5力分析财务报告盈利能力效率流动比率投资资产负债.docx

1、5力分析财务报告盈利能力效率流动比率投资资产负债PROFITABILITY （盈利能力 EFFICIENCY（效率） LIQUIDITY （流动比率） INVESTMENT 投资） GEARING（资产负债）PROFITABILITY （ 盈利能力）NamesFormulaconditionComments毛利Goss profitGross FTofit% 二 Sales - Cost of Sales x 100%*jSales+J毛利=（销售额-销售成本）/销售额 x 100%越高越好高低直接体现公司的竞争力 直接因素是产品成本和产品价 格净利润NetProfit2. Net Profi

2、t% = Profit before interest and tax x 100% SalesOperating Profit = profit before interestandta.净利润% =（企业息前税前利润 PBIT/销售额）X 100% 注：营业利润=息税前利润P.B.I.T销售 分销成本 管理费用已投资资本 回报（率）Retur n onCapitalEmployed?Target is to achieve as high as possible.Return on Capital Employed%*21二 Profit before interest and tax x

3、.100% 1 Capital Employ已投资资本回报（率）=（企业息前税前利润/资X 100%Capital Employed = Ordinary shares + rese + long term loa ns + leases +hire purchase agreeme 运用资本=普通股+储备+长期贷款+租赁+租购协手本收益）srvesnts卜议EFFICIENCY（效率）固定资产生 产力FixedAsset Productivit yFixed Asset Productivity = Sales*1 Fixed Assets-固定资产生产力=销售收入较高的比率意味 着更大的固

4、定资 产的使用效率较高表示投资在固定资产或扩大的可能应收账款DebtorsDebtors （Receivables ）Control 二 Debtors- x365 卩 Sales*1应收款项（应收账款）控制 =应收账款X365通常的贸易信贷是30 - 60天之间。规范是约45天缺乏控制收集来自客户所欠款 项。可能的正当理由：延长信贷 提供增加销售；小型企业与大型 多国公司打交道。比较需要。债权人(应 付)控制Creditors(Payables)Co ntrolAgain usual trade credit is between 30 -60daysPoor finan cialman a

5、geme nt. Busin ess n eeds to take full adva ntage of “ free creditPossible valid reas ons : Early payme nts to obta in disco un ts. Comparators needed.365库存周转天*目的是保持尽可数Stock Turnover in days = Stock x 365-1能低数Cost of Sales*1StockTurnover in库存周转天数=（库存/销售收入）x 365 daysdays运用资本目的是保持尽可以资助新（扩）固定资产Capital

6、employed = Sales Turnover*CapitalTurnover Capital Employed*能高的employedTurnover运用资本=营业额/营业额资本雇用LIQUIDITY （流动比率）流动比率规范是1.5 - 2.0a、流动比率高低反映企业承受Curre nt*之间。良好的财务流动资产贬值能力和偿还中、Current Ratio 二 Current Assets eRatioCurrent liabilities*管理之间的1 -短期债务能力的强弱；1.5和财务管理不b、流动比率越高，表明企业流流动比率=流动资产/流动负债善是2.5以上动资产占用资金来源于结

7、构性(Norm is between 1.5 - 2.0. Good finan cial负债的越多，企业投入生产，经man ageme nt is betwee n 1 -1.5 and poor finan cial营的营运资本越多，企业偿还man ageme nt is 2.5 and above. )债务的能力就越强；c、一般认为比率值为2时比较合理，但要求中国企业流动比汽车1.1房地产1.2制药1.25 建材1.25化工1.2家电1.5啤率达到2对大多数不实际酒 1.75d、正常情况下，部分行业的流计算机2电子1.45商业1.65机械1.8玻璃1.3食动比率参考如下：品2饭店2速动比

8、率规范1.0 -速动比率反应了公司的短期偿Quick Ratio = Current Assets - StocksQuickCurrent Liabilrtiesr1.5。（除超市是债能力，合理的最低速动比率是Ratio0.4 ），如果比值1。当商店几乎没有应收帐款，1.0业务在技术比率会大大低于1.速动比率=（流动资产-库存）/流动负债上是资不抵债。危Norm 1.0 -1.5. ( Except supermarkets which are 0.4 )险！财务管理不If ratio is 2.0良好的财务管理Good financial management if = 1.0 or ev

