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1 Beispiel-Unternehmen 21
1.1 Gesamtergebnisrechnung 22
1.2 Bilanz 26
1.3 Kapitalflussrechnung 30
1.4 Weitere Angaben 34
2 Kennzahlen zur Vermçgenslage 39
2.1 Anlagenintensitt 40
2.2 Sachanlagenintensitt 42
2.3 Immaterialanlagenintensitt 44
2.4 Vermçgensstruktur 46
2.5 Konzernverflechtung 48
2.6 Umlaufintensitt 50
2.7 Vorrats- und Forderungsintensitt 52
2.8 Investitionsquote (Sachanlagevermçgen (SAV)) 54
2.9 Investitionsquote (Finanzanlagevermçgen (FAV)) 56
2.10 Wachstumsquote (SAV) 58
2.11 Investitionsdeckung (SAV) 60
2.12 Anlagenabnutzungsgrad (SAV) 62
2.13 Abschreibungsquote (SAV) 64
2.14 Investiertes Kapital 66
2.15 Umschlagshufigkeit des Gesamtvermçgens 68
2.16 Umschlagshufigkeit des Sachanlagevermçgens 70
2.17 Umschlagshufigkeit des kurzfristigen Vermçgens 72
2.18 Bindungsdauer des Vorratsvermçgens 74
2.19 Beschftigung (= Kapazittsauslastung) 76
2.20 Investitionen in % des Umsatzes 78
2.21 Sachanlagen zu Umsatz 80
2.22 Stille Reserven/stille Lasten 82
Preface 19
1 Company example 21
1.1 Comprehensive income statement 23
1.2 Balance sheet 27
1.3 Cash flow statement 31
1.4 Further disclosures 35
2 Asset Ratios 39
2.1 Fixed asset intensity 41
2.2 Property, plant and equipment (PPE) intensity 43
2.3 Intangible fixed asset intensity 45
2.4 Asset structure 47
2.5 Concentration of combines 49
2.6 Current asset intensity 51
2.7 Inventory and receivables intensity 53
2.8 Investment ratio (property, plant and equipment (PPE)) 55
2.9 Investment ratio (financial assets (FA)) 57
2.10 Growth rate (PPE) 59
2.11 Investment coverage (PPE) 61
2.12 Degree of asset depreciation (PPE) 63
2.13 Depreciation rate (PPE) 65
2.14 Invested capital 67
2.15 Turnover ratio of total assets 69
2.16 Turnover ratio of property, plant and equipment (PPE) 71
2.17 Turnover ratio of current assets 73
2.18 Commitment period of inventories 75
2.19 Capacity utilization 77
2.20 Investment as percentage of revenue 79
2.21 Property, plant and equipment (PPE) to revenue 81
2.22 Hidden reserves/hidden liabilities 83
2.23 Kundenziel 84
2.24 Debitorenumschlag 86
3 Kennzahlen zur Finanzlage 89
3.1 Bilanzanalytisches Eigenkapital 90
3.2 Bereinigtes Eigenkapital 92
3.3 Eigenkapitalquote 94
3.4 Rcklagenquote 96
3.5 Selbstfinanzierungsgrad 98
3.6 Langfristkapitalanteil 100
3.7 Fremdkapitalquote 102
3.8 Fremdkapitalquote (kurzfristig) 104
3.9 Fremdkapitalstruktur 106
3.10 Rckstellungsquote 108
3.11 Statischer Verschuldungsgrad 110
3.12 Deckungsgrad A 112
3.13 Deckungsgrad B 114
3.14 Goldene Finanzierungsregel 116
3.15 Effektivverschuldung (absolut) 118
3.16 Effektivverschuldung (relativ) 120
3.17 Tilgungsfhigkeit 122
3.18 Kreditorenlaufzeit 124
3.19 Kreditorenumschlagshufigkeit 126
3.20 Geldumschlagsdauer 128
3.21 Liquiditt 1. Grades 130
3.22 Liquiditt 2. Grades 132
3.23 Liquiditt 3. Grades 134
3.24 Working Capital (absolut) 136
3.25 Working Capital (relativ) 138
3.26 Kapitalbindungsdauer 140
3.27 Cashflow aus betrieblicher Ttigkeit – Ermittlungsmethoden 142
2.23 Customer payment target 85
