‫‪www.infotechaccountants.com‬‬
‫‪Mr. : Mohammed Bisharah‬‬
‫ﺗﺤﻠﻴﻞ اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ‬
‫‪Financial Statement Analysis‬‬
‫ﻧﻈﺮة ﻋﺎﻣﺔ ﻋﻠﻰ اﻟﻤﻮﺿﻮع‬
‫‪.1‬‬
‫‪.2‬‬
‫‪.3‬‬
‫‪.4‬‬
‫‪.5‬‬
‫اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ‬
‫اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ‬
‫ﺗﺤﻠﻴﻞ اﻟﺤﺠﻢ اﻟﻌﺎم‬
‫اﻟﺘﻐﻴﺮ ﻓﻲ اﻟﺴﻌﺮ‬
‫اﻷﻋﺘﺒﺎرات اﻟﺪوﻟﻴﺔ‬
‫‪Financial Statement‬‬
‫‪Financial Ratio‬‬
‫‪Common Size Analysis‬‬
‫‪Changing Prices‬‬
‫‪International Consideration‬‬
‫اﻟﺸﺮآﺎت اﻟﻌﺎﻣﺔ ﻳﺠﺐ ان ﺗﺤﺘﻮي ﻗﻮاﺋﻤﻬﺎ اﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ أرﺑﻌﺔ ﻗﻮاﺋﻢ وهﻲ آﺎﻻﺗﻲ ‪:‬‬
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‫•‬
‫•‬
‫•‬
‫ﻗﺎﺋﻤﺔ اﻟﺪﺧﻞ‬
‫اﻟﻤﻴﺰاﻧﻴﺔ اﻟﻌﻤﻮﻣﻴﺔ‬
‫ﻗﺎﺋﻤﺔ اﻷرﺑﺎح ﻏﻴﺮ ﻣﻮزﻋﺔ‬
‫ﻗﺎﺋﻤﺔ اﻟﺘﺪﻓﻘﺎت اﻟﻨﻘﺪﻳﺔ‬
‫‪Income Statement‬‬
‫‪Balance Sheet‬‬
‫‪The Statement of Retained Earning‬‬
‫‪The Statement of Cash Flow‬‬
‫اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ ‪ :‬ﻗﺎﺋﻤﺔ اﻟﺪﺧﻞ ‪ The Income Statement‬ﺗﺼﻒ ﻧﺘﺎﺋﺞ ﻋﻤﻠﻴﺎت اﻟﻤﻨﺸﺎة او اﻟﻮﺣﺪة اﻷﻗﺘﺼﺎدﻳﺔ‬
‫ﻋﻠﻰ ﻓﺘﺮة زﻣﻴﻨﺔ ﻣﻌﻴﻨﺔ وهﺬﻩ ﻏﺎﻟﺒﺎ ﻣﺎ ﺗﻜﻮن ﻓﺘﺮة ﺳﻨﺔ ﻣﺎﻟﻴﺔ ‪ .‬اﻷﻳﺮادات واﻟﺘﻜﺎﻟﻴﻒ ﻳﺘﻢ اﻷﻋﺘﺮاف ﺑﻬﺎ ﻋﻨﺪ ﺣﺪوث‬
‫اﻟﻤﺒﻴﻌﺎت وﻟﻴﺲ ﻋﻨﺪ ﺗﺤﺼﻴﻞ اﻟﻨﻘﺪ ﻣﻦ اﻟﺰﺑﺎﺋﻦ ‪ .‬أن اﻷﻋﺘﺮاف ﺑﺎﻷﻳﺮادات واﻟﻤﺼﺎرﻳﻒ ﻣﺤﻜﻮم ﺑﻤﺒﺪا اﻟﻤﻘﺎﺑﻠﺔ‬
‫‪ Matching Principle‬واﻟﺬي ﻳﻨﺺ ﻋﻠﻰ أن اﻷداء اﻟﻌﺎم ﻳﻤﻜﻦ ان ﻳﻘﺎس إذا ﺗﻢ ﻣﻘﺎﺑﻠﺔ اﻷﻳﺮادات واﻟﻤﺼﺎرﻳﻒ‬
‫وﺗﻘﻴﺪهﻤﺎ ﻓﻲ ﻧﻔﺲ اﻟﻔﺘﺮة اﻟﺰﻣﻨﻴﺔ ﻟﻠﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ ‪.‬‬
‫ﻣﺜﺎل ﻋﻠﻰ ﻗﺎﺋﻤﺔ اﻟﺪﺧﻞ وهﻲ ﺷﺮآﺔ وهﻤﻴﺔ اﻃﻠﻘﻨﺎ ﻋﻠﻴﻬﺎ اﺳﻢ ﺷﺮآﺔ اﻟﻔﺎ ﺳﻮف ﻳﺘﻢ إﺳﺘﻌﻤﺎل آﺎﻓﺔ أﻷرﻗﺎم اﻟﻤﺬآﻮرﻩ‬
‫هﻨﺎ ﻓﻲ ﻋﻤﻠﻴﺔ اﻟﺘﺤﻠﻴﻞ اﻟﻤﺎﻟﻲ ﺣﺴﺐ اﻟﺘﺼﻨﻴﻒ اﻟﺬي ذآﺮﻧﺎ ﻓﻲ ﺑﺪاﻳﺔ ﺷﺮﺣﻨﺎ هﺬا ‪:‬‬
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‫‪www.infotechaccountants.com‬‬
‫‪Mr. : Mohammed Bisharah‬‬
‫ﺷﺮآﺔ اﻟﻔﺎ‬
‫دﻳﺴﻤﺒﺮ ‪ 2004 , 31.‬و دﻳﺴﻤﺒﺮ ‪ 2005 , 31‬ﻗﺎﺋﻤﺔ اﻟﺪﺧﻞ ) ‪( $000‬‬
‫اﻟﻤﺒﻴﻌﺎت‬
‫ﺗﻜﻠﻔﺔ اﻟﺒﻀﺎﻋﺔ‬
‫هﺎﻣﺶ اﻟﺮﺑﺢ‬
‫اﻟﻤﺼﺎرﻳﻒ اﻟﺘﺴﻮﻳﻖ اﻻدارﻳﺔ‬
‫ﻣﺼﺎرﻳﻒ اﻷﻧﺪﺛﺎر – اﻷﻃﻔﺎء‬
‫اﻟﺪﺧﻞ ﻗﺒﻞ اﻟﻀﺮاﺋﺐ واﻟﻔﻮاﺋﺪ‬
‫ﻣﺼﺎرﻳﻒ اﻟﺘﻮﻳﻠﻴﺔ ﻓﺆاﺋﺪ‬
‫أرﺑﺎح ﻓﺮوق ﻋﻤﻠﺔ اﺟﻨﺒﻴﺔ‬
‫اﻟﺪﺧﻞ ﻗﺒﻞ اﻟﻀﺮاﺋﺐ‬
‫اﻟﻀﺮاﺋﺐ‬
‫ﺻﺎﻓﻲ اﻟﺮﺑﺢ‬
‫ﻋﺪد اﻷﺳﻬﻢ اﻟﻤﺴﺘﺤﻖ )ﻣﺘﻮﺳﻂ اﻟﺤﺠﻢ (‬
‫اﻟﺪﺧﻞ ﻟﻠﺴﻬﻢ اﻟﻮاﺣﺪ‬
‫ﺳﻌﺮ اﻟﺴﻬﻢ‬
‫‪23622‬‬
‫‪11824‬‬
‫‪------‬‬‫‪11798‬‬
‫‪7669‬‬
‫‪2073‬‬
‫‪------‬‬‫‪2056‬‬
‫‪675‬‬
‫)‪(14‬‬
‫‪-----‬‬‫‪1395‬‬
‫‪434‬‬
‫‪-----‬‬‫‪961‬‬
‫====‬
‫‪6111875‬‬
‫‪$0.16‬‬
‫‪$2.43‬‬
‫‪21580‬‬
‫‪11540‬‬
‫‪------‬‬‫‪10040‬‬
‫‪6543‬‬
‫‪1833‬‬
‫‪-----‬‬‫‪1664‬‬
‫‪731‬‬
‫)‪(14‬‬
‫‪------‬‬‫‪947‬‬
‫‪338‬‬
‫‪----‬‬‫‪609‬‬
‫===‬
‫‪6235451‬‬
‫‪$0.10‬‬
‫‪$2.00‬‬
‫اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ ﻗﺎﺋﻤﺔ اﻟﺪﺧﻞ‬
‫ﻣﺤﺎﺳﺒﺔ اﻟﺪﺧﻞ ﺗﺨﺘﻠﻒ ﻋﻦ اﻟﺘﺪﻓﻘﺎت اﻟﻨﻘﺪﻳﺔ آﻮﻧﻬﺎ ﺗﺘﻀﻤﻦ ﻋﻨﺎﺻﺮ ﻏﻴﺮ ﻣﺎﻟﻴﺔ – ﺷﺮآﺔ اﻟﻔﺎ ﺗﺤﺘﻮى ﻋﻠﻰ اﻷﻧﺪﺛﺎر او‬
‫اﻷﻃﻔﺎء وارﺑﺎح ﻋﻤﻠﺔ اﺟﻨﺒﻴﺔ ‪ .‬ﻣﻼﺣﻈﺔ ان ﻣﺒﻠﻎ اﻟﻀﺮاﺋﺐ اﻟﺬي ﻳﻈﻬﺮ ﻓﻲ ﻗﺎﺋﻤﺔ اﻟﺪﺧﻞ ﻣﻦ اﻟﻨﺎدر أن ﻳﺪﻓﻊ آﺎﻣﻼ ‪.‬‬
‫وهﻲ ﻣﺼﺎرﻳﻒ ﻣﺆﺟﻠﺔ اﻟﺪﻓﻊ ﻋﺎدة‬
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‫‪www.infotechaccountants.com‬‬
‫‪Mr. : Mohammed Bisharah‬‬
‫‪Financial Statement :‬‬
