2008


.

,
.

1:

2:

3:
4:

5:

 6:

7:

8:

 9:

10:

11:

12:

13:

(General Perspective of Financial Analysis)

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1.3.5.

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14

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1.4.1.
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15

1.4.2.
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16

1.
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3.
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17

 2

(Tools and techniques of financial accounting)

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2. ,
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18



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1. .
2. .
3. .
4. ,
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2.2.
(Vertical Analysis)


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2.2.1.

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19




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1.

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2.
(, ,
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20


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(Common size statements) 100%.


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21



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22

 3

(Ratio Analysis)

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23

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1.
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2. ,
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3. ,
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(Standard
ratios),
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24



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1. (Activity ratios).


, .
2. (Liquidity ratios).

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25

3.

(Profitability

ratios).

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4.

(Financial structure and viability ratios).

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5.

(Investment ratios).

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6. (Operating expense ratios).

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26

 4

(ACTIVITY RATIOS)

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27



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1. .
2. .
3. .
4. .
5. .
6. .
7. .
4.2.1.

(Trade creditors to purchases ratio)

,

.


.

.

,

28

,
. :

. :

365

,
,
,
,
.

29

4.2.2.
(Inventories turnover ratio)


.


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(
,
12. ,
).
:

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30

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( )


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:

365
=

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31

4.2.3.
(Receivables turnover ratio)

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( + ) / 2.
( )

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32

365
=

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4.2.4.
(Net Working capital turnover ratio)


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33



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4.2.5.
(Asset turnover ratio)


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34

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4.2.6.
(Owners equity turnover ratio)


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35



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4.2.7.
(Fixed asset turnover ratio)


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36


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37

 5

(LIQUIDITY RATIOS)

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1. .
2. .
3. .
4. .

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38



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39




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2.
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3.
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5.2.1.
(Current ratio)


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40

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2. .
3. .

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41


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2. .
3.
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5. .
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7.

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42


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5.2.2.
(Acid-test ratio)

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43


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(Defensive interval ratio)
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44

5.2.4.
(Cash ratio)


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45

 6

(PROFITABILITY RATIOS)

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46

6.2.1.
(Net profit margin)

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100

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= 100

47


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6.2.2.
(Gross profit margin)


100 .

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= 100

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= 100

48


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(Return on net worth)

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= 100

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50

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= 100
M

51

6.2.4.
(Return to total capital employed)

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1.

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52

2.
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3.

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4.
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6.2.5.
(Return on total assets)

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53

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2
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6.2.6.
(Financial Leverage Ratio)

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54

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6.2.7.

(Ratio of maintenance and repairs to fixed assets)

100 .

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55

6.2.8.

(Ratio of maintenance and repairs to net sales)

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= 100

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56

6.2.9.

(Ratio of depreciation o fixed assets)

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57

6.2.10.
(Ratio of depreciation to net sales)

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100

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:
1. .
2. .
3. ,
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4. ,
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58


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59

(FINANCIAL STRUCTURE AND VIABILITY RATIOS)

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60


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61

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62

3. .



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1.
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3.
4.
5.
6.

63

7.2.1.
(Ratio of owners to fixed assets)


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64

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7.2.2.
(Ratio owners equity to total assets)

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=

100

100
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= 100

,
.

65

.


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7.2.3.
(Ratio of owners equity to total liabilities)

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( +)
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66

7.2.4.

(Ratio of current assets to total liabilities)

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= 100

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7.2.5.
(Number of times interest earned)

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67



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68

7.2.6.
(Ratio of fixed assets to long term liabilities)

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69

 8

(INVESTMENT RATIOS)

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9. .
10. .
11. .

70

8.2.1.
(Dividends per share)

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71

8.2.2.
(Earnings per share E.P.S.)
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(E.P.S.)

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72

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1/1/

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73

8.2.3.
(Dividend yield on equity capital)

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= 100

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(Book value per share)


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74

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8.2.5.
(Percentage of distributed profits)
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75

8.2.6.
(Cash flow per share)

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(cash flow) ,
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)

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=

76

8.2.7.
(Price earnings ratio)

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(P/E),
.

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78

. (P/E)
(P/E)
.
, (P/E)
.
(P/E) ,
(P/E)
.
(P/E) (P/E)
,
(P/E)
.
(P/E)
.

(P/E) (P/E)

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: (P/E)

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:

(P/E)
(P/E) .
.

79

 (P/E)
,
.


(P/E).
8.2.8.
(Depreciation per share)

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(Cash flow)

(P/E ratio)
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(P/E ratio)
P/E
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80

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= 100

8.2.10.

= 100

81

 9

(OPERATING EXPENSE RATIOS)

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1.

.
2.

3.

4.

5.

9.2.1.

(Trading profit to wages)

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= 100

82



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9.2.2.

(Operating expenses to net sales ratio)

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= 100

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83

9.2.3.

(Ratio fixed assets to average number of employees)

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:

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(Ratio of accumulated depreciation to new investments)

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= 100
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84

9.2.5.

(Operating ratio)

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+ .

= 100

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,


.


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.


,
,

.

,
-,
.
85

86

100

87

+ +

/
100

100

/ + / .
100

88

/
100

/
100

100

+ .

