公司财务报表的解读-留学生教案 Interpretation of Financial Statements
学习目标Learning Objectives
通过使用比率分析来分析和理解会计信息To analyse and interpret accounting information through the use of ratio analysis
以帮助评估现有的和潜在的股东投资的主要比率Calculate and interpret key ratios to help current and potential shareholders assess investments
To recognise the limitations of ratio analysis
分析的目的The purpose of analysis
财务报表使用者的不同群体有不同的信息需求。Different groups of financial statement users with different information needs
Focus will be on needs of equity investors and suppliers of credit
Differing levels of technical expertise
Focus on tools used by a sophisticated user
The purpose of analysis (cont.)
主要问题涉及到公司的业绩和财务实力，但用户的重点可能会有所不同。Primary questions relate to company performance and financial strength, but user emphasis may differ
Investment analysts are primarily interested in financial statements as a predictor of future performance
投资分析师的主要兴趣在财务报表中作为预测未来的发展。Lenders will primarily focus on the financial strength (default risk)
Each question is the sum of different issues
分析公司信息 Analysing company information
Traditional analysis
Basis of traditional analysis is relevant comparison
Comparison over time or in space
Time series analysis: comparing company performance over time
横向分析：公司在同行业中与其他公司的业绩比较 Cross-sectional analysis: comparing company performance with other companies in the same industry (or industry average)
时间序列分析Time series analysis
Horizontal analysis
使用多年的信息库 Using a multi-year information base
Trend percentages
Select a base year
Set item amounts of that year = 100%
每一次年相应金额=通货膨胀的百分数 Corresponding amount of each following year = % of base mount
Impact of inflation
Time series analysis- Illustration
Cross-sectional analysis
Comparison with other companies in the same industry for the same year
Differences in company characteristics should always be accounted for in interpretation
Comparison with industry averages
Multi-product companies
Definition and size of industry groupings
Tools of analysis
Common-size financial statements
Use of financial ratios
Management performance ratios
Financial strength ratios
Common-size financial statements
Standardizing financial statements by introducing a common denominator
在一个共同的资产负债表，资产负债表中的每个组成部分，以总资产的百分比表示 In a common-size balance sheet each component of the balance sheet is expressed as a percentage of total assets
在一个共同的大小的收益表中以每个产品销售的百分比表示 In a common-size income statement each item is expressed as a percentage of sales
Common-size financial statements
(cont.)
Allow comparison of companies of different size (in terms of total assets and sales)
Allow (internal) structural analysis of the financial statements of a company
Relative magnitude of asset, liability, equity and income statement components
Combination of horizontal and vertical analysis
Common-size balance sheet –
Illustration
Common-size income statement –
Illustration
使用财务比率Use of financial ratios
金融比例代表两个或两个以上的财务报表项目之间的数学关系A financial ratio expresses the mathematical relationship between two or more financial statement items that are logically linked
Comparison over time and in space
Like must always be compared with like
Combined use of financial ratios is more informative
财务比率作为管理绩效和资金实力的指标 Financial ratios as indicators of management performance and financial strength
Management performance ratios
盈利能力和资产利用率Profitability and asset utilization ratios
Margin ratios (return on sales) show how successful management is in creating profit from a given quantity of sales
Return on investment ratios take into account the investment needed to generate the profit
Asset utilization ratios measure how efficient management uses the company’s assets
Profitability ratios
保证金比率 Margin ratios
Main ratios:
经营毛利率 Gross operating margin
净营业利润率 Net operating margin
净利润率 Net profit margin
Measure operating efficiency
Tend to be highly industry-specific
投资率回报 Return on investment ratios
Main ratios:
股本回报率 Return on equity (ROE)
资产报酬率 Return on assets (ROA)
资本回报率 Return on capital employed (ROCE)
Each reflects the profit generated by a specific pool of funds, excluding the costs of the specific funds considered
Different denominators (investment base) and numerators (profit figure retained)
ROI - perspectives
净资产收益率衡量公司已经获得其股东投入的资金多少 ROE measures how much a company has earned on the funds invested by its shareholders (shareholder perspective)
ROA shows how well a company’s funds were used, irrespective of the relative magnitudes of the sources of these funds (current liabilities, debt and equity)
资本回报率代表公司已经获得投资的长期资金（永久雇用资本=股东权益+长期负债）ROCE shows how much a company has earned on invested long-term funds (permanently employed capital = equity + LT debt)
Earnings per share (EPS)
Shows how much of a period’s net profit has been earned by each ordinary share outstanding (basic EPS) or by shares outstanding plus all potential shares (diluted EPS)
Potential shares are equity instruments issued that can be converted into ordinary shares at the option of the holder of the instrument
IAS 33 Earnings per Share requires that listed companies disclose both basic and diluted EPS on the face of the income statement
Price/earnings ratio
EPS is used as input to a market ratio, the price/earnings or P/E ratio:
Reflects how the market (market price) judges the company’s performance (growth expectations)
It is an inverted rate of return ratio
Also called the Earnings Multiple
Asset utilization ratios
Main ratios:
Total asset turnover
Fixed asset turnover
Inventory turnover
Receivable turnover
Turnover ratios measure efficiency of use of (categories of) assets
Tend to be industry-specific
Asset utilization ratios
Financial strength ratios
Indicate the strength of a company’s financial position from the point of view of long-term solvency risk and short-term liquidity risk
Solvency refers to the long-term ability to generate cash internally or from external sources in order to meet long-term financial obligations
Liquidity refers to the ability to generate cash to meet short-term obligations
长期偿债能力的风险比 Long-term solvency risk ratios
Main ratios:
债务/权益比率 Debt/equity ratio
资产负债比率 Gearing ratio
Interest and dividend cover
Gearing as indicator of default risk
Debt financing introduces financial risk because it implies fixed commitments in the form of interest payments and principal repayment and exposure to interest rate movements
Long-term solvency risk ratios
Short-term liquidity risk ratios
Main ratios:
Current ratio and acid-test ratio
Credit given and credit obtained
Days inventory outstanding
Liquidity tests focus on the make-up of working capital and the activity level of its components
Low liquidity implies financial risk as inability to service short-term debt payments may lead to higher interest expense and, eventually, bankruptcy
Short-term liquidity risk ratios
分析财务报表 Analysing financial statements
Decode messages built into financial statements and use them to ‘tell the story’
Time series analysis of ratios
Combine patterns of financial ratios
Compare cross-sectionally
Ratio analysis is only part of an investment appraisal process - also consider:
Non-financial performance indicators
Broader economic variables
Information about future business plans, etc.
Worked example (1)
Worked example (2)
LECTURE SUMMARY
Get background information: Ratio benchmarks
Horizontal and vertical analysis of financial statements
Ratio analysis: Profitability
Ratio analysis: Efficiency
Ratio analysis: Short-term solvency and liquidity
Ratio analysis: Long-term solvency and liquidity