‫اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ ‪ :‬اﻟﻤﻴﺰاﻧﻴﺔ اﻟﻌﻤﻮﻣﻴﺔ‬
‫‪Balance Sheet Statement‬‬
‫أن اﻟﻤﻴﺰاﻧﻴﺔ اﻟﻌﻤﻮﻣﻴﺔ ﻋﺒﺎرة ﻋﻦ ﻟﻘﻄﺔ ﻟﻠﻤﻨﺸﺎة اﻷﻗﺘﺼﺎدﻳﺔ ‪ .‬هﻲ ﺗﻠﺨﻴﺺ ﻟﻸﺻﻮل اﻟﻤﻤﻠﻮآﺔ ﻟﻬﺎ وﻣﺎ ﻋﻠﻴﻬﺎ ﻣﻦ‬
‫اﻷﻟﺘﺰاﻣﺎت ﻣﺎﻟﻴﺔ ﻟﻠﻐﻴﺮ ‪ .‬أن اﻷﺻﻮل ﻣﺨﺼﻮم ﻣﻨﻬﺎ اﻟﺨﺼﻮم اﻟﻤﺘﺒﻘﻲ هﻮ ﻟﻠﻤﺎﻟﻜﻴﻦ ‪.‬وهﻲ ﻣﺎ ﻳﻌﺮف ﺑﺤﻘﻮق اﻟﻤﺴﺎهﻤﻴﻦ‬
‫او ﺻﺎﻓﻲ اﻟﻘﻴﻤﺔ ‪.‬‬
‫اﻟﻤﻌﺎدﻟﺔ اﻟﻤﺤﺎﺳﺒﻴﺔ‬
‫اﻷﺻﻮل – اﻟﺨﺼﻮم = ﺣﻘﻮق اﻟﻤﺴﺎهﻤﻴﻦ‬
‫‪Equity‬‬
‫‪Asset- Liabilities = Shareholders‬‬
‫ﺗﻈﻬﺮ اﻷﺻﻮل ﻓﻲ اﻟﺠﺎﻧﺐ اﻷﻳﻤﻦ ﻣﻦ اﻟﻤﻴﺰاﻧﻴﺔ وهﻲ ﻳﻤﻜﻦ ﺗﻘﺴﻴﻤﻬﺎ وﺗﺼﻨﻴﻔﻬﺎ ﻟﻠﻘﺴﻤﻴﻦ‬
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‫•‬
‫اﻷﺻﻮل اﻟﻤﺘﺪاوﻟﺔ‬
‫اﻷﺻﻮل اﻟﺜﺎﺑﺘﺔ‬
‫اﻷﺻﻮل اﻟﻤﺘﺪوﻟﺔ هﻲ ﺗﻠﻚ اﻷﺻﻮل اﻟﺘﻲ ﻟﻬﺎ ﻋﻤﺮ اﻗﻞ ﻣﻦ ﺳﻨﺔ ﻣﺎﻟﻴﺔ وهﻲ اﻟﻨﻘﺪﻳﺔ و اﻟﻤﺨﺰون واﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ وهﻮ‬
‫ﻣﺜﺎل ﻟﻸﺻﻮل اﻟﻤﺘﺪواﻟﺔ‬
‫اﻷﺻﻮل اﻟﺜﺎﺑﺘﺔ وهﻲ اﻷﺻﻮل اﻟﺘﻲ ﻟﻬﺎ ﻋﻤﺮ ﻃﻮﻳﻞ ﻓﻲ اﻟﻮﺣﺪة اﻷﻗﺘﺼﺎدﻳﺔ وهﺬﻩ اﻷﺻﻮل ﺗﻨﻘﺴﻢ اﺻﻮل ﻣﻠﻤﻮﺳﺔ ﻣﺜﻞ‬
‫اﻟﻤﺒﺎﻧﻲ وأﺻﻮل ﻏﻴﺮ ﻣﻠﻤﻮﺳﺔ ﻣﺜﻞ ﺣﻘﻮق اﻷﺧﺘﺮاع اﻟﻌﻼﻣﺎت اﻟﺘﺠﺎرﻳﺔ‬
‫آﻤﺎ ذآﺮﻧﺎ ﺗﻀﻬﺮ اﻟﺨﺼﻮم أﻳﻀﺎ ﻓﻲ اﻟﻄﺮف اﻷﻳﻤﻦ ﻣﻦ اﻟﻤﻴﺰاﻧﻴﺔ وﻳﻤﻜﻦ ان ﺗﻘﺴﻢ اﻟﺨﺼﻮم إﻟﻰ ﻗﺴﻤﻴﻦ‬
‫• اﻟﺨﺼﻮم اﻟﻤﺘﺪاوﻟﺔ‬
‫• اﻟﺨﺼﻮم اﻟﻐﻴﺮ ﻣﺘﺪاوﻟﺔ‬
‫اﻟﺨﺼﻮم اﻟﻤﺘﺪاوﻟﺔ وهﻲ اﻟﺨﺼﻮم اﻟﻮاﺟﺐ ﺳﺪادهﺎ ﻓﻲ اﻗﻞ ﻣﻦ ﺳﻨﻪ او اﻟﺘﻲ ﺗﺴﺘﺤﻖ ﺧﻼل اﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ وهﻲ ﻣﺜﻞ‬
‫اﻷﻗﺘﺮاض ﻣﻦ اﻟﺒﻨﻮك واﻟﺬﻣﻢ اﻟﺪاﺋﻨﺔ وهﻮ ﻓﻘﻂ ﻣﺜﺎل ﻟﻠﺨﺼﻮم اﻟﻤﺘﺪاوﻟﺔ‬
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‫‪www.infotechaccountants.com‬‬
‫‪Mr. : Mohammed Bisharah‬‬
‫اﻟﺨﺼﻮم اﻟﻐﻴﺮ ﻣﺘﺪاوﻟﺔ او ﺧﺼﻮم ﻃﻮﻳﻠﺔ اﻟﻤﺪة وهﻲ اﻟﺨﺼﻮم اﻟﺘﻲ ﺗﺴﺘﺤﻖ ﻋﻠﻰ ﻓﺘﺮة زﻣﻨﻴﺔ اﻃﻮل ﻣﻦ ﺳﻨﺔ ﻣﺎﻟﻴﺔ‬
‫وهﻨﺎ وﻋﻠﻰ ﺳﺒﻴﻞ اﻟﻤﺜﺎل اﻟﻘﺮوض ﻃﻮﻳﻠﺔ اﻷﺟﻞ اوﺣﻘﻮق اﻟﻤﻮﻇﻔﻴﻦ ﻣﺜﺎل ﻋﻠﻰ اﻟﺨﺼﻮم ﻃﻮﻳﻠﺔ اﻷﺟﻞ‬
‫اﻟﺴﻴﻮﻟﺔ‬
‫ﺗﺮﻣﺰ اﻟﻲ ﺳﻬﻮﻟﺔ ﺗﺤﻮﻳﻞ اﻷﺻﻮل اﻟﻲ ﻧﻘﺪ – اﻟﻨﻘﺪ ﻓﻲ اﻟﺒﻨﻮك – اﻟﺸﻴﻜﺎت اﻟﺘﺠﺎرﻳﺔ ﺗﺘﺤﻮل ﻟﻨﻘﺪ ﺑﺴﻬﻮﻟﺔ – اﻟﻤﺨﺰون‬
‫ﻳﺤﺘﺎج ﻟﻮﻗﺖ اآﺜﺮ ﻟﺘﺤﻮل ﻟﻤﺨﺰون اﻟﻤﻮﺟﻮدات اﻟﺜﺎﺑﺘﺔ اﺻﻌﺐ اﻷﺻﻮل ﺗﺤﻮل ﻟﻨﻘﺪ ﻳﺘﻢ ﺗﺮﺗﻴﺐ اﻷﺻﻮل ﻓﻲ اﻟﻤﻴﺰاﻳﻨﻪ‬
‫ﺣﺴﺐ ﺗﺪرﺟﻬﺎ ﻓﻲ اﻟﺘﺤﻮل ﻟﻨﻘﺪ‬
‫اﻟﻤﺰاﻧﻴﺔ اﻟﻌﻤﻮﻣﻴﺔ‬
‫دﻳﺴﻤﺒﺮ ‪ 2004 , 31.‬و دﻳﺴﻤﺒﺮ ‪ 2005 , 31‬اﻟﻤﺰاﻧﻴﺔ اﻟﻌﻤﻮﻣﻴﺔ ) ‪( $000‬‬
‫اﻷﺻﻮل‬
‫‪2005‬‬
‫‪2004‬‬
‫اﻟﻨﻘﺪ‬
‫إﺳﺘﺜﻤﺎرات ﻗﺼﻴﺮة اﻷﺟﻞ‬
‫اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ‬
‫ﺿﺮاﺋﺐ ﻣﺪﻳﻨﺔ‬
‫اﻟﻤﺨﺰون‬
‫ﻣﺼﺎرﻳﻒ ﻣﺪﻓﻮﻋﺔﻣﻘﺪﻣﺎ‬
‫‪2300‬‬
‫‪0‬‬
‫‪3891‬‬
‫‪237‬‬
‫‪4128‬‬
‫‪346‬‬
‫‪1714‬‬
‫‪400‬‬
‫‪4435‬‬
‫‪327‬‬
‫‪3417‬‬
‫‪306‬‬
‫‪------‬‬‫‪10903‬‬
‫‪23085‬‬
‫‪------‬‬‫‪33988‬‬
‫=====‬
‫‪------‬‬‫‪10600‬‬
‫‪22426‬‬
‫‪------‬‬‫‪33026‬‬
‫=====‬
‫أﺟﻤﺎﻟﻲ اﻷﺻﻮل اﻟﻤﺘﺪاوﻟﺔ‬
‫ﺛﺎﻓﻲ اﻷﺻﻮل اﻟﺜﺎﺑﺘﺔ‬
‫إﺟﻤﺎﻟﻲ اﻷﺻﻮل‬
‫اﻟﺨﺼﻮم وﺣﻘﻮق اﻟﻤﺴﺎهﻤﻴﻦ‬
‫ذﻣﻢ اﻟﺪاﺋﻨﺔ واﻟﺬﻣﻢ اﻟﻤﺴﺘﺤﻘﺔ‬
‫‪3199‬‬
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‫‪2257‬‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫دﻓﻌﺔ ﻣﻦ ذﻣﻢ اﻟﺪاﺋﻨﺔ ﻃﻮﻳﻠﺔ اﻷﺟﻞ‬
‫إﺟﻤﺎﻟﻲ اﻷﺻﻮل اﻟﻤﺘﺪاوﻟﺔ‬
‫‪937‬‬
‫‪-----‬‬‫‪4136‬‬
‫‪5125‬‬
‫‪2573‬‬
‫‪-----‬‬‫‪11835‬‬
‫‪-----‬‬‫‪8670‬‬
‫‪952‬‬
‫‪------‬‬‫‪3209‬‬
‫‪5992‬‬
‫‪2248‬‬
‫‪-----‬‬‫‪11449‬‬
‫‪-----‬‬‫‪9414‬‬
‫اﻟﺴﺎهﻤﺔ اﻟﺰﻳﺎدة‬
‫‪978‬‬
‫‪678‬‬
‫اﻷرﺑﺎح اﻟﻐﻴﺮ ﻣﻮزﻋﺔ‬
‫‪12506‬‬
‫‪-----‬‬‫‪22154‬‬
‫‪------‬‬‫‪33988‬‬
‫=====‬
‫‪11545‬‬
‫‪------‬‬‫‪21637‬‬
‫‪------‬‬‫‪33086‬‬
‫=====‬
‫دﻳﻮن ﻃﻮﻳﻠﺔ اﻷﺟﻞ‬
‫ﺿﺮاﺋﺐ ﻣﺴﺘﻘﺒﻠﻴﺔ‬
