Financial Statement Analysis

FINANCIAL STATEMENT ANALYSIS: A TOOL FOR PERFORMANCE EVALUATION A Case Study of Oceanic Bank

By

IBRAHIM UMAR PGA/09/07766

M.Sc. Assignment

Submitted to

Dr. M.I. Kida CNA Department of Accountancy University of Maiduguri

Analysis: A Tool for Performance Performance Evaluation 2Financial Statement Analysis:

Jan. 2010

3Financial Statement Analysis: A Tool for Performance Evaluation

ABSTRACT Financial statements are prepared to meet external reporting obligations and also for decision making purposes. They play a dominant role in setting the framework of managerial decisions. But the information provided in the financial statements is not an end in itself as no meaningful conclusions can be drawn from these statements alone. However, the information provided in the financial statements is of immense use in making decisions through analysis and interpretation of financial statements. There are various methods or techniques that are used in analyzing financial statements, such as comparative statements, schedule of changes in working capital , common size percentages, trend analysis and ratios analysis. This study intends to analyze financial statement of Oceanic bank in Nigeria in order to come up with an in-depth fact finding on its performance and to see if there is any connection between the recent global economic crisis and its overall performance.


INTRODUCTION 1.1 Background Financial statement represents crucial information to various users who have interest in a diverse field. All financial statements are essentially historically historical documents. They tell what has happened during a particular period of time. However most users of financial statements are concerned about what will happen in the future. Stockholders are concerned with future earnings and dividends. Creditors are concerned with the company's future ability to repay its debts. Managers are concerned with the company's ability to finance future expansion. Financial statement analysis involves careful selection of data from financial statements for the primary purpose of forecasting the financial health of the company. This is accomplished by examining trends in key financial data, comparing financial data across companies, and analyzing key financial ratios. Financial statement analysis is defined as the process of identifying financial strengths and weaknesses of the firm by properly establishing relationship between the items of the balance sheet and the profit and loss account (Pandy, 2003). Although financial statement analysis is a highly useful tool, it has two limitations. These two limitations involve the comparability of financial data between companies and the need to look beyond ratios. Comparison of one company with another can provide valuable clues about the financial health of an organization (Remi, 2006). Unfortunately, differences in accounting methods between companies sometime make it difficult to compare the companies' financial data. For example if one company values its inventories by the LIFO method and another firm by average cost method, then direct


comparisons of financial data such as inventory valuations and cost of goods sold between the two firms may be misleading. Some times enough data are presented in foot notes to the financial statements to restate data to a comparable basis. Otherwise, the analyst should keep in mind the lack of comparability of the data before drawing any definite conclusion. Nevertheless, even with this limitation in mind, comparisons of key ratios with other companies and with industry averages often suggest avenues for further investigation. 1.2 RESEARCH PROBLEM Financial statement represents crucial information to various users who have interest in a diverse field. Comparison of one company with another can provide valuable clues about the financial health of an organization but unfortunately, differences in accounting methods between companies sometime make it difficult to compare the companies' financial data. The needs of financial accounting information users are diverse that they find it difficult to understand the information contained in the statement so presented by the organization and as such there is need to analyze the statement into meaningful form for decision making and performance evaluation. 1.3 OBJECTIVES OF THE STUDY Analysis of banks through financial statements is more difficult than other type of companies due to the innovation of new and complex financial instruments. One of the indicators of bank`s performance is the behavior of their stock prices because it reflects the market’s evaluation of the bank’s performance which is also used as part of performance evaluation. Moreover, financial management theories provide many indicators for assessing a bank’s performance. The main purpose of this research is to analyze the financial statements of the bank and its development over time as reflected in its reports during three years from 2004 to 2008.


The study, in addition, has the following specific objectives: I.

the study intends to analyze financial statement to measure performance over time,

II.

link any relationship between the bank’s performance and the recent economic crisis,

III.

predict future prospects of the bank.

