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분야
docx1. ROE analysis on SK Energy
2. Common-size Financial Statement
3. Ratio analysis
II. Financial Analysis on BP
1. ROE Analysis on BP
2. Common-size Financial Statement
3. Ratio Analysis
III. Assessment of the operating performance and financial position
1. SK Energy
2. British Petroleum
Test of Profitability
1) Return on Equity (ROE)
Return on equity relates income earned to the investment made by owner. This ratio reflects the simple fact that investors expect to earn more money if they invest more money. SK Energy’s ROE in 2008 is 13.1% (I already explained this measure above). As a result, SK Energy earned 13.1 percent on the owner’s investment. By comparing ROE in 2008 with past years, ROE became lower and lower by years.
2) Return on Asset (ROA)
Return on asset tells an investor how much profit a company generated for each 1,000 won in assets. Return on assets measures a company’s earnings in relation to all of the resources it had at its disposal (the shareholders’ capital plus short and long-term borrowed funds). Thus, it is the most stringent and excessive test of return to shareholders. If a company has no debt, the return on assets and ROE figures will be the same. It is computed as “Net income+ Interest Expenses (net of tax)/ Avg. Total assets. SK Energy’s ROA in 2008 is 7.2%.
3) Financial Leverage Percent
Financial leverage percentage measures the advantage or disadvantage that occurs when a company’s return on equity differs from its return on assets. This ratio describes the relationship between the return on equity and the return on assets. SK Energy’s financial leverage percentage in 2008 is 5.9% found by (ROE-ROA: 13.1% - 7.2%). SK Energy has positive leverage.
4) Earning per share (EPS)
The earnings per share ratio are a measure of return on investment that is based on the number of shares outstanding instead of the dollar amounts reported on the balance sheet. SK Energy’s EPS in 2008 is 9,657 won
5) Profit Margin
The profit margin measures the percentage of each 1,000 won sales, on average, that represents profit. SK Energy’s profit margin in 2008 is 1.94%.
6) Fixed Asset Turnover Ratio
Fixed asset turnover ratio measures operating efficiency comparing sales volume with a company’s investment in fixed assets. SK Energy’s fixed asset turnover ratio is 2.39. In 2008, SK Energy was able to generate 2,390 won in revenue for each 1,000 won invested in asset.
