美国注册管理会计师CMAP2_S3

Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues1MODULE34TAXES:TRANSACTIONSINPROPERTYS3:ProfitabilityAnalysis&AnalyticalIssuesInstructor:HelenCopyright高才国际教育集团P1–FinancialPlanning,PerformanceandControlCopyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues2ProfitabilityAnalysis&AnalyticalIssuesS3A.ProfitabilityRatiosB.MarketRatiosC.RatiosinGeneralD.ProfitabilityAnalysisE.EffectsofForeignCurrencyIssuesF.EffectsofOff-Balance-SheetFinancingG.EffectsofIFRSH.EffectsofFairValueAccountingCopyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues3A.ProfitabilityRatiosCopyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues4AProfitabilityRatios1.CommonPercentagesMeasureProfitabilityDirectlyfromI/Sa)GrossprofitmarginItiswhatpercentageofgrossrevenuesremainstothefirmafterpayingformerchandise.FormulaGrossprofit%=Grossprofit÷Sales×100%Thekeyanalysiswithrespecttothisratioiswhetheritiskeptupwiththeincreaseordecreaseinsales.①Forexample,a10%increaseinsalesshouldbeaccomplishedbyatleast10%increaseintheGP%.ThechangeinGPmargincanindicatethatthefirm①Haspriceditsproductsdifferentlywhilemaintainingthesamecoststructure,or②Haschangedthewayitcontrolsthecostsofproductionand/orinventorymgmt.Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues5AProfitabilityRatios1.CommonPercentagesMeasureProfitabilityDirectlyfromI/Sb)OperatingprofitmarginItiswhatpercentageofgrossrevenuesremainstothefirmafterS,G&AEXPhavebeenpaid.FormulaOperatingprofit%=Operatingprofit÷Sales×100%Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues6AProfitabilityRatios1.CommonPercentagesMeasureProfitabilityDirectlyfromI/Sc)NetprofitmarginItiswhatpercentageofgrossrevenuesremainstothefirmafterotherG/L,interestEXPandincometaxeshavebeenaddedordeducted.FormulaNetprofit%=Netprofit÷Sales×100%Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues7AProfitabilityRatios1.CommonPercentagesMeasureProfitabilityDirectlyfromI/Sc)NetprofitmarginSummaryNetsalesCOGSGrossprofitmarginSellingEXPGeneral&AdminEXPOperatingprofitmarginOtherrevenuesandgainsOtherexpensesandlossesIncomebeforetaxesIncometaxesNetprofitmarginGrossprofit%Operatingprofit%Netprofit%Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues8AProfitabilityRatios1.CommonPercentagesMeasureProfitabilityDirectlyfromI/Sd)Earningsbeforeinterest,taxes,depreciation,andamortization(EBITDA)Itisalsoacommonlyusedperformancemeasure.FormulaEBITDA%=EBITDA÷Netsales×100%NetIncomeAdd:InterestEXPIncometaxEXPDEPEXPAmortizationEBITDAItapproximatesprofitsfromongoingbusiness.Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues9AProfitabilityRatios2.ReturnGeneratedforaCorpOwnersa)Returnonassets(ROA)vs.Returnonequity(ROE)ReturnonassetsROA=Netincome÷Avgtotalassets×100%ReturnonequityROE=Netincome÷Avgtotalequity×100%Thedifferenceinthetwodenominatorsistotalliabilities.①ROEwillthereforealwaysROACopyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues10QuestionTime…1.IfCompanyAhasahigherrateofreturnonassetsthanCompanyB,thereasonmaybethatCompanyAhasalistAprofitmarginonsales,alistBasset-turnoverratio,orboth.Answer:AA.HigherHigherB.HigherLowerC.LowerHigherD.LowerLowerListAListBCopyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues11QuestionTime…2.Inthecurrentyear,GriffinInc.had$15millioninsales,whiletotalfixedcostswereheldto$6million.Thefirm’stotalassetsatyear-endwere$20millionandthedebt/equityratiowascalculatedat0.60.Ifthefirm’sEBITis$3million,theinterestonalldebtis9%,andthetaxrateis40%,whatisthefirm’sreturnonequity?Answer:AA.11.16%B.14.4%C.18.6%D.24.0%Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues12QuestionTime…3.TheIntelinetCorp.andComp,Inc.haveassetsof$100,000eachandareturnoncommonequityof17%.IntelinethastwicethedebtofCompwhileComphashalfthesalesofIntelinet.IfIntelinethasnetincomeof$10,000andatotalassetsturnoverratioof3.5,whatisCompInc.’sprofitmargin?Answer:BA.3.31%B.7.71%C.10.00%D.13.50%Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues13B.MarketRatiosCopyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues14BMarketRatios1.FundamentalValuationMultiplesa)Market/BookratioItmeasureshowmuchaninvestormustspendto“own”adollarofnetassets.FormulaM/Bratio=Marketpricepershare÷Bookvaluepershare×100%AhighM/Bratioreflectsthestockmarket’spositiveassessmentofthefirm’sassetmgmt.Bookvaluepershare=Totalassets–Totalliabilities–LiquidationvalueofP/SNo.ofC/SoutstandingCopyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues15BMarketRatios1.FundamentalValuationMultiplesb)Price/EarningsratioItmeasureshowmuchaninvestormustspendto“buy”adollarofearnings.FormulaP/Eratio=Marketpricepershare÷EPSAhighP/Eratioreflectsthestockmarket’spositiveassessmentofthefirm’sgenerationofprofitsthroughongoingoperations.Earningspershare(EPS)=IncomeavailabletoC/Sholder/WACSOIfbothBEPSandDEPSarepresented,usetheDEPS.Copyright高才国际教育集团S3:ProfitabilityAnalysis&AnalyticalIssues16BMarketRatios2.EarningsPerShare(EPS)a)IntroductionItstatestheamountofcurrent-periodearningsthatcanbeassociatedwithasingleshareofaCorp’scommon