某地區(qū)咨詢戰(zhàn)略管理知識方案英文

Author:CollinsQianRatioAnalysisMarch19981Agenda

UsingratiosTypesofkeyratiosprofitabilityturnoverleverageliquiditycoverageReturnonEquityRatioexercisesForecastingexerciseAbbreviationsKeytakeaways2AnalyzingRatios

Ratiosinisolationaremeaningless.Acompany'sratiosmustbeexaminedovertimeand/oragainstitscompetitors’ratios.HistoricalcomparisonCompetitivecomparisonComparepresentratioswithsamecompany'shistoricalratiosInstablesituations,historicalratiosmaybeusedtoprojectfutureperformanceCompareacompany’sratioswithsimilarfirms’ratiosorwithindustryaveragesatthesamepointintimeLookfortrendsLookatrelativeperformance3TheArtofRatioAnalysis

Whichratiosaremostimportantinagivensituation?Whatitemsshouldbeincluded/excludedincalculatingtheratios?Howmuchinfluencedoesmanagementhaveovertheratios?Whatdotheratiossayaboutthefirm’sstrategy?Ratioanalysisisanartaswellasascience.4TheNeedforJudgment

PotentialProblemManagementcansubstantiallyinfluencefinancialsintheshorttermImplicationsNeedtousejudgmenttounderstandfinancialsRatioanalysisrequireskeenjudgment.Financialstatementdataishistorical,notproformaCross-companycomparisonsaremeaninglessifadjustmentsarenotmadefordifferentaccountingconventionsThetimingofthereportingperiodinfluencesfundsflowsandrequirementsNeedtounderstandthathistorydoesNOTnecessarilypredictfutureNeedtobeverysensitiveaboutindustry-specificseasonalityandcyclicalityNeedtostandardizeacrosscompaniestoadjustfordifferentaccountingmethods5Agenda

UsingratiosTypesofkeyratiosprofitabilityturnoverleverageliquiditycoverageReturnonEquityRatioexercisesForecastingexerciseAbbreviationsKeytakeaways6TypesofRatiosRatioshelpusunderstandhowwellacompanyisperforming.Specifically,howmuchreturnisitgeneratingwithwhatlevelofrisk?Howwelldoesthecompanymanagecostsrelativetorevenues?ReturnRiskCoverageInterestchargeFixedchargecoverageLiquidityCurrentratioQuickratioLeverageAssettoequityDebttoequityDebttototalcapitalTurnoverReceivablesInventoryPayablesAssetProfitabilityOperatingmarginROSGrossmarginHoweffectiveisthecompanyinmanagingitsresources?Whataretherespectiveclaimsofdebtandequityowners?Howriskyisthebusiness?Isthecompanyabletomeetitsshort-termobligations?Isthecompanyabletomeetitslong-termobligations?7ProfitabilityRatios-Definitions*Thisisnotaprofitabilityratio,butitdoesimpactROSProfitabilityratiosuselineitemsfromtheincomestatement.RatiosDefinitionsGrossprofitmargin(orgrossmargin)Sales-costofgoodssoldSalesOperatingprofitmargin(oroperatingmargin)EarningsbeforeinterestandtaxesSalesReturnonsales(ROS)ProfitaftertaxSalesEffectivetaxrate*TaxesProfitbeforetax8ProfitabilityRatios-Description

Profitability(ormargin)ratiosareafunctionofboththeindustryandacompany'spositionwithintheindustryboundariesaresetbytheoperatingcharacteristicsoftheindustrywithintheseboundariesprofitabilityratiosaredeterminedbyaplayer’srelativepositionBaintypicallyusesgrossprofitandoperatingprofittomeasureprofitabilityROScanbealteredbynon-operatingactivities,suchassourcesoffinancingortaxratemanipulationsExtraordinaryitems,becausetheyareforunusualevents,suchasdiscontinueditemsorassetsales,areexcludedwhenweanalyzetheperformanceofthebasebusinessProfitabilityratiosmeasureafirm’sabilitytomanagecostsrelativetorevenues.9ProfitabilityRatios-OverTime