‫إﺟﻤﺎﻟﻲ اﻟﺨﺼﻮم‬
‫أﺳﻬﻢ راس اﻟﻤﺎل‬
‫أﺟﻤﺎﻟﻲ ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ‬
‫أﺟﻤﺎل اﻟﺨﺼﻮم وﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ‬
‫ﺻﺎﻓﻲ راس اﻟﻤﺎل اﻟﻌﺎﻣﻞ )‪ Net Working Capital ( NWC‬هﻮ اﻟﻔﺮق ﺑﻴﻦ اﻷﺻﻮل اﻟﻤﺘﺪاوﻟﺔ واﻟﺨﺼﻮم‬
‫اﻟﻤﺘﺪاوﻟﺔ‬
‫ﻓﻲ ﺣﺎﻟﺔ ﺷﺮآﺔ اﻟﻔﺎ‬
‫ﺻﺎﻓﻲ راس اﻟﻤﺎل اﻟﻌﺎﻣﻞ ﻟﺴﻨﺔ ‪6767 = 4136 -10903 = 2005‬‬
‫ﺻﺎﻓﻲ راس اﻟﻤﺎل ﻟﺴﻨﺔ ‪2004‬‬
‫= ‪7351 =3209 -10560‬‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫ﺻﺎﻓﻲ راس اﻟﻤﺎل ﺑﺎﻟﻤﻮﺟﺐ ‪ positive‬ﻳﻌﻨﻲ أن اﻟﻨﻘﺪﻳﺔ ﻣﺘﻮﻗﻌﺔ ان ﺗﺘﻮﻓﺮ ﺧﻼل اﻷﺷﻬﺮ ‪ 12‬اﻟﻘﺎدﻣﺔ وهﻮ ﺳﻮف‬
‫ﺗﺰﻳﺪ ﻋﻦ اﻟﺨﺼﻮم اﻟﻤﺴﺘﺤﻖ ﺳﺪادهﺎ ﺧﻼل اﻟﻔﺘﺮة اﻟﻤﺎﻟﻴﺔ‬
‫اﻟﻘﻴﻤﺔ اﻟﺴﻮﻗﻴﺔ ﻋﻜﺲ اﻟﻘﻴﻤﺔ اﻟﺪﻓﺘﺮﻳﺔ‬
‫‪Value‬‬
‫‪Market Value vs Book‬‬
‫ﺗﺤﺖ اﻟﻤﺒﺎدئ اﻟﻤﺤﺎﺳﺒﻴﺔ اﻟﻤﺘﻌﺎرف ﻋﻠﻴﻬﺎ و اﻟﻤﻘﺒﻮﻟﺔ ﻋﻤﻮﻣ ًﺎ اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ ﺗﻈﻬﺮ ﻗﻴﻤﺔ اﻷﺻﻮل اﻟﻤﺘﺪاوﻟﺔ ﺣﺴﺐ‬
‫ﻣﺒﺪا اﻟﺘﻜﻠﻔﺔ اﻟﺘﺎرﻳﺨﻴﺔ ‪ .‬أن اﻷﺻﻮل ﺗﺘﻢ ﺗﺪوﻳﺮهﺎ ﻓﻲ اﻟﺤﺴﺎﺑﺎت ﺑﺴﻌﺮ اﻟﺸﺮاء وآﻮن هﺬﻩ هﻲ اﻟﻐﺎﻳﺔ اﻟﻤﻨﺸﻮدة وهﺬا‬
‫ﻗﺎﺑﻞ ﻟﻸﺛﺒﺎت ﺑﺴﻬﻮﻟﺔ ‪ .‬اﻟﻘﻴﻤﺔ اﻟﺴﻮﻗﻴﺔ واﻟﻘﻴﻤﺔ اﻟﺪﻓﺘﺮﻳﺔ ﻳﻤﻜﻦ اﻗﻔﺎﻟﻬﻢ ﻓﻲ ﺣﺎﻟﺔ اﻷﺻﻮل اﻟﻤﺘﺪاوﻟﺔ ﺑﺴﺒﺐ ﺣﻴﺎﺗﻬﻢ‬
‫اﻟﻘﺼﻴﺮة ﻓﻲ اﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ ‪.‬‬
‫ﻓﻲ ﺣﺎﻟﺔ اﻷﺻﻮل اﻟﺜﺎﺑﺘﺔ ) اﻟﻐﻴﺮ ﻣﺘﺪاوﻟﺔ ( وﺣﻘﻮق اﻟﻤﺴﺎهﻤﻴﻦ ﻗﺪ ﻳﻜﻮن هﻨﺎك اﺧﺘﻼﻓﺎت آﺒﻴﺮة ﺑﻴﻦ اﻟﻘﻴﻤﺔ اﻟﺴﻮﻗﻴﺔ‬
‫واﻟﻘﻴﻤﺔ اﻟﺪﻓﺘﺮﻳﺔ‪.‬‬
‫اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ‬
‫آﻴﻒ ﻳﻤﻜﻦ ﻣﻘﺎرﻧﺎ اﻟﺒﻴﺎﻧﺎت اﻟﻤﺎﻟﻴﺔ ﻣﻦ ﺷﺮآﺔ ﻣﺨﺘﻠﻔﺔ‬
‫ﻳﺘﻢ ذﻟﻚ ﻋﻦ ﻃﺮﻳﻖ ﺣﺴﺎب اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ وهﻲ اﻓﻀﻞ ﻃﺮق ﻟﻌﻤﻞ اﻟﻤﻘﺎرﻧﺔ ﺑﻴﻦ اﻟﺸﺮآﺎت اﻟﻤﺨﺘﻠﻔﺔ ‪ .‬أن اﻟﻨﺴﺐ‬
‫اﻟﻤﺎﻟﻴﺔ ﺗﻮﺣﺪ اﻟﻌﻨﺎﺻﺮ ﻓﻲ اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ وﺗﺠﻌﻠﻬﺎ ﻗﺎﺑﻠﺔ ﻟﻠﻤﻘﺎرﻧﺔ ﻣﻊ ﻧﻔﺲ اﻟﻌﻨﺎﺻﺮ ﻓﻲ اﻟﻘﻮاﺋﻢ اﻷﺧﺮي ‪ .‬أن اﻟﻨﺴﺐ‬
‫وﺿﻌﺖ اﻷﻋﺪاد ﻓﻲ ﻣﻨﻈﻮر ﻣﻄﻠﻖ ﺣﺘﻰ ﻳﺘﺴﻨﻰ ﻟﻨﺎ اﻟﻘﻴﺎم ﺑﻌﻤﻠﻴﺎت اﻟﻤﻘﺎرﻧﺔ ‪.‬‬
‫اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ هﻲ ﻋﺒﺎرة ﻋﻦ ﺑﺴﻂ اﻟﻜﺴﺮ ﻣﻘﺴﻮم ﻋﻠﻰ ﻣﻘﺎم اﻟﻜﺴﺮ ‪.‬‬
‫أن وﺣﺪات اﻟﻨﺴﺐ ﻳﻤﻜﻦ ﺗﻘﺴﻴﻤﻬﺎ اﻟﻲ ﺛﻼث أﻧﻮاع ‪:‬‬
‫‪ .1‬ﻧﺴﺒﺔ ﻣﺌﻮﻳﺔ )‪ %35‬ﻣﻦ اﻟﻤﺒﻴﻌﺎت (‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫‪ .2‬رﻗﻤﻴﺔ )‪ 1.5‬رﺑﺤﻴﺔ (‬
‫‪ .3‬أﻳﺎم )‪ 67‬ﻳﻮم دوران اﻟﻤﺨﺰون (‬
‫ﻣﺎذا ﻳﻤﻜﻦ ان ﻧﻔﻌﻞ ﺑﺎﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ ؟‬
‫‪Cross –Sectional Analysis‬‬
‫اﻟﺘﺤﻠﻴﻞ اﻟﻌﺮﺿﻲ ﻟﻠﻘﻮاﺋﻢ‬
‫ﺗﺤﻠﻴﻞ اﻟﺸﺮآﺎت اﻟﻤﺨﺘﻠﻔﺔ ﺣﺴﺐ اﻟﺒﻴﺎﻧﺎت اﻟﻤﺎﻟﻴﺔ ﻟﻌﺪة ﺳﻨﻮات ﻋﺪة ﻣﻀﺖ او ﺗﻢ اﻷﻋﻼن ﻋﻨﻬﺎ‬
‫اﻟﺘﺤﻠﻴﻞ اﻟﺰﻣﻨﻲ ﻟﻠﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ‬
‫‪Time –series Analysis‬‬
‫وهﻮ ﺗﺤﻠﻴﻞ اﻟﺒﻴﺎﻧﺎت اﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺮآﺔ واﺣﺪة ﻣﻦ ﺧﻼل ﺑﻴﺎﻧﺎﺗﻬﺎ اﻟﻤﺎﻟﻴﺔ ﻟﻠﺴﻨﻮات اﻟﺴﺎﺑﻘﺔ‬
‫‪Combined Analysis‬‬
‫اﻟﺘﺤﻠﻴﻞ اﻟﻤﺸﺘﺮك‬
‫هﻮ اﻟﻘﻴﺎم ﺑﺎﻟﺘﺤﻠﻴﻠﻴﻦ أﻋﻼهﻤﺎ ﻣﺠﺘﻤﻌﻴﻦ‬
‫اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺮآﺔ ﻳﺠﺐ ان ﻳﺘﻢ ﻣﻘﺎرﻧﺘﻬﺎ ﻟﻠﺸﺮآﺎت اﻟﻤﻨﺎﻓﺴﺔ ﻓﻲ ﻧﻔﺲ اﻟﻤﺠﺎل او ﺷﺮآﺎت ﺗﻌﻤﻞ ﻓﻲ ﻧﻔﺲ‬
‫اﻟﺼﻨﺎﻋﺔ ‪ .‬هﻨﺎك ﻓﺌﺎت ﻧﺴﺐ ﻣﺎﻟﻴﺔ ﻣﺘﻌﺪدة ﺑﻌﻀﻬﺎ ﻣﻬﻢ واﻟﺒﻌﺾ اﻷﺧﺮ أﻗﻞ أهﻤﻴﺔ ﻳﻌﺘﻤﺪ ﻋﻠﻰ اﻟﺼﻨﺎﻋﺔ وﺣﺎﺟﺘﻬﺎ‬
‫ﻟﻸﺳﺘﻌﻤﺎل هﺬﻩ اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺗﺤﻠﻴﻠﻬﺎ ﻟﻬﺬﻩ اﻟﻘﻮاﺋﻢ ‪.‬‬
‫ﻣﺎ هﻮ اﻟﻤﻄﻠﻮب ﻣﻌﺮﻓﺘﻪ ﻋﻦ هﺬﻩ اﻟﻨﺴﺐ ؟‬
