Tài chính doanh nghiệp

CORPORATE4FINANCE
Ms. Pham Thi Thanh Hoa
Lecture44:4The4financial4statement4
and4ratio4analysis
LECTURE4 4

9/30/18 2
 Learning*objectives

The the*

financial*
the*
financial* the*role
financial
statements ratios* of*
ratios financial* ratio*
of*a*company analysis. analysis*
 Contents

1 2 3
Financial Ratio Awareness
using

statements Analysis financial

and$
reports statements
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Financial$Statements

The$ The$
balance Income Cashflow Notes
statement Statement
sheet

5.5
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

The balance sheet is of the firm.

[Link]

5.6
 4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Asset Capital

= Cash = Current$liabilities
Short0 = Marketable$securities Liabilities
= Long=term$liabilities
term = Account$receivables
asset
= Inventories

- Owner's equity
Long0 Equity
- Fixed assets - Other sources
term - Long-term and funds
asset investments

Assets0=0Liabilities0+0Shareholders’0equity0 5.7
 Balance Sheet

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8
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Asset
# Assets are classified as either current or fixed.
# A fixed asset is one that has a relatively long life. Fixed
assets can be either tangible, such as a truck or a computer,
or intangible, such as a trademark or patent.
# A current asset has a life of less than one year. This means
that the asset will convert to cash within 12 months.

5.9
 4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Capital
Liabilities:
#These$are$classified$as$either$current$or$longAterm.
#Current liabilities, like current assets, have a life of less than one year
(meaning they must be paid within the year)
#A debt that is not due in the coming year is classified as a longAterm
liability.
Equity: consists of Owner's equity & Other sources and funds

5.10
Balance sheet

Assets:
• are the resources of the business enterprise, they are divided into
cash & cash equivalents, account receivables, inventories, plant and
equipment, that are used to generate future benefits.
• Two major categories of assets:
$ Short – term assets
$ Long – term assets
 Balance sheet

Short*– term*assets:
are assets that could reasonably be converted into cash within one operating
cycle or one year, whichever takes longer
An operating cylce:
begins when the firm invests cash in the raw materials used to produce its
goods or services and ends with the collection of cash for the sale of those
same goods or services.
Short – term assets consists:
Cash, marketable securities, account receivables, and inventories.
 Balance sheet

Cash:.[Link],.[Link].
[Link],.[Link].
Account Receivables: are amounts due from customers who have
purchased the firm’s goods or services but haven’t yet paid for them.
Inventories: represent the total value of the firm’s raw materials, workFinF
progress, and finished goods.
 Balance sheet

Long6term*assets:
[Link];.[Link].
[Link]..
Long6term*assets*consists:
[Link]
Tangibles*fixed*assets: [Link],.machinery,.[Link],.that.
[Link]..
This is described in 3 values: Gross plant assets, accumulated depreciation , and net
plant assets.
 Balance sheet

Intangible fixed assets: are the current value of nonphysical assets that represent long
– term investments of the company.
Include: Patents, copyrights, and goodwill.
! Patent: is the exclusive right to produce and sell a particular, uniquely defined good.
! Copyright: is the exclusive right to publish and sell a literacy, artistic, or musical
composition.
! Goodwill: is created when one company buys another company at a price that
exceeds the acquired company’s fair market value of its assets.
 Balance sheet

Liabilities:*
! are obligations of the business. They represent commitments to creditors in the
form of future cash outflows.
! Include current liabilities and longFterm liabilities
Current liabilities:
! are obligations that must be paid within one operating cycle or one year
! Include: Account payables, accrued expenses, current portion of longFterm debt or
the current portion of capital leases.
$ Account payables: are obligations to pay suppliers. They arise from goods and
services that have been purchased but not paid yet.
 Balance sheet

