Financial performance财务分析

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财务指标解析

EBIT主要看的是经营活动，通过剔除所得税及利息，可以使投资者评价项目的时候不用考虑项目适用的所得税率和融资成本，这样方便了投资者将项目放在不同的资本结构中进行考察。
息税折旧摊销前利润 Earning before interest tax depreciation and amortization (EBITDA)
资产=负债+所有者权益 ASSETS = LIABILITIES + EQUITY
资产 Assets
负债 Liabilities
所有者权益 Shareholder's Equity
资产负债表结构
流动资产 Current Assets
资产
流动负债 Current Liabilities 长期负债 Non-current Liabilities
生产利润 Industrial margin
Industrial margin means total revenue minus the variable cost and fixed cost. 生产利润是指收入减去变动成本和固定成本后的利润。 It is the same concept of gross margin in management accounting. 在管理会计中，也被称之为毛利。 Industrial margin ratio= (revenue – variable cost- fixed cost)/ revenue *100%
Template of GMM
经营性现金流 Operating cash flow
• • • • • • • • • • • • • • • • 经营活动（1）收到现金 1销售商品、提供劳务内容：商品、提供劳务收到的现金（含销项税金、销售材料、代购代销业务） 2税费返还内容：返还增值税、消费税、关税等 3收到其他经营活动内容：罚款收入、个人赔偿、经营租赁收入等（2）支付现金 1购买商品、接受劳务内容：购买商品、接受劳务支付的现金（扣除购货退回、含进项税） 2支付职工内容：支付给职工的工资、奖金、津贴、劳动保险、社会保险、住房公积金、其他福利费（不含离退休人员，在其他） 3支付的各项税费内容：本期实际缴纳的增值税、消费税、营业税、关税、所得税、矿产资源补偿费、“四税”等各项税费（含属于的前期、本期、后期，不含计入资产的耕地占用税） 4支付其他经营活动内容：罚款支出、差旅费、业务招待费、保险支出、经营租赁支出等

财务分析报告英文版

Short Term Liquidity Ratio
The short term liquid ratio has retained stable at around 1.5, indicating good short term liquid management and debt servicing ability
Intangible Assets
An evaluation of these assets as trademarks, patents, and goodwill, their value, and the impact they have on the company's operations
A breakdown of inventory by category, its value, and the carrying cost The analysis also includes an assessment of inventory turnover rates and objectivity
To assist management in making informed decisions about the future direction of the company
03
02
Overview of Financial Performance
Revenue Analysis
The company's revenue is seasonal, with the fourth quarter being the peak period due to holiday spending and end of year sales

财务分析英文

Financial AnalysisIntroductionFinancial analysis is a crucial aspect of any business operation. It involves evaluating financial statements and other relevant data to gain insights into the financial health and performance of a company. This analysis helps in making informed decisions, identifying areas for improvement, and predicting future trends. In this document, we will discuss various aspects of financial analysis and their importance in the business world.Objectives of Financial AnalysisThe primary objectives of financial analysis are as follows:1. Assessing Financial PerformanceFinancial analysis allows businesses to evaluate their financial performance over a specific period. It helps in understanding the company’s profitability, liquidity, solvency, and efficiency. By analyzing financial ratios and metrics, such as return on investment (ROI), current ratio, and debt-to-equity ratio, companies can determine their status and compare it with industry standards.2. Detecting Financial TrendsFinancial analysis helps in identifying and understanding financial trends. By analyzing historical financial data, businesses can detect patterns and make predictions about future performance. This allows them to anticipate potential risks and opportunities, enabling proactive decision-making.3. Supporting Decision MakingFinancial analysis provides critical information to support strategic decision-making. It helps in evaluating investment opportunities, assessing the viability of new projects, and determining the overall financial health of the company. By examining the financial consequences of different options, organizations can make more informed decisions and allocate resources efficiently.4. Facilitating Stakeholder CommunicationFinancial analysis plays a significant role in communicating the financial position of a company to stakeholders. By presenting financial statements, reports, and analysis, businesses can provide transparency and build trust with investors, creditors, and shareholders. This information helps stakeholders make informed decisions and understand the company’s financial performance.Methods of Financial AnalysisThere are various methods and tools used in financial analysis. Some of the commonly employed methods include:1. Ratio AnalysisRatio analysis involves assessing the relationship between different financial variables to evaluate a company’s performance. It helps in gauging profitability, liquidity, efficiency, and solvency. Example ratios include gross profit margin, return on assets, and inventory turnover ratio. By comparing these ratios with industry benchmarks, businesses can identify areas of improvement and assess their competitive position.2. Trend AnalysisTrend analysis involves analyzing financial data over a period to identify patterns and trends. It helps in understanding the direction in which various financial metrics are moving. By studying trends in revenue, expenses, and profitability, businesses can make predictions and take necessary actions to capitalize on opportunities or mitigate risks.3. Cash Flow AnalysisCash flow analysis assesses a company’s inflows and outflows of cash over a specific period. It helps in understanding the liquidity and cash position of the company. By analyzing cash flow statements, businesses can identify their ability to meet short-term obligations and fund operational activities. This analysis is essential for managing working capital and ensuring financial stability.4. Comparative AnalysisComparative analysis involves comparing the financial performance of a company with industry peers or competitors. It helps in benchmarking and understanding the company’s relative position in the market. By analyzing financial ratios, profitability, and growth metrics of competitors, businesses can identify areas for improvement and set realistic goals.5. Break-even AnalysisBreak-even analysis helps businesses determine the point at which their revenue equals their total costs. It identifies the level of sales required to cover both fixed and variable costs. By conducting break-even analysis, companies can assess the feasibility of a business venture, set pricing strategies, and evaluate the impact of changes in costs or sales volume.ConclusionFinancial analysis is an essential tool for businesses to evaluate their financial performance, detect trends, make informed decisions, and communicate with stakeholders. By utilizing various methods such as ratio analysis, trend analysis, cash flow analysis, comparative analysis, and break-even analysis, companies can gain valuable insights into their financial health and take necessary actions to improve their operations. Effective financial analysis forms the foundation for strategic planning and sustainable growth in today’s competitive business environment.。

