Beruflich Dokumente
Kultur Dokumente
PERFORMA
NCE
VALUATION
4 key financial
statements
✖ Balance Sheet
✖ Income Statement
✖ Statement of Cash Flow
✖ Retained Earnings
STATEME
NT OF
PROFIT/L
OSS
2016 2015 2014
Non-current liabilities:
Non-current financial liabilities 274,090 25,513 27,604
Provisions 10,645 10,203 7,694
Deferred tax liabilities 3,809 47,272 37,387
Others 13,865 13,668 10,383
Total non-current liabilities 302,411 96,658 83,069
Total liabilities 640,458 388,901 356,265
2016 2015 2014
EQUITY
Capital stock
Capital surplus ¥ 189,501 ¥ 181,577 ¥ 185,119
Retained earnings 72,388 100 1,012
Treasury stock, at cost 12,581 15,471 12,696
Other components of equity 9,602 36,763 32,750
Equity attributable to owners of
the parent 22,284 22,615 16,154
Non-controlling interests 31,689 35,714 25,462
Total equity 338,046 292,242 273,196
Total liabilities and equity ¥ 1,238,119 ¥ 1,163,706 ¥ 992,307
Statement of
CASH
FLOW
2016 2015 2014
Net cash from operating activities:
Profit before income taxes ¥ 90,237 ¥ 180,676 ¥ 135,470
Depreciation and amortization 36,797 37,758 30,808
Impairment losses 22,397 16,146 23,960
Increase/(decrease) in allowance for doubtful accounts 46 372 -24
Increase/(decrease? In other provisions 328 5,096 2,703
Interest and dividend income -2,364 -1,477 -897
Interest expenses 2,402 1,137 933
Foreign exchange losses/(gains) 36,955 -15,084 -5,104
Share of profit and loss of an associate -132 — —
Losses on retirement of property, plant and equipment 1,052 2,479 391
Decrease/(Increase) in trade and other receivables -2,364 3,977 -7,489
Decrease/(Increase) in inventories -34,908 -29,295 -45,627
Increase/(Decrease) in trade and other payables 18,598 -8,031 10,420
Decrease/(Increase) in other assets 1,868 -1,900 -6,552
Increase/(Decrease) in other liabilities -1,356 12,260 25,958
Others, net -476 1,339 1,265
Subtotal 169,079 205,456 166,216
Interest and dividend income received 2,364 1,477 896
Interest paid -2,163 -1,155 -938
Income taxes paid -88,512 -84,728 -65,534
Income taxes refund 17,987 13,881 9,954
Net cash from operating activities 98,755 134,931 110,595
2016 2015 2014
Net cash used in investing activities:
Decrease/(increase) in bank deposits with maturity over 3
months ¥ -186,536 ¥ -16,173 ¥ -2,156
Purchases of property, plant and equipment -34,158 -44,663 -41,414
Proceeds from sales of property, plant and equipment 1,137 261 1,399
Purchases of intangible assets -9,470 -6,503 -7,525
Payments for lease and guarantee deposits -7,434 -8,849 -6,982
Proceeds from collection of lease and guarantee deposits
investment in an associate 3,983 3,442 841
Increase in construction assistance fund receivables -13,000 — —
Decrease in construction assistance fund receivables -1,323 -2,445 -2,892
Others, net 1,909 1,895 1,895
Net cash used in investing activities -1,045 -109 511
2016 2015 2014
Net cash used in financing activities:
Net increase/(decrease) in short-term loans payable -243 1,814 862
Repayment of long-term loans payable -4,937 -5,090 -3,826
Proceeds from issuance of corporate bonds 249,369 -33,127 -30,574
Cash dividends paid -36,700 -1,226 -633
Cash dividends paid to non-controlling interests -3,076 -4,587 -3,656
Repayment of lease obligations -4,313 — -6,026
Others, net 1,330 431 -205
Net cash used in financing activities 201,428 -41,784 -44,060
Effect of exchange rate changes on cash and cash equivalents -24,025 21,162 7,129
Net increase/(decrease) in cash and cash equivalents 30,218 41,162 17,340
Cash and cash equivalents at beginning of year 355,212 314,049 296,708
Cash and cash equivalents at end of year ¥ 385,431 ¥ 355,212 ¥ 314,049
Statement of
RETAINED
EARNINGS
2016 2015 2014
Retained Earnings balance (Jan 1) ¥602,623.00 ¥525,722.00 ¥481,746.00
Add: Net profits after taxes 48,052 110,027 74,546
Less: Cash dividends 36,701 33,126 30,570
Retained earnings balance (Dec 31) ¥613,974 ¥602,623 ¥525,722
Types of
Ratios
Liquidity ratios
✖ A firm’s ability to satisfy its short-term
obligations as they come due
✖ Includes:
1. Current Ratio
○ A measure of liquidity calculated by dividing
the firm’s current assets by its current
liabilities
2. Quick (Acid-test) Ratio
○ Excludes inventory, which is the least liquid
assets.