‫‪ .1‬ﻣﺎ هﻮ اﻟﻤﺮاد ﺣﺴﺎﺑﻪ‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫‪ .2‬ﻣﺎ هﻮ اﻟﺬي ﻳﻨﻮي ﻗﻴﺎﺳﻪ‬
‫‪ .3‬ﻣﺎ ﻣﻌﻨﻲ اﻟﻨﺘﻴﺠﺔ اﻟﻌﺎﻟﻴﺔ ﻣﻦ اﻟﻨﺴﺐ او اﻟﻨﺘﻴﺠﺔ اﻟﻤﻨﺨﻔﻀﺔ‬
‫‪ .4‬ﻣﺎهﻲ ﻋﻮاﺋﻖ ﻗﻴﺎس اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ‬
‫اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ ﻣﺠﻤﻌﺔ ﻓﻲ ﻋﺪة اﺻﻨﺎف ﻟﻠﻘﻴﺎس واﻟﺘﺤﻠﻴﻞ اﻟﻤﺎﻟﻲ ‪:‬‬
‫•‬
‫•‬
‫•‬
‫•‬
‫•‬
‫اﻟﻘﺪرة ﻋﻠﻰ ﺳﺪاد او اﻷﻓﺎء ﺑﺎﻟﺪﻳﻮن ﻗﺼﻴﺮة اﻷﺟﻞ – او ﻧﺴﺐ اﻟﺴﻴﻮﻟﺔ‬
‫اﻟﻘﺪرة ﻋﻠﻰ ﺳﺪاد او اﻷﻓﺎء ﺑﺎﻟﺪوﻳﻦ ﻃﻮﻳﻞ اﻷﺟﻞ – ﻧﺴﺐ اﻟﺮﻓﻊ‬
‫إدارة اﻷﺻﻮل – اﻷﻳﺮادات – ﻣﻌﺮﻓﺔ اﻟﻨﺸﺎط‬
‫ﻧﺴﺐ اﻟﺮﺑﺤﻴﺔ‬
‫ﻧﺴﺐ ﺳﻌﺮ اﻟﺴﻮق‬
‫ﺣﺴﺎب ﻧﺴﺒﺔ اﻟﺴﻴﻮﻟﺔ ﻣﻦ اآﺜﺮ اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ إﺳﺘﻌﻤﺎﻻ ﻓﻲ ﻋﻤﻠﻴﺎت اﻟﺘﺤﻠﻴﻞ اﻟﻤﺎﻟﻲ واﻟﺘﻲ ﺗﻘﻴﺲ ﻗﺪرة اﻟﻮﺣﺪة‬
‫اﻷﻗﺘﺼﺎدﻳﺔ ﺑﺎﻟﻮﻓﺎء ﺑﺎﻟﺘﺰاﻣﺎﺗﻬﺎ اﻟﻤﺎﻟﻴﺔ وهﻨﺎ ﻧﺴﺐ اﺧﺮي ﻟﻘﻴﺎس ﻧﺴﺐ اﻟﺴﻴﻮﻟﺔ ‪ .‬أن اﻟﻨﻴﺔ ‪ Intention‬ﻓﻲ‬
‫إﺳﺘﻌﻤﺎل هﺬﻩ اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ هﻮ ﻗﻴﺎس اﻟﺴﻴﻮﻟﺔ ز ﻋﺎﻟﻴﺔ او ﻣﻨﺨﻔﻀﺔ ان ﻧﺎﺗﺞ اﻟﻌﺎﻟﻲ ﻣﻦ هﺬﻩ اﻟﻨﺴﺐ ﻳﺪل ﻋﻰ اﻧﻪ ﻻ‬
‫ﻣﺸﺎآﻞ ﻓﻲ ﺳﺪاد دﻳﻮن اﻟﺸﺮآﺔ ﻋﻠﻰ اﻟﻤﺴﺘﻮى ﻗﺼﻴﺮ اﻷﺟﻞ وان إدارة اﻟﺸﺮآﺔ ﻣﺤﺎﻓﻈﺔ‬
‫اﻟﻤﺸﺎآﻞ هﺬﻩ اﻷﺟﺮاءات ﻟﻴﺴﺖ ﻣﺜﺎﻟﻴﺔ ﻓﻲ ﻗﻴﺎس ﻧﺴﺐ اﻟﺴﻴﻮﻟﺔ ﻧﺘﻴﺠﺔ ﻟﻠﻤﺸﺎآﻞ اﻟﺘﻲ ﺗﻮاﺟﻬﺎ وﺳﻮف ﻧﺬآﺮهﺎ ﻻﺣﻖ ‪.‬‬
‫اﻟﻨﺴﺐ اﻟﺤﺎﻟﻴﺔ ‪ :‬اﻷﺻﻮل اﻟﻤﺘﺪواﻟﺔ ÷ اﻟﺨﺼﻮم اﻟﻤﺘﺪاوﻟﺔ‬
‫ﻓﻲ ﺣﺎﻟﺔ ﺷﺮآﺔ اﻟﻔﺎ‬
‫‪2005‬‬
‫‪2.64 = 4136 ÷10903‬‬
‫‪2004‬‬
‫‪3.30 = 3209 ÷10060‬‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫أن اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ أﻋﻼﻩ ﺗﻌﺘﺒﺮ ﻧﺴﺐ ﻣﺎﻟﻴﺔ ذات ﻣﺆﺷﺮ ﺟﻴﺪ وﻟﻜﻨﻪ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﻃﺒﻴﻌﺔ اﻟﺼﻨﺎﻋﺔ اﻟﺘﻲ ﺗﻘﻮم ﺑﻬﺎ هﺬﻩ‬
‫اﻟﺸﺮآﺔ واﺣﺪ ﻣﺸﺎآﻞ هﺬﻩ اﻟﻨﺴﺐ ان اﻟﻤﺨﺰون او اﻟﺒﻀﺎﻋﺔ اﻟﻤﻮﺟﻮدة ﻣﻦ اﻟﺼﻌﻮﺑﺔ ﺗﺤﻮﻳﻠﻬﺎ ﻟﻨﻘﺪ ﻣﺒﺎﺷﺮ وﻃﺒﻌﺎ‬
‫ﻟﺘﻔﺎدي هﺬﻩ اﻟﻤﺸﻜﻠﺔ ﻳﺘﻢ اﺳﺘﺒﻌﺎد اﻟﺒﻀﺎﻋﺔ ﻓﻲ ﻧﺴﺐ اﻟﺴﻴﻮﻟﺔ اﻟﺴﺮﻳﻌﺔ ‪ Quick Ratio‬وهﻲ‬
‫ﻧﺴﺐ اﻟﺴﻴﻮﻟﺔ اﻟﺴﺮﻳﻌﺔ = ) اﻷﺻﻮل اﻟﻤﺘﺪاوﻟﺔ – اﻟﺒﻀﺎﻋﺔ (÷ اﻟﺨﺼﻮم اﻟﻤﺘﺪاوﻟﺔ‬
‫‪2005‬‬
‫)‪1.64 = 4136 ÷ ( 4128 -10903‬‬
‫‪2004‬‬
‫) ‪2.24 = 3209 ÷ (3417 -10060‬‬
‫اﻟﻨﺴﺐ اﻟﺴﻴﻮﻟﺔ اﻟﺴﺮﻳﻌﺔ ﻳﺠﺐ ان ﻳﺘﻢ ﻣﻘﺎرﻧﺘﻬﺎ ﻣﻊ اﻟﺸﺮآﺎت اﻟﻤﻨﺎﻓﺴﺔ او ﺷﺮآﺎت ذات ﻧﻔﺲ اﻟﻨﺸﺎط اﻟﺘﺠﺎري او‬
‫اﻟﺼﻨﺎﻋﻲ ‪ .‬وﻧﺴﺒﺔ اﻟﺴﻴﻮﻟﺔ اﻟﺴﺮﻳﻌﺔ ﺗﻌﺘﺒﺮ ان اﻷﺻﻮل ﻏﻴﺮ ﻗﺎﺑﻠﺔ ﻟﻠﺴﻴﻮﻟﺔ ‪ %100‬ﻟﺬﻟﻚ ﻳﺘﻢ إﺳﺘﻌﻤﺎل ﻧﺴﺒﺔ اﻟﻨﻘﺪﻳﺔ‬
‫واﻟﺘﻲ ﺗﻌﺘﺒﺮ اﻟﺤﻞ ﻟﻬﺬﻩ اﻟﻤﻌﻀﻠﺔ او اﻟﻤﺸﻜﻠﺔ‬
‫ﻧﺴﺐ اﻟﻨﻘﺪﻳﺔ = اﻟﻨﻘﺪ ‪ +‬اﻷﺳﻬﻢ واﻟﺴﻨﺪات ÷ اﻟﺨﺼﻮم اﻟﻤﺘﺪاوﻟﺔ‬
‫‪2005‬‬
‫‪0.56 = 4136÷2300‬‬
‫‪2004‬‬
‫‪0.66 = 3209 ÷2114‬‬
‫ﻃﺒﻌﺎ آﻤﺎ ذآﺮﻧﺎ ﺳﺎﺑﻘﺎ ﺑﺎن اﻟﻨﺴﺐ ﻟﺘﻜﻮن ﻣﻨﻄﻘﻴﺔ وواﻗﻌﻴﻪ ﻳﺠﺐ ان ﺗﻘﺎرن ﻣﻊ ﺷﺮآﺔ ﻣﻨﺎﻓﺴﺔ او ﺷﺮآﺔ ﻓﻲ ﻧﻔﺲ اﻟﻤﺠﺎل‬
‫اﻟﺘﺠﺎري او اﻟﺼﻨﺎﻋﻲ أن ﻧﺴﺐ اﻟﻨﻘﺪﻳﺔ ﻣﻦ ادق اﻟﻨﺴﺐ اﻟﻤﺎﻟﻴﺔ ﻓﻲ ﻗﻴﺎس اﻟﺴﻴﻮﻟﺔ‬
‫وهﻨﺎك ﻧﺴﺐ ﻣﺎﻟﻴﺔ أﺧﺮي ﻓﻲ ﻗﻴﺎس اﻟﺴﻴﻮﻟﺔ‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫ﻣﺘﻮﺳﻂ راس اﻟﻤﺎﻟﻲ اﻟﻌﺎﻣﻞ إﻟﻰ اﻷﺻﻮل = ﻣﺘﻮﺳﻂ راس اﻟﻤﺎﻟﻲ اﻟﻌﺎﻣﻞ ÷ إﺟﻤﺎﻟﻲ اﻷﺻﻮل‬
‫‪NWC = NWC/ Total Asset s‬‬
‫ﻗﻴﺎس ﻟﻔﺘﺮة = اﻷﺻﻮل اﻟﻤﺘﺪاوﻟﺔ ÷ ﻣﺘﻮﺳﻂ ﺗﻜﻠﻔﺔ اﻟﺘﺸﻐﻴﻞ اﻟﻴﻮﻣﻴﺔ‬
‫‪Interval Measure = Current Asset / Average Daily operation Cost‬‬
‫‪Average Daily Operation Cost = ( COGS +SGA) / 365‬‬
‫ﻣﺘﻮﺳﻂ ﺗﻜﻠﻔﺔ اﻟﺘﺸﻐﻴﻞ اﻟﻴﻮﻣﻴﺔ = ﺗﻜﻠﻔﺔ اﻟﺒﻀﺎﻋﺔ ‪ +‬ﻣﺼﺎرﻳﻒ اﻟﺘﺴﻮﻳﻒ واﻷدارﻳﺔ ÷ ‪ 365‬ﻳﻮم‬
‫ﺗﺤﻠﻴﻞ اﻟﻨﺴﺐ ‪ :‬ﻧﺴﺒﺔ اﻟﺮﻓﻊ‬
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‫•‬
