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- 2. Financial analysis is the study of the main indicators of the financial condition and financial performance
- 3. Financial analysis includes analysis of the assets and liabilities of the organization, its solvency, liquidity, financial
- 4. The main components of the financial - economic analysis of the enterprise are accounting analysis; horizontal
- 5. Horizontal analysis is comparing reporting indicators with indicators of previous periods. Vertical analysis is carried out
- 6. Calculation of financial ratios
- 7. Altman Z-score The Z-score formula for predicting bankruptcy was published in 1968 by Edward I. Altman
- 8. Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0X5. X1 = working capital /
- 9. Z-score estimated for non-manufacturers & emerging markets Z = 6.56X1 + 3.26X2 + 6.72X3 + 1.05X4
- 10. Zones of discriminations Z > 2.6 – “Safe” Zone, low probability of bankruptcy 1.1 Z
- 11. Z-score estimated for manufacturing enterprises Z′ = 0.717X1 + 0.847X2 + 3.107X3 + 0.420X4 + 0.998X5
- 12. Zones of discrimination: Z′ > 2.9 – “Safe” Zone 1.23 Z′
- 13. Commonly-used financial ratios can be divided into the following five categories. Liquidity or Solvency Ratios Financial
- 14. 3.3 Solvency analysis The solvency of an enterprise is the ability of a company to pay
- 15. The solvency of the company consists of two factors:
- 16. In the analysis of the first factor, the organization has net assets (equity). If the organization
- 17. If an organization has positive net assets, this does not indicate its good solvency. It is
- 18. There are several different solvency ratios, some of them technical and of use primarily to auditors
- 19. 2) The Equity Ratio explains how much of the company is owned by its investors. The
- 20. The Equity Ratio = 100000/150000 = 0,67 As you can see, ratio is .67. This means
- 21. 3) Interest Earned measures a company's ability meet its long-term debt obligations. It's calculated by dividing
- 22. A ratio of less than one indicates that a business may not be in a position
- 23. The solvency of the company in terms of asset liquidity is analyzed by means of special
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