9、en 1.0=1.0，甚至 1.0INVESTMENT 投资)每股盈利Earning sPer shareEmoigte Per share j二 Profit after tax and interestNumber of ordinary shares1尽可能的高营业额和利润的影响每股盈利=税后利润和利息/普通股数目Target is as high as possible. So for every ?1 share ) in vested the owners are gett ing ?0.61 in 1999(1利息保障倍 数银行的约盖的外 观。4-6个安 全”如果太低， 他们紧张

10、，可新的销售/利润In terestCoverInterest Ccwel= Profit before tax and interestsInt&rest on loan利息保障倍数=税前利润和利息/贷款利息Bank s look for a cover of approx. 4 6 for - safety .low they get n ervous and may feel the compa ny is a risk and call in any overdraft, or eve n worse petitio n for liquidati on to obta in repa

11、yme nt of loa nsIf tooGEARING（资产负债）GEARING(齿轮比1的范围高负债与低利润的比例 可以减+JRatio 1*j是：少每股收益显著，甚至推入业务资产负债）a低负债率的亏损。杠杆比率=Gearing = Lcnq Term Loans x 100%去20 % - 35 %的低（长期贷款Total Capital Employee户风险/就业的总*(Total Capital Employed 亠中 “3% - 55 %,资本）Long Term Loans+ Shareholders Funds中等风险X100 %高“5%以上。高Ratio 2p风险。或资本

12、负债 比率=（长+-1ORGearina = LongTerm Loans x 100%hOrd Shareholders Funds+J期贷款/条例股东资金)X100 %Range of gear!ng for ratio 1 忑*Low Gearing 35% Low risk瞬fi叫 35% - 55% Medium risk资产周转率（Asset Turnover ）1.Gress Profit%二 S盘es Cost of 韵es x 100%*jSafestLSiass Profit 二 Sales-Cost of sales *毛利=(销售额-销售成本)/销售额x 100%P.S

13、 :毛利率=毛利润 /销售收入(Gross profit margin = gross profit/sales ) 毛禾|润(gross profit / gross margin )毛禾【率(gross profit margin ,rate of margin; rate of gross profit )销售收入(sales revenue/ sales proceeds )销售利率=(净利/销售收入)X100 %Sales rate= (Net profitles/sales reve nu e)x100%毛禾 分析 Comments : This should be maintai

14、ned as high as possible.从图表可以看出1999到2002可以看出平均毛利下降了 6%,下降的趋势P.s:毛利率的高低直接体现公司的竞争力，在个股分化严重的市场中公司的竞争力尤为重 要。影响毛利率高低的直接因素是产品成本和产品价格，产品成本取决于原材料价格和生 产技术水平，产品价格取决于产品竞争力、区域供求关系、市场定价权等。2 Net Profit% = ofit before intbet and 旧x 淇 100%Sales- - _ H净利润% =（企业息前税前利润 PBIT/销售额）X 100% 注：营业利润= 息税前利润资产净利率是企业净利与平均资产总额的百分

15、比，企业资产的利用效果，指标越高，表明资产的利用效果越好，说 明企业在增收节支和加速资金周转方面取得了良好效果。Assets net in terest margin is the perce ntage of corporate net in come and average total assets, the use of corporate assets, the higher the in dex, shows that the assets of the use of the better, i ncrease revenue and accelerate cash flow and

16、 achieved good results.资产净利率=资产周转率x销售净利率 或者 资产净利率=销售收入/资产平均总额x年销售净利润/年销售收入Asset net in terest rate = asset turnover xsales net in terest rates or asset net in terestrate = sales reve nu e/assets total average） sales net profit/a year in sales3. Retur n on Capital Employed%=*Profit before in terest a

17、nd tax x 100%Capital EmployedTarget is to achieve as high as possible.Additi on al l ong term capital finance might be n eeded for expa nsion （ new product line ）, and sales have not yet bee n gen erated from that in vestme nt. End of product life cycle !.Change in tech no logy or cha nge in Europea

