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Additional resources for A Practical Guide to Corporate Finance: Breaking the Financial Ice
Thanksh. We have one last point to cover here. ROCE benefits from one of its weaknesses; it does not take the company’s financing choices into account. 12 Whether they are in debt or not, they will still have the same ROCE. But investors (shareholders) are worried about the company’s borrowing strategy: every pound paid out in interest is one less they will receive in dividends. We therefore need another indicator, one that will measure final performance. Return on equity (ROE) Remember, a return is a profit made on an investment: ● ● What have shareholders invested in the company?
Before, in the accounting presentation, we had assets and liabilities. Now, with this financial presentation, we’re taking about capital employed. That’s right. Since we have modified the presentation of the balance sheet, the numbers are no longer the same and so we use a different term. And capital employed can be expressed either as Fixed Assets + NWC or as Shareholders’ Equity + Net Debt? Correct, although we prefer the Fixed Assets + NWC calculation, because what interests us is what has been put into the business: the investments that have been made.
Oh dear! The company’s going bankrupt! If that were the case, it would have gone bankrupt three years ago. It may look alarming, but we have to take a look at the other ratios. For example, the quick ratio Rosencrantz: Guildenstern: broadens the question: we now include not only cash, but also accounts receivable (money that will be received soon). And we compare the money that is readily available with the debts that must be paid soon: short-term debt and current liabilities. So in our case the amount of money that will be received in the coming months is twice as much as what has to be paid out.