1. Financial Statement Analysis
Martyna Mikołajek M.Sc. Management Financial Facility Institute of Economic Sciences

2. Office hours E-mail: martyna.mikolajek@uwr.edu.pl Room: 106C
Tuesday: 17:00-19:00

3. Recommended reading
Fridson M., Alvarez F., Financial Statement Analysis: A Practitioner's Guide, John Wiley & Sons, Inc., New York, 2002.
Karwowski M., Accounting and financial reporting, Warsaw School of Economics,
Lecture’s presentations

4. Basic information of the Financial Statement Analysis

5. Economic entities Goverment Auditors Suppliers Consumers Employees
Creditors
Shareholders

6. Factors shaping the financial situation
Outside
Inside
macro-environment
micro-environment
Non-measurable
 quantitative -measurable

7. Macro-enviroment factors
government policy
phase of the business cycle
financial system
tax system accounting
legal system

8. Micro-enviroment factors
phase of the business / sector conjunctural cycle
barriers to entry for market
competitive strength

9. Non-measurable factors
strategic management skills
experience and competences of the staff
information systems
technical and technological level
organization culture
market position

10. Quantitative –measurable factors
the value of revenues and costs
the structure of revenues and costs (variable / permanent)
level and structure of assets

11. Research on the impact of factors on value for owners
Sales factors
Factors of the profit rate on sales
Factors of the effective tax rate
Owner
Factors of property, plant and equipment
Working capital factors
Capital cost factors

12. Sales factors the size of the market sales structure
product brand and customer loyalty
distribution channels
marketing

13. The factors of the profit rate on sales
pricing policy
level of employment and wages of the workforce
prices of materials, goods and services
level of using outsourcing

14. Factors of the effective tax rate
tax law shaping tax rates
transfer prices with an international structure

15. Factors of property, plant and equipment
technical and technological level
investment financing
scale effect

16. Capital cost factors
interest rates
structure of the capital market