Professional Documents
Culture Documents
2006
2007
2008
2009
2010
Current ratio
2159309000745899000
2844025000790
4216000
19108680005
71734000
2216935000104912
7000
2388568000838
218000
current
assetscurrent
liabilities
= 1.68 times
= 3.15 times
= 3.34 times
= 2.11 times
= 2.85 times
(2159309000829706000)745899000
(28440250001362973000)790
4216000
(1910868000569045000)5
71734000
(2216935000941046000)104912
7000
(23885680001001195000)
838218000
= 1.64 times
= 2.34 times
= 1.21 times
= 2.53 times
87820500013
086128000/3
65
9389150008945794
000/365
1228295000103
76394000/365
=38.3 days
=43.2days
8945794000938915
000
1037639400012
28295000
=current assetsinventorycurrent
liabilities
=1.78 times
Average collection
period
12615710001088684000
0/365
1308591000114
15110000/365
=accounts
receivableannual
credit sales365
= 42.3 days
= 41.8 days
Accounts receivable
Turnover
10886840000126157100
0
= 24.5 days
1141511000013
08591000
13086128000
878205000
= annual
credit
salesaccount
receivable
= 8.6 times
= 8.7 times
= 14.9 times
= 9.53 times
= 8.45 times
Inventory turnover
10532675000829706000
1060781400013
62973000
13429577000
569045000
8528560000941046
000
1022260200010
01195000
= 7.78 times
= 23.6 times
= 9.06 times
= 10.21 times
=cost
of goods
soldinventorie
s
=12.69 times
1.
Liquidity Ratio
*The credit sale is not listed in the annual report. Thus, the annual sales of the company is assumed to be the annual credit sales.
2. Capital Structure Ratio
Debt ratio
debttotal
assets
2006
2007
2008
2009
2010
(745899000+72
3350000)34090
56000
(904216000+70
3810000)40140
31000
(571734000+59
7381000)30897
03000
(1049127000+1
82489000)3329
633000
(838218000+61
6044000)35461
65000
= 43%
= 40%
= 37.8%
=37%
=41%
3229510002966
2000
8282420002016
5000
(407169000)1
8511000
393622000113
88000
177124000133
58000
=total
operating income
or EBITinterest
expense
= 10.89 times
= 41.07 times
=-21.99 times
=34.56 times
=13.26 times
salestotal assets
2006
2007
2008
2009
2010
1088684000034
09056000
1141511000040
14031000
1308612300
0308970300
0
894579400033296
33000
1037639400035
46165000
=3.19 times
=2.84 times
= 2.69 times
= 2.93 times
894579400011073
45000
1037639400011
53515000
=8.08 times
=9 times
=4.24 times
Fixed asset turnover
=salesnet
plant and
equipment
1088684000012
47716000
1141511000011
67995000
=8.73 times
=9.77 times
1308612300
0117232700
0
=11.16
times
4. Profitability Ratio
2006
2007
2008
2009
2010
35416500010886
840000
80729600011415
110000
34344900013086
123000
41234000894579
4000
15379200010376
394000
= gross
profitssales
=3.3%
=7%
=-2.6%
=4.66%
= 1.48%
Operating profit
margin (OPM)
32295100010886
840000
82824200011415
110000
(407169000)1308
6123000
39362200089457
94000
17712400010376
394000
=3%
=7.2%
=-3%
= 4%
= 2%
25821700010886
840000
59321800011415
110000
33001700013086
123000
28992900089457
94000
10638600010376
394000
net
incomesales
=2.4%
=5.2%
=-2.5%
=3.24%
=1.02%
Operating return
on assets (OROA)
32295100034090
56000
82824200040140
31000
(407169000)3089
703000
39362200033296
33000
17712400035461
65000
=9.5%
=21%
=-13%
=12%
=5%
25821700019398
07000
59321800024060
05000
33001700019205
88000
28992900020980
17000
10638600020919
03000
