AFC Flashcards
1
Q
• Cash Flow From Operating activities
A
EBIT * quality of operating earnings
2
Q
• COST OF RAW MATERIALS IN THE PRODUCTION UNIT
A
Purchase of raw materials – Delta inventories(f-i)
3
Q
• CURRENT ASSETS
A
current ratio * current liabilities
4
Q
• D&A
A
EBITDA – EBIT
5
Q
• DPO (DAYS PAYABLE OUTSTANDING)
A
(Payables / Cost of goods sold) * 365
6
Q
• DPO
A
(Trade payables/Purchased of raw materials) * 365
7
Q
• DSO (DAYS SALES OUTSTANDING)
A
(Receivables/Revenues) * 365
8
Q
• EARNING PER SHARE (EPS)
A
Net profit / Common shares
9
Q
• EBIT (operating profit)
A
total revenues – raw materials used – cost of personnel – D&A – other operating expenses + changes in inventories – IMPAIRMENT (if present)
10
Q
• EBIT
A
cash flow from operating activities – D&A + DELTA (NWC) + income taxes paid + interest paid
11
Q
• EBIT
A
EBT + Financial Exp – Financial Inc
12
Q
• EBIT
A
EBT + net financial interests
13
Q
• EBIT
A
net profit + income taxes + net financial expenses
14
Q
• EBIT
A
revenues * operating profit margin
15
Q
• EBIT MARGIN %
A
Operating profit (EBIT) / Revenues
16
Q
• EBITDA
A
EBIT + D&A
17
Q
• EBITDA
A
EBIT + D&A + Impairment of goodwill
18
Q
• EBITDA
A
Revenues – Operating costs + Amortization and depreciation
19
Q
• EBITDA
A
Revenues * EBITDA margin
20
Q
• EBITDA MARGIN % (ROS)
A
(Operating profit (EBIT) + Depreciation & Amortization) / Revenues
21
Q
• EBT
A
net profit + income taxes
22
Q
• EBT
A
EBIT – Financial Exp + Financial Inc
23
Q
• EFFECTIVE TAX RATE %
A
Taxes / Pre-tax profit
24
Q
• FINANCIAL EXPENSES
A
EBIT – earning before taxes (EBT)
25
• FINANCIAL LEVERAGE
Debt / Shareholders equity (D/E)
26
• GROSS PROFIT
EBIT + Operating Expenses
27
• GROSS PROFIT
EBIT + selling and general administrative expenses – other operating income
28
• GROSS PROFIT
EBIT + Selling and General Administrative Expenses + Other operating Expenses – Other Operating Income
29
• GROSS PROFIT
EBIT – Other operating income + R&D expenses + Selling and Administrative Expenses + Other operating expenses
30
• GROSS PROFIT
Revenues – cost of goods sold
31
• ICR
EBIT / Interest Expenses
32
• NET CASH FLOW FROM OPERATING ACTIVITIES
EBIT + D&A and impairment + changes in inventories + changes in receivables + changes in payables – interest paid – income taxes paid
33
• NET FINANCIAL EXPENSES
financial expenses – financial revenues
34
• NET PROFIT
EBT –Taxes
35
• NET PROFIT
equity – reserves – share capital (number of shares * nominal price per share)
36
• NET PROFIT
revenues x net profit margin
37
• NET PROFIT MARGIN %
Net profit / Revenues
38
• NOT FOR PROFIT (NFP)
financial liabilities (current+ non-current) - cash and cash equivalents
39
• Purchase of raw materials
Cost for the consumption of raw materials + Variation of raw materials (final – initial)
40
• RAW MATERIALS USED
purchase of raw materials – (DELTA inventories)
41
• RECEIVABLES
current assets – inventories – cash and cash equivalents – current financial assets
42
• TRADE PAYABLES
Current liabilities – Current financial liabilities
43
• REVENUES
