Source: http://emops.tse.com.tw/server-java/t05st22_e?TYPEK=sii&step=current&co_id=6225
Date: August 12th, 2005 - Exchange Rate: U$S 1,00 = NT$ 31,980
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      Financial Analysis        

Provided by: AIPTEK International Inc.
Unit:NT$ thousand
  2002 2003 2004
Capital structure analysis (%)
Debt ratio   38.50   35.83   57.82
Long-term funds to fixed assets   482.63   523.69   353.04
Liquidity analysis (%)
Current ratio   215.61   272.08   136.71
Quick ratio   166.92   202.03   105.78
Times interest earned   122.31   43.31   0.00
Operating performance analysis (%)
Accounts receivable turnover   3.87   3.82   2.84
Days to collect accounts receivable   94.31   95.54   128.52
Average inventory turnover   7.17   8.27   5.69
Average days to sell inventory   50.90   44.13   64.14
Fixed asset turnover (times)   14.35   11.39   6.50
Total asset turnover (times)   1.34   1.53   0.92
Return on investment analysis (%)
Rate of return on assets   13.33   18.42   -0.57
Rate of return on stock equity   20.69   28.61   -2.46
Operating income to capital (%)   25.55   29.36   -4.93
Income before tax to capital (%)   31.31   45.14   -3.95
Net income to sales (%)   9.84   11.78   -1.39
Earnings per share (NTD)   2.94   4.43   -0.33
Cash flow (%)
Cash flow ratio (%)   0.00   0.00   0.00
Cash flow adequacy ratio (%)   63.18   51.69   39.03
Cash flow reinvestment ratio (%)   0.00   0.00   0.00
 

[A] Capital structure analysis (%)
  1. Debt ratio = Total liabilities / Total assets
  2. Long-term funds to fixed assets = (Total stockholders' equity + Long-term liabilities) / Property, plant and equipment, net
[B] Liquidity analysis (%)
  1. Current ratio = Current assets / Current liability
  2. Quick ratio = (Current Assets - Inventories - Prepaid expenses) / Current liability
  3. Interest guarantee = Income Before Credit for Income Tax / Current interest expense
[C] Operating performance analysis (%)
  1. Average collection turnover = Sales / Average collection
  2. Days to collect accounts receivable = 365 / Average collection turnover
  3. Average inventory turnover = Cost of goods sold / Average inventories
  4. Average days to sell inventory = 365 / Average inventory turnover
  5. Fixed assets turnover = Sales / Property, plant and equipment, net
  6. Total assets turnover = Sales / Total assets
[D] Return on investment analysis (%)
  1. Return on total assets = [Net Income after Tax + Interest expense X (1 - Tax rate)] / Average assets
  2. Return on equity = Net Income after Tax / Average Stockholders' Equity
  3. Net income to sales = Net Income after Tax / Sales
  4. Earnings per share = (Net Income after Tax - Dividend?preferred stock ) / Weighted average outstanding shares
[E] Cash flow
  1. Cash flow ratio = Net cash provided by operating activities / Current liability
  2. Cash flow adequacy ratio = 5-year net cash provided by operating activities / 5-year (Capital expense + Increase in inventories + Cash dividend)
  3. Cash flow reinvestment ratio = (Net cash provided by operating activities - Cash dividend) - (Property, plant and equipment, net + Long-term investments + Other assets + Operating Capital)