net
operating
income or
EBITsales
=
net
operating
income or
EBITtotal
assets
=
Return on equity
=
net income
common
equity
=13.3%
=25%
=-17%
=13.82%
=5.09%
Current ratio
current
assetscurrent
liabilities
=
2006
2007
2008
2009
2010
1220067000499
930000
1450095000191
166000
2119198000234
370000
2487602000218
185000
2756563000224
336000
= 2.44 times
= 7.59 times
= 9.04 times
= 11.40 times
= 12.29 times
12200670001354070004999
30000
14500950001390390001911
66000
21191980001495500002343
70000
24876020001464130002181
85000
27565630001440170002243
36000
= 2.17 times
= 6.86 times
=8.4 times
=4.69 times
=11.64 times
204946000(283
9298000365)=2
6.35 days
237672000(298
2347000365)=2
9.09 days
261843000(312
5700000365)=3
0.58 days
325190000(341
5100000365)=3
4.76 days
338373000(322
1800000365)=3
8.44 days
2839298000204
946000
2982347000237
3125700000261
3415100000325
3221800000338
=accounts
receivableannual credit
sales365
Accounts receivable Turnover
= annual credit
salesaccount
receivable
Inventory turnover
=cost
of goods
soldinventories
672000
843000
190000
373000
=12.55 times
= 11.94 times
=10.50 times
= 9.52 times
9710380001354
07000
1198857000139
039000
1778000000149
550000
2194000001464
13000
2043500000144
017000
=7.17 times
=8.62 times
=11.89 times
=14.99 times
= 14.19 times
= 13.86 times
Debt ratio
=total
debttotal
assets
net operating
income or
EBITinterest
2006
2007
2008
2009
2010
2349449000939
7167000
1906811000944
5000
1870908000971
7068000
1829141000980
0832000
1807515000975
0411000
= 0.25%
= 0.20%
= 0.19 %
= 0.19%
= 0.19%
1059753000(34
847000+53868
000)
1257483000(24
426000+34200
000)
1382300000163
44000
1260500000194
02000
1258500000202
35000
=84.58 times
= 64.97 times
= 62.19 times
=11.95 times
= 21.44 times
expense
3. Asset Management Efficiency Ratio
Total asset
turnover
=
2006
2007
2008
2009
2010
283929800093971
67000
298234700094450
00000
312570000097170
68000
341510000098008
32000
322180000097504
11000
= 0.30 times
= 0.32 times
= 0.32 times
= 0.35 times
= 0.33 times
283929800081761
00000
298234700078914
44000
312570000070507
93000
341510000067570
81000
322180000064406
88000
= 0.35 times
= 0.38 times
= 0.44 times
= 0.51times
= 0.50 times
salestotal
assets
Fixed asset
turnover
=salesnet
plant and
equipment
4. Profitability Ratio
2006
2007
2008
2009
2010
1074555000283
9298000
1256731000298
2347000
1347700000312
5700000
3195700000341
5100000
1178300000322
1800000
= 44%
= 94%
= 37%
1382300000312
5700000
1260500000341
5100000
1258500000322
1800000
= 42%
= 44%
= 37%
= 39%
9710380002839
298000
1198857000298
2347000
1064836000312
5700000
9376550003415
100000
9351940003221
800000
=34%
= 40%
= 34%
= 27%
=29%
1,059,753,0009,
397,167,000
1,257,483,0009,
445,000,000
1382300000971
7068000
1260500000980
0832000
1258500000975
0411000
operating
income or
EBITtotal assets
= 11%
= 13%
= 14%
= 13%
= 13%
Return on equity
9710380007047
718000
1198857000
7538189000
1064836000784
6160000
9376550007971
691000
9351940007942
896000
= 14%
= 16%
= 14%
= 12%
= 12%
net operating
income or
EBITsales
net
incomesales
=
Operating return on
assets (OROA)
=net
=net
income
common equity
= 38%
= 42%
1059753000
2839298000
1257483000
2982347000
= 37%