warning مرحباً بزائرنا ، يبدو أنك لم تقم بالتسجيل بعد ، يسعدنا إنضمامك لنا
أهلا وسهلا بك إلى شبكة خبراء الأسهم.
صفحة 2 من 2 الأولىالأولى 12
النتائج 16 إلى 22 من 22


  1. #16
    متداول خبير
    تاريخ التسجيل
    Jan 2009
    Thanked 8,933 Times in 4,393 Posts

    افتراضي رد: ECONOMY THE EASY WAY

    Fundamental Analysis: Book Value

    Earnings, debt and assets are the building blocks of any public company's financial statements. For the purpose of disclosure, companies break these three elements into more refined figures for investors to examine. Investors can calculate valuation ratios from these to make it easier to compare companies. Among these, the book value and the price-to-book ratio (P/B ratio) are staples for value investors. But does book value deserve all the fanfare

    What Is Book Value
    Book value is a measure of all of a company's assets: stocks, bonds, inventory, manufacturing equipment, real estate, etc. In theory, book value should include everything down to the pencils and staples used by employees, but for simplicity's sake companies generally only include large assets that are easily quantified

    Companies with lots of machinery, like railroads, or lots of financial instruments, like banks, tend to have large book values. In contrast, video game companies, fashion designers or trading firms may have little or no book value because they are only as good as the people who work there. Book value is not very useful in the latter case, but for companies with solid assets it's often the No.1 figure for investors

    A simple calculation dividing the company's current stock price by its stated book value per share gives you the P/B ratio. If a P/B ratio is less than one, the shares are selling for less than the value of the company's assets assets. This means that, in the worst-case scenario of bankruptcy, the company's assets will be sold off and the investor will still make a profit. Failing bankruptcy, other investors would ideally see that the book value was worth more than the stock and also buy in, pushing the price up to match the book value. That said, this approach has many flaws that can trap a careless investor

    Value Play or Value Trap
    If it's obvious that a company is trading for less than its book value, you have to ask yourself why other investors haven't noticed and pushed the price back to book value or even higher. The P/B ratio is an easy calculation, and it's published in stock summaries on any major stock research website. The answer could be that the market is unfairly battering the company, but it's equally probable that the stated book value does not represent the real value of the assets. Companies account for their assets in different ways in different industries, and sometimes even within the same industry. This muddles book value, creating as many value traps as value opportunities.

    Deceptive Depreciation
    You need to know how aggressively a company has been depreciating its assets. This involves going back through several years of financial statements. If quality assets have been depreciated faster than the drop in their true market value, you've found a hidden value that may help hold up the stock price in the future. If assets are being depreciated slower than the drop in market value, then the book value will be above the true value, creating a value trap for investors who only glance at the P/B ratio

    Manufacturing companies offer a good example of how depreciation can affect book value. These companies have to pay huge amounts of money for their equipment, but the resale value for equipment usually goes down faster than a company is required to depreciate it under accounting rules. As the equipment becomes outdated, it moves closer to being worthless. With book value, it doesn't matter what companies paid for the equipment - it matters what they can sell it for. If the book value is based largely on equipment rather than something that doesn't rapidly depreciate (oil, land, etc), it's vital that you look beyond the ratio and into the components. Even when the assets are financial in nature and not prone to depreciation manipulation, the mark-to-market (MTM) rules can lead to overstated book values in bull markets and understated values in bear markets

    Loans, Liens and Lies
    An investor looking to make a book value play has to be aware of any claims on the assets, especially if the company is a bankruptcy candidate. Usually, links between assets and debts are clear, but this information can sometimes be played down or hidden in the footnotes. Like a person securing a car loan using his house as collateral, a company might use valuable assets to secure loans when it is struggling financially. In this case, the value of the assets should be reduced by the size of any secured loans tied to them. This is especially important in bankruptcy candidates because the book value may be the only thing going for the company, so you can't expect strong earnings to bail out the stock price when the book value turns out to be inflated

    Huge, Old and Ugly
    Critics of book value are quick to point out that finding genuine book value plays has become difficult in the heavily analyzed U.S. stock market. Oddly enough, this has been a constant refrain heard since the 1950s, yet value investors still continue to find book value plays. The companies that have hidden values share some characteristics

    They are old. Old companies have usually had enough time for assets like real estate to appreciate substantially

    They are big. Big companies with international operations, and thus with international assets, can create book value through growth in overseas land prices or other foreign assets

    They are ugly. A third class of book value buys are the ugly companies that do something dirty or boring. The value of wood, gravel and oil go up with inflation, but many investors overlook these asset plays because the companies don't have the dazzle and flash of growth stocks
    Cashing In

    Even if you've found a company that has true hidden value without any claims on it, you have to wait for the market to come to the same conclusion before you can sell for a profit. Corporate raiders or activist shareholders with large holdings can speed up the process, but an investor can't always depend on inside help. For this reason, buying purely on book value can actually result in a loss - even when you're right. If a company is selling 15% below book value, but it takes several years for the price to catch up, then you might have been better off with a 5% bond. The lower-risk bond would have similar results over the same period of time. Ideally, the price difference will be noticed much more quickly, but there is too much uncertainty in guessing the time it will take the market to realize a book value mistake, and that has to be factored in as a risk

