Financial performance财务分析
财务指标解析
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
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.。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Gross Profit Percentage
Factors negatively affecting this ratio:
IV. A change in the sales mix where lines which are not as profitable are being carried
Less:non-currentliabilities Less:currentliabilities TotalEquity&Liabilities
£000 29,455 6,250 35,705
12,000 1,000 19,692 32,692 554 2,459 35,705
12
NP MARGIN EXAMPLE
Less:non-currentliabilities Less:currentliabilities TotalEquity&Liabilities
£000 29,455 6,250 35,705
12,000 1,000 19,692 32,692 554 2,459 35,705
8
Profitability
10
Gross Profit Percentage
Factors negatively affecting this ratio:
I. A decrease in sales.
II. An increase in theቤተ መጻሕፍቲ ባይዱpurchasing price (perhaps as a result of changing supplier or not taking advantage of discounts)
RATIO ANALYSIS
• COMPARATIVES ARE HELPFUL – WITH PREVIOUS YEARS – WITH BUDGETS & FORECASTS – WITH SIMILAR COMPANIES – WITH MACRO ECONOMIC CONDITIONS
5
Example 1: Cross sectional comparison
EXAMPLE
£000 34,800 22,400 12,400
8,020 4,380
40 4,340
890 3,450
BALANCESHEET Non-currentassets Currentassets TotalAssets Equity&Liabilities Ordinaryshares Preferenceshares Retainedearnings
Financial performance财务分析
What is meant by interpretation?
• Looking at the accounts and the notes to the accounts – as they are
• Making a few simple calculations • Making informed judgements
£000 34,800 22,400 12,400
8,020 4,380
40 4,340
890 3,450 13.2%
BALANCESHEET Non-currentassets Currentassets TotalAssets Equity&Liabilities Ordinaryshares Preferenceshares Retainedearnings
Less:non-currentliabilities Less:currentliabilities TotalEquity&Liabilities
£000 29,455 6,250 35,705
12,000 1,000 19,692 32,692 554 2,459 35,705
11
GP MARGIN EXAMPLE
• 3. Efficiency - the efficiency with which the firm manages its current assets and current liabilities
• 4. Capital structure - This assess the ability to meet longterm financial obligations.
PROFIT MARGINS Generally some sort of % measure of profit from activity.
GROSS PROFIT MARGIN (%)
= GROSS PROFIT / SALES
NET PROFIT MARGIN (%) = OPERATING PROFIT (PBIT) / SALES
III.A change in the selling price or effects of competition (in some cases companies mark down the price in order to dispose of slow moving or obsolete stock).
ABC PLC
£000 34,800 22,400 12,400
8,020 4,380
40 4,340
890 3,450
BALANCESHEET Non-currentassets Currentassets TotalAssets Equity&Liabilities Ordinaryshares Preferenceshares Retainedearnings
Less:non-currentliabilities Less:currentliabilities TotalEquity&Liabilities
£000 29,455 6,250 35,705
12,000 1,000 19,692 32,692 554 2,459 35,705
7
ROCE EXAMPLE
APPRAISAL OF ACCOUNTS
• 1. Profitability - the ability of a firm to use its asset base in order to increase the total assets.
• 2. Solvency/Liquidity - This refers to the ability of a firm to pay off its short - term debts
• Changes: • 1.Cost of sales increased • 2.Administrative expenses and distribution
costs increased • 3.Sales strategy
INCOMESTATEMENT Salesrevenue Costofsales GrossProfit Operatingexpenses Operatingprofit Interestpaid Profitbeforetax Taxation Profitaftertax
TOTAL ASSETS - CURRENT LIAB.
6
INCOMESTATEMENT Salesrevenue Costofsales GrossProfit Operatingexpenses Operatingprofit Interestpaid Profitbeforetax Taxation Profitaftertax
INCOMESTATEMENT Salesrevenue Costofsales GrossProfit Operatingexpenses Operatingprofit Interestpaid Profitbeforetax Taxation Profitaftertax GPmargin=12400/34800=
Less:non-currentliabilities Less:currentliabilities TotalEquity&Liabilities
£000 29,455 6,250 35,705
12,000 1,000 19,692 32,692 554 2,459 35,705
13
LIQUIDITY RATIOS
V. An increase in shrinkage – i.e. stock losses resulting from wastage, breakages or theft
Net profit margin
• This ratio shows how profitable a business is after all expenses have been taken into account.
£000 34,800 22,400 12,400
8,020 4,380
40 4,340
890 3,450 12.6%
BALANCESHEET Non-currentassets Currentassets TotalAssets Equity&Liabilities Ordinaryshares Preferenceshares Retainedearnings
40%
10%
3
Example 2: Time series comparison
2.Has there been an increase or decrease in profitability from one year to the next?
Previous Current
year
year
Profit Net assets