财务管理课件cha(15)PPT课件.ppt

Working With Financial StatementsChapter 30 Key Concepts and SkillsKnow how to standardize financial statements for comparison purposesKnow how to compute and interpret important financial ratiosKnow the determinants of a firm’s profitability and growthUnderstand the problems and pitfalls in financial statement analysis1 Chapter OutlineStandardized Financial StatementsRatio AnalysisThe Du Pont IdentityInternal and Sustainable GrowthUsing Financial Statement Information2 Standardized 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 growsThey are also useful for comparing companies of different sizes, particularly within the same industry3 Ratio 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 is that information importantRatios are used both internally and externally4 Categories of Financial RatiosShort-term solvency or liquidity ratiosLong-term solvency or financial leverage ratiosAsset management or turnover ratiosProfitability ratiosMarket value ratios5 Sample Balance SheetCash6,489A/P340,220A/R1,052,606N/P86,631Inventory295,255Other CL1,098,602Other CA199,375Total CL1,525,453Total CA1,553,725LT Debt871,851Net FA2,535,072C/S1,691,493Total Assets4,088,797Total Liab. Equity4,088,797Numbers in thousands6 Sample Income StatementRevenues3,991,997Cost of Goods Sold1,738,125Expenses1,269,479Depreciation308,355EBIT739,987Interest Expense42,013Taxable Income697,974Taxes272,210Net Income425,764EPS2.17Dividends per share0.86Numbers in thousands, except EPS DPS7 Computing Liquidity RatiosCurrent Ratio = CA / CL1,553,725 / 1,525,453 = 1.02 timesQuick Ratio = (CA – Inventory) / CL(1,553,725 – 295,225) / 1,525,453 = .825 timesCash Ratio = Cash / CL