Финансовый анализ по отчетности МСФО (на английском языке) — пример

Пример полного финансового анализа предприятия по данным бухгалтерской отчетности по МСФО.

Подкатегории

Эта категория содержит только следующую подкатегорию.

1. Goldstar’s Financial Position Analysis

The analysis given below on Goldstar’s financial state and activity efficiency is made for the period 01.01.2016–31.12.2019 based on the financial statements data prepared according to International Financial Reporting Standards (IFRS).

1.1. Structure of the Assets and Liabilities

Indicator Value Change for the period analysed
in thousand USD % of the balance total thousand USD
(col.6-col.2)
± %
((col.6-col.2) : col.2)
31.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.2019 at the beginning of the period analysed
(31.12.2015)
at the end of the period analysed
(31.12.2019)
1 2 3 4 5 6 7 8 9 10
Assets
1. Non-current assets 1,883,705 1,980,974 6,418,308 9,590,636 18,818,719 7.3 29.2 +16,935,014 +10 times
2. Current assets, total 24,060,610 28,404,067 24,799,692 47,575,622 45,523,022 92.7 70.8 +21,462,412 +89.2
Inventories 800,217 800,924 945,317 1,371,705 1,876,932 3.1 2.9 +1,076,715 +134.6
Trade and other current receivables 15,065,072 14,855,818 12,438,165 10,548,676 11,019,898 58.1 17.1 -4,045,174 -26.9
Cash and cash equivalents 8,162,804 12,729,629 11,408,002 35,649,452 32,617,349 31.5 50.7 +24,454,545 +4 times
Equity and Liabilities
1. Equity 3,645,110 4,159,709 5,626,672 8,507,236 12,826,056 14 19.9 +9,180,946 +3.5 times
2. Non-current liabilities 6,349,695 7,803,917 2,774,183 21,000,000 20,000,000 24.5 31.1 +13,650,305 +3.1 times
3. Current liabilities 15,949,510 18,421,415 22,817,145 27,659,022 31,515,685 61.5 49 +15,566,175 +97.6
Assets; Equity and Liabilities 25,944,315 30,385,041 31,218,000 57,166,258 64,341,741 100 100 +38,397,426 +148

According to the data given in the table, the share of non-current assets makes about one third (29.2%) on 31 December, 2019, while current assets take two thirds, respectively. Such correlation is typical for the activity types where considerable investing of fixed assets and long-term investments are not required but where stocks of raw materials, supplies and goods are plentiful. During the last 4 years, it was seen that there was a very strong increase in the assets of 148% (to USD 64,341,741 thousand). At the same time, equity has grown even more (by +3.5 times during the entire period reviewed). An outrunning increase in equity relative to a total change in assets should be considered as a positive factor.

The increase in total assets of Goldstar occurred due to the growth of the following asset types (amount of change and percentage of this change relative to the total assets growth are shown below):

  • Cash and cash equivalents – USD 24,454,545 thousand (57.6%)
  • Other non-current financial assets – USD 9,147,449 thousand (21.5%)
  • Property, plant and equipment – USD 6,630,254 thousand (15.6%)

At the same time, the most significant growth was seen on the following positions in the section «Equity and Liabilities» of the company’s balance sheet (the percentage from total equity and liabilities change is shown in brackets):

  • Other non-current financial liabilities – USD 13,650,305 thousand (35.4%)
  • Trade and other current payables – USD 10,671,403 thousand (27.7%)
  • Retained earnings – USD 9,170,801 thousand (23.8%)
  • Other current non-financial liabilities – USD 4,206,032 thousand (10.9%)

The most significantly changed items on the balance sheet for the period reviewed (from 31 December, 2015 to 31 December, 2019) are «Trade and other current receivables» in assets and «Other reserves» in sources of finance (USD -4,045,174 thousand and USD -193,887 thousand, respectively).

In the chart below, you will see a correlation of the basic groups of the company’s assets.

The inventories grew rapidly by 134.6% and equaled USD 1,876,932 thousand for the 4 years.

During the 4 years, it was seen that there was a notable reduction in the current receivables of USD 4,045,174 thousand, or of 26.9%.

