only from the fact that it is a historical document, but from inconsistencies in its preparation because of the • differences between companies and industries • employment of various asset valuation methods • off-balance sheet financing • window dressing
Dividend per share
=
total dividends paid to ordinary shareholders number of ordinary shares in issue
Dividend cover
ห้องสมุดไป่ตู้
=
earnings per share dividend per share
• The cash flow generated during an accounting period is a matter of fact and does not rely on judgement or the use of alternative conventions or valuation methods.
Investment Ratios
Investment Ratios
• • • • • • • • Earnings per share (eps) = profit for the year – preference share dividends number of ordinary shares in issue