财务金融实践课程讲义(华中科大龚朴)

2004200410101717112233445511¾¾¾¾¾¾returnonsalesROSreturnonsalesROSROSROSEATEAT//returnonassetsROAreturnonassetsROAROAROAEATEAT//returnonequityROEreturnonequityROEROEROEEATEAT//ROEROEDEC.31,1998DEC.31,1998DEC.31,1999DEC.31,1999DEC.31,2000DEC.31,2000$104.0$104.0$119.0$119.0$137.0$137.0$6.0$6.0$12.0$12.0$8.0$8.044.044.048.048.056.056.052.052.057.057.072.072.02.02.02.02.01.01.056.056.051.051.053.053.00.00.00.00.00.00.056.056.051.051.053.053.0$90.0$90.0$90.0$90.0$93.0$93.0(34.0)(34.0)(39.0)(39.0)(40.0)(40.0)$160.0$160.0$170.0$170.0$190.0$190.0EXHIBIT5.1a:EXHIBIT5.1a:OSDistributorsOSDistributors....EXHIBIT5.1b:OSDistributors$54.0$66.0$75.0$15.0$22.0$23.0$7.0$14.0$15.08.08.08.037.040.048.02.04.04.042.034.038.042.034.038.064.064.070.070.077.077.0$160.0$170.0$190.0DEC.31,1998DEC.31,1999DEC.31,2000EXHIBIT5.2:EXHIBIT5.2:OSDistributorsOSDistributors..$7.0$7.0$6.0$6.0$5.0$5.0$3.2$3.2$2.0$2.0$2.0$2.0$10.2$10.2$8.0$8.0$7.0$7.0(EAT)(EAT)(6.8)(6.8)(5.3)(5.3)(4.7)(4.7)17.017.013.313.311.711.7(EBT)(EBT)(7.0)(7.0)(5.0)(5.0)(5.5)(5.5)24.024.018.318.317.217.2(EBIT)(EBIT)00000024.024.018.318.317.217.2(8.0)(8.0)(5.0)(5.0)(5.0)(5.0)(48.0)(48.0)(43.7)(43.7)(39.8)(39.8)80.080.067.067.062.062.0($400.0)($400.0)($353.0)($353.0)($328.0)($328.0)$480.0$480.0$420.0$420.0$390.0$390.0200020001999199919981998EXHIBIT5.3:OSDistributorsExhibit5.1;••••(WCR)(WCR)11••6.06.059.059.056.056.0121.0121.0DEC.31,1998DEC.31,1998DEC.31,1999DEC.31,1999DEC.31,2000DEC.31,200012.012.063.063.051.051.0126.0126.08.08.077.077.053.053.0138.0138.0••••15.015.042.042.064.064.0106.0106.0121.0121.022.022.034.034.070.070.0104.0104.0126.0126.023.023.038.038.077.077.0115.0115.0138.0138.011WCR=(WCR=(++++))––((++).).Exhibit5.1Exhibit5.1..¾¾¾¾ROSROSROAROA¾¾ReturnonInvestedCapitalROICReturnonInvestedCapitalROICEBITEBIT//WorkingCapitalRequirementWCRWorkingCapitalRequirementWCREBITEBIT(1(1––taxrate)taxrate)EBITEBITROICROICNetoperatingProfitafterTaxNOPAT)ROICROICROEROEEXHIBIT5.4:EXHIBIT5.4:OSDistributorsOSDistributors’’..Exhibit5.2Exhibit5.3;Exhibit5.2Exhibit5.3;2$17.2$390$17.2$390$121$121$18.3$420$18.3$420$126$126$24$480$24$480$138$13819994.4%3.3=14.5%20005.0%3.5=17.4%OPERATINGCAPITALRETURNONPROFITMARGINTURNOVER1INVESTEDCAPITAL31122(()=)=++++..33(ROIC)=(ROIC)=(RONA).(RONA).