Upload
dim
View
39
Download
0
Embed Size (px)
DESCRIPTION
Xrhmatoikonomikh Analysi
Citation preview
1
2008
2
.
,
.
3
1:
. . . . . . . . . . .
2:
. 3: 4:
. . . . . . .
5:
. . . .
4
6:
. . . . . . . . . .
7:
. . . . . .
8:
. . . . . . . . . .
5
9:
. . . . .
10:
. . . . .
11:
. . . .
12:
. . . .
13:
. . .
6
1
(General Perspective of Financial Analysis)
,
, .
,
, ,
.
,
,
. ,
, ,
,
.
.
,
,
.
,
.
7
, ,
.
:
1.
,
.
2. , ,
.
1.2.
.
, ,
, , ...,
.
,
. ,
, ,
.
.
.
8
,
,
,
.
,
,
.
,
,
.
,
. , ,
.
, ,
,
.
,
,
.
,
v
.
.
,
,
9
,
.
:
.
.
, ,
.
1.3.
,
.
:
) .
) .
) .
) .
) , .
) .
) .
, ,
:
10
1.3.1.
.
.
, ,
.
,
,
.
,
.
,
.
,
.
,
.
, ,
.
.
.
11
.
,
, ,
.
.
,
,
,
.
.
,
. , ()
,
.
,
.
12
1.3.2.
.
,
.
, ,
.
, ,
,
, .
,
,
-.
,
,
.
1.3.3. ,
,
.
() ,
,
.
13
,
.
, ,
,
.
.
,
,
,
.
:
1. ,
.
2.
.
3. ,
, .
,
, ,
,
.
14
1.3.4.
,
,
,
.
1.3.5.
,
.
,
,
,
,
.
,
.
1.3.6.
,
.
.
15
,
.
1.4. ,
.
1.4.1. .
,
.
,
, , ,
.
,
,
.
16
1.4.2. ,
.
.
.
,
. ,
, .
,
.
.
.
:
17
1.
,
.
2.
, ,
.
3.
,
.
, .
,
.
18
2
(Tools and techniques of financial accounting)
,
.
.
,
.
,
,
.
:
1. ,
.
2. ,
.
,
,
.
.
19
. ,
,
.
,
. ,
,
.
,
:
1. .
2. .
3. .
4. ,
,
.
2.2. (Vertical Analysis)
.
2.2.1.
, ,
,
,
.
20
.
.
.
, ,
.
,
.
.
, , :
1.
,
.
2.
(, ,
).
21
,
.
.
,
, ,
.
,
.
,
.
.
(Common size statements) 100%.
.
.
,
, ,
.
22
,
,
.
.
,
.
,
.
.
.
,
,
. ,
.
.
23
3
(Ratio Analysis)
.
,
.
,
.
,
.
, ,
.
,
,
.
,
.
24
:
1.
.
2. ,
.
3. ,
.
4. ,
.
,
,
.
,
,
,
.
,
,
.
.
.
(Standard
ratios),
.
25
.
.
,
.
,
. ,
.
,
.
:
1. (Activity ratios).
, . 2. (Liquidity ratios).
,
.
26
3. (Profitability ratios).
,
. 4.
(Financial structure and viability ratios).
, ,
.
5. (Investment ratios).
,
.
6. (Operating expense ratios).
.
.
,
.
27
4
(ACTIVITY RATIOS)
.
.
.
(, )
.
,
. , ,
.
.
.
28
.
.
,
.
:
1. .
2. .
3. .
4. .
5. .
6. .
7. .
4.2.1. (Trade creditors to purchases ratio)
,
.
.
.
,
29
.
,
. :
=
. :
365
=
,
,
,
,
.
:
30
=
4.2.2. (Inventories turnover ratio)
.
.
(
,
12. ,
).
:
=
,
. :
31
=
,
( )
.
:
365
=
.
, ,
.
, , .
,
.
.
32
4.2.3. (Receivables turnover ratio)
, ,
.
()
, ,
( ,
,
).
, ,
,
, ( ).
,
, .
( + ) / 2.
( )
. :
=
, ,
. :
33
365
=
,
.
, .
, ,
.
4.2.4. (Net Working capital turnover ratio)
,
.
. :
=
34
, .
,
,
.
4.2.5. (Asset turnover ratio)
.
,
.
:
=
,
.
,
.
35
,
,
.
.
.
,
,
.
4.2.6. (Owners equity turnover ratio)
.
.
. :
=
36
,
.
,
,
,
, .
, .
4.2.7. (Fixed asset turnover ratio)
, .
.
,
. :
=
,
.
,
.
37
.
,
.
38
5
(LIQUIDITY RATIOS)
.
:
1. .
2. .
3. .
4. .
,
,
.
.
.
, ,
.
39
.
,
.
.
:
.
.
.
. .
