! Formulae

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Profitability ratios.
4
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GPM. | OPM. | ROCE. | ROE.
Efficiency ratios:
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NAT | RD | ID | PD.
Liquidity and gearing ratios:
4
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CR. and QR. | FG. and OG.
Financial Gearing. and Operational gearing.
Investor's ratios:
4
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IC. | DC. | DY | PER
Interest cover. | Dividend cover. | Dividend yield. | Price/EPS ratio
NAT
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Revenue ÷ (Equity+Debt)
=times p.a.
Nat-red
ID
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Inventory ÷ COS
× 365 days
COS = Purchases + start inventory - close inventory.
PD
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Average Payables ÷ Credit purchases
× 365 days
CR
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Current Assets ÷ Current Liabilities
QR
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(Current Assets less Inventory) ÷ Current Liabilities
FG
2
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Debt ÷ Equity
Debt ÷ (Debt + Equity)
OG
2
Operational gearing
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Fixed costs ÷ variable costs. | Contribution ÷ PBIT.
Contribution = Revenue less variable costs.
IC
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PBIT ÷ FC
DC
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PAT ÷ Total dividends
DY
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DPS ÷ CSP
PER
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CSP ÷ EPS
ROCE
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PBIT ÷ (Average Debt + Average Equity less Current liabilities)
Capital employed = Total assets - Current liabilities
OPM
also: NPM (for ratio analysis)
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PBIT ÷ Revenue
If operating profit is not given, use the profit figure closest to it.
GPM
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Gross profit ÷ Revenue
ROE
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PAT ÷ Equity
roe-pate
Receivable days
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average receivables ÷ Credit sales
× 365 days
Asset turnover
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Revenue ÷ Average assets
Equity ratio
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Average assets ÷ Equity
DuPont Identity (ROE)
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NPM × asset turnover × equity ratio
ROE = NPM × AT × ER
EbITDA(G)
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Earnings before interest, taxes, depreciation, amortization (inc. goodwill written off)
NPM
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PAT ÷ R
⋅ 100
Groups of ratios - financial analysis.
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Profitability | Liquidity | Efficiency | Gearing | Investor + Conclusion
PLEGI
Financial statements ratios groups:
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Profitability | Liquidity | Capital structure (e.g. gearing)
PLC
The most useful ones are gearing and EPS.
In accordance with IAS 33, listed companies must disclose two types of EPS:
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basic EPS | diluted EPS
Basic EPS
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Earnings attributable to ordinary shareholders ÷ Weighted average number of ordinary shares.
Diluted EPS concept:
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At the year-end, an entity may have commitment to issue more ordinary shares.
Such commitments include convertible loans or share options.
Calculation of diluted EPS may include:
2
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convertible loans | share options
The SBR exam is more likely to focus on the impact of errors on EPS rather than on the calculation of EPS.
Free CF definition
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CFs from operating activities less capital expenditure.
Additional Performance Measures examples:
2 | APMs
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Ebitda | Free CF
Equity section components (for gearing calculation):
4 (basic ones)
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SC | RE | OCE | NCI
*share capital, retained earnings, other components of equity, non-controlling interest
Real discount rate
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[(1 + money cost of capital) ÷ (1 + inflation rate)] - 1
Money cost of capital is 15.44% and inflation is 4%. | [(1 + 0.1544) ÷ (1 + 0.04)] - 1 = 0.11 (11%)
WIP/Finished goods/Raw materials Period:
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Average value of WIP/FG/RM ÷ COS
× 365
ROI
Divisional performance measure:
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Controllable operating profit ÷ Controllable capital employed [total assets less current liabilities].
COP ÷ CCE [TA-CL)
Decision: accept project if ROI > cost of capital.
Residual income (RI)
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Controllable operating profit less Imputed interest
COP - II (TA × COC)
Imputed interest = controllable capital employed × cost of capital | Decision: accept the project, if the RI is positive.
EVA
*Economic Value Added
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NOPAT less (ACE × WACC))
NOPAD - (Adjusted capital employed× WACC)
A similar but superior measure to RI. | Decision: accept the project if the EVA is positive.
WACC
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(% of equity × cost of equity) + (% of debt × post-tax cost of debt)
(%E × kE) + (%D × p.t. kD)
Capital employed
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Average Debt + Average Equity less Current liabilities
Average Debt + Average Equity - Current liabilities
working capital
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current assets + current liabilities
Project decision based on ROI.
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If ROI is higher than COC.
*cost of capital
Hedge ratio
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hedge value ÷ total position value
PoL on disposal
sale and leaseback
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AP × ((FV less PV ALPs) ÷ FV)
Apparent profit × ((FV less PV of the annual lease payments)) ÷ Sales price)
1.5 × ((5 - 1.8) ÷ 5) = 0.96 | When the sales proceeds are less than the asset’s FV are treated as a PREPAYMENTS. When the sales proceeds exceed the asset’s FV are treated as ADDITIONAL FINANCING - subtract/add the difference also from PV ALPS.

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