Chapter 6 -- Financial Statement AnalysisAnaliza na finansiski izve{tai i vrednuvawe na investicioni proekti
Analiza na finansiski izve{tai
6-*
Kontakt
Finansiski izvestai - Financial Statements
Trend analiza - Trend Analysis
Analiza na sli~ni kompanii i indeksi - Common-Size and Index Analysis
6-*
Kreditori - Trade Creditors – Fokus na likvidnosta na firmata
Investitori vo obvrznici - Bondholders – Fokus na dolgoro~niot pari~en tek
Investitori vo akcii i akcioneri - Shareholders – Fokus na profitabilnosta i dolgoro~nata odr`livost na kompanijata -
6-*
Interni korisnici - Internal Uses of Statement Analysis
Planirawe - – Fokus na procenkata na tekovnata finansiska pozicija i evaluacija na potencijalnite mo`nosti na firmata
Kontrola - Fokus na prinosite na investiciite na razli~ni sredstva i efikasnosta na sredstvata
Da se reazbere kako doveritelite (investitorite) ja analiziraat kompanijata
6-*
Bilans na uspeh - Income Statement
Razlika me|u prihodite i rashodite na firmata za odreden period, so kraen rezultat- neto dobivka ili zaguba za toj period
Bilans na sostojba - Balance Sheet
Poka`uva finansiska pozicija na firmata na odredena data : Vkupni sredstva = vkupni obvrski + sopstven kapital (total assets = total liabilities + owners’ equity).
6-*
ZO[TO F/I NE SE DOVOLNI ?
Brojkite ve}e ne se dovolni za da se dobie relevantna informacija za delovniot entitet
Finansiski izve{tai (BS, BU, IPT, IZPK)
- MSFI (Me|unarodni standardi za finansisko izvestuvawe) / IFRS
Apsolutni brojki / Relativni brojki (Koeficienti, Procenti, ...), Sporedbi...
Podednakva, ako ne i pogolema va`nost se dava na nemerlivite elementi
- sposobnosta na menaxerite, nivnite vizii, celite, sistemot na upravuvawe, stilot na menaxmentot i dr.
Rizici i povolni {ansi (nivni kombinacii)
6-*
Bilans na sostojbata
Do (70-tite): Bilans na uspehot / Biznisot
Od 70-tite: Izve{taj za pari~nite tekovi / Izve{taj za promenite vo finansiskata sostojba
Denes: Izve{taj za promenite vo glavninata (kapitalot)
Smetkovodstveni politiki i objasnuva~ki zabele{ki
Finansiska (delovna) analiza
KOMPLEKSEN PRISTAP (MIKS)
izbor na relevantni pokazateli
(na~elo: "kolku e mo`no pomalku, no ne pomalku otkolku {to e potrebno")
me|useben odnos na pokazatelite
(koi se pova`ni, a koi se pomalku va`ni, koga i zo{to)
izbor na osnovica za sporeduvawe
6-*
Zna~ajni odnosi me|u komponentite
na finansiskite izve{tai
Sporedba: so prethodni godini
/ so drugi pretprijatija, itn.

Koeficient na profitabilnosta
Pazarnata mo}
b. [to poseduva .
d. Odnapred plateni tro{oci.
e. Gotovi pari /brzo konvertibilni vo cash vo rok od 1 godina.
f. Nabavna vrednost na sredstvata
g. Amortizacija
Cash and C.E. $ 90 Acct. Rec.c 394 Inventories 696 Prepaid Exp d 5 Accum Tax Prepay 10 Current Assetse $1,195 Fixed Assets (@Cost)f 1030 Less: Acc. Depr. g (329) Net Fix. Assets $ 701 Investment, LT 50 Other Assets, LT 223 Total Assets b $2,169
B W Balance Sheet (thousands) Dec. 31, 2009a
6-*
a. Assets = Liabilities + Equity.
c. Dolg kon dobavuva~ite.
d. Neisplateni plati.
g. Po~eten kapital-sopstven.
h. Zadr`ana zarabotka.
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-*
a. Meri profitabilnost za odreden period.
b. Naplatena realizacija ili pobaruvawa od kupuva~ite.
c. Operativni tro{oci.
f. Dobivka pred odano~uvawe.
g. Neto dobivka
Iznos za akumulirana dobivka.