.
.
,
,
,
.
40
.
,
.
:
1. ,
,
.
2.
.
3.
.
.
5.2.1. (Current ratio)
,
.
+ +
, , ,
, .. :
41
+ +
=
, .
.
, ,
,
.
. :
1.
.
2. .
3. .
,
,
,
, ..
.
,
,
42
. ,
.
,
:
, ,
.
, :
1.
.
2. .
3.
.
4. .
5. .
6.
.
7.
.
8. .
9. .
,
. ,
43
.
5.2.2. (Acid-test ratio)
( ,
, , )
.
.
, , ,
, .
:
+
=
:
, .
, .
,
44
. ,
,
.
.
5.2.3. (Defensive interval ratio) , ,
.
(
,
: + +
+
). :
+
=
45
5.2.4. (Cash ratio)
.
. :
=
.
,
, :
. . .
46
6
(PROFITABILITY RATIOS)
.
,
.
.
,
, , .. ,
, , .
.
:
1. .
2. .
3. .
4. .
5. .
6. .
7. .
8. .
9. .
10. .
47
6.2.1. (Net profit margin)
,
.
.
,
...,
,
. :
,
.
. :
= 100
= 100
48
.
,
. 6.2.2.
(Gross profit margin)
100 .
. :
= 100
.
.
,
. :
= 100
49
,
.
,
,
,
.
,
.
,
,
,
.
,
.
,
,
.
.
,
,
.
6.2.3.
(Return on net worth)
50
,
.
( +
). :
= 100
, , ,
, ,
,
.
.
:
1.
2.
,
,
.
.
51
(
)
.
, .
:
. .
= +
12 365
,
,
. ,
,
.
. :
+
=
2
= 100
M
52
6.2.4. (Return to total capital employed)
,
.
:
)
)
)
( )
, .
(
)
.
:
/ + /
= 100
:
1.
, ,
.
53
2.
.
3.
.
4.
,
.
6.2.5.
(Return on total assets)
,
.
, ,
.
:
/ + /
= 100
,
.
,
,
.
.
54
+
2
:
.
.
.
6.2.6.
(Financial Leverage Ratio)
, , .
. :
=
.
,
.
.
55
.
, .
.
6.2.7. (Ratio of maintenance and repairs to fixed assets)
100 .
.
:
= 100
,
.
, .
56
6.2.8. (Ratio of maintenance and repairs to net sales)
,
.
. :
= 100
, ,
, ,
..
.
57
6.2.9. (Ratio of depreciation o fixed assets)
,
.
.
, . :
= 100
,
.
,
.
.
.
,
.
58
6.2.10. (Ratio of depreciation to net sales)
, .
. :
= 100
.
,
.
,
.
:
1. .
2. .
3. ,
.
4. ,
.
,
.
,
59
, .
60
7
(FINANCIAL STRUCTURE AND VIABILITY RATIOS)
.
.
,
,
.
, ,
.
.
,
.
.
, .
, ,
.
61
,
.
, .
.
, .
, .
,
. trading on the equity.
,
.
,
.
,
.
, ,
.
62
,
,
.
, ,
.
,
.
.
:
1. ,
.
.
2. , .
.
.
63
3. .
.
.
,
.
, ,
.
:
1.
2.
3.
4.
5.
6.
64
7.2.1. (Ratio of owners to fixed assets)
.
,
. :
=
,
. ,
,
, .
.
:
. . , . . , . .
65
,
.
7.2.2.
(Ratio owners equity to total assets)
,
.
. :
= 100
100 ,
.
, . :
= 100
,
.
66
.
.
,
.
7.2.3.
(Ratio of owners equity to total liabilities)
.
( +)
(+ ). :
=
.
.
.
67
7.2.4. (Ratio of current assets to total liabilities)
.
, ,
. :
= 100
. .
,
.
7.2.5. (Number of times interest earned)
.
, ,
.
.
68
. :
=
,
,
,
.
.
. ,
.
.
.
,
.
69
7.2.6. (Ratio of fixed assets to long term liabilities)
.
,
.
. :
=
.
.
,
.
70
8
(INVESTMENT RATIOS)
,
.
. ,
,
,
.
:
1. .
2. .
3. .
4. .
5. .
6. .
7. .
8. .
9. .
10. .
11. .
71
8.2.1. (Dividends per share)
, ,
.
.
:
(D.P.S.) =
,
,
. ,
,
.
,
. ,
.
72
8.2.2. (Earnings per share E.P.S.)
,
.
, .
,
. :
=
(E.P.S.)
,
,
.
,
.
,
,
.
,
,
,
,
73
.
.
,
:
+
1/1/
=
,
, .
,
, ,
.
,
,
.
,
.
74
8.2.3. (Dividend yield on equity capital)
,
.
. :
= 100
.
,
.