1.4 RESEARCH QUESTIONS The recent economic crisis and non performing loans cases in the Nigerian commercial banks have raised question which necessitated this research undertaking. The study intends to answer the following questions: 1. Are the Nigerian commercial banks performing well? 2. What are the overall performance indices of the Nigerian commercial banks? 3. Are the financial reports understandable to the external users? 4. What are the limitations attributable to financial statement analysis of the banks? 1.4 SIGNIFICANCE OF THE STUDY The study will provide investors with enough ideas to decide about the investment of their funds in specific banks in Nigeria. Regulatory authorities (e.g. IASB) can assess whether banks are following the accounting standard or not, government agencies will gain from the research to analyze taxation due from banks. It will also aid the selected bank in evaluating its performance over time and it will be a guide for future research. 1.5 SCOPE AND LIMITATION This study will analyze only Oceanic banks` performance from 2004 to 2008. However, there are some reasons for choice of only one bank for the study; the


time frame for the research work is too short to obtain data from more banks. The purpose is neither to investigate how the banks evaluate financial instruments to report in their financial statements nor to review the banking regulations and the governance systems. Author will focus only on the financial data available in financial reports. Another delimiting factor is that the researcher has to only rely on the financial reports provided by the banks on their websites because insight information is not accessible. Financial constraints are also obstacle to a wider study.


LITERATURE REVIEW 2.1 INTRODUCTION Financial statement analysis is defined as the process of identifying financial strengths and weaknesses of the firm by properly establishing relationship between the items of the balance sheet and the profit and loss account (Pandy, 2003). Financial statements are prepared to meet external reporting obligations and also for decision making purposes. They play a dominant role in setting the framework of managerial decisions. But the information provided in the financial statements is not an end in itself as no meaningful conclusions can be drawn from these statements alone. However, the information provided in the financial statements is of immense use in making decisions through analysis and interpretation of financial statements (James C. 2002) Financial statement analysis involves careful selection of data from financial statements for the primary purpose of forecasting the financial health of the company. This is accomplished by examining trends in key financial data, comparing financial data across companies, and analyzing key financial ratios. 2.2 TOOLS AND TECHNIQUES OF FINANCIAL STATEMENT ANALYSIS Following are the most important tools and techniques of financial statement analysis (Remi A. 2006): 1.

Horizontal and Vertical Analysis

2.

Ratios Analysis

2.3 HORIZONTAL ANALYSIS OR TREND ANALYSIS


Comparison of two or more year's financial data is known as horizontal analysis, or trend analysis. Horizontal analysis is facilitated by showing changes between years in both Naira and percentage form (Pandy 2003). Showing changes in Naira form helps the analyst focus on key factors that have affected profitability or financial position. Showing changes between years in percentage form helps the analyst to gain perspective and to gain a feel for the significance of the changes that are taking place. For example a N1 million increase in sales is much more significant if the prior year's sales were N 2 million than if the prior year's sales were N 20 million. In the first situation, the increase would be 50% that is undoubtedly a significant increase for any firm. In the second situation, the increase would be 5% that is just a reflection of normal progress. 2.3.1 Trend Percentage Horizontal analysis of financial statements can also be carried out by computing trend percentages. Trend percentage states several years' financial data in terms of a base year. The base year equals 100%, with all other years stated in some percentage of this base (Remi O. 2006). The trend analysis is particularly striking when the data are plotted. 2.3.2 Vertical Analysis Vertical analysis is the procedure of preparing and presenting common size statements. According Pandy (2004), common size statement is one that shows the items appearing on it in percentage form as well as in monetary form. Each item is stated as a percentage of some total of which that item is a part. Key financial changes and trends can be highlighted by the use of common size statements. Common size statements are particularly useful when comparing data from different companies. One application of the vertical analysis idea is to state the separate assets of a company as percentages of total sales.


The main advantages of analyzing a balance sheet in this manner are that the balance sheets of businesses of all sizes can easily be compared. It also makes it easy to see relative annual changes in one business (Helfert E. 1997) Another application of the vertical analysis idea is to place all items on the income statement in percentage form in terms of sales. By placing all items on the income statement in common size in terms of sales, it is possible to see at a glance how each Naira of sales is distributed among the various costs, expenses, and profits. And by placing successive years' statements side by side, it is easy to spot interesting trends. Managers and investment analysis often pay close attention to the gross margin percentage since it is considered a broad gauge of profitability. The gross margin percentage is computed by the following formula (Oye A. 2005): [Gross margin percentage = Gross margin / Sales] The gross margin percentage tends to be more stable for retailing companies than for other service companies and for manufacturers. Since the cost of goods sold in retailing exclude fixed costs. When fixed costs are included in the cost of goods sold figure, the gross margin percentage tends to increase or decrease with sales volume. The fixed costs are spread across more units and the gross margin percentage improves. While a higher gross margin percentage is considered to be better than a lower gross margin percentage, there are exceptions. Some companies purposely choose a strategy emphasizing low prices and (hence low gross margin). An increasing gross margin in such a company might be a sign that the company's strategy is not being effectively implemented. Common size statements are also very helpful in pointing out efficiencies and inefficiencies that might other wise go unnoticed.


