財(cái)務(wù)報(bào)表分析

1、Cash Flow Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders Operating Cash Flow Net Capital Spending Changes in NWC= Cash Flow to Creditors + Cash Flow to Stockholders Operating Cash Flow (fixed assets investment+ depreciation) NWC investment=(Interests paid Net new b

2、orrowing) + (Dividends paid Net new equity raised) Operating Cash Flow+ Net new borrowing+ Net new equity raised= (fixed assets investment+ depreciation)+ NWC investment+ Interests paid + Dividends paid 資產(chǎn)資產(chǎn)=負(fù)債負(fù)債+權(quán)益權(quán)益現(xiàn)金來(lái)源現(xiàn)金來(lái)源=現(xiàn)金運(yùn)用現(xiàn)金運(yùn)用Sources of CashCurrent AssetsFixed Assets1 Tangible2 IntangibleTot

3、al Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:流動(dòng)資產(chǎn)流動(dòng)資產(chǎn)固定資產(chǎn)固定資產(chǎn)流動(dòng)負(fù)債流動(dòng)負(fù)債長(zhǎng)期負(fù)債長(zhǎng)期負(fù)債所有者權(quán)利所有者權(quán)利CashAccounts receivableInventoryTCL?Lenovo?Accounts payableNotes payableWalmartUses of CashCurrent AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Ass

4、ets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:流動(dòng)資產(chǎn)流動(dòng)資產(chǎn)固定資產(chǎn)固定資產(chǎn)流動(dòng)負(fù)債流動(dòng)負(fù)債長(zhǎng)期負(fù)債長(zhǎng)期負(fù)債所有者權(quán)利所有者權(quán)利TCL?Lenovo?WalmartAccounts receivableInventoryAccounts payableNotes payableNews (2021,1.8) 中國(guó)中國(guó)PC行業(yè)的標(biāo)志行業(yè)的標(biāo)志聯(lián)想聯(lián)想1月月8日宣布了堪稱悲日宣布了堪稱悲情的情的“過冬決策：全球裁員過冬決策：全球裁員2500人，占員工總?cè)?，占員工總數(shù)的數(shù)的

5、11%；所有副總裁以上高管的薪酬下調(diào)；所有副總裁以上高管的薪酬下調(diào)30%到到50%；原有四個(gè)大區(qū)合并為三個(gè)。；原有四個(gè)大區(qū)合并為三個(gè)。 自聯(lián)想集團(tuán)自聯(lián)想集團(tuán)1月月8日公布重組方案以來(lái)，資本市場(chǎng)日公布重組方案以來(lái)，資本市場(chǎng)紛紛拋售該公司在香港上市的股票，截至紛紛拋售該公司在香港上市的股票，截至1月月14日，聯(lián)想股價(jià)已經(jīng)在短短日，聯(lián)想股價(jià)已經(jīng)在短短5個(gè)交易日內(nèi)大跌個(gè)交易日內(nèi)大跌47%。 公司預(yù)期能在公司預(yù)期能在2021/2021財(cái)年節(jié)省大約財(cái)年節(jié)省大約3億美元。億美元。P50？Addition to Retained EarningsP51P50？Net Addition to CashP50So

6、urces and Uses of Cash Sources Cash inflow occurs when we “sell something Decrease in asset account (Sample B/S) Accounts receivable, inventory, and net fixed assets Increase in liability or equity account Accounts payable, other current liabilities, and common stock Uses Cash outflow occurs when we

7、 “buy something Increase in asset account Cash and other current assets Decrease in liability or equity account Notes payable and long-term debt賣賣/舉舉債債買買/支支付付P52Not：operating cash flowNot：Net capital spendingNot：Cash flow to creditors and stockholders現(xiàn)金流量表現(xiàn)金流量表P53現(xiàn)金來(lái)源與運(yùn)用表現(xiàn)金來(lái)源與運(yùn)用表Statement of Cash Fl

8、ows Statement that summarizes the sources and uses of cash Changes divided into three major categoriespOperating Activity includes net income and changes in most current accounts !pInvestment Activity includes changes in fixed assetspFinancing Activity includes changes in notes payable, long-term de

9、bt and equity accounts as well as dividendsSample Statement of Cash FlowsCash, beginning of year58Financing ActivityOperating Activity Decrease in Notes Payable-93 Net Income689 Decrease in LT Debt-248 Plus: Depreciation116 Decrease in C/S (minus RE)-94 Decrease in A/R36 Dividends Paid-206 Decrease

10、in Inventory60 Net Cash from Financing-641 Increase in A/P4Net Increase in Cash638 Increase in Other CL309Cash End of Year696 Less: Increase in CA-39 Net Cash from Operations1,175Investment Activity Sale of Fixed Assets104 Net Cash from Investments104Numbers in millions掌握掌握P50算法算法ExerciseP79Exercise