$ Accrued expenses: are obligations such as wages and salaries payable to the
employees of the business, rent and insurance.
$ Current portion of long-term debt or the current portion of capital leases: Any
portion of long-term indebtedness-obligations extending beyond one year-due
within the year. Short-term loans from a bank or notes payable within a year.
Long-term liabilities:
• are obligations that must be paid over a period beyond one year
• Include notes, bonds, capital lease obligations, and pension obligations.
 Balance sheet

Equity:
•reflects ownership, if the firm is stock company, it is called stockholders’ equity. The
equity of a firm represents the part of its value that is not owed to creditors.
•For a corporation, ownership is represented by common stock and preferred stock.
•The remainder of the equity belongs to the common shareholders. It consists of 3 parts:
Common stock outstanding (listed at par or at stated value), additional paid-in capital,
and retained earnings.
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 Liquidity
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Question
! You4owe4‘BreakKaKleg’4money4lenders4$5004
that4is4due4tomorrow.4You4own4a4diamond4
ring,4a4car,4clothes,4a4piano4and4shares4that4
cost4$5504each.4What4would4you4sell4to4raise4
the4cash4and4avoid4injury?
Debt4versus4Equity
! Generally,.[Link].
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flow.
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[Link].
 Debt4and4Equity

! Debt:F
"[Link]
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borrowed
"Contractual
! Equity:F
"[Link]
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23
Debt4and4Equity4continued

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[Link]
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marketable
"[Link].=.[Link].
24
Value4versus4Cost
 4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Market'value'versus'Book'value

# The values shown on the balance sheet for the firm’s assets are book values and
generally are not what the assets are actually worth.

# Whenever we speak of the value of an asset or the value of the firm, we will
normally mean its market value.

5.26
 [Link]
NWC0=0CURRENT0ASSETS0– CURRENT0LIABILITIES

! [Link].+[Link].
liabilities.
[Link].C.C.C.
CANADIAN COMPOSITE CORPORATION
Balance Sheet
$252m$=$$707A $455 20X2 and 20X1
(in $ millions)
Liabilities (Debt)
Assets 20X2 20X1 and Stockholder's Equity 20X2 20X1
Current assets: Current Liabilities:
Cash and equivalents $140 $107 Accounts payable $213 $197
Accounts receivable 294 270 Notes payable 50 53
Inventories 269 280 Accrued expenses 223 205
Other 58 50 Total current liabilities $486 $455
Total current assets $761 $707
Long-term liabilities:
Fixed assets:
Here$we$see$NWC$grow$to$$275$
Deferred taxes $117 $104
Property, plant, and equipment $1,423 $1,274 million$in$20X2$from$$252$million$in$
Long-term debt 471 458
Less accumulated depreciation -550 -460 20X1.$$$$$$$$$$$$$$$
Total long-term liabilities $588 $562
Net property, plant, and equipment 873 814
Intangible assets and other 245 221 Stockholder's equity:
Total fixed assets $1,118 $1,035 $23$million
Preferred stock $39 $39
Common stock ($1 par value) 55 32
$275m$=$$761mA $486m Capital surplus 347 327
Accumulated retained earnings 390 347
This$increase$of$$23$million$is$an$
Less treasury stock -26 -20
investment$of$the$firm.
Total equity $805 $725
Total assets $1,879 $1,742 Total liabilities and stockholder's equity $1,879 $1,742
! NWC4<40:4use4shortKterm4sources4to4finance4not4only4fluctuation4
current4assets4but4also4some4permanent4current4assets.
! NWC4>0:4long4term4funds4are4used4to4finance4not4only4long4term4assets4
and4permanent4current4assets4but4also4some4fluctuation4current4assets.
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

The Income Statement measures performance over some

period of time, usually a quarter or a year.
The,income,statement,equation,is:
Net Revenues - Expenses = Income
income Net Income = Income – Income taxes
Expenses
Balance sheet as a snapshot, then you can
think of the income statement as a video
Income$tax recording covering the period between before
and after pictures.

5.32
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

5.33
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Revenue
# Revenue is the income generated from sale of goods or services.