Grossprofitmarginshouldstayconstantorincreasebecausecostofgoodssoldshouldbeaconstantpercentofsalesorshoulddecreaseascompanygetspriceincreasesand/orvolumediscountsOperatingmarginshouldincreaseasfixedadministrativeandsalescostsarespreadoveragreaternumberofunitsEffectivetaxrateshouldstayconstantordecreasesincealargerfirmisabletotakeadvantageofmoretaxsheltersAsacompanygrows,itsreturnonsalesshouldincrease.Higherreturnonsales10ProfitabilityRatios-MarketLeader

Grossprofitmarginshouldbehighersinceamarketleadercantypicallychargemoreforitsgoodsand/orreceivethegreatestvolumediscountsfromsuppliersOperatingprofitmarginshouldbesignificantlyhigher,becausehighervolumemeansfixedcostsarespreadovermoreunitsandbecausethegrossprofitmarginishigherThereshouldbenosignificantdifferenceintheeffectivetaxrateReturnonsalesshouldbesignificantlyhigherbecausetheoperatingmarginshouldbesignificantlyhigherThemarketleaderinanindustryshouldhavethebestprofitabilityratios.ThisisconsistentwiththeROS/RMSconceptwhichsaysthatcompanieswithhighrelativemarketsharehavehighreturnsonsales11TurnoverRatios-DefinitionsNote:Average=(YearBeginning+YearEnd)/2* Salesisoftenagoodproxy** Costofgoodssoldisoftenagoodproxy*** Typicallyweuse365days(i.e.,1year)fortheperiodTurnoverratiosuseacombinationofincomestatementandbalancesheetitems.RatiosDefinitionsReceivablesturnoverCreditsalesinperiod*AccountsreceivableaveragebalanceInventoryturnoverCostofgoodssoldinperiodAverageinventoryinperiodPayablesturnoverPurchasesonaccount**AccountspayableaveragebalanceAssetturnoverSalesinperiodAverageassetsAnyturnoverratiocanbeexpressedasaperiodratiowhichmeasuresthenumberofdaysinthecycleDaysinperiod***TurnoverratioPeriodratio=12TurnoverRatios-TransactionCycle*Accountspayable,inventory,andaccountsreceivablearethemajorcomponentsofworkingcapitalItiscriticalforafirmtomanageitspayables,inventory,andreceivables.*CashinflowCashcollectedforsalesmadeCashoutflowRawmaterialspurchasedCashdisbursedforrawmaterialspurchasedFinishedgoodsinventorySalesmadeAccountsreceivableperiodAccountspayableperiodXXX13TurnoverRatios-Description

TurnoverratiosmeasureshowmanytimesperyearagivenresourceisconsumedPeriodratiosmeasurethenumberofdaysthatistakesforagivenresourceto“turnover”Management’sobjectiveistostretchouttheaccountspayableperiod(i.e.,havelowaccountspayableturnover)andshortentheperiodsforaccountsreceivableandinventory(i.e.,havehighaccountsreceivableandinventoryturnover)Turnoverratiosmeasurehowwellafirmismanagingitsresources.14TurnoverRatios-Tradeoffs

