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Financial Analysis Concept

Financial Analysis - analysis of the company's financial and operating results.
There are different types of tests that are often used in financial analysis. The basic and most
commonly used are:
Comparative Statement Analysis
Vertical Analysis
Trend Analysis
Ratio Analysis

2. Financial Statement Analysis

Financial analysis is carried out in the financial statements. The most important company
financial statements are balance sheet and income statement. It is useful to examine the bill of
lading and the income statement for the reason that the financial analysis question is being
2.1. Balance-Sheet
Balance - at any given time a table shows the financial status of a company. Purpose of the
fiscal situation; This is a business owner. Balance sheet ranking features are carried out in
accordance with the carrying amounts and fixed assets
Non-Current Asset : Fixed assets - a set of financial assets traded on a sound basis. These
assets are subject to the removal of taxes.
Short-Term Liabilities
Debts must be paid within one year from term debts. However, it is important to do these
assets. The company is a member of the United States of America and is a member of the US
Department of Justice and the US Department of Justice.
Long Term Debts - Long Term Commitment
Long-term commitments are expected to be ready and the machinery and equipment cost
company will be provided. Long-term business liabilities arising from trade payables, other
payables, payables, tax liabilities and other liabilities, liabilities and expenses, future income
and accruals and other long-term liabilities. Short-term and long-term liabilities should not be
higher than capital. First of all, justice as opposed to small, business logic; The company is
not defined as accumulated debt,
The capital consists of profit and reserve and equity. Capital consists of paid-up capital
retained capital back-ups, earnings, profit and loss account. Shares indicate that business
owners or shareholders are entitled to property, such as interest, and not to create a financial
burden. Short-term and long-term liabilities are expected to exceed assets or at least equal to
expected. Thus, the receiver will be sure safety.
2.2. A Profit-Loss Account
The income table is a financial statement that reflects economic activity for a specified period
of time. The Income Statement shows that the company has achieved all and time incomes
and shows all costs and is endowed with income generation. Net loss of profit for the period
in the business or income table. Uniform Accounting is used in the charts of the accounts
system and income of the income table in uniform graphics.
Gross Gain or Loss From Sale
Gross earning or loss of the company's main business and sales-related activities. The gross
gain or loss from the sale will reduce the costs associated with the activities from our
activities. However, operating costs are not reduced. Group gross profit or loss from sales
gross sales, sales, income and cost of sales are discounted.
Operating Profit or Loss
Operating profit or loss is the difference between selling and operating costs and gross gain or
loss. This is the basis for net profit or loss. It is important to measure the success of the
company's core activities. It is expected that operating profit or loss will be realized. Negative
result loss is considered unwanted.
Ordinary Gain or Loss
Conclusion Profit or business behavior is derived from the fact that economic activities are a
gain or loss related to taxation and are not part of the core operating profit. Positive results are
lost, gains are negative results. It plays an important role in determining the usual gain or loss
Profit or loss for the year
Earnings or losses for the year are calculated by adding exceptional products and gains or by
deducting expenses and extraordinary losses, earnings or normal loss of business. This result
shows that the company has a similar working period, not profitable or profitable.
Net Period Profit or Loss For The Financial Year
Gain or tax declaration is the loss of the year after which taxes and legal requirements are
reported. Tax does not distinguish unprofitable results. It also shows the net result of the
exercise, which is transferred to balance exercise, benefit.
1) Comparative Analysis of Financial Statements:
To analyze the annual changes over a certain period of time to examine the company
benchmarking compared. This table may be in the form of an increase or the fluctuations will
decrease. This horizontal analysis shows the development of the decline activity or the related
periods or the company's name, which is called the study of financial changes at the same
time. This table shows only the operation of the business.
In the current period, these situations are prepared in relation to the previous year's balance
sheet and income statement. Process or how much it increases. It will also be done to raise
and lower additional columns. Percent increase and decrease method.
Interpretation of Comparative Financial Statements
Comparative financial statements are interpreted; Percentage of balance sheet or income table,
an increase or decrease in value and who will be calculated according to the table.
Interpretation of the table; Causal relationship is to be realized. For this reason, extensive
research is necessary. The reason for the change is therefore to be determined.
Why Change Detection
First, the comparative tables were analyzed later. Assets and the values that make up the group
and resource groups. Why change in values in this group has also been examined.
A change in the value of the equilibrium value can be applied. For this reason the changes in
the income table have been examined.
Vertical Analysis
Vertical analysis of company or income statement items balance sheet summarized to
determine whether the total of their own group and Percentage percentage belongs to. In
vertical analysis, one-year analysis of the financial statements from a one-year period is
known as the casting of financial statements in the analysis of the selected fiscal year, the
vertical analysis of the company's vertical analysis to study the results of the activity in a
single step to the goal. Modification of the horizontal analysis for the year Vertical analysis
can be called with the static analysis of the creation of the observed dynamic analysis one
year analysis. How often we analyzed by vertical analysis.
Determination of Vertical Balance Percentage
Vertical percentage determination; Consolidated financial statements include the total value or
percentage of the total.
Vertical Analysis By a Total Group
Balance value, percentage of total group used in formula determination;
Vertical group, total percent = (GX100) / G
G: amount of account value
G: group holding value that belongs to
Vertical Analysis with General Collection
The following formula is used to calculate the total percentages of the balance value;
Percent total percentage per group = (GX100) / Y
G: balance of income or income statement
Y: total amount of assets or balance sheet resources
Vertical analysis with general collection
The following formula is applied to the total calculation percentages: balance value;
Percent total percentage per group = (GX100) / Y
G: balance of income or income statement
Y: total amount of assets or balance sheet resources
Vertical Income Percent Table
If it is vertical percentage in the income table; The value is calculated by dividing the sales by
each value. What is this?
The formula applied is as follows:
Vertical percent = (GX100) / S
G: items of state change results
Q: Net sales
Equilibrium Interpretation
A balance sheet is analyzed as a percentage of the total group and as a whole group. Your
accounts can not show the financial status of a group of companies. For this reason, it should
be considered with other groups. This review will be carried out in three buildings;
1) allocation of fixed assets
2) Assessment of resource allocation
3) Survey of Asset Relational Resources
Interpretation to Income Table
Profits and losses are based on the assumption of the value of the account or calculated net
sales of 100 percent. Each value and profitability rates are realized based on net sales sales.
If they do not have a high rate of sales discounts, the income value should include 100 points.
After being satisfied after a profit, the value of expenses and losses must also contribute to the
period costs. This is a great place to live and work.
Profit is expected for this main business period. Why, it is possible to do business with the
partners in the automotive sector or with sufficient funding to distribute income and start.
This is the first time we've been able to benefit.

