  :    
 

 -, CFA


           .           ,        ,     .             ,                    .





 -, CFA,  

  :    



         -,  MyAccountingCourse.com, AccountingCoach.com  Investopedia.com.             ()  Iasplus.com.           .







           .           ,        ,      .             ,                    .

         () .         ,          .  ,  ,      ,    ,   ,       .                 ,         .      ,             .

   ,       ,      :       ,    .    , ,   ,             ,        The Accountant.           :    ,      .     , ,       KPI ,       .      ,    .      ?  :      () ,      .

 ,         ,     . ,   ,     ,   .      :      ?        ?.             .            .

   ( )            .               .   ,           .    ,             .  ,    ,     ,    .







      ,         ,       :

    :     (Income Statement  ),      (Cash Flow Statement  )    (Balance Sheet  ).

 ,     (    , , US GAAP  ..)          .

  (     IFRS),   ,            (Other comprehensive income  OCI)       (Statement of changes in Equity).        .

           (   )    (     ).     , . .          ,           (           ).  ,        ,       (   ).         (           OCI,       Comprehensive Income (CI)).

                .          ,   (   )             .  ,        ,        .              (:     - ,       ).        :    (Indirect Method)    (Direct Method).       ,       ( IAS 7, ,    ,         ).

         :    (Cash from Operations  CFO),    (Cash from Investing Activities  CFI)     (Cash from Financing Activities  CFF).          ( )         (CFO).

       (Cash Net Income),       (  ),   ,      ,      (    CFO   CFI  CFF).  ,            ( ,    ).    ,  ,           ,   .          (Cash from Operations).  ,       .      (  )   ,       ,         ,         .

        (CFI),  ,       .                 ,     (,     :    ,        , . .  ,     ).       ,         ,  ,            .                 .

              (/  ).  CFF  ,     ( ,   )    (,      ,  ).             (  CFI),     ,    .  ,    CFF    ,   ,      ,         ,      .    CFF    (    ,       ).

                :

      =       +    +    +   .

        (    :  ,  ,  ,  , ).

, ,        (     ),    ,              .

         .          . ,      ,     (,    )   .  ,       - :      ,      .      ,             ,         (      ,  , ,    ).

       :   .      ,       .     :  (  )    ( ,    /).  ,   ,     .           ,      .  ,        ,           .       :  ( , , , ),  (   ,  )   (,  ,     . .).

 ,     :    (     ),   (,  )    .              (      ).

         :   (Common Stock),  /  (Additional Paid-In Capital),   (Preferred Shares),   (Retained Earnings),   (Treasury Stock),     (Accumulated Other Comprehensive Income)    (Non-Controlling Interest/Minority Interest).           :     ,      ,    .       :     .

     .     ( =  +  ,  = ).         .

              :

    =     +      ,   

   ,  ,        ,  .  ,       :

    (Income Statement);

     (Cash Flow Statement);

  (Balance Sheet).

    , ,              :

Income Statement / Cash Flow Statement:

Profitability Ratios

Coverage Ratios

Balance Sheet:

Liquidity Ratios

Solvency Ratios

Mixed:

Efficiency Ratios

Market Multiples and Ratios:

Market Capitalization/Per share items

Enterprise Value multiples

 , ,          .     ,     ,     , ,   ,     .




Profitability Ratios



Profitability ratios ( )   ,   ()        .

 ,          (Income Statement). ,       ,    , , ,       .          .

    :

   (Gross Profit Margin).

 EBITDA (EBITDA Margin).

   (Operating Margin).

   (Net Income Margin).

    (Free Cash Flow Margin).

   (Return on Equity (ROE)).

 ,      ,  DuPont Analysis ( ),    Return on Equity       ,    .




Gross Profit Margin


Gross Profit Margin (GPM)      , ,                ( ).

  :








 ,     ,  ,     ,    (..     , ,       ).         ,      .      ,    .                .    ,     .

