BSE-Sofia AD. Methodology for Calculation of Financial Ratios
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1 BSE-Sofia AD Methodology for Calculation of Financial Ratios
2 FINANCIAL RATIOS BSE-Sofia calculates the following financial ratios for the companies listed on BSE-Sofia markets: 1. Current Ratio; 2. Asset Turnover Ratio; 3. Debt-To-Equity Ratio (D/E); 4. Return On Equity (ROE); 5. Return On Assets (ROA); 6. Earnings Before Interest & Tax (EBIT); 7. ROE using EBIT; 8. ROA using EBIT; 9. Price-To-Earnings Ratio (P/E); 10. Price-To-Sales Ratio (P/S); 11. Price-To-Book Ratio (P/B); For the companies, which prepare consolidated financial reports, there shall be two different values calculated for each of the ratios above: Based on the data in the consolidated reports, and Based on the data in the non-consolidated reports. FINANCIAL RATIOS FOR LIQUIDITY 1. CURRENT RATIO Current Ratio = Current Assets / Current Liabilities Current Assets and Liabilities shall be the current assets and liabilities as per the last report of the company. 2. ASSET TURNOVER RATIO Asset Turnover = Sales / Total Assets Sales shall be the revenues (sales) of the company for the last four quarters; Total Assets shall be the average value of the total assets per the last five quarterly reports.
3 When calculating the ratio for a bank or leasing company the net income from interests and dividends shall be used (instead of sales); When calculating the ratio for an insurance company the gross premiums from general and life insurance shall be used (instead of sales); When calculating the ratio for a holding company, both financial and non-financial revenues shall be included. FINANCIAL RATIOS FOR SOLVENCY 3. DEBT-TO-EQUITY RATIO (D/E) D/E = Total Debt / Common Equity Total Debt shall be the sum of the current liabilities and the noncurrent liabilities as per the last report of the company; Common Equity shall be the total equity minus the preferred equity as per the last report of the company. FINANCIAL RATIOS FOR PROFITABILITY 4. RETURN ON EQUITY (ROE) ROE = Net Income/ Common Equity Net Income shall be the net income available to common shareholders (i.e. excluding preferred dividends) of the company for the last four quarters; Common Equity shall be the average value of the common equity as per the last five quarterly reports. When calculating the ROE ratio based on the data from the consolidated report, the consolidated net income (excluding earnings from noncontrolling interest) shall be taken into consideration; When calculating the ROE ratio based on the data from the consolidated report, the noncontrolling interest in the common equity shall not be taken into consideration. 5. RETURN ON ASSETS (ROA)
4 ROA = Net Income/ Total Assets Net Income shall be the net income available to common shareholders of the company for the last four quarters; Total Assets shall be the average value of the total assets as per the last five quarterly reports. When calculating the ROA ratio based on the data from the consolidated report, the consolidated net income (excluding earnings from noncontrolling interest) shall be taken into consideration. 6. EARNINGS BEFORE INTEREST & TAX (EBIT) EBIT = Earnings Before Tax + Interest Expenses Earnings Before Tax shall be the earnings before taxation of the company for the last four quarters; Interest Expenses shall be the interest expenses of the company for the last four quarters. When calculating the EBIT Ratio based on the data from the consolidated report, the profit or loss of the noncontrolling interest shall be included in the Earnings Before Tax. 7. RETURN ON EQUITY USING EARNINGS BEFORE INTEREST & TAX (ROE USING EBIT) ROE (USING EBIT) = EBIT / Common Equity EBIT shall be the Earnings Before Interest & Tax as per item 6 above, for the last four quarters; Common Equity shall be the value of the weighted average common equity as per the last five quarterly reports. When calculating the ROE (USING EBIT) Ratio based on the data from the consolidated report, the noncontrolling interest in the common equity shall not be taken into consideration.
5 8. RETURN ON ASSETS USING EARNINGS BEFORE INTEREST & TAX (ROA USING EBIT) ROA (USING EBIT) = EBIT / Total Assets EBIT shall be the Earnings Before Interest & Tax as per item 6 above, for the last four quarters; Total Assets shall be the average value of the total assets as per the last five quarterly reports. PRICE MULTIPLES 9. PRICE-TO-EARNINGS RATIO (P/E) P/E = Price per share (P) / Earnings per share (EPS) P shall be the weighted-average price as of the last trading session, on which the respective issue was traded; EPS shall be the net profit of the company for the last four quarters divided by the number of weighted average number of shares outstanding. When calculating the ratio on the grounds of the data in a consolidated report, the consolidated net income (excluding earnings from noncontrolling interest) shall be taken into consideration; P/E of indices SOFIX, BGBX40, BGREIT and CGIX shall be the sum of the market capitalizations of all issues included in the index, adjusted with the free-float factor and weight factor of each of them for the respective quarterly period divided by the sum of their net incomes, adjusted with the free-float factor and weight factor of each issue for the same quarterly period; P/E of BGTR30 index shall be the average value of the P/E ratios of all issues included in the index; If a company included in the indices prepares a consolidated report, the respective net income of that report shall be taken into consideration. 10. PRICE-TO-SALES RATIO (P/S) P/S = Price per share (P) / Sales per share (S)
6 P shall be the weighted-average price as of the last trading session, on which the respective issue was traded; S shall be the revenues (sales) of the company for the last four quarters divided by the number of shares outstanding. When calculating the ratio for a bank, the net income from interests and dividends shall be used (instead of revenues or sales); When calculating the ratio for an insurance company, the gross premiums from general and life insurance shall be used (instead of revenues or sales). 11. PRICE-TO-BOOK RATIO (P/B) P/B = Price per share (P) / Book value per share (B) P shall be the weighted-average price as of the last trading session, on which the respective issue was traded; B shall be the common equity of the company as per the last financial report divided by the number of shares outstanding. When calculating the P/B Ratio based on the data from the consolidated report, the noncontrolling interest in the common equity shall not be taken into consideration. P/B ratio of an index shall be the average value of the P/B ratios of all issues included in the respective index. If a company included in the index prepares a consolidated report, the respective P/B ratio shall be taken into consideration. N.B: * Last report shall indicate the respective date of the reported data used for calculation of the ratios; * cons shall indicate the ratios calculated on the base of consolidated reports; * If a company is in capital increase process, the respective ratios shall be marked in red; * If a ratio has a negative value, no value shall be visualized.
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