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18,115,985.012,468,962.00.0Difference6,743,640.01,179,068.00.0Ending CSERef stmt of shareholders equity#DIV/0!#DIV/0!#DIV/0!Balance sheet71,895,951.059,190,422.049,856,265.0Difference#DIV/0!#DIV/0!#DIV/0!
Financial Statement Analysis and Security Valuation: RoadmapStephen H. Penman 2003Financial Statement Analysis and Security Valuation (Fifth Edition)Stephen Penman 2012Roadmap to Developing Your Own Financial Statement Analysis and Valuation ProductStep 3:Financial Statement Analysis3.1 Analysis of Profitability and Growth--, year ended December 31, 2017შპს ჯი ემ პი. 20%3(.ჯიემპიზრდის შენარჩუნება მომდეცნოწლის განმავლობაში მოცემულია მმართველობის ანგარიშგებაშიA systematic analysis of profitabilitySummary measureROCERNOA27.64%25.24%First level breakdownRNOA+[FLEV*(RNOA-NBC)]27.639768475400600%Second level breakdownRNOA = PM*ATO25.24%PM = OI / SalesATO = Sales / NOA19.76%1.28Third level breakdownindividual revenue and expense ratios - seen from common size analysisადგილობრივ ფარმაცევტულ ბაზარზე;გაყიდვების გაორმაგებასაოპერაციო მოგების მარჟის მინიმუმ5%-:ით გაზრდა20172016წელს თითქმის ყველა ძირითადი ინდიკატორი გაუმჯობესებულია,წელთან შედარებით წმინდა მოგების მარჟის გარდა რომელსაც საოპერაციო2016ნაწილთან კავშირი არ აქვს და განპირობებულიაწელს საგადასახადო- 2,038,014.სარგებლის დარიცხვითლარის ოდენობით
Financial Statement Analysis and Security Valuation: RoadmapStephen H. Penman 2003A systematic analysis of growth--. Summary information from balance sheets and income statementsშპს ჯი ემ პი201720162015Average NOA73,786,19564,052,75757,972,965Average NFA(8,243,008)(9,529,414)(8,116,700)Average CSE65,543,18754,523,34449,856,265Sales94,258,68572,111,106-Core operating income20,762,61513,319,020-Unusual items(2,136,166)(193,006)-Operating income18,626,44913,126,014-Comprehensive income18,115,98512,468,962-Net financial income (expense)(510,464)(657,052)-ROCE27.64%22.87%0.00%RNOA25.24%20.49%0.00%NBC6.19%6.89%0.00%PM19.76%18.20%#DIV/0!Core sales PM22.03%18.47%#DIV/0!ATO1.281.13-FLEV12.58%17.48%16.28%SPREAD19.05%13.60%0.00%* Balance sheet numbers are averages for the year.
Financial Statement Analysis and Security Valuation: RoadmapStephen H. Penman 2003--Residual Earnings Growth: 2015-2017შპს ჯი ემ პიResidual earnings201720162008200720062005200420032002Revenue growth rate30.71%#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!Growth in CSE20.21%9.36%#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!Growth in comprehensive income45.29%#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!8,218,9644,235,937-4237782.530.000.000.000.000.000.00[ROCEt- Cost of Equity Capitalt]*CSEtResidual earnings (at cost of equity of15.10% (TBC comparable)
Financial Statement Analysis and Security Valuation: RoadmapStephen H. Penman 2003A systematic analysis of the change in ROCEAnalysis of change in RNOALevel 1:Distinguish core and unusual components of RNOARNOA =Core OI / NOA +UI / NOAcheck25.24%28.14%-2.90%25.24%Level 2:Change in RNOA =4.75%4.00%3.34%0-2.59%Change in core sales PMat previous assetturnover level +Change due to changein asset turnover +Change due to changein other core income +Change due to changein unusual items
Financial Statement Analysis and Security Valuation: RoadmapStephen H. Penman 2003Analysis of changes in ROCEChange in ROCE =4.77%4.75%0.95%-0.93%A systematic analysis of the change in investment (CSE)Change in CSE =Change in NOA +Change in NFA12,705,5297,307,2915,398,238NOA =Sales / ATO73,786,19573,786,195Change in CSE =11,019,84319,672,607.8(9,939,170)1286405Change in RNOA+Change due to changein spread at previouslevel of financialleverage+

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Term
Winter
Professor
NoProfessor
Tags
Balance Sheet, Generally Accepted Accounting Principles, Stephen H Penman

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