    The Good News

    Book value shopping is no easier than other types of investing, it just involves a different type of research. The best strategy is to make book value one part of what you look for. You shouldn't judge a book by its cover and you shouldn't judge a company by the cover it puts on its book value. In theory, a low price-to-book-value ratio means you have a cushion against poor performance. In practice it is much less certain. Outdated equipment may still add to book value, whereas appreciation in property may not be included. If you are going to invest based on book value, you have to find out the real state of those assets
    That said, looking deeper into book value will give you a better understanding of the company. In some cases, a company will use excess earnings to update equipment rather than pay out dividends or expand operations. While this dip in earnings may drop the value of the company in the short term, it creates long-term book value because the company's equipment is worth more and the costs have already been discounted. On the other hand, if a company with outdated equipment has consistently put off repairs, those repairs will eat into profits at some future date. This tells you something about book value as well as the character of the company and its management. You won't get this information from the P/B ratio, but it is one of the main benefits from digging into book value numbers, and is well worth the time.
    التعديل الأخير تم بواسطة MCH71311 ; 06-06-2009 الساعة 01:52 PM

  2. #17
    متداول خبير
    تاريخ التسجيل
    Jan 2009
    Thanked 8,933 Times in 4,393 Posts

    افتراضي رد: ECONOMY THE EASY WAY

    Fundamental Analysis: How to Read a Balance Sheet
    A balance sheet, also known as a "statement of financial position", reveals a company's assets liabilities and owners` equity (net worth). The balance sheet, together with the income statement and cash flow statement, make up the cornerstone of any company's financial statements. If you are a shareholder of a company, it is important that you understand how the balance sheet is structured, how to analyze it and how to read it

    How the Balance Sheet Works
    The balance sheet is divided into two parts that, based on the following equation, must equal (or balance out) each other. The main formula behind balance sheets is:

    Assets = liabilities + share holders` equity

    This means that assets, or the means used to operate the company, are balanced by a company's financial obligations along with the equity investment brought into the company and its retained earnings

    Assets are what a company uses to operate its business, while its liabilities and equity are two sources that support these assets. Owners' equity, referred to as shareholders` equity in a publicly traded company, is the amount of money initially invested into the company plus any retained earnings and it represents a source of funding for the business

    It is important to note, that a balance sheet is a snapshot of the company’s financial position at a single point in time

    Know the Types of Assets

    Current Assets
    Current assets have a life span of one year or less, meaning they can be converted easily into cash. Such assets classes are cash and cash equivalents, accounts receivable and inventory. Cash, the most fundamental of current assets, also includes non-restricted bank accounts and checks. Cash equivalents are very safe assets that can be are readily converted into cash such as U.S Treasuries
    Accounts receivable consists of the short-term obligations owed to the company by its clients. Companies often sell products or services to customers on credit, which then are held in this account until they are paid off by the clients. Lastly, inventory represents the raw materials, work-in-progress goods and the company’s finished goods. Depending on the company, the exact makeup of the inventory account will differ. For example, a manufacturing firm will carry a large amount of raw materials, while a retail firm caries none. The makeup of a retailers inventory typically consists of goods purchased from manufacturers and wholesalers

    Non-Current Assets
    Non-current assets, are those assets that are not turned into cash easily, expected to be turned into cash within a year and/or have a life-span of over a year. They can refer to tangible assets such as machinery, computers, buildings and land. Non-current assets also can be intangible assets such as goodwill, patents or copyright. While these assets are not physical in nature, they are often the resources that can make or break a company - the value of a brand name, for instance, should not be underestimated.
    Depreciation is calculated and deducted from most of these assets, which represents the economic cost of the asset over its useful life

    Learn the Different Liabilities
    On the other side of the balance sheet are the liabilities. These are the financial obligations a company owes to outside parties. Like assets, they can be both current and long-term. Long term liabilities are debts and other non-debt financial obligations, which are due after a period of at least one year from the date of the balance sheet. Current liabilities are the company’s liabilities which will come due, or must be paid, within one year. This is comprised of both shorter term borrowings, such as accounts payables, along with the current portion of longer term borrowing, such as the latest interest payment on a 10-year loan

    Shareholders` Equity
    Shareholders' equity is the initial amount of money invested into a business. If, at the end of the fiscal year, a company decides to reinvest its net earnings into the company (after taxes), these retained earnings will be transferred from the income statement onto the balance sheet into the shareholder’s equity account. This account represents a company's total net worth. In order for the balance sheet to balance, total assets on one side have to equal total liabilities plus shareholders' equity on the other

    Read the Balance Sheet
    Balance sheet is broken into two sides. Assets are on the left side and the right side contains the company’s liabilities and shareholders’ equity. It also can be seen that this balance sheet is in balance where the value of the assets equals the combined value of the liabilities and shareholders’ equity

    Another interesting aspect of the balance sheet is how it is organized. The assets and liabilities sections of the balance sheet are organized by how current the account is. So for the asset side, the accounts are classified typically from most liquid to least liquid. For the liabilities side, the accounts are organized from short to long-term borrowings and other obligations

