Практика Shadowing: DuPont analysis explained - Изучайте разговорный английский по видео
Создание урока...
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Return on Equity, ROA Return on Assets, ROS Return on Sales.
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This video takes you through the financial ratios of the ROE formula, the ROA formula, the ROS formula, asset turnover and leverage, and shows how they fit together.
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The very basics and the very essence of financial ratio analysis.
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The beauty of financial ratios is that they link together information from two of the three main financial statements, the income statement or profit and loss statement, and the balance sheet.
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This gives you a more holistic view of a company's performance than merely looking at one financial statement in isolation.
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ROE, or Return on Equity, is defined as net income divided by equity.
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In other words, the net profit that the company has generated during a year, divided by the book value of the shareholder capital invested in the company.
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ROE is a measure of the rate of return to shareholders.
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For return on equity, at first sight you would say, the higher this ratio is, the better.
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The return on equity financial ratio becomes more meaningful when you dive into its drivers.
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What made the ROE go up or down versus prior year, if you look at the same company?
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Why is the ROE for two companies in different industries, or even in the same industry, different?
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This is where financial analysts owe a big thank you to the DuPont Corporation, for coming up with the idea of breaking ROE into three distinct elements.
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Let me walk you through these elements, ROS, Asset Turnover and Leverage, shortly.
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But first a trivia question.
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In which period did the DuPont Corporation start using the DuPont analysis?
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Was it the 1890s, the 1920s, the 1950s, or 1980s?
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When you are logged into YouTube and are watching this video from a computer, then please click the voting card on the top right to submit your vote.
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I will explain you first what the DuPont formula is, and then share the answer to the quiz question towards the end of the video.
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Here's the three-part version of the DuPont analysis.
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Mathematically, this split makes little sense, as you are multiplying fraction bars where the denominator in one of the fractions is the numerator in another fraction,
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hence they will cancel each other out when multiplied.
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For financial analysis, to split into three pieces makes a lot of sense.
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The first element, ROS or Return on Sales, is Net Income divided by Sales, which is an indicator of the relative profitability or operating efficiency.
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How many cents of profit are generated for every dollar of sales?
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The higher the ROS, the better.
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The second element is Asset Turnover, calculated as Sales divided by Assets, a measure of asset use efficiency.
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Can we maximize the amount of sales we generate with the assets that we have?
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A solid control of working capital is key here to decrease the denominator of assets.
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What are the terms you negotiate with your customers?
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Are you getting your customers to pay on time?
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Is your manufacturing and supply chain operation efficient, so the amount of inventory or stock along the way is minimized?
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All of those help to minimize the denominator.
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The first two elements together, ROS multiplied by Asset Turnover, form ROA .
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This ratio of ROA has many variations.
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Some companies measure ROIC , ROTC , ROCE or RONOA .
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These are all variations on the same theme.
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You look at the returns generated during a period, and compare them to the capital invested in the company to generate those returns.
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ROA is an indicator of business success, influenced by two factors, ROS or Margin Performance,
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and Asset Turnover, which you could call speed or velocity.
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The last element of the DuPont three-part equation is leverage, assets divided by equity.
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Whether they should be high or low is a much discussed question among business people, finance people, and academics, and I don't think there is a definitive answer.
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On the one side, if you can borrow money, take on debt, at low interest rates, and put this money to productive use, you could grow the company faster, and generate higher returns.
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On the other side, if debt is very high compared to the equity in the company, you could increase the risk profile, and decrease your buffer against bankruptcy.
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We have seen plenty of examples of companies that were too highly leveraged, going under in various financial crises over the years.
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Alright, that's the most commonly known three-step version of the DuPont formula.
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Are you ready for some more excitement?
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You can expand the DuPont formula to five steps if you want even more analytical insight
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into the drivers of where your ROE increase or decrease is coming from.
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The two elements on the right stay the same, asset turnover and leverage.
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However, ROS gets split into three elements.
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Net income divided by earnings before tax, which is called tax burden, earnings before tax divided by EBIT,
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called interest burden, and EBIT divided by sales, which is EBIT percentage.
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In a lot of companies, improving the EBIT percentage and increasing the asset turnover are important targets for the management team, whereas the other elements are for the finance,
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treasury and tax departments to manage.
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To close the loop on the DuPont formula, the answer to the trivia question is that this financial ratio analysis method came into use in the 1920s.
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It is still in ubiquitous use, and it can help you to understand the drivers of performance for your company.
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So thank you very much to Donaldson Brown of the DuPont Corporation!
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On the Finance Storyteller YouTube channel, you can find lots of well-researched videos explaining business, finance and accounting topics.
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On average, I post one new video per week.
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Лексика и советы по произношению к этому уроку
Этот урок разговорной практики уровня C1 построен на видео «DuPont analysis explained». Чаще всего повторяются слова: asset, return, Dupont, financial, element. В этом видео 62 предложений и 996 слов для шедоуинга. Речь длится 6:15. Говорящий говорит в естественном темпе, около 160 слов в минуту, близком к повседневной речи. Только 78% слов входят в 3000 самых частых слов английского языка, поэтому лексика сложная. Вопросов здесь 10 из 62 предложений, так что это хорошая тренировка вопросительной интонации и коротких ответов.
