1. Corporate Finance A1 Vysoká škola finanční a správní Summer Semester 2012 Jaromír R. Stemberg jaromir@mail.vsfs.cz

2. Financial Reports

3. Balance Sheet Assets Liabilities Current AssetsCurrent Liabilities Cash and EquivalentsShort-Term Accounts Payable Short-Term ReceivablesCurrent Tax Payable InventoryShort-Term Loans and Borrowings Accruals and Other S/T AssetsAccruals and Other S/T Liabilities Long-Term AssetsLong-Term Liabilities Intangible Fixed AssetsLong-Term Payables Tangible Fixed AssetsProvisions Long-Term Receivables Owners’ Equity Share Capital Share Premium and Capital Funds Retained Earnings Y-T-D Profit (Loss)

5. Cash Flow Statement

6. Statement of Changes in Equity

7. Profitability Ratios Profit margin Return on assets (investments) Return on equity

8. Profit Margin Net income / Sales = 200 / 4 000 = 5%

9. Return on Assets Net income / Total assets = 200 / 1 600 = 12,5%

10. Return on Equity Net income / Stockholders‘ equity = 200 / 1 000 = 20%

11. Asset Utilization Ratios Receivable turnover Average collection period Inventory turnover Fixed asset turnover Total asset turnover

12. Receivable Turnover Sales / Accounts receivable = 4 000 / 350 = 11,4 times

13. Average Collection Period Accounts receivable / (Sales / 365) = 350 / 11 = 32 days

14. Fixed Assets Turnover Sales / Fixed Assets = 4 000 / 800 = 5 times

15. Total Assets Turnover Sales / Total assets = 4 000 / 1 600 = 2,5 times

16. Inventury Turnover Sales / Fixed Assets = 4 000 / 800 = 5 times

17. Liquidity Ratios Current ratio Quick ratio

18. Current Ratio Current assets / Current liabilities = 800 / 300 = 2,67

19. Quick Ratio (Current assets - Inventory) / Current liabilities = 430 / 300 = 1,43

20. Debt utilization Ratios Debt to total assets Times interest earned

21. Debt to Total Assets Total debt / Total assets = 600 / 1 600 = 37,5%

22. Times Interest Earned EBIT / Interest = 550 / 50 = 11 times

23. Du Pont Analysis

24. Trend Analysis