# Revenue is also known as sales or sales revenue.

5.34
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Expense
# Expense is the economic cost that a business incurs through its
operations to earn revenue.

# There are possibly an infinite number of expenses depending on

the nature and size of the business. They can be: Cost of goods
sold, operating expense, interest expense…

5.35
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Expense'Classification

5.36
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Income
# EBIT (Operating Income)

# EBT (Income before taxes)

# NI (Net profit)

5.37
 [Link]

! There4are4three4things4to4keep4in4mind4when4
analyzing4an4income4statement:
Matching. Principles
 [Link]

[Link]
 [Link]

[Link]
[Link]. [Link]?.
[Link]
 Depreciation

! [Link].“recovery”.[Link].
[Link]’[Link]
"[Link]

43
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Statement of Cash Flows

in out

5.44
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Sources'and'uses'of'cash
Sources0of0cash:$

Uses0of0cash:0

What$we$need$to$do$is$to$trace$the$changes$in$the$firm’s$balance$
sheet$to$see$how$the$firm$obtained$and$spent$its$cash$during$some$
period.
 Sources4and4Uses4of4Cash
◆ An increase in an asset account or a decrease in a liability
or equity account is a use of cash.
◆ A decrease in an asset account or an increase in a liability
or equity account is a source of cash.
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements
The'XYZ'Balance'Sheet
Lialbilities and
Assets 2016 2017 Owners'Equity 2016 2017
Current assets 642 708 Current liabilities 1074 997
Cash 84 98 Accounts payable 312 344

Account receivable 165 188 Notes payable 231 196

Inventory 393 422 Long-term debt 531 457
Fixed assets 2731 2880 Owners'equity 2299 2591
Net plant and
equipment 2731 2880 Common stock 500 550
Total assets 3373 3588 Retained earnings 1799 2041
Total lialbilities and
Owners'Equity 3373 3588
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

The'XYZ'Sources'and'uses'of'cash
Amount of Amount of
Sources of cash % Uses of cash %
money money
Increase in accounts Increase in accounts
payable receivable
Increase in common
Increase in inventory
stock
Increase in retained
Decrease in notes payable
earnings

Total sources Decrease in long-term det

Net fixed asset acquisitions

Net addition to cash

Total uses
 Statement of cash flows

•Statement of Cash Flows is a statement reporting the impact of a firm’s operating,

investing, and finance activities on cash flow over an accounting period.

•This statement helps both financial managers and investors to answer questions such
as:
 [Link]

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[Link].

50
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Statement0of0cash0flow

1. Cash flows from operating activities

2. Cash flows from investing activities

3. Cash flows from financing activities

 4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Trend0Analysis:
# CommonBsize statements: express each item on the balance sheet as a
percentage of assets (CommonASize Balance Sheets) and to express each item
on the income statement as a percentage of sales (CommonASize Income
Statements), or each item can be expressed as a percentage of total sources (or
total uses) (CommonASize Statements of Cash Flows).

# CommonBbaseByear financial statements: choose a base year and then

express each item relative to the base amount to find the trend.
4.1.$Financial$ 4.2.$Ratio$ 4.3.$Awareness$ using$
Statements$ Analysis$ financial$statements
and$Reports

◆ [Link] accounting
numbers [Link].
◆ [Link].
[Link],.[Link].
[Link]..
◆ Types7of7Comparisons:[Link].
Comparisons
◆ [Link].

5.53
Ratio4Analysis:4Questions4 to4Consider4for4Each4Ratio
! How4is4it4computed?
! What4is4it4intended4 to4measure,4and4why4might4we4be4
interested?
! What4is4the4unit4of4measurement?
! What4might4a4high4or4low4value4be4telling4us?4How4might4such4
values4be4misleading?
! How4could4this4measure4be4improved?
 Categories*of*Financial*Ratios

! Liquidity4Ratios
! Leverage4ratios4(Capital4Structure4
Ratios)
! Activity Ratios
! Profitability4ratios
! Market4 ratios
 Basket4Wonders’4 Balance4Sheet4(Asset4Side)
Basket$Wonders$Balance$Sheet$(thousands)$Dec.$31,$2017a
[Link].C.E.. $.....90.

