Vous êtes sur la page 1sur 1

Profitability ratios

Net profit after taxation and preference dividend (if any)

1. Return on ordinary shareholders’ funds = ×100
Ordinary share capital + Reserves

Net income+interest
2. Return on capital employed = 𝑆ℎ𝑎𝑟𝑒 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 (𝑖𝑛𝑐𝑙𝑢𝑑𝑖𝑛𝑔 𝑝𝑟𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒 𝑠ℎ𝑎𝑟𝑒, 𝑖𝑓 𝑎𝑛𝑦) + 𝑅𝑒𝑠𝑒𝑟𝑣𝑒𝑠 + 𝐿𝑜𝑛𝑔𝑡𝑒𝑟𝑚 𝑙𝑜𝑎𝑛𝑠

Net profit after interest and taxation

3. Net profit margin = ×100

Efficiency ratios
Average stock held
4. Average stock turnover period = ×365
cost of sales

Trade debtors Trade debtors

5. Average settlement period for debtors = ×365, or ×365
𝐶𝑟𝑒𝑑𝑖𝑡 𝑠𝑎𝑙𝑒𝑠 𝑇𝑜𝑡𝑎𝑙 𝑆𝑎𝑙𝑒𝑠

Trade creditors Trade creditors

6. Average settlement period for creditors = 𝐶𝑟𝑒𝑑𝑖𝑡 𝑝𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠 ×365= 𝑇𝑜𝑡𝑎𝑙 𝑝𝑢𝑟𝑐ℎ𝑎𝑠𝑒 ×365

7. Sales to capital employed = Long term capital employed

Liquidity ratios
Current assets
8. Current ratio = Current liabilities (creditors due within one year)

Current assets (excluding stock)

9. Acid test ratio = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

𝐶𝑎𝑠ℎ 𝑓𝑟𝑜𝑚 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐴𝑐𝑡𝑖𝑣𝑖𝑡𝑖𝑒𝑠

10. Quick Ratio = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

Gearing ratios
𝑃𝑟𝑜𝑓𝑖𝑡 𝑏𝑒𝑓𝑜𝑟𝑒 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑡𝑎𝑥𝑎𝑡𝑖𝑜𝑛 (𝑖.𝑒.𝐸𝐵𝐼𝑇)
11. Interest cover ratio = 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒

Total Liabilities
12. Debt ratio = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠

Investment ratios
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑠 𝑎𝑛𝑛𝑜𝑢𝑛𝑐𝑒𝑑 𝑑𝑢𝑟𝑖𝑛𝑔 𝑡ℎ𝑒 𝑝𝑒𝑟𝑖𝑜𝑑
13. Dividend per share = 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑖𝑛 𝑖𝑠𝑠𝑢𝑒

𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒−𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑠 𝑜𝑛 𝑝𝑟𝑒𝑓𝑒𝑟𝑟𝑒𝑑 𝑠𝑡𝑜𝑐𝑘

14. Earnings per Share (EPS) = ×100
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑖𝑛 𝑖𝑠𝑠𝑢𝑒

𝑆ℎ𝑎𝑟𝑒 𝑝𝑟𝑖𝑐𝑒 𝑎𝑡 𝑡ℎ𝑒 𝑒𝑛𝑑 –𝑠ℎ𝑎𝑟𝑒 𝑝𝑟𝑖𝑐𝑒 𝑎𝑡 𝑡ℎ𝑒 𝑏𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 + 𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒
15. Total Shareholder Return = Share price at beginning