Содержание
- 2. I. Cost structure of the Electricity Business. II. Capital Cost Analysis. III. Economic and Financial Analysis.
- 3. III. ECONOMIC & FINANCIAL ANALYSIS. RATIOS
- 4. III. Economic & Financial Analysis. Financial situation
- 5. ELECTRICITY BUSINESS Permanent Financing – 84.4% Current Liabilities – 15.6% Assets - 15.7% Equity – 39.7%
- 6. ELECTRICITY BUSINESS Equity Working capital* Fixed assets Net Debt III. Economic & Financial Analysis. Financial situation
- 7. ELECTRICITY BUSINESS Inventories Working capital III. Economic & Financial Analysis. Working capital Trade payables Tax liabilities
- 8. Current ratio = Current assets / Current liabilities LIQUIDITY RATIOS Quick ratio = (Current assets –
- 9. LIQUIDITY CHART AT YEAR END 2013
- 10. The business return is the main performance indicator and the most frequently used by stake holders.
- 11. FINANCIAL RETURN Relationship between earnings after taxes (net income) and equity. Return indicator to be used
- 12. R.O.A = EBIT (1-t) / Total net assets EBIT : Earnings before interest and Corporate Tax.
- 13. RETURN ON EQUITY DEBT
- 14. ECONOMIC RETURN R.O.A. = x = x EBIT / Sales = Sale margin Sales / Net
- 15. FINANCIAL RETURN AND FINANCIAL LEVERAGE (1) R.O.E. = R.O.E. = x x x x R.O.E. =
- 16. FINANCIAL RETURN AND FINANCIAL LEVERAGE (2) = Asset Rotation = Sales margin = Financial Leverage =
- 17. FINANCIAL RETURN AND FINANCIAL LEVERAGE (3) Financial Return (i.e. Equity Return) can be also analysed as
- 18. FINANCIAL RETURN AND FINANCIAL LEVERAGE (4) R.O.E. = = EBT Equity = = - = =
- 19. I. Cost structure of the Electricity Business. II. Capital Cost Analysis. III. Economic and Financial Analysis.
- 20. III. ECONOMIC & FINANCIAL ANALYSIS. STOCK MARKET RATIOS
- 21. Earnings per share Dividend per share Yield Pay - out PER EV / Sales EV /
- 22. STOCK MARKET RATIOS: Earnings per share Earnings = Net income Net income ENEL(1) = 3,032 €m.
- 23. STOCK EXCHANGE RATIOS : Dividend per share Dividend = Distributed income Dividends ENEL = 1,506 €m
- 24. STOCK EXCHANGE RATIOS: Pay - out Pay - out = Distributed income / Net income Distributed
- 25. STOCK EXCHANGE RATIOS: Price Earning Ratio (PER) Net income Market Capitalisation ENEL = 39,739 €m Net
- 26. P.E.R. and E.P.S. Growth expectations
- 27. STOCK EXCHANGE RATIOS: EV / EBITDA Enterprise Value = Average Ratio x EBITDA IBE EV /
- 28. EV / Ebitda and Ebitda Growth expectations
- 29. I. Cost structure of the Electricity Business. II. Capital Cost Analysis. III. Economic and Financial Analysis.
- 30. RATING CRITERIA
- 31. FFO adjusted leverage (x) FFO interest cover (x) Capex / FFO (%) Debt / Ebitda (x)
- 32. V. Capital cost analysis. Financial needs estimation
- 33. FFO adjusted leverage = = 3.8 FFO interest cover = = 7.2 Capex / FFO =
- 34. RATING CRITERIA 3.5 88 7.2 3.8
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