Ключевая лексика этого видео
Самые сложные слова из видео (15), с произношением и значением:
| Слово | Произношение | Значение |
|---|---|---|
| turnover существительное | /ˈtɝnoʊvɚ/ | товарооборо́т, оборо́т |
| leverage существительное | /ˈlɛv.(ə.)ɹɪd͡ʒ/ | рыча́г |
| denominator существительное | /dɪˈnɒmɪneɪtə(ɹ)/ | знамена́тель |
| multiply глагол | /ˈmʌltɪplaɪ/ | приумно́жить |
| fraction существительное | /ˈfɹæk.ʃən/ | часть, части́ца |
| trivia существительное | /ˈtɹɪvi.ə/ | ме́лочи, пустяки́ |
| shareholder существительное | /ˈʃɛəˌhəʊl.də(ɹ)/ | акционе́р, акционе́рка |
| minimize глагол | /ˈmɪn.ɪˌmaɪz/ | минимизи́ровать, своди́ть к ми́нимуму |
| indicator существительное | /ˈɪn.dɪˌkeɪ.tə(ɹ)/ | индика́тор, указа́тель |
| subscribe глагол | /səbˈskɹaɪb/ | подпи́сывать, подписа́ть |
| variation существительное | /ˌvɛəɹiˈeɪʃn̩/ | измене́ние, варьи́рование |
| holistic прилагательное | /hoʊˈlɪs.tɪk/ | холисти́ческий |
| mathematically наречие | математи́чески | |
| numerator существительное | /ˈnuː.məɹˌeɪ̯.təɹ/ | числи́тель |
| profitability существительное | /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/ | при́быльность, рента́бельность |
Фразовые глаголы, которые вы услышите
| Слово | Значение |
|---|---|
| come up with глагол | придумывать, приходить в голову |
| go up глагол | поднима́ться, подня́ться |
Фразы, которые стоит повторять
Короткие законченные фразы из видео, которые пригодятся в повседневном разговоре:
- What are the terms you negotiate with your customers?
- Are you getting your customers to pay on time?
- Are you ready for some more excitement?
Грамматика в этом видео
Конструкции, которые говорящий использует чаще всего, с точными словами из видео:
| Конструкция | В видео |
|---|---|
| Пассивный залог be + причастие прошедшего времени — важно, что происходит, а не кто это делает | is defined · are logged · are generated |
| Придаточные определительные who / which + предложение — уточнение о человеке или предмете | Sales, which is · tax, which is |
| Present Perfect have/has + причастие прошедшего времени — прошлое действие, важное сейчас | has generated · have seen |
Произношение, на которое стоит обратить внимание
- Звуки «sh» и «zh»: fraction /ˈfɹæk.ʃən/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, variation /ˌvɛəɹiˈeɪʃn̩/, negotiate /nəˈɡəʊ.ʃi.eɪt/, isolation /ˌaɪsəˈleɪʃən/
- Длинные слова — следите за ударением: denominator /dɪˈnɒmɪneɪtə(ɹ)/, indicator /ˈɪn.dɪˌkeɪ.tə(ɹ)/, numerator /ˈnuː.məɹˌeɪ̯.təɹ/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, ubiquitous /juːˈbɪkwɪtəs/
Звуки, трудные для русскоязычных:
- /w/ — губы округлены, это не /v/: ubiquitous /juːˈbɪkwɪtəs/, quiz /kwɪz/, equation /ɪˈkweɪ.ʒən/
- /h/ — лёгкий выдох, а не русское «х»: shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, holistic /hoʊˈlɪs.tɪk/
- Звонкие согласные в конце слова — не оглушайте их: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, minimize /ˈmɪn.ɪˌmaɪz/, subscribe /səbˈskɹaɪb/, maximize /ˈmæksəmaɪz/, definitive /dɪˈfɪn.ɪ.tɪv/
Как заниматься с этим видео
- Прослушайте всё видео один раз молча и выпишите незнакомые слова.
- Начните со скорости 0,75×, повторяйте предложение за предложением и вернитесь к обычной скорости, когда станет легко.
- Запишите себя и сравните с оригиналом, обращая внимание на такие слова, как turnover, leverage, denominator.
Что такое техника Shadowing?
Shadowing — это научно обоснованная техника изучения языка, изначально разработанная для подготовки профессиональных переводчиков и популяризированная полиглотом доктором Александром Аргуэльесом. Метод прост, но эффективен: вы слушаете аудио на английском от носителей языка и немедленно повторяете вслух — как тень, следующая за говорящим с задержкой в 1–2 секунды. В отличие от пассивного прослушивания или грамматических упражнений, Shadowing заставляет мозг и мышцы рта одновременно обрабатывать и воспроизводить реальные речевые паттерны. Исследования показывают, что это значительно улучшает точность произношения, интонацию, ритм, связную речь, понимание на слух и беглость речи — что делает его одним из самых эффективных методов для подготовки к IELTS Speaking и реального общения на английском.