1.2. Net Assets (Net Worth)

Indicator Value Change
in thousand USD % of the balance total thousand USD
(col.3-col.2),
%, ((col.3 -col.2) : col.2)
at the beginning of the period analysed (31.12.2015) at the end of the period analysed (31.12.2019) 31.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.2019
1 2 3 4 5 6 7 8 9 10
1. Net tangible assets 3,641,757 12,757,895 14 13.7 18 14.9 19.8 +9,116,138 +3.5 times
2. Net assets (Net worth) 3,645,110 12,826,056 14 13.7 18 14.9 19.9 +9,180,946 +3.5 times
3. Issued (share) capital 102 204,134 <0.1 0.7 0.7 0.4 0.3 +204,032 +2,001.3 times
4. Difference between net assets and Issued (share) capital (line 2 — line 3) 3,645,008 12,621,922 14 13 17.4 14.5 19.6 +8,976,914 +3.5 times

The net tangible assets were equal to USD 12,757,895 thousand on 31.12.2019. During the 4 years, the net tangible assets were observed to increase significantly by 3.5 times. The intangible assets were equal to USD 68,161 thousand at the end of the period analysed. This value shows the difference between the value of net tangible assets and all net worth.

The net worth (net assets) of Goldstar was much higher (by 62.8 times) than the share capital on 31 December, 2019. Such a ratio positively describes the company’s financial position. The net worth (net assets) value is used as one of the tools to estimate the company’s value (used together with other methods, such as discounted cash flow method, or an estimation based on shareholder’s value etc.). But it is a key value in the estimation of the company’s financial condition.

During the period, considerable growth in the issued (share) capital was verified.

1.3. Financial Sustainability Analysis

1.3.1. Key ratios of the company’s financial sustainability

Ratio Value Change
(col.6-col.2)
Description of the ratio and its recommended value
31.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.2019
1 2 3 4 5 6 7 8
Debt-to-equity ratio (financial leverage) 6.12 6.3 4.55 5.72 4.02 -2.1 A debt-to-equity ratio is calculated by taking the total liabilities and dividing it by shareholders’ equity. It is a key financial ratio and is used as a standard for judging a company’s financial standing.
Acceptable value: 1.5 or less (optimum 0.43-1).
Debt ratio (debt to assets ratio) 0.86 0.86 0.82 0.85 0.8 -0.06 A debt ratio is calculated by dividing total liabilities (i.e. long-term and short-term liabilities) by total assets. It shows how much the company relies on debt to finance assets (similar to debt-to-equity ratio).
Normal value: 0.6 or less (optimum 0.3-0.5).
Long-term debt to Equity 1.74 1.88 0.49 2.47 1.56 -0.18 This ratio is calculated by dividing long-term (non-current) liabilities by equity.
Non-current assets to Net worth 0.52 0.48 1.14 1.13 1.47 +0.95 This ratio is calculated by dividing long-term (non-current) assets by net worth (equity) and measures the extent of a company’s investment in low-liquidity non-current assets. This ratio is important for comparison analysis because it’s less dependent on industry (structure of company’s assets) than debt ratio and debt-to-equity ratio.
Acceptable value: no more than 1.25.
Capitalization ratio 0.64 0.65 0.33 0.71 0.61 -0.03 Calculated by dividing non-current liabilities by the sum of equity and non-current liabilities.
Fixed assets to Net worth 0.31 0.07 0.04 0.03 0.61 +0.3 This ratio indicates the extent to which the owners’ cash is frozen in the form of fixed assets, such as property, plant, and equipment, investment property and non-current biological assets.
Acceptable value: no more than 0.75.
Current liability ratio 0.72 0.7 0.89 0.57 0.61 -0.11 Current liability ratio is calculated by dividing current liabilities by total (i.e. current and non-current) liabilities.

First, attention should be drawn to the debt-to-equity ratio and debt ratio as the ratios describing the capital structure. Both ratios have similar meaning and indicate if there is not enough capital (equity) for stable work for the company. Debt-to-equity ratio is calculated as a relationship of the borrowed capital (liabilities) to the equity, while debt ratio is calculated as a relationship of the liabilities to the overall capital (i.e. the sum of equity and liabilities).

At the end of the period, the debt-to-equity amounted to 4.02. The debt ratio amounted to 0.8 on 31 December, 2019. During the entire period reviewed, the debt ratio dropped noticeably (by 0.06).

The value of the debt ratio negatively describes the financial position of Goldstar on 31 December, 2019, the percentage of liabilities is too high and equaled 80.1% of the company’s total capital. The maximum acceptable percentage is 60%. Too higher dependence from creditors can lower the financial stability of the company, especially in the case of economic instability and crisis on the market of borrowed capital. It is recommended to keep the value of the debt ratio at a level of no more than 0.6 (optimum 0.3-0.5). The values of the debt ratio were not acceptable during the whole of the analysed period.

