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AnalysisofFinancialStatementProfessor:Dr.Jo-HuiChen•OnMay19,1999,DellcomputerCorp.announcedthatitsfirstquarterearningswere42%higherthanthosereportedoneyearearlier.ThisdramaticincreaseinearningswasroughlyinlinewithWallStreetprojections.Nevertheless,Dell’sstockfellnearly$4ashareimmediatelyaftertheannouncement.•Atfirstglance,themarket’sresponseappearspuzzling.However,analystszeroedinonthefactthatDell’sprofitmargininthefirstquarterhadfallenconsiderably.TableofContents•FinancialManagement•RatioAnalysisLiquidityRatiosAssetManagementRatiosDebtManagementRatiosProfitabilityRatiosMarketValueRatios•TrendAnalysisFinancialStatementGoalofFinancialStatementTomaximizethestockpriceTounderstandtheaccountingdatadoinfluencestockpricesTounderstandwhyandhowacompanyisperformingthewayitisandtoplanhowtoimproveit.AdvantagesofFinancialManagementComparingthefirm’sperformancewiththatofotherfirmsinthesameindustryEvaluationtrendsinoperationsovertimeThesestudieshelpmanagementidentifydeficienciesandthentakeactionstoimproveperformance.Financialmanagement•Financialstatementsreportbothonafirm’spositionatapointintime(thebalancesheet)andonitsoperationsoversomepastperiod(theincomestatementandstatementofcashflows).BalancesheetDec.31Jan.1IncomeStatementStatementofcashflowsBeusefulcreditanalystRatioanalysisFinancialratiosaredesignedtohelponeevaluateafinancialstatement.LiquidRatio•LiquidAssets:Itisonethattradesinanactivemarketandhencecanquicklyconvertedtocashatthegoingmarketprice.RatioanalysisTwoKindsofLiquidRatios:TheCurrentRatioQuick,orAcidTest,RatioTheCurrentRatioRatioanalysisCashMarketablesecuritiesAccountreceivableInventoriesAccountPayableShort-termnotepayableCurrentmaturitiesofLong-termdebtAccruedtaxesOtheraccruedexpensesLiquidRatio•Normallycreditorsliketoseehighcurrentratios.Ifacompanyisgettingintofinancialdifficulty,itwillbeginpayingitsbills(accountspayable)moreslowly,borrowingfromitsbank,andsoon.•Highcurrentratiocouldalsomeanthecompanyhasalotofmoneytiedupinnonproductiveassets.•Ifcurrentliabilitiesarerisingfasterthancurrentassets,thecurrentratiowillfall,andthiscouldmakethecompanyfacetrouble.TheCurrentRatioRatioanalysisLiquidRatioAbilitytomeetshort-termfinancialobligations.TheCurrentRatio•Example:MicroDriveCurrentassetsCurrentliabilities1,000310==3.2timesCurrentratio=Industryaverage:4.2timesMicroDrivehasalowercurrentratiothantheaverageforitsindustry,soitsliquiditypositionisrelativelyweak.Nowconsiderthecurrentratiofromtheperspectiveofashareholder.Ahighcurrentratiocouldmeanthatthecompanyhasalotofmoneytiedupinnonproductiveassets,suchasexcesscashormarketablesecurities,orininventory.Notedthatanindustryaverageisnotamagicnumberthatallfirmsshouldstrivetomaintain.Infact,someverywell-managedfirmswillbeabovetheaveragewhileothergoodfirmswillbebelowit.However,ifafirm’sratiosarefarremovedfromtheaverageforitsindustry,thisisaredflag.Andanalystsshouldbeconcernedaboutwhythevarianceoccurs.QuickRatio•Itisameasureofthefirm’sabilitytopayoffshort-termobligations.•Inventoriesaretypicallytheleastliquidofafirm’scurrentassets,hencethoseonwhichloosesaremostlikelytooccurintheeventofliquidation.Therefore,ameasureofthefirm’sabilitytopayoffshort-termobligationswithoutrelyingonthesaleofinventoriesisimportant.RatioanalysisLiquidRatioCurrentassets-InventoriesCurrentliabilities385310Quickratio1.2times===Example:MicroDriveIndustryaverage:2.1timesTheindustryaveragequickratiois2.1,soMicroDrive’s1.2ratioislowincomparisonwithotherfirmsinitsindustry.AssetManagementRatiosLinkingAssetManagementandFreeCashFlow:TheOperatingCapitalRequirementRatioEvaluatingInventories:TheInventoryTurnoverRatioEvaluatingReceivables:TheDaysSalesOutstanding(orAverageCollectionPeriod)EvaluatingFixedAssets:TheFixedAssetsTurnoverRatioGoal:Measurehoweffectivelythefirmismanagingitsassets.EvaluatingTotalAssets:TheTotalAssetsTurnoverRatioRatioanalysisTheInventoryTurnoverRatioMicroDrivehastoomuchinventory.Excessinventoryisunproductive.Itrepresentsaninvestmentwithaloworzerorateofreturn.AssetmanagementRatioSalesInventories3,0006154.9times=Inventoryturnoverratio==Industryaverage:9.0timesExample:MicroDriveRatioanalysisMicroDrive’sturnoverof4.9timesismuchlowerthantheindustryaverageof9times.ThissuggeststhatMicroDrivehastoomuchinventory.Excessinventoryis,ofcourse,unproductive,anditrepresentsaninvestmentwithaloworzerorateofreturn.TheDaySalesOutstandingAverageCollectionPeriod(ACP)RatioanalysisAssetmanagementRatioReveivablesReceivablesAverageSalesPerdayAnnualSales/360$3753,000/36045days====DSODayssalesoutstanding=TheDSOrepresentstheaveragelengthoftimethatthefirmmustwaitaftermakingasalebeforereceivingcash,ortheaveragecollectionperiod.Industryaverage:36daysMicroDrive’ssalestermscallforpaymentwithin30days,sothefactthat45days’sales,not30days’,areoutstandingindicatesthatcustomers,ontheaverage,arenotpayingtheirbillsontime.ThisdeprivesMicroDriveoffundswhichitcouldusetoreducedebtorinvestinproductiveassets.Moreover,acustomerispayingitsbillslatemaysignalthatthecustomerisinfinancialtrouble,inwhichcaseMicroDrivemayhaveahardtimeevercollec