Transcript Slide 1
Tema 3 Finansinių ataskaitų nagrinėjimas Temos struktūra • 3.1 Detalesnis finansinių ataskaitų ir pinigų srautų nagrinėjimas • 3.2 Standartizuotos finansinės ataskaitos • 3.3 Koeficientinė analizė • 3.4 Du Pont lygybė • 3.5 Finansinės informacijos naudojimas 1 3.1 Detalesnis finansinių ataskaitų ir pinigų srautų nagrinėjimas Balansas Assets (Turtas) 2003 2004 Change Pokytis Current assets (Trumpalaikis turtas) Cash (pinigai) 84 98 +14 Accounts receivable (gautinos sumos) 165 188 +23 Inventory (atsargos) 393 422 +29 642 708 +66 Net plant and equipment (Pastatai ir įrengimai) 2.731 2.880 +149 Total assets (Turtas iš viso) 3.373 3.588 +215 Total current assets (Trumpalaikis turtas iš viso) Net fixed assets (Ilgalaikis turtas) 2 3.1 Detalesnis finansinių ataskaitų ir pinigų srautų nagrinėjimas Liabilities and Shareholders' Equity (Įsipareigojimai ir nuosavybė) 2003 2004 Change Pokytis Current liabilities (Trumpalaikiai įsipareigojimai) Accounts payable (Mokėtinos sumos) 312 344 +32 Notes payable (Mokėtini vekseliai) 231 196 -35 Total current liabilities (Trump. Įsipareigojimai iš viso) 543 540 -3 Long-term debt (Ilgalaikės skolos) 531 457 -74 500 550 +50 Retained earnings (Nepaskirstytasis pelnas) 1.799 2.041 +242 Total shareholders’ equity ( Nuosavybė iš viso) 2.299 2.591 -292 Total liabilities and shareholders' equity (Įsipareigojimai ir nuosavybė iš viso) 3.373 3.588 +215 Shareholders' equity (Akcininkų nuosavybė) Common stock and paid-in surplus (Paprastosios akcijos ir akcijų priedai) 3 3.1 Detalesnis finansinių ataskaitų ir pinigų srautų nagrinėjimas Sources of cash: (Pinigų šaltiniai) Increase in accounts payable (Mokėtinų sumų padidėjimas) 32 Increase in common stock (Paprastųjų akcijų padidėjimas) 50 Increase in retained earnings (Nepaskirstytojo pelno padidėjimas) Total sources (Pinigų šaltiniai iš viso) 242 324 Uses of cash (Pinigų panaudojimas) Increase in accounts receivable (Gautinų sumų padidėjimas) 23 Increase in inventory (Atsargų padidėjimas) 29 Decrease in notes payable (Mokėtinų vekselių sumažėjimas) 35 Decrease in long-term debt (Ilgalaikių skolų sumažėjimas) Net fixed assets acquisitions (Ilgalaikio turto įsigijimai) Total uses (Pinigų panaudojimasiš viso) Net addition to cash (Grynųjų pinigų pasikeitimas) 74 149 310 14 4 3.1 Detalesnis finansinių ataskaitų ir pinigų srautų nagrinėjimas 2004 m. Pelno nuostolių ataskaita Sales (Pardavimai) Costs of goods sold (Sąnaudos) 2.311 1.344 Depreciation (Nusidėvėjimas) Earnings before interest and taxes (EBIT) Pelnas prieš apmokestinimą 276 691 Interest paid (Sumokėtos palūkanos) Taxable Income (Apmok. Pajamos) Taxes (Mokesčiai) Net Income (Grynasis pelnas) 141 550 187 363 Dividends (Dividendai) Addition to retained earnings (Nepaskirst. Pelnas) 121 242 5 3.1 Detalesnis finansinių ataskaitų ir pinigų srautų nagrinėjimas 2004 m. Pinigų srautų ataskaita Cash, beginning of year Operating activity 84 Net income + 363 Depreciation + 276 Increase in accounts payable + 32 Increase in accounts receivable -23 Increase in inventory -29 Net cash from operating activity + 619 Investment activity Fixed asset acquisitions Net cash from investment activity - 425 - 425 6 3.1 Detalesnis finansinių ataskaitų ir pinigų srautų nagrinėjimas 2004m. Pinigų srautų ataskaita Financing activity Decrease in notes payable - 35 Decrease in long-term debt -74 Dividends