3-2

3-3

1.
2.
3.
4.
5.
6.

3-4

7.
8.
9. ROE
10.

1.

3-5

3-6

1.
2.

3-7

1.
2.
3.
4.
5.

(Liquidity)
(Asset Management)
(Debt Management)
(Profitability)
(Market Value)

3-8
1.

Liquidity

2.

Asset Management

(amount of
assets vs. sales)

3.

Debt Management

3-9
4.

Profitability

PM, ROE ROA

5.

Market Value

P/E M/B

3
10
31 ( $)

2002
2001

10
80

375
315

615
1,000
1,000
2,000

415
810
870
1,680


2002

60

110

140

310

754

1,064
(400,000 )
40
(50,000,000 )
130

766

896
2,000

2001
30
60
130
220
580
800
40
130
710
840
1,680

3 - 11

 ( 1 31 $)
2002
2001

3,000.0
2,850.0

( ) 2,616.2
2,497.0
EBITDA
383.8
353.0

100.0
90.0

0.0
0.0

100.0
90.0
EBIT
283.8
263.0

88.0
60.0
EBT
195.8
203.0
(40%)
78.3
81.2

117.5
121.8

4.0
4.0

113.5
117.8

57.5
53.0

56.0
64.8

3 - 12

3 - 13

:
Common stock price
Earnings per share (EPS)
Dividends per share (DPS)
Book value per share (BVPS)
Cash flow per share (CFPS)

2002
$ 23.00
$ 2.27
$ 1.15
$ 17.92
$ 4.27

2001
$ 26.00
$ 2.36
$ 1.06
$ 16.80
$ 4.16

3 - 14

1 31 2002

( : $)

31 2001
2002

31 2002

710.00
113.50
(57.50)
766.00

2.
1.
(Current ratio)

=
=
= 4.2

3 - 15

1,000
= 3.2
310

-
2.
(Quick or Acid test ratio) =

=
1.2

= 385
310

= 2.1

3 - 16

: Current Quick Ratio

CR

3.2 x

4.2 x

QR

1.2 x

2.1 x

3 - 17

3.
1.
(Inventory turnover ratio)

= 3,000
615

= 4.9

= 9. 0

3 - 18

3 - 19
2.
(DSO = Days sales outstanding)

=
=

=
/365

375
3,000 / 365
375
= 46
8.2192
= 36

 : DSO

3 - 20

3 - 21

3. =
(Fixed assets turnover ratio)


= 3,000 = 3.0
1,000

= 3.0

4.
=
(Total assets turnover ratio)

=
3,000

= 1.5
2,000

= 1.8

 : FA TA
FA TO
TA TO

3. 0 x
1. 5 x

3. 0 x
1. 8 x

3 - 22

4.

1.

2.
3. ( - )

3 - 23

3 - 24

U ()
()
50
0

50 100

100
100

3 - 25

(EBT)
(40%)
(NI)
ROEU = NI / = NI /100

(1)
(2)
100.00
70.00
30.00
0.00
30.00
12.00
18.00
18.00%

82.50
80.00
2.50
0.00
2.50
1.00
1.50
1.50%

3 - 26

L ( )

()

50 ( 15 %) 50
50
50
100
100

3 - 27

(1)
(2)

(EBT)
(40%)
(NI)
ROEL = NI / = NI /50

100.00
70.00
30.00
7.50
22.50
9.00
13.50
27.00%

82.50
80.00
2.50
7.50
(5.00)
(2.00)
(3.00)
(6.00%)

1.
(Debt ratio)

=
=
=

310 + 754
2,000
1,064 = 53.2 %
2,000
= 40.0 %

3 - 28

EBIT
2. Time - interest - earned (TIE) =

283.8 = 3.2

=
88

= 6.0

3 - 29

3. EBITDA Coverage Ratio

EBITDA coverage ratio =

EBITDA + Lease payments

Interest + Loan repayments + Lease payments

=
=

283.8 + 100 + 28
88 + 20 + 28
411.8
= 3.0
136
4.3

 :
D/A
TIE
EBITDA
coverage

53.2 %
3.2 x
3.0 x

40.0 %
6.0 x
4.3 x

3 - 30

3 - 31

EBITDA

3 - 32

5.

1.
=
(Profit margin on sales)

= 113.5
3,000

3.8 %

5.0 %

3 - 33

PM

3. 8 %

5. 0 %

PM

3 - 34
2. Basic Earning Power(BEP)

EBIT

283.8
2,000

14.2 %

17.2 %

 : BEP
BEP

14.2 %

3 - 35

17.2 %

BEP

BEP

3.
[Return on total assets (ROA)
Return on Investment (ROI)]

3 - 36

= 113.5
2,000
= 9.0 %

= 5.7 %

4.
[(Return on common equity (ROE)] =

= 113.5
896
= 15.0 %

= 12.7 %

 : ROA ROE
ROA
ROE

5.7 %
12.7 %

9.0 %
15.0 %

ROA ROE

BEP

3 - 37

3 - 38

6.
1.
[Price/Earnings (P/E) Ratio]

23.00
2.27
10.1

12.5

3 - 39
2.
(Price/Cash Flow Ratio)

23.00 = 5. 4
4.27
= 6. 8

3 - 40

3.
[Market/Book
(M/B) Ratio]

(Book value per share)

=
=

Market/book ratio (M/B)

896
= 17.92
50


23.00
= 1.3
17.92

= 1.7

 :
P/E
P/CF
M/B

10.1 x
5.4 x
1.3 x

3 - 41

12.5 x
6.8 x
1.7 x

P/E : 1
P/CF : 1

M/B : 1
3

3 - 42

1. LIQUIDITY
Current
Quick, or acid test

3.2 x
1.2 x

4.2 x
2.1 x

Poor
Poor

3 - 43

2. ASSET MANAGEMENT

Inventory turnover
Day sales outstanding (DSO)
Fixed assets turnover
Total assets turnover

4.9 x
46 days
3.0 x
1.5 x

9.0 x Poor
36 days Poor
3.0 x OK
1.8 x Somewhat
low

3 - 44

3. DEBT MANAGEMENT

Total debt to total assets

53.2 %
Times interest earned (TIE) 3.2 x
EBITDA coverage
3.0 x

40.0 % High (risky)

6.0 x Low (risky)
4.3 x Low (risky)

3 - 45

4. PROFITABILITY

3.8 %
Profit margin on sales
14.2 %
Basic earning power (BEP)
5.7 %
Return on total assets (ROA)
Return on common equity (ROE) 12.7 %

5.0 %
17.2 %
9.0 %
15.0 %

Poor
Poor
Poor
Poor

3 - 46

5. MARKET VALUE
Price / earnings (P/E)
Price / cash flow
Market / book (M/B)

10.1 x
5.4 x
1.3 x

12. 5 x
6. 8 x
1.7 x

Low
Low
Low

3 - 47

3 - 48

2000
ROE (%)

16
14
12
10

1998

1999

2000

2001

2002

3 - 49

8.
1.

2.

3.
4.

3 - 50
5. (window dressing)
6. LIFO FIFO
7.

8.

3 - 51

1. ROE
2.
3. ROE

3 - 52

10. ( )
1.
2.
3.
4.
5.
6.
7.

Supplier