财务报表分析论文（Financialstatementanalysis）

财务报表分析论文（Financial statement analysis）For financial statement analysis, please refer to:Talking about the analysis of enterprise financial accounting reportTry the financial and operating results ultimately reflected in the financial report, so the financial accounting report is a major source of information of enterprise operators, shareholders, creditors and potential investors to understand and grasp the business situation and development level. In order to make the financial accounting report users understand and grasp the real economic connotation of the enterprise financial accounting report, we must use the scientific method to carry on the comprehensive analysis. The financial statements of an enterprise are mainly composed of accounting statements, accounting statements and financial statements (except for enterprises that do not prepare and provide financial statements). Then, how to analyze these accounting statements and footnotes, I think the following aspects should be carried out:I. Analysis of enterprise performanceFinancial accounting report users are more concerned about the operation of enterprises, such as income, profits and other indicators of completion, and compared with the same period of the previous year, such as changes. Specific analysis can be carried out from the following aspects:(1) analysis of the composition of enterprise income;The income of the enterprise mainly includes the main business income and other business income. Among them, the main business income is the most important corporate income indicators, the analysis of the indicators, you can use the current income compared with the same period of the previous year, the general use of the last three years of data as well. In the main business income analysis process, we must pay attention to the proportion of revenue items in the total amount of revenue, in order to understand the main business of enterprises in the same industry status and development prospects. The main business income shall have an absolute share of the total revenue of the enterprise, otherwise, the enterprise shall be deemed to be in an abnormal economic condition or whose main business is not outstanding.(two) analyzing the profitability of enterprisesProfit index is one of the most important indicators of economic benefits. Through the analysis of this index, we can understand the level of profitability and development prospects of enterprises. We can also evaluate the stability of enterprise profit sources by observing the share of operating profit, investment income, subsidy income and out of business net income in total profits of enterprises.(three) analyze the influence of cost and expense on enterprise profitCost is an important factor affecting business profits. Under the condition of certain income, the lower the cost, the greaterthe profits of the enterprise, and vice versa. This can be verified by selling profit margins or cost margins. At the same time, the need for further decomposition of the cost, in order to understand the project cost proportion, so that managers can effectively compress the expenses to get the maximum output with minimum input.Two, asset management efficiency analysisFor enterprises, the operation ability of each asset reflects the management level and efficiency of the existing assets. The higher the efficiency of the use of assets, the faster the turnover, reflecting the better liquidity of assets, the ability to repay debt is stronger, the assets of enterprises have been fully utilized. Analysis on the efficiency of asset management, mainly through the following indicators, namely, accounts receivable turnover, inventory turnover rate, investment return rate, turnover rate of fixed assets and current assets turnover and total asset turnover.Accounts receivable turnover rate, usually by aging analysis method, the key analysis should be the quality status of accounts receivable, evaluate the rationality of accounting method for the loss of bad debts, bad debts and bad debts, but also a concrete analysis of its causes.Analysis of inventory turnover, mainly to the index with the same industry and enterprises before the year is compared, but also affect the inventory turnover rate of individual factors for further analysis, such as raw materials, semi-finished products, finished goods inventory turnover, in order to findout the root cause of the level of inventory turnover.The analysis of the return on investment mainly depends on the period of investment and the payback period of investment, so as to know whether the investment of an enterprise is effective and how much the degree of investment risk is.The analysis of the turnover ratio of the three major assets (liquid assets, fixed assets and total assets) mainly depends on the efficiency of the use of assets and whether there is any bad assets.Three, solvency analysisSolvency is the ability of an enterprise to pay its due debts, including the ability to repay short-term and long-term debt. Debt paying ability is the most concern of creditors. In view of the safety of enterprises, more and more attention has been paid to shareholders and investors. The solvency of an enterprise is mainly through liquidity ratio, quick ratio, asset liability ratio, shareholder equity ratio and interest protection multiple.1. generally, the liquidity ratio is 2, which is ideal. But there are different requirements for different industries,For non productive enterprises, liquidity is mainly cash and liquidity receivable due to less inventory. Its low liquidity ratio is also reasonable.2. generally speaking, the quick ratio is more suitable for 1.However, due to the possibility of longer accounts receivable in current assets, the actual solvency of an enterprise will be affected. In order to make up for the limitations of this ratio, the objective evaluation of the solvency of an enterprise can also be assessed by using an overspeed ratio. The index is to use the company's quick assets, that is, monetary funds, short-term securities, notes receivable and the reputation of the customer's accounts receivable to reflect and measure the liquidity of enterprises and short-term solvency. The index because of the important factors removed has nothing to do with the cash flow such as prepaid expenses and the impact of the quick ratio of credibility as credibility is not high customer accounts receivable, therefore, to objectively evaluate the firm's liquidity and short-term debt paying ability.3. generally speaking, the asset liability ratio is 60%, more appropriate. The ratio is too low, indicating that the enterprises do not have a strong sense of debt management, the ratio is too high, and the financial risk of enterprises is too great.4., for the shareholder equity ratio, the index value is large, indicating the high risk of financial structure, the protection of the interests of creditors is lower; and the value of this index is small, is a low-risk financial structure.5. what is the surplus of interest paid by the interest guarantee times?. The higher the value of the index, the smaller the business risk, the greater the ability to repay the debt.Four. Cash flow analysisThe cash flow statement is used to reflect the firm's ability to create net cash flows. The analysis of the cash flow statement, due to information and help users to understand the changes in statements of enterprises in a certain period of cash inflow and outflow, forecast future cash flow during the evaluation of enterprise financial structure and ability to repay the debts, determine the enterprise to adapt to external environment changes, adjust the room for cash payments, to reveal the relationship between enterprises the level of profitability and cash flow. Since the objectivity of cash flow is related to other indicators, the analysis of cash flow can be a good complement to other indicators.1. cash flow and sales income ratio. The ratio represents the cash flow earned for each one yuan sales income. The higher the ratio, the better the effect of cash flow, the stronger the ability to pay.2. cash flow and operating profit ratio. The ratio represents the cash flow earned for each one yuan operating profit. The higher the ratio, the higher the quality of the business is, the more profits the company will make in cash.3. net cash flow to net profit ratio. The ratio shows the amount of net cash inflow from operating activities in each net profit realized, reflecting the level of the net profit of the enterprise and the ability of the enterprise to pay dividends.4. cash flow rate of return on assets. The ratio reflects thecash flow per dollar of assets. The higher the ratio, the higher the efficiency of the use of assets.5. debt to cash ratio, the ratio of net cash flows from operating activities to average current liabilities. Because the profit year does not necessarily have enough cash to repay the debt, so the implementation of debt cash flow index system based on the use of cash, can fully reflect the business activities generated net cash inflow to what extent can guarantee the payment of current liabilities.Five. Analysis of notes in financial statementsBecause the content stipulated in the financial statements has certain fixity and stipulation, only the quantitative financial information can be provided. As an important supplement to the accounting statements, the annotations of accounting statements mainly explain and explain the contents that are not included in the accounting statements or the details of the disclosures. The analysis of these important matters is essential. It helps to inform users of the dynamics of the business and to identify the existing problems and development potential of the enterprise and to make investment decisions. These notes are of value to users of financial reports include contingencies and events after the balance sheet date and related transactions.1. an analysis of a problem or a matter. "Business" or "event" means an uncertain state or situation that may result in an enterprise's profits or losses. Because of the consequences of or have to wait for the future of the event or not happen tobe confirmed, so the enterprise generally should not be recognized or contingent liabilities and assets. But must be disclosed in the report, these common contingencies have already discounted commercial acceptance or liabilities, pending litigation, arbitration or the formation of contingent liabilities, providing debt guarantee for other companies or liability, these issues could lead to the loss of funds of enterprises, is the potential financial risks of the enterprise.2. events after the balance sheet date.After the date of the balance sheet items, items from the balance sheet date to the financial report quoted on the approval between the need to adjust or explanation. These matters have both favorable and unfavorable aspects of enterprises, financial report users through analysis of matters, can quickly determine these important matters will bring certain economic benefits for the enterprise or the enterprise will suffer significant economic losses.3., related transactions. The related transaction of an enterprise is a transaction conducted between the related enterprises for a certain purpose. For these transactions, we should focus on understanding the essence of the transaction, whether to understand the enterprise to be traded assets are non important assets of the enterprise, whether by trading in assets can bring certain economic benefits to the enterprises in the future.In a word, the analysis of enterprise financial report is a veryimportant and meticulous work. The purpose is to find out the problems existing in the process of production and management in order to judge the current financial situation of enterprises and predict the future trends. Enterprise managers, creditors, shareholders and potential investors, through the analysis of reports, can understand the information of enterprises from different angles in a timely manner, so as to make a series of decisions for the purpose of the enterprise.。

《财务分析》课程教学大纲

《财务分析》教学大纲1.课程中文名称（英文名称） :财务分析（Financial analysis ）3 .课程性质：回必修课.课程总学时：34 其中实验学时：17.适用专业：财务管理4 .先修课程：会计学原理、税法、财务管理、成本管理会计等一、课程简介本课程将全面系统地介绍财务分析的基本理论、基本方法和基本应用领域。

财务分析对企业的所有者、债权人、经营者、政府、客户、供应商都是十分重要的，它为各相关利益主体进行财务预测、财务决策、财务控制和财务评价等提供重要方法。

通过学习使学生明确应如何阅读与分析财务报表、分析企业财务活动状况、评价企业财务效率、对企业进行综合评价等。

二、课程教学目标学完本课程后，学生应达到如下要求：（一）掌握现代财务分析的基本理论；（二）具有从事经济管理工作所必须的财务分析业务知识和工作能力；三、课程学时分配、教学内容与教学基本要求：（-）理论教学第1章财务分析理论（1学时）教学内容：第一节财务分析的产生与发展第二节财务分析学科的发展与定位第三节财务分析的内涵与目标第四节财务分析的体系与内容教学基本要求：掌握财务分析的基本内涵、基本目标与作用。

第2章财务分析信息基础（1学时）教学内容：第一节财务分析信息的种类第二节年度报告的内涵与作用第三节会计报表第四节会计报表附注第五节审计报告与内部控制信息第六节财务分析法规与政策依据教学基本要求：掌握财务分析信息的主要种类、来源以及在财务分析中所发挥的作用。

第3章财务分析程序与方法（2学时）教学内容:第一节财务分析基本程序与步骤第二节战略分析与会计分析2.课程类别：□公共课程2.课程类别：□公共课程□学科基础课程因专业课程□其他口选修课总学分：2实验学分：1第三节比率分析与因素分析第四节财务综合分析评价技术第五节图解分析法教学基本要求：掌握财务分析的基本程序与基本方法。

第4章资产负债表分析（1学时）教学内容：第一节资产负债表分析的目的与内容第二节资产负债表水平分析第三节资产负债表垂直分析第四节资产负债表项目分析教学基本要求：掌握资产负债表分析的基本方法与基本内容。