paid -121 Increase in common stock + 50 Net cash from financing activity Net increase in cash Cash, end of the year -180 + 14 98 7 3.1 Detalesnis finansinių ataskaitų ir pinigų srautų nagrinėjimas Pinigų srautų ataskaita •Pagrindinė veikla + Net income Grynasis pelnas + Depreciation Nusidėvėjimas + (–) Any decrease (increase) in current assets (except cash) + (–) Sumažėjimas (padidėjimas) tr. turto (išskyrus pinigus) + (–) Increase (decrease) in accounts payable + (–) padidėjimas (sumažėjimas) mokėtinų sumų •Investicinė veikla + Beginning fixed assets Ilgalaikis turtas pradžioje – Ending fixed assets Ilgalaikis turtas pabaigoje – Depreciation Nusidėvėjimas •Finansinė veikla + (–) Increase (decrease) in notes payable + (–) Padidėjimas (sumažėjimas) mokėtini vekseliai + (–) Increase (decrease) in long-term debt + (–) Padidėjimas (sumažėjimas) ilgalaikių skolų + Increase in common stock + Padidėjimas akcinio kapitalo – Dividends paid (sumokėti dividendai) 8 3.2 Standartizuotos finansinės ataskaitos Bendro dydžio balansas Assets 2003 2004 Change Current assets Cash 2,5% 2,7% +0,2% Accounts receivable 4,9% 5,2% +0,3% 11,7% 11,8% +0,1% 19,1% 19,7% +0,6% 80,9% 80,3% - 0,6% 100,0% 100,0% 0,0% Inventory Total current assets Net fixed assets Net plant and equipment Total assets 9 3.2 Standartizuotos finansinės ataskaitos Bendro dydžio balansas Liabilities and Shareholders' Equity 2003 2004 Change Current liabilities Accounts payable 9,2% 9,6% + 0,4% Notes payable 6,8% 5,5% - 1,3% Total current liabilities 16,0% 15,1% - 0,9% Long-term debt 15,7% 12,7% - 3,0% Common stock and paid-in surplus 14,8% 15,3% + 0,5% Retained earnings 53,3% 56,9% + 3,6% Total shareholders’ equity 68,1% 72,2% + 4,1% 100,0% 100,0% 0,0% Shareholders' equity Total liabilities and shareholders' equity 10 3.2 Standartizuotos finansinės ataskaitos Bendro dydžio pelno nuostolių ataskaita Sales 100,0% Costs of goods sold 58,2% Depreciation 11,9% Earnings before interest and taxes (EBIT) 29,9% Interest paid 6,1% Taxable Income 23,8% Taxes 8,1% Net Income 15,7% Dividends 5,2% Addition to retained earnings 10,5% 11 3.2 Standartizuotos finansinės ataskaitos Bazinių metų balansas Assets 2003 2004 Pokytis Current assets Cash Accounts receivable Inventory Total current assets 84 98 1,17 165 188 1,14 +393 +422 1,07 642 708 1,10 2.731 2.880 1,05 3.373 3.588 1,06 Net fixed assets Net plant and equipment Total assets 12 3.2 Standartizuotos finansinės ataskaitos Common-Base Year Balance Sheet Liabilities and Shareholders' Equity 2003 2004 Pokytis Current liabilities Accounts payable 312 344 1,10 Notes payable 231 196 0,85 Total current liabilities 543 540 0,99 Long-term debt 531 457 0,86 500 550 1,10 Retained earnings 1.799 2.041 1,14 Total shareholders’ equity 2.299 2.591 1,13 Total liabilities and shareholders' equity 3.373 3.588 1,06 Shareholders' equity Common stock and paid-in surplus 13 3.3 Koeficientinė analizė Finansinių rodiklių grupės •Trumpalaikio mokumo arba likvidumo rodikliai •Galimybė apmokėti sąskaitas per trumpą laikotarpį •Ilgalaikio mokumo arba finansinio sverto rodikliai •Galimybė įvykdyti ilgalaikius įsipareigojimus •Turto valdymo arba apyvartumo rodikliai •Turto naudojimo efektyvumą ir intensyvumą nusakantys rodikliai •Pelningumo rodikliai •Galimybė kontroliuoti sąnaudas •Rinkos vertės rodikliai •Ne tik finansinių ataskaitų duomenys 14 3.3 