8.2.4. (Book value per share)
. :
=
(
)
75
:
,
, .
, .
8.2.5. (Percentage of distributed profits)
,
,
. :
= 100
,
,
,
.
,
.
76
8.2.6. (Cash flow per share)
, cash flow
.
(cash flow) ,
,
,
.
(
)
, . :
( + )
(cash flow =
)
.
77
8.2.7. (Price earnings ratio)
,
.
.
.
,
. :
=
. ,
,
.
(P/E).
.
,
.
,
78
. ,
,
.
(P/E) :
= 100
(P/E).
(P/E),
.
.
:
.
, .
, .
(P/E)
.
79
. (P/E)
(P/E)
.
, (P/E)
.
(P/E) ,
(P/E)
.
(P/E) (P/E)
,
(P/E)
.
(P/E)
.
(P/E) (P/E)
,
. ,
(P/E)
.
: (P/E)
;
:
(P/E) (P/E) .
.
.
80
(P/E)
,
.
(P/E).
8.2.8. (Depreciation per share)
,
.
.
. :
=
8.2.9. (Cash flow)
(P/E ratio)
,
(P/E ratio)
P/E
.
81
, , ,
.
. :
= 100
8.2.10. .
:
= 100
.
.
82
9
(OPERATING EXPENSE RATIOS)
.
:
1.
.
2. .
3. .
4. .
5. .
9.2.1. (Trading profit to wages)
.
.
:
= 100
83
.
,
.
9.2.2. (Operating expenses to net sales ratio)
.
. :
= 100
,
.
,
:
.
.
84
9.2.3. (Ratio fixed assets to average number of employees)
,
, .
:
=
,
.
9.2.4. (Ratio of accumulated depreciation to new investments)
,
. :
= 100
. .
85
9.2.5. (Operating ratio)
,
. :
+ .
= 100
,
.
,
.
.
.
,
,
.
,
-,
.
86
:
.
.
.
87
100
88
+ +
+
+
/
100
/
100
/ + / .
100
89
/
100
/
100
100
+ .
100
90
100
/
100
100
100
100
91
+ . .
100
.
/
100
92
10
.
, ,
, , ,
.
(comperative statements)
, .
.
, ,
.
,
,
.
:
93
1. ,
.
2. .
3. ,
.
4. ,
.
,
.
,
.
:
. ,
.
. .
94
10.1. (Trend percentages)
(5 10
).
, .
, .
100. ,
,
.
, ,
. :
= 100
(..)
.
.
.
,
100. , ,
95
100.
, 100.
100
,
100
.
10.2. (Time series analysis of common size statements)
,
.
,
, ..
.
.
96
10.3.
.
.
,
.
.
,
.
10.4. (Time series analysis of financial ratios)
, ,
. ,
(cross sectional analysis).
,
.
97
.
.
,
, .
10.5.
,
,
.
, .
, .
,
.
. ,
, ,
, .
98
, , .
, (
) .
.
,
.
,
,
.
, ,
.
,
.
,
.
.
.
99
,
,
,
..
,
,
.
100
11
,
.
.
:
,
.
,
, .
,
.
.
.
101
,
, .
.
:
1.
.
2. ,
.
3. .
4. .
5. .
6.
.
102
11.1.
:
,
,
.
,
.
,
.
: + .
,
,
.
.
103
,
,
: + .
,
, , ,
.
.
:
1.
2.
3. , ,
,
4.
, ,
.
104
11.2. ,
,
.
.
, ,
,
.
.
,
,
.
.
.
:
1. .
2. .
3. .
4. .
5. .
6. .
7. .
8. .
9. .
10. .
11. .
.
105
.
.
.
.
.
,
,
.
,
,
,
.
.
.
.
.
.
106
,
,
.
.
.
,
.
.
.
, .
,
,
.
.
,
.
,
107
.
.
.
.
. ,
. ,
, ,
.
,
, ,
.
,
.
,
.
108
. , ,
, ,
.
,
, ,
.
. ,
, .
,
,
.
. ,
,
,
. ,
.
,
.
109
.
, .
,
.
,
,
.
11.3.
,
.
:
1.
.
2.
.
3. ,
.
4.
.
110
5.
.
6.
, .
7.
.
,
:
1. ,
.
2.
.
3.
.
4.
.
5.
, ,
.
,
,
,
, .
,
.
111
,
.
11.4.
,
.
:
1. ,
.
2. .
3.
,
.
4. ,
.
5. .
6. ,
.
7.
,
.
112
12
:
, .
.
, , .
.
,
.
,
, .
,
113
, .
,
.
1988,
. 1988 Financial Accounting Board (F.A.S.B.)
.
,
.
12.1.
,
.
.
:
1. .
2. ,
.
,
114
, ,
..
,
.
,
.
, ,
, .
,
.
.
,
.
.