2.4 RATIOS ANALYSIS A ratio simply means one number expressed in terms of another. A ratio is a statistical yardstick by means of which relationship between two or various figures can be compared or measured (Pandy 2003). The term "accounting ratios" is used to describe significant relationship between figures shown on a balance sheet, in a profit and loss account, in a budgetary control system or in any other part of accounting organization. Accounting ratios thus shows the relationship between accounting data (Helfert E. 1997). Ratios can be found out by dividing one number by another number. Ratios show how one number is related to another. It may be expressed in the form of coefficient, percentage, proportion, or rate (Oye A. 2005). For example the current assets and current liabilities of a business on a particular date are N200, 000 and N100, 000 respectively. The ratio of current assets and current liabilities could be expressed as 2 (i.e. 200,000 / 100,000) or 200 percent or it can be expressed as 2:1 i.e., the current assets are two times the current liabilities. Ratio sometimes is expressed in the form of rate. For instance, the ratio between two numerical facts, usually over a period of time, e.g. stock turnover is three times a year (Remi A. 2006) The ratios analysis is the most powerful tool of financial statement analysis. Ratio simply means one number expressed in terms of another. A ratio is a statistical yardstick by means of which relationship between two or various figures can be compared or measured. Ratios can be found out by dividing one number by another number. Ratios show how one number is related to another. Ratio is an indicated quotient of two mathematical expressions. According to Pandy (2004), it is a benchmark for evaluating the financial position and performance of a firm. Financial or accounting ration is the formula for analyzing financial data used to measure solvency, efficiency or profitability of a company on the basis of its published financial data. (Encarta, 2007)


2.4.1 CLASSIFICATION OF ACCOUNTING RATIOS Ratios may be classified in a number of ways to suit any particular purpose. Different kinds of ratios are selected for different types of situations. Mostly, the purpose for which the ratios are used and the kind of data available determine the nature of analysis. The various accounting ratios can be classified as follows: Classification of Accounting Ratios / Financial Ratios (A) Traditional Classification or Statement Ratios •

•

Profit and loss

(B)

(C)

Functional Classification

Significance Ratios or

or Classification

Ratios According to

According to Tests Profitability ratios

Importance Primary ratios

•

account ratios or

•

Liquidity ratios

revenue/income

•

Activity ratios

statement ratios

•

Leverage ratios or

Balance sheet ratios

long term solvency

or position statement

ratios

•

•

Secondary ratios

ratios •

Composite/mixed ratios or inter statement ratios

Source: www.accountiingformanagement.com/financial_accounting_ratios.htm In order to meet the vast needs of financial information user, Femi A. (2006), provided the following classification as also depicted by (Pandy 2004)


PROFITABILITY RATIOS Profitability ratios measure the results of business operations or overall performance and effectiveness of the firm. Some of the most popular profitability ratios are as under: •

Gross profit ratio

•

Net profit ratio

•

Operating ratio

•

Expense ratio

•

Return on shareholders investment or net worth

•

Return on equity capital

•

Return on capital employed

•

Dividend yield ratio

•

Dividend payout ratio

•

Earnings Per Share Ratio

•

Price earning ratio

LIQUIDITY RATIOS These are the ratios which measure the short term solvency of financial position of a firm. These ratios are calculated to comment upon the short term paying capacity of a concern or the firm's ability to meet its current obligations. Following are the most important liquidity ratios. •

Current ratio

•

Liquid / Acid test / Quick ratio

ACTIVITY RATIOS: Activity ratios are calculated to measure the efficiency with which the resources of a firm have been employed. These ratios are also called turnover ratios


because they indicate the speed with which assets are being turned over into sales. Following are the most important activity ratios: •

