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ACCA FR Financial Reporting (FR) Interpretation of financial statements (ratio analysis)
表达技巧有哪些今日 宜背公式：）
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记住公式！！！数值都算不出来谈何分析！！
1. Performance/ Profitability ratio 盈利能力
Gross profit magin=gross profit/sales revenue *100%
Net profit margin=PBIT/ sales revenue *100%
(PBIT=operating profit=PBT +finance cost)
Net ast turnover净资产周转率=sales revenue/ capital employed
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ROCE=PBIT/capital employed *100% =net profit magin* net ast turnover
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(Capital employed=equity+NCL=ast-CL)
ROE=PAT/ equity *100%
2. Liquidity& Working capital ratio 短期偿债能力和运营效率
Current ratio=CA/CL
Quick ratio=(CA-inventory)/CL
Inventory turnover period=inventory/cost of sales *365 days
Receivables collection period=TR/credit sales *365 days
Payables payment period=TP/credit purcha *365 days
Cash conversion cycle=Inventory turnover period+Receivables collection period-Payables payment period朝舞
3. Long-term financial stability ratio 长期偿债能力
Debt ratio负债比率=total liabilities/ total asts
Gearing杠杆比率=long term debt/(equity+long term debt)
幽默的早安问候语或 long term debt/ equity
Interest cover利息保障倍数=PBIT/ interest payable (interest expen)
4. Investor ratio
Earning per share (EPS)=earnings/ share number
P/E ratio市盈率=share price/ EPS
Dividend yield股息收益率=dividend per share/ share price
DIvidend cover股息保障倍数=PAT/ dividends
但是！考试的时候更多的分数其实在分析，计算是送分，分析才更重要。
我们拿一道题来讲解一下，题目比较长，大家可以自己打开真题看。
2014 Jun Q3
第一题就是让我们计算ratio了，直接放答案啦。
注意的是有些公式有不同算法，题目给了什么公式就用什么。
然后我们来看一下第二题，重点积累一些常用的句子。
(b) Analysis of the comparative financial performance and position of Woodbank for the year ended 31 March 2014
∙ Introduction
--When comparing a company’s current performance and position with the previous year (or years), using trend analysis, it is necessary to take into account the effect of any circumstances which may create an inconsistency in the comparison.（常用句） In the ca of Woodbank, the purcha of Shaw is an example of such an inconsistency.
--2014’s figures include, for a three-month period, the operating results of Shaw, and Woodbank’s statement of financial position includes all of Shaw’s net asts (including goodwill) together with the additional 10% loan notes ud to finance the purcha of Shaw. None of the items were included in the 2013 financial statements.
--The net asts of Shaw when purchad were $50 million, which reprents
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one third of Woodbank’s net asts (capital employed) as at 31 March 2014; thus it reprents a major investment for Woodbank and any analysis necessitates careful consideration of its impact.
∙ Profitability
买车需要注意什么--ROCE is considered by many analysts to be the most important profitability ratio. （常用句）A ROCE of 12·0% in 2014, compared to 10·5% in 2013, reprents a creditable 14·3% (12·0 – 10·5)/10·5) improvement in profitability. （比较数据）
--When ROCE is calculated excluding the contributionfrom Shaw, at 13·0%, it shows an even more favourable performance. （常用句）
--Although this comparison (13·0% from 10·5%) is valid, it would em to imply that the purcha of Shaw has had a detrimental effect on Woodbank’s
ROCE.
--However, caution is needed when interpreting this information as ROCE compares the r
eturn to the capital employed.鸡蛋糕蒸多久 In the ca of Woodbank, the statement of profit or loss only includes three months’ results from Shaw whereas the statement of financial position includes all of Shaw’s net asts; this is a form of inconsistency. It would be fair to speculate that in future years, when a full year’s results from Shaw are reported, the ROCE effect of Shaw will be favourable. （常用套路，先说不利效果，再话锋一转说要是将来考虑整年的数据可能有所不同）
--The cau of the improvement in ROCE is revealed by consideration of the condary profitability ratios: ast turnover and profit margins. （常用思路，拆开ROCE分析）
--Woodbank’s results, as reported, show that it is the increa in the profit before interest and tax margin (12·0% from 9·1%) which is responsible for the improvement in ROCE, as the ast turnover has actually decread (1·0 times from 1·16 times) and gross profit is exactly the same in both years (at
22·0%).
When the effect of the purcha of Shaw is excluded the position changes; the overall im
provement in ROCE (13·0% from 10·5%) is caud by both an increa in profit margin (at the before interest and tax level, at 10·8% from 9·1%), despite a fall in gross profit (20·0% from 22·0%) and a very slight improvement in ast turnover (1·2 times from 1·16 times).
（剔除一次性事件后再比较一次数据）
∙ Liquidity
--The company’s liquidity position, as measured by the current ratio, has fallen considerably in 2014 and is a cau for concern. At 1·67:1 in 2013, it was within the acceptable range (normally between 1·5:1 and 2·0:1); however, the 2014 ratio of 1·08:1 is very low.（比较数据）