    Analyze the Balance Sheet with Ratios
    With a greater understanding of the balance sheet and how it is constructed, we can look now at some techniques used to analyze the information contained within the balance sheet. The main way this is done is through financial ratio analysis
    Financial ratio analysis uses formulas to gain insight into the company and its operations. For the balance sheet, using financial ratios (like the debt-equity ratio) can show you a better idea of the company’s financial condition along with its operational efficiency. It is important to note that some ratios will need information from more than one financial statement, such as from the balance sheet and the income statement
    The main types of ratios that use information from the balance sheet are financial strength ratios and activity ratios. Financial strength ratios, such as the working capital and debt-to-equity ratios, provide information on how well the company can meet its obligations and how they are leveraged. This can give investors an idea of how financially stable the company is and how the company finances itself. Activity ratios focus mainly on current accounts to show how well the company manages its operating cycle (which include receivables, inventory and payables). These ratios can provide insight into the operational efficiency of the company

    The balance sheet, along with the income and cash flow statements, is an important tool for investors to gain insight into a company and its operations. The balance sheet is a snapshot at a single point in time of the company’s accounts - covering its assets, liabilities and shareholders’ equity. The purpose of the balance sheet is to give users an idea of the company’s financial position along with displaying what the company owns and owes. It is important that all investors know how to use, analyze and read one


  3. #18
    متداول خبير
    تاريخ التسجيل
    Jan 2009
    Thanked 8,933 Times in 4,393 Posts

    افتراضي رد: ECONOMY THE EASY WAY

    Fundamental Analysis: Income Statement In-Depth

    The income statement is one of the three financial statements - the other two are the balance sheet and cash flow statement - with which stock investors need to become familiar. The purpose of this article is to provide the less-experienced investor with an understanding of the components of the income statement in order to simplify investment analysis and make it easier to apply it to your own investment decisions.

    In the context of corporate financial reporting, the income statement summarizes a company's revenues (sales) and expenses quarterly and annually for its fiscal year. The final net figure, as well as various others in this statement, is of major interest to the investment community.

    General Terminology and Format Clarifications

    Income statements come with various monikers. The most commonly used are "statement of income", "statement of earnings", "statement of operations" and "statement of operating results". Many professionals still use the term "P & L", which stands for profit and loss statement, but this term, is seldom found in print these days. In addition, the terms "profits", "earnings" and "income" all mean the same thing and are used interchangeably.

    Two basic formats for the income statement are used in financial reporting presentations - the multi-step and the single-step.

    In the multi-step income statement, four measures of profitability are revealed at four critical junctions in a company's operations - gross, operating, pre-tax and after tax. In the single-step presentation, the gross and operating income figures are not stated; nevertheless, they can be calculated from the data provided.

    In the single-step method, sales minus materials and production equal gross income. And, by subtracting marketing and administrative and R&D expenses from gross income, we get the operating income figure. If you are a do-it-yourself, you'll have to do the math; however, if you use investment research data, the number crunching is done for you.

    One last general observation: Investors must remind themselves that the income statement recognizes revenues when they are realized (i.e., when goods are shipped, services rendered, and expenses incurred). With accrual accounting, the flow of accounting events through the income statement doesn't necessarily coincide with the actual receipt and disbursement of cash; the income statement measures profitability, not cash flow.

    Income Statement Accounts (Multi-Step Format)

    Net Sales (a.k.a. sales or revenue): These all refer to the value of a company's sales of goods and services to its customers. Even though a company's "bottom line" (its net income) gets most of the attention from investors, the "top line" is where the revenue or income process begins. Also, in the long run, profit margins on a company’s existing products tend to eventually reach a maximum that is difficult to improve on. Thus, companies typically can grow no faster than the growth of their revenues.

    Cost of Sales (a.k.a. cost of goods (or products) sold (COGS), and cost of services): For a manufacturer, cost of sales is the expense incurred for raw materials, labour and manufacturing overhead used in the production of its goods. While it may be stated separately, depreciation expense belongs in the cost of sales. For wholesalers and retailers, the cost of sales is essentially the purchase cost of merchandise used for resale. For service-related businesses, cost of sales represents the cost of services rendered or cost of revenues.

    Gross Profit (a.k.a. gross income or gross margin): A company's gross profit does more than simply represent the difference between net sales and the cost of sales. Gross profit provides the resources to cover all of the company are other expenses. Obviously, the greater and more stable a company's gross margin, the greater potential there is for positive bottom line (net income) results.

    Selling, General and Administrative Expenses: Often referred to as SG&A, this account comprises a company's operational expenses. Financial analysts generally assume that management exercises a great deal of control over this expense category. The trend of SG&A expenses, as a percentage of sales, is watched closely to detect signs, both positive and negative, of managerial efficiency.

    Operating Income: Deducting SG&A from a company's gross profit produces operating income. This figure represents a company's earnings from its normal operations before any so-called non-operating income and/or costs such as interest expense, taxes and special items. Income at the operating level, which is viewed as more reliable, is often used by financial analysts rather than net income as a measure of profitability.

    Interest Expense: This item reflects the costs of a company's borrowings. Sometimes companies record a net figure here for interest expense and interest income from invested funds.

    Pre-tax Income: Another carefully watched indicator of profitability, earnings garnered before the income tax expense is an important step in the income statement. Numerous and diverse techniques are available to companies to avoid and/or minimize taxes that affect their reported income. Because these actions are not part of a company's business operations, analysts may choose to use pre-tax income as a more accurate measure of corporate profitability.

    Income Taxes: As stated, the income tax amount has not actually been paid - it is an estimate, or an account that has been created to cover what a company expects to pay.