Koeficientinė analizė Short-Term Solvency, or Liquidity, ratios 3.3.1 Current ratio Current assets 708 Current ratio = ——————— =——— = 1,31 Current liabilities 540 15 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 16 3.3 Koeficientinė analizė Short-Term Solvency, or Liquidity, ratios 3.3.2 Quick (or Acid-Test) ratio Current assets — Inventory Quick ratio = ——————————————— Current liabilities = 708 — 422 = —————— = 0,53 540 17 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 18 3.3 Koeficientinė analizė Short-Term Solvency, or Liquidity, ratios 3.3.3 Cash ratio Cash Cash ratio = ——————— = Current liabilities 98 = —————— = 0,18 540 19 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 20 3.3 Koeficientinė analizė Short-Term Solvency, or Liquidity, ratios 3.3.4 Net working capital to total assets Net working capital to total assets = Net working capital = ——————————— Total assets = 708 - 540 = —————— = 0, 047 = 4,7% 3588 21 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 22 3.3 Koeficientinė analizė Short-Term Solvency, or Liquidity, ratios 3.3.5 Interval measure Current assets Interval measure = ———————————— = Average daily operating costs 708 708 = —————— = —————— = 192 days 1.344 / 365 3,68 23 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 24 3.3 Koeficientinė analizė 2004 Income Statement Sales Costs of goods sold 2.311 1.344 Depreciation Earnings before interest and taxes (EBIT) 276 691 Interest paid Taxable Income Taxes Net Income 141 550 187 363 Dividends Addition to retained earnings 121 242 25 3.3 Koeficientinė analizė Long-Term Solvency, or Financial Leverage, ratios 3.3.6 Total debt ratio Total assets — Total equity Total debt ratio = —————————————————— = Total assets 3.588 — 2.591 = —————————————— = 0,28 3.588 26 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 27 3.3 Koeficientinė analizė Long-Term Solvency, or Financial Leverage, ratios 3.3.7 Debt / equity ratio Total assets — Total equity Debt / equity ratio = —————————————————— = Total equity 3.588 — 2.591 = —————————————— = 0,39 2.591 0,28 Debt / equity ratio = —————— = 0,39 0,72 28 3.3 Koeficientinė analizė Long-Term Solvency, or Financial Leverage, ratios 3.3.8 Equity multiplier Total assets Equity multiplier = ——————————— = Total equity 3.588 = ———————— = 1,39 2.591 1,00 Equity multiplier = —————— = 1,39 0,72 29 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 30 3.3 Koeficientinė analizė Long-Term Solvency, or Financial Leverage, ratios 3.3.9 Long-term debt ratio Long-term debt Long-term debt ratio = ———————————————— = Long-term debt + Total equity 457 = —————————— = 0,15 457 + 2.591 31 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 32 3.3 Koeficientinė analizė Long-Term Solvency, or Financial Leverage, ratios 3.3.10 Times interest earned ratio EBIT Times interest earned ratio = —————————— = Interest 691 = —————— = 4,9 141 33 3.3 Koeficientinė analizė 2004 Income Statement Sales Costs of goods sold 2.311 1.344 Depreciation Earnings before interest and taxes (EBIT) 276 691 Interest paid Taxable Income Taxes Net Income 141 550 187 363 Dividends Addition to retained earnings 121 242 34 3.3 Koeficientinė analizė Long-Term Solvency, or Financial Leverage, ratios 3.3.11 Cash coverage ratio EBIT + Depreciation Cash coverage ratio = ———————————————— = Interest 691 + 276 = —————————— = 6,9 141 35 3.3 Koeficientinė