Inventory / Stock turnover ratio

•

Debtors / Receivables turnover ratio

•

Average collection period

•

Creditors / Payable turnover ratio

•

Working capital turnover ratio

•

Fixed assets turnover ratio

•

Over and under trading

LONG TERM SOLVENCY OR LEVERAGE RATIOS: Long term solvency or leverage ratios convey a firm's ability to meet the interest costs and payment schedules of its long term obligations. Following are some of the most important long term solvency or leverage ratios. •

Debt-to-equity ratio

•

Proprietary or Equity ratio

•

Ratio of fixed assets to shareholders funds

•

Ratio of current assets to shareholders funds

•

Interest coverage ratio

•

Capital gearing ratio

•

Over and under capitalization

2.5 FINANCIAL ACCOUNTING RATIOS FORMULA This is a collection of financial ratio formulas which can help you calculate financial ratios in a given problem (Pandy 2004). Analysis of Profitability General profitability:


•

Gross profit ratio = (Gross profit / Net sales) × 100

•

Operating ratio = (Operating cost / Net sales) × 100

•

Expense ratio = (Particular expense / Net sales) × 100

•

Operating profit ratio = (Operating profit / Net sales) × 100

Overall profitability: •

Return on shareholders' investment or net worth = Net profit after interest and tax / Shareholders' funds

•

Return on equity capital = (Net profit after tax – Preference dividend) / Paid up equity capital

•

Earnings per share (EPS) ratio = (Net profit after tax – Preference dividend) / Number of equity shares

•

Return on gross capital employed = (Adjusted net profit / Gross capital employed) × 100

•

Return on net capital employed = (Adjusted net profit / Net capital employed) × 100

•

Dividend yield ratio = Dividend per share / Market value per share

•

Dividend payout ratio or pay-out ratio = Dividend per equity share / Earnings per share

Short Term Financial Position or Test of Solvency: •

Current ratio = Current assets / Current liabilities

•

Quick or acid test of liquid ratio (for immediate solvency) = Liquid assets / Current liabilities

•

Absolute liquid ratio = Absolute liquid assets / Current liabilities

Current Assets Movement, Efficiency or Activity Ratios: •

Inventory / Stock turnover ratio = Cost of goods sold / Average inventory at cost


•

Debtors of receivables turnover ratios = Net credit sales / Average trade debtors

•

Average collection period = (Trade debtors No. of working days) / Net credit sales

•

Creditors or payables turnover ratio = Net credit purchase / Average trade creditors

•

Average payment period = (Trade creditors No. of working days) / Net credit purchase

•

Working capital turnover ratio = Cost of sales / Net working capital

Analysis of Long Term Solvency: •

Debt to equity ratio = Outsiders funds / Shareholders funds or External funds / Internal funds

•

Ratio of long term debt to shareholders funds (Debt equity) = Long term debt / Shareholders funds

•

Proprietary of equity ratio = Shareholders funds / Total assets

•

Fixed assets to net worth = Fixed assets after depreciation / Shareholders' funds

•

Fixed assets ratio or fixed assets to long term funds = Fixed assets after depreciation / Total long term funds

•

Ratio of current assets proprietors' funds = Current assets / Shareholders' funds

•

Debt service or interest coverage ratio = Net profit before interest and tax / Fixed interest charges

•

Capital gearing ratio = Equity share capital / Fixed interest bearing funds

2.6 ADVANTAGES OF RATIOS ANALYSIS Ratio analysis is an important and age-old technique of financial analysis. The following are some of the advantages / Benefits of ratio analysis (Rasid J. 2009):


1.

Simplifies financial statements: It simplifies the comprehension of financial statements. Ratios tell the whole story of changes in the financial condition of the business

2.

Facilitates inter-firm comparison: It provides data for inter-firm comparison. Ratios highlight the factors associated with successful and unsuccessful firm. They also reveal strong firms and weak firms, overvalued and undervalued firms.

3.

Helps in planning: It helps in planning and forecasting. Ratios can assist management, in its basic functions of forecasting. Planning, co-ordination, control and communications.

4.

Makes inter-firm comparison possible: Ratios analysis also makes possible comparison of the performance of different divisions of the firm. The ratios are helpful in deciding about their efficiency or otherwise in the past and likely performance in the future.

5.

Help in investment decisions: It helps in investment decisions in the case of investors and lending decisions in the case of bankers etc.