    Special Items or Extraordinary Expenses: A variety of events can occasion charges against income. They are commonly identified as restructuring charges, unusual or nonrecurring items and discontinued operations. These write-offs are supposed to be one-time events. When they are of this nature, investors need to take these special items, which can distort evaluations, into account when making inter-annual profit comparisons.

    Net Income (a.k.a. net profit or net earnings): This is the bottom line, which is the most commonly used indicator of a company's profitability. Of course, if expenses exceed income, this account caption will read as a net loss. After the payment of preferred dividends, if any, net income becomes part of a company's equity position as retained earnings. Supplemental data is also presented for net income on the basis of shares outstanding (basic) and the potential conversion of stock options, warrants, etc. (diluted).

    Comprehensive Income: The concept of comprehensive income, which is relatively new (1998), takes into consideration the effect of such items as foreign currency translations adjustments, minimum pension liability adjustments, and unrealized gains/losses on certain investments in debt and equity. The investment community continues to focus on the net income figure. The aforementioned adjustment items all relate to volatile market and/or economic events that are out of the control of a company's management. Their impact is real when they occur, but they tend to even out over an extended period of time.

    When an investor understands the income and expense components of the income statement, he or she can appreciate what makes a company profitable.

    التعديل الأخير تم بواسطة MCH71311 ; 07-28-2009 الساعة 03:36 PM

  4. #19
    متداول خبير
    تاريخ التسجيل
    Jan 2009
    Thanked 8,933 Times in 4,393 Posts

    افتراضي رد: ECONOMY THE EASY WAY

    Cash Flow Statement : In-Depth

    If a company reports earnings of $1 billion, does this mean it has this amount of cash in the bank? Not necessarily. Financial statements are based on accrual accounting, which takes into account non-cash items. It does this in an effort to best reflect the financial health of a company. However, accrual accounting may create accounting noise, which sometimes needs to be tuned out so that it's clear how much actual cash a company is generating. The statement of cash flow provides this information, and here we look at what cash flow is and how to read the cash flow statement.

    What Is Cash Flow
    Business is all about trade, the exchange of value between two or more parties, and cash is the asset needed for participation in the economic system
    . For this reason - while some industries are more cash intensive than others - no business can survive in the long run without generating positive cash flow per share for its shareholders. To have a positive cash flow, the company's long-term cash inflows need to exceed its long-term cash outflows.

    An outflow of cash occurs when a company transfers funds to another party (either physically or electronically). Such a transfer could be made to pay for employees, suppliers and creditors, or to purchase long-term assets and investments, or even pay for legal expenses and lawsuit settlements. It is important to note that legal transfers of value through debt - a purchase made on credit - is not recorded as a cash outflow until the money actually leaves the company's hands.
    A cash inflow is of course the exact opposite; it is any transfer of money that comes into the company's possession. Typically, the majority of a company's cash inflows are from customers, lenders (such as banks or bondholders) and investors who purchase company equity from the company. Occasionally cash flows come from sources like legal settlements or the sale of company real estate or equipment.

    Cash Flow vs Income
    It is important to note the distinction between being profitable and having positive cash flow transactions: just because a company is bringing in cash does not mean it is making a profit (and vice versa).

    For example, say a manufacturing company is experiencing low product demand and therefore decides to sell off half its factory equipment at liquidation prices. It will receive cash from the buyer for the used equipment, but the manufacturing company is definitely losing money on the sale: it would prefer to use the equipment to manufacture products and earn an operating profit. But since it cannot, the next best option is to sell off the equipment at prices much lower than the company paid for it. In the year that it sold the equipment, the company would end up with a strong positive cash flow, but its current and future earnings potential would be fairly bleak. Because cash flow can be positive while profitability is negative, investors should analyze income statements as well as cash flow statements, not just one or the other.

    What Is the Cash Flow Statement

    There are three important parts of a company's financial statements: the balance sheet, the income statement and the cash flow statement. The balance sheet gives a one-time snapshot of a company's assets and liabilities. And the income statement indicates the business's profitability during a certain period

    The cash flow statement differs from these other financial statements because it acts as a kind of corporate checkbook that reconciles the other two statements. Simply put, the cash flow statement records the company's cash transactions (the inflows and outflows) during the given period. It shows whether all those lovely revenues booked on the income statement have actually been collected. At the same time, however, remember that the cash flow does not necessarily show all the company's expenses: not all expenses the company accrues have to be paid right away. So even though the company may have incurred liabilities it must eventually pay, expenses are not recorded as a cash outflow until they are paid

    The following is a list of the various areas of the cash flow statement and what they mean:

    Cash flow from operating activities - This section measures the cash used or provided by a company's normal operations. It shows the company's ability to generate consistently positive cash flow from operations. Think of "normal operations" as the core business of the company. For example, Microsoft's normal operating activity is selling software.
    Cash flows from investing activities - This area lists all the cash used or provided by the purchase and sale of income-producing assets. If Microsoft, again our example, bought or sold companies for a profit or loss, the resulting figures would be included in this section of the cash flow statement.

    Cash flows from financing activities - This section measures the flow of cash between a firm and its owners and creditors. Negative numbers can mean the company is servicing debt but can also mean the company is making dividend payments and stock repurchases, which investors might be glad to see.

