财务报告分析方案研讨.pptx
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1、CHAPTER 15FINANCIAL STATEMENT ANALYSIS 财务报告分析财务报告分析1 Discuss the need for comparative analysis.2 Identify the tools of financial statement analysis.3 Explain and apply horizontal analysis.4 Describe and apply vertical analysis.5 Identify and compute ratios and describe their purpose and use in analy
2、zing a firms liquidity,profitability,and solvency.6 Understand the concept of earning power and indicate how material items not typical of regular operations are presented.7 Recognize the limitations of financial statement analysis.Analyzing financial statements involves Three characteristics of a c
3、ompany:(1)its liquidity流动性流动性,(2)its profitability盈利性盈利性,(3)its solvency偿付能力偿付能力.Every item reported in a financial statement has significance.BASICS OF BASICS OF FINANCIAL STATEMENT FINANCIAL STATEMENT ANALYSIS ANALYSIS 财务报表分析财务报表分析财务报表分析财务报表分析In order to obtain information as to whether the amount
4、 1 represents an increase over prior years or 2 is adequate in relation to the companys need for cash,the amount of cash must be compared with other financial statement data.Comparisons can be made on several difference bases three are illustrated in this chapter:(1)intra-company basis,(2)industry a
5、verages,and(3)inter-company basis.Three commonly used tools are utilized to evaluate the significance of financial statement data.(1)Horizontal analysis 横向分析横向分析(trend analysis)is a technique for evaluating a series of financial statement data over a period of time.TOOLS OF TOOLS OF FINANCIAL STATEM
6、ENT ANALYSISFINANCIAL STATEMENT ANALYSIS(2)Vertical analysis 纵向分析纵向分析 is a technique for evaluating financial statement data that expresses each item in a financial statement in terms of a percent of a base amount.(3)Ratio analysis比率分析比率分析 expresses the relationship among selected items of financial
7、 statement data.TOOLS OF TOOLS OF FINANCIAL STATEMENT ANALYSISFINANCIAL STATEMENT ANALYSISThe purpose of The purpose of horizontal analysishorizontal analysis is to is to determine the increase or decrease that has determine the increase or decrease that has taken place,taken place,expressed as eith
8、er an amount expressed as either an amount or a percentageor a percentage.The recent net sales.The recent net sales figures of Sears,Roebuck and Co.are figures of Sears,Roebuck and Co.are shown above.Given that 1996 is the base shown above.Given that 1996 is the base year,we can measure all percenta
9、ge year,we can measure all percentage increases or decreases from this base increases or decreases from this base period amount as shown below.period amount as shown below.SEARS ROEBUCKS NET SALESSEARS ROEBUCKS NET SALESChange since base period=SEARS ROEBUCKS NET SALESSEARS ROEBUCKS NET SALES1996199
10、719981999200036,66239,83739,95339,48440,937100%108.7%109%107.7%111.7%RATIO ANALYSIS RATIO ANALYSIS 比率分析比率分析比率分析比率分析 Ratio analysis expresses the relationship among selected items of financial statement data.A ratio expresses the mathematical relationship between one quantity and another.A single rat
11、io by itself is not very meaningful,in the upcoming illustrations we will use:RATIO ANALYSIS RATIO ANALYSIS 比率分析比率分析比率分析比率分析(1)Intra-company comparisons 公司自身比较公司自身比较 covering two years for the Quality Department Store.(2)Industry average comparisons行业比较行业比较 based on median ratios for department stor
12、es(3)Inter-company comparisons不同公司之间比不同公司之间比较较 based on Sears,Roebuck and Co.as Quality Department Stores principal competitor.FINANCIAL RATIO CLASSIFICATIONLiquidity Ratios 流动性比率流动性比率Measures of short-term ability of the enterprise to pay its maturing obligations and to meet unexpected needs for ca