2.7 LIMITATIONS OF RATIOS ANALYSIS: The ratios analysis is one of the most powerful tools of financial management. Though ratios are simple to calculate and easy to understand, they suffer from serious limitations (Pandy 2004). 1.

Limitations of financial statements: Ratios are based only on the information which has been recorded in the financial statements. Financial statements themselves are subject to several limitations. Thus ratios derived, there from, are also subject to those limitations. For example, non-financial changes though important for the business are not relevant by the financial statements. Financial statements are affected to a very great extent by accounting conventions and concepts. Personal judgment plays a great part in determining the figures for financial statements.


2.

Comparative study required: Ratios are useful in judging the efficiency of the business only when they are compared with past results of the business. However, such a comparison only provide glimpse of the past performance and forecasts for future may not prove correct since several other factors like market conditions, management policies, etc. may affect the future operations.

3.

Ratios alone are not adequate: Ratios are only indicators; they cannot be taken as final regarding good or bad financial position of the business. Other things have also to be seen.

4.

Problems of price level changes: A change in price level can affect the validity of ratios calculated for different time periods. In such a case the ratio analysis may not clearly indicate the trend in solvency and profitability of the company. The financial statements, therefore, be adjusted keeping in view the price level changes if a meaningful comparison is to be made through accounting ratios.

5. Lack of adequate standard: No fixed standard can be laid down for ideal ratios. There are no well accepted standards or rule of thumb for all ratios which can be accepted as norm. It renders interpretation of the ratios difficult. 6.

Limited use of single ratios: A single ratio, usually, does not convey much of a sense. To make a better interpretation, a number of ratios have to be calculated which is likely to confuse the analyst than help him in making any good decision.

7.

Personal bias: Ratios are only means of financial analysis and not an end in itself. Ratios have to be interpreted and different people may interpret the same ratio in different way.

8.

Incomparable: Not only industries differ in their nature, but also the firms of the similar business widely differ in their size and accounting procedures etc. It makes comparison of ratios difficult and misleading.


2.8 LIMITATIONS OF FINANCIAL STATEMENT ANALYSIS Although financial statement analysis is highly useful tool, it has two limitations. These two limitations involve the comparability of financial data between companies

and

the

need

to

look

beyond

ratios

(www.accountingformanagement.com/limitation_of_financial_statement_analysis Comparison of Financial Data Comparison of one company with another can provide valuable clues about the financial health of an organization. Unfortunately, differences in accounting methods between companies sometimes make it difficult to compare the companies' financial data. For example if one firm values its inventories by LIFO method and another firm by the average cost method, then direct comparison of financial data such as inventory valuations and cost of goods sold between the two firms may be misleading. Sometimes enough data are presented in foot notes to the financial statements to restate data to a comparable basis. Otherwise, the analyst should keep in mind the lack of comparability of the data before drawing any definite conclusion. Nevertheless, even with this limitation in mind, comparisons of key ratios with other companies and with industry average often suggest avenues for further investigation. The Need to Look Beyond Ratios: An inexperienced analyst may assume that ratios are sufficient in themselves as a basis for judgment about the future. Nothing could be further from the truth. Conclusions based on ratios analysis must be regarded as tentative. Ratios should not be viewed as an end, but rather they should be viewed as starting point, as indicators of what to pursue in greater depth. they raise many questions, but they rarely answer any question by themselves. In addition to ratios, other sources of data should be analyzed in order to make judgment about the future of an organization. The analyst should look, for


example, at industry trends, technological changes, changes in consumer tastes, changes in broad economic factors, and changes within the firm itself. A recent change in a key management position, for example, might provide a basis for optimization about the future, even though the past performance of the firm (as shown by its ratios) may have been mediocre 2.9 ADVANTAGES OF FINANCIAL STATEMENT ANALYSIS There are various advantages of financial statements analysis. The major benefit is that the investors get enough idea to decide about the investments of their funds in the specific company. Secondly, regulatory authorities like International Accounting Standards Board can ensure whether the company is following accounting standards or not. Thirdly, financial statements analysis can help the government agencies to analyze the taxation due to the company. Moreover, company can analyze its own performance over the period of time through financial statements analysis.


