財務(wù)報告分析方案研討課件

CHAPTER15FINANCIALSTATEMENTANALYSIS財務(wù)報告分析CHAPTER15FINANCIALSTATEMENT11

Discusstheneedforcomparativeanalysis.2

Identify

thetoolsoffinancialstatementanalysis.3Explainandapplyhorizontalanalysis.4

Describeandapplyverticalanalysis.1Discusstheneedforcompara25

Identifyandcomputeratiosanddescribetheirpurposeanduseinanalyzingafirm’sliquidity,profitability,andsolvency.6

Understandtheconceptofearningpowerandindicatehowmaterialitemsnottypicalofregularoperationsarepresented.7Recognizethelimitationsoffinancialstatementanalysis.5Identifyandcomputeratios3

AnalyzingfinancialstatementsinvolvesThree characteristicsofacompany:(1)itsliquidity流動性,(2)its profitability盈利性,(3)its solvency償付能力.Everyitemreportedinafinancialstatementhassignificance.BASICSOFFINANCIALSTATEMENTANALYSIS財務(wù)報表分析Analyzingfinancialstatement4Inordertoobtaininformationastowhethertheamount 1representsanincreaseoverprioryearsor2isadequateinrelationtothecompany’sneedforcash, the amountofcashmustbecomparedwithotherfinancialstatementdata.Comparisonscanbemadeonseveraldifferencebases–threeareillustratedinthischapter:(1)intra-company basis, (2)industryaverages,and(3)inter-companybasis.Inordertoobtaininformation5Threecommonlyusedtoolsareutilizedtoevaluatethesignificanceoffinancialstatementdata.(1)

Horizontalanalysis

橫向分析(trendanalysis)isatechniqueforevaluatingaseriesoffinancialstatementdataoveraperiodoftime.TOOLSOFFINANCIALSTATEMENTANALYSISThreecommonlyusedtoolsare6(2)Verticalanalysis縱向分析isatechniqueforevaluatingfinancialstatementdatathatexpresseseachiteminafinancialstatementintermsofapercentofabaseamount.(3)Ratioanalysis比率分析expressestherelationshipamongselecteditemsoffinancialstatementdata.TOOLSOFFINANCIALSTATEMENTANALYSIS(2)Verticalanalysis縱向分析is7Thepurposeofhorizontalanalysisistodeterminetheincreaseordecreasethathastakenplace,expressedaseitheranamountorapercentage.TherecentnetsalesfiguresofSears,RoebuckandCo.areshownabove.Giventhat1996isthebaseyear,wecanmeasureallpercentageincreasesordecreasesfromthisbaseperiodamountasshownbelow.Thepurposeofhorizontalana8SEARSROEBUCK’SNETSALESChangesincebase

period=SEARSROEBUCK’SNETSALESChang9SEARSROEBUCK’SNETSALES1996199719981999200036,66239,83739,95339,48440,937100%108.7%109%107.7%111.7%SEARSROEBUCK’SNETSALES1996110RATIOANALYSIS比率分析

Ratioanalysisexpressestherelationshipamongselected itemsof financialstatementdata.Aratioexpressesthemathematicalrelationshipbetweenone quantityandanother.Asingleratiobyitselfisnotverymeaningful,intheupcoming illustrationswewilluse:RATIOANALYSIS比率分析Ratioanal11RATIOANALYSIS比率分析(1)

Intra-companycomparisons

公司自身比較coveringtwoyearsfortheQualityDepartmentStore.(2)Industryaveragecomparisons行業(yè)比較

basedonmedianratiosfordepartmentstores

(3)

Inter-companycomparisons不同公司之間比較basedonSears,RoebuckandCo.asQualityDepartmentStore’sprincipalcompetitor.RATIOANALYSIS比率分析12FINANCIALRATIOCLASSIFICATIONLiquidityRatios流動性比率Measuresofshort-termabilityoftheenterprisetopayitsmaturingobligationsandtomeetunexpectedneedsforcashProfitabilityRatios盈利比率MeasuresoftheincomeoroperatingsuccessofanenterpriseforagivenperiodoftimeFINANCIALRATIOCLASSIFICATION13SolvencyRatios償付能力比率MeasuresoftheabilityoftheenterprisetosurviveoveralongperiodoftimeSolvencyRatios償付能力比率14CURRENTRATIO流動比率Thecurrentratio(workingcapitalratio)isawidelyusedmeasureforevaluatingacompany’sliquidityandshort-termdebt-payingability.Itiscalculatedbydividingcurrentassetsbycurrentliabilitiesandisamoredependableindicatorofliquiditythanworkingcapital.ThecurrentratiosforQualityDepartmentStoreandcomparativedataareshownbelow.CURRENTRATIO流動比率Thecurrent15