财务分析信息的种类

财务分析信息的种类财务分析是指对企业财务数据进行系统的解析和评估，以便提供决策支持和预测未来趋势的过程。

财务分析信息可以分为多种类型，包括以下几个方面：财务报表分析、财务比率分析、财务趋势分析、竞争对手比较分析、行业比较分析和现金流分析。

1. 财务报表分析(Financial Statement Analysis)财务报表分析是对企业财务报表进行解读和分析的过程，包括对资产负债表、利润表和现金流量表的评估。

通过财务报表分析，可以了解企业的经营状况、财务健康状况和盈利能力等。

2. 财务比率分析(Financial Ratio Analysis)财务比率分析是使用财务比率来评估企业的财务状况和经营绩效的方法。

财务比率包括盈利能力比率、偿债能力比率、运营能力比率和市场价值比率等。

这些比率可以用于比较不同企业之间的财务状况，也可以与历史数据和行业平均水平进行比较，以便发现企业的优势和劣势。

3. 财务趋势分析(Financial Trend Analysis)财务趋势分析是对企业财务数据的变化趋势进行分析和预测的过程。

通过分析历史财务数据的变化，可以发现企业的增长趋势和周期性变化，进而预测未来的财务状况和经营绩效。

竞争对手比较分析是将企业的财务数据与竞争对手进行比较，以了解企业在行业中的地位和竞争力。

通过比较财务数据，可以看出企业在销售额、盈利能力、市场份额和成本效益等方面的优势和劣势，为企业制定竞争策略提供依据。

行业比较分析是将企业的财务数据与整个行业或特定行业的平均水平进行比较，以了解企业在行业内的地位和竞争优势。

通过行业比较分析，可以发现企业在市场份额、盈利能力和成本效益等方面的相对优势和劣势，进一步了解行业的发展趋势和未来展望。

6. 现金流分析(Cash Flow Analysis)现金流分析是对企业现金流量表进行解读和分析的过程，旨在评估企业的现金流量状况和运营能力。

通过现金流分析，可以了解企业的现金收入和支出状况、现金流动性和现金储备情况，进而预测企业的偿债能力和未来的发展潜力。

#词汇表#【CFA一级】Reading 19(财务报告与分析——简介)

【CFA一级】Reading 19（财务报告与分析——简介）1.financial reporting财务报告2.financial statement analysis财务报表分析3.financial performance经营业绩4.financial position财务状况5.changes in financial position财务状况变化6.economic decision经济决策7.investor投资者8.creditor债权人9.static静态的10.dynamic动态的11.supplementary infomation补充信息12.balance sheet资产负债表13.statement of comprehensive income综合收益表14.cash flow statement现金流量表15.statement of changes in equity股东权益变动表16.financial notes/footnotes财务报表附注17.a letter from the chairman董事会主席致辞18.management commentary/management’s discussion and analysis管理层讨论与分析19.auditor’s report审计报告20.corporate government report公司治理报告21.corporate social responsibility report社会责任报告22.assets资产23.current assets流动资产24.cash现金25.accounts receivable应收账款26.marketable securities有价证券27.inventory存货28.non-current assets长期资产29.property planet & equipment固定资产30.invesment in affiliates长期股权投资31.intangible assets无形资产32.total assets总资产33.liabilities负债34.current liabilities流动负债35.total liabilities总负债36.equity权益37.paid-in capital股本38.retained earnings留存收益39.accumulated other comprehensive income累积其他综合收益40.total equity负债及负债权益总额41.rresources资源42.obligation偿债义务43.current 流动性44.non-current非流动性45.operation cycle经营周期46.credit sell赊销47.raw materials原材料48.work-in-Prosess半产品/在成品49.finished goods产成品50.intangible assets无形资产51.beginning balance期初余额52.ending balance期末余额53.IFRS国际财务报告准则54.income statement/statement of operations/profit and loss statement，P&L利润表55.income收入56.expenses费用 income/the bottom line净利润58.revene主营业务收入59.other income其他收入60.gain利得61.other expense其他费用62.loss损失63.cost of goods sold，COGS销货成本64.selling,general,and administrative expenses，SG&A销售及一般管理费用65.gross profit毛利润66.operating income经营利益67.non-operating income非经营性利益68.earning before interest and tax （EBIT）息税前利润69.interest expense利息费用70.earning before tax （EBT）税前利润71.tax expense税费 income （NI）净利润73.other comprehensive income，OCI其他综合收益74.cash flow from operating activities，CFO经营性现金流75.cash flow from investing，CFI投资性现金流76.cash flow from financing，CFF融资性现金流 increase(decrease) in cash and cash equivalents现金及现金等价物净增加（减少）额78.owners’ equity，shareholders’ equity 所有者权益79.paid-in capital股本80.retained earnings留存收益81.financial year财年82.accounting policies会计政策83.accounting methods会计方法84.accounting estimates会计估计85.financial instruments金融工具86.contingencies或有事项87.related -party transactions关联方交易88.operating segment’s performance经营分部业绩89.management report/management commentary管理层分析与讨论90.operating and financial review /management’s discussion and analysis管理层分析与讨论91.past results回顾92.future outlook展望93.liquidity流动性94.capital resource资本来源95.significant events and uncertains重大事件以及不确定性96.off-balance-sheet obligation表外融资的债务97.contractual commitment合同义务98.purchase obligation采购义务99.auitor’s report审计报告100.i ndependent独立101.f air and faithful representation公允、忠实表述102.o pinion意见103.I SAs国际审计准则104.r easonable assurance合理保证105.i n all material respects在所有重大方面106.s arbance-oxley act塞班斯法案107.i nternal control system内部控制系统108.u nqualified audit opinion/“clean” opinion无保留意见109.q ualified audit opinion保留意见110.a dverse audit opinion否定意见111.d isclaimer of opinion无法表示意见112.f airly presented公允表述113.t rue and fair view 真实且公允的表达114.e xception例外115.m aterially depart from accounting standards 大部分内容偏离会计准则的要求116.n ot fairly presented财务状况117.p roxy statements股东委托书118.i nterim report中期报告119.q uarterly financial statements季度报告120.p ress release新闻稿121.e arning announcement盈利报告122.c onferce calls电话会议123.f inancial statement analysis framework财务报表分析框架124.p urpose or objective目标。

英文财务分析报告

英文财务分析报告Financial Analysis ReportDate: [Insert Date]1. Executive Summary:This report provides a comprehensive analysis of the financial performance and position of [Company Name] for the fiscal year [Insert Year]. The report includes an assessment of the company's profitability, liquidity, solvency, and efficiency. The findings of this analysis can be used by stakeholders to make informed decisions regarding investments, lending, and overall business strategy.2. Introduction:This section provides an overview of [Company Name], including its industry, products/services, and market presence.3. Financial Performance Analysis:This section analyzes the company's profitability, including key financial ratios such as gross profit margin, operating profit margin, and net profit margin. It also assesses the company's profitability trends over the years and compares them to industry benchmarks.4. Liquidity Analysis:This section evaluates the company's liquidity position, focusing on key ratios such as current ratio and quick ratio. It assesses the company's ability to meet its short-term financial obligations and identifies any potential liquidity issues.5. Solvency Analysis:This section examines the company's solvency position, analyzing key ratios such as debt to equity ratio and interest coverage ratio. It assesses the company's ability to meet its long-term financial obligations and identifies any potential solvency risks.6. Efficiency Analysis:This section evaluates the company's efficiency in managing its assets and liabilities. It analyzes key ratios such as inventory turnover ratio, accounts receivable turnover ratio, and accounts payable turnover ratio. It identifies areas where the company can improve its operational efficiency.7. Financial Trend Analysis:This section analyzes the company's financial performance and position over a period of time, highlighting any significant trends or changes. It assesses the company's ability to grow and adapt to changing market conditions.8. Conclusion:This section provides a summary of the key findings from the analysis and offers recommendations for improvement. It highlights the company's strengths and weaknesses and suggests strategies for enhancing financial performance.9. Appendices:This section includes supporting documents and data used in the analysis, such as financial statements, ratio calculations, and industry benchmarks.Please note that this is a general outline for an English financial analysis report. The specific content and structure may vary depending on the company and its requirements.。