#1 CURRENT R
= current
assets
current
liabilities
2016 2015 2014
ASSETS
Current assets:
Cash and cash equivalents ¥ 385,431 ¥ 355,212 ¥ 314049
Trade and other receivables 45,178 44,777 47,428
Other current financial assets 184,239 22,593 9,119
Inventories 270,004 260,006 223,223
Derivative financial assets 569 157,490 99,125
Income taxes receivable 21,626 18,564 11,951
Others 17,534 15,748 12,139
Total current assets 924,583 874,394 717,037
Non-current assets:
Property, plant and equipment 121,853 129,340 114,398
Goodwill 17,908 27,165 26,715
Other intangible assets 34,205 40,991 46,968
Non-current financial assets 77,553 75,940 71,293
Investments in an associate 13,132 − −
Deferred tax assets 44,428 11,107 11,257
Others 4,453 4,766 4,636
Total non-current assets 313,535 289,311 275,270
Total assets ¥1,238,119 ¥1,163,706 ¥ 992,307
2016 2015 2014
LIABLITIES
Current liabilities:
Trade and other payables ¥ 189,501 ¥ 181,577 ¥ 185,119
Derivative financial liabilities 72,388 100 1,012
Other current financial liabilities 12,581 15,471 12,696
Income taxes payable 9,602 36,763 32,750
Provisions 22,284 22,615 16,154
Others 31,689 35,714 25,462
Total current liabilities 338,046 292,242 273,196
Non-current liabilities:
Non-current financial liabilities 274,090 25,513 27,604
Provisions 10,645 10,203 7,694
Deferred tax liabilities 3,809 47,272 37,387
Others 13,865 13,668 10,383
Total non-current liabilities 302,411 96,658 83,069
Total liabilities 640,458 388,901 356,265
#2 QUICK RAT
= current assets-
inventory
current liabilities
Activity ratios
✖ Measures the speed with which various
accounts are converted into sales or cash
– inflows or outflows
Activity ratios
1. Inventory turnover
○ Measures the activity or liquidity of a firm’s
inventory
2. Average age of inventory
○ Average # of days sales in inventory
3. Average collection period
○ The average amount of time needed to
collect accounts receivable
4. Average payment period
○ The average amount of time needed to pay
accounts payable
#1 INVENTORY
= cost of
goods sold
inventory
#2 AVE. AGE O
= Inventory
turnover
365
#3
= accounts
AVE. COLL
receivable
average sales
per day
(annual
#4= AVE. PAYM
accounts
payable
Average
purchases per
day
Debt ratios
✖ The debt position of a firm indicates the
amount of other people’s money being
used to generate profits. The more the
debt, the greater its risk of being unable to
meet its contractual debt payments
Debt ratios
1. Debt ratio
○ Measures the proportion of total assets
financed by the firm’s creditors
2. Times interest earned ratio
○ Measures the firm’s ability to make
contractual interest payments, sometimes
called interest coverage ratio
3. Fixed payment coverage ratio
○ Measures the firm’s ability to meet all fixed-
payment obligations
#1 DEBT RATI
= total
liabilities
total assets
#2 times intere
= earnings before
interest & taxes
interest
#3 FIXED PAYM
= ebit + lease
payments
interest + lease
payments
RATIOS
✖ Measures the firm’s profits with respect to