RatioImprovementsDecreasethereceivablescollectionperiodi.e.,collecttheaccountsreceivablefasterDecreasetheinventoryholdingperiodi.e.,sellcompletedproductsfasterIncreasetheaccountpayableperiodi.e.,takelongertopaysuppliersStrategicTradeoffIfthereceivablescollectionperiodistooshort,customersmaybuyatacompetitorthathasmoregenerouscreditterms.(Oftenthisperiodisdictatedbyindustrynorms)Iftheinventoryholdingperiodistooshortthecompanymaynothaveenoughinventorytofillabigorder.Also,thecompanymaynotbeabletooutlastastrike,eitheratitsownfacilityoratoneofitsprimarysuppliers’facilitiesIftheaccountspayableperiodistoolong,supplierscouldraisetheirprices,chargeinterest(oftenatveryhighrates),orevenrefusetosupplythefirmoncredit.Also,workersmaygetrestlessiftheyhavetowaitlongertoreceivetheirpaychecks.Managingturnoverratiosmeansmanagingstrategictrade-offs.15LeverageRatios-Definitions*Allthreeratiosherearecalled“l(fā)everage”ratiosbydifferentpeople,sobesuretounderstandwhichratioisbeingusedwhensomeoneistalkingaboutleverageLeverageratiosuselineitemsfromthebalancesheet.Ratios*DefinitionsDuPontleverageratioAssetsEquityDebttoequityratioLong-termdebtEquityDebttototalcapitalordebttototalassetsratioTotalliabilitiesDebt+equityTotalliabilitiesAssets=16LeverageRatios-Description

Moneycanberaisedfromdebtsources(banks,bondmarkets)orequitysources(stockholders)LeverageratiosreflectboththefinancingpoliciesofthefirmandtheriskinessofthebusinessInordertoanalyzeafirm’sleverageratios,oneneedstounderstandthedefinitionsofdebtandequityLeverageratiosmeasuretherespectiveclaimsofdebtandequityholders.17DebtVersusEquity

ContractualpaymentsoverthelifeoftheloanInvestorlegallyguaranteedfullreturnofprincipleplusinterestnothingabovethatIncaseofliquidation,debtorhaspreferentialclaimonproceedsfromsaleofassetsNoguaranteedpaymentsfromcommonstockInvestor“owns”partoffirmrighttoappreciationoffirm’svalueIncaseofliquidation,equityownertakeswhatisleft(maybenothing)Debtandequityhaveverydifferentcharacteristics.Debt=anythingthatcontractuallyrequirespaymentstobemadebeforetheequityholdershaveaccesstothefirm’searningsEquity=thevalueofthefirmleftoverafterallthedebtholdershavebeenpaidLowerrisktoinvestor;investordemandslowerreturnHigherrisktoinvestor;investordemandshigherreturn18DebtQuestions-DebtandEquity

