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    【精品文档】106中英文双语公司企业财务报表分析的毕业设计外文文献翻译:一家选定公司的财务分析.pdf

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    【精品文档】106中英文双语公司企业财务报表分析的毕业设计外文文献翻译:一家选定公司的财务分析.pdf

    73 RESEARCH PAPERS FACULTY OF MATERIALS SCIENCE AND TECHNOLOGY IN TRNAVA SLOVAK UNIVERSITY OF TECHNOLOGY IN BRATISLAVA 10.1515/rput-2016-0008 2016, Volume 24, Number 37 FINANCIAL ANALYSIS OF A SELECTED COMPANY Dušan BARAN1, Andrej PASTR1, Daniela BARANOV2 1 SLOVAK UNIVERSITY OF TECHNOLOGY in Bratislava, FACULTY OF MATERIALS SCIENCE AND TECHNOLOGY IN TRNAVA, INSTITUTE OF INDUSTRIAL ENGINEERING AND MANAGEMENT, UL. JNA BOTTU 25, 917 24 TRNAVA, SLOVAK REPUBLIC, e-mail dusan.baranstuba.sk, andrej.pastyrstuba.sk, 2Comenius University in Bratislava, Faculty of management in Bratislava, Slovak Republic, danka.barankagmail.com Abstract The success of every business enterprise is directly related to the competencies of business management. The business enterprise can, as a result, create variations of how to approach the new complex and changing situations of success in the market. Therefore managers are trying during negative times to change their management approach, to ensure long-term and stable running of the business enterprise. They are forced to continuously maintain and obtain customers and suppliers. By implementing these measures they have the opportunity to achieve a competitive advantage over other business enterprises. Key words Financial analysis, company, profit, activity, profitability, liquidity, indebtedness INTRODUCTION In a global market economy that is determined by its constant uncertainty, the business enterprises are faced with demanding economic conditions. They are exposed to constant changes of environment as well as uncompromised pressure of competitors, who are trying every day to increase the quality of their products and services and continuously to progress ahead. This fact results in a negative impact on the whole performance of the business subject. The business subject, in order to be able to maintain a stable and competitive position on the market, to provide inputs for the management, to make important strategic decisions and to achieve their economic goals, is forced to constantly analyse and monitor their financial situation with which appears towards financial subjects and the surrounding’s situation. A principal factor of effective financial management consist SLOVAK UNIVERSITY OF TECHNOLOGY in Bratislava, s of financial situation knowledge. For this purpose the financial analysis is used. With it the business subject will be capable to prevent the crisis, which would lead to remediation or even to bankruptcy. Unauthenticated Download Date | 7/9/16 1039 PM 74 OBJECTIVE The objective of this article is to provide basic knowledge about financial analysis ex-post and subsequently to evaluate the business subject progress in an area of activity, liquidity profitability and indebtedness, to reveal strengths and opportunities that the business subject should rely on. Furthermore, it also aims to determine weaknesses and threats that could lead them to difficult situations and based on the results to provide measures to improve the system of financial economic analysis of the business subject. METHODS In this article the basic scientific methods used were analysis, synthesis, induction, deduction and hypothesis creation. A synthesis of theory and knowledge will serve to obtain the theoretical basis to meet the set objective. The analysis will focus on the financial statements of a public limited company which produces equipment and components for the mining, chemical and energy industries, as well as boat and marine components. From the results of the analysis, by induction, deduction and hypothesis creation, we shall draw conclusions and suggest actions for improvement of the business subject’s financial and economic analysis system. 1. FINANCIAL ANALYSIS OF THE SELECTED COMPANY The financial situation of the business subject is considered to be a complex output of their whole performance. This output is presented through the ratio indicators of activity, profitability, liquidity, indebtedness and market value. These indicators are based on the synthetic indicators of financial accounting and they demonstrate the complexity of the business subject’s performance interpretation Baran and Pastr, 2014, 6. 1.1 Financial analysis - Ex post A financial situation analysis is the foundation of the company’s economic performance analysis and usually proceeds down to primary fields and results as effectivity, efficiency, production capacity utilisation, supplement management and the like. Financial analysis detects weaknesses and strengths of the company, is the tool of “health” diagnostics and provides essential information to business management and to owners Vlachynsk, 2009, 369. Sedlček understands the financial analysis of the company as a method of the company’s financial management evaluation, during which the data obtained is graded, aggregated and compared to each other. Furthermore, the relationships between them are quantified, looking for the causal connection between the data and their development is determined. This increases the explanatory power of data processing and its informative value. Thus it focuses on identifying problems, strengths, weaknesses and foremost the company’s value processes. Information obtained through financial analysis enables us to reach some conclusions about general management and the financial situation of the company and represents a background for management decision making Sedlček, 2009, 3. The main purpose of financial analysis is to express assets and the financial position of the company and to prepare the inputs for internal management decision making. The complexity and continuous execution are the essential requirements of financial analysis Hrd, 2009, 118. Unauthenticated Download Date | 7/9/16 1039 PM 75 The company’s financial situation is diverse and a multifaceted complex phenomenon; consequently this diversity is transferred also into the financial analysis process. The user of the financial analysis results decides which indicator’s to select and the priority of utilisation of individual parts of the financial analysis according to demand and intention Baran et. al, 2011. Among primary users of the financial analysis we might include various subjects mainly as owners, managers, employees, lenders suppliers, banks, debtors customers, institutions of state and public administration, external analytics, media and etc Baran, 2008. The review of the company’s financial situation is declared by the system of financial indicators, which have to be in order and designed to reflect all the important aspects of the financial situation. Therefore, for a description of the financial situation the ratio indicators are used. The ratio indicators enable a comparative analysis of the company with other companies or with indicators for the relevant area. The sum of ratio indicators we’ll present, can be considered as the sum of representative indicators. Specifically, these will be the most commonly used indicators of the financial situation characteristics. However, along with the practical application, dozens of indicators are used, and it is not possible to mention all of them Baran, 2015. In practice, the use of several basic indicators has been proven relevant which can be categorised into groups according to individual areas of management evaluation and the financial health of the company. Mostly these are groups of indicators such as debt, liquidity, profitability, activity, capital market indicators, as well as other indicators Knapkov, 2013, 84. Based on the objectives that have been set within this article, we’ll provide more detail on the ratio indicators of profitability and liquidity. 