Seçilmiş bir firma örneğinde finansal analiz ve planlama uygulaması
An Application of financial analysis and planning for a selected firm
- Tez No: 14389
- Danışmanlar: Y.DOÇ.DR. MEHMET BOLAK
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1991
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Fen Bilimleri Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 156
Özet
ÖZET Finansal analiz ve planlama çalışmaları; faali yetlerin etkinlik ve başarı derecesinin ölçülmesi, iş letmenin ana ve ikincil hedeflerine ulaşılıp ulaşılama dığının saptanması, hedeflerden sapma nedenlerinin bu lunması, fiyat politikasının belirlenmesi, işletmenin varlığını tehlikeye düşürmeden yükümlülüklerini yerine getirme gücü olup olmadığının belirlenmesi, işletme faa liyetlerinin kontrolü ve değerlendirilmesi, işletme faa liyetlerinin her evresinde doğru ve düzeltici kararların alınması gibi çok önemli konularda işletme yönetimine büyük yararlar sağlamaktadır. Dolayısıyla işletme için büyük önem taşır. İşte, işletmelerin sürekli olarak değişen eko nomik, teknik ve sosyal koşullarda faaliyetlerini sürdü rebilmeleri, belirlenen hedeflere ulaşabilmeleri için son derece önemli olan finansal analiz ve planlama ça lışmalarının gerekliliğini vurgulamak amacıyla yapılan bu çalışma üç bölümden oluşmaktadır: Birinci bölümde; işletmelerin çeşitli mali tab lolarından yararlanılarak finansal analiz çalışmalarının nasıl yapıldığı, bu analizde hangi tekniklerden yararla nıldığı sunulmuş, ayrıca faaliyet hacmi ile kâr arasın daki ilişkiler başabaş analizi çerçevesinde incelenmiş ve çeşitli kaldıraç kavramları tanımlanarak risk-kâr a- rasındaki ilişkiler kurulmuştur. İkinci bölümde ise; birinci bölümde yapılan fi nansal analiz çalışmalarının da yardımıyla ileriye dönük planlama çalışmalarının nasıl gerçekleştirildiği, plan lama aşamalarının, neler olduğu ve işletmelerin mali kriz ler içine düşmelerini önlemek için gelecek dönemlere ait finansman ihtiyaçlarının nasıl saptandığı üzerinde durul muş ve planlanan hedeflere ulaşılabilmesi için gerekli o lan fonların belirlenmesi amacıyla, gelecek dönemlere ait proforma kâr-zarar tablolarıyla proforma bilançoların ha zırlanmasında kullanılan yöntemler verilmiştir. Üçüncü bölüm uygulama bölümü olup, ele alman şirketin 1989 yılı mali durumu finansal açıdan analiz e- dilmiş ve 1990 yılı net satış rakamı regresyon yöntemiyle tahmin edilerek şirketin proforma bilançosu hazırlanmıştır, -x-
Özet (Çeviri)
SUMMARY AN APPLICATION OF FINANCIAL ANALYSIS AND PLANNING FOR A SELECTED FIRM The purpose of this thesis is to emphasize the importance of financial analysis and planning studies for firms, managers, creditors, investors and the others who are interested in firm's activity. This thesis contains three parts: Part 1 : Financial Analysis Part 2 : Financial Planning Part 3 : Application 1. Financial Analysis Financial analysis is undertaken by outside suppliers of capital (creditors and investors) and also by the firm itself. The type of analysis varies according to the specific interests of the party involved. A trade creditor is interested primarily in the liquidity of a firm. His claim is short term, and the ability of a firm to pay this claim is judged by means of a thorough analy sis of its liquidity. In the short run, the firm must have sufficient borrowing capacity to meet extraordinary or unexpected needs for funds, after having sufficient funds readily available to meet the current needs of the firm. On the other hand, the claim of a bondholder is long term. Accordingly, he would be more interested in the cash-flow ability of the firm to service debt over the long run. The bondholder may evaluate this ability by analyzing the capital structure of the firm, the major sources and uses of funds, its profitability over time, and projections of future profitability. In the long run, the enterprise must earn at a minimum an amount sufficient to maintain its fund of resources devoted to the produc tive process, to provide for the necessary growth and development of the enterprise, and to meet the costs of the use of the capital it has raised and committed to pro ductive activity. -xi-In the first part of this thesis, three finan cial methods are examined. These are as follows: a) Balance Sheet Analysis: There are some financial statements prepared by firms to show the re sults of their activity in number. The two major finan cial statements used in studies of financial analysis, which are given widely in the first part, are the balance sheet and income statement-. The balance sheet discloses a firm's financial position as reflected in its asset and liability. In preparing a balance sheet, the assets are generally classified as current or fixed. Current assets are those that will normally be converted to cash, sold or consumed within one year, while fixed assets generally have life beyond the- current period. Liabilities may be similarly classified as current, long-term or owners' equity. Income statements reflect the result of opera tions during a specified period of time. There are twO kinds of item in these statements; revenue and expense. The cost of goods sold is normally more significant than all other expenses combined. Expenses are usually classi fied as either selling or administrative expenses. Items of revenue and expense which do not pertain to the normal business operations are usually shown at the bottom of the statement. The balance sheet is,also mentioned above, the basic document used in analyzing the financial condition of a firm. The balance sheet tells the current financial condition of the firm such as liquidity position and the financial strength of a firm. Ratio calculations