CFA

Question 1

EBITDA margin

Answer 1

(Profit before tax + Interest expense + Depreciation) / Revenue

Question 2

ROCE

Answer 2

EBIT margin * TOCE

Question 3

EBIT margin

Answer 3

(Profit before tax + interest expense) / Revenue

Question 4

TOCE

Answer 4

Revenue / Opening CE = (Interest bearing debt + Equity)

Question 5

ROE (standard Dupont)

Answer 5

Profit margin * Asset turnover * Financial leverage

Question 6

Profit margin

Answer 6

Net profit / Revenue

Question 7

Asset turnover

Answer 7

Revenue / Opening total assets

Question 8

Financial leverage

Answer 8

Opening total assets / Opening equity

Question 9

ROE (with ROA)

Answer 9

(1-t) * (ROA+(ROA-COD)*(D/E))

Question 10

ROA

Answer 10

Profit before interest and tax / Opening total assets

Question 11

COD

Answer 11

Interest expenses / Opening total liabilities

Question 12

D/E

Answer 12

Opening total liabilities / Equity

Question 13

ROE (with RONA)

Answer 13

(1-t) * (RONA + (RONA-Rnd) * (ND/E))

Question 14

RONA

Answer 14

EBIT / ONA

Question 15

Rnd

Answer 15

(Financial expenses - Financial revenue) / Opening net debt

Question 16

ND/E

Answer 16

Opening net debt / Equity

Question 17

ONA

Answer 17

Opening capital employed - Opening financial assets

Question 18

Current ratio

Answer 18

Current assets/Current liabilities

Question 19

Non-cash WC/ Revenues

Answer 19

(Accounts receivable + Inventory - Accounts payable) / Revenues

Question 20

Acc.rec./ Revenues

Answer 20

Accounts receivable / Revenues

Question 21

Inentory/ Revenues

Answer 21

Inventory / Revenues

Question 22

Accounts payable/ Revenues

Answer 22

Accounts payable / Revenues

Question 23

Debtor days

Answer 23

Average Accounts receivable * 365 / Revenues

Question 24

Inventory days

Answer 24

Average Inventory * 365 / Cost of Sales

Question 25

Payables days

Answer 25

Average Accounts payable * 365 / Purchases

Question 26

Equity/ Total Assets

Answer 26

Total equity/Total assets

Question 27

Debt/ Capital employed

Answer 27

Interest bearing liabilities/ (Interest bearing liabilities + Equity)

Question 28

ibDebt/EBITDA

Answer 28

Interest bearing liablities / EBITDA

Question 29

Interest coverage ratio

Answer 29

Profit before interest and tax/Interest expense

Question 30

Dividend payout ratio

Answer 30

Dividend/Net Profit

Question 31

Average age PPE

Answer 31

Accumulated depreciation/ Annual depreciation

Question 32

Remaining useful life PPE

Answer 32

Net PPE / Annual depreciation

Question 33

Capex/Depr (x)

Answer 33

CAPEX/ Annual depreciation

Question 34

Net Capex/Sales

Answer 34

(CAPEX - Depreciation) / Revenues

Question 35

R&D/ Sales

Answer 35

R&D expenses/ Revenues

Question 36

Sales (KEUR) per employee

Answer 36

Revenues/ Number of employees

Question 37

WC

Answer 37

Current assets - Current liabilities

Question 38

FIFO inv

Answer 38

LIFO inv + LIFO reserve

Question 39

AP turnover

Answer 39

Purchases / Avg AP

Question 40

AR turnover

Answer 40

Sales / Avg AR

Question 41

Inventory turnover

Answer 41

COGS / Avg inv

Question 42

Purchases

Answer 42

Closing inv. - opening inv. + COGS

Question 43

WAC per unit method

Answer 43

Sum of total costs / Sum of total quantity

Question 44

Cash ratio

Answer 44

(Cash and cash equivalents + Marketable securities) / Current liabilities

Question 45

Net debt

Answer 45

LTd + STd - CCE

Question 46

ROE (with ROCE)

Answer 46

(1-t) * (ROCE + (ROCE-Rd) * (Dib/E))

Question 47

ROCE

Answer 47

EBIT/Opening CE

Question 48

Rd

Answer 48

Interest expenses / Opening Dib

Question 49

Dib/E

Answer 49

Opening Dib / Equity

Question 50

Opening CE

Answer 50

Dib+Equity

Question 51

Dividends for CFF

Answer 51

Dividends paid = RE0 + NI - RE1