1.1.1 Financial analysis - Indicators of activity The activity indicators are used for business asset management, because they evaluate how effectively a business subject manages their assets. A business subject rates the commitment of individual items of the capital in certain forms of assets. If the business subject may have more assets than is appropriate, then unnecessary costs are incurred and the profit is adjusted. In contrast, if the business subject may have few assets the possible incomes may be lost Baran, 2015. When applying indicators of activity we see a problem in the work with flows and stocks. While the balance sheet represents assets and liabilities at a particular point in time, the profit and loss statement records the costs and revenues continuously over the year. Therefore, when working with those indicators it is necessary due to the least possible deviation from the actual that the calculation shows the average of individual balance sheets items Pastr, 2014. The time of stock turnover testifies how many days does a stock turnover take. In other words, it indicates the time that is required for the transition of financial resources through production and products back into the form of money. The ideal situation is when the business subject over time shows a decreasing value of this indicator. A short time time scale is usually the expression of greater efficiency. However, it is necessary to take into account the nature of the business. Alternatively, in the denominator instead of revenues the costs can be used. stock turnover average stockrevenues x 365 Unauthenticated Download Date | 7/9/16 1039 PM 76 The receivables turnover tells how long the business assets hang in the form of receivables or in how long time the receivables are paid on average. The recommended value is obviously the standard time period of invoices maturity, because most of the consigned products are invoiced and each invoice has its maturity. If the time period of receivables turnover has been longer than the standard time period of invoices maturity that would mean failure to comply with the trade credit policy from business partners. However, at present it is quite common that the time of invoices payment exceeds the declared. Definitely, in this case it is important to take into consideration what is the size of the analysed company. For small businesses the longer period of receivables maturity may cause significant financial issues with the possibility of bankruptcy. While large businesses are from the financial point of view more able to tolerate longer period of maturity. The time horizon, which could be considered as optimal, should also meet the criteria of business commercial policy Růčkov, 2005, 122. receivables turnover average stock of short − term receivablesrevenues x 365 The maturity of short-term liabilities reflects the time of incurrence until its payment. This indicator should reach at least the values of receivables turnover maturity. The indicators of receivables turnover maturity and the liabilities turnover maturity are important for assessing the timing differences from the inception of receivables until their collections and from incurring of liabilities until the payment. This difference directly influences the business liquidity. As far as the turnover, the time of commitment is greater than the sum of stock and receivables turnover, the suppliers credits finance receivables and stock, which is preferable. However, it may reflect low liquidity levels. Between the level of liquidity and activity is a close connection and a certain compromise should be looked for Knapkov, 2013, 105. liabilities turnover average stock of short − term liabilitiesrevenues x 365 The long-term asset turnover is relevant in decision-making to determine whether to procure the next long-term production asset. A lower value of the indicator than the average in the field is a signal for production to increase capacity utilisation and for financial managers to reduce business investments Sedlček, 2001, 61. long − term asset turnover revenueaverage stock of long − term assets In general, with asset turnover, it applies that the larger the value of the indicator, the more positively the situation is assessed. A minimal recommended value of this indicator is 1. Yet the value is influenced by the industry as well. A low value of indicator means a disproportionate business subject’s asset facilities and its inefficient use Knapkov, 2013, 104. asset turnover revenuesaverage stock of assets In this case, it is possible to substitute the revenues with the profits, though the result may be overestimated due to different types of income that are not related to the main business activity. Unauthenticated Download Date | 7/9/16 1039 PM 77 It is appropriate to use the sale or revenues from the sales of ones own products and services or to combine both kinds of profits Knapkov, 2013, 104. 1.1.2 Financial analysis - Indicators of profitability The indicators of profitability, sometimes referred to as indicators of profit, return, profitability ratio, are designed as a ratio of the final effect achieved by business activity output to some comparative base input that can be on the side of assets as well as on the side of liabilities, or to another base. These indicators display the positive or also negative influence on asset management, the business subject’s financing and liquidity on profitability Kislingerov, 2007, 83. All indicators of profitability have a similar interpretation, because they specify how much EUR of revenues the numerator cases per 1 EUR of indicator mentioned in the denominator. Because there exists a multitude of profitability ratio indicators; we’ll address only those that are the most important. Altogether we’ll approach the explanatory power of selected and mentioned indicators. In this article we’ll mention the following, in practice most frequently used indicators of profitability Baran, 2015. A return on sales indicator explains to us, how is the business subject able to use inputs for their effective operations. The final value of this indicator is directly influenced by the character of the business activity, price policy, production regulation, etc. A more accurate statement of this type of indicator provides us a ratio of partial results of the business subject’s management to their revenues Baran, 2015. return on sales net incomeincome x 100 operating return on sales operating profitincome x 100 share of added value in revenues added valueincome x 100 The profitability indicator return of income of total capital compares the result of business activity with the volume of invested capital Farkašov, 2007, 42. This indicator specifies the assessment of total capital, the business subject has used for their activity. By assessment of the capital part of the equity, is a process of profit distribution after tax. It is possible for the business subject to execute the profit distribution after tax, but not until the general assembly approves the following - to increase capital, - to subsidise funds from revenues, - to retain th

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