FLE = (ROA - AIR)(1-TB)•EC/PE
Here:
FLE-financial leverage effectiveness;
ROA - profitability of assets;
AIR - average interest rate;
TB-tax burden;
EC-equity capital;
PE - private equity.
ROA = Net Profit / Assets
ROA (last year) = 507693607/13198104658 = 3.85%
ROA (reporting year) = 974038284/24276893065 = 4.01%
Table 233
Analysis of financial leverage effectiveness
Indicators
|
Last year
|
Report year
|
Change
|
Rate
|
1. Assets, A
|
13198104658
|
24276893065
|
11078788407
|
183.94
|
2. Net Profit, SF
|
507693607
|
974038284
|
466344677
|
191.86
|
3. Return on assets, ROA (2/1)
|
3.85
|
4.01
|
0,16
|
104.16
|
4. Private equity, thous. UZS
|
7745794466
|
10124233076
|
2378438610
|
130.71
|
5. Debt capital, thousand UZS.
|
5452310192
|
14152659989
|
8700349797
|
259.57
|
6. Profit tax rate,%
|
10
|
10
|
0
|
100
|
7. Credit, interest rate,%
|
9
|
14
|
5
|
155.56
|
8. Inflation rate,%
|
5.6
|
11.6
|
6
|
207.14
|
9. Effect of financial leverage,% (3-7)(1-6) * 5/4
|
-3.26
|
-12.57
|
-9.31
|
385.58
|
MLs (last year) = (3.85-9) * (1-10 / 100) * 5452310192/7745794466 = -3.26%
MLs (reporting year) = (4.01-14) * (1-10 / 100) * 14152659989/10124233076 = -12.57%
In this case borrowing capital (-12.57%) is ineffective. To evaluate the effectiveness of the financial leveraged factors, it is recommended to use the following links:
MLs1 = (4.01-9) * (1-10 / 100) * 5452310192/7745794466 = -3.16%
MLs2 = (4.01-14) * (1-10 / 100) * 5452310192/7745794466 = -6.33%
MLs3 = (4.01-14) * (1-10 / 100) * 5452310192/7745794466 = -6.33%
The total change in the effectiveness of the financial leveraged was 9.31% (-12.57 - (-3.26)). (-6.33 + 6.33) = - 3.17% (-6.33 + 3.16) = -3.17% (-6.33 + 6.33) due to changes in interest rate (- (3.16 + 3.26) = 0.1% due to change in investment profitability ) = 0% due to private equity change (-12.57 + 6.33) = - 6.24% Total effect: 0.1-3.17 + 0-6.24 = -9.31% In case of strong inflation if the interest rates are not re-indexed, financial leverage and private equity profitability will increase, in which case the cost-effectiveness will be calculated using the following formula:
MLS=[ROA-Fo‘s/(1+I)]*(1-Ss)*QK/XK + I*QK/XK*100%
Here:
MLs (last year) = (3.85-9 / (1 + 5.6 / 100)) * (110/100) * 5452310192/7745794466 + 5.6 * 5452310192/7745794466 = 0.98
MLs (calculation year) = (4.01-14 / (1 + 11.6 / 100)) * (110/100) * 14152659989/10124233076 + 11.6 * 14152659989/10124233076 = 5.48% you can: MLs1 = (4.01-9 / (1 + 5.6 / 100)) * (110/100) * 5452310192/7745794466 + 5.6 * 5452310192/7745794466 = 1.08%
MLs2 = (4.01-14 / (1 + 5.6 / 100%) * (110/100) * 5452310192/7745794466 + 5.6 * 5452310192/7745794466 = -1.92%
MLs3 = (4.01-14 / (1 + 11.6 / 100)) * (110/100) * 5452310192/7745794466 + 11.6
Total exchange rate change of financial leverage 4.5% (5.48 - 0.98), including: due to the change in investment capital: (1.08-0.98) = 0.1% due to change in interest rate (-1.92-1.08) = - 3% - change in inflation rate (2.76 + 1.92) = 4.67% (2.76-2.76) = 0% - due to private equity change (5.48-2.76) = 2 .72% Influence of total factor: (0.1-3 + 4.67 + 0 + 2.72) = 4.5%.
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