2.24 Accounts receivable turnover 87
3 Financial Standing Ratios 89
3.1 Balance sheet analytical equity 91
3.2 Adjusted equity 93
3.3 Equity ratio 95
3.4 Reserves ratio 97
3.5 Self-financing rate 99
3.6 Long-term capital share 101
3.7 Debt ratio 103
3.8 Debt ratio (short-term) 105
3.9 Debt structure 107
3.10 Provisions rate 109
3.11 Static debt-equity ratio 111
3.12 Cover ratio A 113
3.13 Cover ratio B 115
3.14 Golden rule of financing 117
3.15 Effective debt (absolute) 119
3.16 Effective debt (relative) 121
3.17 Redemption capability 123
3.18 Days payable outstanding (DPO) 125
3.19 Payables turnover ratio 127
3.20 Cash conversion cycle (CCC) 129
3.21 First-degree liquidity 131
3.22 Second-degree liquidity 133
3.23 Third-degree liquidity 135
3.24 Working capital (absolute) 137
3.25 Working capital (relative) 139
3.26 Capital commitment period 141
3.27 Cash flow from operating activities – calculation methods 143
3.28 Cashflow aus betrieblicher Ttigkeit (berschlgig bzw. gemß sog. Praktiker-Formel) 144
3.29 Cashflow aus betrieblicher Ttigkeit (IAS 7) 146
3.30 Free Cashflow 148
3.31 Cashflow aus Investitionsttigkeit (IAS 7) 150
3.32 Cashflow aus Finanzierungsttigkeit (IAS 7) 152
3.33 Innenfinanzierungskraft 154
3.34 Entschuldungsgrad 156
3.35 Dynamischer Verschuldungsgrad 158
3.36 Wachstumsmçglichkeiten 160
3.37 Cashflow-Marge 162
3.38 Investitionsgrad 164
3.39 Cashflow-Deckungskraft 166
3.40 Cash-Burn-Rate 168
3.41 Capex zu Abschreibungen 170
3.42 Capex zu Umsatz 172
4 Kennzahlen zur Erfolgsanalyse 175
4.1 (Ordentliches) Betriebsergebnis 176
4.2 (Ordentliches) Finanzergebnis 178
4.3 Unregelmßiges Jahresergebnis 180
4.4 Jahresergebnis, bereinigtes Jahresergebnis 182
4.5 Gesamtergebnis 184
4.6 Ergebnis nach DVFA/SG 186
4.7 Earnings Before Taxes (EBT) 188
4.8 Earnings Before Interest and Taxes (EBIT) 190
4.9 Earnings Before Interest, Taxes and Amortization (EBITA); Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) 192
4.10 Net Operating Profit After Taxes (NOPAT) 194
4.11 Materialintensitt 196
3.28 Cash flow from operating activities (estimated respectively according to practitioner-formula) 145
3.29 Cash flow from operating activities (according to IAS 7) 147
3.30 Free cash flow 149
3.31 Cash flow from investing activities (IAS 7) 151
3.32 Cash flow from financing activities (IAS 7) 153
3.33 Internal financing ability 155
3.34 Degree of debt relief 157
3.35 Dynamic debt ratio 159
3.36 Growth opportunities 161
3.37 Cash flow margin 163
3.38 Degree of investment 165
3.39 Cash flow coverage 167
3.40 Cash-burn rate 169
3.41 Capex to depreciation 171
3.42 Capex to revenue 173
4 Performance Analysis Ratios 175
4.1 (Ordinary) operating result 177
4.2 (Ordinary) financial result 179
4.3 Irregular annual result 181
4.4 Annual result, adjusted annual result 183
4.5 Comprehensive Income 185
4.6 Result according to DVFA/SG 187
4.7 Earnings before taxes (EBT) 189
4.8 Earnings before interest and taxes (EBIT) 191
4.9 Earnings before interest, taxes and amortization (EBITA); Earnings before interest, taxes, depreciation and amortization (EBITDA) 193