CURRENTASSETSCURRENTRATIO=——————————— CURRENTLIABILITIES

QualityDepartmentStore

200019992.963.1IndustryaverageSears,RoebuckandCo.1.342.38

16CURRENTASSETSOFQUALITYDEPARTMENTSTORE20001999Currentassets

Cash$100,000$155,000

Temporaryinvest.20,00070,000

Receivables(net)230,000180,000

Inventory620,000500,000

Prepaidexpenses50,00040,000Totalcurrentassets$1,020,000$945,000CURRENTASSETSOFQUALITYD17ACID-TESTRATIO酸性比率Theacid-testratio(quickratio)isameasureofacompany’sshort-termliquidityandiscalculatedbydividingthesumofcash,marketablesecurities,andnetreceivablesbycurrentliabilities.Theacid-testratiosforQualityDepartmentStoreandcomparativedataareshownbelow.ACID-TESTRATIO酸性比率Theacid-t18

CASH+MARKETABLESECURITIES+RECEIVABLES(NET)ACID-TESTRATIO=———————————————————————————— CURRENTLIABILITIES

QualityDepartmentStore

200019991.001.30IndustryaverageSears,RoebuckandCo.1.301.30

19CURRENTCASHDEBTCOVERAGERATIOThecurrentcashdebtcoverageratiousuallyprovidesasuperiorrepresentationofliquiditysinceitusesnotcashprovidedbyoperatingactivitiesratherthanabalanceatapointintime.QualityDepartmentStore’scurrentcashdebtcoverageratiosfor2000and1999arecalculatedbelow.CURRENTCASHDEBTCOVERAGERAT20CURRENTCASHDEBTNETCASHPROVIDEDBYOPERATINGACTIVITIESCOVERAGERATIO=———————————————————————— AVERAGECURRENTLIABILITIES

QualityDepartmentStore

200019991.251.15IndustryaverageSears,RoebuckandCo.1.10.173CURRENTCASHDEBTNETC21RECEIVABLESTURNOVER應(yīng)收賬款周轉(zhuǎn)率Thereceivablesturnoverratioisusedtoassesstheliquidityofthereceivables.Itmeasuresthenumberoftimes,onaverage,receivablesarecollectedduringtheperiod.Theratioiscalculatedbydividingnetcreditsalesbyaveragenetreceivablesduringtheyear.ThereceivablesturnoverratioandcomparativedataforQualityDepartmentStorefor2000and1999arecalculatedbelow.RECEIVABLESTURNOVER應(yīng)收賬款周轉(zhuǎn)率Th22

NETCREDITSALESRECEIVABLESTURNOVER=——————————————— AVERAGENETRECEIVABLES

QualityDepartmentStore

2000199910.29.7IndustryaverageSears,RoebuckandCo.15.72.19

23INVENTORYTURNOVER存貨周轉(zhuǎn)率Theinventoryturnoverratiomeasuresthenumberoftimes,onaverage,theinventoryissoldduringtheperiod–whichmeasurestheliquidityoftheinventory.Itiscalculatedbydividingcostofgoodssoldbyaverageinventoryduringtheyear.TheinventoryturnoverratioandcomparativedataforQualityDepartmentStorefor2000and1999arecalculatedbelow.INVENTORYTURNOVER存貨周轉(zhuǎn)率Thein24

COSTOFGOODSSOLDINVENTORYTURNOVER=———————————— AVERAGEINVENTORY

QualityDepartmentStore

200019992.32.4IndustryaverageSears,RoebuckandCo.6.224.61

25PROFITMARGINRATIO利潤率Theprofitmarginratioisameasureofthepercentageofeachdollarofsalesthatresultsinnetincome.Itiscalculatedbydividingnetincomebynetsalesfortheperiod.TheprofitmarginratiosandcomparativedataforQualityDepartmentStorefor2000and1999arecalculatedbelow.PROFITMARGINRATI26

NETINCOMEPROFITMARGINONSALES=—————— NETSALES

QualityDepartmentStore

2000199912.6%11.4%IndustryaverageSears,RoebuckandCo.3.16%1.8%

27CASHRETURNONSALESRATIOThecashbasiscounterpartoftheprofitmarginratioisthecashreturnonsalesratiowhichusesnetcashprovidedbyoperatingactivitiesasthenumeratorandnetsalesasthedenominator.Usingnetcashprovidedbyoperatingactivitiesof$404,000in2000and$340,000in1999,QualityDepartmentStore’scashreturnonsalesratiosarecalculatedandevaluatedbelow.CASHRETURNONSALES28