‫•‬
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‫‪Ratio Analysis : Leverage Ratio‬‬
‫اﻟﺤﺴﺎب ‪ :‬ﻳﻌﺘﻤﺪ ﻋﻠﻰ اﻟﻨﺴﺐ‬
‫ﺐ ﻗﺪر َة اﻟﺸﺮآ َﺔ ﻟ ُﻤﻘَﺎﺑَﻠَﺔ اﻹﻟﺘﺰاﻣﺎت اﻟﻄﻮﻳﻠﺔ اﻟﻤﺪى‪ ،‬وﺑﻤﻌﻨﻰ ﺁﺧﺮ‪ . :‬ﻗﺪرﺗﻬﺎ اﻟﻤﺎﻟﻴﺔ‬
‫ﺴ ِ‬
‫ﺲ هﺬﻩ اﻟ ِﻨ َ‬
‫اﻟﻨﻴﺔ‪َ :‬ﺗﻘِﻴ ُ‬
‫ﻧﺘﺎﺋﺞ اﻟﻨﺴﺐ اﻟﻌﺎﻟﻴﺔ ﻗﺪ ﺗﺪل ﻋﻠﻰ ﺿﺎﺋﻘﺔ ﻣﺎﻟﻴﺔ وﻋﺪم اﻟﻘﺪرة ﻋﻠﻰ اﻟﻮﻓﺎء واﻟﻘﻴﻢ اﻟﻤﻨﺨﻔﻀﺔ ﺗﺪل ﻋﻠﻰ ﻋﺪم‬
‫ﻗﺪرة اﻟﺸﺮآﺔ ﻋﻠﻰ إﺳﺘﻐﻼل ﻧﺴﺐ اﻟﺮﻓﻊ‬
‫اﻟﻤﺸﺎآﻞ ‪ :‬هﺬﻩ اﻟﻨﺴﺐ وﺗﻄﺒﻴﻘﺎﺗﻬﺎ ﻟﻴﺴﺖ ﻣﺜﺎﻟﻴﻪ ﺣﻴﺚ اﻧﻬﺎ ﺗﻮاﺟﻪ ﻣﺸﺎآﻞ‬
‫اﻟﻨﺴﺐ اﻟﺮﻓﻊ‬
‫أن ﻧﺴﺒﺔ اﻟﺪﻳﻦ اﻟﻲ ﺣﻘﻮق اﻟﻤﺴﺎهﻤﻴﻦ وهﻲ ﺗﻌﺮف ﺑﻨﺴﺒﺔ ‪ D/E‬وﻳﺘﻢ ﺗﻜﻮﻳﻨﻬﺎ ﻣﻦ اﻟﻌﻨﺎﺻﺮ اﻟﺘﺎﻟﻴﺔ‬
‫دﻳﻮن ﻃﻮﻳﻠﺔ اﻷﺟﻞ ÷ ﺣﻘﻮق اﻟﻤﺴﺎهﻤﻴﻦ‬
‫‪Shareholder Equity‬‬
‫‪D/E= long Term Debt/‬‬
‫وﻳﻤﻜﻦ ﻗﻴﺎس ذﻟﻚ ﻋﻠﻰ ﺷﺮآﺔ اﻟﻔﺎ آﺎﻻﺗﻲ ‪:‬‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫‪2005‬‬
‫‪22154 ÷ 937+5125‬‬
‫‪0.27‬‬
‫‪2004‬‬
‫‪21636 ÷952+5992‬‬
‫‪0.32‬‬
‫ﻧﺴﺒﺔ اﻟﺪﻳﻦ اﻟﻲ ﺣﻘﻮق اﻟﻤﺴﺎهﻤﻴﻦ‬
‫ﻧﺴﺒﺔ اﻟﺪﻳﻦ ﺗﺴﺎوي‬
‫)إﺟﻤﺎﻟﻲ اﻷﺻﻮل – إﺟﻤﺎﻟﻲ ﺣﻘﻮق اﻟﻤﻠﻴﻜﺔ (‪ /‬إﺟﻤﺎﻟﻲ اﻷﺻﻮل‬
‫‪Total Debt Ratio = Total Asset- Total Equity‬‬
‫‪-------------------------‬‬‫‪Total Asset‬‬
‫‪2005‬‬
‫= ‪0.35 = 33988 ÷ 22154-33988‬‬
‫‪2004‬‬
‫= ‪0.35 = 33086 ÷21637-33086‬‬
‫‪Equity Multiplier‬‬
‫‪Total Asset‬‬
‫‪Equity Multiplier = -----------‬‬‫‪Total Equity‬‬
‫ﻧﺴﺒﺔ اﻟﺪﻳﻮن ﻃﻮﻳﻠﺔ اﻷﺟﻞ‬
‫اﻟﻤﺴﺘﺜﻤﺮون ﻳﻜﻮﻧﻮا اآﺜﺮ اهﺘﻤﺎﻣﺎ ﺑﺎﻟﺪﻳﻮن ﻃﻮﻳﻠﺔ اﻷﺟﻞ ﻋﻦ اﻟﺨﺼﻮم ﻗﺼﻴﺮة اﻷﺟﻞ ﺣﻴﺚ ان اﻟﺨﺼﻮم ﻗﺼﻴﺮة اﻷﻣﺪ‬
‫ﺗﺘﻐﻴﺮ ﺑﺸﻜﻞ ﺛﺎﺑﺖ ‪ .‬أن ﻧﺴﺒﺔ اﻟﺪﻳﻮن ﻃﻮﻳﻠﺔ اﻷﺟﻞ ﺗﺘﺠﺎهﻞ اﻟﺪﻳﻮن ﻗﺼﻴﺮة اﻷﺟﻞ وﺗﻜﻮت اﻟﻨﺴﺒﺔ آﺎﻵﺗﻲ‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫دﻳﻮن ﻃﻮﻳﻠﺔ أﻷﺟﻞ÷ )دﻳﻮن ﻃﻮﻳﻠﺔ اﻷﺟﻞ ‪ +‬ﺣﻘﻮق اﻟﻤﺴﺎهﻤﻴﻦ (‬
‫) ‪debt + Total Equity‬‬
‫‪Long Term Debt /( Long Term‬‬
‫‪Times Interest Earned‬‬
‫‪Times Interest Earned = EBIT/ INTEREST‬‬
‫‪Cash Coverage = EBIT+ Depreciation / Interest‬‬
‫‪Financial‬‬
‫اﻟﺘﺤﻠﻴﻞ اﻟﻤﺎﻟﻲ ‪ :‬ﻧﺴﺒﺔ اﻟﻨﺸﺎط‬
‫‪Analysis : Activity Ration‬‬
‫آﻴﻔﻴﺔ اﻟﺤﺴﺎب ‪ :‬ﻏﺎﻟﺒﺎ هﺬﻩ اﻟﻨﺴﺐ ﺗﺘﻌﻠﻖ ﺑﺎﻟﻤﺒﻴﻌﺎت او إﺟﻤﺎﻟﻲ اﻷﺻﻮل‬
‫اﻟﻨﻴﺌﺔ ‪ :‬ﺗﺘﻨﺎول هﺬﻩ اﻟﻨﺴﺐ آﻔﺎءة اﻷدارة ﻓﻲ إﺳﺘﻐﻼل اﻷﺻﻮل ﻣﻦ أﺟﻞ ﺗﺤﻘﻴﻖ ﺳﻘﻒ ﻣﺒﻴﻌﺎت آﺒﻴﺮ‬
‫ﻧﺘﺎﺋﺞ ﻋﺎﻟﻴﺔ او ﻣﻨﺨﻔﻀﺔ ‪ :‬آﻠﻤﺎ آﺎن ﻧﺎﺗﺞ هﺬﻩ اﻟﻨﺴﺐ ﻋﺎﻟﻴﺎ ﻓﻬﺬا ﻳﺪل ﻋﻠﻰ آﻔﺎءة اﻟﺸﺮآﺔ او اﻟﻮﺣﺪة اﻷﻗﺘﺼﺎدﻳﺔ ﻓﻲ‬
‫ﻧﺸﺎﻃﻬﺎ اﻟﺘﺠﺎري‬
‫اﻟﻤﺸﺎآﻞ ‪ :‬آﻞ ﻃﺮﻳﻘﺔ ﻗﻴﺎس ﺗﻨﻈﺮ ﻟﻌﻨﺼﺮ ﻣﻌﻴﻦ ﻳﺨﺘﻠﻒ ﻋﻦ اﻷﺧﺮ‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﻤﺨﺰون = ﺗﻜﻠﻔﺔ اﻟﺒﻀﺎﻋﺔ اﻟﻤﺒﺎﻋﺔ ‪/‬اﻟﻤﺨﺰون‬
‫‪= COGS/Inventory‬‬
‫‪Inventory turnover‬‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫‪Average Age Of Inventory‬‬
‫ﻣﺘﻮﺳﻂ ﻋﻤﺮ اﻟﻤﺨﺰون‬
‫ﻣﺘﻮﺳﻂ ﻋﻤﺮ اﻟﻤﺨﺰون = ‪/365‬ﻋﻠﻰ اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﻤﺨﺰون‬
‫‪Inventory = 365/ Inventory Turnover‬‬
‫‪Average age of‬‬
‫ﻻﺣﻆ ان ﻣﺘﻮﺳﻂ ﻋﻤﺮ اﻟﻤﺨﺰون ﻳﻌﺘﺒﺮ ﻣﻦ ﻋﻨﺎﺻﺮ اﻟﺴﻴﻮﻟﺔ وهﻲ ﻣﺆﺷﺮ ﻋﻠﻰ اﻟﻮﻗﺖ اﻟﺬي ﻳﺴﺘﻐﺮﻗﻪ ﺗﺤﻮل اﻟﻤﺨﺰون‬
‫اﻟﻲ ﻧﻘﺪ ﺧﻼل اﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﻤﺨﺰون‬
‫ﻣﺎهﻲ اﻟﻘﻴﻤﺔ اﻟﺘﻲ ﻳﺘﻮﺟﺐ ﻋﻠﻴﻨﺎ اﺳﺘﻌﻤﺎلهﺎ ﻟﻠﻤﺨﺰون ؟‬
‫ﺗﻜﻠﻔﺔ اﻟﺒﻀﺎﻋﺔ اﻟﻤﺒﺎﻋﺔ ﺗﺎﺗﻲ ﻣﻦ ﻗﺎﺋﻤﺔ اﻟﺪﺧﻞ واﻟﺘﻲ ﺗﺪل ﻋﻠﻰ ﻣﺎ ﺣﺪث ﺧﻼل اﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ واﻟﻤﺨﺰون او اﻟﺒﻀﺎﻋﺔ‬