11、P80P81解答解答When We Need to Compare Different CorporationsThe Circumstances We Compare2.Standardized Financial Statements Common-Size Balance SheetspCompute all accounts as a percent of total assets Common-Size Income StatementspCompute all line items as a percent of sales Standardized statements make

12、 it easier to compare financial information, particularly as the company grows They are also useful for comparing companies of different sizes, particularly within the same industryP54同比資產(chǎn)同比資產(chǎn)負(fù)債表負(fù)債表P55同比利潤(rùn)表同比利潤(rùn)表Common-base Year Statement同基年度資產(chǎn)同基年度資產(chǎn)負(fù)債表負(fù)債表P56Exercise (1)P81Exercise (2) P853. Ratio An

13、alysis Ratios also allow for better comparison through time or between companies As we look at each ratio, ask yourself what the ratio is trying to measure and why is that information is important Ratios are used both internally and externallyCategories of Financial RatiosCurrent AssetsFixed Assets1

14、 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:EBITInterestsTaxesNet IncomeI/SProfitability ratiosMarket value ratiosShort-term solvency / liquidity ratiosLong-term solvency/ financial leverage ratiosAsset management / tur

15、nover ratios(1)Computing Liquidity Ratios Current Ratio = CA / CLp2256 / 1995 = 1.13 times Quick Ratio = (CA Inventory) / CLp(2256 1995) / 1995 = .1308 times Cash Ratio = Cash / CLp696 / 1995 = .35 times NWC to Total Assets = NWC / TAp(2256 1995) / 5394 = .05 Interval Measure = CA / average daily op

16、erating costsp2256 / (2006 + 1740)/365) = 219.8 daysP50p(Sample B/S)(2)Computing Long-term Solvency RatiosTotal Debt Ratio = (TA TE) / TA=(5394 2556) / 5394 = 52.61%Debt/Equity = TD / TE=(5394 2556) / 2556 = 1.11 timesEquity Multiplier = TA / TE = 1 + D/ELong-term debt ratio = LTD / (LTD + TE)=843 /

17、 (843 + 2556) = 24.80%Computing Coverage Ratios Times Interest Earned = EBIT / Interest=1138 / 7 = 162.57 times Cash Coverage = (EBIT + Depreciation) / Interest=(1138 + 116) / 7 = 179.14 times(3)Computing Inventory Ratios Inventory Turnover = Cost of Goods Sold / Inventoryp2006 / 301 = 6.66 times Da

18、ys Sales in Inventory = 365 / Inventory Turnoverp365 / 6.66 = 55 daysComputing Receivables Ratios Receivables Turnover = Sales / Accounts Receivablep5000 / 956 = 5.23 times Days Sales in Receivables = 365 / Receivables Turnoverp365 / 5.23 = 70 daysComputing Total Asset Turnover Total Asset Turnover

19、= Sales / Total Assetsp5000 / 5394 = .93pIt is not unusual for TAT 1, especially if a firm has a large amount of fixed assets NWC Turnover = Sales / NWCp5000 / (2256 1995) = 19.16 times Fixed Asset Turnover = Sales / NFAp5000 / 3138 = 1.59 times(4)Computing Profitability Measures Profit Margin = Net

20、 Income / Sales=689 / 5000 = 13.78% Return on Assets (ROA) = Net Income / Total Assets=689 / 5394 = 12.77% Return on Equity (ROE) = Net Income / Total Equity=689 / 2556 = 26.96%(5)Computing Market Value Measures Market Price = $87.65 per share Shares outstanding = 190.9 million PE Ratio = Price per

21、share / Earnings per share=87.65 / 3.61 = 24.28 times Market-to-book ratio = market value per share / book value per share=87.65 / (2556 / 190.9) = 6.56 timesExercise(1) P86Exercise(1) P874.Deriving the DuPont Identity ROE = NI / TE Multiply by 1 and then rearrangepROE = (NI / TE) (TA / TA)pROE = (N

22、I / TA) (TA / TE) = ROA * EM Multiply by 1 again and then rearrangepROE = (NI / TA) (TA / TE) (Sales / Sales)pROE = (NI / Sales) (Sales / TA) (TA / TE)pROE = PM * TAT * EMExtended DuPont ChartROE =ROA =EM =PM =TAT =NI =Sales =Sales =TA =Total Costs =Sales =COGS =SG&A =Interest =Taxes =Fixed Assets =

23、Current Assets =Cash =Other CA =Inventory =xx +-Example P70Expanded DuPont Analysis Aeropostale Data Balance Sheet DatapCash = 138,356pInventory = 61,807pOther CA = 12,284pFixed Assets = 94,601 ComputationspTA = 307,048 Income Statement DatapSales = 734,868pCOGS = 505,152pSG&A = 141,520pInterest = (