METHODOLOGY 3.1 Data specification The study, “financial statement analysis: A tool for performance evaluation” used secondary data for the analysis of financial statement. This is due to the fact that the source of data is the banks financial statements published and posted to banks’ web sites. 3.2 Population and Sample Frame The population of the study comprises all commercial banks in Nigeria (21 as at January 2010). A random sampling is used to select one bank out of the twenty one banks in Nigeria. For the purpose of the study, Oceanic bank is chosen for analysis. 3.3 Method of Data Analysis The analysis of the data is based on the following methods or approaches of financial statement analysis: 1. Trend analysis 2.

Ratio analysis – only five ratios will be used viz: ROI, EPS, current, working capital turnover and proprietary ratio.


DATA ANALYSIS Based on the financial statement of the bank the following analysis was undertaken. Trend and Vertical Analysis COMMON SIZE BALANCE SHEET.

CASH WITH CBN Treasury bills & Other bills Due from other bank Loans and advances to customers Advances under finance lease Investment Securities Investment in subsidiaries Other Assets Property & Equipment current asset Total Asset

fixed Assets Financed by: Share capital Share Premium Reserve Deposit for shares Shareholders' fund

Customer deposits Due to other banks

2008 1520.9 2

2007

2006

2005

2004

1326.38

146.14

107.89

100

1240.17

111.58

203.71

100

860.05

1277.85

404.52

100

1395.14

407.56

320.67

100

543.75

512.46

280.53

100

1475.08

726.21

207.44

100

5806.47 448.47

1074.74 214.93

100.00 162.13

100 100

1101.68

536.62

194.99

100

1243.60

439.79

259.22

100

1185.99

427.73

250.74

100

654.70

316.49

172.51

100

370.36

194.03

155.23

155.23

100

355.90

412.94

249.12

159.74

100

2147.38

363.60

300.10

100

1035.77

465.66

251.22

100

2147.96

384.56

255.95

100

220.32 1321.4 3 2369.2 9 1063.4 5 3283.6 3 28128. 23 726.25 2357.2 8 1443.3 8 1423.6 0 1241.1 9

2066.1 0 1272.6 7 2748.3 4


Borrowed funds Current income tax Other liabilities Deferred tax liabilities Retirement Benefit Obligations current liabilities

286.80 453.59

466.48 620.76

164.78 176.76

191.09 178.80

100 100

792.27

1434.11

676.94

76.07

100

357.59 1336.6 2 1423.6 0

305.70

348.12

182.58

100

1055.83

436.41

244.06

100

1185.99

427.73

250.74

100

COMMON SIZE INCOME STATEMENT 2008 Gross Earning Profit before taxation Taxation Profit after taxation Proposed Dividend Transfer to reserves

2007 1465

584

2006 354

236 284 234

648 3298 521 792 294

337 1302 291 261 316

430

2005 193 211 866 179 199 163

2004 100 100 100 100 100 100

RATIO ANALYSIS Proprietor of equity ratio

0.17

0.22

Current ratio EPS (Naira) Working Capital T/O

1.11 35k

1.21 147.17k

ROI

0.04

0.09

0.16 0.08

0 .10 1 .03 102.63 0.03 0 .25

0.14

0.12

1.09 20

1.02 27

0.08

0.02

0.19

0.32


SUMMARY Financial statement analysis is one of the useful tools for decision making and performance evaluation. It is apparent that despite the economic crisis the bank was able to stable above the sinking level. Based on the common size statements, there is an improvement in the financial figures. The earning of the bank continued to increase indicating little or no effect sign of the economic crisis. The ratios indicate improvement though at a reduced rate. The economic crisis was noticed using the ratio analysis. EPS rose from 20 to 102 to 147 in 2004 through 2007 but in 2008 it dropped to 35k. Return on investment had an upward – downward trend with 2008 recording the least figure. CONCLUSION In conclusion, the study is able to able to come up with some reasonable as well as educative piece. The combination of the techniques for financial statement analysis brought about the hidden features of financial statement. By mere looking at financial statements does not give an investor or analyst enough information. Despite the fact that financial statement analysis techniques, there are still unresolved issues which remain with the data itself (the financial statement). The effect of inflation, historic cost issues are major issues to be talked. Nevertheless the study brought to the mind of the researcher an opportunity to undertake a wider research in the field of financial statement analysis as a basis for performance evaluation.


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2.

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3.

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4.

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Financial Statement Analysis

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