13、shProfitability Ratios 盈利比率盈利比率Measures of the income or operating success of an enterprise for a given period of timeSolvency Ratios 偿付能力比率偿付能力比率Measures of the ability of the enterprise to survive over a long period of timeCURRENT RATIO CURRENT RATIO 流动比率流动比率流动比率流动比率The current ratio(working capit
14、al ratio)is a widely used measure for evaluating a companys liquidity and short-term debt-paying ability.It is calculated by dividing current assets by current liabilities and is a more dependable indicator of liquidity than working capital.The current ratios for Quality Department Store and compara
15、tive data are shown below.CURRENT ASSETS CURRENT RATIO=CURRENT LIABILITIES Quality Department Store 20001999 2.96 3.1 Industry average Sears,Roebuck and Co.1.34 2.38 CURRENT ASSETS OF QUALITY CURRENT ASSETS OF QUALITY DEPARTMENT STOREDEPARTMENT STORE20001999Current assets Cash$100,000$155,000 Tempor
16、ary invest.20,00070,000 Receivables(net)230,000180,000 Inventory620,000500,000 Prepaid expenses50,00040,000Total current assets$1,020,000$945,000ACID-TEST RATIO ACID-TEST RATIO 酸性比率酸性比率酸性比率酸性比率The acid-test ratio(quick ratio)is a measure of a companys short-term liquidity and is calculated by dividi
17、ng the sum of cash,marketable securities,and net receivables by current liabilities.The acid-test ratios for Quality Department Store and comparative data are shown below.CASH+MARKETABLE SECURITIES+RECEIVABLES(NET)ACID-TEST RATIO=CURRENT LIABILITIES Quality Department Store 20001999 1.00 1.30Industr
18、y average Sears,Roebuck and Co.1.30 1.30 CURRENT CASH DEBT COVERAGE RATIOCURRENT CASH DEBT COVERAGE RATIOThe current cash debt coverage ratio usually provides a superior representation of liquidity since it uses not cash provided by operating activities rather than a balance at a point in time.Quali
19、ty Department Stores current cash debt coverage ratios for 2000 and 1999 are calculated below.CURRENT CASH DEBT NET CASH PROVIDED BY OPERATING ACTIVITIES COVERAGE RATIO =AVERAGE CURRENT LIABILITIES Quality Department Store 20001999 1.25 1.15Industry average Sears,Roebuck and Co.1.1 0.173 RECEIVABLES
20、 TURNOVER RECEIVABLES TURNOVER 应收账款周应收账款周应收账款周应收账款周转率转率转率转率The receivables turnover ratio is used to assess the liquidity of the receivables.It measures the number of times,on average,receivables are collected during the period.The ratio is calculated by dividing net credit sales by average net rece
21、ivables during the year.The receivables turnover ratio and comparative data for Quality Department Store for 2000 and 1999 are calculated below.NET CREDIT SALES RECEIVABLES TURNOVER=AVERAGE NET RECEIVABLES Quality Department Store 20001999 10.2 9.7Industry average Sears,Roebuck and Co.15.7 2.19 INVE
22、NTORY TURNOVER 存货周转率存货周转率The inventory turnover ratio measures the number of times,on average,the inventory is sold during the period which measures the liquidity of the inventory.It is calculated by dividing cost of goods sold by average inventory during the year.The inventory turnover ratio and co
23、mparative data for Quality Department Store for 2000 and 1999 are calculated below.COST OF GOODS SOLD INVENTORY TURNOVER=AVERAGE INVENTORY Quality Department Store 20001999 2.3 2.4 Industry average Sears,Roebuck and Co.6.22 4.61 PROFIT MARGIN RATIO 利润率利润率The profit margin ratio is a measure of the p
24、ercentage of each dollar of sales that results in net income.It is calculated by dividing net income by net sales for the period.The profit margin ratios and comparative data for Quality Department Store for 2000 and 1999 are calculated below.NET INCOME PROFIT MARGIN ON SALES=NET SALES Quality Depar
25、tment Store 20001999 12.6%11.4%Industry average Sears,Roebuck and Co.3.16%1.8%CASH RETURN ON SALES RATIOThe cash basis counterpart of the profit margin ratio is the cash return on sales ratio which uses net cash provided by operating activities as the numerator and net sales as the denominator.Using
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