Acct..Rec.c 394.
Inventories 696. a.77How7the7firm7stands7on7a7
[Link] d 5. specific7date.
Accum [Link] 10 b.77What7BW7owned.
[Link] $1,195 c.77Amounts7owed7by7customers.
d.77Future7expense7items7already7
[Link]. (@Cost)f 1030 paid.
Less:.Acc..Depr.. g (329). e.77Cash/likely7convertible7to7
cash7within717year.
[Link]..Assets $...701. f.77Original7amount7paid.

Investment,.LT 50. g.77Acc.7deductions7for7wear7and7

tear.7
[Link],.LT 223
[Link] b $2,169
Basket4Wonders’4 Balance4 Sheet4 (Liability4Side)
Basket$Wonders$Balance$Sheet$(thousands)$Dec.$31,$2017

[Link] $.. 290.

Acct..Payablec 94
[Link] d 16. a.77Note,7Assets7=7Liabilities7 +7
Equity.
[Link]. d 100 b.77What7BW7owed7and7
[Link]. e $...500 ownership7position.
[Link] f 530. c.77Owed7to7suppliers7for7goods7
Shareholders’.Equity and7services.
d.77Unpaid7wages,7salaries,7etc.
Com..Stock.($[Link]) g 200 e.77Debts7payable7<717year.
[Link] [Link] g 729 f.777Debts7payable7>717year.
g.77Original7investment.7
[Link] h 210. h.77Earnings7reinvested.
[Link]/Equitya,b $2,169
Basket4Wonders’4 Income4 Statement
Basket$Wonders$Statement$of$Earnings$(in$thousands)$for$Year$Ending$December$31,$2017a

[Link] $...2,211. a.77Measures7profitability7over7a7

[Link] b 1,599 time7period.
[Link] $......612. b.77Received,7or7receivable,7from7
SG&[Link] c........... 402 customers.
EBITd $......210. c.77Sales7comm.,7adv.,7officers’7
[Link] 59.... salaries,7etc.
EBT f $ 151 d.77Operating7income.
[Link] 60. e.77Cost7of7borrowed7funds.
EAT g $........91. f.777Taxable7income.
[Link] 38..... g.77Amount7earned7for7
[Link] $........53 shareholders.7
Framework4for4Financial4Analysis

Trend&/&Seasonal& Component

1.$$Analysis$of$the$funds
needs$of$the$firm.

Analytical)Tools)Used
Framework4for4Financial4Analysis

Health)of)a)Firm

1.$$Analysis$of$the$funds
needs$of$the$firm.
2.$$Analysis$of$the$financial
condition$and$profitability
of$the$firm.
Framework4for4Financial4Analysis

Business&risk
1.$$Analysis$of$the$funds
needs$of$the$firm.
2.$$Analysis$of$the$financial Examples:
condition$and$profitability
of$the$firm.
3.$$Analysis$of$the$business
risk$of$the$firm.
Framework4for4Financial4Analysis

1.$$Analysis$of$the$funds
needs$of$the$firm. Determining
the$
2.$$Analysis$of$the$financial
financing
condition$and$profitability
needs$of$
of$the$firm.
the$firm.
3.$$Analysis$of$the$business
risk$of$the$firm.
Framework4for4Financial4Analysis