Trend Analysis:
Trend analysis is affirmed by comparing the balance sheet items in the business trend. Trend
analysis is not profitable investments.
Percent Trends According to Preparation:
Operation balance sheet and profit and loss account. Percentage is calculated based on
development over specific years. For a year, the current period should be the normal value. In
addition, it is considered to be a 100 pin base year. The formula is as follows:
N = t * 100 / T
N: Number of trends
T: the amount of the year of reporting
T: Quantity of reference y

Trends Based on Percentage of Ratings:

Considering the difference between the trends displayed by the pim trends, Trends pimi
comparison. With more than 100 increasing numbers, this is a loss.
In the context of them, it is necessary to treat three points. Trends springs are compared, they
focus on interaction, and the result is determined
In turn, trending items; The most significant increase in the rate of increase and decrease in
some years. If there is no trend or the percentage of the trend of the item is different. The
interactions of the elements tend to look for relationships between the elements. Interaction
management, and financial tablature changes affect each of the two elements.
Relations between elements:
Relations between elements. For example, relationships between pen-based housing
associations affect sales.
Rate analysis: Item within a company's financial statements within a specified time period.
Rate analysis is for all financial tables. And it shows the relationship between financial
statements and financial statements.

Rate analysis is most commonly used:

- Liquidity Ratios
- Financial ratios
- Efficiency rate
- profitability ratio
Liquidity ratio: explains the influence of the company over short-term debt burden. For this, a
variety of products on board and short-term relationships total assets or liabilities;
The current rate: dollar to borrow against each other, how many pounds of goods on hand.
Financial Ratios
Financial ratios are used to measure degree of benefit from foreign sources in businesss
Using raitos in financial ratios;
- Ratio of debts to equity
- Ratio of short-term liabilities to equity
- Ratio of real assets to equity
- Fill rate of financial costs
A. Ratio of Debts to Equity

The ratio of debts to equity shows that what percentage of equity is liability
Short Term Liability
Long Term Liability 100
The ratio of debs to equity =
If raitos are 100 percent or under 100 percent, Equity is adequate to absorb total debts and
credits are in safe. I ratios are over 100 percent creditors are more arbiter than shareholders
equity. So credits are not safe and creditors want assurance such as hypothec warrant and
pledge. Also this causes increasing loan costs and interest expenses.
B. Ratio of Short-term Liabilities to Equity