DebtinLeverageRatiosBaintypicallylooksonlyatlong-termdebt(debtwithatermof1yearormore)Accountantsmeasuredebtasshort-termdebtpluslongtermdebtEquityinLeverageRatiosBaintypicallyusesthemarketvalueofequity(I.e.,thesharepricemultipliedbythenumberofshares).Othersmayusethebookvalueofequity,whichistheamountshownonthebalancesheet19Deb三tQ三ues三tio三nsAcc三oun三ts三pay三abl三e ?Sho三rt-三ter三md三ebt三?Lon三g-t三erm三de三bt三?Can三cel三abl三el三eas三es三?Non三can三cel三abl三el三eas三es三?Pre三fer三red三st三ock三?Com三mon三st三ock三?Def三err三ed三tax三?Wou三ld三you三de三fin三et三he三fol三low三ing三as三de三bt?20Deb三tA三nsw三ersAcc三oun三ts三pay三abl三eSho三rt-三ter三md三ebtLon三g-t三erm三de三btCan三cel三abl三el三eas三esNon三can三cel三abl三el三eas三esSom三ei三tem三sa三re三cle三arl三yd三ebt三,o三the三rs三are三cl三ear三ly三not三de三bt,三st三ill三ot三her三sa三re三deb三ata三ble三.Not三de三bt.It三is三par三to三fw三ork三ing三ca三pit三al,三an三di三s“三sec三ure三d”三by三the三in三ven三tor三ya三nd三rec三eiv三abl三es三tha三ti三ti三su三sed三to三fi三nan三ceDeb三t,i三fi三tu三sed三to三fi三nan三ce三cap三ita三le三xpa三nsi三ons三of三th三ec三omp三anyNot三de三bt,i三fi三tu三sed三to三fi三nan三ce三wor三kin三gc三api三talDeb三t.Not三de三bt.Bec三aus三et三hey三ar三ec三anc三ela三ble三,t三hey三ar三en三ot三con三tra三ctu三al三obl三iga三tio三nsDeb三t.Bec三aus三et三hey三ar三en三on-三can三cel三abl三e,三the三ya三re三con三tra三ctu三al三obl三iga三tio三ns.三(三For三al三lp三ubl三icl三yt三rad三ed三US三com三pan三ies三,t三he三pre三sen三tv三alu三eo三fa三ll三the三no三nca三nce三lab三le三lea三se三pay三men三ts三mus三tb三ed三isc三los三ed三in三bal三anc三es三hee三tf三oot三not三es.三)Deb三ata三bleArg三ume三nt三for三eq三uit三y-三co三ntr三act三ual三ob三lig三ati三ons三to三pa三yd三ivi三den三ds三on三pre三fer三red三st三ock三ar三em三et三aft三er三deb三tho三lde三rs’三cl三aim三sa三re三metArg三ume三nt三for三de三bt三-t三her三ei三sa三co三ntr三act三ual三ob三lig三ati三on三to三pay三di三vid三end三so三np三ref三err三ed三sto三ck三bef三ore三co三mmo三ns三toc三kd三ivi三den三dp三aym三ent三sc三an三be三mad三eNot三de三bt.It三is三equ三ityCom三mon三st三ockDeb三t,三but三de三bat三abl三e.Oft三en三con三sid三ere三dd三ebt三gi三ven三lo三ng-三ter三mn三atu三reDef三err三ed三taxPre三fer三red三st三ock21Liq三uid三ity三an三dC三ove三rag三eR三ati三os三-D三efi三nit三ion三sLiq三uid三ity三ra三tio三su三se三lin三ei三tem三sf三rom三th三eb三ala三nce三sh三eet三.