      100%  ,      .

Gross Profit /   = Revenue /   Cost of Goods Sold /   ().

    :

  (  );

 -,     /  ;

  /  ,      ;

    (, ,   . .);

   .

   .

      ,     .     ,  .

 ,   GPM    ,      ,   ,       .

          ,      ,          (,         ).

              . ,      ,        ,        ,              .



         LinkedIn Corp (  Microsoft Corporation):








(: Capital IQ)

 ,          ,      .   , , ,                  ,  .

     LinkedIn Corp   (  2015 .):








(: Capital IQ)

    ,     LinkedIn Corp   12  (LTM  last twelve months) 2015 .               Mixi, Inc.   ,              (..      ,   ).

  ,    . -,           ,     (  )    ,         (   ,    ). -,     -   . ,         Alphabet Inc., Yahoo Inc. Care.com   LinkedIn Corporation.   Alphabet Inc. Yahoo Inc.  ,  Care.com       ,       .   , LinkedIn Corporation      .  ,           .            ,      .




EBITDA Margin


EBITDA Margin  ,      ,     (non-GAAP)        ,            (Earnings Before Interest, Tax, Depreciation and Amortization  EBITDA).

EBITDA Margin              (  ,    ; ,       ,        ;   ,       ,  ,  ,    .  , ,  ,        ).

  :








      100%  ,      .

   ,   ,     EBITDA,        .     EBITDA:        .  :

EBITDA (1) = Net Income + Income Tax Expense + Interest + Depreciation & Amortization =   +     +     +      

        ,    (, ).

    :

  (  )

     

  

    :

          ,       .   ,   ;

    ,     ;

         ,         (Non-controlling Interest Income/Loss)  .,       ;

 ,   ,         (Adjusted EBITDA).

 :








(: getfilings.com)

    ,  EBITDA (Adjusted)   30-40% ,   EBITDA (Unaudited).     .

,    bottom-up ( -,     )  .  ,         .

EBITDA (2) = Revenue  Cost of Goods Sold (Cost of Revenue)  Selling, General, and Administrative Expenses + Depreciation & Amortization =    /  ,     +     

        ,    (, ).

    :

    ,     ;

     ;

    ,    bottom-up.

    :

 ,  ,    ;

    ,        ,  EBITDA     ,    (D&A),  ,      ( . .     , /     ).

  ,      EBITDA  .        EBITDA .




OIBDA


OIBDA  Operating Income Before Depreciation and Amortization (          )   EBITDA,       - (,   )     (Entertainment).

  OIBDA  EBITDA  ,         (Earnings),    (GAAP Operating Income).  ,   ,      (),         ,            .

  : OIBDA = Operating Income + Depreciation and Amortization =   +      

(        EBITDA0F[1 - https://corporatefinanceinstitute.com/resources/knowledge/finance/what-is-ebitda])

       ,                .  ,          (  ,     ),  ,         ,   OIBDA .



   OIBDA     LinkedIn Corp:








(: Capital IQ)

  , OIBDA LinkedIn Corp    ,     ( 16%  2010 .,   10%  2015 .),           ,      .       ,   ,    ,   ,     (SG&A).         -  -  (  Research & Development (R&D)), ..   .

   ,       ,   .    ,     SG&A      ,    ,   LinkedIn Corp    ,  .          ( ,      ,    ,              ),   ,        , ,    ,     .

  R&D,   :       ,           .  ( ,  IAS 38)        R&D (. .       ,      ,    ),         ,  R&D. ,              /-.

,          :      ,     .  ,  ,     ,        ,   ,     .  ,              ,       .

   EBITDA LinkedIn Corp   (  2015 .):








(: Capital IQ)

:   OIBDA,   EBITDA,        LinkedIn Corp   .