财务报表分析英文

Financial Statement AnalysisIntroductionFinancial statement analysis is a crucial tool for assessing the financial performance and stability of a company. By analyzing a company’s financial statements, investors and other stakeholders can gain insights into its profitability, liquidity, solvency, and overall financial health. This document provides an overview of financial statement analysis, including the different types of financial statements, key financial ratios used in analysis, and the importance of using a systematic approach for analyzing financial statements.Types of Financial StatementsFinancial statements are a collection of reports that provide a snapshot of a company’s financial position and performance over a specific period. The three main types of financial statements include:1. Balance SheetThe balance sheet is a statement that shows the financial position of a company at a given point in time. It provides information about a company’s assets, liabilities, and shareholders’ equity. The balance sheet is divided into two main se ctions: the left side shows the company’s assets, while the right side shows its liabilities and shareholders’ equity.2. Income StatementThe income statement, also known as the profit and loss statement, reports a company’s revenues, expenses, and net in come over a specific period. It provides insights into a company’s profitability and helps identify trends in its revenue and expenses. The income statement follows a simple equation: revenues minus expenses equal net income.3. Cash Flow StatementThe cash flow statement shows the inflows and outflows of cash in a company over a specified period. It provides information about a company’s operating, investing, and financing activities. The cash flow statement helps assess a company’s ability to generate cash and its liquidity.Key Financial RatiosFinancial ratios are used to analyze the relationships between different items in a company’s financial statements. They help evaluate a company’s financialperformance, efficiency, liquidity, and solvency. Some key financial ratios used in financial statement analysis include:1. Profitability RatiosProfitability ratios measure a company’s ability to generate profits. Common profitability ratios include gross profit margin, operating profit margin, and net profit margin.2. Liquidity RatiosLiquidity ratios assess a company’s ability to meet its short-term obligations. These ratios include the current ratio and quick ratio.3. Solvency RatiosSolvency ratios evaluate a company’s long-term financial stability and ability to meet its long-term obligations. Examples of solvency ratios include the debt-to-equity ratio and the interest coverage ratio.4. Efficiency RatiosEfficiency ratios measure a company’s ability to utilize its assets and resources effectively. Examples include the inventory turnover ratio and the accounts receivable turnover ratio.Systematic Approach for Financial Statement AnalysisTo conduct an effective financial statement analysis, it is important to follow a systematic approach. The key steps in this approach include:1. Gathering Financial StatementsCollect the company’s financial statements, including the balance sheet, income statement, and cash flow statement.2. Analyzing Financial RatiosCalculate the relevant financial ratios and analyze them to assess the company’s financial performance and condition.3. Comparing RatiosCompare the calculated financial ratios with industry averages or with the company’s historical performance to identify trends and benchmark the company’s performance.4. Conducting a Trend AnalysisAnalyze the company’s financial statements over multiple periods to identify any significant changes or trends in its financial performance.5. Making Informed DecisionsBased on the analysis of the financial statements and ratios, make informed decisions about the company’s financial health, investment potential, and future prospects.ConclusionFinancial statement analysis is an important tool for assessing a company’s financial performance and stability. By analyzing a comp any’s financial statements and calculating key financial ratios, investors and stakeholders can make informed decisions about the company’s financial health, stability, and investment potential. Following a systematic approach for financial statement analysis ensures a comprehensive evaluation and helps identify trends and benchmarks for comparison.。