‫ﻳﺎﺗﻲ اﻟﺮﻗﻢ ﻣﻦ اﻟﻤﻴﺰاﻧﻴﺔ اﻟﻌﻤﻮﻳﻤﺔ وهﻲ ﻗﻴﻤﺔ اﻷﺻﻮل آﻤﺎ ﻓﻲ ذﻟﻚ اﻟﻴﻮم وهﺬﻩ اﻟﻘﻴﻤﺔ ﺗﺨﺘﻠﻒ ﺧﻼل اﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ ‪ .‬أﻧﻪ‬
‫ﻣﻦ اﻟﻤﻨﻄﻖ ﺣﺴﺎب اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﻤﺨﺰون او اﻟﺒﻀﺎﻋﺔ ﺑﺘﻘﺴﻴﻢ ﺗﻜﻠﻔﺔ اﻟﺒﻀﺎﻋﺔ اﻟﻤﺒﺎﻋﺔ واﻟﺘﻲ ‪ COGS‬ﻋﻠﻰ ﻓﻲ ﻗﺎﺋﻤﺔ‬
‫اﻟﺪﺧﻞ ﻟﺴﻨﺔ ‪ 2005‬ﻟﻨﻘﻞ ﻋﻠﻰ ﻣﺘﻮﺳﻂ اﻟﻤﺨﺰون ﻟﻴﻦ دﻳﺴﻤﺒﺮ ‪ 2004‬ودﻳﺴﻤﺒﺮ ‪2005‬‬
‫ﻟﺸﺮآﺔ اﻟﻔﺎ اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﻤﺨﺰون ﻓﻲ‪2005‬‬
‫اﺳﺘﻌﻤﺎل اﻟﻤﺨﺰون ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ ‪2005‬‬
‫ﺑﺈﺳﺘﻌﻤﺎل ﻣﺘﻮﺳﻂ اﻟﺤﺴﺎﺑﻲ ﻟﻠﻤﺨﺰون ‪2002‬‬
‫‪2.86 = 4128 ÷ 11824‬‬
‫‪3.13 = 2/(3417+4128) ÷11824‬‬
‫اﻟﻔﺎ ﻣﺘﻮﺳﻂ ﻋﻤﺮ اﻟﻤﺨﺰون ﻓﻲ ﺳﻨﺔ ‪2005‬‬
‫ﻟﻮ إﺳﺘﻌﻤﻠﻨﺎ ﻧﺎﺗﺞ اﻟﻤﺨﺰون ﻓﻲ ‪2005‬‬
‫‪ 127 = 2.86 ÷365‬ﻳﻮم‬
‫ﻟﻮ إﺳﺘﻌﻤﻠﻨﺎ ﻣﺘﻮﺳﻂ اﻟﺤﺴﺎﺑﻲ ﻟﻠﻤﺨﺰون‬
‫‪ 116 = 3.13 ÷365‬ﻳﻮم‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫آﻠﻤﺎ آﺎن اﻟﻨﺎﺗﺞ ﻓﻲ اﻷﻳﺎم أﺻﻐﺮ ﻓﻬﺬا ﻳﺪل ﻋﻠﻰ آﻔﺎءة اﻟﺸﺮآﺔ‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ‬
‫‪Receivable Turnover‬‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ = اﻟﻤﺒﻴﻌﺎت ÷ ﺣﺴﺎب اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ‬
‫‪Sales /account Receivable‬‬
‫= ‪Receivable Turnover‬‬
‫ﻋﺪد اﻳﺎم اﻟﻤﺒﻴﻌﺎت ﻓﻲ اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ = ‪/365‬اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ‬
‫‪Day’s Sales in Receivable = 365/ Receivable Turnover‬‬
‫آﻤﺎ ذآﺮﻧﺎ ﻓﻲ ﻣﺘﻮﺳﻂ ﻋﻤﺮ اﻟﻤﺨﺰون ‪ ،‬ﻣﺘﻮﺳﻂ ﻓﺘﺮة اﻟﺘﺤﺼﻴﻞ ﻳﻤﻜﻦ اﻋﺘﺒﺎرهﺎ ﻣﻦ ﻋﻨﺎﺻﺮ اﻟﺴﻴﻮﻟﺔ اﻟﺘﻲ ﻳﺘﺤﻮل ﻓﻴﻬﺎ‬
‫اﻷﺻﻮل إﻟﻰ ﻧﻘﺪﻳﺔ ‪ .‬آﻤﺎ ذآﺮﻧﺎ ﻓﻲ اﻟﻤﺨﺰون ﻳﻤﻜﻦ اﺳﺘﻌﻤﺎل اﻟﻘﻴﻤﺔ اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ اﻟﻈﺎهﺮة ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ اﻟﻌﻤﻮﻣﻴﺔ او‬
‫أﺧﺬ ﻣﺘﻮﺳﻂ اﻟﻘﻴﻤﺔ ﻟﻠﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ ﺧﻼل اﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ‬
‫اﻟﻔﺎ اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ ﻓﻲ‪2005‬‬
‫اﺳﺘﻌﻤﺎل ارﻗﺎم اﻟﻤﻴﺰاﻧﻴﺔ ﻟﻠﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ آﻤﺎ ﻓﻲ ‪2005‬‬
‫‪6.07 = 3891 ÷23622‬‬
‫أﺳﺘﻌﻤﺎل اﻟﻤﺘﻮﺳﻂ اﻟﺤﺴﺎﺑﻲ ﻟﻠﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ آﻤﺎ ﻓﻲ ‪5.67 = 2/(4435+3892) ÷23622 2005‬‬
‫آﻤﺎ ﻗﻤﻨﺎ ﺑﻪ ﻓﻲ اﻟﻤﺨﺰون ﻟﻠﻮﺻﻮل إﻟﻰ ﻣﺘﻮﺳﻂ اﻟﺤﺴﺎﺑﻲ ﻟﻠﻔﺘﺮة اﻟﺘﺤﺼﻴﻞ ﺑﺘﻄﺒﻴﻖ اﻟﻨﺎﺗﺞ ﻣﻦ ﻣﺤﺼﻠﺔ آﻞ ﺣﺎﻟﺔ ﻳﻜﻮن‬
‫آﺎﻻﺗﻲ ‪:‬‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫أرﻗﺎم اﻟﻤﻴﺰاﻧﻴﺔ ﻟﻠﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ آﻤﺎ ﻓﻲ ‪2005‬‬
‫‪ 60 = 6.07 ÷365‬ﻳﻮم هﻲ ﻓﺘﺮة اﻟﺘﺤﺼﻴﻞ‬
‫إﺳﺘﻌﻤﺎل ﻧﺎﺗﺞ اﻟﻤﺘﻮﺳﻂ اﻟﺤﺴﺎﺑﻲ ﻓﻲ ‪2005‬‬
‫‪ 64 = 5.67 ÷ 365‬ﻳﻮم هﻲ ﻓﺘﺮة اﻟﺘﺤﺼﻴﻞ‬
‫إذا آﺎن ﻧﺎﺗﺞ اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ آﺒﻴﺮا ) ﻧﺎﺗﺞ ﺻﻐﻴﺮ ﻣﻦ ﻓﺘﺮة اﻟﺘﺤﺼﻴﻞ ( هﺬا دﻻﻟﺔ ﻋﻠﻰ ان اﻟﺸﺮآﺔ ﻻ ﺗﻌﺎﻧﻲ اﻳﺔ‬
‫ﻣﺸﺎآﻞ ﻓﻲ اﻟﺘﺤﺼﻴﻞ‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﺪاﺋﻨﺔ‬
‫‪Payable Turnover‬‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﺪاﺋﻨﺔ = ﺗﻜﻠﻔﺔ اﻟﺒﻀﺎﻋﺔ اﻟﻤﺒﺎﻋﺔ ÷ اﻟﺬﻣﻢ اﻟﺪاﺋﻨﺔ‬
‫‪Account Payable‬‬
‫‪Payable Turnover = COGS/‬‬
‫ﻣﺘﻮﺳﻂ ﻓﺘﺮة اﻟﺴﺪاد = ‪ /365‬اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﺪاﺋﻨﺔ‬
‫‪365/ Payable Turnover‬‬
‫= ‪Average Payment Period‬‬
‫ﻣﺮة أﺧﺮى ﻳﻤﻜﻦ اﺳﺘﻌﻤﺎل اﻟﻘﻴﻤﺔ اﻟﺘﻲ ﺗﻈﻬﺮ ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ اﻟﻌﻤﻮﻣﻴﺔ او إﺳﺘﻌﻤﺎل اﻟﻤﺘﻮﺳﻂ اﻟﺤﺴﺎﺑﻲ ﻟﻠﺬﻣﻢ اﻟﺪاﺋﻨﺔ‬
‫ﺧﻼل اﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ وهﻮ ﻧﻔﺲ اﻟﺘﻄﺒﻴﻖ اﻟﺬي ﺗﻢ ﻣﻊ اﻟﺬﻣﻢ اﻟﻤﺪﻳﻨﺔ‬
‫ﻧﺴﺘﻌﻤﻞ اﻟﺮﺻﻴﺪ اﻟﺬي ﻇﻬﺮ ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ آﻤﺎ ﻓﻲ ‪2005‬‬
‫‪3.70 = 3199 ÷11824‬‬
‫ﻧﺴﺘﻌﻤﻞ اﻟﻤﺘﻮﺳﻂ اﻟﺤﺴﺎﺑﻲ ﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ ‪2005‬‬
‫‪4.33 = 2/(2257+3199) ÷11824‬‬
‫ﻟﻨﺤﺼﻞ اﻷن ﻋﻠﻰ ﻋﺪد أﻳﺎم ﻓﺘﺮة اﻟﺴﺪاد وذﻟﻚ ﺑﺘﻘﺴﻴﻢ‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫‪ 99 = 3.70 ÷365‬ﻳﻮم ﺗﻘﻮم ﺑﻌﺪهﺎ اﻟﺸﺮآﺔ‬
‫هﺬﻩ ﺣﺴﺐ اﻟﺮﻗﻢ اﻟﺬي ﻇﻬﺮ ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ‬
‫ﺑﺎﻟﺴﺪاد‬
‫‪ 85 = 4.33 ÷365‬ﻳﻮم ﺗﻘﻮم ﺑﻌﺪهﺎ اﻟﺸﺮآﺔ‬
‫ﺣﺴﺐ اﻟﻤﺘﻮﺳﻂ اﻟﺤﺴﺎﺑﻲ‬
‫ﺑﺎﻟﺴﺪاد ﻟﻠﻤﻮرد‬
‫اﻟﻤﺆﺷﺮ ‪:‬‬
‫آﻠﻤﺎ آﺎن اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻟﺬﻣﻢ اﻟﺪاﺋﻨﺔ ﻣﻨﺨﻔﺾ ) ﻓﺘﺮة ﺳﺪاد ﻃﻮﻳﻠﺔ ﺟﺪا ( هﺬا ﻳﺪل ﻋﻠﻰ ان اﻟﺸﺮآﺔ ﺗﺤﺼﻞ ﻋﻠﻰ ﻓﺘﺮة‬
‫ﺳﻤﺎح آﺒﻴﺮة ﻣﻦ اﻟﻤﻮرد ﻟﺴﺪاد ﻗﻴﻤﺔ ﻓﻮاﺗﻴﺮ اﻟﻤﺸﺘﺮﻳﺎت‬
‫ﻟﻴﺲ ﻣﻦ اﻟﻀﺮوري ان ﺗﻜﻮن ﻓﺘﺮة ﺳﻤﺎح ﻃﻮﻳﻠﺔ ﻣﺆﺷﺮ ﺟﻴﺪ ﺣﻴﺚ ﻣﻦ اﻟﻤﻤﻜﻦ ان ﻳﻘﻮم اﻟﻤﻮرد ﺑﺘﻀﻴﻖ ﻋﻠﻰ ﻓﺘﺮة‬
‫اﻟﺴﻤﺎح ﻓﻲ اﻟﻤﺴﺘﻘﺒﻞ‬
‫هﻨﺎك ﻧﺴﺐ أﺧﺮي ﻟﻘﻴﺎس اﻟﻨﺸﺎط ﻟﻠﺸﺮآﺔ وهﻲ آﺎﻻﺗﻲ‬
‫‪NWC Turnover = Sales /NWC‬‬
‫‪Fixed Asset Turnover = Sales / Fixed Asset‬‬
‫‪Total Asset Turnover = Sales / Total Asset‬‬
‫اﻟﺘﺤﻠﻴﻞ اﻟﻤﺎﻟﻲ ‪ :‬ﻧﺴﺐ اﻟﺮﺑﺤﻴﺔ‬
‫‪Profitability Ratio‬‬
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‫; ‪Financial Analysis‬‬
‫آﻴﻔﻴﺔ اﻟﺤﺴﺎب ﻋﺎدة ﻳﺘﺴﻌﻤﻞ ﺻﺎﻓﻲ اﻟﺮﺑﺢ ‪ /‬اﻟﻌﻨﺎﺻﺮ‬
‫اﻟﻨﻴﺌﺔ هﺬﻩ اﻟﻨﺴﺐ ﻟﻘﻴﺎس ﻣﺪى آﻔﺎءة اﻷﺻﻮل ﻓﻲ ﺗﺤﻘﻴﻖ أدﻧﻲ ﺣﺪ ﻣﻦ ﺻﺎﻓﻲ اﻟﺮﺑﺢ‬
‫اﻟﻨﺎﺗﺞ اﻟﻌﺎﻟﻲ واﻟﻤﻨﺨﻔﺾ ﻣﻦ اﻟﻨﺘﺎﺋﺞ إذا آﺎن اﻟﻨﺎﺗﺞ ﻋﺎﻟﻲ ﻓﻬﺬا ﻳﺪل ﻋﻠﻰ ﻣﺆﺷﺮ ﺟﻴﺪ‬
‫اﻟﻤﺸﺎآﻞ اﻟﺘﻲ ﺗﻮاﺟﻪ هﺬﻩ اﻟﻨﺴﺐ ان آﻞ ﺗﺤﻠﻴﻞ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﻋﻨﺼﺮ ﻳﺨﺘﻠﻒ ﻋﻦ اﻷﺧﺮ‬
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Mr. : Mohammed Bisharah
Profit Margin
‫هﺎﻣﺶ اﻟﺮﺑﺢ‬
profit Margin = Net Income
‫هﺎﻣﺶ اﻟﺮﺑﺢ = ﺻﺎﻓﻲ اﻟﺪﺧﻞ ÷ اﻟﻤﺒﻴﻌﺎت‬
/ Sales
%4.07 = 23622 ÷961
2005
%2.82 = 21580 ÷609
2004
‫إﺟﻤﺎﻟﻲ هﺎﻣﺶ اﻟﺮﺑﺢ‬
Gross Profit Margin = Gross Income / Sales
2005
11798/23622 = 49.9%
2004
11540/21580 = 46.5%
Operation Profit
Operating Profit Margin = EBIT
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‫هﺎﻣﺶ رﺑﺢ اﻟﺘﺸﻐﻴﻞ‬
Margin
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Mr. : Mohammed Bisharah
Operating Profit Margin for Alpha Co Was
2005
2056/23622
=8.7 %
2004
1644/21580
=7.7%
Return on Asset (ROA)
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻷﺻﻮل‬
ROA = Net Income /Total Asset
‫ إﺟﻤﺎﻟﻲ اﻷﺻﻮل‬/ ‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻷﺻﻮل = ﺻﺎﻓﻲ اﻟﺮﺑﺢ‬
%2.83 = 33988/961
2005 ‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻷﺻﻮل ﻟﺴﻨﺔ‬
% 1.84= 33086/609
2004 ‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ أﻟﺼﻮل ﻟﺴﻨﺔ‬
Return on Equity (ROE)
ROE = Net Income / Equity