NETCASHPROVIDEDBYOPERATINGACTIVITIESCASHRETURNONSALESRATIO=————————————————————————— NETSALES

QualityDepartmentStore

2000199919.3%18.5%IndustryaverageSears,RoebuckandCo.6.2%7.4%

29ASSETTURNOVER資產(chǎn)周轉(zhuǎn)率Theassetturnoverratiomeasureshowefficientlyacompanyusesitsassettogeneratesales.Itisdeterminedbydividingnetsalesbyaverageassetsfortheperiod.QualityDepartmentStore’scashreturnonsalesratiosarecalculatedandevaluatedbelow.ASSETTURNOV30

NETSALESASSETTURNOVER=————————— AVERAGEASSETS

QualityDepartmentStore

200019991.2times1.21IndustryaverageSears,RoebuckandCo.2.321.1times

31RETURNONASSETS資產(chǎn)報酬率Anoverallmeasureofprofitabilityisthereturnonassetsratio.Itiscalculatedbydividingnetincomebyaverageassetsfortheperiod.QualityDepartmentStore’sreturnonassetsratiosfor2000and1999arecalculatedandevaluatedbelow.RETURNONASSETS資產(chǎn)32

NETINCOMERETURNONASSETS=————————— AVERAGEASSETS

QualityDepartmentStore

2000199915.4%13.7%IndustryaverageSears,RoebuckandCo.7.42%1.99%

33RETURNONCOMMONSTOCKHOLDERS’EQUITY權(quán)益報酬率Aratiothatmeasuresprofitabilityfromtheviewpointofthecommonstockholderisreturnoncommonstockholders’equity.Itiscalculatedbydividingnetincomebyaveragecommonstockholders’equityfortheperiod.QualityDepartmentStore’sreturnoncommonstockholders’equityfor2000and1999arecalculatedandevaluatedbelow.RETURNONCOMMONSTOCKHOLDERS’34

RETURNONCOMMONNETINCOMESTOCKHOLDERS’EQUITY=——————————————————————— AVERAGECOMMONSTOCKHOLDERS’EQUITY

QualityDepartmentStore

2000199929.3%28.5%IndustryaverageSears,RoebuckandCo.18.6%10.9%RETURNONCOMMON35EARNINGSPERSHARE每股收益Earningspershare(EPS)ofcommonstockisameasureofnetincomeearnedoneachshareofcommonstock.Itiscalculatedbydividingnetincomebythenumberofweightedaveragecommonsharesoutstandingduringtheyear.QualityDepartmentStore’sEPSfor2000and1999arecalculatedandevaluatedbelow.EARNINGSPERSHARE每股收益36

EARNINGSNETINCOMEPERSHARE=———————————————————————————— WEIGHTEDAVERAGECOMMONSHARESOUTSTANDING

QualityDepartmentStore

20001999$0.97$0.77EARNINGS37PRICE-EARNINGSRATIO市盈率Theprice-earnings(PE)ratiomeasurestheratioofthemarketpriceofeachshareofcommonstocktotheearningspershare.Itiscalculatedbydividingthemarketpricepershareofcommonstockbyearningspershare.QualityDepartmentStore’sPEratiosfor2000and1999arecalculatedandevaluatedbelow.PRICE-EARNINGSRATIO市盈率Thepr38

MARKETPRICEPERSHAREOFCOMMONSTOCKPRICE-EARNINGSRATIO=————————————————————————— EARNINGSPERSHARE

QualityDepartmentStore

2000199912.410.4IndustryaverageSears,RoebuckandCo.3322

39PAYOUTRATIO股利支付率Thepayoutratiomeasuresthepercentageofearningsdistributedintheformofcashdividends.Itiscalculatedbydividingcashdividendsbynetincome.QualityDepartmentStore’spayoutratiosfor2000and1999arecalculatedandevaluatedbelow.PAYOUTRATIO股利支付率Thepayoutr40

CASHDIVIDENDSPAYOUTRATIO=————————— NETINCOME

QualityDepartmentStore

2000199923.2%28.8%IndustryaverageSears,RoebuckandCo.17.5%44.5%

41DEBTTOTOTALASSETS資產(chǎn)負(fù)債率Thedebttototalassetsratiomeasuresthepercentageoftotalassetsprovidedbycreditors,indicatingthedegreeofleveraging.Itiscalculatedbydividingtotaldebtbytotalassets.QualityDepartmentStore’stotaldebttototalassetsratiosfor2000and1999arecalculatedandevaluatedbelow.DEBTTOTOTALASSETS資產(chǎn)42