        ,   EBITDA  LinkedIn Corp   .  ,         ,  Care.com  Twitter, Inc.   EBITDA     ,    ,    ,     EBITDA   LinkedIn Corp          (   EV/EBITDA,  EV   ).     :








(: Capital IQ)

    ,  LinkedIn Corp      EV/Revenue (    )  Facebook, Inc.    EV/EBITDA   (     ,  EBITDA   12          ,    EV/Revenue     ).  ,       ,          ,   ,          .      ,        31% (CAGR)  2011  2015 .    12   2015       37%:








(: Capital IQ)

 ,  ,  EBITDA        ,    ,    (  ),           (,    ,    ).   EBITDA         .




Operating Margin


Operating Margin (  )  , ,         .   ,   (Operating Income)        (. .  ,    ).

  1F[2 - https://www.wallstreetmojo.com/operating-profit-margin-formula/]:










Operation Margin = Operation Profit / Net Sales * 100(Net Sales = Gross Sales  Sales Return  Allowances  Discounts=   =             )2F[3 - https://strategiccfo.com/net-sales/]

      100%  ,      .

    ,      ,        (GAAP),       .

       :








(: Aeroflot Investor Relations)

  (,    ),            .       ,        (,   ,      ,         ).




Operating Income vs EBIT


 ,     ,  :       ,  EBIT?.  : ,  . EBIT             (Earnings Before Interest and Tax)        ,      (non-GAAP). EBIT           (Free Cash Flow  FCFF  FCFE),        (Enterprise Value)       (Discounted Cash Flow analysis  DCF).       ,   ,    Operating Income  EBIT  .    .    ?

     .     ,  , :

Operating Income ( ) = Revenue  Cost of Goods SoldSelling, General, and Administrative Expenses  Other Operating Expenses (Income) =      ,         ()

   (Depreciation & Amortization)      ,   SG&A.     ,     .

  ,     ,           .

     EBIT:

EBIT = (          ) = Net Income + Income Tax Expense + Interest =   +    +    

 ,  EBIT     :

EBIT = Revenue  GOGS  Operating Expenses (OPEX) =    3F[4 - https://www.investopedia.com/terms/e/ebit.asp]

         ,        .

   ,       , ,     ,  EBITDA Margin,        ,    .  ,           (non-operating income/losses),        (one-off items).  ,    Operating Income  EBIT   ,          ,         (   ).  ,  EBIT   -       (,   ),      (GAAP),     .  ,            /, EBIT   .




EBIT vs EBITDA


     EBIT   :          ?.     ,  EBITDA       ,       .     EBIT?

      ,        ,           .   :

EBITDA  EBIT    ,         ,      .  :     EBITDA  EBIT.       :   ,             Unearned Revenue.        EBITDA  EBIT,        . ,    ,     ,      ()    .

        .   .      :        (        ).     ,         (Inventory),   (Supplies),    (Prepaid Expenses),   (Accounts Receivable    ,       ,     ).    (Short-term Investments)     ,   -       (Cash from Investing Activities)       (Cash Flow Statement).

  ,       (Operating Cycle),            (Income Statement),            (. .        ,    ). ,  ,    ,             (          D&A, . .      ).  , ,       ,     (Matching Principle)    (Cost of Goods Sold)        , . .  ,            ( )   . ,       100%     ,  ,                - .  ,       ,      ( ,     Shareholders Equity),  ,    ,      .        ,     ,     ,  Cash Flow Statement   .   EBITDA  EBIT    ,        .

 ,         EBITDA,     (Cash Flow from Operations),  ,   ,       (     ,    ,    ).            (Free Cash Flow),   ,          (        ,          .          ,        ,       , , ,     ).

     (Free Cash Flow)     LinkedIn Corp:








(: Capital IQ)

      /  ,            .

,  ,  EBITDA     ,          ,        ,          (,        /,  ).    ,   EBIT   ?  .

   EBITDA,  EBIT     .  ?       EBIT       (Capital Expenditures  CapEx).   ,        CapEx     ,           ( ) ,      .   ,           ( ),      , .. . ,           (       ),         .  ,      - (status quo),         . , ,         ,  CapEx      (D&A)  .

