.财务管理第三章.pptVIP

Financial Statements Analysis and Long-Term Planning Key Concepts and Skills Know how to standardize financial statements for comparison purposes Know how to compute and interpret important financial ratios Be able to develop a financial plan using the percentage of sales approach Understand how capital structure and dividend policies affect a firm’s ability to grow Chapter Outline 3.1 Financial Statements Analysis 3.2 Ratio Analysis 3.3 The Du Pont Identity 3.4 Financial Models 3.5 External Financing and Growth 3.6 Some Caveats Regarding Financial Planning Models 3.1 Financial Statements Analysis Standardized statements make it easier to compare financial information, particularly as the company grows. They are also useful for comparing companies of different sizes, particularly within the same industry. Common-Size Balance Sheets Compute all accounts as a percent of total assets Common-Size Income Statements Compute all line items as a percent of sales Read table 3.2 on p46 and table 3.5 on p48 3.2 Ratio Analysis(p48) Ratios also allow for better comparison through time or between companies. As we look at each ratio, ask yourself: How is the ratio computed? What is the ratio trying to measure and why? What is the unit of measurement? What does the value indicate? How can we improve the company’s ratio? Categories of Financial Ratios Short-term solvency or liquidity ratios Long-term solvency or financial leverage ratios Asset management or turnover ratios Profitability ratios Market value ratios Computing Liquidity Ratios Current Ratio = CA / CL 708 / 540 = 1.31 times Quick Ratio = (CA – Inventory) / CL (708 - 422) / 540 = .53 times Cash Ratio = Cash / CL 98 / 540 = .18 times Computing Leverage Ratios Total Debt Ratio = (TA – TE) / TA (3588 - 2591) / 3588 = 28% Debt/Equity = TD / TE (3588 – 2591) / 2591 = 38.5% Equity Multiplier = TA / TE = 1 + D/E 1 + .385 = 1.385 Computing Coverage Ratios Times Interest Earned = EBIT / Interest 691 / 141 = 4.9 times Cash Cover