    When you look at a cash flow statement, the first thing you should look at is the bottom line item that says something like "net increase/decrease in cash and cash equivalents", since this line reports the overall change in the company's cash and its equivalents (the assets that can be immediately converted into cash) over the last period. If you check under current assets on the balance sheet, you will find cash and cash equivalents (CCE or CC&E). If you take the difference between the current CCE and last year's or last quarter's, you'll get this same number found at the bottom of the statement of cash flows.

    Deeper Inside
    All companies provide cash flow statements as part of their financial statements, but cash flow (net change in cash and equivalents) can also be calculated as net income plus depreciation and other non-cash items.

    Generally, a company's principal industry of operation determine what is considered proper cash flow levels; comparing a company's cash flow against its industry peers is a good way to gauge the health of its cash flow situation. A company not generating the same amount of cash as competitors is bound to lose out when times get rough.

    Even a company that is shown to be profitable according to accounting standards can go under if there isn't enough cash on hand to pay bills. Comparing amount of cash generated to outstanding debt, known as the operating cash flow ratio, illustrates the company's ability to service its loans and interest payments. If a slight drop in a company's quarterly cash flow would jeopardize its loan payments, that company carries more risk than a company with stronger cash flow levels.

    Unlike reported earnings, cash flow allows little room for manipulation. Every company filing reports with the Securities and Exchange Commission (SEC) is required to include a cash flow statement with its quarterly and annual reports. Unless tainted by outright fraud, this statement tells the whole story of cash flow: either the company has cash or it doesn't.

    What Cash Flow Doesn't Tell Us
    Cash is one of the major lubricants of business activity, but there are certain things that cash flow doesn't shed light on. For example, as we explained above, it doesn't tell us the profit earned or lost during a particular period: profitability is composed also of things that are not cash based. This is true even for numbers on the cash flow statement like "cash increase from sales minus expenses", which may sound like they are indication of profit but are not.

    As it doesn't tell the whole profitability story, cash flow doesn't do a very good job of indicating the overall financial well-being of the company. Sure, the statement of cash flow indicates what the company is doing with its cash and where cash is being generated, but these do not reflect the company's entire financial condition. The cash flow statement does not account for liabilities and assets, which are recorded on the balance sheet. Furthermore accounts receivable and accounts payable, each of which can be very large for a company, are also not reflected in the cash flow statement.

    In other words, the cash flow statement is a compressed version of the company's checkbook that includes a few other items that affect cash, like the financing section, which shows how much the company spent or collected from the repurchase or sale of stock, the amount of issuance or retirement of debt and the amount the company paid out in dividends.

    Like so much in the world of finance, the cash flow statement is not straightforward. You must understand the extent to which a company relies on the capital markets and the extent to which it relies on the cash it has itself generated. No matter how profitable a company may be, if it doesn't have the cash to pay its bills, it will be in serious trouble.

    At the same time, while investing in a company that shows positive cash flow is desirable, there are also opportunities in companies that aren't yet cash-flow positive. The cash flow statement is simply a piece of the puzzle. So, analyzing it together with the other statements can give you a more overall look at a company' financial health. Remain diligent in your analysis of a company's cash flow statement and you will be well on your way to removing the risk of one of your stocks falling victim to a cash flow crunch

  5. #20
    متداول خبير
    تاريخ التسجيل
    Jan 2009
    Thanked 8,933 Times in 4,393 Posts

    افتراضي رد: ECONOMY THE EASY WAY

    القوائم المالية للشركات
    1- الميزانية العمومية

    تبين الميزانية العمومية الموقف المالي للشركة في نقطة معينة من الزمن كما تبين الميزانية العمومية كيفية تمويل الأعمال واستثمار الأموال . وهناك ثلاث مكونات رئيسية في الميزانية العمومية هي:
    - الموجودات
    - المطلوبات
    - حقوق المساهمين

    والموجودات توضح توظيف رأس المال في الأعمال والمطلوبات وحقوق المساهمين توضح التركيبة التمويلية والميزانية العمومية تستند إلى المعادلة المحاسبية التالية : الموجودات = المطلوبات + حقوق المساهمين

    واستنادا إلى طبيعة الموجودات وقابليتها للتسييل فأنها تصنف كموجودات متداولة أو ثابتة والمطلوبات تصنف إلى مطلوبات متداولة أو غير متداولة استنادا إلى تواريخ استحقاقها والمبالغ المستثمرة من قبل المالك أو المساهم إلى جانب الأرباح المرحلة (المحتجزة) توضح بشكل منفصل وتسمى حقوق المساهمين.

    مكونات الميزانية العمومية

    إن تصنيف البنود المتشابهة في مجموعات يسهل تحليل وفهم الميزانية العمومية وتقسم الميزانية العمومية إلى فئات رئيسية كما ذكرنا سابقا وهي الموجودات والمطلوبات وحقوق المساهمين واليكم التفاصيل :


    إن جانب الموجودات في الميزانية العمومية يوضح كيفية استثمار الأموال في الموجودات لتنفيذ عمليات الشركة، وتقسم الموجودات كذلك إلى موجودات ثابتة وموجودات متداولة استنادا إلى استخدامها وطبيعتها.