1.$$Analysis$of$the$funds
needs$of$the$firm. Determining
the$
2.$$Analysis$of$the$financial
financing
condition$and$profitability
needs$of$
of$the$firm.
the$firm.
3.$$Analysis$of$the$business
risk$of$the$firm.
Use4of4Financial4Ratios
A Financial7Ratio [Link]. Types7of7Comparisons
[Link]
accounting numbers Internal.
[Link]. Comparisons
[Link]. External.
[Link]. Comparisons
 External4Comparisons4and4
Sources4of4Industry4Ratios
[Link].
[Link]
similar [Link].
Similarity [Link].
“[Link].”
 Liquidity4Ratios
Balance$Sheet$Ratios
Current7ratio

Liquidity$Ratios

For.Basket7Wonders7
December.31,.2017

=
 Liquidity4Ratio4
Comparisons
Current Ratio
Year BW Industry
2017 2.39 2.15
2016 2.26 2.09
2015 1.91 2.01
 Liquidity4Ratios
Balance$Sheet$Ratios
AcidUTest7(Quick)

Liquidity$Ratios

For.Basket7Wonders7
December.31,.2007

=
 Liquidity4Ratio4
Comparisons
AcidATest$Ratio
Year BW Industry
2017 1.00 1.25
2016 1.04 1.23
2015 1.11 1.25
 Summary4of4the4Liquidity4
Ratio4Comparisons
Ratio BW Industry
Current 2.39 2.15
AcidFTest 1.00 1.25
 Summary4of4the4Liquidity4
Trend4Analyses
◆ The$current$ratio$for$BW
BW has$been$rising$at$
the$same$time$the$acidAtest$ratio$has$been$
declining.
 Financial4Leverage4Ratios
Balance$Sheet$Ratios
DebtUtoUEquity

Financial$Leverage
Ratios
For.Basket7Wonders7
December.31,.2017

=$
 Financial4Leverage4
Ratio4Comparisons
DebtAtoAEquity$Ratio
Year BW Industry
2017 .90 .90
2016 .88 .90
2015 .81 .89
 Financial4Leverage4Ratios
Balance$Sheet$Ratios
DebtUtoUTotalUAssets

Financial$Leverage
Ratios
For.Basket7Wonders7
December.31,.2017

=
 Financial4Leverage4
Ratio4Comparisons
DebtAtoATotalAAsset$Ratio
Year BW Industry
2017 .47 .47
2016 .47 .47
2015 .45 .47
 Financial4Leverage4Ratios
Balance$Sheet$Ratios
Total7Capitalization
(i.e.,$LTADebt$+$Equity)

Financial$Leverage
Ratios
For.Basket7Wonders7
December.31,.2017

=
 Financial4Leverage4
Ratio4Comparisons
Total$Capitalization$Ratio
Year BW Industry
2017 .32 .30
2016 .32 .31
2015 .37 .32
 Coverage4Ratios
Income$Statement
Interest7Coverage
Ratios

Coverage$Ratios
For.Basket7Wonders7
December.31,.2017

=
 Coverage
Ratio4Comparisons
Interest$Coverage$Ratio
Year BW7 Industry
2017 3.56 5.19
2016 4.35 5.02
2015 10.30 4.66
Summary4of4the4Coverage4
Trend4Analysis
 Activity4Ratios
Income$Statement$/
Receivable7Turnover
(Assume$all$sales$are$credit$sales.)
Balance$Sheet
Ratios

Activity$Ratios For.Basket7Wonders7
December.31,.2017

=
 Activity4Ratios
Income$Statement$/
Avg Collection7Period
Balance$Sheet
Ratios
For.Basket7Wonders7December.
31,.2017
Activity$Ratios

=
 Activity
Ratio4Comparisons
Average$Collection$Period
Year BW Industry
2017 65.0 65.7
2016 71.1 66.3
2015 83.6 69.2
 Activity4Ratios
Income$Statement$/
Payable7Turnover7(PT)
(Assume$annual$credit$
Balance$Sheet purchases$=$$1,551.)
Ratios

Activity$Ratios
For.Basket7Wonders7December.
31,.2017

=
 Activity4Ratios
Income$Statement$/
PT7in7Days
Balance$Sheet
Ratios
For.Basket7Wonders7December.
31,.2017
Activity$Ratios

