fsanalysis财务剖析.ppt

2. EVALUATING FINANCIAL PERFORMANCE Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Tools that help us determine the financial health of a company. We can compare a company’s financial ratios with its ratios in previous years (trend analysis). We can compare a company’s financial ratios with industry or peers. Basis for ratio analysis is financial statements – Income stmt , B/S Financial ratios Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Types of ratios Liquidity Asset Turnover or efficiency Leverage Profitability Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Liquidity ratios Do we have enough liquid assets to meet current obligations? CURRENT RATIO = Current assets Current liabilities ACID TEST RATIO = Current assets – Inventory Current liabilities Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Liquidity ratios - implication Higher the ratio , higher the liquidity Quality of current assets also to be considered ( dead stocks / bad debts etc) Too high a ratio might not be a good sign as it represents idle current assets Too low might result in stock outs and lost sales Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 2. Turnover ratios Measure how efficiently the firm’s assets generate turnover or sales Higher the ratios higher the efficiency Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Turnover ratios ASSET TURNOVER = Sales / Assets FIXED ASSET TURNOVER = Sales / PPE (net) INVENTORY TURNOVER = COGS (or Sales) Inventory RECEIVABLES TURNOVER = Sales