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Chapter16OperatingandFinancialLeverage
OperatingandFinancialLeverageOperatingLeverageFinancialLeverageTotalLeverageCash-FlowAbilitytoServiceDebtOtherMethodsofAnalysisCombinationofMethods
OperatingLeverageOnepotential“effect”causedbythepresenceofoperatingleverageisthatachangeinthevolumeofsalesresultsina“morethanproportional”changeinoperatingprofit(orloss).OperatingLeverage--Theuseoffixedoperatingcostsbythefirm.
ImpactofOperatingLeverageonProfits FirmFFirmVFirm2FSales $10 $11 $19.5OperatingCosts Fixed 7 2 14Variable 2 7 3OperatingProfit $1 $2 $2.5 FC/totalcosts .78 .22 .82FC/sales .70 .18 .72(inthousands)
ImpactofOperatingLeverageonProfitsNow,subjecteachfirmtoa50%increaseinsalesfornextyear.Whichfirmdoyouthinkwillbemore“sensitive”tothechangeinsales(i.e.,showthelargestpercentagechangeinoperatingprofit,EBIT)?[]FirmF;[]FirmV;[]Firm2F.
ImpactofOperatingLeverageonProfits FirmFFirmVFirm2FSales $15 $16.5 $29.25OperatingCostsFixed 7 2 14Variable 3 10.5 4.5OperatingProfit $5 $4 $10.75Percentage ChangeinEBIT* 400%100%330%(inthousands)*(EBITt-EBITt-1)/EBITt-1
ImpactofOperatingLeverageonProfitsFirmFisthemost“sensitive”firm--forit,a50%increaseinsalesleadstoa400%increaseinEBIT.Ourexamplerevealsthatitisamistaketoassumethatthefirmwiththelargestabsoluteorrelativeamountoffixedcostsautomaticallyshowsthemostdramaticeffectsofoperatingleverage.Later,wewillcomeupwithaneasywaytospotthefirmthatismostsensitivetothepresenceofoperatingleverage.
Break-EvenAnalysisWhenstudyingoperatingleverage,“profits”referstooperatingprofitsbeforetaxes(i.e.,EBIT)andexcludesdebti
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