=
 Activity
Ratio4Comparisons
Payable$Turnover$in$Days
Year BW Industry
2017 22.1 46.7
2016 25.4 51.1
2015 43.5 48.5
 Activity4Ratios
Income$Statement$/
Inventory7Turnover
Balance$Sheet
Ratios

Activity$Ratios For.Basket7Wonders7December.
31,.2017

=
 Activity
Ratio4Comparisons
Inventory$Turnover$Ratio
Year BW Industry
2017 2.30 3.45
2016 2.44 3.76
2015 2.64 3.69
 Activity4Ratios
Income$Statement$/
Total7Asset7Turnover
Balance$Sheet
Ratios

Activity$Ratios For.Basket7Wonders7December.
31,.2017

=
 Activity
Ratio4Comparisons
Total$Asset$Turnover$Ratio
Year BW Industry
2017 1.02 1.17
2016 1.03 1.14
2015 1.01 1.13
 Profitability4Ratios
Income$Statement$/
Gross7Profit7Margin
Balance$Sheet
Ratios
For.Basket7Wonders7December.
Profitability$Ratios 31,.2017

=
 Profitability
Ratio4Comparisons
Gross$Profit$Margin
Year BW Industry
2017 27.7% 31.1%
2016 28.7 30.8
2015 31.3 27.6
 Profitability4Ratios
Income$Statement$/
Net7Profit7Margin
Balance$Sheet
Ratios
For.Basket7Wonders7December.
Profitability$Ratios 31,.2017

=
 Profitability
Ratio4Comparisons
Net$Profit$Margin
Year BW Industry
2017 4.1% 8.2%
2016 4.9 8.1
2015 9.0 7.6
 Profitability4Ratios
Income$Statement$/
Return7on7Asset
Balance$Sheet
Ratios
For.Basket7Wonders7December.
Profitability$Ratios 31,.2017

=
 Profitability
Ratio4Comparisons
Return$on$Asset
Year BW Industry
2017 4.2% 9.8%
2016 5.0 9.1
2015 9.1 10.8
 Profitability4Ratios
Income$Statement$/
Return7on7Equity
Balance$Sheet
Ratios

Profitability$Ratios For.Basket7Wonders7December.31,.2017

=
 Profitability
Ratio4Comparisons
Return$on$Equity
Year BW7 Industry
2017 8.0% 17.9%
2016 9.4 17.2
2015 16.6 20.4
Return4on4Asset and4the4Du4Pont4Approach

Earning$Power$ =$Sales$profitability$X
Asset$efficiency
ROA =$Net$profit$margin$X
Total$asset$turnover
Return4on4Equity4and4the4Du4Pont4Approach

Return$On$Equity$$=
Return$On$Equity$$

Total$Assets
Equity$Multiplier$=$
Equity$Multiplier$
Shareholders’$Equity
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements
Return$on$equity

Return on Assets Multiplied by Assets/Equity

Profit margin Multiplied by Total assets turnover

Profit after tax Net sales Net sales Divided by Total assets
Divided by

Subtracted from
Sales Cost of goods sold Current assets Non-current assets
Added to

Interest

Corporate tax
5.101
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

+ The Sustainable growth rate:

depends$explicity$on$ factors

5.102
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports Analysis$ financial$statements

Market'value'measures
PriceLEarnings0Ratio:0

MarketLtoLBook0Ratio:

5.10
3
Summary4of4the4Profitability4 Trend4Analyses
Summary4of4Ratio4Analyses
4.1.$Financial$ Statements$ 4.2.$Ratio$ 4.3.$Awareness$ using$
and$Reports financial$statements
Analysis$

Awareness'using'financial'
statements'and'financial'ratios'

$ Historical $ Accounting0policies
$ Inflation $ Business0conditions
$ Aggregation $ Company0strategy
$ Operational0changes $ Point0in0time

5.10
6