TOTALDEBTDEBTTOTOTALASSETS=———————— TOTALASSETS

QualityDepartmentStore

2000199945.3%50.2%IndustryaverageSears,RoebuckandCo.42%81.7%

43TIMESINTERESTEARNED利息獲利倍數(shù)Thetimesinterestearnedratioprovidesanindicationofthecompany’sabilitytomeetinterestpaymentsastheycomedue.Itiscalculatedbydividingincomebeforeincometaxesandinterestexpensebyinterestexpense.QualityDepartmentStore’stimesinterestearnedratiosfor2000and1999arecalculatedandevaluatedbelow.TIMESINTERESTEARNED利息獲利倍44TIMESINTERESTINCOMEBEFOREINCOMETAXESANDINTERESTEXPENSEEARNED=————————————————————————————— INTERESTEXPENSE

QualityDepartmentStore

2000199913times9.6IndustryaverageSears,RoebuckandCo.7.39times1.86timesTIMESINTERESTINCOMEBEFO45CASHDEBTCOVERAGERATIOTheratioofnetcashprovidedbyoperatingactivitiestoaveragetotalliabilitiesisthecashdebtcoverageratioandisameasureofsolvency.QualityDepartmentStore’scashdebtcoverageratiosfor2000and1999arecalculatedandevaluatedbelow.CASHDEBTCOVERAGE46

NETCASHPROVIDEDBYOPERATINGACTIVITIESCASHDEBTCOVERAGERATIO=————————————————————————— AVERAGETOTALLIABILITIES

QualityDepartmentStore

200019990.495times0.442timesIndustryaverageSears,RoebuckandCo.0.38times0.09times

47

Forusersoffinancialstatementstodetermineearningpower獲利能力orregularincome,theirregularitemsareseparatelyidentifiedontheincomestatement.Threetypesofirregularitemsarereported:(1)Discontinuedoperations停業(yè),(2)Extraordinaryitems非常項(xiàng)目,and(3)Changesinaccountingprinciple會計政策變化.EARNINGPOWERANDIRREGULARITEMS正常收益項(xiàng)目與非正常收益項(xiàng)目Forusersoffinancialstatem48

Discontinuedoperationsconstitutesthedisposalofasignificantsegment部門

ofabusiness.Theincome(loss)fromdiscontinuedoperationsconsistsof(1)theincome(loss)fromoperationsand(2)thegain(loss)ondisposalofthesegment.DISCONTINUEDOPERATIONSDiscontinuedoperationsconst49STATEMENTPRESENTATIONOFDISCONTINUEDOPERATIONSAcroEnergyInc.hasrevenuesof$2.5millionandexpensesof$1.7millionfromcontinuingoperationsin2002.Thecompanythereforehasincomebeforeincometaxesof$800,000.Thecompanydiscontinuedandsolditsunprofitablechemicaldivisionduring2002.The2002lossfromchemicaloperationswas$140,000(netof$60,000inincometaxes),andthelossondisposalofthechemicaldivision(netof$30,000inincometaxes),was$70,000.Givena30%incometaxrate,thepartialincomestatementpresentationisshownbelow.STATEMENTPRESENTATIONOFDISC50

PartialIncomeStatementIncomefromoperations$560,000Less:lossfromDiscontinuedoperation(210,000)Netincome350,000Partial51

Extraordinaryitemsareeventsandtransactionsthatmeettwoconditions:

theyare(1)unusualinnatureand(2)infrequentinoccurrence.Extraordinaryitemsarereportednetoftaxesinaseparatesectionoftheincomestatementimmediatelybelow discontinuedoperations.EXTRAORDINARYITEMS非常項(xiàng)目Extraordinaryitemsareevent52EXAMPLESOFEXTRAORDINARYitemsEffectofmajorcasualties(actsofGod)PropertytakeoverbyaforeigngovernmentEffectsofnewlyenactedlawDestructionofpropertybyfireEXAMPLESOFEXTRAORDINARYitem53

PartialIncomeStatementIncomefromoperations$560,000Less:lossfromDiscontinuedoperation(210,000)Incomebeforeextraordinaryitem350,000Less:extraordinaryitem(49,000)Netincome301,000Partial54