财务报表分析(英文版)答案

Chapter 8Return On Invested Capital And Profitability AnalysisReturn on invested capital is important in our analysis of financial statements. Financial statement analysis involves our assessing both risk and return. The prior three chapters focused primarily on risk, whereas this chapter extends our analysis to return. Return on invested capital refers to a company's earnings relative to both the level and source of financing. It is a measure of a company's success in using financing to generate profits, and is an excellent measure of operating performance. This chapter describes return on invested capital and its relevance to financial statement analysis. We also explain variations in measurement of return on invested capital and their interpretation. We also disaggregate return on invested capital into important components for additional insights into company performance. The role of financial leverage and its importance for returns analysis is examined. This chapter demonstrates each of these analysis techniques using financial statement data.•Importance of Return on Invested CapitalMeasuring Managerial EffectivenessMeasuring ProfitabilityMeasuring for Planning and Control •Components of Return on Invested CapitalDefining Invested CapitalAdjustments to Invested Capital and IncomeComputing Return on Invested Capital•Analyzing Return on Net Operating AssetsDisaggregating Return on Net Operating AssetsRelation between Profit Margin and Asset TurnoverProfit Margin AnalysisAsset Turnover Analysis•Analyzing Return on Common EquityDisaggregating Return on Common EquityFinancial Leverage and Return on Common EquityAssessing Growth in Common Equity•Describe the usefulness of return measures in financial statement analysis. •Explain return on invested capital and variations in its computation.•Analyze return on net operating assets and its relevance in our analysis. •Describe disaggregation of return on net operating assets and the importance of its components.•Describe the relation between profit margin and turnover.•Analyze return on common shareholders' equity and its role in our analysis. •Describe disaggregation of return on common shareholders' equity and the relevance of its components.•Explain financial leverage and how to assess a company's success in trading on the equity across financing sources.1. The return that is achieved in any one period on the invested capital of a companyconsists of the returns (and losses) realized by its various segments and divisions. In turn, these returns are made up of the results achieved by individual product lines and projects. A well-managed company exercises rigorous control over the returns achieved by each of its profit centers, and it rewards the managers on the basis of such results. Specifically, when evaluating new investments in assets or projects, management will compute the estimated returns it expects to achieve and use these estimates as a basis for its decision to invest or not.2. Profit generation is the first and foremost purpose of a company. The effectiveness ofoperating performance determines the ability of the company to survive financially, to attract suppliers of funds, and to reward them adequately. Return on invested capital is the prime measure of company performance. The analyst uses it as an indicator of managerial effectiveness, and/or a measure of the company's ability to earn a satisfactory return on investment.3. If the investment base is defined as comprising net operating assets, then netoperating profit (e.g., before interest) after tax (NOPAT) is the relevant income figure to use. The exclusion of interest from income deductions is due to its being regarded asa payment for the use of money from the suppliers of debt capital (in the same waythat dividends are regarded as a payment to suppliers of equity capital). NOPAT is the appropriate amount to measure against net operating assets as both are considered to be operating.4. First, the motivation for excluding nonproductive assets from invested capital isbased on the idea that management is not responsible for earning a return on non-operating invested capital. Second, the exclusion of intangible assets from the investment base is often due to skepticism regarding their value or their contribution to the earning power of the company. Under GAAP, intangibles are carried at cost.However, if their cost exceeds their future utility, they are written down (or there will be an uncertainty exception regarding their carrying value in the auditor's opinion).The exclusion of intangible assets from the asset base must be based on more substantial evidence than a mere lack of understanding of what these assets represent or an unsupported suspicion regarding their value. This implies that intangible assets should generally not be excluded from invested capital.5. The basic formula for computing the return on investment is net income divided bytotal invested capital. Whenever we modify the definition of the investment base by, say, omitting certain items (liabilities, idle assets, intangibles, etc.) we must also adjust the corresponding income figure to make it consistent with the modified asset base.6. The relation of net income to sales is a measure of operating performance (profitmargin). The relation of sales to total assets is a measure of asset utilization or turnover—a means of determining how effectively (in terms of sales generation) the assets are utilized. Both of these measures, profit margin as well as asset utilization,determine the return realized on a given investment base. Sales are an important factor in both of these performance measures.7. Profit margin, although important, is only one aspect of the return on invested capital.The other is asset turnover. Consequently, while Company B's profit margin is high, its asset turnover may have been sufficiently depressed so as to drag down the overall return on invested capital, leading to the shareholder's complaint.8. The asset turnover of Company X is 3. The profit margin of Company Y is 0.5%. Sinceboth companies are in the same industry, it is clear that Company X must concentrate on improving its asset turnover. On the other hand, Company Y must concentrate on improving its profit margin. More specific strategies depend on the product and industry.9. The sales to total assets (asset turnover) component of the return on invested capitalmeasure reflects the overall rate of asset utilization. It does not reflect the rate of utilization of individual asset categories that enter into the overall asset turnover. To better evaluate the reasons for the level of asset turnover or the reasons for changes in that level, it is helpful to compute the rate of individual asset turnovers that make up the overall turnover rate.10. The evaluation of return on invested capital involves many factors. Theinclusion/exclusion of extraordinary gains and losses, the use/nonuse of trends, the effect of acquisitions accounted for as poolings and their chance of recurrence, the effect of discontinued operations, and the possibility of averaging net income are justa few of many such factors. Moreover, the analyst must take into account the effectsof price-level changes on return calculations. It also is important that the analyst bear in mind that return on invested capital is most commonly based on book values from financial statements rather than on market values. And finally, many assets either do not appear in the financial statements or are significantly understated. Examples of such assets are intangibles such as patents, trademarks, research and development activities, advertising and training, and intellectual capital.11. The equity growth rate is calculated as follows:[Net income – Preferred dividends – Common dividend payout] / Average common equity.This is the growth rate due to the retention of earnings and assumes a constant dividend payout over time. It indicates the possibilities of earnings growth without resort to external financing. The resulting increase in equity can be expected to earn the rate of return that the company earns on its assets and, thus, further contribute to growth in earnings.12. a. The return on net operating assets and the return on common stockholders' equitydiffer by the capital investment base (and its corresponding effects on net income).RNOA reflects the return on the net operating assets of the company whereas ROCE reflects the perspective of common shareholders.b. ROCE can be disaggregated into the following components to facilitate analysis:ROCE = RNOA + Leverage x Spread. RNOA measures the return on net operating assets, a measure of operating performance. The second component (Leverage x Spread) measures the effects of financial leverage. ROCE is increased by adding financial leverage so long as RNOA>weighted average cost of capital. That is, if the firm can earn a return on operating assets that is greater than the cost of the capital used to finance the purchase of those assets, then shareholders are better off adding debt to increase operating assets.13. a. ROCE can be disaggregated as follows:equitycommon Av erage Sales Sales div idends Preferred - income Net ⨯ This shows that “equity turnover” (sales to average common equity) is one of the two components of the return on common shareholders' equity. Assuming a stable profit margin, the equity turnover can be used to determine the level and trend of ROCE. Specifically, an increase in equity turnover will produce an increase in ROCE if the profit margin is stable or declines less than the increase in equity turnover. For example, a common objective of discount stores is to lower prices by lowering profit margins, but to offset this by increasing equity turnover by more than the decrease in profit margin.b. Equity turnover can be rewritten as follows:equitycommon Av erage assets operating Net assets operating Net Sales ⨯ The first factor reflects how well net operating assets are being utilized. If the ratio is increasing, this can signal either a technological advantage or under-capacity and the need for expansion. The second factor reflects the use of leverage. Leverage will be higher for those firms that have financed more of their assets through debt. By considering these factors that comprise equity turnover, it is apparent that EPS cannot grow indefinitely from an increase in these factors. This is because these factors cannot grow indefinitely. Even if there is a technological advantage in production, the sales to net operating assets ratio cannot increase indefinitely. This is because sooner or later the firm must expand its net operating asset base to meet rising sales or else not meet sales and lose a share of the market. Also, financing new assets with debt can increase the net operating assets to common equity ratio. However, this can only be pursued to a point —at which time the equity base must expand (which decreases the ratio).14. When convertible debt sells at a substantial premium above par and is clearly held byinvestors for its conversion feature, there is justification for treating it as the equivalent of equity capital. This is particularly true when the company can choose at any time to force conversion of the debt by calling it in.Exercise 8-1 (35 minutes)a. First alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$1,000,000*12%](1-.40) = $528,000Second alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$2,000,000*12%](1-.40) = $456,000b. First alternative:ROCE = $528,000 / $5,000,000 = 10.56%Second alternative:ROCE = $456,000 / $4,000,000 = 11.40%c. First alternative:Assets-to-Equity = $6,000,000 / $5,000,000 = 1.2Second alternative:Assets-to-Equity = $6,000,000 / $4,000,000 = 1.5d. First, let’s compute return on assets (R NOA):First alternative: $600,000 / $6,000,000 = 10%Second alternative: $600,000 / $6,000,000 = 10%Second, notice that the interest rate is 12% on the debt (bonds). More importantly, the after-tax interest rate is 7.2% (12% x (1-0.40)), which is less than RNOA. Hence, the company earns more on its assets than it pays for debt on an after-tax basis. That is, it can successfully trade on the equity—use bondholders’ funds to earn additional profits.Finally, since the second alternative uses more debt, as reflected in the assets-to-equity ratio in c, the second alternative is probably preferred. The shareholders would take on additional risk with the second alternative, but the expected returns are greater as evidenced from computations in b.Exercise 8-2 (40 minutes)a. NOPAT = Net income = $10,000,000 x 10% = $1,000,000b. First alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($2,000,000 ⨯ 5% x [1-.40]) = $1,540,000Second alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($6,000,000 ⨯ 6% x [1-.40]) = $1,384,000c. First alternative: ROCE = $1,540,000 / ($10,000,000 + $4,000,000) = 11%Second alternative: ROCE = $1,384,000 / ($10,000,000 + $0) = 13.84%d. ROCE is higher under the second alternative due to successful use ofleverage—that is, successfully trading on the equity. [Note: Asset-to-Equity is1.14=$16 mil./$14 mil. (1.60=$16 mil./$10 mil.) under the first (second)alternative.] The company should pursue the second alternative in the interest of shareholders (assuming projected returns are consistent with current performance levels).a. RNOA = 2 x 5% = 10%b. ROCE = 10% + 1.786 x 4.4% = 17.86%c. RNOA 10.00%Leverage advantage 7.86%Return on equity 17.86%Exercise 8-4 (30 minutes)a. Computation and Interpretation of ROCE:Year 5 Year 9Pre-tax profit margin .......................................................... 0.112 0.109 Asset turnover .................................................................... 0.46 0.44 Assets-to-equity ................................................................. 3.25 3.40 After-tax income retention * .............................................. 