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1、CHAPTER3AnalysisofFinancialStatementsRatioAnalysisDuPontsystemEffectsofimprovingratiosLimitationsofratioanalysisQualitativefactorsBalanceSheet:AssetsCashA/RInventoriesTotalCAGrossFALess:Dep.NetFATotalAssets20027,282632,1601,287,3601,926,8021,202,950263,160939,7902,866,5922003E85,632878,0001,
2、716,4802,680,1121,197,160380,120817,0403,497,152Balancesheet: LiabilitiesandEquityAcctspayableNotespayableAccrualsTotalCLLong-termdebtCommonstockRetainedearningsTotalEquityTotalL&E2002524,160636,808489,6001,650,568723,432460,00032,592492,5922,866,5922003E436,800300,000408,0001,144,800400,000
3、1,721,176231,1761,952,3523,497,152IncomestatementSalesCOGSOtherexpensesEBITDADepr.&Amort.EBITInterestExp.EBTTaxesNetincome20026,034,0005,528,000519,988(13,988)116,960(130,948)136,012(266,960)(106,784)(160,176)2003E7,035,6005,875,992550,000609,608116,960492,64870,008422,640169,056253,584Other
4、dataNo.ofsharesEPSDPSStockpriceLeasepmts2003E250,000$1.014$0.220$12.17$40,0002002100,000-$1.602$0.110$2.25$40,000Whyareratiosuseful?Ratiosstandardizenumbersandfacilitatecomparisons.Ratiosareusedtohighlightweaknessesandstrengths.Whatarethefivemajorcategoriesofratios,andwhatquestionsdotheyansw
5、er?Liquidity:Canwemakerequiredpayments?Assetmanagement:rightamountofassetsvs.sales?Debtmanagement:Rightmixofdebtandequity?Profitability:Dosalespricesexceedunitcosts,andaresaleshighenoughasreflectedinPM,ROE,andROA?Marketvalue:DoinvestorslikewhattheyseeasreflectedinP/EandM/Bratios?CalculateD’L
6、eon’sforecastedcurrentratiofor2003.Currentratio=Currentassets/Currentliabilities=$2,680/$1,145=2.34xCommentsoncurrentratio200320022001Ind.Currentratio2.34x1.20x2.30x2.70xExpectedtoimprovebutstillbelowtheindustryaverage.Liquiditypositionisweak.Whatistheinventoryturnovervs.theindustryaverage?2
7、00320022001Ind.InventoryTurnover4.1x4.70x4.8x6.1xInv.turnover=Sales/Inventories=$7,036/$1,716=4.10xCommentson InventoryTurnoverInventoryturnoverisbelowindustryaverage.D’Leonmighthaveoldinventory,oritscontrolmightbepoor.Noimprovementiscurrentlyforec
