Acer 2010 Annual Report Download - page 36

ACER INCORPORATED 2010 ANNUAL REPORT
68
FINANCIAL STANDING
69
7.2 Five-Year Financial Analysis
Period
Item
Most Recent 5-Year Financial Information Current year
as of Mar.31
,2011
2006 2007 2008 2009 2010
Financial
Ratio (%)
Total liabilities to total assets 59.92 68.18 65.96 68.09 66.45 63.92
Long-term debts to fixed assets 1,268.55 1,162.99 1,008.19 1,281.42 1,699.47 1,747.60
Ability to
Payoff Debt
Current ratio(%) 146.65 134.15 124.83 129.06 138.88 145.26
Quick Ratio(%) 121.20 106.32 95.47 98.43 110.22 115.30
Interest protection 33 21 12 25 20 6
Ability to
Operate
A/R turnover (times) 5.26 5.34 5.18 5.19 5.85 4.83
A/R turnover days 69 68 70 70 62 76
Inventory turnover (times) 12.01 13.88 13.24 11.31 12.22 11.55
Inventory turnover days 30 26 28 32 30 32
A/P turnover (times) 4.72 5.63 6.39 5.79 5.70 5.48
Fixed assets turnover (times) 56.67 53.50 58.51 66.16 90.65 73.62
Total assets turnover (times) 1.86 1.90 2.24 1.97 2.24 1.91
Earning Ability
Return on assets(%) 5.85 6.27 5.23 4.42 5.59 2.04
Return on equity(%) 14.31 16.94 14.65 12.92 16.17 4.97
To Pay-in
Capital (%)
Operating
income 31.93 42.34 53.25 57.06 67.36 28.49
PBT 57.97 62.81 56.03 55.74 71.53 22.06
Net income ratio (%) 2.91 2.80 2.15 1.98 2.40 0.93
EPS (NTD) 4.16 5.27 4.67 4.31 5.71 0.45
Cash Flow (%)
Cash flow ratio 12.03 (4.59) (3.46) 21.24 8.14 (12.63)
Cash flow adequacy ratio 61.02 26.47 17.55 47.06 63.82 37.61
Cash reinvestment ratio 7.89 (19.89) (21.40) 40.47 5.6 (20.35)
Leverage
Operating leverage 3.45 2.99 3.14 3.12 2.99 5.65
Financial leverage 1.06 1.08 1.10 1.04 1.06 1.17
1. Financial Ratio
(1) Total liabilities to total assets＝ Total liabilities
／Total assets
(2) Long-term funds to fixed assets＝（ Net equity＋Long term debts
）／ Net fixed 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×(1－ Tax 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 flow ratio＝Cash flow from operating activities
／
Current liability
(2) Cash flow adequacy ratio＝Most recent 5-year Cash flow from operating activities
／
Most recent 5-year (Capital
expenditure＋the increase of inventory＋cash dividend)
(3) Cash reinvestment ratio＝（ Cash flow from operating activities－cash dividend）／ (Gross fixed 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)