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4 Lernen beginnen
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GPM. | OPM. | ROCE. | ROE.
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Liquidity and gearing ratios: 4 Lernen beginnen
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CR. and QR. | FG. and OG. Financial Gearing. and Operational gearing.
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Interest cover. | Dividend cover. | Dividend yield. | Price/EPS ratio
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=times p.a.
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× 365 days COS = Purchases + start inventory - close inventory.
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Average Payables ÷ Credit purchases × 365 days
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Current Assets ÷ Current Liabilities
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(Current Assets less Inventory) ÷ Current Liabilities
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Fixed costs ÷ variable costs. | Contribution ÷ PBIT. Contribution = Revenue less variable costs.
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PBIT ÷ (Average Debt + Average Equity less Current liabilities) Capital employed = Total assets - Current liabilities
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also: NPM (for ratio analysis) Lernen beginnen
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If operating profit is not given, use the profit figure closest to it.
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average receivables ÷ Credit sales
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NPM × asset turnover × equity ratio ROE = NPM × AT × ER
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Earnings before interest, taxes, depreciation, amortization (inc. goodwill written off)
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⋅ 100
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Groups of ratios - financial analysis. Lernen beginnen
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Profitability | Liquidity | Efficiency | Gearing | Investor + Conclusion
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Financial statements ratios groups: 3 Lernen beginnen
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Profitability | Liquidity | Capital structure (e.g. gearing) PLC The most useful ones are gearing and EPS.
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In accordance with IAS 33, listed companies must disclose two types of EPS: 2 Lernen beginnen
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Earnings attributable to ordinary shareholders ÷ Weighted average number of ordinary shares.
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At the year-end, an entity may have commitment to issue more ordinary shares. Such commitments include convertible loans or share options.
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Calculation of diluted EPS may include: 2 Lernen beginnen
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convertible loans | share options The SBR exam is more likely to focus on the impact of errors on EPS rather than on the calculation of EPS.
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CFs from operating activities less capital expenditure.
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Additional Performance Measures examples: 2 | APMs Lernen beginnen
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Equity section components (for gearing calculation): 4 (basic ones) Lernen beginnen
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*share capital, retained earnings, other components of equity, non-controlling interest
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[(1 + money cost of capital) ÷ (1 + inflation rate)] - 1 Money cost of capital is 15.44% and inflation is 4%. | [(1 + 0.1544) ÷ (1 + 0.04)] - 1 = 0.11 (11%)
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WIP/Finished goods/Raw materials Period: Lernen beginnen
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Average value of WIP/FG/RM ÷ COS × 365
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Divisional performance measure: Lernen beginnen
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Controllable operating profit ÷ Controllable capital employed [total assets less current liabilities]. COP ÷ CCE [TA-CL) Decision: accept project if ROI > cost of capital.
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Controllable operating profit less Imputed interest COP - II (TA × COC) Imputed interest = controllable capital employed × cost of capital | Decision: accept the project, if the RI is positive.
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NOPAD - (Adjusted capital employed× WACC) A similar but superior measure to RI. | Decision: accept the project if the EVA is positive.
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(% of equity × cost of equity) + (% of debt × post-tax cost of debt) (%E × kE) + (%D × p.t. kD)
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Average Debt + Average Equity less Current liabilities Average Debt + Average Equity - Current liabilities
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current assets + current liabilities
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Project decision based on ROI. Lernen beginnen
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If ROI is higher than COC.
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hedge value ÷ total position value
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sale and leaseback Lernen beginnen
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AP × ((FV less PV ALPs) ÷ FV) Apparent profit × ((FV less PV of the annual lease payments)) ÷ Sales price) 1.5 × ((5 - 1.8) ÷ 5) = 0.96 | When the sales proceeds are less than the asset’s FV are treated as a PREPAYMENTS. When the sales proceeds exceed the asset’s FV are treated as ADDITIONAL FINANCING - subtract/add the difference also from PV ALPS.
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