Tomakethemcomparable,financialstatements areexpectedtobepreparedonabasisconsistent withthatusedintheprecedingperiod.Achangeinaccountingprincipleoccurswhentheprincipleusedinthecurrentyearisdifferentfromtheoneusedintheprecedingyear.CHANGEINACCOUNTINGPRINCIPLE會計原則變化Tomakethemcomparable,fina55Achangeispermittedwhen(1)

managementcanshowthatthenewprincipleispreferabletotheoldprincipleand(2)theeffectsofthechangeareclearlydisclosedintheincomestatement.CHANGEINACCOUNTINGPRINCIPLE會計原則變化CHANGEINACCOUNTINGPRINCIPL56Whenachangeinaccountingprinciplehasoccurred,(1)thenewprincipleshouldbeusedin reportingtheresultsofoperationsofthe currentyearand(2)thecumulativeeffect累計效應(yīng)ofthechangeonallprioryearincomestatementsshouldbedisclosednetofapplicableincometaxesinaspecialsectionimmediatelyprecedingnetincome.CHANGEINACCOUNTINGPRINCIPLEWhenachangeinaccountingpr57STATEMENTPRESENTATIONOFCUMULATIVEEFFECTOFCHANGEINACCOUNTINGPRINCIPLEAtthebeginningof2002,AcroEnergyInc.changesfromthestraight-linemethodofdepreciationtothedeclining-balancemethodforequipmentpurchasedonJanuary1,1999.Assuminga30%incometaxratethenetofincometaxeffectofthechangeis$16,800($24,000X70%).Thepartialincomestatementpresentationisshownbelow.STATEMENTPRESENTATIONOFCUMU58Incomebeforeextraordinaryitemandcumulativeeffectofchangeinaccountingprinciple$350,000Less:extraordinaryitem

(49,000)

cumulativeeffectofchangeinaccountingprinciple(16,800)Netincome$284,200PartialIncomestatementFortheyearendedatDec31,2002Incomebeforeextraordinaryit59Youshouldbeawareofsomeofthelimitationsofthethreeanalyticaltoolsillustratedinthechapterandofthefinancialstatementsonwhichtheyarebased.1Estimates估計:Financialstatementscontainnumerous estimates;totheextent thattheseestimatesare inaccurate,thefinancialratiosandpercentagesare inaccurate.LIMITATIONSOFFINANCIALANALYSIS財務(wù)分析的限制Youshouldbeawareofsomeof602Cost成本:Traditionalfinancialstatementsarebasedoncostandarenotadjustedforprice-levelchanges.Comparisonsofunadjustedfinancialdatafromdifferentperiodsmayberenderedinvalidbysignificantinflationordeflation.LIMITATIONSOFFINANCIALANALYSIS財務(wù)分析的限制2Cost成本:Traditionalfinanci613

AlternativeAccountingMethods不同的會計方法:VariationsamongcompaniesintheapplicationofGAAPmayhampercomparability.Althoughdifferencesinaccountingmethodsmightbedetectablefromreadingthenotestothefinancialstatements,adjustingthefinancialdatatocompensateforthedifferentmethodsisdifficult,ifnotimpossible,insomecases.3AlternativeAccountingMetho624AtypicalData非典型的數(shù)據(jù):Fiscalyear-enddatamaynotbetypicalofthefinancial conditionduringtheyear.Firmsoftenestablishafiscalyear-endthat coincideswiththelowpointinoperatingactivityorininventorylevels. Thus,certainaccountbalancesmaynotberepresentativeoftheaccountbalancesduringtheyear.4AtypicalData非典型的數(shù)據(jù):Fiscal635DiversificationofFirms公司的多元化:DiversificationinAmericanindustryalsorestrictstheusefulnessoffinancialanalysis.Manyfirmstodayaretoodiversifiedtobeclassifiedbyindustry,whileothersappeartobecomparablewhentheyarenot.5DiversificationofFirms公司的多64HomeworkE15-7,E15-9P15-2AHomeworkE15-7,E15-965CHAPTER15FINANCIALSTATEMENTANALYSIS財務(wù)報告分析CHAPTER15FINANCIALSTATEMENT661

Discusstheneedforcomparativeanalysis.2

Identify

thetoolsoffinancialstatementanalysis.3Explainandapplyhorizontalanalysis.4

Describeandapplyverticalanalysis.1Discusstheneedforcompara675

Identifyandcomputeratiosanddescribetheirpurposeanduseinanalyzingafirm’sliquidity,profitability,andsolvency.6

Understandtheconcep