公司理财规划课件003.ppt

1、Copyright 2007 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/IrwinChapter 3Working With Working With Financial Financial StatementsStatements1-13-11Key Concepts and SkillsKnow how to standardize financial statements for comparison purposesKnow how to compute and interpret importan

2、t financial ratiosKnow the determinants of a firms profitability and growthUnderstand the problems and pitfalls in financial statement analysis1-23-22Chapter OutlineStandardized Financial StatementsRatio AnalysisThe Du Pont IdentityInternal and Sustainable Growth（可持续稳定地增长）Using Financial Statement I

3、nformation1-33-33Standardized Financial StatementsCommon-Size Balance SheetsCompute all accounts as a percent of total assetsCommon-Size Income StatementsCompute all line items as a percent of salesStandardized statements make it easier to compare financial information,particularly as the company gr

4、owsThey are also useful for comparing companies of different sizes,particularly within the same industry1-43-44Ratio AnalysisRatios also allow for better comparison through time or between companiesAs we look at each ratio,ask yourself what the ratio is trying to measure and why that information is

5、importantRatios are used both internally and externally1-53-55Categories of Financial RatiosShort-term solvency or liquidity ratiosLong-term solvency or financial leverage ratiosAsset management or turnover ratiosProfitability ratiosMarket value ratios1-63-66Sample Balance SheetCash680,623 A/P318,30

6、1A/R1,051,438 N/P4,613Inventory300,459 Other CL1,645,748Other CA415,310 Total CL1,968,662Total CA2,447,830 LT Debt909,814Net FA3,415,159 C/S2,984,513Total Assets5,862,989 Total Liab.&Equity5,862,989Numbers in thousands1-73-77Sample Income StatementRevenues5,250,538Cost of Goods Sold2,046,645Expenses

7、1,904,556Depreciation&Amortization(摊销)124,647EBIT1,174,690Interest Expense5,785Taxable Income1,168,905Taxes412,495Net Income756,410EPS3.92Dividends per share1.20Numbers in thousands,except EPS&DPS1-83-88Computing Liquidity RatiosCurrent Ratio=CA/CL 2,447,830/1,968,662=1.24 timesQuick Ratio=(CA Inven

8、tory)/CL (2,447,830 300,459)/1,968,662=1.09 timesCash Ratio=Cash/CL 680,623/1,968,662=.346 times1-93-99Computing Leverage RatiosTotal Debt Ratio=(TA TE)/TA(5,862,989 2,984,513)/5,862,989=.491 times or 49.1%The firm finances slightly over 49%of their assets with debt.Debt/Equity=TD/TE (5,862,989 2,98

9、4,513)/2,984,513=.964 timesEquity Multiplier(权益乘数)=TA/TE=1+D/E 1+.964=1.9641-103-1010Computing Coverage RatiosTimes Interest Earned(获利倍数)=EBIT/Interest 1,174,900/5,785=203 timesCash Coverage=(EBIT+Depreciation)/Interest (1,174,900+124,647)/5,785=225 times1-113-1111Computing Inventory RatiosInventory

10、 Turnover=Cost of Goods Sold/Inventory 2,046,645/300,459=6.81 timesDays Sales in Inventory=365/Inventory Turnover 365/6.81=54 days1-123-1212Computing Receivables RatiosReceivables Turnover=Sales/Accounts Receivable 5,250,538/1,051,438=4.99 timesDays Sales in Receivables=365/Receivables Turnover 365/

11、4.99=73 days1-133-1313Computing Total Asset TurnoverTotal Asset Turnover=Sales/Total Assets 5,250,538/5,862,989=.896 timesMeasure of asset use efficiencyNot unusual for TAT 1,especially if a firm has a large amount of fixed assets1-143-1414Computing Profitability Measures1.Profit Margin(利润率)=Net Inc

12、ome/Sales 756,410/5,250,538=.1441 times or 14.41%2.Return on Assets(ROA)=Net Income/Total Assets 756,410/5,862,989=.1290 times or 12.90%3.Return on Equity(ROE)=Net Income/Total Equity 756,410/2,984,513=.2534 times or 25.34%1-153-1515Computing Market Value MeasuresMarket Price(12/31/04)=$91.54 per sh

13、areShares outstanding=189,813,459PE Ratio=Price per share/Earnings per share 91.54/3.92=23.35 timesMarket-to-book ratio=market value per share/book value per share 91.54/(2,984,513,000/189,813,459)=5.82 times1-163-1616Table 3.51-173-1717Deriving(来自)the Du Pont IdentityROE=NI/TEMultiply by 1 and then

14、 rearrange ROE=(NI/TE)(TA/TA)ROE=(NI/TA)(TA/TE)=ROA*EMMultiply by 1 again and then rearrange ROE=(NI/TA)(TA/TE)(Sales/Sales)ROE=(NI/Sales)(Sales/TA)(TA/TE)ROE=PM*TAT*EM1-183-1818Using the Du Pont IdentityROE=PM*TAT*EMProfit margin is a measure of the firms operating efficiency how well does it contr

15、ol costsTotal asset turnover is a measure of the firms asset use efficiency how well does it manage its assetsEquity multiplier is a measure of the firms financial leverage1-193-1919Payout and Retention RatiosDividend payout ratio(“1-b”)=Cash dividends/Net income 1.20/3.92=.3061 or 30.61%Retention r

16、atio(“b”)=Addn.to R/E/Net income=(EPS DPS)/EPS(3.92 1.20)/3.92=.6939=69.39%Or:Retention ratio=1 Dividend Payout Ratio 1-.3061=.6939=69.39%1-203-2020The Internal Growth RateThe internal growth rate tells us how much the firm can grow assets using retained earnings as the only source of financing.1-213-2121The Sustainable Growth RateThe sustainable growth rate tells us how much the firm can grow by using internally generated funds and issuing debt to maintain a constant debt ratio.1-223-2222Determ