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Content
1. Types of financial analysis 2. Key Financial Statements 3. Analysis of key financial Statements Horizontal analysis of balance sheet Trend analysis of income statement 4. Analysis of Financial Ratios Liquidity ratios Activity Ratios Debt ratios Profitability ratios
Prof. Dr. Rainer Stachuletz Corporate Finance Berlin School of Economics
Financial Managers and analysts use financial statements to conduct: - Performance (Ratio) Analysis
Prof. Dr. Rainer Stachuletz Corporate Finance Berlin School of Economics
14,921
15,716
15,078
10,372 12,536 26,089 32,591 30,450
25,770
24,480
36,142
37,016
41,167
47,512
46,166
2008
2009
2010
2011
2012
Total assets
Total liabilities
Total equity
Prof. Dr. Rainer Stachuletz Corporate Finance Berlin School of Economics
Trend percentage
Operating profit ( million) Trend percentage Net profit ( million) Trend percentage
100%
7,167 100% 5,285 100%
-0.50%
-1.31%
Performance evaluation in 2008-2012 (Teachers comment: Use another type of chart to describe easier
70,000 60,000 50,000
million
4,948
5,285 7,167 4,598 6,339 4,623 6,433 6,989
3,659 5,020
Turnover ( million)
Liquidity Ratios
Activity Ratios
Debt Ratios
Profitability Ratios
Goodwill and intangible assets Other non-current assets Current assets Total assets Current liabilities Non-current liabilities Total liabilities Shareholders equity Non-controlling interest Total equity Total liabilities and equity
10
6,989
7,062 6,683 4,948 1.54 1.57
6,433
6,289 6,245 4,623 1.46 1.41
9%
12% 7% 7% 5% 11%
Prof. Dr. Rainer Stachuletz Corporate Finance Berlin School of Economics
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Liquidity ratios
million 2012 million 2011 14,291 0.797 17,929
Current Ratio
12,147 15,815
0.768
Quick Ratio
Current Liabilities
15,815
12
Activity Ratios
million 2012 million 2011
Accounts receivable 4,436 4,513 31.547 35.450 Average sales per day 51,324/365 46,467/365 51,324 9,445
5.434
46,467 8,774
5.296
51,324 46,166
1.112
46,467 47,512
0.978
13
Debt ratios
million 2012 Total Liabilities Total Assets 30,450 46,166 million 2011 32,591 47,512
Debt Ratio
0.660
0.686
30,450 15,159
2.009
32,591 14,293
2.280
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Profitability Ratios
million 2012 Return on Sales = (RoS) Net Income Net Sales 4,948 51,324 0.096 million 2011 4,623 0.099 46,467
4,948 46,166
0.107
4,948 4480
1.104
4,623 4252
1.087
Prof. Dr. Rainer Stachuletz Corporate Finance Berlin School of Economics
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