24、760)pTaxes = 34,702 ComputationspNI = 54,254pPM = 7.383%pROA = 17.668%pROE = 29.223%Aeropostale Extended DuPont ChartROE = 29.223%ROA = 17.668%EM = 1.654PM = 7.383%TAT = 2.393NI = 54,254Sales = 734,868Sales = 734,868TA = 307,048Total Costs = - 680,614Sales = 734,868COGS = - 505,152SG&A = - 141,520In

25、terest = - (760)Taxes = - 34,702Fixed Assets = 94,601Current Assets = 212,447Cash = 138,356Other CA = 12,284Inventory = 61,807xx+-Extended DuPont Chart for Philippe Ratios are not very helpful by themselves; they need to be compared to something Time-Trend AnalysispUsed to see how the firms performa

26、nce is changing through timepInternal and external uses Peer Group AnalysispCompare to similar companies or within industriespSIC and NAICS codesRemember Underlying theory Peer group scattered around the world SIC may not be reliableWhy Evaluate Financial Statements? Internal usespPerformance evalua

27、tion compensation and comparison between divisionspPlanning for the future guide in estimating future cash flows External usespCreditorspSupplierspCustomerspStockholdersP58Quick Quiz What is the Statement of Cash Flows and how do you determine sources and uses of cash? How do you standardize balance

28、 sheets and income statements and why is standardization useful? What are the major categories of ratios and how do you compute specific ratios within each category? What are some of the problems associated with financial statement analysis?Key Concepts and Skills Understand sources and uses of cash

29、 and the Statement of Cash Flows Know how to standardize financial statements for comparison purposes Know how to compute and interpret important financial ratios Be able to compute and interpret the DuPont Identity Understand the problems and pitfalls in financial statement analysisSummary Financia

30、l statements and cash flow standardizing financial statements Financial statements analyses the DuPont Identity BenchmarkingExercise 現(xiàn)金來(lái)源現(xiàn)金來(lái)源/現(xiàn)金運(yùn)用現(xiàn)金運(yùn)用/現(xiàn)金流量表現(xiàn)金流量表 標(biāo)準(zhǔn)化財(cái)務(wù)報(bào)表標(biāo)準(zhǔn)化財(cái)務(wù)報(bào)表/同比報(bào)表同比報(bào)表/同基年度報(bào)表同基年度報(bào)表 比率分析比率分析/財(cái)務(wù)比率財(cái)務(wù)比率/ 短期償債能力短期償債能力/短期流動(dòng)性短期流動(dòng)性/長(zhǎng)期償債能力長(zhǎng)期償債能力/資產(chǎn)利用比率資產(chǎn)利用比率/盈盈利性利性/市場(chǎng)價(jià)值市場(chǎng)價(jià)值 流動(dòng)比流動(dòng)比/速動(dòng)比速動(dòng)比(酸性

31、測(cè)試比率酸性測(cè)試比率)/現(xiàn)金比率現(xiàn)金比率/凈營(yíng)運(yùn)資本對(duì)總凈營(yíng)運(yùn)資本對(duì)總資產(chǎn)比率資產(chǎn)比率/(流動(dòng)資產(chǎn)流動(dòng)資產(chǎn))間隔期間隔期 杠桿比率杠桿比率/總負(fù)債比總負(fù)債比/負(fù)債權(quán)益比負(fù)債權(quán)益比/權(quán)益乘數(shù)權(quán)益乘數(shù)/長(zhǎng)期負(fù)債比長(zhǎng)期負(fù)債比/利利息保障倍數(shù)息保障倍數(shù)/現(xiàn)金償債能力比率現(xiàn)金償債能力比率 存貨周轉(zhuǎn)率存貨周轉(zhuǎn)率/存貨周轉(zhuǎn)天數(shù)存貨周轉(zhuǎn)天數(shù)/應(yīng)收帳款周轉(zhuǎn)率應(yīng)收帳款周轉(zhuǎn)率/(銷售銷售)平均回平均回收期收期/凈營(yíng)運(yùn)資本周轉(zhuǎn)率凈營(yíng)運(yùn)資本周轉(zhuǎn)率/固定資產(chǎn)周轉(zhuǎn)率固定資產(chǎn)周轉(zhuǎn)率/總資產(chǎn)周轉(zhuǎn)率總資產(chǎn)周轉(zhuǎn)率 利潤(rùn)率利潤(rùn)率/資產(chǎn)報(bào)酬率資產(chǎn)報(bào)酬率(ROA)/權(quán)益報(bào)酬率權(quán)益報(bào)酬率(ROE) 每股盈利每股盈利(EPS)/市盈率市盈率

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