ACCA考试《F3财务会计》讲义辅导38.docVIP

ACCA考试《F3财务会计》讲义辅导38 本文由高顿ACCA整理发布，转载请注明出处 　　19.2 Ratios calculation? 　　a. Profitability ? 　　The primary measure of profitability is normally considered to be Return on Capital Employed (ROCE) = Net profit / Capital employed ? 　　(Profit before interest and tax/ shareholder funds plus long-term borrowing ) x 100% ? 　　1)Gross and net profit margin % : PBITProfit (gross or net )/Sales x 100% ? 　　2)Asset utilization:Sales / net assets ? 　　1)PBIT (Gross or net profit) as a percentage of sales ? 　　PBIT x 100% ? 　　Sales ? 　　The value of the ratio is that it measures the company’s success in earning profit from its operations. But the figure for one year is of little value, we need the corresponding percentages for earlier years, or data from other similar companies. ? 　　2)Asset utilization ? 　　Sales x 100% ? 　　Net assets ? 　　The asset turnover ratio measures the ability of a company to use its assets to generate sales, it measures the efficiency of a company in employing its assets. The high sales, the more efficiency in employing its assets. ? 　　3)Return on capital employed (ROCE) ? 　　People who invest their money in a business are interested in the return the business is earning on that capital. This ratio is a key measure of return, it measures the amount of earnings generated per $1 of capital, an usually stated as a percentage. ? 　　The ratio depends on what is meant by the two terms “ capital employed” and “return.” ? 　　This is probably the most important single ratio, but it is open to manipulation. For example, an improvement in the ROCE is either because of improved margins or better use of assets. Increases maybe due to increase in selling price or reduction in manufacturing (or purchased) costs. They may also be caused by changes in sales mix or stocktaking errors. A change in the net profit margin is a measure of how well a company has collected overheads. The asset utilization ratio ( sales /net assets) shows how efficiently the assets are being used. ? 　　4)Ret