In the chart below, the correlation of the company’s equity and liabilities is demonstrated:

According to common rules, non-current investments should be made, in the first place, with the help of the most stable source of financing, i.e. with the help of own capital (equity). The non-current assets to Net worth ratio shows if this rule is followed. The ratio amounted to 1.47 at the end of the period analysed, which is much higher (+0.95) than at the beginning of the period analysed (31.12.2015). The value of the ratio is unacceptable on 31 December, 2019.

The current liability ratio shows that the share of short-term and long-term liabilities of total liabilities of Goldstar were 61.2% and 38.8% respectively at the end of the period analysed.

The following chart demonstrates the dynamics of the main ratios of financial stability of Goldstar.

1.3.2. Working capital analysis

Indicator Value Change for the period analysed
31.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.2019 (col.6-col.2) %
((col.6-col.2) : col.2)
1 2 3 4 5 6 7 8
1. Working capital (net working capital), thousand USD +8,111,100 +9,982,652 +1,982,547 +19,916,600 +14,007,337 +5,896,237 +72.7
2. Inventories, thousand USD +800,217 +800,924 +945,317 +1,371,705 +1,876,932 +1,076,715 +134.6
3. Working capital sufficiency (1-2), thousand USD +7,310,883 +9,181,728 +1,037,230 +18,544,895 +12,130,405 +4,819,522 +65.9
4. Inventory to working capital ratio (2:1) Acceptable value: 1 or less. 0.1 0.08 0.48 0.07 0.13 +0.04 x

The working capital spiked rapidly by USD 5,896,237 thousand, or by 73% and showed USD 14,007,337 thousand during the entire period reviewed. The table above shows that working capital exceeds the company’s inventories by USD 12,130,405 thousand. On 31 December, 2019, the inventory to working capital ratio equaled 0.13. Such a correlation is deemed to be normal, although it can be achieved through warehouse inventories that are too low, but not through enough of long-term resources of financing in some cases.

1.4. Liquidity Analysis

One of the most widespread indicators of a company’s solvency are liquidity related ratios. There are three liquidity related ratios: current ratio, quick ratio and cash ratio. Current ratio is one of the most widespread and shows to what degree the current assets of the company are meeting the current liabilities. The solvency of the company in the near future is described with the quick ratio which reflects if there are enough fund’s for normal execution of current transactions with creditors. Current ratio, quick ratio and cash ratio for Goldstar are calculated in the following table.

Liquidity ratio Value Change
(col.6 — col.2)
Description of the ratio and its recommended value
31.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.2019
1 2 3 4 5 6 7 8
1. Current ratio (working capital ratio) 1.51 1.54 1.09 1.72 1.44 -0.07 The current ratio is calculated by dividing current assets by current liabilities. It indicates a company’s ability to meet short-term debt obligations.
Normal value: no less than 2.
2. Quick ratio (acid-test ratio) 1.46 1.5 1.05 1.67 1.38 -0.08 The quick ratio is calculated by dividing liquid assets (cash and cash equivalents, trade and other current receivables, other current financial assets) by current liabilities. It is a measure of a company’s ability to meet its short-term obligations using its most liquid assets (near cash or quick assets).
Normal value: 1 or more.
3. Cash ratio 0.51 0.69 0.5 1.29 1.03 +0.52 Cash ratio is calculated by dividing absolute liquid assets (cash and cash equivalents) by current liabilities.
Acceptable value: 0.2 or more.

For the last 4 years, it was observed that there was an unimportant reduction in the current ratio from 1.51 to 1.44. On 31 December, 2019, the value of the ratio is not a normal one. During the whole of the period, the current ratio kept a value outside the acceptable range.

On the last day of the period analysed, the quick ratio was equal to 1.38. The quick ratio moderately decreased (by 0.08) during the entire period reviewed. During the analysed period, the ratio changed multidirectionally. At the end of the period reviewed, the value of the quick ratio is very good. It means that Goldstar has enough liquid assets (cash and other assets which can be rapidly sold) to meet all their current liabilities.

On the last day of the period analysed, the value of the cash ratio (1.03) can be described as absolutely normal. On 31.12.2019, the cash ratio equaled 1.03. The cash ratio sharply increased (+0.52) for the entire period analysed.