===19984.4%3.2=14.2%=¾¾ROICROICEBIT/EBIT/EBIT/EBIT///¾¾39%39%9%9%⇒⇒1.51.58%8%3.33.338%38%¾¾ROEROEROEROEROEROE¾¾FinancialcostratioFCRFinancialcostratioFCRFCR=FCR=(EBT)(EBT)//(EBIT)(EBIT)EBITEBITEBTEBTFCRFCRROEROE(TIE)(TIE)TIE=TIE=//¾¾FinancialstructureratioFSRFinancialstructureratioFSRFSR=FSR=//FSRFSRROEROE¾¾ROEROE¾¾TaxeffectratioTERTaxeffectratioTERTERTEREAT/EBTEAT/EBT//EBTEBT11/EBT/EBT11TERTER⇒⇒ROEROE¾¾EXHIBIT5.6:EXHIBIT5.6:19991999....34.4%34.4%37.6%37.6%65.6%65.6%57.3%57.3%20,51120,5117,7127,71211,75711,757IBMIBM26.0%26.0%17.0%17.0%74.0%74.0%22.9%22.9%18,29518,2953,1043,1044,1944,194HPHPROEROEROEROEROEROEROEROE××××EBITSalesEBTROE=SalesInvestedcapitalEBITInvestedcapitalEATOwners'equityEBTROEROEEAT/EAT/EBIT/EBIT/ROICROICEBIT/EBIT/FLMFLMFCEFCEFSRFSRTERTER//EBT/EBITEBT/EBIT//EAT/EBTEAT/EBTEXHIBIT5.8:EXHIBIT5.8:(1999)(1999)17.3%69.9%24.8%3.497.1%0.2429.5%516.8%64.6%26%2.1112.3%0.9413.2%419.8%59.2%33.5%1.6420.4%3.356.1%344.5%68.3%65.1%2.4726.4%1.1024.0%236.3%69.9%51.9%2.3022.3%1.1319.7%1(7)=(5)x(6)(7)=(5)x(6)(6)(6)(5)=(3)x(4)(5)=(3)x(4)(4)(4)(3)=(1)x(2)(3)=(1)x(2)(2)(2)(1)(1)11MerckMerck22334455¾(EPS)EPS=/¾(P/E)P/E=/¾(MBR)MBR=/ROICROIC11500050005000500010%10%ROEROEEBITEBITROEROEROICROICROEROEEBITEBIT//EBITEBIT500500/5000/5000ROEROEEBITROICROEROICROE100%100%50%50%$14$14millionmillion14%14%14%14%14%14%18%18%$10million$10million10%10%10%10%10%10%10%10%$8million$8million8%8%8%8%8%8%6%6%EXHIBIT5.9:EXHIBIT5.9:EBITEBIT..¾¾ROEROEROEROE¾¾ROEROEEBITEBIT0883.hk0883.hk““””““””AllAllininProductionProductionCostsCosts1010““””““””200320039.69.6200220028.488.4813.4413.4411.111.120042004““””20032003ROAROA3030ROEROE26260857.hk0857.hk2121600028.ss600028.ss0386.hk0386.hk1010““””22(600221)(600221)2000200088200020008948948.58.522.9622.962.57%2.57%1.851.8521.76%21.76%101020002000200220025050600221600221600221600221600221600221““””20032003--14.7414.741145.39%1145.39%11.5011.500.450.4596.23%96.23%23.78%23.78%8.43%8.43%15.35%15.35%--12.6912.691332%1332%--1.741.741.531.530.800.80--113.70%113.70%--6.456.45--0.880.88--0.270.27--1.971.97--0.35(0.35(0.266)0.266)--11.6411.64--0.290.29--14.214.2--1.741.74--14.7414.74//20032003““””200320037.397.39200220025.565.5633.09%33.09%200320037.247.24200220025.255.2537.90%37.90%1/31/316%16%4%4%1642%1642%51.8%51.8%43.6%43.6%41.3%41.3%20.2%20.2%19.6%19.6%200320032002200220002000199919991998199820022002““””200120017719191.51.5AA68%68%200120011001002001200110.2910.292003200320042004881414200420041.91.933““””200320035527275180.51585180.515825.6525.653.28663.28661.71.71.91.933““””20042004992121200420041010222288TCLTCL661313221.781.781.611.611.541.5419.4219.4215.6515.6513.2113.218.418.41200320032002200220012001200020006008396008396008396008396008396008396008396008392003200341.4141.4120032003527527200320039.339.331