Analysis-of-Financial-Statements.ppt
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1、Analysis of Financial StatementsBalance Sheet:Assets2001E2000Cash85,6327,282AR878,000632,160Inventories1,716,4801,287,360 Total CA2,680,1121,926,802Gross FA1,197,1601,202,950Less:Deprec.380,120 263,160 Net FA 817,040 939,790Total assets3,497,1522,866,592Liabilities and Equity2001E2000Accounts payabl
2、e436,800524,160Notes payable600,000720,000Accruals 408,000 489,600 Total CL1,444,8001,733,760Long-term debt500,0001,000,000Common stock1,680,936460,000Retained earnings (128,584)(327,168)Total equity1,552,352 132,832Total L&E3,497,1522,866,592Income StatementSales7,035,6005,834,400COGS5,728,0005,728
3、,000Other expenses 680,000 680,000 EBITDA 627,600 (573,600)Depreciation 116,960 116,960 EBIT 510,640(690,560)Interest exp.88,000 176,000 EBT 422,640 (866,560)Taxes(40%)169,056 (346,624)Net income 253,584 (519,936)2001E2000Other Data2001E2000Shares out.250,000100,000EPS$1.014($5.199)DPS$0.220$0.110St
4、ock price$12.17$2.25Lease pmts$40,000$40,000nStandardize numbers;facilitate comparisonsnUsed to highlight weaknesses and strengthsWhy are ratios useful?nLiquidity:Can we make required payments?nAsset management:Right amount of assets vs.sales?What are the five major categories of ratios,and what que
5、stions do they answer?nDebt management:Right mix of debt and equity?nProfitability:Do sales prices exceed unit costs,and are sales high enough as reflected in PM,ROE,and ROA?nMarket value:Do investors like what they see as reflected in P/E and M/B ratios?Calculate DLeons forecasted current and quick
6、 ratios for 2001.CR01=1.85x.QR01=0.67x.CACL$2,680$1,445$2,680$1,716$1,445CA-Inv.CLnExpected to improve but still below the industry average.nLiquidity position is weak.Comments on CR and QR200120001999Ind.CR1.85x1.1x2.3x2.7xQR0.67x0.4x0.8x1.0 xInv.turnover=4.10 x.SalesInventories$7,036$1,716What is
7、the inventory turnover ratio vs.the industry average?200120001999Ind.Inv.T.4.1x4.5x4.8x6.1xnInventory turnover is below industry average.nDLeon might have old inventory,or its control might be poor.nNo improvement is currently forecasted.Comments on Inventory TurnoverReceivablesAverage sales per day
8、DSO=44.9.DSO is the average number of days after making a sale before receiving cash.ReceivablesSales/360$878$7,036/360Appraisal of DSOnDLeon collects too slowly,and is getting worse.nDLeon has a poor credit policy.200120001999Ind.DSO 44.9 39.0 36.8 32.0F.A.and T.A.turnover vs.industry averageFixed
9、assetsturnover Sales Net fixed assets=8.61x.$7,036$817Total assetsturnover Sales Total assets=2.01x.$7,036$3,497nFA turnover projected to exceed industry average.Good.nTA turnover not up to industry average.Caused by excessive current assets(A/R and Inv.)2001 2000 1999Ind.FA TO 8.6x6.2x10.0 x7.0 xTA
10、 TO 2.0 x2.0 x2.3x2.6xCalculate the debt ratio,TIE,and EBITDA coverage ratios.Total debt Total assetsDebt ratio=55.6%.$1,445+$500$3,497 EBIT Int.expense TIE=5.8x.$510.6$88EBITDA coverage=5.2x.EBITDA+Lease payments(in cash)Interest Lease Loanexpense pmt.repayments+$510.6+$117.0+$40$88+$40+$0Too much
11、debt,but projected to improve.How do the debt management ratios compare with industry averages?200120001999 Ind.D/A55.6%95.4%54.8%50.0%TIE 5.8x-3.9x 3.3x 6.2xEBITDA coverage 5.2x-3.3x 3.6x 8.0 xVery bad in 2000,but projected to exceed industry average in 2001.Looking good.Profit margin vs.industry a
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