18、 n regulati ons （ Polluti on con trols ） forcing new in vestme nts.In vestigati on as to the causes is required, together with comparis ons.可能需要额外的长期资本融资为扩张 （新的生产线），和销售尚未从该投资产生。产品生命周期结束！改变在欧洲的法规，迫使新的投资（污染控制）技术或变化。调查原因是必需的，连同比较。报告参见:M.B.A.M PLC RATIO S -SOLUTIONPROFITABILITY1999 2000 2001 2002SalesCo

19、mme nts:This should be maintained as high as possible. However there is a 17% reduction from 1999 to 2002.1999/2000 2000/2001 2001/2002Sales+11.1% +6.9% +2.9%Cost of Sales +13.0% +9.3% +7.4%Cost of Sales increasing at faster rate than Sales. Investigate cost of sales eg. All direct cost of sales , d

20、irect materials, direct wages, direct expe nses.Comparis ons n eeded with bus in ess sector norm and similar sized bus in ess.19992000200120022. Net Profit% = *Profit before in terest and tax x 100%15%14%10%9%Sales(*Operating Profit = profit before interest and tax )Comme nts:The aim aga in is to ma

21、in ta in this as high as possible.However it is decreasing as per gross profit, but more significantly year onyear.1999/20002000/20012001/2002P.B.I.T+5.9%-22.2%-7.1%Sales+11.1%+6.9%+2.9%Distributio n costs+16.7%+14%+25%Admi nistratio n costs+5.6%+21%-17.4%Perhaps the lack of control over overheads i

22、s causing this. Distribution costs appear to be increasing at a much faster rate than sales- almost out of control.1999 2000 2001 200246% 40% 28% 24%Administration costs have at least been reduced in 2001/2 after the very large in crease in 2000/1. Inv estigati ons are n eeded into the alarmi ng in

23、crease in distribution expenses, together with comparisons.3. Retur n on Capital Employed%=*Profit before in terest and tax x 100%Capital Employed(*Operating Profit = profit before interest and tax )(Capital Employed = Ordinary shares + reserves + long term loa ns + leases + hire purchase agreeme nt

24、s )Comme nts:Target is to achieve as high as possible. It is decreasing to almost half it svalue from 1999 to 2002. ( 48% reduction ).Key reas ons are that cost of sales and distributio n costs are growing at a fasterrate tha n sales.However more to the point. Long Term Capital Employed is increasin

25、g rapidly, ie. From 1999 to 2002 +43%.This is mai nly due to i ncreasi ng long term bankloans.Additi on al l ong term capital finance might be n eeded for expa nsion ( new product line ), and sales have not yet bee n gen erated from that inv estme nt. End of product life cycle !.Change in tech no lo

26、gy or cha nge in Europea n regulati ons ( Polluti on con trols ) forci ng new inv estme nts.Investigation as to the causes is required, together with comparisons.EFFICIENCY4. Fixed Asset ProductivitySalesFixed Assets1999 2000 2001 20027.64 5.85 4.86 5.2Comme nts: 2000/2001 +6.9% -3.7%2001/2002Sales+

27、2.9%Fixed Assets1999/2000+11.1%+45.2% +28.6%A higher ratio sig nifies greater efficie ncy in the use of Fixed Assets.Trend is decreas ing un til a slight improveme nt in 2002.The % growth in Sales is lower than the % growth in Fixed Assets.This signifies the possible new investment in Fixed Assets o

28、r expansion.No return by way of in creased sales has bee n gen erated from that inv estme nt yet. Comparators n eeded.5. Debtors ( Receivables )Con trol =Debtors x 365Sales1999 2000 200165 days 73 days 79 days200282daysComme nts:Usual trade credit is betwee n 30 -60 days. Norm is approx 45 days. The aimis to collect money due as quickly as possible The trend is in creas ing and clearly very high. Poor finan cial man ageme nt . Lack of con trol over collecti onof money due from customers. Possible valid reasons : Extended credit offered to in crease sales; Small bus in ess deali