АККРЕДИТИВ

Обязательство банка, предоставляемое по просьбе клиента, заплатить третьему лицу при предоставлении получателем платежа в банк, исполняющий аккредитив, документов, предусмотренных условиями аккредитива.
 

АКЦЕПТ

Ответ лица, которому адресована оферта, о ее принятии.
 

АКЦИЯ

Эмиссионная ценная бумага, закрепляющая права ее владельца (акционера) на получение части прибыли акционерного общества в виде дивидендов, на участие в управлении акционерным обществом и на часть имущества, остающегося после его ликвидации.

Акции делятся на два вида:

Обыкновенная акция – долевая ценная бумага, субординированная по отношению ко всем прочим видам долевых инструментов

Привилегированная акция – долевая ценная бумага, ограничивающая права владельца на участие в управлении акционерным обществом и взамен предоставляющая ряд льгот по сравнению с обыкновенными акциями, н-р, право на получение фиксированного дивиденда вне зависимости от прибыли акционерного общества

АННУИТЕТ

Способ погашения кредита, при котором размер ежемесячного платежа остается постоянным в течение всего периода кредитования.
 

Б

БАНК

Финансовый институт, основной деятельностью которого является привлечение и размещение денежных средств, а также проведение расчетов.
 

ВАРРАНТ

Ценная бумага, дающая держателю право покупать пропорциональное количество акций по оговоренной цене в течение определенного промежутка времени, как правило, по более низкой по сравнению с текущей рыночной ценой.
 

2. Financial Performance

2.1. Overview of the Financial Results

The main financial results of Goldstar’s activities are given in the table below during the period reviewed (from 31 December, 2015 to 31 December, 2019).

Indicator Value, thousand USD Change Average annual
value, thousand USD
2016 2017 2018 2019 thousand USD
(col.5 — col.2)
± %
(5-2) : 2
1 2 3 4 5 6 7 8
1. Revenue 82,214,521 108,110,823 117,722,498 145,103,322 +62,888,801 +76.5 113,287,791
2. Cost of sales 74,225,873 97,126,594 104,783,784 133,343,182 +59,117,309 +79.6 102,369,858
3.Gross profit  (1-2) 7,988,648 10,984,229 12,938,714 11,760,140 +3,771,492 +47.2 10,917,933
4. Other income and expenses, except Finance costs -5,879,306 -5,917,133 -5,838,352 -3,355,421 +2,523,885 -5,247,553
5. EBIT (3+4) 2,109,342 5,067,096 7,100,362 8,404,719 +6,295,377 +4 times 5,670,380
6. Finance costs 776,175 598,864 894,442 1,770,864 +994,689 +128.2 1,010,086
7. Income tax expense (from continuing operations) 410,271 1,572,251 1,774,059 1,178,563 +768,292 +187.3 1,233,786
8. Profit (loss) from continuing operations (5-6-7) 922,896 2,895,981 4,431,861 5,455,292 +4,532,396 +5.9 times 3,426,508
9. Profit (loss) from discontinued operations
10. Profit (loss) (8+9) 922,896 2,895,981 4,431,861 5,455,292 +4,532,396 +5.9 times 3,426,508
11. Other comprehensive income
12. Comprehensive income (10+11) 922,896 2,895,981 4,431,861 5,455,292 +4,532,396 +5.9 times 3,426,508

The revenue was USD 145,103,322 thousand during the last year. That is much higher (USD +62,888,801 thousand) than for the period 01.01–31.12.2016. During the whole of the reviewed period the revenue constantly spiked. The change in revenue is demonstrated on the chart. During the last year, the gross profit was equal to USD 11,760,140 thousand. The gross profit significantly increased (by USD 3,771,492 thousand, or by 47.2%) for the whole period analysed.

For the year 2019, the company posted a gross profit and earnings before interest and taxes (EBIT), which was USD 8,404,719 thousand. The final comprehensive income for Goldstar was USD 5,455,292 thousand during the year 2019.