   ,  ,  EBIT ? EBITDA  CapEx.  ,  EBIT         ,  EBITDA, . . ,   . ,        (Warren Buffett)        EBIT,       (Owners' Earnings).



   OIBDA     LinkedIn Corp:








(: Capital IQ.  )

,            ,    ,      .           ,    ,   (..,       ).   ,     -          ,     (    Cash is king):








(: Aeroflot Investor Relations)

.       ,        .        EBITDA,       ,             .  ,      (GAAP),   EBITDA       -,      ,      .




Net Profit Margin


Net Profit Margin (  )  , ,         .   ,   (Net Income)         .      ,          .       ,         .

  4F[5 - https://www.investopedia.com/terms/n/net_margin.asp]:








      100%  5F[6 -        (),       .],      .

    ,      ,        (GAAP),       .

       :








(: Aeroflot Investor Relations)

    ,   (Net Income)    .       (IFRS).      ()  (-       , ).          : -,     ; -,        (Income tax expense).          ,      .

   (            1  .,       )      :

       .

    (  ).

  ,         (Other Comprehensive Income)        (     .      ).

     .

     

      :  ,      (      ),     (    Opo   operating company),        .      .            -,             (,     ,   ).             :








(: Rosneft Investor Relations)

    ,     ,  ,     ,       100%  (,       ,    ).   ,     ,        ,   100%.  :    ?.

    :       .  ,      .    ,       50% + 1      .       (IFRS 10, 12),            ,      (. . 50% + 1   ),        .     100%   ,     ,  100%   . ,       ,           (. .  , Shareholders Equity)    (  ),     ,      (Non-controlling Interest  Minority interest,    US GAAP).

   Non-controlling interest?

     :

          (      , . .     ,       50% + 1 );

         ,       100%  95%, ;

        -    (  ).

 50%+1  , , ,        . -,      . ,   ,      ,     . :    Berkshire Hathaway  Yandex,             ,         . -,           (Shareholders Agreement, SHA).  ,          -  -    .            ,          .

 ,      -          :

Redeemable Noncontrolling Interests

Ownership interests in the Companys consolidated subsidiaries held by the senior employees of these subsidiaries are considered redeemable as according to the terms of the business unit equity awards the employees have the right to redeem their interests for cash. Accordingly, such redeemable noncontrolling interests have been presented as mezzanine equity in the consolidated balance sheets.

(: Yandex Investor Relations)

         (     ,  Return on Equity  ROE),     : -,   Non-controlling Interest   Shareholders Equity; -,             ( ),                 Shareholders Equity,         (  ROA  ROE).

,       (         ,   ,       ):         ,      , ,      ( ,  25%.     ,    1% ).           ,   ,     .   ,           (        ).

  

        ,     (Earnings per Share).    ,      ,           (       ).            :








(: Rosneft Investor Relations)

      (EPS  Profit per Share),         Basic  Diluted number of shares (        , ).




Basic EPS


Basic EPS       ,               (Dilutive securities)  . .     (Dilutive potential ordinary shares).

  (IAS) 33,           :

  (Convertible debt);

   (Convertible preferred shares);

 (Share warrants);

,   (Share options);

share rights;

         (Employee stock option plans);




  .


   .

   ,     (https://www.litres.ru/book/aleksandr-valcev/finansovyy-analiz-otchetnosti-kluchevye-koefficienty-i-in-57389023/)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








1


https://corporatefinanceinstitute.com/resources/knowledge/finance/what-is-ebitda




2


https://www.wallstreetmojo.com/operating-profit-margin-formula/




3


https://strategiccfo.com/net-sales/




4


https://www.investopedia.com/terms/e/ebit.asp




5


https://www.investopedia.com/terms/n/net_margin.asp




6


       (),       .