Net Sales $ 2,211 Cost of Goods Sold b 1,599 Gross Profit $ 612 SG&A Expenses c 402 EBITd $ 210 Interest Expensee 59 EBT f $ 151 Income Taxes 60 EATg $ 91 Cash Dividends 38 Increase in RE $ 53
B W Statement of Earnings (in thousands) for Year Ending December 31, 2009a
6-*
Ima li sezonski vlijanija?
Finansiski pokazateli-Financial Ratios
needs of the firm.
2. Analiza na finansiskata
needs of the firm.
condition and profitability
of the firm.
rizikot na firmata.
Biznis rizik se odnesuva na rizikot karakteristi~en za operaciite na firmata.
6-*
Finansiskiot
Menaxer mora da gi zeme predvid site tri zaedno koga gi determinira finansiskite potrebi na firmata.
Determinirawe
needs of the firm.
condition and profitability
of the firm.
risk of the firm.
needs of the firm.
condition and profitability
of the firm.
risk of the firm.
Vidovi na sporedbi
Interni Sporedbi
Eksterni Sporedbi
Financial Ratio- Finansiski pokazatel e indeks koj se odnesuva na dva smetkovodstveni broja i se dobiva koga dvata broja se delat eden so drug.
6-*
Examples:
Almanac of Business and Industrial Financial Ratios
Ova opfa}a sporedba na ratios (koeficienti) na edna firma so pokazateli na sli~ni firmi ili industriskiot prosek.
Sli~nosta e va`na za da mo`at da se sporeduvaat “apples to apples”.
6-*
Current- Tekoven odnos
For B W December 31, 2009

Balance Sheet Ratios
6-*
Current Assets - Inv
For B W December 31, 2009
.
Balance Sheet Ratios
6-*
Zaklu~ok-Summary of the Liquidity Ratio Comparisons
. - .
.
Ratio BW Industry
Current 2.39 2.15
Acid-Test 1.00 1.25
(Merka za sposobnost za pla}awe na kratkoro~ni dolgovi)
Tekovni (Kratkoro~ni) sredstva 315.100
------------------------------------------------ = ----------- = 1,78 pati
2) Brz koeficient
(Merka za sposobnost za pla}awe na kratkoro~ni dolgovi)
Gotov.+HV za trg.+Pobar 32.500 + 4.200 + 177.200 213.900
----------------------------------- = ----------------------------------- = ----------- = 1,21 pati
------------------------------------------------------------- = ------------------------- = 1,21 pati
6-*
6-*
Zaklu~ok-Summary of the Liquidity Trend Analyses
Current ratio za industrijata rastel poleka, a vo isto vreme acid-test ratio bil relativno stabilen.
Ova signalizira deka inventories (zalihite) se zna~aen problem za BW.
Koeficientot - current ratio za BW rastel, a vo isto vreme acid-test ratio opa|al.
6-*
Debt-to-Equity
Total Debt
Shareholders’ Equity
.
Balance Sheet Ratios
BW
.
6-*
Total Debt
Total Assets
For B W December 31, 2009
.
Balance Sheet Ratios
.
6-*
.
Balance Sheet Ratios
. .
6-*
Interest Coverage-
.
Income Statement
. .
6-*
6-*
earnings (EBIT) BW.
.
. BW 2007. 2
6-*
Vkupni obvrski 414.000
Vkupen dolg 413.900
------------------- = -------------- h 100 = 0,41%
Vk. sredstva 1.003.700
------------------------------------------------- = ----------- = 8,1 pati
6-*
Receivable Turnover-Pokazatel na obrtot na pobaruvawata
Annual Net Credit Sales
For B W December 31, 2009
a.
Income Statement /
Balance Sheet
6-*
Days in the Year
.
Income Statement /
Balance Sheet
.
.
Income Statement /
Balance Sheet
.
Income Statement /
Balance Sheet
?
.
Income Statement /
Balance Sheet
.
6-*
For B W December 31, 2009
.
Income Statement /
Balance Sheet
?
Pobaruvawa 173.500 173.500
Prose~na dnevna (kreditna) proda`ba 722.100 : 365/366 1.978
Prose~na dnevna (kreditna) proda`ba = Proda`ba na kredit (prihod) : 365/366
ili
------------------------------------------------------ = ------ = 85,7 dena
+ Pobar. na krajot na god.) : 2 * 169.500
6-*
(vrzuvawe) na zalihite
--------------------------------------------- = ------ = 51,4 dena
.