三Cov三era三ge三rat三ios三us三el三ine三it三ems三fr三om三the三in三com三es三tat三eme三nt.Rat三iosDef三ini三tio三nsCur三ren三tr三ati三oCur三ren三ta三sse三tsCur三ren三tl三iab三ili三tie三sQui三ck三rat三io(ac三id三tes三t)Cas三h+三ma三rke三tab三le三sec三uri三tie三s+三re三cei三vab三lesCur三ren三tl三iab三ili三tie三sInt三ere三st三cov三era三ge三rat三ioEar三nin三gs三bef三ore三in三ter三est三an三dt三axe三sInt三ere三st三exp三ens三eFix三ed三cha三rge三co三ver三ageEar三nin三gs三bef三ore三in三ter三est三an三dt三axe三sAll三es三sen三tia三lp三aym三ent三s(三inc三lud三ing三le三ase三pa三yme三nts三)Liq三uid三ity三:Cov三era三ge:22Liq三uid三ity三an三dC三ove三rag三eR三ati三os三-D三esc三rip三tio三nAcc三ept三abl三ev三alu三es三for三th三ese三ra三tio三sd三iff三er三by三ind三ust三ry.三H三owe三ver三,w三hen三th三ec三urr三ent三ra三tio三or三co三ver三age三ra三tio三sf三all三be三low三1三tha三tm三ean三st三he三fir三mi三su三nab三le三to三mee三ti三ts三obl三iga三tio三nsIt三is三au三sef三ul三exe三rci三se三to三cal三cul三ate三ho三wm三uch三re三ven三ue三cou三ld三dro三p(三or三cos三ts三ris三e)三bef三ore三co三ver三age三wo三uld三dr三op三bel三ow三1Liq三uid三ity三ra三tio三sm三eas三ure三th三ef三irm三’s三abi三lit三yt三om三eet三it三ss三hor三t-t三erm三ob三lig三ati三ons三.三Cov三era三ge三rat三ios三me三asu三re三the三fi三rm’三sa三bil三ity三to三me三et三its三lo三ng-三ter三mo三bli三gat三ion三s.23Age三ndaUsi三ng三rat三iosTyp三es三of三key三ra三tio三spro三fit三abi三lit三ytur三nov三erlev三era三geliq三uid三itycov三era三geRet三urn三on三Eq三uit三yRat三io三exe三rci三sesFor三eca三sti三ng三exe三rci三seAbb三rev三iat三ion三sKey三ta三kea三way三s24Ret三urn三on三Eq三uit三yRet三urn三on三eq三uit三yi三sd三efi三ned三as三pr三ofi三ta三fte三rt三ax三(ea三rni三ngs三)d三ivi三ded三by三eq三uit三y.三It三re三lat三es三eco三nom三ic三out三put三s(三pro三fit三)t三oi三npu三ts三(eq三uit三y).It三tel三ls三us三the三am三oun三to三fp三rof三its三th三ec三omp三any三ea三rne三do三ne三ach三do三lla三rt三he三sto三ckh三old三ers三in三ves三ted三in三th三ef三irm三.It三is三imp三ort三ant三to三no三te三tha三tn三ot三all三of三th三ee三arn三ing三sa三re三pai三dt三ot三he三sto三ckh三old三ers三wh三en三the三ya三re三ear三ned三.Onl三ys三ome三po三rti三on三of三the三ea三rni三ngs三wi三ll三be三ret三urn三ed三now三in三th三ef三orm三of三di三vid三end三s.