考文垂大学 商科课程 财务报表分析 课件45.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Price Earnings Ratio - Calculations 20X4 = 105.0 = 11.6 times 9.0 ? 20X5 = 135.0 = 10.9 times 12.4 Price Earnings Ratio - Comments Indicates number of years of profits that each share costs ?In 20X5 it would take 10.3 years of profit to pay back the market price of one share ?Compare with other companies in same industry Summary Calculation of a few key ratios has greatly enhanced our understanding of the performance of the business Significant improvement in gross profit margin was wiped out by an increase in employee costs Improving Gross profit margin and ROCE will please investors No liquidity problems Investor ratios moving in right direction Ratios for competitors / sector averages would be useful Reading Atrill and McLaney (2011) Chapters 7-8 Melville (2009) Chapter 22 * * * * * * * * * * * * * * * * * * * * * * * * * * * * Asset turnover - Calculations 20X4 = 7,026,484 = 1.21 5,078,210 + 750,000 ? 20X5 = 8,422,157 = 1.26 5,914,134 + 750,000 Asset turnover - Comments In 20X5 for every ￡1 invested, the business makes ￡1.30 of revenue ?This is a slight improvement on 20X4 and is despite opening two new restaurants during 20X5 Inventory turnover period - Formula = Ave Inventory x 365 days Cost of Sales ?Note: Use closing inventory is average not available (be consistent) Inventory turnover period - Calculations 20X4 = 37,625 x 365 days = 5 days 2,746,580 20X5 = 61,579 x 365 days = 7 days 3,210,919 Inventory turnover period - Comments Indicates how long on average goods are held in inventory ?Fresh food should be held for no more than a few days. BWS may be held longer ?No major problems with inventory control policy Average trade receivables collection period - formula = Trade receivables x 365 days Credit sales or Revenue Average trade receivables collection period - Calculations 20X