0.570 0.556 ROCE (product of above) .................................................. 9.54% 9.07% * 1-Tax rate.ROCE declines from Year 5 to Year 9 because: (1) pre-tax margin decreases by approximately 3%, (2) asset turnover declines by roughly 4.3%, and (3) the tax rate increases by about 3.8%. The combination of these factors drives the decline in ROCE—this is despite the slight improvement in the assets-to-equity ratio.b. The main reason EPS increases is that shareholders had a large amount ofassets and equity working for them. Namely, the company grew while return on assets and return on equity remained fairly stable. In addition, the amount of preferred stock declined, as did the amount of preferred dividends. With this decline in the cost of carrying preferred stock, earnings available to common stock increased.(CFA Adapted)a. RNOA = 3 x 7% = 21%b. ROCE = RNOA + LEV x Spread = 21% + (1.667 x 8.4%) = 35%c. Net leverage advantage to common equityReturn on net operating assets .................................. 21%Leverage advantage .................................................... 14%Return on common equity (rounding difference) ..... 35%Exercise 8-6 (30 minutes)a. At the present level of debt, ROCE = $157,500 / $1,125,000 = 14%.In the absence of leverage, the noncurrent liabilities would be substituted with equity. Accordingly, there would be no interest expense with all-equityROCE without leverage = $184,500 / $1,800,000 = 10.25%.14% with leverage but only 10.25% without leverage.b. NOPAT = $157,500 + [$675,000 x 8% x (1-.50)] = $184,500RNOA = $184,500 / ($2,000,000-$200,000) = 10.25%c. The company is utilizing borrowed funds in its capital structure. Since theROCE is greater than RNOA, the use of financial leverage is beneficial to stockholders. Specifically, the after cost of debt is 4% and the financial leverage (NFO/Equity) is $675,000 / $1,125,000 = 60%. Therefore,ROCE = RNOA + LEV x Spread = 10.25% + 0.60 x (10.25% - 4%) = 14%, as before. The favorable effect of financial leverage is given by the term [0.60 x (10.25% - 4%)] = 3.75%.1. c2. a3. cExercise 8-8 (20 minutes)(Assessments of profit margin and asset turnover are relative to industry norms.)a. Higher profit margin and lower asset turnover.b. Higher asset turnover and lower profit margin.c. Higher profit margin and similar/lower asset turnover.d. Higher asset turnover and similar/lower profit margin.e. Higher asset turnover and lower/similar profit margin.f. Higher asset turnover and similar/higher profit margin.g. Higher asset turnover and lower profit margin.Exercise 8-9 (20 minutes)The memorandum to Reliable Auto Sales President would include the following points:•Both Reliable and Legend Auto Sales are perpetually investing $100,000 in automobile inventory.•Legend Auto Sales is able to generate more profit than Reliable because it is turning over its inventory (10 cars) more often. Specifically, Legend is turning its inventory over 10 times per year while Reliable is turning its inventory over only 5 times per year. Hence, given the same investment in automobile inventory, Legend is twice as profitable as Reliable.•Encourage Reliable to sacrifice some return on each sale to increase the inventory turnover. By slightly reducing price, relative to that charged by Legend, Reliable predictably will find that overall profitability increases. This is because while profit per sale declines, the number of units sold and, therefore, inventory turnover will increase. These factors predictably yield increased return on assets.Computation of Asset (PP&E) Turnover [computed as Sales / PP&E (net)]: Northern: $12,000 / $20,000 = 0.60Southern: $6,000 / $20,000 = 0.30This implies that Northern generates $0.60 in sales per year for each $1 investment in PP&E. In contrast, Southern generates $0.30 in sales per year for each $1 investment in PP&E. This shows that Northern is able to generate twice the return for each $1 invested in PP&E. Assuming equal profit margins, Northern will report a higher return on assets because of the volume of sales that the company is able to generate with its investment in PP&E (at least in the short run).Exercise 8-11 (15 minutes)Low volume operations mean that fixed costs, which in the case of automakers are substantial, must be absorbed by a low number of units produced. Since the lower of cost or market rule implies that inventory cannot be priced higher than expected sales price less costs of disposal plus a normal profit margin, much of that excess cost must be charged to the period incurred. In this case, that means the fourth quarter financial statements absorb much of this cost. This is probably the most likely accounting-based reason for the fourth quarter losses described in the news release.Problem 8-1 (30 minutes)a. 1. Quaker Oats does not reveal its computation of this return. Accordingly, wemake some simple computations and assumptions: (i) For simplicity, focus on one share, (ii) The dividend is $1.56 for Year 11, (iii) The average stock price is $55 and the price increase for Year 11 is $14—based on the beginning price of $48 and the ending price of $62. Using this information, we compute return to a share of stock as follows:= [Dividend per share + Price increase per share] / Average price per share = [$1.56 + $14] / $55= 28.3%However, if we use the beginning price of $48 per share, we get closer to the company's 34% return:= [$1.56 + $14] / $48= 32.4%2. The return on common equity is based on the relation between net incomeand the book value of the equity capital. In contrast, Quaker Oats’ “return t o shareholders” uses dividends plus market value change in relation to the market price per share (cost of investment to shareholders.)b. The company must have derived the 3.6% from price, market, and otherfactors that are not disclosed. Conceptually, this 3.6% should reflect the added risk of an investment in Quaker Oats’ stock vis-à-vis a risk-free security such as a U.S. Treasury bond.c. Quaker does not reveal its computations. It may disclose a variety of interestrates on long-term debt that it carries in the notes to financial statements.Based on data available to it, but not to the financial statement reader, it probably computed a weighted-average interest rate from which it deducted the tax benefit in arriving at the 6.4% cost of debt.a. Computation of Return on Invested Capital Measures:As a first step, we construct the company’s income statement.Sales (500,000 units @ $10). ................................................ $5,000,000 Fixed costs ....................................................................... 1,500,000 Variable costs (500,000 units @ $4). ............................. 2,000,000 Labor costs (20 employees x $35,000). ......................... 700,000 Income before taxes .......................................................... 800,000 Taxes (50% rate) ................................................................. 400,000 Net income .......................................................................... $ 400,000(1) RNOA = [$400,000 + ($2,000,000 x 7.5%)(1-0.50)] / ($8,000,000-$2,00,000)= $475,000 / $6,000,000 = 7.92%(2) ROCE = [$400,000 - ($1,000,000 x 6%)] / $3,000,000 = 11.33%Fixed costs ($1,500,000 x 1.06) ......................................................... 1,590,000 Variable costs ($550,000 units @ $4) .............................................. 2,200,000 Income before labor costs and taxes ............................................. $1,710,000 To obtain a 10% return on long-term debt and equity capital, Zear will need a numerator of $600,000 given an invested capital base of $6,000,000. The required operating income to yield this $600,000 amount is computed as: Net income + Interest expense x (1 - 0.50) = $600,000Net income + ($2,000,000 x 7.5%) x (1-0.50) = $600,000Net income = $525,000Assuming taxes at a 50% rate, Zear needs pre-tax income of $1,050,000, computed as:Income before labor and taxes ............ $1,710,000Labor costs ........................................... ?Pre-tax income ...................................... $1,050,000This implies:Labor costs = $660,000 orAverage wage per worker = $660,000 / 22 employees = $30,000 per employee Since the current salary level is $35,000, Zear cannot achieve its target return level and give a salary raise to its employees.(CFA Adapted)a. ROCE = $1,650 / $3,860 = 42.7%b. NOPAT = ($2,550 + $10) x (1-0.35) = $1,664NOA = $7,250-$3,290 = $3,960RNOA (using year-end NOA balance) = $1,664 / $3,960 = 42%The effect of financial leverage, thus, is only 0.7% as NFO/NFE are insignificant. Most of Merck’s ROCE in this year is derived from operating results.Pre-tax income to sales 0.36Net income to sales 0.23Sales/current assets 1.47Sales / fixed assets 2.97Sales / total assets 0.98Total liabilities / equity 0.88L-T liabilities / equity 0.03a. 1. RNOA = NOPATAvg. NOANOPAT = [$186,000 + $2,000 - $120,000 - $37,000 + $1,000] x 50% = $16,000 Note: we include income from equity investments under the assumptions that these are operating rather than financial investments. We also include the cumulative effect as operating in the absence of information to the contrary. Minority interest and discontinued operations are nonoperating (minority interest is therefore, treated as equity in the ROCE computation).NOA Year 6 = $138,000 - $29,000 - $7000 - $3,600 = $98,400 NOA Year 5 = $105,000 - $23,000 - $2,000 - $2,000 = $78,000RNOA = $16,000 / ([$98,400 + $78,000]/2) = 18.14%2. ROCE = Net income - Preferred dividendsAverage common equityROCE = ($10,000 –$0) /[($55,400* + $47,800*)/2] = 19.38% *Note: minority interest is treated as equity. If Minority interest is ignored, the ROCE is 19.8%b. NFO = NOA - EquityYear 6: $43,000; Year 5: $30,200LEV = Avg. NFO / Ave Equity = ([$43,000 + $30,200] / 2) / ([$55,400* + $47,800*] /2)= 0.71NFE = NOPAT – Net incomeYear 6: $6,000NFR = NFE / Avg. NFO = $6,000 / ([$43,000 + $30,200] / 2) = 16.4%Spread = RNOA – NFR = 18.14% - 16.4% = 1.74%ROCE = RNOA + LEV x Spread = 18.14 + 0.71 x 1.74% = 19.38%94% (18.14%/19.38%) of Zeta’s ROCE is derived for m operating activities. The company is effectively using leverage, however, as indicated by the positive spread, but the leverage does not contribute significantly to Zeta’s return on equity and may not be worth the added risk.a. ROCE = [Net income –preferred dividends] / stockholders’ equity**end of year in this problemROCE Year 5: [$14 – $0] / $125 = 11.2%ROCE Year 9: [$34 - $0] / $220 = 15.5%RNOA Year 5 = ($35 x 0.50) / ($52 + $123) = 10.0%RNOA Year 9 = ($68 x 0.50) / ($63 + $157) = 15.5%ROCE = RNOA + Leverage x SpreadYear 5: 10.0% + 1.2% = 11.2%Year 9: 15.5% + 0 = 15.5%b. Texas Talcom’s ROCE has increased form years 5 to 9. The source is thisincrease, however, has been an increase in RNOA as the leverage effect is zero in Year 9 since its long-term debt has been retired. Given the RNOA increase, additional leverage might be explored as a way to increase shareholder returns.Selling price per unit ...................... $6.00 $5.00 $50.00 $50.00 Unit cost ........................................... $5.00 $4.00 $32.50 $30.00Analysis of Variation in Product A SalesIncreased quantity at Yr 6 prices (3,000 x $5) ........................ $ 15,000 Price increase at Yr 6 quantity (7,000 x $1) ........................... 7,000 Quantity increase x price increase (3,000 x $1) .................... 3,000 Analysis of Variation in Product A Cost of SalesIncreased quantity at Yr 6 cost (3,000 x $4) ........................... (12,000) Increased cost at Yr 6 quantity (7,000 x $1) ........................... (7,000) Cost increase x quantity increase (3,000 x $1) ...................... (3,000) Net Variation (Increase) in Gross Margin for Product A ............. $ 3,000Analysis of Variation in Product B SalesDecreased quantity at Yr 6 prices (300 x $50) ....................... $ (15,000) Analysis of Variation in Product B Cost of Sales:Decreased quantity at Yr 6 cost (300 x $30) .......................... 9,000 Increased cost at Yr 6 quantity (900 x $2.50) ......................... (2,250) Cost increase x quantity decrease (300 x $2.50) . (750)Net Variation (Decrease) in Gross Margin for Product B ............ $ (7,500)Summary of Net Variation in Margins for Products A and BNet increase from product A ......................................................... $ 3,000 Net decrease from product B ........................................................ (7,500) Net Decrease in Gross Margin ...................................................... $ (4,500)a.SPYRES MANUFACTURING COMPANYComparative Common-Size Income StatementsYear Ended December 31 IncreaseYear 9 Year 8(Decrease)Net sales ............................. 100.0% 100.0% 20.0% Cost of goods sold ............ 81.7 86.0 14.0 Gross margin on sales ...... 18.3 14.0 57.1 Operating expenses .......... 16.8 10.2 98.0 Income before taxes .......... 1.5 3.8 (52.6) Income taxes ...................... 0.4 1.0 (52.0) Net income ......................... 1.1 2.8 (52.9)b. Performance in Year 9 is poor when compared with Year 8. One bright spot isthe percentage of Cost of Goods Sold to Sales, which decreased in Year 9.However, Operating Expenses climbed sharply. This sharp climb in operating expenses is unexpected since there is usually a larger fixed cost component comprising these costs compared with that for Cost of Goods Sold.Management should further check operating expenses. If operating expenses had remained at the Year 8 level of 10.2%, income would have been up favorably for Year 9. Operating expenses may have included a future-directed component such as advertising or training costs. Also, management would want to follow up on the change in gross margin. The sharp improvement in gross margin may have been due to factors such as the liquidation LIFO inventory layers or, alternatively, to something more fundamental with the activities of the firm.。