2.2. Profitability Ratios

Profitability ratios Value in % Change
(col.5 — col.2)
2016 2017 2018 2019
1 2 3 4 5 6
1. Gross margin. 9.7 10.2 11 8.1 -1.6
2. Return on sales (operating margin). 2.6 4.7 6 5.8 +3.2
3. Profit margin. 1.1 2.7 3.8 3.8 +2.7
Reference:
 Interest coverage ratio (ICR). Acceptable value: no less than 1.5.
2.7 8.5 7.9 4.7 +2

For the last year, the company gained gross profit and profit from operational and financial activities, which became a reason for positive values of all three profitability ratios given in the table for this period. During the year 2019, the gross margin equaled 8.1%. The gross margin decreased by 1.6% during the entire period reviewed, additionally, tendency of the gross margin to drop is also confirmed by an average (linear) trend.

The profitability calculated by earnings before interest and taxes (Return on sales) is more important from a comparative analyses point of view. For the last year, the return on sales was 0.06 (or 5.8% per annum), and profitability calculated by net profit was 3.8% per annum.

To assess the liabilities that the company should repay for the use of borrowed capital, an interest coverage ratio was calculated. The acceptable value is deemed to be not less than 1.5. In this case, the interest coverage ratio was 4.7 for the year 2019, which is evidence of Goldstar’s capability to pay interest on borrowed assets. It should also be mentioned that not all interest payments are necessarily included on the income statement and used to calculate the indicated ratio. Interest related to investments in qualified assets is not included in the financial results (they are taken into account in the asset value).

Profitability ratios Value, % Change
(col.5 — col.2)
Description of the ratio and its reference value
2016 2017 2018 2019
1 2 3 4 5 6 7
Return on equity (ROE) 23.6 59.2 62.7 51.1 +27.5 ROE is calculated by taking a year’s worth of earnings (net profit) and dividing them by the average shareholder equity for that period, and is expressed as a percentage. It is one of the most important financial ratios and profitability metrics. Acceptable value: no less than 12%.
Return on assets (ROA) 3.3 9.4 10 9 +5.7 ROA is calculated by dividing net income by total assets, and displayed as a percentage. Normal value: no less than 6%.
Return on capital employed (ROCE) 19.2 49.8 37.5 27 +7.8 ROCE is calculated by dividing EBIT by capital employed (equity plus non-current liabilities). It indicates the efficiency and profitability of a company’s capital investments.

During the period from 01.01.2019 to 31.12.2019, the return on assets amounted to 9%; that is much higher (+5.7%) than for the year 2016. At the beginning of the analysed period, the return on assets was not normal, but later it was.

One of the most important ratio of business profitability is the return on equity (ROE), which reflects the profitability of investments by the owners. During the year 2019, a return on equity was 51.1% per annum. And it should be observed that such a high return on equity is a result of a low percentage of own capital (equity) of the total company’s capital (19.9%).

The chart below shows changes of the main rates of return on assets and equity of the company for the period reviewed (from 31 December, 2015 to 31 December, 2019).

2.3. Analysis of the Business Activity (Turnover Ratios)

Further in the table, the calculated rates of turnover of assets and liabilities describe how fast prepaid assets and liabilities to suppliers, contractors and staff are effected. Turnover ratios have strong industry specifics and depend on activity. This is why an absolute value of the ratios does not permit making a qualitative assessment. When assets turnover ratios are analysed, an increase in ratios (i.e. velocity of circulation) and a reduction in circulation days are deemed to be positive dynamics. There is no well-defined interaction for accounts payable and capital turnover. In any case, an accurate conclusion can only be made after the reasons that caused these changes are considered.

Turnover ratio Value, days Ratio
2016 
 Ratio
2019
Change, days
(col.5 — col.2)
2016 2017 2018 2019
1 2 3 4 5 6 7 8
Receivables turnover (days sales outstanding)

(average trade and other current receivables divided by average daily revenue*)

67 46 36 27 5.5 13.5 -40
Accounts payable turnover (days payable outstanding)

(average current payables divided by average daily purchases)

35 39 50 45 10.4 8.1 +10
Inventory turnover (days inventory outstanding)

(average inventory divided by average daily cost of sales)

4 3 4 4 92.5 82.1
Asset turnover

(average total assets divided by average daily revenue)

125 104 137 153 2.9 2.4 +28
Current asset turnover

(average current assets divided by average daily revenue)

117 90 112 117 3.1 3.1
Capital turnover

(average equity divided by average daily revenue)

17 17 22 27 21 13.6 +10
Reference:
Cash conversion cycle

(days sales outstanding + days inventory outstanding — days payable outstanding)

35 10 -11 -13 x x -48

* Calculation in days. Ratio value is equal to 365 divided by days outstanding.

