Académique Documents
Professionnel Documents
Culture Documents
Financial Statement
Analysis
6.1
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
2.
3.
4.
5.
Define, calculate, and discuss a firms operating cycle and cash cycle.
6.
7.
8.
9.
6.2
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
6.4
long-
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
6.5
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Primary Types of
Financial Statements
Balance Sheet
A summary of a firms financial position on
a given date that shows total assets = total
liabilities + owners equity.
Income Statement
6.7
Cash
Rec.c
6.8
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Notes Payable
$ 290
Acct. Payablec
94
Accrued Taxes d
16 Other
Accrued Liab. d
100
Current Liab. e $ 500
Long-Term Debt f 530
Shareholders Equity
Com. Stock ($1 par) g
200
Add Pd in Capital g 729
Retained Earnings h
210
Total Equity
$1,139
Total Liab/Equitya,b $2,169
6.9
a. Note, Assets =
Liabilities + Equity.
b. What BW owed and
ownership position.
c. Owed to suppliers for
goods and services.
d. Unpaid wages,
salaries, etc.
e. Debts payable < 1 year.
f. Debts payable > 1 year.
g. Original investment.
h. Earnings reinvested.
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Basket Wonders
Income Statement
Basket Wonders Statement of Earnings (in thousands)
for Year Ending December 31, 2007a
Net Sales
$ 2,211 Cost of a. Measures profitability
Goods Sold b 1,599
over a time period.
Gross Profit $
612 SG&A b. Received, or receivable,
Expenses c
402
from customers.
EBITd
$
210 c. Sales comm., adv.,
Interest Expensee
59
officers salaries, etc.
EBT f $
151 Income d. Operating income.
Taxes
60 EATg
$ e. Cost of borrowed funds.
91 Cash Dividends
f. Taxable income.
38 Increase in RE
$
g. Amount earned for
53
shareholders.
6.10
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Types of
Comparisons
Internal
Comparisons
External
Comparisons
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Examples:
Risk Management
Association
Similarity is important
as one should
compare apples to
apples.
Almanac of
Business and
Industrial
Financial Ratios
6.17
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Liquidity Ratios
Balance Sheet Ratios
Current Ratio
Liquidity Ratios
Current Assets
Current Liabilities
Shows a firms
ability to cover its
current liabilities
with its current
assets.
6.18
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Liquidity Ratio
Comparisons
Current Ratio
Year
BW
Industry
2007
2.39
2.15
2006
2.26
2.09
2005
1.91
2.01
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Liquidity Ratios
Balance Sheet Ratios
Liquidity Ratios
Shows a firms
ability to meet
current liabilities
with its most liquid
assets.
6.20
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Liquidity Ratio
Comparisons
Acid-Test Ratio
Year
BW
Industry
2007
1.00
1.25
2006
1.04
1.23
2005
1.11
1.25
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
6.22
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Ratio Value
2.5
2.3
2.1
BW
Industry
1.9
1.7
1.5
2005
2006
2007
Analysis Year
6.23
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Ratio Value
1.5
1.3
BW
Industry
1.0
0.8
0.5
2005
2006
2007
Analysis Year
6.24
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
6.25
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Debt-to-Equity
Total Debt
Shareholders Equity
For Basket Wonders
December 31, 2007
$1,030 = 0.90
$1,139
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Financial Leverage
Ratio Comparisons
Debt-to-Equity Ratio
Year
BW
Industry
2007
0.90
0.90
2006
0.88
0.90
2005
0.81
0.89
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Debt-to-Total-Assets
Total Debt
Total Assets
For Basket Wonders
December 31, 2007
$1,030 = 0.47
$2,169
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Financial Leverage
Ratio Comparisons
Debt-to-Total-Asset Ratio
Year
BW
Industry
2007
0.47
0.47
2006
0.47
0.47
2005
0.45
0.47
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Total Capitalization
Financial Leverage
Ratios
Total Debt
Total Capitalization
$1,030 = 0.62
$1,669
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Financial Leverage
Ratio Comparisons
Total Capitalization Ratio
Year
BW
Industry
2007
0.62
0.60
2006
0.62
0.61
2005
0.67
0.62
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Coverage Ratios
Income Statement
Ratios
Coverage Ratios
Indicates a firms
ability to cover
interest charges.
6.32
Interest Coverage
EBIT
Interest Charges
For Basket Wonders
December 31, 2007
$210 = 3.56
$59
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Coverage
Ratio Comparisons
Interest Coverage Ratio
Year
BW
Industry
2007
3.56
5.19
2006
4.35
5.02
2005
10.30
4.66
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Ratio Value
9.0
7.0
BW
Industry
5.0
3.0
2005
2006
2007
Analysis Year
6.34
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
6.35
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity Ratios
Income Statement/
Balance Sheet
Ratios
Activity Ratios
Indicates quality of
receivables and how
successful the firm is in
its collections.
6.36
Receivable Turnover
(Assume all sales are credit sales.)
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity Ratios
Income Statement/
Balance Sheet
Ratios
Activity Ratios
365
5.61
= 65 days
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity
Ratio Comparisons
Average Collection Period
Year
BW
Industry
2007
65.0
65.7
2006
71.1
66.3
2005
83.6
69.2
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity Ratios
Income Statement/
Balance Sheet
Ratios
Activity Ratios
Indicates the
promptness of payment
to suppliers by the firm.
6.39
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity Ratios
Income Statement/
Balance Sheet
Ratios
Activity Ratios
Average number of days
that payables are
outstanding.