    الموجودات المتداولة

    الموجودات المتداولة هي رأسمال عامل يستخدم لتمويل عمليات الشركة اليومية وهذه الأصول ذات عمر قصير ويتوقع إن يتم تحويلها إلى نقد خلال سنة واحدة، والموجودات المتداولة هامة لتسهيل تشغيل أنشطة الشركة والدورة التشغيلية للأعمال وهي الفترة الزمنية بين شراء المواد الخام وعرضها لتحقيق النقد من المبيعات يتم تمويلها بواسطة الموجودات المتداولة، من الناحية المثالية فان الموجودات المتداولة يتم تمويلها بواسطة المطلوبات المتداولة وغيرها من رأس المال الطويل الأجل المتوفر لدى الشركة.


    يتضمن النقد المتاح للاستخدام أي المبالغ النقدية وما لدى أمين الصندوق والحسابات البنكية ويتم الاحتفاظ بمبلغ من النقد السائل دوما في الأعمال لضمان تسهيل عمليات التشغيل، وينبغي التحذير من أن السيولة والربحية مترابطان سلبيا حيث إن الاحتفاظ بالنقد الكثير سيسبب تكلفة فرصة بديلة اكبر من حيث دخل الفائدة الضائع كما أن الأرصدة النقدية غير الكافية تؤدي إلى كشف الأرصدة البنكية مما يؤدي إلى تكبد مصاريف فائدة باهظة .

    الاستثمارات القابلة للتحويل السريع إلى نقد

    وتعرف أيضا بأنها الأوراق المالية القابلة للتحويل السريع إلى نقد وهي استثمارات قصيرة الأجل في أكثر الأدوات المالية خلوا من المخاطر وهذه الاستثمارات تكون في شكل عالي السيولة أو في مايعادلها من النقد ولها تاريخ استحقاق قصير الأجل حتى يمكن سحب المال عند الحاجة دون تكبد خسارة كبيرة (غير إن الصفقة لها كلفة قليلة وبالتالي يمكن تجاهلها ) والاستثمارات القابلة للتحويل إلى نقد تشمل أذونات الخزانة والسندات الاذنية والأدوات القابلة للتداول والأوراق التجارية قصيرة الأجل ويستند تقييم الاستثمارات القابلة للتحويل إلى نقد إلى التكلفة أو القيمة السوقية أيهما اقل الأرصدة المدينة هي المبالغ غير المسددة من العملاء والذمم ذات الطبيعة غير التجارية وهي ذمم ذات قيمة صافية قابلة للتحقيق بعد احتساب مخصصات بنود الديون المشكوك فيها .


    هو السلع المحفوظة للبيع و المواد الخام المستخدمة بالتصنيع وهذا عنصر عام في الموجودات المتداولة ويتطلب الاهتمام عند تحليل الميزانية العمومية. والمخزونات تربط رأس المال وبالتالي يمكن إن تؤثر على ربحية الشركة. ومن ناحية أخرى قد يكون لتقييم المخزونات أثر كبير على الموقف المالي للشركة. وهناك ثلاث طرق لحساب المخزون هي الأول فالأول والوارد أخيرا يصرف أولا وطريقة المتوسط المرجح، ويجب إن يكون التقييم النهائي على أساس التكلفة أو القيمة السوقية أيهما أقل.

    والاستثمارات في المخزون تعتمد على طبيعة الصناعة وعادة ما تقوم شركات صناعة الخدمات بالحفاظ على مخزونات صغيرة بينما المصالح الصناعية تحتفظ بمخزونات كبيرة وبعض الشركات تعتمد طرح الإنتاج والشراء في حينه التي تضمن مستويات متدنية من المخزونات .

    المدفوعات المسبقة الدفع

    وهي مبالغ تدفع مقدما و سلع يتوقع صرفها خلال سنة واحدة وهذه الأصناف تقع ضمن تعريف الموجودات المتداولة وعلى الأغلب فان الخدمات مثل التامين والإيجار ومكافحة الحشرات والخدمات العامة تعتبر مسبقة الدفع وعموما فان المصاريف المدفوعة مسبقا ليست هامة جدا في الميزانية العمومية .

    الموجودات الثابتة او الموجودات طويلة الأجل

    إن الموجودات الثابتة تعتبر ذات طبيعة طويلة الأجل أي أكثر من سنة وتعد بمنفعة اقتصادية والاستثمار في الموجودات الثابتة اختياري إلى حد بعيد وتؤثر طبيعة الأعمال كذلك على مستوى الاستثمار في الموجودات الثابتة وتمتلك الشركات الصناعية استثمارات كبيرة في الموجودات الثابتة مقارنة ببائع التجزئة أو المحل التجاري.

    والموجودات الثابتة تصنف على نحو واضح إلى:
    - موجودات ملموسة
    - استثمارات طويلة الأمد
    - موجودات غير ملموسة
    - الموجودات الأخرى .

    الموجودات الثابتة الملموسة

    هي الموجودات المادية مثل الممتلكات والمصانع والمعدات وهذه الموجودات هي ركيزة البنية التحتية للشركة وتقدم دورا مساندا لعمليات واستنادا اى نوع الصناعة التي تعمل فيها فان مستوى الاستثمار وطبيعة الأصل ستتغير وتستهلك الموجودات الثابتة الملموسة باستثناء الأرض ويقدر العمر الاقتصادي ويتم استهلاك الموجودات خلال عمرها الافتراضي وتعتبر سياسة الاستهلاك اختيارية وتحدد من خلال المعايير المحاسبية المتبعة .