During the year 2019, the average collection period (Days Sales Outstanding) was 27 days and the average days payable outstanding was 45 days as shown in the table. The rate of asset turnover means that Goldstar gains revenue equal to the sum of all the available assets every 130 days (on average for the period analysed (from 31.12.2015 to 31.12.2019)).

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ДИВИДЕНДЫ

Часть прибыли акционерного общества, распределяемая между его участниками в соответствии с количеством и видом принадлежащих им обыкновенных и привилегированных акций.
 

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ЗАЛОГ

Имущество, которое выступает обеспечением по договору займа и гарантирует исполнение заемщиком своих обязательств перед заимодавцем.
 

И

3. Conclusion

3.1. Key Ratios Summary

The most important indicators of Goldstar’s financial state and activity results are summarized below by using a qualitative assessment during the 4 years.

There are the following excellent financial indicators:

  • an outstanding relationship between liquid assets (current assets minus inventories) and current liabilities (quick ratio is 1.38);
  • the cash ratio is 1.03 at the end of the period (a high cash at hand required for current payments);
  • the outrunning growth of equity relative to the total increments of assets;
  • net worth (net assets) of the company is much higher (by 62.8 times) than the share capital at the end of the period reviewed;
  • working capital has a normal value in comparison with inventories owned by the company;
  • During the period from 01.01.2019 to 31.12.2019, earnings before interest and taxes (EBIT) showed USD 8,404,719 thousand, moreover, a positive dynamics compared with the data during the penultimate year (USD +6,295,377 thousand) was observed.

Such characteristics describe the financial condition of Goldstar relative a good standard:

  • high return on equity (51.1% per annum), which became mainly a result of low percentage of own capital (equity);
  • normal return on assets, which was 9% for the last year;
  • the income from financial and operational activities (comprehensive income) was USD 5,455,292 thousand during the year 2019.

The following indicators describe the Goldstar’s financial state from a negative point of view:

  • the debt ratio has an unsatisfactory value (0.8) caused by a high percentage of liability, (80.1% of total capital of the company);
  • the value of the non-current assets to net worth ratio equal to 1.47 can be deemed as an unacceptable one;
  • the current ratio (1.44) does not correspond to the normal criteria for this rate (2).

3.2. Rating of the Financial Position and Financial Performance of Goldstar

Financial performance for the period analysed (01.01.16–31.12.19) Financial position on 31.12.2019
AAA AA A BBB BB B CCC CC C D
Excellent (AAA) V
Very good (AA)                  
Good (A)                  
Positive (BBB)                  
Normal (BB)                  
Satisfactory (B)                  
Unsatisfactory (CCC)                  
Adverse (CC)                  
Bad (C)                  
Critical (D)                  
Final rating of the financial condition of Goldstar (period analysed: from 01.01.2016 to 31.12.2019 analysis step — year):A
(good)
 

The following conclusions were made based on a qualitative assessment of the rates at the end of the period analysed, their dynamics during the period and the forecast for the next year. Scores of the financial position and activity results for Goldstar were +0.16 and +1.75, respectively, i.e. the financial position is characterized as normal; the financial results are described as excellent for the entire period reviewed. These two scores were used to calculate the final rating score of the company’s financial condition, which made A (good condition).

An «A» rating shows a good financial condition of a company and its’ capability to meet their likely current liabilities. Companies with this rating refer to the category of the borrowers who can obtain credits with high probability (good creditworthiness).

КЛЮЧЕВАЯ СТАВКА

Один из инструментов денежно-кредитной политики государства, процент, по которому ЦБ РФ предоставляет кредиты коммерческим банкам, и одновременно та ставка, по которой ЦБ РФ готов принимать от банков на депозиты денежные средства.
 

Смотрите также

  • Глоссарий бюджета службы национальных парков

See also[edit]

  • National Park Service Budget Glossary

ПАЕВОЙ ИНВЕСТИЦИОННЫЙ ФОНД (ПИФ)

Форма коллективных инвестиций, при которых инвесторы являются собственниками долей в имуществе фонда.
 

ПЕРВИЧНОЕ ПУБЛИЧНОЕ РАЗМЕЩЕНИЕ (IPO — INITIAL PUBLIC OFFERING)

Первая публичная продажа акций акционерного общества, в том числе в форме продажи депозитарных расписок на акции, неограниченному кругу лиц.
 

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