between significant balance sheet changes are the basic tools used to analyze the firm's historical condition. Analysis of financial statements requires a thorough understanding of the principles that govern the measurement and reporting of financial data. An adequate analysis requires the comparison of at least two account ing periods, and preferably more, in order to perceive trends. Through the study of a series of past financial statements as to the future can be gathered. -Xll-b) Cost-Volume-Profit Analysis : Cost-volume- profit analysis is a powerful management tool that is used to relate activity levels to changing costs and profits. It deals with how cost and profit change with a change in the volume of activity. The relationships betweet sales volume and pro fit can be examined the method of break-even analysis. Break-even analysis is used to compute the break-even point where total cost equals total revenue. Computa tionally it is: selling price minus variable cost is called the contribution margin, which can be divided in to fixed cost to f ind_ the break-even point. Increased fixed cost and target net income can be integrated into the analysis merely* by adding them to. the initial fixed costs. Changing variable cost or selling price requires an adjustment of the contribution margin. In connection with the break-even analysis, the margin of safety ratio must also be considered. This ratio measures the difference between the actual activity level and the break-even activity level expressed as a percentage of sales. The ratio is computed as (sales - break-even sales) / sales. c) Ratio Analysis : A ratio is the relationship of one number to another. Many ratios calculated from financial statement data provide users of the statements with important information about the liquidity, solvency and profitability of the business. Long-term creditors are interested in the solvency of the corporation, while short-term creditors are more interested in liquidity. In either case they are concerned with the company's abi lity "to. repay its depts when they mature. On the other hand, shareholders and potential investors are interested primarily in the company's profitability and in the way the company's stock behaves in the stock market. Managers are typically concerned with all aspects of business ope rations to ensure that the financial statement reflect results that will be viewed favorably by creditors, share holders, and potential investors. By maintaining adequate liquidity and an appropriate balance between assets, lia bilities, and owners' equity, managers attempt to keep the company solvent and profitable over a long period of time. -xiii-The analysis of financial ratios involves two types of comparison. First, the analyst can compare a present ratio with past and expected future ratios for the same company. The second method of comparison invol ves comparing the ratios of one firm with those of simi lar firms or with industry averages at the same point in time. Such a comparison gives insight into the relative financial condition and performance of the firm. In this study, the ratios of selected company were only compared with past ratios of the same company because of being no industry avarages at the same period, 2. Financial Planning One of the most important functions of the fi nancial manager is that of planning. Financial planning is a necessary ingredient for the continued success of every enterprise, and the financial executive is the focal point of this activity. In order to make plans the financ'ial manager must first be able to ascertain his firm's immediate position, which may be determined through financial analysis. The financial manager must know the financial condition of the firm in order to plan effect ively. Plans may -have a short-term or a long term time dimention. In the short-term, managers and the other per sons who are interested in firm will focus their attention on the working capital position of the firm (current as sets and current liabilities). They will concentrate on such ratios as the current ratio, the quick ratio, inven tory turnover and receivables to average daily credit sa les ratio. In the long-term, they will focus on the debt to equity relationship and on such ratios as debt to equity and times interest charges earned. Detailed balance sheets, income statements, fund statements, cash flow statements and other internal re ports serve as the basis for future plans and assist ma nagement in establishing realistic objectives. -XIV-In addition, in the second part of this thesis, some methods which are used to prepare proforma financial statements are given (with examples) The proforma financial statements consist of a projected income statement, with supporting projected cost of goods sold schedule, and a projected balance sheet. The purpose of being prepared these proforma financial state ments is to learn the needs of fund in future period in order to reach planned sales. 3. Application In the application part, which is given in the third part, a selected company was first analyzed for the period of 1988-89 by using several financial analysis methods. Next, financial planning studies were realized step by step and 1990 net sales of the company was esti mated according to the rules of regression analysis both current and fixed prices. And then, by using estimated net sales, proforma balance sheet and proforma income statement of the com pany for the year of 1990 were prepared, and the need of fund which is necessary to reach estimated net sales was determined. Finally, some conclusions were arranged. -xv-
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