swot财务分析案例范文

swot财务分析案例范文English Response:SWOT Financial Analysis Case Study.Introduction:In conducting a SWOT financial analysis, we aim to assess the strengths, weaknesses, opportunities, andthreats faced by a company in its financial operations. This analysis provides valuable insights into areas of improvement and potential risks for the company's financial health.Strengths (S):One of the key strengths of the company lies in its robust revenue growth over the past few years. For example, the company has consistently achieved double-digit revenue growth, outperforming its competitors in the industry. Thisindicates strong market demand for its products/services and effective sales strategies in place.Another strength is the company's healthy profit margins compared to industry standards. By maintaining efficient cost management practices and optimizing operational processes, the company has been able to sustain profitability even during economic downturns.Weaknesses (W):On the flip side, a notable weakness is the company's high dependency on a single supplier for critical raw materials. This dependency exposes the company to supply chain risks, such as disruptions in the event of supplier issues or geopolitical tensions affecting the sourcing of raw materials.Additionally, the company's high debt-to-equity ratio poses a significant financial risk, especially in times of economic instability or rising interest rates. This indicates a potential strain on the company's cash flow andability to meet debt obligations.Opportunities (O):There are several opportunities for the company to capitalize on, such as expanding into new geographic markets or diversifying its product/service offerings. For instance, by leveraging its strong brand reputation and loyal customer base, the company can explore entering emerging markets with high growth potential.Furthermore, advancements in technology present opportunities for the company to enhance operational efficiency and streamline processes. By investing in automation and digital transformation initiatives, the company can reduce costs, improve productivity, and gain a competitive edge in the market.Threats (T):One of the significant threats facing the company is intense competition from both traditional players and newentrants in the market. This competition puts pressure on pricing and market share, potentially impacting the company's profitability and growth prospects.Moreover, regulatory changes and compliance requirements pose regulatory risks for the company, especially in highly regulated industries such as healthcare or finance. Non-compliance with regulations can lead to fines, legal actions, and damage to the company's reputation.Conclusion:In conclusion, conducting a SWOT financial analysis enables us to identify the internal strengths and weaknesses of the company, as well as external opportunities and threats in the market landscape. By leveraging strengths, addressing weaknesses, seizing opportunities, and mitigating threats, the company can enhance its financial performance and sustain long-term success.中文回答：SWOT财务分析案例研究。

fa分析报告的意思

fa分析报告的意思近年来，随着经济全球化的快速发展，各类企业的国际化程度日益提高。

在这个过程中，金融分析报告（Financial Analysis Report）在企业发展和运营中扮演着重要角色。

而国际上广泛使用的FA分析报告（FA Analysis Report）就是这一重要工具的体现。

本文将介绍FA分析报告的意思、目的、内容和应用，并分析其对企业决策和发展的重要影响。

首先，我们来了解FA分析报告的意思。

FA即为Financial Analysis（财务分析）的缩写，是对企业的财务状况和经营绩效进行全面分析的一种报告形式。

FA分析报告主要通过收集、整理和分析企业的财务数据，从而揭示企业的财务健康状况、盈利能力、偿债能力、运营效率以及风险管理等方面的情况。

通过对这些指标的全面分析，FA分析报告能够为企业管理层、股东、投资者、供应商、债权人等相关利益相关方提供决策依据和评估依据。

其次，我们来了解FA分析报告的目的。

FA分析报告的首要目的是为了全面评估企业的财务状况和经营绩效，从而为利益相关方提供有关企业的权威信息和独立意见。

通过对企业的财务数据进行分析，FA分析报告能够发现企业的强项和弱项，评估企业的风险和回报潜力，为相关方提供与企业相关的决策和投资建议。

此外，FA分析报告还可以帮助企业管理层加深对公司财务状况的认识，识别潜在的风险和机会，为制定战略决策提供依据。

然后，我们来看一下FA分析报告的内容。

FA分析报告一般包括以下几个方面的内容：财务比率分析、财务报表分析、现金流量分析、盈利能力分析、偿债能力分析、资产负债管理分析等。

这些分析内容涵盖了企业财务状况的各个方面，通过深入挖掘企业的财务数据和指标，从多个角度全面了解企业的盈利能力、偿债能力、流动性、资本运作等情况。

最后，我们来探讨FA分析报告的应用和影响。

FA分析报告被广泛应用于企业的投资决策、贷款审批、企业评级、股票投资分析等方面。

在投资决策中，投资者可以根据FA分析报告对企业进行全面评估，从而决定是否进行投资。

财务分析报告范文

财务分析报告范文Overall Financial Analysis ReportI。

General Overview:pany Financial Performance:Based on the balance sheet and e XXX。

Ltd。

we used。

analysis and chart analysis to analyze the data and found that the company's financial n in 2006 was basically in a general profitable state。

with a certain increase compared to the us year.2.n of us Economic Indicators:This year。

the company achieved operating e of 45,077,995.4 yuan。

which is significantly higher than the same d last year。

and the net profit also increased significantly。

basically achieving the corresponding targets.XXX1.XXX:1) Company's Own Assets and Asset Changes:The company's assets increased by 33.76% compared to the same d last year。

with fixed assets increasing the most。

by1,155,032.02 yuan。

The company has XXX fixed assets。

It is XXX。

as they not only determine the XXX and development potential but also determine the company's n and n form。

旅游公司财务分析报告范文

旅游公司财务分析报告范文Financial Analysis Report for a Travel Company.Executive Summary.The travel industry is a dynamic and competitive market. To succeed in this industry, travel companies must have a strong financial foundation. This report provides afinancial analysis of a travel company to assess its financial health and make recommendations for improvement.Financial Performance.Revenue: The company's revenue has grown steadily over the past five years, from $10 million in 2018 to $15million in 2022.Net income: The company's net income has also grown over the past five years, from $1 million in 2018 to $2 million in 2022.Gross profit margin: The company's gross profit margin has remained relatively stable over the past five years, averaging around 30%.Net profit margin: The company's net profit margin has also remained relatively stable over the past five years, averaging around 15%.Financial Ratios.Current ratio: The company's current ratio is 1.5, which is above the industry average of 1.2. This indicates that the company has sufficient liquidity to meet itsshort-term obligations.Quick ratio: The company's quick ratio is 1.0, whichis above the industry average of 0.8. This indicates that the company has sufficient liquidity to meet its short-term obligations even if it cannot sell its inventory.Debt-to-equity ratio: The company's debt-to-equityratio is 0.5, which is below the industry average of 1.0. This indicates that the company has a relatively low level of debt.Cash Flow.Operating cash flow: The company's operating cash flow has been positive over the past five years, averaging around $1 million per year.Capital expenditures: The company's capital expenditures have been relatively low over the past five years, averaging around $200,000 per year.Free cash flow: The company's free cash flow has been positive over the past five years, averaging around$800,000 per year.Recommendations.Based on the financial analysis, the following recommendations are made:Increase marketing expenses to increase revenue.Reduce operating expenses to increase profitability.Explore opportunities to increase revenue from ancillary services.Conclusion.The travel company is in a strong financial position. The company has a solid track record of revenue and net income growth, and its financial ratios are healthy. The company has sufficient liquidity to meet its short-term obligations and a low level of debt. The company should continue to focus on increasing revenue and profitability and exploring opportunities to increase revenue from ancillary services.中文回答：旅游公司财务分析报告示例。