Income Statement /
Balance Sheet
6-*
6-*
For B W December 31, 2009
.
Income Statement /
Balance Sheet
6-*
6-*
For B W December 31, 2009
( ).
Income Statement /
Balance Sheet
6-*
For B W December 31, 2009
( ).
Income Statement /
Balance Sheet
6-*
--------------------------------------------------- = ----------- h100 = 2,3
Neto dobivka 16.400
-------------------------- = ------------- h 100 = 1,6
Neto dobivka 16.400
-------------------------- = ------------- h 100 = 2,8
Pros. ak. lavnina 589.000
Povrat na sredstvata: Prof. mar`a h Obrt na s-va = 2,4 h 0,72 = 1,6
6-*
ROI2009 = .041 x 1.02 = .042 or 4.2%
ROIIndustry = .082 x 1.17 = .098 or 9.8%
ROI = Net profit margin X
Total asset turnover
Asset efficiency
ROE2009 = .041 x 1.02 x 1.90 = .080
ROEIndustry = .082 x 1.17 x 1.88 = .179
Return On Equity = Net profit margin X
Total asset turnover X
Summary of the Profitability Trend Analyses
K BW - 2007. 3 .
COGS a BW.
.
6-*
COGS .
6-*
Common-size Analysis
, ()-net sales or revenues.
6-*
Regular (thousands of $)
Regular (thousands of $)
Regular (thousands of $)
Index Analyses
100.0 (percent) .
6-*
Regular (thousands of $)
Regular (thousands of $)
Regular (thousands of $)
1,5
1,7
1,9
2,1
2,3
2,5
200720082009
0,5
0,8
1,0
1,3
1,5
200720082009
3,0
5,0
7,0
9,0
11,0
200720082009
2,0
2,5
3,0
3,5
4,0
200720082009
25,0
27,5
30,0
32,5
35,0
200720082009
4
5
6
7
8
9
10
200720082009
4
6
8
10
12
200720082009
7,0
10,5
14,0
17,5
21,0
200720082009
Other CA 10 14 15 0.82 0.68 0.69
Tot CA 763 1,140 1,195 62.39 55.77 55.09
Net FA 349 631 701 28.54 30.87 32.32
LT Inv 0 50 50 0.00 2.45 2.31
Other LT 111 223 223 9.08 10.91 10.28
Tot Assets 1,223 2,044 2,169 100.0 100.0 100.0
Regular (thousands of $) Common-Size (%)
Equity 674 1,086 1,139 55.11 53.13 52.51
Tot L+E 1,223 2,044 2,169 100.0 100.0 100.0
Regular (thousands of $) Common-Size (%)
Net Sales 1,235 2,106 2,211 100.0 100.0 100.0
COGS 849 1,501 1,599 68.7 71.3 72.3
Gross Profit 386 605 612 31.3 28.7 27.7
Adm. 180 383 402 14.6 18.2 18.2
EBIT 206 222 210 16.7 10.5 9.5
Int Exp 20 51 59 1.6 2.4 2.7
EBT 186 171 151 15.1 8.1 6.8
EAT 112 103 91 9.1 4.9 4.1
Cash Div 50 50 50 4.0 2.4 2.3
Regular (thousands of $) Indexed (%)
Other CA 10 14 15 100.0 140.0 150.0
Tot CA 763 1,140 1,195 100.0 149.4 156.6
Net FA 349 631 701 100.0 180.8 200.9
LT Inv 0 50 50 100.0 inf. inf.
Other LT 111 223 223 100.0 200.9 200.9
Tot Assets 1,223 2,044 2,169 100.0 167.1 177.4
Regular (thousands of $) Indexed (%)
Equity 674 1,086 1,139 100.0 161.1 169.0
Tot L+E 1,223 2,044 2,169 100.0 167.1 177.4
Regular (thousands of $) Indexed (%)
Net Sales 1,235 2,106 2,211 100.0 170.5 179.0
COGS 849 1,501 1,599 100.0 176.8 188.3
Gross Profit 386 605 612 100.0 156.7 158.5
Adm. 180 383 402 100.0 212.8 223.3
EBIT 206 222 210 100.0 107.8 101.9
Int Exp 20 51 59 100.0 255.0 295.0
EBT 186 171 151 100.0 91.9 81.2
EAT 112 103 91 100.0 92.0 81.3
Cash Div 50 50 50 100.0 100.0 100.0