Ratio Analysis Comprehensive

Financial Statement Analysis for
Decision Making
Opening Vignette LAHORE LIMITED

A leading company in
the health-care and

consumer products
industry
Sales revenues of
Rs14-billion
Assets of Rs13-billion

How would you compare LAHORE LIMITEDs
performance against other industry

competitors?
Companies differ in size, so you cant
compare absolute RUPEE amounts
Need to use ratios - tools to translate financial
data into percentages - which can be
compared across companies

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6
Assets
28.0

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6
Assets
28.0
LAHORE LIMITED
Sales revenues
Rs13.7
Net income
1.8
Assets
13.0

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6
Assets
28.0
Which company was
better in generating
net income from sales
revenues earned?
LAHORE LIMITED
Sales revenues
Rs13.7
Net income
1.8
Assets
13.0

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6
Assets
28.0
Which company was
better in generating
net income from sales
revenues earned?
LAHORE LIMITED
Sales revenues
Rs13.7
Net income
1.8
Assets
13.0
You can use the return
on sales ratio to
compare

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6
Rs2.6
Rs33.4
= 7.78%

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6
Rs2.6
Rs33.4
= 7.78%
LAHORE LIMITED
Sales revenues
Rs13.7
Net income
1.8

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6
LAHORE LIMITED
Sales revenues
Rs13.7
Net income
1.8
Rs2.6
Rs33.4
Rs1.8
Rs13.7
= 7.78%
= 13.13%

KARACHI LIMITED
Sales revenues
Rs33.4
LAHORE LIMITED
Sales revenues
Rs13.7
Although KARACHI LIMIDEDS sales were higher

KARACHI LIMITED
Sales revenues
Rs33.4
Net income
2.6
LAHORE LIMITED
Sales revenues
Rs13.7
Net income
1.8
Rs2.6
Rs33.4
= 7.78%
Bristol-Myers return on sales was
nearly twice that of P&G
Rs1.8
Rs13.7
= 13.13%
Chapter Learning Objectives

1. Perform a horizontal analysis of
comparative financial statements
2. Perform a vertical analysis of financial
statements
3. Prepare common-size financial
statements for benchmarking against the
industry average and key competitors
Chapter Learning Objectives

4. Use the statement of cash flows in
decision making
5. Compute the standard financial ratios used
for decision making
6. Use ratios in decision making
7. Measure economic value added by a
companys operations
Financial Statement Analysis

External users rely on
publicly-available
information to perform
financial analysis
Such information is
contained in corporate
annual report
Annual Report Contents

FOUR BASIC FINANCIAL STATEMENTS

1

FOOTNOTES TO THE FINANCIAL
STATEMENTS
1
2

STATEMENTS
SUMMARY OF ACCOUNTING METHODS
1
2
3

STATEMENTS
MANAGEMENTS DISCUSSION AND
ANALYSIS OF FINANCIAL STATEMENTS
1
2
3
4

STATEMENTS
AUDITORS REPORT
1
2
3
4
5

STATEMENTS
1
2
3

AUDITORS REPORT
COMPARATIVE FINANCIAL DATA FOR

A SERIES OF YEARS

Pick the one annual
report component
which provides
investors and
creditors with the
most descriptive
information about the
corporations
activities and financial
condition
Before you jump to a
decision, consider the

following:
1. Financial statements
provide data about
what happened
during the accounting
period

2. Investors and creditors use
information contained in the
annual report to:
Forecast future income and
cash flows
Assess risk of investing in or
lending to the corporation

Managements discussion and analysis

(MD&A) includes:
Evaluation of current business operations
Assessment of future operations
Tools to Evaluate Financial

Information

Information
Horizontal Analysis
1

Information
Horizontal Analysis
1
2
Vertical Analysis

Information
Horizontal Analysis
1
2
Vertical Analysis
Ratio Analysis
Chapter Objective 1
Perform a horizontal analysis of
comparative financial statements

Information

Information
Horizontal Analysis
1
Horizontal Analysis
Examines percentage change in each
item on the financial statements

Compares current years RUPEE
amount with prior years RUPEE
amount
Expresses the change in
RUPEES
Percentage
Horizontal Analysis
First, calculate RUPEE
change from base year
(prior year) to current year
Horizontal Analysis
First, calculate RUPEE
change from base year
(prior year) to current year
Second, divide RUPEE
change by base-year
RUPEE amount
Horizontal Analysis
RUPEE AMOUNT INCREASE (DECREASE)
Amounts in thousands
Horizontal Analysis
1996
Receivables (net)
Rs325,384
1995
Rs272,225
RUPEES
Horizontal Analysis
1996
Receivables (net)
Rs325,384
1995
Rs272,225
Difference
RUPEES
Horizontal Analysis
1996
1995
RUPEES
%
Receivables (net)
Rs53,159
Rs325,384
Rs272,225
Difference
Horizontal Analysis
1996
1995
RUPEES
%
Receivables (net)
Rs53,159
Rs325,384
Rs272,225
Divide
Horizontal Analysis
1996
1995
RUPEES
%
Receivables (net)
Rs53,159 19.5%
Rs325,384
Rs272,225
Divide
Horizontal Analysis
1996
Receivables (net) Rs325,384
19.5%
Leasehold Improv. 314,933
1995
Rs272,225
273,015
RUPEES
Rs53,159
Horizontal Analysis
1996
1995
RUPEES
%
Rs53,159 19.5%
Rs272,225
273,015
41,918
Horizontal Analysis
1996
1995
RUPEES
%
Rs53,159 19.5%
15.3
Rs272,225
273,015
41,918
Horizontal Analysis
1996
19.5%
Notes Receivable
54,715
1995
Rs272,225
273,015
32,528
RUPEES
Rs53,159
41,918
15.3
Horizontal Analysis
1996
19.5%
Notes Receivable
54,715
1995
Rs272,225
273,015
32,528
RUPEES
Rs53,159
41,918
22,187
15.3
Horizontal Analysis
1996
19.5%
Notes Receivable
54,715
1995
Rs272,225
273,015
32,528
RUPEES
Rs53,159
41,918
22,187
15.3
68.2
Horizontal Analysis
1996
1995

Rs272,225
19.5%
273,015
Notes Receivable
54,715
32,528
Total Assets
7,354,033 5,778,041
RUPEES
Rs53,159
41,918
22,187
15.3
68.2
Horizontal Analysis
1996
1995
RUPEES

Rs272,225
Rs53,159
19.5%
273,015
41,918 15.3
Notes Receivable
54,715
32,528
22,187 68.2
Total Assets
7,354,033 5,778,041
1,575,992
Horizontal Analysis
1996
1995
RUPEES

Rs272,225
Rs53,159
19.5%
273,015
41,918 15.3
Notes Receivable
54,715
32,528
22,187 68.2
Total Assets
7,354,033 5,778,041
1,575,992 27.3
Trend Percentages
Specialized form of
horizontal analysis
Shows trend of
financial statement
items over longer
time periods such
as 5 or 10 years
Trend Percentages
Base year (earliest year in the time
series) set at 100%

All other years expressed as
percentage of base year
Trend Percentages
Income statement
amounts for Rays

Seafood Shack are
presented in the next
slide
Compute the trend
percentages for these
items
Trend Percentages
(AMOUNTS IN THOUSANDS )
Net Sales
Rs346
1998
Rs714
1997
1996
1995
1994
1993
Rs553
Rs502
Rs474
Rs451
Trend Percentages
Net Sales
Rs346
1998
Rs714
1997
1996
1995
1994
1993
Rs553
Rs502
Rs474
Rs451
Divide
x 100
Net Sales
206%
160%
145%
137%
130%
100%
Trend Percentages
Net Sales
Rs346
1998
Rs714
1997
1996
1995
1994
1993
Rs553
Rs502
Rs474
Rs451
Divide
x 100
Net Sales
206%
160%
145%
137%
130%
100%
Trend Percentages
Net Sales
Rs346
1998
Rs714
1997
1996
1995
1994
1993
Rs553
Rs502
Rs474
Rs451
Divide
x 100
Net Sales
206%
160%
145%
137%
130%
100%
Trend Percentages
Net Sales
Rs346
1998
Rs714
1997
1996
1995
1994
1993
Rs553
Rs502
Rs474
Rs451
Divide
x 100
Net Sales
206%
160%
145%
137%
130%
100%
Trend Percentages
Net Sales
Rs346
1998
Rs714
1997
1996
1995
1994
1993
Rs553
Rs502
Rs474
Rs451
Divide
x 100
Net Sales
206%
160%
145%
137%
130%
100%
Trend Percentages
Net Sales
Rs346
Cost of Sales
Net Sales
Cost of Sales
1998
Rs714
1997
1996
1995
1994
1993
Rs553
Rs502
Rs474
Rs451
373
265
201
259
280
193
206%
193
160%
137
145%
104
137%
134
130%
145
100%
100
Trend Percentages
Net Sales
Rs346
Cost of Sales
Gross Profit
Net Sales
Cost of Sales
Gross Profit
1998
Rs714
1997
1996
1995
1994
1993
Rs553
Rs502
Rs474
Rs451
373
341
265
288
201
301
259
215
280
171
193
153
206%
193
223
160%
137
188
145%
104
197
137%
134
140
130%
145
112
100%
100
100
Horizontal Analysis and

Trend Percentages: A Summary
Tools used to
compare financial
results of companies
of different sizes
and/or in different
industries
Vertical Analysis
Vertical Analysis
Vertical Analysis
Vertical Analysis
Compares each item on the financial
statement to a key, or base, item

Base-item RUPEE amount always set to
100%
Income statement
Net sales = 100%
Balance sheet
Total assets = 100%
Vertical Analysis
Net sales
100%
Cost of Goods Sold
Gross Profit
Selling, General & Admin.
Income from Operations
Income Taxes
Net Income
2%
19X7
AMOUNT %
Rs430,013 100%
19X6
AMOUNT %
Rs362,386
336,589 78
93,424
22
72,363
17
21,061
5
7,072
2
Rs13,989
3%
284,897 79
77,489
21
65,096
18
12,393
3
4,350
2
Rs8,043
Vertical Analysis
Once financial
statement items are

converted into
percentages of the
base item, users can
compare one
companys financials
against anothers
These are called
common-size
statements
Common-Size Statements
Show all items as percentages of the key, or
base, amount
Use no RUPEE amounts
Facilitate financial statement comparison
among different sized companies
Improve users ability to assess company
performance against industry averages
Common-Size Statements
Can also be used to
evaluate company
performance over
time
Refer to textbook
Exhibit 13-6
Benchmarking Against the

Industry Average
Benchmarking is a term used to describe

the process of comparing a companys
activities to a standard of excellence
achieved by industry leaders
Benchmarking Against Key

Competitors
A company also can compare its
common-size financials to those of its

industrys leaders
Determine where it differs
Design and implement business
processes to bring financial results in
line with these benchmark entities
Statement of Cash Flows in

Decision Making
Summarizes sources
and uses of entitys

cash flows
Internal and external
decision makers want
to see majority of
cash inflows coming
from operating
activities
WHY?
Statement of Cash Flows in

Decision Making
Company cannot stay in business for
long if it cannot generate enough cash

from operations to cover operating
expenses
While borrowing and investing activities
provide cash for business use, longterm reliance on these activities for
sources of cash is not advised
Using Ratios to Make Business

Decisions

Decisions
Ratio Analysis

Decisions
Ratios - the relationship between two items
on financial statements - permit users to

calculate a variety of financial comparisons
These ratios can be compared to:
Prior years financial results
Industry averages
Benchmark entities ratios

Decisions
Ratios measure an entitys ability to:
Pay current liabilities
Sell inventory and collect receivables
Pay long-term debt
Generate profits from operations
Sustain shareholder wealth

Decisions
Access to
computerized
spreadsheets,
integrated financial
analysis software, and
financial databases
makes ratio
calculation a snap!
Measuring the Companys

Ability to Pay Current Liabilities
One measure of entitys ability to pay its
current obligations is to look at working

capital
Current assets - current liabilities
2 ratios help users assess working capital
information

current obligations is to look at working

capital
information
Current ratio

current obligations is to look at working capital

information
Current ratio
Quick (acid-test) ratio

Decisions
Well use the Lands End,
Inc., financial statements

from textbook Chapter 1
to illustrate a variety of
financial ratios for
business decision making
All RUPEE amounts
presented are in
thousands

Current ratio

Current ratio
Current assets
Current liabilities

Current ratio
Current assets
Current liabilities
Rs222,089
Rs114,744
= 1.94

Quick ratio

Quick ratio
Current assets - inventory - prepaid items

Current liabilities

Current ratio
Current assets - inventory - prepaid items

Current liabilities
Rs25,240
Rs114,744
= .22
Measuring the Companys Ability to

Sell Inventory and Collect Receivables
Entitys operating cycle
Time to go from cash to inventory to
receivables to cash
is critical to generating cash inflows from
operating activities
3 ratios help users assess managements skill
in selling inventory and collecting receivables

Inventory turnover

Inventory turnover
A/R turnover
1
2

Inventory turnover
A/R turnover
Days sales in
receivables
1
2
3
Inventory Turnover
Number of times the
1998
average level of
inventory is sold during
the accounting year
Measures time required
to earn return on
companys investment
in inventory
Inventory Turnover
Cost of goods sold
Average inventory
Inventory Turnover
Cost of goods sold
Average inventory
Rs588,017
(Rs164,816 + Rs168,652) / 2
= 3.53
Inventory Turnover
High ratio indicates ability
to quickly sell inventory

Too high a ratio may
indicate inadequate
inventory levels
Turnover ratio should be
compared to historical
and industry averages
Analyze significant
variances
Accounts Receivable Turnover

Number of times
the average level

of A/R is collected
during the
accounting year
Measures ability
to collect cash
from credit
customers
Rs

Net credit sales
Average net A/R

Net credit sales*
Average net A/R
Rs1,031,548*
(Rs8,064 + Rs4,459) / 2
= 165
* Lands Ends ratio is not accurate. Net credit sales figure is
unavailable. Net sales from the income statement used instead.
Days Sales in Receivables

Number of equivalent
Rs
days sales revenue

represented by the
outstanding A/R
balance
Measures A/R balance
in terms of number of
days it would take to
generate the equivalent
RUPEE amount of sales

Average net A/R
(Net sales / 365 days)

Average net A/R
(Net sales / 365 days)
Rs6,262
(Rs1,031,548 / 365 days)
= 2.22 days

Lands Ends receivables ratios look
unusual when compared to the

textbook and industry averages
This is due to significant volume of
sales made with bank cards like
VISA, MasterCard, and American
Express

These sales treated like cash
sales - merchandisers receive

payment for them almost
immediately
Lands Ends receivables are
rather small when compared to
total net sales

Ability to Pay Long-Term Debt
Bondholders and long-term lenders are
concerned about an entitys ability to repay

debt principal and accumulated interest on
long-term notes and loans
2 ratios help these users assess the entitys
ability to pay its long-term obligations
Debt ratio
Times-interest-earned ratio
Debt Ratio
Relationship between companys total
liabilities and total assets

Measures proportion of total assets
provided through debt
1 - debt ratio = proportion of assets
provided by equity
Debt Ratio
Total Liabilities
Total Assets
Debt Ratio
Total Liabilities
Total Assets
Rs122,305
Rs323,497
= .38
Debt Ratio
Total Liabilities
Total Assets
Rs122,305
Rs323,497
= .38
Debt Ratio
If debt ratio = 1.0,
company used all debt

to finance acquisition
of its assets
A highly unlikely
situation
Thus, debt ratio is
generally less than 1.0
LOANS,
NOTES,
BONDS,
ETC.
Debt Ratio
The higher the ratio, the more
cash the company must commit

toward paying annual interest
expense and loan principal
As a result, companys cash
flow might be negatively
affected
Debt Ratio
Lenders and
creditors might
require company to
appropriate portion
of retained earnings
to ensure sufficient
assets to repay
interest and loan
principal
Times-Interest-Earned Ratio
Relationship between
companys net income

from operations and
interest expense
Measures ability of
company to cover, or
pay for, its interest
expense out of
operating income
Income from operations
Interest expense
Income from operations
Interest expense
Rs49,165
Rs2,771
= 17.7
Lands Ends high
ratio indicates ease

in meeting debt
interest payments
A low ratio would
signal possible
difficulties in making
payments to lenders
and bondholders
Measuring a Companys
Profitability
Financial analysts pay close attention to
ratios which assess a companys ability to

generate profits and operate efficiently
Creditors and investors rely on forecasts of a
companys potential to generate net income
when they make lending and investing
choices
Profitability
4 profitability ratios are commonly used in
financial statement analysis
Profitability

Return on sales
Profitability

Return on sales
Return on assets
Profitability

Return on sales
Return on assets
Return on equity
Profitability

Return on sales
Return on assets
Return on equity
Earnings per share
Return on Sales
Relationship between a companys net
income and net sales

Measures managements ability to efficiently
and effectively manage company operations
Shows percentage of each net sales RUPEE
earned as net income
Return on Sales
Net income
Net sales revenue
Return on Sales
Net income
Net sales revenue
Rs 30,555
Rs1,031,548
= .0296
Return on Sales
Higher rate tells users
Net Income
that more net sales

RUPEES add to a
companys profits
And fewer RUPEES
go to cover company
expenses
Company conducts its
business effectively,
manages expenses
Return on Assets
Ratio of the return to the two groups that
provide financing to the company

Creditors and investors
and average assets owned during
the
period
Measures companys success in generating
income from its available resources
Return on Assets
Net income + interest expense
Average total assets
Return on Assets
Net income + interest expense
Average total assets
Rs30,555 + 2,771
(Rs323,497 + Rs297,613) / 2
= .1073
Return on Assets
Why do we add back
interest expense to
net income?
Return on Assets
Total assets are financed by 2 sources:
Investors (equity)
Creditors (debt)
Net income is the return attributable to
investors in the companys stock
Interest expense is the return paid to creditors
for using their funds to acquire assets
Return on Equity
Relationship between net income
available to common stockholders and

the equity they provide
Measures companys success in using
stockholders investments to generate
net income
Return on Equity
Net income - preferred dividends
Common contributed capital + retained
earnings
Return on Equity
Common contributed capital + retained earnings
Rs30,555*
(Rs286,676 + Rs255,773) / 2
= .1126
* Lands End does not have preferred stock
Earnings Per Share

Relationship between net income
available to common stockholders and

the number of shares of common stock
issued
Expresses net income in terms of one
share of the companys common stock
Earnings Per Share

# of shares of common stock outstanding
Earnings Per Share

Rs30,555,000*
40,221,000 shares
= Rs.76
* Lands End does not have preferred stock;
numbers shown are actual amounts
Earnings Per Share

Earnings per share
(EPS) disclosure on
the face of the
corporate income
statement is
mandatory
In addition to net
income, EPS is
presented for several
other elements on the
corporate income
statement
Discontinued
operations
Extraordinary items
Cumulative effect of
accounting change
Analyzing the Companys Stock

as an Investment

as an Investment
Investors expect to receive 2 types of returns
on their investments in a corporations

common stock
Gains earned when they sell the corporations
stock
Periodic dividends paid by the corporation to
its stockholders

as an Investment
Financial analysts use
several ratios to
assess value of stock
investments
Price/earnings ratio
Dividend yield
Book value
Price/Earnings Ratio
Relationship between a stocks market
price and its earnings per share

Measures the number of times one
share of stock sells above the current
periods reported earnings
Assists financial analysts in deciding if
a stock is overpriced or underpriced
Calculating the P/E ratio
Market value of stock
Earnings per share
Earnings per share
Suppose the market
value of Asian Art,

Inc., common stock is
Rs15.75 on the last
day of its fiscal year
Earnings per share
Suppose the market
value of Asian Art,

Rs15.75 on the last
The income statement
reports EPS of Rs.92
Earnings per share
Suppose the market
value of Asian Art,

Rs15.75 on the last
The income statement
reports EPS of Rs.92
What is Asian Arts
price/earnings ratio?
Earnings per share
Earnings per share
Rs15.75
Rs.92
= 17.12
Dividend Yield
Ratio of dividends per share of stock to the
stocks market value

Indicates the percentage of a stocks market
value returned to the stockholder in the form
of dividends
Assists investors who desire a steady flow of
dividend revenue in their decisions to invest
in a particular stock
Dividend Yield
Annual dividends per share
Stocks market value per share
If Asian Art paid a total of Rs1.25 in dividends per
share, what would be its dividend yield, assuming

the same market value for its stock (Rs15.75)?
Dividend Yield
Dividend Yield
Rs1.25
Rs15.75
= .079
Book Value
common stockholders
equity and number of
common shares
outstanding
Measures the
accounting value of
one share of the
corporations common
stock
DEBIT CREDIT
Relationship between
Book Value
Total equity - preferred equity
The book value of one share of Lands End
common stock is:
Rs201,192,000
40,221,000 shares
= Rs5.00/share
Limitations of Financial Analysis

No one ratio or years worth of financial
information should be relied upon to provide a

complete assessment of a corporations
financial condition
Analysts should:
Examine trends over time
Benchmark to industry and key competitors
Seek answers about why ratios are different
The Complexity of Business

Decisions
Business environment
is complicated by
numerous local,
regional, national, and
global issues - all must
be considered when
evaluating current
financial condition or
forecasting future
potential for income
Economic Value Added - A New

Measure of Performance
Measure of increase in stockholder wealth
brought about by corporate operating

activities
Returns to the 2 providers of capital
Investors
Lenders
should exceed amount these providers
charge the corporation to use their capital

Net income +
interest exp.

Net income +
interest exp.
Notes + loans +
long-term debt +
stockholders
equity

Net income +
interest exp.
Notes + loans +
long-term debt +
stockholders
equity
Cost of
capital
TIME TO
REST
ATTENTION COMMERCE STUDENTS

ACCOUNTING(FINANACIAL & COST) OF
ICMAP STAGE 1,2,3,4 (NEW CLASSES)
CA..MODULE B,C,D
PIPFA (FOUNDATION,INTERMEDIATE,FINAL)
ACCA-F1,F2,F3
BBA,MBA
B.COM(FRESH),M.COM
MA-ECONOMICS..O/A LEVELS
KHALID AZIZ..0322-3385752
cost-accountants@yahoogroups.com

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Financial Statement Analysis for

Opening Vignette LAHORE LIMITED

the health-care and

Opening Vignette LAHORE LIMITED

performance against other industry

Opening Vignette LAHORE LIMITED

Opening Vignette LAHORE LIMITED

Opening Vignette LAHORE LIMITED

Opening Vignette LAHORE LIMITED

Opening Vignette LAHORE LIMITED

Opening Vignette LAHORE LIMITED

Opening Vignette LAHORE LIMITED

Opening Vignette LAHORE LIMITED

Opening Vignette LAHORE LIMITED

Although KARACHI LIMIDEDS sales were higher

Opening Vignette LAHORE LIMITED

Chapter Learning Objectives

Chapter Learning Objectives

Financial Statement Analysis

Annual Report Contents

Annual Report Contents

Annual Report Contents

Annual Report Contents

Annual Report Contents

Annual Report Contents

Annual Report Contents

MANAGEMENTS DISCUSSION AND

COMPARATIVE FINANCIAL DATA FOR

Financial Statement Analysis

Before you jump to a

decision, consider the

Financial Statement Analysis

Financial Statement Analysis

MANAGEMENTS DISCUSSION AND

Financial Statement Analysis

Managements discussion and analysis

Tools to Evaluate Financial

Tools to Evaluate Financial

Tools to Evaluate Financial

Tools to Evaluate Financial

Tools to Evaluate Financial

Tools to Evaluate Financial

item on the financial statements

Receivables (net) Rs325,384

Receivables (net) Rs325,384

Receivables (net) Rs325,384

series) set at 100%

amounts for Rays

Horizontal Analysis and

statement to a key, or base, item

statement items are

Benchmarking Against the

Benchmarking is a term used to describe

Benchmarking Against Key

common-size financials to those of its

Statement of Cash Flows in

and uses of entitys

Statement of Cash Flows in

long if it cannot generate enough cash

Using Ratios to Make Business

Using Ratios to Make Business

Using Ratios to Make Business

on financial statements - permit users to

Using Ratios to Make Business