EBIT + cost of sales + other operating expenses + general administrative expenses
44
REVENUES
gross profit + cost of sales
45
• REVENUES (SALES)
EBIT + period costs + cost of goods sold
46
• REVENUES
total assets * assets turnover ratio
47
• ROA (RETURN ON ASSETS) %
Operating profit (EBIT) / Total Assets
48
• ROA
EBIT margin * Asset turnover ratio
49
• ROE (return to equity)
Net Profit / shareholders’ equity
50
• ROE
[ROI + Liabilities/Equity * (ROI - r)] *s
51
• ROI (RETURN ON INVESTED CAPITAL) %
operating profit (EBIT) / total assets – nonfinancial liabilities
52
• TAX RATE
Income taxes/ EBT
53
• TAXES
EBT * Effective tax rate
54
• TOTAL REVENUES
revenues + other operating income + changes in inventories of finished goods
55
• Alpha’s holding quota in Beta’s Equity
Beta’s Equity * holding quota
56
• Minority interests (Beta)
Beta’s Equity - Alpha’s holding quota
57
• Current Assets (CA)
Alpha’s CA + Beta’s CA
58
• Group EQUITY
Alpha’s Equity + Minority interests
59
• Equity investments
capital + reserves (of bought company)
60
• Non-current Liabilities (NCL)
Alpha’s NCL + Beta’s NCL
61
• Current Liabilities (CL)
Alpha’s CL + Beta’s CL
62
• GOODWILL AT ACQUISITION
Fair value of consideration transferred + fair value of non-controlling interests – Fair Value of net assets at acquisition
63
• CARRYING AMOUNT
Asset historical cost – accumulated depreciation
64
• DIVIDENDS
payout ratio * net profit
65
• DELTA NET WORKING CAPITAL
(DELTA receivables) - (DELTA payables) + (DELTA inventories)
66
• TV (terminal value)
FCFE / Ke
67
• Tc
Taxes / EBT
68
• Ke
FCFE / Tve
69
• CAPEX COVERAGE %
CFFO / CAPEX (Capital expenditure)
70
• DELTA CAPEX
new investments – disposal of assets
71
• FCFF
FCFE + Financial expenses (NET) – Financial revenues (NET) + dividends paid – new loans
72
• FCFE
EBIT*(1-t) + D&A + Change NWC (i-f) - Net Capex - Net Int * (1-t) + New Debt - Debt repaid + Capital Issued – Dividends
73
• FCFE (actualized)
FCFEt /(1+Ke)^t
74
• TV actualized
TV/ (1 + Ke) ^ t
75
• DELTA CAPEX
purchase of new assets – disposal
76
• DELTA share capital
increase – decrease in share capital
77
• DELTA net debt
new loans – debt repayment
78
• TV
FCFF * (1+g) / (WACC – g)
79
• TV
FCFE * (1+g) / (Ke – g)
80
• (1-tc)
[WACC – Ke*E/(E+D)] / [Kd* D/(D+E)]
81
• BETA LEVERED (BL)
(Ke – risk free rate) / (market premium)
82
• BETA UNLEVERED
BL / (1 + (1-tc) * D/E))
83
• WACC
D / ( E + D) * (1 – tax rate) * Kd + (equity / D + E)
84
• WACC
E/(E+D) * ke + D/(E+D) * (1 – tax) * kd
85
Ke
cost of equity
86
Kd
Interest expenses / debt
87
• BUDGET REVENUES
number of units * cost x unit
88
• BUDGETED COGS
production sold * unitary production cost + cost of inventories sold
89
• BUDGETED FULL PRODUCTION COST
direct material + manufacturing OVH + cost of direct labour
90
• BUDGETED PERIOD COSTS
marketing + administrative costs + R&D
91
BUDGETED PRODUCTION
Budgeted sales + Target ending finished goods – Beginning finished goods inventories
92
BUDGETE D PERIOD COSTS
Period costs of 2021 * (1 + alpha)
93
• CAPITAL QUOTA YEAR 1
Leasing rent - Interest quota year
94
• COGS
