(存货周转率).ppt

CHAPTER 3Analysis of Financial Statements
Ratio Analysis
Du Pont system
Effects of improving ratios
Limitations of ratio analysis
Qualitative factors
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Why are ratios useful?
Financial ratios are designed to help one evaluate a financial statement.
Ratios standardize numbers and parisons.
Ratios are used to highlight weaknesses and strengths.
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What are the five major categories of ratios, and what questions do they answer?
Liquidity: Can we make required payments?
Asset management: right amount of assets vs. sales?
Debt management: Right mix of debt and equity?
Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in PM, ROE, and ROA?
Market value: Do investors like what they see as reflected in P/E and M/B ratios?
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Liquidity Ratio.
Current ratio = Current assets / Current liabilities
= $ 1,000/ $ 310
= x
Industry average= x
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Comments on current ratio
2003
2002
2001
Ind.
Current
ratio




Expected to improve but still below the industry average.
Liquidity position is weak.
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Asset Management Ratios
Inventory turnover ratio (存貨週轉率)
DSO=Days Sales Outstanding (銷售流通天數)
FA turnover (固定資產周轉率)
TA turnover (總資產週轉率)
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Asset Management Ratios
2003
2002
2001
Ind.
Inventory
Turnover




Inventory turnover ratio = Sales / Inventories
= $3,000 / $615
=
Industry average=
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Comments on Inventory Turnover
Inventory turnover is below industry average.
This firm might have old inventory, or its control might be poor.
It holds too much inventory
Excess inventory means unproductive, and it presents an investment with a low or zero rate of r