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‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮق اﻟﻤﻠﻴﻜﺔ‬
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‫‪Mr. : Mohammed Bisharah‬‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ = ﺻﺎﻓﻲ اﻟﺪﺧﻞ ‪ /‬ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ ﻟﺴﻨﺔ ‪2005‬‬
‫‪% 4.34 = 22154/961‬‬
‫اﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ ﻟﺴﻨﺔ ‪2004‬‬
‫‪% 2.81 = 21637/609‬‬
‫‪Market Value Ratio‬‬
‫ﻧﺴﺐ اﻟﻘﻴﻤﺔ اﻟﺴﻮﻗﻴﺔ‬
‫‪Earning Per Share‬‬
‫رﺑﺠﻴﺔ اﻟﺴﻬﻢ‬
‫‪E/P= Stock price /‬‬
‫ﺳﻌﺮ اﻟﺴﻬﻢ ‪ /‬إﻳﺮاد ﻟﻸﺳﻬﻢ اﻟﻮاﺣﺪ‬
‫‪Earning per Share‬‬
‫هﺬﻩ اﻟﻨﺴﺐ ﻳﻤﻜﻦ ﻗﻴﺎﺳﻬﺎ ﺑﺎﻷﺗﻲ ‪:‬‬
‫ﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ ‪2005‬‬
‫‪15.4 = 0.16 ÷2.43‬‬
‫ﻟﺴﻨﺔ اﻟﻤﺎﻟﻴﺔ ‪2004‬‬
‫‪20.48= 0.10 ÷2.00‬‬
‫ﺳﻌﺮ اﻟﺴﻬﻢ ﻳﻌﺘﺒﺮ ﻣﻨﺨﻔﺾ ﺟﺪا ﻓﻲ ﺣﺎﻟﺔ آﺎن اﻟﻨﺎﺗﺞ ‪ E/P‬اﻗﻞ ﻣﻦ ‪ . 15‬اﻟﻘﺎﻧﻮن رﻗﻢ ‪ 19‬ﺧﻼل ‪ 40‬ﺳﻨﺔ اﻟﻤﺎﺿﻴﺔ‬
‫ﻣﺘﻮﺳﻂ ‪ E/P‬ﻓﻲ اﻟﻮﻻﻳﺎت اﻟﻤﺘﺤﺪة آﺎن ‪ 19‬ﻧﺎﻗﺺ ﺳﻌﺮ اﻟﺘﻀﺨﻢ واﻟﺬي ﻓﻲ اﻟﻐﺎﻟﺐ هﻮ‪ %3‬ﻟﺬﻟﻚ ﻳﻜﻮن اﻓﻀﻞ أﻳﺮاد‬
‫ﻟﻠﺴﻬﻢ ‪16 = 3-19‬‬
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Mr. : Mohammed Bisharah
Market to Book Value
‫ﺳﻌﺮ اﻟﺴﻮق اﻟﻲ ﺳﻌﺮ اﻟﺪﻓﺘﺮي‬
ME/BE ratio = Stock Price /Book Equity Per Share
Where Book Equity per Share mean total Equity as it appear in the Balance sheet
Divided by the Share Outstanding
0.67 = (22154+6112)÷2.43
2005 ‫اﻟﻨﺴﺐ آﻤﺎ ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ ﻟﺴﻨﺔ‬
0.58 =(21637÷6235)÷2.00
2004 ‫اﻟﻨﺴﺒﺔ آﻤﺎ ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ ﻟﺴﻨﺔ‬
Market to Book Value(ME/BE)
‫ﺣﻴﺚ ان ﻗﻴﻤﺔ اﻷﺻﻮل ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ ﺗﻈﻬﺮ اﻗﻞ ﻣﻦ ﻗﻴﻤﺔ اﻟﺴﻮﻗﻴﺔ ﻟﻬﺬﻩ اﻷﺻﻮل ﻓﺈذا آﺎن ﻧﺴﺒﺔ اﻟﺴﻬﻢ اﻟﺴﻮق ﻟﺴﻌﺮ‬
‫اﻟﺪﻓﺘﺮي اﻗﻞ ﻣﻦ واﺣﺪ ﻳﻌﺘﺒﺮ ﺟﻴﺪ ﻟﺸﺮاء وﻟﻜﻦ ﻓﻲ اﻷدارة هﺬا ﻳﺪل ﻋﻠﻰ اﻧﻬﻢ ﻟﻢ ﻳﺴﺘﻄﻴﻌﻮا ﻋﻤﻞ ﻗﻴﻤﺔ ﻟﻬﺬﻩ اﻷﺳﻬﻢ وﻟﻦ‬
. ‫ﻳﺴﺘﻄﻴﻌﻮا ﻓﻌﻞ ذﻟﻚ ﻓﻲ اﻟﻤﺴﺘﻘﺒﻞ اﻟﻘﺮﻳﺐ‬
Dividend Pay out Ratio
Dividend Pay out Ratio = Common Share Dividend / Earning Available for
Common Shares
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Mr. : Mohammed Bisharah
Topin Q Ratio = Market Value of debt and Equity / Replacement Cost of Asset
DUPONT RATIO
ROC = NET INCOME / NET ASSET
= Net Income /Net asset × Asset/Asset× Total asset/Total Asset
= Net Income / Sales × Sales /Total Asset × Total Asset/ Total Equity
= Profit Margin × Asset Turnover × Equity Multiplier
( Ratio for ROA )
The Return of Capital
The Calculation of Return of Capital Using the Method and DUPONT I is like This
ROC = 4.34%
NI/Sales × Sales/TA× TA/TE
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‫‪Mr. : Mohammed Bisharah‬‬
‫‪= 961/23622× 23622/33988× 33988/22154‬‬
‫‪= 4.068 × .70%× 1.53‬‬
‫‪= 4.43%‬‬
‫‪Common Size Analysis‬‬
‫ﺣﺴﺐ هﺬﻩ اﻟﻄﺮﻳﻘﺔ ﻳﺘﻢ إﻇﻬﺎر اﻟﻨﺘﺎﺋﺞ ﻓﻲ ﺣﺴﺎب اﻷرﺑﺎح واﻟﺨﺴﺎﺋﺮ ﻋﻠﻰ ﺷﻜﻞ ﻧﺴﺐ ﻣﺌﻮﻳﺔ وﻳﺘﻢ ذﻟﻚ ﺑﺎﻟﻄﺮﻳﻘﺔ اﻟﺘﺎﻟﻴﺔ‬
‫‪:‬‬
‫‪ .1‬ﺗﻘﺴﻴﻢ آﻞ اﻟﻌﻨﺎﺻﺮ ﻓﻲ ﻗﺎﺋﻤﺔ اﻟﺪﺧﻞ ﻋﻠﻰ اﻟﻤﺒﻴﻌﺎت‬
‫‪ .2‬ﺗﻘﺴﻴﻢ آﻞ اﻟﻌﻨﺎﺻﺮ ﻓﻲ اﻟﻤﻴﺰاﻧﻴﺔ اﻟﻌﻤﻮﻣﻴﺔ ﻋﻠﻰ إﺟﻤﺎﻟﻲ اﻷﺻﻮل‬
‫ﺗﻢ ﺑﺤﻤﺪ اﷲ‬
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