,
,
,
,
:
115
1.
.
2.
.
3.
.
4.
,
.
5. ,
.
6.
,
.
7.
:
. .
.
.
.
.
.
.
.
116
.
, .
,
, .
,
,
:
.
.
.
.
,
.
,
.
117
12.2.
:
12 1
:
..............................................600 ...........................................150 ................................. 200
............................................. 950
................................................. 250
................................................ 1.200
.
,
, , ,
.
:
118
12 2
- -
.
.
- -
.
.
- .
- .
.
- .
.
,
.
.
,
119
.
12 3
()
:
:
:
:
:
,
:
120
,
.
,
.
,
.
.
121
()
()
122
12.3. .
,
,
, .
,
.
,
. ,
,
.
,
.
. ,
,
,
.
,
, ,
, ,
123
,
.
:
,
,
, .
,
, ,
.
,
, .
.
:
- ............................ 450000
-
........................ 130000
- ().................................. 160000
- ......................................................................... 80000
:
............................ 450000
:
......... 130000
................................................. . 580000
124
,
,
.
,
.
,
:
............................ 450000
:
......... 130000
................................................. . 580000
:
................. 80000
.........................160000......................... 240000
................................................ 340000
,
,
. ,
,
.
( ) (
). ,
, .
, ,
.
125
.
12.5.
201
4500000 .
500000 .
5000000 .
:
2800000 .
350000 .
300000 .
/ 250000 .
170000 .
3870000 .
1130000 .
,
.
126
,
,
.
.
,
.
.
127
12.6.
1/1 31/12/201
: ........................................1000000 .
....... .............. 50000 .
................................... 1050000 .
& .......(580000) .
.................................................( 45000) .
/ ..........................( 30000) . (655000) .
........................... 395000 . : ............................................ ( 45000) .
...................................... ( 20000) .
.............................................. ( 10000) .
............................................ ( 5000) .
..................................................... (170000) .
................................ ( 50000) .
...................................... 375000 . / :
...................................... 160000 .
............. 50000 .
................................................ 150000 .
/ ............. 260000 .
/ .................................
.................................
.............................................................
128
12.4.
,
.
.
,
, :
1. ,
,
.
2. ,
,
.
3. ,
.
4.
,
.
:
1.
.
2. .
129
:
1.
.
2. .
.
:
=
+ + = + +
.
.
. ,
.
,
,
.
130
.
(current assets).
,
,
.
,
,
,
.
,
, .
,
,
, ,
.
,
.
,
,
.
131
, ,
,
,
.
(common sizes)
,
.
.
,
.
12.5.
,
.
.
,
.
,
,
:
132
, .
,
.
,
,
.
,
,
.
,
.
,
,
,
,
,
.
133
13
.
,
.
(break even point)
,
, .
,
. , , ,
.. .
,
.
, ,
.
,
.
,
.
.
134
.
,
,
, .
, .
,
,
.
13.1.
,
( , , , ..)
:
1. ,
.
2. ,
.
. ,
,
.
, ,
135
.
:
1.
.
2.
.
3.
.
4.
, ,
.
5. .
.
,
.
,
,
,
, , ..
,
.
,
.
:
136
1.
,
.
2. ,
.
3. , ,
.
,
:
1. .
2. ,
.
3.
, .
,
.
,
.
,
. ,
,
137
,
.
,
,
.
,
.
:
, -
.
, .
, .
, .
, , ..
.
.
138
13.2. (Break even techniques)
.
1. .
2. .
3. .
13.2.1. (The contribution margin method) ,
.
,
.
. , 40 .
8 . ,
32
. :
40 .
:
8 .
32 .
139
32 . ,
:
+ = S + K = P - V : X = S = P = / V = / K = , P V = /
, :
-
=
140
( P V ) = P V = 1 - P :
=
P = /
V = /
,
:
S + K S + K X = = ( P V ) V 1 - P P S X = : X = S = = / = ,
141
,
, :
= + = + 1 - S + K S = X = 1 - V / P
142
13.2.2. (The equation method)
,
,
:
= + +
= S + +
:
=
S =
=
=
,
:
= S +
,
, :
143
P.X. = S + V * X + K :
P = /
=
S =
V = /
= ,
, :
P * X V * X = S
X ( P V ) = S
S X = ( P V ) ,
( P V ) ,
.
( ),
,
:
144
= V = P :
=
V =
P =
= + V V = S + X X - X = S P P S S X . X = S X ( 1 ) = S X = = 1 - V / P 1 - : X = V = P = = S =
145
13.3.3. (The graph method)
, , .
,
,
.
,
.
,
.
,
,
,
.
,
,
.
,
,
.
,
,
.
.
,
,
.
146
.
,
.
.
, .
, ,
,
.
,
.
,
:
= 100x
(Margin of ()
safety ratio)
=
.