三Th三er三ema三ind三er三(re三tai三ned三ea三rni三ngs三)w三ill三be三re三-in三ves三ted三in三th三ec三omp三any三to三fi三nan三ce三gro三wthThe三si三ze三of三the三di三vid三ed三is三dec三ide三db三yt三he三boa三rd三of三dir三ect三ors三;a三ni三ndi三vid三ual三st三ock三hol三der三ha三sn三oi三nfl三uen三ce三ove三rw三hen三he三/sh三ea三ctu三all三yr三ece三ive三st三he三ret三urn三th三at三he/三she三ha三se三arn三edIt三is三ac三omb三ina三tio三no三fp三rof三ita三bil三ity三,t三urn三ove三r,三and三le三ver三age三ra三tio三sRet三urn三on三eq三uit三y,三ROE三,i三st三he三aci三dt三est三of三su三cce三ss三for三a三bus三ine三ss.25DuP三ont三Fo三rmu三laBy三sep三ara三tin三gR三OE三int三oi三ts三com三pon三ent三s,三one三ca三ng三ain三in三sig三ht三int三oh三ow三to三imp三rov三et三he三per三for三man三ce三of三ab三usi三nes三s.ROE三=Pro三fit三af三ter三ta三xEqu三ityROE三=Pro三fit三af三ter三ta三xSal三esSal三esAss三etsAss三etsEqu三ityXXRet三urn三on三As三set三sLev三era三geROSAss三et三tur三nov三erThi三si三sk三now三na三st三heDuP三ontfor三mul三aROE三=三P三rof三ita三bil三ity三X三T三urn三ove三r三X三Lev三era三ge26Age三ndaUsi三ng三rat三iosTyp三es三of三key三ra三tio三spro三fit三abi三lit三ytur三nov三erlev三era三geliq三uid三itycov三era三geRet三urn三on三Eq三uit三yRat三io三exe三rci三sesFor三eca三sti三ng三exe三rci三seAbb三rev三iat三ion三sKey三ta三kea三way三s27Uni三den三tif三ied三In三dus三tri三es三Exe三rci三seThe三ob三jec三tiv三eo三ft三his三ex三erc三ise三is三to三te三st三you三ru三nde三rst三and三ing三of三fi三nan三cia三lr三ati三os.Exe三rci三se:三T三he三bal三anc三es三hee三ts三(in三pe三rce三nta三ge三for三m)三and三se三lec三ted三ra三tio三sf三or三six三in三dus三tri三es三are三gi三ven三on三th三ef三oll三owi三ng三pag三e.三Pl三eas三em三atc三he三ach三of三th三es三ix三ind三ust三rie三st三ot三he三fin三anc三ial三in三for三mat三ionCoa三lm三ini三ngGro三cer三ys三tor三esHot三els三an三dm三ote三lsLeg三al三ser三vic三esPac三kag三ed三sof三twa三rePot三ato三ch三ips三an三ds三nac三ks28Uni三den三tif三ied三In三dus三tri三es三Exe三rci三se三-D三ataIndustryBalanceSheet(%)ABCDEF*Ratiosdonottietobalancesheetitemsbecausetheywerecalculatedusingaslightlydifferentdataset.**ThisisNOTinventoryturns.InventoryturnswouldbeCOGStoinventory.***SalestoassetsSource:"IndustryNormsKeyBusinessRatios,"Dun&BradstreetCashAccountsreceivableNotesreceivableInventoryOthercurrentTotalcurrentassetsFixedassetsOthernon-currentassetsTotalassetsAccountspayableBankloansNotespayableOthercurrentliabilitiesTotalcurrentliabilitiesOtherlong-termliabilitiesDeferredcreditsNetworthTotalliabilities&networthRatios*Quickratio(times)Currentratio(times)Totalliabilitiestonetworth(%)Collectionperiod(days)Salestoinventory(times)**Assetsturns***(times)Grossmargin(%)Returnonsales(%)Returnonassets(%)Returnonequity(%)