6.40
PT in Days
Days in the Year
Payable Turnover
For Basket Wonders
December 31, 2007
365
16.5
= 22.1 days
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity
Ratio Comparisons
Payable Turnover in Days
Year
BW
Industry
2007
22.1
46.7
2006
25.4
51.1
2005
43.5
48.5
Is this good?
6.41
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity Ratios
Income Statement/
Balance Sheet
Ratios
Activity Ratios
Indicates the
effectiveness of the
inventory management
practices of the firm.
6.42
Inventory Turnover
Cost of Goods Sold
Inventory
For Basket Wonders
December 31, 2007
$1,599 = 2.30
$696
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity
Ratio Comparisons
Inventory Turnover Ratio
Year
BW
Industry
2007
2.30
3.45
2006
2.44
3.76
2005
2.64
3.69
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Ratio Value
4.0
3.5
3.0
BW
Industry
2.5
2.0
2005
2006
2007
Analysis Year
6.44
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity Ratios
Income Statement/
Balance Sheet
Ratios
Activity Ratios
Indicates the overall
effectiveness of the firm
in utilizing its assets to
generate sales.
6.45
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Activity
Ratio Comparisons
Total Asset Turnover Ratio
Year
BW
Industry
2007
1.02
1.17
2006
1.03
1.14
2005
1.01
1.13
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profitability Ratios
Income Statement/
Balance Sheet
Ratios
Profitability Ratios
Indicates the efficiency
of operations and firm
pricing policies.
6.47
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profitability
Ratio Comparisons
Gross Profit Margin
Year
BW
Industry
2007
27.7%
31.1%
2006
28.7
30.8
2005
31.3
27.6
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
35.0
32.5
30.0
BW
Industry
27.5
25.0
2005
2006
2007
Analysis Year
6.49
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profitability Ratios
Income Statement/
Balance Sheet
Ratios
Profitability Ratios
Indicates the firms
profitability after taking
account of all expenses
and income taxes.
6.50
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profitability
Ratio Comparisons
Net Profit Margin
Year
BW
Industry
2007
4.1%
8.2%
2006
4.9
8.1
2005
9.0
7.6
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
9
8
7
BW
Industry
6
5
4
2005
2006
2007
Analysis Year
6.52
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profitability Ratios
Income Statement/
Balance Sheet
Ratios
Profitability Ratios
Indicates the
profitability on the
assets of the firm (after
all expenses and taxes).
6.53
Return on Investment
Net Profit after Taxes
Total Assets
For Basket Wonders
December 31, 2007
$91 = 0.042
$2,160
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profitability
Ratio Comparisons
Return on Investment
Year
BW
Industry
2007
4.2%
9.6%
2006
5.0
9.1
2005
9.1
10.8
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Return on Investment
Trend Analysis Comparison
Trend Analysis of Return on Investment
12
10
8
BW
Industry
6
4
2005
2006
2007
Analysis Year
6.55
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profitability Ratios
Income Statement/
Balance Sheet
Ratios
Profitability Ratios
Indicates the profitability
to the shareholders of
the firm (after all
expenses and taxes).
6.56
Return on Equity
Net Profit after Taxes
Shareholders Equity
For Basket Wonders
December 31, 2007
$91 = 0.08
$1,139
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profitability
Ratio Comparisons
Return on Equity
Year
BW
Industry
2007
8.0%
18.0%
2006
9.4
17.2
2005
16.6
20.4
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Return on Equity
Trend Analysis Comparison
Trend Analysis of Return on Equity
21.0
17.5
14.0
BW
Industry
10.5
7.0
2005
2006
2007
Analysis Year
6.58
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
ROE2007
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
6.61
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Growth Ratios
Income Statement/
Balance Sheet
Ratios
Growth Ratios
Growth
Ratio
6.62
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Stock Ratios
Earning
/ Share =
(EPS)= Net Profit / # of
Shares
6.63
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Stock Ratios
Dividends/Share
(Div.)=
Distributed profit / #
of Shares
38,000
6.64
/ 200,000 = 0.19
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Stock Ratios
Price
Earning Ratio
(Profit
(PE)=
Multiplier)
OR
6.65
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Stock Ratios
Book
Value= Shareholders
Equity / # of Common
Shares
6.66
1,139,000 / 200,000
5.695
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Stock Ratios
Market
=
6.67
OR
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Stock Ratios
The
The
6.68
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
6.69
Common-Size Analysis
An analysis of percentage
financial statements where all
balance sheet items are divided
by total assets and all income
statement items are divided by
net sales or revenues.
6.70
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
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ashD
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6.73
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Index Analyses
An analysis of percentage financial
statements where all balance sheet
or income statement figures for a
base year equal 100.0 (percent) and
subsequent financial statement
items are expressed as percentages
of their values in the base year.
6.74
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Basket Wonders
Indexed Balance Sheets
R
e
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(
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ssets1,2232,0442,169100.0167.1177.4
6.75
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Basket Wonders
Indexed Balance Sheets
R
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g
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l
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(
t
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TotL+E1,2232,0442,169100.0167.1177.4
6.76
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
2007
2005
2006
2007
1,235
849
2,106
1,501
2,211
1,599
100.0
100.0
170.5
176.8
179.0
188.3
Gross Profit
Adm.
386
180
605
383
612
402
100.0
100.0
156.7
212.8
158.5
223.3
EBIT
Int Exp
206
20
222
51
210
59
100.0
100.0
107.8
255.0
101.9
295.0
EBT
186
171
151
100.0
91.9
81.2
EAT
112
103
91
100.0
92.0
81.3
50
50
50
100.0
100.0
100.0
Cash Div
6.77
2006
Indexed (%)
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.