Acer 2009 Annual Report Download - page 30

7.2 Five-Year Financial Analysis
Period
Item
Most Recent 5-Year Financial Information Current year
as of
Mar. 31, 2010
2005 2006 2007 2008 2009
Operating
Revenue
Total Liabilities to Total Assets 60.81 59.92 68.18 65.96 68.09 66.21
Long-term Debts to Fixed Assets 733.23 1,268.55 1,162.99 1,008.19 1,281.42 1,319.83
Ability to
Payoff Debt
Current Ratio (%) 136.30 146.65 134.15 124.83 129.06 132.63
Quick Ratio (%) 106.20 121.20 106.32 95.47 98.43 99.08
Interest Protection 29 33 21 12 25 25
Ability to
Operate
A/R Turnover (Times) 6.05 5.26 5.34 5.18 5.19 5.64
A/R Turnover Days 60 69 68 70 70 65
Inventory Turnover (Times) 13.39 12.01 13.88 13.24 11.31 11.38
Inventory Turnover Days 27 30 26 28 32 32
A/P Turnover (Times) 5.67 4.72 5.63 6.39 5.79 5.86
Fixed Assets Turnover (Times) 33.60 56.67 53.50 58.51 66.16 75.70
Total Assets Turnover (Times) 1.85 1.86 1.90 2.24 1.97 2.31
Earning
Ability
Return on Assets (%) 5.92 5.85 6.27 5.23 4.42 4.79
Return on Equity (%) 13.10 14.31 16.94 14.65 12.92 14.04
To Pay-in
Capital (%)
Operating Income 33.93 31.93 42.34 53.25 57.06 65.25
PBT 47.25 57.97 62.81 56.03 55.74 61.88
Net Income Ratio (%) 2.67 2.91 2.80 2.15 1.98 2.03
EPS(NTD) 3.45 4.16 5.27 4.67 4.31 1.25
Cash Flow
(%)
Cash Flow Ratio 6.97 12.03 (4.59) (3.46) 21.24 (10.05)
Cash Flow Adequacy Ratio 46.41 61.02 26.47 17.55 47.06 28.96
Cash Reinvestment Ratio 3.11 7.89 (19.89) (21.40) 40.47 (20.10)
Leverage Operating Leverage 2.93 3.45 2.99 3.14 3.12 2.92
Financial Leverage 1.05 1.06 1.08 1.10 1.04 1.04
1. Financial Ratio
(1) Total liabilities to total assets = Total liabilities / Total assets
(2) Long-term funds to xed assets = (Net equity + Long term debts) / Net xed assets
2. Ability to Pay off debt
(1) Current ratio = Current Assets / Current liability
(2) Quick ratio = (Current assets − Inventory − Prepaid expenses) / Current liability
(3) Interest protection = Net income before income tax and interest expense / Interest expense
3. Ability to Operate
(1) Account receivable (including account receivable and notes receivable from operation) turnover = Net sales / the
average of account receivable (including account receivable and notes receivable from operation) balance
(2) A/R turnover day = 365 / account receivable turnover
(3) Inventory turnover = Cost of goods sold / the average of inventory
(4) Account payable (including account payable and notes payable from operation)turnover = Cost of goods sold / the
average of account payable ( including account payable and notes payable from operation ) balance
(5) Inventory turnover day = 365 / Inventory turnover
(6) Fixed assets turnover = Net sales / Net Fixed Assets
(7) Total assets turnover = Net sales / Total assets
4. Earning Ability
(1) Return on assets = [ PAT + Interest expense x (1 − interest rate) ] / the average of total assets
(2) Return on equity = PAT / the average of net equity
(3) Operating income on pay-in capital ratio = Operating income / pay-in capital
(4) PBT on pay-in capital ratio = PBT / pay-in capital
(5) Net income ratio = PAT / Net sales
(6) EPS = (PAT − Dividend from prefer stock) / weighted average outstanding shares
5. Cash Flow
(1) Cash ow ratio = Cash ow from operating activities / Current liability
(2) Cash ow adequacy ratio = Most recent 5-year Cash ow from operating activities / Most recent 5-year (Capital
expenditure + the increase of inventory + cash dividend)
(3) Cash reinvestment ratio = (Cash ow from operating activities − cash dividend) / (Gross xed assets + long-term
investment + other assets + working capital)
6. Leverage
(1) Operating leverage = (Net revenue − variable cost of goods sold and operating expense) / operating income
(2) Financial leverage = Operating income / (Operating income − interest expenses)
Acer Incorporated 2009 Annual Report
54.
Acer Incorporated 2009 Annual Report
55. Financial Standing