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100.0%15.40.40.414.030.217.51.750.6

100.0%1.6x2.5x62%30.9days23.7x2.9x29%2%5%7%

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100.0%15.70.23.011.630.522.00.347.2100.0%0.6x1.9x93%2.6days19.0x5.0x22%1%6%13%

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100.0%4.00.44.826.335.510.81.252.5

100.0%1.4x1.9x67%51.8days63.1x4.0x57%12%20%29%

22.1%32.20.54.78.568.018.613.4100.0%10.60.22.023.336.110.31.652.0

100.0%1.5x2.0x74%65.3days39.9x1.9x59%6%10%19%29Uni三den三tif三ied三In三dus三tri三es三Exe三rci三se三-A三nsw三erCha三rac三ter三ist三ics三:Fin三anc三ial三ra三tio三s:Com三pan三ies三:Hot三els三an三dMot三elsVer三yh三igh三fi三xed三as三set三sLow三in三ven三tor三ySho三rt三col三lec三tio三np三eri三odLow三as三set三tu三rno三verHig三hg三ros三sm三arg三inHig三hl三eve三rag三eFix三ed三ass三ets三=三65%Inv三ent三ory三=三1%Col三lec三tio三np三eri三od三=9三da三ysAss三et三tur三ns三=0三.7xGro三ss三mar三gin三=三64%Tot三al三lia三bil三iti三es三to三net三wo三rth三=三127三%ACoa三lM三ini三ngVer三yh三igh三fi三xed三as三set三sLow三in三ven三tor三yLon三gc三oll三ect三ion三pe三rio三dFix三ed三ass三ets三=三52%Inv三ent三ory三=三2%Col三lec三tio三np三eri三od三=三52三day三sBPot三ato三Ch三ips&S三nac三ksLow三pe三rce三nta三ge三of三cas三hLon三gc三oll三ect三ion三cy三cleCas三h=三5%Col三lec三tio三n=三3三1d三aysCGro三cer三ySto三resHig三hp三erc三ent三age三of三ca三shLow三ac三cou三nts三re三cei三vab三leSho三rt三col三lec三tio三np三eri三odHig三hi三nve三nto三ryGoo三dl三iqu三idi三ty三rat三iosCas三h=三14三%Acc三oun三ts三rec三eiv三abl三e=三5%Col三lec三tio三np三eri三od三=3三da三ysInv三ent三ory三=三33%Qui三ck三rat三io三=0三.6x三;c三urr三ent三ra三tio三=三1.9三xDLeg三al三Ser三vic三esHig三hp三erc三ent三age三of三ca三shAlm三ost三ze三ro三inv三ent三oryHig三ha三sse三tt三urn三ove三rHig三hp三rof三ita三bil三ityLon三gc三oll三ect三ion三pe三rio三dCas三h=三31三%Inv三ent三ory三=三1%Ass三ets三tu三rns三=三4.0三xGro三ss三mar三gin三=三57%三;三RO三S=三12三%;三ROE三=三29%Col三lec三tio三np三eri三od三=三52三da三ysEPre三pac三kag三edSof三twa三reHig三hp三erc三ent三age三of三ca三shHig三ha三cco三unt三sr三ece三iva三bleLow三in三ven三tor三yHig三hg三ros三sm三arg三inLow三fi三xed三as三set三sSig三nif三ica三nt三int三ang三ibl三ea三sse三ts三(pa三ten三ts)Cas三h=三22三%Acc三oun三ts三rec三eiv三abl三e=三32三%Inv三ent三ory三=三5%Gro三ss三mar三gin三=三59%Fix三ed三ass三ets三=三19%Oth三er三non三-cu三rre三nt三ass三ets三=三13.三4%F30Gil三let三te三Exe三rci三seExe三rci三se:三P三lea三se三cal三cul三ate三Gi三lle三tte三Co三mpa三ny’三sk三ey三fin三anc三ial三ra三tio三sb三ase三do三ni三ts三199三6a三nnu三al三rep三ortPro三fit三abi三lit三yTur三nov三erLev三era三geLiq三uid三ity三an三dc三ove三rag三eThe三ob三jec三tiv三eo三ft三his三ex三erc三ise三is三to三te三st三you三ra三bil三ity三to三ca三lcu三lat三ek三ey三fin三anc三ial三ra三tio三s.Not三e:三Fo三rt三his三ex三erc三ise三,d三on三ot三inc三lud三em三erg三er-三rel三ate三dc三ost三si三nt三he三cal三cul三ati三ons三.31Gil三let三te三Exe三rci三se三-P三rof三ita三bil三ity三Ra三tio三s*Thi三si三sn三ot三ap三rof三ita三bil三ity三ra三tio三,b三ut三it三doe三si三mpa三ct三ROS**E三xcl三udi三ng三mer三ger三-re三lat三ed三cos三ts.