Financial Analysis

 

      Financial Analysis        

 

Provided by: Prime Electronics & Satellitics Inc.
Unit:NT$ thousand
  2015 2016 2017
Capital structure analysis (%)
Debt ratio   64.82   68.46   67.16
Long-term funds to property, plant and equipment   170.66   183.57   184.74
Liquidity analysis (%)
Current ratio   123.91   121.22   122.02
Quick ratio   90.56   91.26   89.48
Times interest earned   -15.94   -0.57   -5.50
Operating performance analysis (%)
Accounts receivable turnover   3.50   3.80   3.38
Days to collect accounts receivable   104.28   96.05   107.98
Average inventory turnover   6.27   6.39   6.05
Average days to sell inventory   58.21   57.12   60.33
Property, plant and equipment turnover (times)   5.32   6.53   6.98
Total asset turnover (times)   1.22   1.30   1.27
Return on investment analysis (%)
Rate of return on assets   -4.68   -0.39   -2.64
Rate of return on equity   -12.85   -2.30   -9.62
Operating income to capital (%)   0.00   0.00   0.00
Profit before tax to capital (%)   -20.74   -2.75   -13.19
Profit to sales (%)   -4.04   -0.59   -2.43
Earnings per share (NTD)   -1.99   -0.32   -1.16
Cash flow (%)
Cash flow ratio (%)   -4.41   7.83   -8.34
Cash flow adequacy ratio (%)   74.89   87.74   106.04
Cash flow reinvestment ratio (%)   -4.69   10.20   -9.73
 
[A] Capital structure analysis (%)
  • Debt ratio = Total liabilities / Total assets
  • Long-term funds to property, plant and equipment = (Total equity + Non-current liabilities ) / Property, plant and equipment, net
[B] Liquidity analysis (%)
  • Current ratio = Current assets / Current liability
  • Quick ratio = (Current Assets - Inventories - Prepaid expenses) / Current liability
  • Times interest earned = Profit Before Credit for Income Tax / Current interest expense
[C] Operating performance analysis (%)
  • Average collection turnover = Sales / Average collection
  • Days to collect accounts receivable = 365 / Average collection turnover
  • Average inventory turnover = Cost of goods sold / Average inventories
  • Average days to sell inventory = 365 / Average inventory turnover
  • Property, plant and equipment turnover = Sales / Average property, plant and equipment, net
  • Total assets turnover = Sales / Average total assets
[D] Return on investment analysis (%)
  • Rate of return on assets = [Profit + Interest expense X (1 - Tax rate)] / Average assets
  • Rate of return on equity = Profit / Average total Equity
  • Profit to sales = Profit / Sales
  • Earnings per share = (Equity attributable to owners of parent - Dividend-preferred stock ) / Weighted average outstanding shares
[E] Cash flow
  • Cash flow ratio = Net cash provided by operating activities / Current liability
  • Cash flow adequacy ratio = 5-year net cash provided by operating activities / 5-year (Capital expense + Increase in inventories + Cash dividend)
  • Cash flow reinvestment ratio = (Net cash provided by operating activities - Cash dividend) - (Property, plant and equipment, net + Long-term investments + Other non-current assets + Operating Capital)