100

89

100

100

100

100

100

90

+ . .
100

/
100

91

 10

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(comperative statements)

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:

92

1. ,
.
2. .
3. ,
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4. ,
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93

10.1.
(Trend percentages)

(5 10
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100. ,
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=
(..)

100

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100. , ,

94

 100.
, 100.
100
,
100
.

10.2.
(Time series analysis of common size statements)

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.

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95

10.3.

.


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10.4.
(Time series analysis of financial ratios)

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(cross sectional analysis).

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96




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10.5.

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97

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98

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99

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100

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1.
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2. ,
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3. .
4. .
5. .
6.
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101

11.1.

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102

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1.
2.

3. , ,
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4.

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103

11.2.
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1. .
2. .
3. .
4. .
5. .
6. .
7. .
8. .
9. .
10. .
11. .
.
104

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105

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106


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107

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108

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11.3.

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1.

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2.

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3. ,

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4.
.

109

5.
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6.
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7.
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2.
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3.
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4.
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5.
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110

 ,
.

11.4.


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3.

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4. ,

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5. .
6. ,

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7.

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111

 12

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112

 , .

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.
1988,

. 1988 Financial Accounting Board (F.A.S.B.)
.


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12.1.

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1. .
2. ,

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113

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114

1.
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2.
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3.
.
4.
,
.
5. ,

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6.
,
.
7.

:

115

, .

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116

12.2.

:
12 1

:

..............................................600

...........................................150

................................. 200

............................................. 950
................................................. 250
................................................ 1.200



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117

 12 2

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118


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12 3
()
:

119



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120

()

()

121

12.3.
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122

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:
-

............................ 450000

........................ 130000

().................................. 160000

......................................................................... 80000

............................ 450000
:
......... 130000
................................................. . 580000

123

 ,
,
.
,

.
,

:

............................ 450000
:
......... 130000
................................................. . 580000
:
................. 80000
.........................160000......................... 240000
................................................ 340000

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( ) (
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.

124


.
12.5.

201

4500000 .

500000 .

5000000 .

2800000 .

350000 .

300000 .

250000 .

170000 .

3870000 .

1130000 .

,



.

125


,
,
.
.

,

.

.

126

 12.6.

1/1 31/12/201

:
........................................1000000 .
....... .............. 50000 .
...................................

1050000 .

& .......(580000) .
.................................................( 45000) .
/ ..........................( 30000) . (655000) .
...........................

395000 .

:
............................................ ( 45000) .
...................................... ( 20000) .
.............................................. ( 10000) .
............................................

( 5000) .

.....................................................

(170000) .

................................ ( 50000) .

......................................

375000 .

/ :
...................................... 160000 .
.............

50000 .

................................................ 150000 .
/ ............. 260000 .
/ .................................
.................................
.............................................................

127

12.4.

,
.

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, :
1. ,
,
.
2. ,
,
.
3. ,

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4.
,
.

:
1.
.
2. .

128

 :
1.
.
2. .

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:

+ = + +

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,


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129



.


(current assets).

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,
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,

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,

.
,

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130

 , ,
,
,
.
(common sizes)
,
.


.


,

.

12.5.

,
.

.

,

.
,
,
:

131

,
.

,
.
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,
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.
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,
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.

132

 13

.

,
.
(break even point)

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133



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13.1.

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( , , , ..)
:
1. ,
.
2. ,
.

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,

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134


.

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1.
.
2.
.
3.
.
4.
, ,
.
5. .
.

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135

1.
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.
2. ,

.
3. , ,
.

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1. .
2. ,
.
3.
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,
. ,

,

136

,
.

,
,
.
,
.
:

-


.

,
.

,
.

, .

,
, ..

.
.

137

13.2.
(Break even techniques)

.
1. .
2. .
3. .

13.2.1.
(The contribution margin method)

,
.

,
.

. , 40 .
8 . ,
32
. :

40 .

8 .
32 .

138

 32 .
,
:
+
=

S+K
=
P-V
:
X =
S =
P = /
V = /
K = ,
P V = /

, :

139

(PV)
=
P
V
= 1P
:
=
P = /
V = /

,
:

S+K

S+K

X =

=
(PV)

V
1-

P
S

X=

:
X =
S =
= /
= ,

140

 ,

, :

=

+
=
+
1
S+K
=

S
X=

1-V/P

141

13.2.2.
(The equation method)
,
,
:

= +

=S++
:
=
S =
=
=

,
:

=S+

,
, :

142

P.X. = S + V * X + K
:
P = /
=
S =
V = /
= ,
, :

P*XV*X=S
X(PV)=S
S
X=
(PV)
,
( P V ) ,

.


( ),
,
:

143


=

V
=
P
:
=
V =
P =

= +

V
=S+

V
X

X-

X=S
P

X.X=S

X(1)=S

X=

S
=

1- V/P

1-

:
X =
V =
P =
=
S =

144

13.3.3.
(The graph method)

, , .
,
,
.


,
.

,
.
,
,
,
.
,
,
.
,
,
.
,
,
.
.
,

,
.

145

 .
,
.

.

, .
, ,
,
.


,

,
:

= 100x

(Margin of

()

safety ratio)
=

146