The ratio of short-term liabilities to equity shows that what percentage of equity is short-term
Short Term Liability
Equity 100
The ratio of short-term liabilities to equity =
Ideal ratio is 35 percent for manufacturing companies. If the raito is low company has strong
financial position but if the ratio is high than 35 pecentage the company generally uses short
term liabilities equities are not adequate.
C. Ratio of Real Assets to Equity
The ratio of real assets to equity shows that what pecentage of equity is real assets.
Real Assets
Equity 100
Ratio of real assets to equity =
If the ratio is under 100 percent, equtity is adequate but ratio over 100 percent quity is not
adequate and company has to use liability but if the liability is long term it is suitable.
D. Fill Rate of Financial Costs
Fill rate of financial costs shows that how many times of companys financing expenses is
income of the period.
Income of the Period Financial Cost
Financial Cost
Fill Rate of Financial Costs =
Operating Ratios
Operating ratios measures using assets whether fertile. So relationships are made between
total assets and sales.
- Ratio of avarage collection period
- Ratio of receviables turnover
- Ratio of stock turnover
- Ratio of cash turnover
- Ratio of current assets turnover
- Ratio of propertys turnover
- Ratio of assets turnover

A. Ratio of Avarage Collection Period

Ratio of avarage collection period arises from relationship between accounts receivable and

Sales on Credit Accounts Receivable

360 Daily Sales
Daily Sales = Ratio of Avarage Collection Period =
Rate of avarage collection period is found daily. The number of days states recognizing
maturity to customer in sales on credit of company. This number must be 30 days for
manufacturing company.
B. Ratio of Receivables Turnover
Ac. Re at the beginning of the Period Ac. Re. at the end of Period
Avarage Receivables =
Net Sales
Avarage Receivable
Ratio of Receviables Turnover =
Ratio of receivables turnover "time" is expressed. This is an account of trade receivables that
are collected several times during the show.
High out of the turnover rate of receivables, trade receivables in a short time and was easily
collected indicates that funds are again returned to the company in the same period. The
emergence of low-rate, long period of trade receivables can be collected, or the ability to
collect receivables shows that it is weak.
B. Ratio of Stock Turnover

Ratio of stock turnover gives the ratio of net sales to inventory turnover rate of stock of a
Net Sales
Avarage Stocks
Ratio of Stock Turnover =
Ratio of stock turnover indicates that sales of stocks subject to a number of times in the
period. is high, if ratio of stock turnover is high the company's cost of inventory on hold
immediately sold, which means that many expect in the stock of goods is low.
C. Ratio of Cash Turnover
Cash turnover ratio measures turnover of redeemable securities of business and monetary
Net Sales
Avarage Liquid Assets
in a period. Ratio of Cash Turnover =
This ratio determines the amount of cash needed to keep the business, but there is no specific
standard on this issue. For this reason, comments compared with businesses in the same
industry and the past year and tried to come to conclusions.
D. Ratio of Current Assets Turnover

Ratio of current assets turnover indicates that due to the extent the sale of assets. Ratio of
Net Sales
Avarage Current Assets
Current Assets Turnover =
High out of ratio, as derived from net sales of assets, in the case of low-rise is interpreted as
derived from income other than net sales of assets. Current assets are expected outside the
capital for a business is to get clear of the net sales. Thus arises the continuation of the
positive business activities.
E. Ratio of Propertys Turnover

Ratio of propertys turnover measures efficiency in use of property.

Net Sales
Avarage Property
Ratio of Propertys Turnover =
Ratio of propertys turnover indicates the use of production capacity in the business. The rate
being higher than the effective use of assets and made with high production capacity obtained
show that sales revenue.
The ratio of efficient low rate of ppropertyor interpreted as used below capacity, in other
words, the company has made investments in property to either unnecessary or can not get the
return of investment.
F. Ratio of Assets Turnover

Ratio of asset turnover measures the efficiency in the use of assets of the business.
Net Sales
Avarage Assets
Ratio of Asset Turnover =
This ratio is considered appropriate to be in the manufacturing business from 2 to 4. Rate in
commercial operation is expected to be higher.
According to the standard to be lower this ratio shows that the idle capacity in the business. In
other words, businesses or investments made redundant or are receiving the necessary
efficiency of investments.
Profitability Ratios
Profitability ratios, operating activities resulted in a profit proportionate and sufficient to
measure whether the benefits achieved. Uncovered profitability ratios with relationship
between profit and resources; and profit and sales are that :
-profitability ratios of resources
-profitability ratios of sales

A. Profitability Ratio of Reources

Profitability rate of the resource, establishing the relationship between resources and the
efficient long-term liabilities and shareholders' equity profit was used or determines:
-amartization of equity ratio