analizė 2004 Income Statement Sales Costs of goods sold 2.311 1.344 Depreciation Earnings before interest and taxes (EBIT) 276 691 Interest paid Taxable Income Taxes Net Income 141 550 187 363 Dividends Addition to retained earnings 121 242 36 3.3 Koeficientinė analizė Asset Management, or Turnover, ratios 3.3.12 Inventory turnover and days, sales in inventory Costs of goods sold 1.344 Inventory turnover = ————————————— = ———— = 3,2 Inventory 422 365 365 Days’ sales in inventory = —————————— = ———— = Inventory turnover 3,2 = 114 days 37 3.3 Koeficientinė analizė 2004 Income Statement Sales Costs of goods sold 2.311 1.344 Depreciation Earnings before interest and taxes (EBIT) 276 691 Interest paid Taxable Income Taxes Net Income 141 550 187 363 Dividends Addition to retained earnings 121 242 38 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 39 3.3 Koeficientinė analizė Asset Management, or Turnover, ratios 3.3.13 Receivables turnover and Days’ sales in receivables Sales 2.311 Receivables turnover = ——————————— = ———— = 12,3 Accounts receivable 188 365 365 Days’ sales in receivables = ——————————— = ———— = Receivables turnover 12,3 = 30 days (average collection period) 40 3.3 Koeficientinė analizė 2004 Income Statement Sales Costs of goods sold 2.311 1.344 Depreciation Earnings before interest and taxes (EBIT) 276 691 Interest paid Taxable Income Taxes Net Income 141 550 187 363 Dividends Addition to retained earnings 121 242 41 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 42 3.3 Koeficientinė analizė Asset Management, or Turnover, ratios 3.3.14 Payables turnover and Days’ sales in payables Costs of goods sold 1.344 Payables turnover = ————————————— = ———— = 3,9 Accounts payable 344 365 365 Days’ sales in payables = ——————————— = ———— = Payables turnover 3,9 = 94 days 43 3.3 Koeficientinė analizė 2004 Income Statement Sales Costs of goods sold 2.311 1.344 Depreciation Earnings before interest and taxes (EBIT) 276 691 Interest paid Taxable Income Taxes Net Income 141 550 187 363 Dividends Addition to retained earnings 121 242 44 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 45 3.3 Koeficientinė analizė Asset Management, or Turnover, ratios 3.3.15 NWC turnover Sales 2.311 NWC turnover = ————— = ———————— = 13,8 NWC 708 — 540 3.3.16 Fixed asset turnover Sales 2.311 Fixed asset turnover = ————————— = ————— = 0,8 Net fixed asset 2.880 46 3.3 Koeficientinė analizė 2004 Income Statement Sales Costs of goods sold 2.311 1.344 Depreciation Earnings before interest and taxes (EBIT) 276 691 Interest paid Taxable Income Taxes Net Income 141 550 187 363 Dividends Addition to retained earnings 121 242 47 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 48 3.3 Koeficientinė analizė Asset Management, or Turnover, ratios 3.3.17 Total asset turnover Sales 2.311 Total asset turnover = ———————— = —————— = 0,64 Total assets 3.588 49 3.3 Koeficientinė analizė Profitability measures 3.3.18 Profit margin Net income 363 Profit margin = ——————— = ————— = 15,7% Sales 2.311 3.3.19 Return on assets (ROA) Net income 363 Return on assets = ——————— = ————— = 10,12% Total assets 3.588 50 3.3 Koeficientinė analizė 2004 Income Statement Sales Costs of goods sold 2.311 1.344 Depreciation Earnings before interest and taxes (EBIT) 276 691 Interest paid Taxable Income Taxes Net Income 141 550 187 363 Dividends Addition to retained