a given level of sales, a certain level of
assets, or the owner’s investment
RATIOS
1. Gross Profit Margin
2. Operating Profit Margin
3. Net Profit Margin
4. Earnings per Share (EPS)
○ Represents the amount earned on behalf of each
outstanding share of common stock
5. Return on Total Assets (ROA)
○ Measures the overall effectiveness of management in
generating profits with its available assets
6. Return on Common Equity (ROE)
○ Measures the return earned on the common
stockholder’s investment in the firm
#1 GROSS PR
= gross
profit
sales
#2 OPERATING
= operating profits
sales
#3 NET PROFIT
= earnings av. for c.
stockholders
sales
#4 EARNINGS
= earnings av. For
c. stockholders
# of shares of
c.stock outstanding
#5 RETURN ON
= earnings av. For c.
stockholders
total assets
#6 RETURN ON
= earnings av. For c.
stockholders
common stock
equity
RATIOS
✖ Relate a firm’s market value, measured by
its current share price, to certain
accounting values
RATIOS
1. Price/earnings (P/E) Ratio
○ Measures the amount that investors are willing to pay
for each dollar of a firm’s earnings, the higher, the
greater the investor confidence
2. Market/Book (M/B) Ratio
○ Provides an assessment of how investors view the
firm’s performance. Firms expected to earn high
returns relative to their risk typically sell at higher M/B
multiples
2016 2015 2014
Liquidity Ratio
Current Ratio 2.7 3.0 2.6
Quick Ratio 1.9 2.1 1.8
Activity Ratio
Inventory Turnover 3.4 3.2 3.1
Average Collection Period 9.2 9.7 12.5
Total Assets Turnover 1.4 1.4 1.4
Debt Ratio
Debt Ratio 51.7 33.4 35.9
Times Interest Earned Ratio 3.4 10.1 25.7
2016 2015 2014
Profitability Ratio (%)
Gross Profit Margin 48.42 57.84 58.34
Operating Profit Margin 7.13 22.48 22.65
Net Profit Margin 2.69 6.54 5.39
Earnings Per Share 471.31 1,079.42 731.51
Return on Total Assets
(ROA) 4.00 10.20 7.90
Return on Equity (ROE) 7.30 16.10 12.50
Market Ratio
Price/Earnings (P/E Ratio) 77.10 45.64 44.5
RATIO
ANALYSIS
RATIO
RATIO
RATIO
LITY RATIO
LITY RATIO
RATIO
Horizontal
& vertical
analysis
ANALYSIS
✖ A horizontal analysis, or trend analysis, is
a procedure in fundamental analysis in
which an analyst compares ratios or line
items in a company's financial
statements over a certain period of time.
ANALYSIS
ANALYSIS
ANALYSIS
✖ Vertical analysis is a method of financial
statement analysis in which each line item
is listed as a percentage of a base figure
within the statement. Thus, line items on
an income statement can be stated as a
percentage of gross sales, while line items
on a balance sheet can be stated as a
percentage of total assets or liabilities,
and vertical analysis of a cash
flow statement shows each cash inflow or
outflow as a percentage of the total cash
inflows.
ANALYSIS
For example, suppose XYZ Corporation has gross sales of $5 million and Cost of Goods
Sold of $1 million and general and administrative expenses of $2 million and a 25% tax rate,
its income statement will look like this if vertical analysis is used: