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The Shareholders’ Equity section of the statement of financial position includes the amounts invested in the business by the owners or investors, the earnings (losses) that are retained in the business from previous years’ income (losses), and current year income or loss.
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Earnings Quality is the extent which the reported income reflects the true financial condition and performance of the company.
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A statement of cash flows has three sections; cash-flows from operating, investing, and financing activities. 1. Operating activities include the cash effects of transactions that are related to a firm’s operations. 2. Investing activities include the cash effects of transactions that involve the purchase or disposal of investments and property, plant, and equipment. 3. Financing activities include cash effects of transactions that involve obtaining cash from creditors and stockholders and payment of existing debt dividends.
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Reliability is secured by the auditing process. So, before starting analytical analysis, auditor’s report should be reviewed. After the review of audit report comparative financial statements are examined.
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There are two types of analytical analysis employed for inter-company and intra-company comparisons. One of them main analyses used for comparison purposes is the vertical analysis where each item is expressed as percentage of revenues in income statement and as percentage of total assets in the statement of financial position. The other available method is horizontal analysis, in which a base year is selected and the changes over time are expressed as a percentage of the base year figures.
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The main advantage of vertical analysis is that such an analysis is not much affected by price fluctuations and that it lets industry-wide comparisons.
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Having a high percentage of receivables could be risky due to collection risk but, referring to the notes, most of the receivables are from related parties. This can be viewed as a good sign if the parent company is financially sound but it can be a very bad signal if the parent company has financial problems.
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When financial statements are analyzed, items that have low monetary values can be regarded as immaterial. Especially in horizontal analysis big changes in low value items can be ignored in analysis.
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Horizontal analysis is also known as trend analysis. This analysis performs better for longterm analysis within the same company. However, selection of the base year is crucial. Depending on the base year, some items might be given more weight than the others. Care must also be taken to incorporate any accounting policy changes during the analysis period, because horizontal analysis is affected by changes in accounting methods.
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Interpretation of the results of the trend and static (vertical) analyses might be difficult in some cases. For example, a user might want to know whether the assets are used efficiently – in other words, might want to assess the profitability of the firm as measured by the relationship between profits and assets, and profit and sales. Such a relationship can be expressed as a ratio. Ratios are easy to compute and they provide signals for possible difficulties, so all financial analysts use ratio analyses. However, ratios are hard to interpret by themselves.
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• liquidity ratios • solvency/capital structure ratios • working capital management ratios • profitability ratios • market ratios
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The most common ratios in this category are: • debt ratios • equity measures • number of times interest charges are covered
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Financial leverage is the extent which the company uses debt in financing its assets. As long as the cost of debt financing is lower than equity financing financial leverage is beneficial for the company
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P*Q = VC*Q+FC+Operating Profit P is the sales price per unit, Q is the quantity produced and sold, VC is the variable cost per unit and FC is the total fixed costs.
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The difference between the sales revenue and the total variable costs is named as the contribution margin. The difference between the sales price per unit and the variable costs per unit gives the unit contribution margin. At the break-even point the contribution margin equals the total fixed costs. Contribution Margin= Sales Revenue-Total Variable Costs
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The contribution margin ratio is the division of the unit contribution margin by the sales price per unit. Contribution Margin Ratio= (Price -VC)/Price
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The margin of safety is the cushion amount that the actual or budgeted sales can drop by, still enabling the business to break even. It is the difference between actual/budgeted sales and the break-even sales. The margin of safety can be stated in units, dollars or in a ratio form.
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The CVP analysis is founded on variable costing, where the costs are classified as variable or fixed according to their cost behaviour. Businesses record depreciation and amortization as fixed costs, however they are non-cash. The cash break-even calculation accounts only for cash fixed costs and the depreciation(and/or amortization) expense is deducted from the total fixed costs. The cash fixed costs are then divided by the contribution margin to determine the cash break-even quantity. Cash Break-even Quantity = (FC - Depreciation Expense)/ (P -VC)
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The cash break-even quantity will be less than the break-even quantity unless the business records no depreciation expense. A business can sell less than the break-even point at which an accounting loss may be incurred but still the business can continue its operations without failure of payments if the sales are above the cash break-even point.
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The degree of operating leverage is a concept widely used to assess the operating risk of a business stemming from its cost structure. Basically, the degree of operating leverage shows how much the operating income of the business changes with a relative change in its sales. In fact it is a multiple depicting how many times the operating income of a business changes in relation to a percentage change in the sales.
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A higher DOL implies a higher business risk. For companies with high fixed costs the DOL will be automatically higher. In general, higher fixed costs are observed in technology intensive industries. Although it is not totally possible for a company to control its fixed costs, the management can lower the fixed costs by investing in technologies with higher variable costs. Hence, through capital budgeting decisions, a company can reduce its operating leverage and business risk.
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The degree of financial leverage estimates the effect of debt financing on the net income. It is a measure of sensitivity in EPS(earnings per share) to operating income fluctuations as the result of the variations in financial leverage. The DFL is a multiple determining the change in the EPS by a percentage change in the operating income.
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The degree of total leverage shows the combined effects of operating leverage and financial leverage on a company’s earnings. Hence, DTL measures the sensitivity in the EPS relative to a percentage variation in the sales revenue. Operating leverage is an indicator of business risk and financial leverage is a measure of financial risk. Therefore, total leverage indicates the combined effects of the cost structure and capital structure of a firm on its net profit. Degree of total leverage is the product of DOL and DFL.
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The CVP analysis is based upon the following assumptions: 1. The sales price per unit is constant, 2. Variable costs per unit and fixed costs are constant, 3. The firm sells all units produced, 4. The cost structure is constant meaning that costs change only by the level of activity, 5. If there is more than one product produced and sold, the sales mix of these products is constant. 6. Costs and revenues remain constant within a specified production level, which is usually called as the relevant range.
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A higher contribution margin ratio for a specific product suggests that the product contributes more to cover up the fixed costs, hence managers can allocate production capacity accordingly to boost the income from operations.
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