    الاستثمارات طويلة الأجل

    تعتبر جزءا من محفظة الأصول الثابتة وتقوم الشركات بالاستثمار خارج نطاق نشاطها الأساسي لأسباب متنوعة وهي استثمارات طويلة الأجل ويتوقع إن يتم إلغاؤها في المستقبل ويمكن إن تكون الاستثمارات طويلة الأجل في أعمال إستراتيجية غير موحدة أو استثمارات قي أصول غير مستخدمة في عمليات التشغيل والاستثمارات في المشتقات المالية طويلة الأجل مثل السندات الكمبيالات الطويلة الأجل والأسهم تقع أيضا ضمن هذا التصريف.

    الموجودات غير الملموسة

    هي موجودات غير فعلية وغير ملموسة في طبيعتها مثل السمعة التجارية (الشهرة) والبراءات وحقوق التأليف والأسماء التجارية والامتيازات .

    ولقد أضيف بند جديد لهذه القائمة مؤخرا هو تكلفة تطوير برامج الكمبيوتر وتستحق البنود غير الملموسة الاهتمام لأنها يمكن إن تكون أساسية في الميزانية العمومية والسمعة التجارية التي هي بند من الأصول غير الملموسة تحدد قيمتها عندما يتم شراء شركة ما من قبل ش%u
    التعديل الأخير تم بواسطة MCH71311 ; 01-05-2010 الساعة 08:46 AM

  6. #21
    متداول خبير
    تاريخ التسجيل
    Jan 2009
    Thanked 8,933 Times in 4,393 Posts

    افتراضي رد: ECONOMY THE EASY WAY

    قائمة الدخل

    قائمة الدخل التي تعرف باسم بيان الأرباح هي جزء لا يتجزأ من القوائم المالية التي تصدرها الشركة ومن المتبع فان الأداء يقاس بنجاح الشركة في تحقيق هوامش أرباح وصافي أرباح تعرف من قبل المستثمرين ومجتمع الإعمال باسم صافي الربح . وبموجبها فانه حتى وقت قريب كانت قائمة الدخل تعطى الأهمية القصوى مقارنة بالقوائم المالية الأخرى . وقد كانت القوة الدافعة وراء تحركات أسعار الأسهم على نحو كبير هي النمو في صافي الدخل الذي تعلنه الشركات

    صافي المبيعات / الإيرادات
    هو إجمالي الإيرادات التي تحققها الشركة ناقصا أي بدلات وخصومات . ويعتبر هذا الرقم رئيسي في القوائم المالية وهو الأساس لكثير من الحسابات والتحليلات . وحيث أن المبيعات هي مؤشر على نجاح أعمال الشركة فان اتجاه هذا الرقم يعتبر مؤشرا هاما لأداء الشركة . كما يبين هذا الرقم القدرة التسويقية لبيع المنتج .

    تكلفة البضاعة المباعة /تكاليف التشغيل

    أو تكلفة المبيعات هي واحدة من أكبر المصاريف المخصومة من الإيراد. إن تكلفة تصنيع البضائع التي بيعت تدعى تكلفة المبيعات . ولان هذا الرقم مهم فانه يجتذب اهتمام الإدارة والمحللين. ومما تجدر ملاحظته أن رقم حجم تكلفة المبيعات يتفاوت من صناعة إلى أخرى .

    أجمالي الربح

    يتم الوصول إليه عن طريق طرح تكلفة المبيعات والتكاليف المباشرة من صافي إيراد المبيعات خلال فترة التقرير . وهذا الرقم هو أول مقياس ربحية يتعلق بالعمليات. واجمالي الربح كنسبة مئوية من المبيعات هو هامش ربح أولي . وإجمالي الربح هو مقياس لنشاط معين يتأثر بالمنتج وطبيعة الصناعة .


    هي المصاريف التي يتم تكبدها خلال التشغيل ضمن فترة التقرير محسوبة على أساس الاستحقاق . وهذا يشمل البيع والتوزيع والمصاريف الإدارية والاستهلاك والإطفاء. وتعطي التفاصيل استنادا إلى الغرض المطلوب من التقرير .

    الدخل من العمليات الرئيسية / الأرباح التشغيلية

    هو مؤشر رئيسي على الأداء التشغيلي العام للشركة . ويتم الحصول على هذا الرقم بعد خصم مصاريف التشغيل من إجمالي الربح . وحيث إن هذا الرقم يستثني البنود غير التشغيلية والضرائب فان له أهمية خاصة. ويكشف هذا الرقم عن قوة الأرباح التشغيلية .

    الإيرادات والمصاريف الأخرى

    هي ذات طبيعة غير تشغيلية وجميع البنود فيها غير متكررة . وهي تشمل على إيرادات ومصاريف الفوائد وإيرادات الإيجارات والربح أو الخسارة من مبيعات الموجودات الثابتة .

    الدخل / الخسارة قبل الضريبة هو الربح المتحقق قبل خصم الضريبة.

    صافي الربح/ الخسارة عن الفترة

    هو رقم الأرباح الكلية للشركة بعد الأخذ بعين الاعتبار كل الإيرادات والمصاريف التي تم تكبدها خلال فترة التقرير.