4.10 Net operating profit after taxes (NOPAT) 195
4.11 Material intensity 197
4.12 Personalintensitt 198
4.13 Abschreibungsintensitt 200
4.14 F+E-Intensitt 202
4.15 Umsatzkostenintensitt (nur bei Erfolgsrechnung nach UKV) 204
4.16 Verwaltungs- und Vertriebsintensitt (nur bei Erfolgsrechnung nach UKV) 206
4.17 Zinsdeckungsgrad 208
4.18 Steuerquote 210
4.19 Eigenkapitalrentabilitt (EKR) 212
4.20 Gesamtkapitalrentabilitt 214
4.21 Betriebsvermçgensrentabilitt 216
4.22 Return On Capital Employed (ROCE), Return On Invested Capital (ROIC) 218
4.23 Umsatzrentabilitt 220
4.24 EBIT-Marge 222
4.25 Bruttoergebnismarge 224
4.26 Return On Investment (ROI) 226
4.27 Beteiligungsrendite 228
4.28 Zinsbelastung 230
5 Kennzahlen zur Segmentanalyse 233
5.1 Umsatzanteil des Segments 234
5.2 Segmentrendite 236
5.3 Wachstumsquote des Segments 238
6 Kennzahlen zur Unternehmensbewertung 241
6.1 Bilanzkurs 242
6.2 Bçrsenkurs 244
6.3 Marktkapitalisierung 246
6.4 Marktwert-Buchwert-Relation 248
6.5 Ergebnis je Aktie (unverwssert) 250
6.6 Ergebnis je Aktie (verwssert) 252
4.12 Personnel intensity 199
4.13 Depreciation intensity 201
4.14 R&D intensity 203
4.15 Revenue cost intensity (only for income statements according to the function of expense method) 205
4.16 Administration and distribution intensity (only for the function of expense method) 207
4.17 Interest coverage ratio 209
4.18 Tax ratio 211
4.19 Return on equity (ROE) 213
4.20 Return on total capital 215
4.21 Return on operating assets 217
4.22 Return on capital employed (ROCE), Return on invested capital (ROIC) 219
4.23 Return on sales 221
4.24 EBIT-margin 223
4.25 Gross profit margin 225
4.26 Return on investment (ROI) 227
4.27 Return on participation 229
4.28 Interest charge 231
5 Ratios for Segment Analysis 233
5.1 Segment’s share of revenue 235
5.2 Segment return 237
5.3 Segment’s growth rate 239
6 Ratios for Business Valuation 241
6.1 Balance sheet rate 243
6.2 Market rate 245
6.3 Market capitalization 247
6.4 Market to book value 249
6.5 Earnings per share (undiluted) 251
6.6 Earnings per share (diluted) 253
6.7 Kurs-Gewinn-Verhltnis (KGV) 254
6.8 Dynamisches Kurs-Gewinn-Verhltnis (KGV) 256
6.9 Ausschttungsquote 258
6.10 Dividendenrendite 260
6.11 Gewichtete durchschnittliche Kapitalkosten (WACC: Weighted Average Cost of Capital) 262
6.12 Economic Value Added (EVA) 264
6.13 Market Value Added (MVAex ante) 266
6.14 Cashflow Return On Investment (CFROI) 268
6.15 Cash Value Added 270
6.16 Shareholder Value 272
6.17 Unternehmenswert auf Basis von Discounted Cashflow (DCF) 274
Literatur 277
Stichwortverzeichnis 279
6.7 Price-earnings ratio (P/E ratio or PER) 255
6.8 Dynamic P/E ratio 257
6.9 Payout ratio 259
6.10 Dividend yield 261
6.11 Weighted average cost of capital (WACC) 263
6.12 Economic value added (EVA) 265
6.13 Market value added (MVAex ante) 267
6.14 Cash flow return on investment (CFROI) 269
6.15 Cash value added 271
6.16 Shareholder value 273
6.17 Business value based on discounted cash flow (DCF) 275
Literature 277
Index 285