earnings 121 242 51 3.3 Koeficientinė analizė Assets 2003 2004 Current assets Cash 98 Accounts receivable 165 188 Inventory Total current assets 2004 Accounts payable 312 344 Notes payable 231 196 393 422 Total current liabilities 543 540 642 708 Long-term debt 531 457 500 550 Net fixed assets Total assets 2003 Current liabilities 84 Net plant and equipment Liabilities and Shareholders' Equity Shareholders' equity 2.731 3.373 2.880 Common stock and paidin surplus Retained earnings 1.799 2.041 Total shareholders’ equity 2.299 2.591 3.588 Total liabilities and shareholders' equity 3.373 3.588 52 3.3 Koeficientinė analizė Profitability measures 3.3.20 Return on equity (ROE) Net income 363 Return on equity = ——————— = ————— = 14% Total equity 2.591 Average assets = (3.373 + 3.588) / 2 = 3.481 Average equity = (2.299 + 2.591) / 2 = 2.445 363 ROA = ———— = 10,43% 3.481 363 ROE = ———— = 14,85% 2.445 53 3.3 Koeficientinė analizė Market Value ratios 3.3.21 Earnings per share (EPS) We assume that our company has 33 million shares outstanding and the stock sold for 88 per share at the end of the year. Net income 363 EPS = ——————————————— = ——— = 11 Shares outstanding 33 54 3.3 Koeficientinė analizė Market Value ratios 3.3.22 Price-earnings (PE) ratio Price per share 88 PE ratio = ——————————————— = ——— = 8 times Earnings per share 11 3.3.23 Market-to-book ratio Market value per share Market-to-book ratio = —————————————— = Book value per share 88 88 = ——————— = ——— = 1,12 times (2.591 /33 ) 78,5 55 3.4 Du Pont Lygybė Grynasis pelnas ROE = ————————— Nuosavybė iš viso Padauginus iš Turtas/Turtas ir Pardavimai/Pardavmai lygybėje niekas nepasikeičia: Gr.pelnas Turtas Pardavimai Nuosavybės grąža = ——————— x ————— x ————— = Nuosavybė Turtas Pardavimai 56 3.4 Du Pont Lygybė Gr.pelnas Pardavimai Turtas ROE = ———————— x ————— x ———————— = Pardavimai Turtas Nuosavybė ROE = Gr. pelningumas x Viso turto apyvartumas x Nuosavybės multiplikatorius ROE = 15,7% x 0,64 x 1,39 = 14% 57 3.4 Du Pont Lygybė Du Pont lygybė apibrėžia , kad nuosavybės grąžą nulemia trys veiksniai : 1. Veiklos efektyvumas (matuojama grynuoju pelningumu) 2. Turto apyvartumas (matuojama turto apyvartumo rodikliu) 3. Finansinis svertas (matuojamas nuosavybės multiplikatoriaus rodikliu) 58 3.5 Finansinės informacijos naudojimas Kam naudojamos finansinių ataskaitų informacija? •Vidiniams poreikiams •Išskirstyti išteklius, kapitalą padaliniams •Išmatuoti veiklos rezultatus ir atlyginti už juos •Išoriniams poreikiams •Suteikti prekinius kreditus užsakovams, klientams •Investuotojų sprendimams pagrįsti •Paskolų sutartims su bankais sudaryti •Konkurencijos analizei •Planuojant ilgalaikius turto pirkimus •Etalono naudojimas (Benchmarks) •Eilės metų laikotarpio palyginimas •Lygių grupės - tos pačios šakos, kategorijos, grupės ir pan. Bendrovių bei jų rodiklių, indeksų palyginimas. (Peer group) 59 3.5 Finansinės informacijos naudojimas Finansinių ataskaitų analizės problemos •Teorijos poreikis • Nėra įtikinamų argumentų, kurie įrodytų kad finansinių ataskaitų duomenimis galima naudotis priimant sprendimus dėl vertės ir rizikos nustatymo. •Kuris rodiklis yra svarbiausias? •Kokia rodiklio vertė yra “teisingiausia”? •Konglomeratai •Jie nėra tokie, kurie veikia vienoje gamybos šakoje ar sektoriuje •Sunku rasti palyginimą •Bendri siekiai •Finansinių ataskaitų palyginamumas tarp šalių 60