  7. #22
    متداول خبير
    تاريخ التسجيل
    Jan 2009
    Thanked 8,933 Times in 4,393 Posts

    افتراضي رد: ECONOMY THE EASY WAY

    قائمة التدفق النقدي

    بيانات التدفق النقدي هي بيانات تكميلية للمعلومات التي توفرها قائمة الدخل حيث أن كليهما يرتبطان بالميزانيات المتتالية . ويتم أعداد قوائم التدفقات النقدية لتوضيح كل التدفقات النقدية الداخلة والخارجة، مصنفة فيما بين أنشطة تشغيلية و استثمارية وتمويلية للشركة لفترة محددة وتوفر إيضاحات عن تلك الفترات ذات النشاط الاستثماري والتمويلي والتشغيلى النقدي .
    إن التصنيف للتدفقات النقدية فيما بين أنشطة تشغيلية وتمويلية واستثمارية يعتبر أساسيا لتحليل بيانات التدفق النقدي . حيث إن صافي التدفق النقدي (التغير في النقد وما يعادل النقد خلال الفترة ) ذو دلالة بسيطة بمفرده بينما التصنيف ومكونات مفرداته ذو علاقة كبيرة .

    التدفق النقدي من أنشطة تشغيلية (النقد من العمليات )

    يقيس كمية النقد الناتجة أو التي تستخدمها الشركة كنتيجة لإنتاجها وبيعها للبضائع والخدمات . وبالرغم من توقع حدوث عجز أو تدفقات نقدية سالبة من التشغيل ( بسبب النمو السريع ) إلا أن التدفقات النقدية الموجبة من التشغيل تعتبر أساسية لمعظم الشركات من أجل البقاء على المدى الطويل .فالأموال الناتجة داخليا يمكن استخدامها لدفع الأرباح الموزعة للأسهم أو إعادة شراء الأسهم أو تسديد القروض أو استبدال الطاقة الإنتاجية الموجودة أو الاستثمار في شراء الشركات والنمو .

    التدفق النقدي من أنشطة استثمارية

    يبين كمية النقد المستخدمة للحصول على الأصول مثل المصانع والمعدات كما في الاستثمارات وجميع نشاطات العمل الأخرى . وهذه النفقات ضرورية للحفاظ على الطاقة الإنتاجية للشركة وتعزيزها من أجل النمو المستقبلي . ويشمل التدفق النقدي من الأنشطة الاستثمارية أيضا النقد الناتج من بيع أو التخلص من الأصول أو جزء من الاعمال .

    التدفق النقدي من أنشطة تمويلية

    يشمل النفقات النقدية المرتبطة بالهيكل الرأسمالي للشركة (القروض وحقوق المساهمين ) متضمنة عوائد إصدار الأسهم وعوائد في شكل أرباح موزعة للأسهم وإعادة شراء الأسهم واخذ وسداد القروض .

    مالذى يجب البحث عنه فى قائمة التدفقات النقدية؟

    ان اهم نقطة يجب البحث عنها والاهتمام بها ضمن قائمة التدفقات النقدية ان تكون موجبة و كبيرة ومتزايدة وكذلك الكيفية التى يتم بها توظيف هذه التدفقات النقدية حيث تزايدت اهمية قائمة التدفقات النقدية حيث يمكن الحكم بموجبها على اداء الشركة المستقبلى وقدرة الشركة على سداد التزاماتها المستقبلية وبالتالى على مواجهة الظروف الطارئة وذلك من خلال الانشطةالثلاثة الواردة بقائمة التدفق النقدى (التشغيلية والاستثمارية والتمويلية )


صفحة 2 من 2 الأولىالأولى 12

معلومات الموضوع

الأعضاء الذين يشاهدون هذا الموضوع

الذين يشاهدون الموضوع الآن: 1 (0 من الأعضاء و 1 زائر)

المواضيع المتشابهه

  1. عملاق صناعة الفلاش Sothink SWF Easy + التعريب
    بواسطة fuadco2000 في المنتدى عالم التكنولوجيا
    مشاركات: 3
    آخر مشاركة: 01-03-2010, 10:31 PM
  2. U.S. economy shrinks more than expected
    بواسطة mahmoud_asad في المنتدى الإقتصاد العالمي World Economy
    مشاركات: 0
    آخر مشاركة: 04-29-2009, 02:59 PM
  3. Fed takes fresh stock of economy
    بواسطة mahmoud_asad في المنتدى الإقتصاد العالمي World Economy
    مشاركات: 0
    آخر مشاركة: 04-29-2009, 07:53 AM
  4. Worst May Be Over for Stocks And US Economy
    بواسطة AnAs في المنتدى الإقتصاد العالمي World Economy
    مشاركات: 0
    آخر مشاركة: 04-15-2009, 11:36 PM
  5. John J Murphy - Charting Made Easy
    بواسطة AnAs في المنتدى التحليـــــل الفني والأساســــــي
    مشاركات: 0
    آخر مشاركة: 04-05-2009, 09:36 PM

مواقع النشر (المفضلة)

مواقع النشر (المفضلة)

ضوابط المشاركة

  • لا تستطيع إضافة مواضيع جديدة
  • لا تستطيع الرد على المواضيع
  • لا تستطيع إرفاق ملفات
  • لا تستطيع تعديل مشاركاتك

المواضيع و المشاركات الموجودة في موقع خبراء الأسهم لا تعبر بالضرورة عن رأي إدارة الموقع ، و إنما تعبر عن رأي كاتبيها. و ادارة الموقع غير مسؤولة عن صحة أية بيانات أو توصيات مقدمة من خلال الموقع .

Copyright 2009 - 2017, Stocks Experts Network. All rights reserved