财务分析英文作文

财务分析英文作文Financial analysis is a critical aspect of business management. It involves the assessment of the financial health and performance of a company through the examination of financial statements and other relevant data. This process helps in identifying the strengths and weaknesses of the business, as well as opportunities and threats in the market.The main purpose of financial analysis is to provide insights into the financial performance and position of a company. It helps in evaluating the profitability, liquidity, solvency, and stability of the business. By analyzing financial data, businesses can make informed decisions regarding investments, financing, and operations.There are several tools and techniques used infinancial analysis, such as ratio analysis, trend analysis, and cash flow analysis. These methods help in interpreting the financial information and comparing it with industrystandards and benchmarks. This enables businesses to benchmark their performance and identify areas for improvement.One of the key benefits of financial analysis is its ability to provide a clear picture of the company's financial standing. It helps in identifying areas of inefficiency and waste, as well as areas of strength and competitive advantage. This information is crucial for making strategic decisions and setting financial goals for the future.Financial analysis also plays a crucial role in assessing the creditworthiness of a company. Lenders and investors use financial analysis to evaluate the risk associated with providing financial assistance to a business. By analyzing the financial statements and other relevant data, they can assess the likelihood of the company meeting its financial obligations.In conclusion, financial analysis is an essential tool for evaluating the financial performance and position of acompany. It provides valuable insights that can be used to make informed decisions and set strategic goals. By using various tools and techniques, businesses can gain a deeper understanding of their financial standing and take steps to improve their overall performance.。

财务分析信息的种类

财务分析信息的种类财务分析是企业管理中非常重要的一项工作，通过对财务数据的收集、整理和分析，可以帮助企业了解自身的财务状况、经营情况以及风险和机会，为决策提供依据。

在进行财务分析时，需要获取不同种类的财务信息，以全面了解企业的财务状况。

下面将介绍几种常见的财务分析信息的种类。

1. 资产负债表（Balance Sheet）资产负债表是企业财务报表中的一项重要内容，它反映了企业在特定日期的资产、负债和所有者权益的情况。

通过分析资产负债表，可以了解企业的资金来源、运营能力、偿债能力等方面的信息。

2. 利润表（Income Statement）利润表也称为损益表或收益表，它记录了企业在一定时期内的收入、成本和利润情况。

通过分析利润表，可以了解企业的盈利能力、经营效益以及成本结构等信息。

3. 现金流量表（Cash Flow Statement）现金流量表反映了企业在一定时期内的现金流入和流出情况，包括经营活动、投资活动和筹资活动。

通过分析现金流量表，可以了解企业的现金流动状况、现金储备以及现金的运用情况。

4. 财务比率分析（Financial Ratio Analysis）财务比率分析是通过计算和比较不同财务指标之间的关系，来评估企业的财务状况和经营绩效。

常见的财务比率包括流动比率、速动比率、资产负债率、净利润率等。

通过财务比率分析，可以判断企业的偿债能力、盈利能力、运营能力等。

5. 财务预测和预算分析（Financial Forecasting and Budget Analysis）财务预测和预算分析是对企业未来财务状况和经营情况进行预测和规划的工作。

通过分析历史财务数据和市场环境，可以制定出合理的财务预算和计划，并进行相应的财务分析。

6. 行业比较分析（Industry Comparison Analysis）行业比较分析是将企业的财务数据与同行业其他企业的数据进行比较，从而评估企业在行业中的竞争地位和相对优势。

财务分析所需术语

财务分析所需术语财务分析是指通过对企业的财务数据进行采集、整理、分析和解释，以评估企业的财务状况和经营绩效的过程。

在进行财务分析时，需要使用一些专业术语来描述和解释财务数据，以便更好地理解和评估企业的财务状况。

下面是一些常用的财务分析所需术语：1. 资产负债表（Balance Sheet）：资产负债表是一份记录企业在特定日期的资产、负债和所有者权益的报表。

它反映了企业的财务状况，包括企业拥有的资产、欠债的金额以及所有者对企业的权益。

2. 利润表（Income Statement）：利润表是一份记录企业在特定期间内收入、费用和利润的报表。

它反映了企业的经营绩效，包括企业的总收入、总费用以及净利润。

3. 现金流量表（Cash Flow Statement）：现金流量表是一份记录企业在特定期间内现金流入和流出情况的报表。

它反映了企业的现金流量状况，包括经营活动、投资活动和筹资活动所产生的现金流量。

4. 财务比率（Financial Ratios）：财务比率是一种通过将不同的财务数据相互比较来评估企业财务状况和经营绩效的指标。

常用的财务比率包括流动比率、速动比率、资产负债率、净利润率等。

5. 财务指标（Financial Indicators）：财务指标是一种用来衡量企业财务状况和经营绩效的指标。

常用的财务指标包括总资产周转率、存货周转率、应收账款周转率等。

6. 盈利能力（Profitability）：盈利能力是指企业利润的大小和稳定性。

常用的盈利能力指标包括毛利率、净利率、营业利润率等。

7. 偿债能力（Solvency）：偿债能力是指企业偿还债务的能力。

常用的偿债能力指标包括流动比率、速动比率、利息保障倍数等。

8. 运营能力（Operating Efficiency）：运营能力是指企业有效利用资源进行经营活动的能力。

常用的运营能力指标包括总资产周转率、存货周转率、应收账款周转率等。

9. 现金流量（Cash Flow）：现金流量是指企业在特定期间内的现金流入和流出情况。

财务分析名词及意义

财务分析名词及意义在企业管理和投资决策中，财务分析是一项关键的工具，用于评估企业的财务状况和业绩。

准确理解和运用财务分析涉及了大量的专业名词，而这些名词的含义和意义也决定了分析结果的准确性和可靠性。

本文将介绍一些常用的财务分析名词，并探讨它们在分析过程中的作用和意义。

1. 资产负债表（Balance Sheet）资产负债表是用于展示企业当前财务状况的重要财务报表。

通过比较资产和负债之间的差额（净资产）来判断企业的偿债能力和财务稳定性。

资产负债表包括资产、负债和所有者权益三个主要部分。

通过分析资产负债表，可以了解企业的资产结构、资产组成和负债结构，从而评估企业的风险承受能力和资产负债水平。

2. 利润表（Income Statement）利润表是用于展示企业经营业绩的财务报表。

利润表显示了企业特定时期内的销售收入、成本、费用和利润等信息。

通过分析利润表，可以获得企业的销售情况、成本控制水平和盈利能力。

利润表的最终结果是净利润，它显示了企业在给定时期内的盈余水平。

3. 现金流量表（Cash Flow Statement）现金流量表是展示企业现金收入和支出情况的财务报表。

通过分析现金流量表，可以了解企业的现金流入和流出情况，评估企业的现金运营能力和现金储备水平。

现金流量表可分为经营活动、投资活动和筹资活动三个部分，每个部分的变动情况都对企业的财务决策产生重要影响。

4. 财务比率（Financial Ratios）财务比率是通过对企业财务数据进行计算得出的指标，用于评估企业的财务状况和业绩。

常用的财务比率包括流动比率、资产负债率、净利润率等。

这些比率能够帮助分析师和投资者了解企业的偿债能力、盈利能力和经营效率。

通过比较不同企业的财务比率，可以找出其优劣之处，并辅助做出投资和贷款决策。

5. 经营比较分析（Trend Analysis）经营比较分析是通过比较企业在不同时间点的财务数据，分析企业的成长趋势和经营状况的一种方法。

英文财务报告作文

英文财务报告作文英文：Financial report is an important document that reflects the financial performance of a company. As a financial analyst, I have been closely monitoring the financial situation of our company and would like to share some insights with you.Firstly, our company's revenue has increased by 10% compared to last year. This is mainly due to the increasein sales of our flagship product. However, our operating expenses have also increased by 8%, which has affected our net profit. We need to find ways to control our expenses and increase our profit margin.Secondly, our company's cash flow is healthy, with a positive cash flow from operating activities. This means that we have enough cash to pay our bills and invest in new projects. However, we need to be careful in managing ourcash flow and avoid overspending.Finally, our company's debt-to-equity ratio is within a reasonable range, indicating that we have a good balance between debt and equity financing. However, we need to be cautious in taking on more debt and ensure that we can repay our debts on time.Overall, our company's financial performance is stable, but we need to work on improving our profit margin and cash flow management.中文：财务报告是反映公司财务表现的重要文件。

Financial performance财务分析

财务指标解析

财务分析报告英文版

财务分析英文

财务报表分析论文（Financialstatementanalysis）

《财务分析》课程教学大纲

财务分析信息的种类

#词汇表#【CFA一级】Reading 19(财务报告与分析——简介)

英文财务分析报告

财务报表分析 英文

财务报表分析(英文版)答案

swot财务分析案例范文

fa分析报告的意思

财务分析报告范文

旅游公司财务分析报告范文

财务分析英文作文

财务分析信息的种类

财务分析所需术语

财务分析名词及意义

英文财务报告作文

财务报表分析英文