cost of goods manufactured – inventory used
95
• COST OF GOODS MANUFACTURED
cost of good available for sale (cost of goods sold) – cost of goods purchased -finished goods inventory (beginning)
96
• COST OF GOODS MANUFACTURED
labor + material usage + overhead cost
97
• Cost of goods sold
COGM – Inventories (at the end of the year)
98
• DIRECT MATERIAL USAGE BUDGET
cost of goods manufactured – direct manufacturing labor – total overhead
99
• EBIT
Revenues – COGS – Period Costs
100
• EBIT
ROS * Revenues
101
BUDGETED UNITARY PRODUCTION COST
full production cost / budgeted production
102
• GROSS MARGIN
Revenues – Cost Of Goods Sold
103
• INTEREST QUOTA YEAR 1
Debt year 1 x interest
104
• MANUFACTURING OVH BUDGET
operators + supervisor + depreciation + other OVH
105
• PERIOD COST BUDGET
Gross margin – EBIT
106
• PERIOD COSTS 2021
period cost 2020 * (1 + alpha)
107
• PERIOD COSTS
Gross margin - EBIT
108
• Revenues (1 – ROS)
COGS + Period Costs
109
• ROS * (Revenues)
Revenues – COGS – Period Costs
110
• Variable budgeted costs
total budgeted costs – fixed budgeted costs
111
• Per unit variable cost
variable budgeted costs / budgeted units
112
• Total efficiency variable
total actual costs – flexible budget
113
• Flexbilbe budget
budgeted fixed costs + (X unit variable cost * units produced)
114
• E (market capitalization)
Net profit * price per share
115
• FCFE (actualized)
FCFEt /(1+Ke)^t
116
• EARNINGS GROWTH (EPS growth rate)
(EPS 2021- EPS 2020 / EPS 2020) X 100
117
• EQUITY VALUE
FCFE actualized + TV actualized
118
• Equity value
enterprise value / D&A
119
• Equity value
price per share * number of shares
120
• EPS
net profit / common shares (number of shares)
121
• NFP
long term debt + short term debt – available cash
122
• P/E (F)
market capitalization / net profit
123
• P/E
price per share / EPS
124
• PEG (D)
PE ratio / Earnings growth
125
• PRICE
Average P/E * EPS
126
• TERMINAL VALUE (TV)
FCFF * (1 + growth rate) / (WACC – growth rate)
127
• TERMINAL VALUE
FCFE / Ke
128
• ALLOCATION BASIS (SALES)
Sales (Bu 1) + (Sales BU2 + increase in sales BU2)
129
• ALLOCATION COEFFICIENT
Corporate costs / Allocation basis (sales)
130
• CORPORATE COSTS BU
Allocation coefficient * Sales
131
• EBIT
EBIT margin * Sales (revenues)
132
• EBIT AFTER
EBIT 1 – Corporate costs BU
133
• PROPORTIONAL ALLOCATION METHOD
Weekly costs / Weekly capacity divided (capacity available)
134
• FEE ALLOCATION METHOD
Weekl80y costs / Weekly capacity
135
• TO PRODUCE
Additional units * number of machine-hours needed per unit
136
TRANSFER PRICE
CVup * (1+Mark-up)
137
• TRANSFER PRICE
(direct material + Direct labour + Manufactured overhead ) * (1 + mark-up of full cost)
138
• UNITARY CONTRIBUTION MARGIN (MAIN BUSINESS)
Selling price – CVup – CVdown
139
• UNITARY CONTRIBUTION MARGIN (SUBSIDIARY)
selling price – Transfer price - CVdown
140
• CV (UP, the company that transfers)
Direct material costs + direct manufacturing OVH (depends on prod.Volume)
141
• CV (DOWN, the company that receives)
direct material costs + direct manufacturing OVH (depends on