-amartization of capital ratio

1. Amartization of Equity Ratio

The rate of depreciation of the equity of the acquired company's net profit shows the ratio of
shareholders' equity. Here is handling foreign sources of business.
Net Profit for the Period
Amartization of Capital Ratio = 100
Amartization of equity ratio, generally indicates the profitability of the capital invested by
business owners or business partners. In this sense, the rate grows business owners or partners
have made a good investment to set up such a business is called. The small ratio indicates that
the investment is not profitable. The size of the rate varies from sector to sector. While some
sectors need very large equity is sufficient in some small equity.
2. Amartization of Capital Ratio
Amartization of capital ratio, revealed how resources affect the overall long-term costs of
these resources with the equity and profit. Although capital ratios move it name from the
capital, equity not indicate a process for the total resources of the business.
Net Profit of the Period Long Term Borrowing Costs
Equity Long Term Liability
Amartization of Capital Ratio =
The size of the ratio indicates that the company's long-term resources are used effectively and
efficiently, it can be said that even the company has achieved most yields of long-term
resources. The proportion of low-rise business can not benefit from this type of long-term
resources efficiently, such as interest on these resources will not negatively affect the
financing costs vary greatly with the of profit.
C. Profitability Ratios of Sales

1. Gross Profit Ratio

The rate of gross profit amount is calculated by the proportion of net sales and profitability
shows the percentage obtained in relation to the main activities of the company.
Gross Margin
Net sales
Gross Profit Ratio = 100
As affected by the cost of sales to net sales of this business rate shows the profitability of
sales of the business. height ratio shows the profitability of the business. However, this height
or similar businesses in the sector should be compared with previous periods.
2. Operation Profit Ratio

Located net sales operating profit rate by dividing the operating profit of the business, as
opposed to the gross profit ratio is a ratio of operating expenses, including businesses.
Operation Profit
Net Sales
Operation Profit Ratio = 100
Operating profit after the company's operating expenses are met by the assessed rate reaches
profitability. Therefore, the company's operating profit will be less than the gross profit, but
will grow in proportion. The higher the ratio of operating expenses to operating as an effective
way to control and profit of at least shows that maximizing operating expenses.
3. Net Profit Ratio
Net Profit for the Period
Net Sales
Current Ratio = 100
Net Profit Rate is important to show the profitability of the company's results. Because the
business at this rate financing and other expenses are taken into account. This rate being
higher than the net profit of the business, while the low-rise shows that to be profitable.
3.5. Credit Analysis
Credit is generally considered as the process of ensuring a fund. The parties to this process
funding requests and organizations that are providing funds. Fund requesting organizations,
labor issues, size and modal structures are businesses which are very different. These two
sectors are extremely important function in the overall economic structure, making the loan
request and evaluating the various objectives while finalizing these demands take into
consideration. Eliminating the lack of funds for the borrowers to provide continuity of
business operations, lenders are willing to in the first term of the loan and return with a certain
interest. In this case, based loan processing must basically be based on a certain confidence
and assurance. They unus providing confidence to a business; goodwill of transmission
managers and owners in the demand for loans, in the abstract, such as performance
management-level job in ielt's source and use of concrete structures such as the value for
Credit transactions, particularly in terms of organization that can be said to carry a big risk
loans. limiting risk relevant for that you need to be in approach. The supply of this is about
taking the necessary guarantees from the company requesting credit greatly. Largely because
of the emerging credit needs can not describe as standard. However, some businesses in the
equity of the issue and thus can be said to occur in the form of net working capital deficiency.
The credit needs of the business is closely related to the economic conjuncture motion.
- profitability decreased
- stock turnover rate is falling
- to extend the collection period and
- Illiquidity

Business money and funding from the capital markets;

- short-term credits
- medium-term credits
- long-term credits

In particular, short-term loans of enterprises and credit institutions is one of their most
requested types of loans they want to give the most. Therefore, we will focus on short-term
loans in particular.
Short-term evaluation of the qualitative factor in the demand for credit and take the necessary
decisions on the subject too, moving from quantitative factors
There is a necessity. As is known, in making decisions about short-term liquidity credit
analysis it is the main focus. In other words, short-term credit analysis is based on the
liquidity preference. This is the choice of the most effective evaluation and decision analysis
techniques in the transfer function of the ratio analysis. Odds of a business,
Situated in the various financial tables showing the characteristics of the relationship between
the presence and relative abundance are associated with source structure. Therefore, regarding
the analysis of financial statements
The rates used during the study, each carrying a meaning in terms of business management
shows proportional link between values. When considered in this approach, the ratios of open
and analysis of business studies quickly
It is said that the switches that allow.
Rates through in the analysis work is usually performed comparisons capable of directing the
business management in various fields. This comparison process is completed and be
transformed in three successive stages;
In the first of these, for the same business, and compared to historical rates for the future. the
financial position of the company over time The purpose of this transaction, the liquidity,
profitability and needed information about performance is produced.
In the second stage, the comparison process is carried out with typical rates or standard rates
of similar businesses or the sector in which the company continues to work. However, in
order to make this process must be taken into industry-standard rates.
In the final stage, the proportion of enterprises that are the subject of analysis are kept
depends on the interpretation process compared with the generally accepted value. However,
these comments should be adopted as the primary approach to work-related analysis. Because
the differences in various areas between enterprises, are obstacles in the interpretation of
results a solid understanding of the rate.