三N三on-三ope三rat三ing三ch三arg三es三sho三uld三no三tb三ei三ncl三ude三di三nt三he三ope三rat三ing三pr三ofi三tm三arg三in.Rat三iosGil三let三te三Rat三io三Cal三cul三ati三onsGro三ss三pro三fit三ma三rgi三n(or三gr三oss三ma三rgi三n)Sal三es三-c三ost三of三go三ods三so三ldSal三esOpe三rat三ing三pr三ofi三tm三arg三in(or三op三era三tin三gm三arg三in)Ear三nin三gs三bef三ore三in三ter三est三an三dt三axe三s**Sal三esRet三urn三on三sa三les(RO三S)Pro三fit三af三ter三ta三x**Sal三esEff三ect三ive三ta三xr三ate三*Tax三esPro三fit三be三for三et三ax6,016.09,697.7==62%2,0三49.三39,6三97.三7==三21.三1%1,2三31.三79,6三97.三7==三12.三7%576.31,525.0==37.8%(p.三24)(p.三24)(p.三24,三p.三27)(p.三24)Pag三eN三umb三er三in三19三96三Ann三ual三Re三por三t1,6三36.三3+三41三3.09,6三97.三7=948三.7三+2三83.三09,6三97.三7=32Gil三let三te三Exe三rci三se三-T三urn三ove三rR三ati三osNot三e:三Av三era三ge=三(Ye三ar三Beg三inn三ing三+Ye三ar三End三)/2*三Sal三es三is三oft三en三ag三ood三pr三oxy**三Cos三to三fg三ood三ss三old三is三of三ten三a三goo三dp三rox三yRat三iosGil三let三te三Rat三io三Cal三cul三ati三onsRec三eiv三abl三es三tur三nov三erCre三dit三sa三les三in三pe三rio三d*Acc三oun三ts三rec三eiv三abl三ea三ver三age三ba三lan三ce9,6三97.三7(2,三724三.6三+2三,29三0.8三)/2==三3.三87(p.三24,三p.三25)or3653.8三7=三94三da三ysInv三ent三ory三tu三rno三verCos三to三fg三ood三ss三old三in三pe三rio三dAve三rag三ei三nve三nto三ry三in三per三iod3,6三81.三7(1,三358三.2三+1三,26三7.6三)/2=三2.三80(p.三24,三p.三25)or3652.8三0=三13三0d三ays=Pay三abl三es三tur三nov三erPur三cha三ses三on三ac三cou三nt*三*Acc三oun三ts三pay三abl三ea三ver三age三ba三lan三ce3,6三81.三7(54三7.3三+三498三.0)三/2=三7.三04(p.三24,三p.三29)or3657.0三4=三52三da三ys=3651.0三0Ass三et三tur三nov三erSal三es三in三per三iodAve三rag三ea三sse三ts9,6三97.三7(10三,43三5.3三+三8,9三40.三1)/三2=三1.三00(p.三24,三p.三25)or=三36三5d三ays=Pag三eN三umb三er三in三19三96三Ann三ual三Re三por三t33Gil三let三te三Exe三rci三se三-L三eve三rag三eR三ati三os*All三th三ree三ra三tio三sh三ere三ar三ec三all三ed三“l(fā)e三ver三age三”r三ati三os三by三dif三fer三ent三pe三opl三e,三so三be三sur三et三ou三nde三rst三and三wh三ich三ra三tio三is三be三ing三us三ed三whe三ns三ome三one三is三ta三lki三ng三abo三ut三lev三era三ge.**T三he三inc三lus三ion三of三de三fer三red三in三com三et三axe三si三nl三ong三-te三rm三deb三ti三sd三eba三tab三le.Rat三ios三*Gil三let三te三Rat三io三Cal三cul三ati三onsDuP三ont三le三ver三age三ra三tioAss三etsEqu三ityDeb三tt三oe三qui三ty三rat三ioLon三g-t三erm三de三bt*三*Equ三ityDeb三tt三ot三ota三lc三api三talor三deb三tt三ot三ota三la三sse三ts三rat三io10,435.34,490.9==2.32(p.三25)14.三5+三1,三490三.4三+2三98.三94,4三90.三9==三0.三40(p.三25)5,9三44.三410,三435三.3==三0.5三7(p.三25)Pag三eN三umb三er三in三199三6A三nnu三al三Rep三ort1,8三03.三84,4三90.三9=Tot三al三lia三bil三iti三esDeb三t+三eq三uit三yTot三al三lia三bil三iti三esAss三ets=34Gil三let三te三Exe三rci三se三-L三iqu三idi三ty三and三Co三ver三age三Ra三tio三sRat三iosGil三let三te三Rat三io三Cal三cul三ati三onsCur三ren三tr三ati三oCur三ren三ta三sse三tsCur三ren三tl三iab三ili三tie三sQui三ck三rat三io(ac三id三tes三t)Cas三h+三ma三rke三tab三le三sec三uri三tie三s+三re三cei三vab三lesCur三ren三tl三iab三ili三tie三sInt三ere三st三cov三era三ge三rat三ioEar三nin三gs三bef三ore三in三ter三est三an三dt三axe三s*Int三ere三st三exp三ens三eFix三ed三cha三rge三co三ver三ageEar三nin三gs三bef三ore三in三ter三est三an三dt三axe三s*All三es三se