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Cover; Introduction; 1 UNDERSTANDING THE BASICS; 1 The annual report - and what underlies it; Who publishes accounts?; Who uses the annual report?; Conceptual framework; Qualitative characteristics; Accounting standards; Auditing standards; Corporate governance; 2 The balance sheet; Balance sheet pr...

2 ASSESSING THE FACTS5 Guidelines for financial analysis; Comparability and consistency; Percentage rules; Index numbers; Growth rates and trends; Foreign currencies; Using databases; 6 Measuring profitability; What is profit?; Profit margin ratios; The efficiency ratios; The shareholders' return; L...

Summary9 Capital and valuation; Gearing or leverage; Share price and value; Valuing companies; Cost of capital; Summary; 10 Strategy, success and failure; Sources of information; Corporate governance; Corporate strategy; Success or failure?; 3 USEFUL BENCHMARKS; 11 Practical examples of ratio analys...