財(cái)務(wù)報(bào)表分析英文課件

FINANCIALMANAGEMENTSKILL

財(cái)務(wù)管理技能

2015年09月12日AaronWangFINANCIALMANAGEMENTSKILL

財(cái)務(wù)管議題-AGENDA導(dǎo)言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負(fù)債表

-BalanceSheet

損益表-Profit&Loss現(xiàn)金流量表–CashFlowStatement基本財(cái)務(wù)比率及報(bào)表評(píng)價(jià)–BasicFinancialRatiosandFinancialStatementEvaluation投資評(píng)價(jià)初步BasicInvestmentAppraisal結(jié)束部分-Conclusion議題-AGENDA導(dǎo)言及基本概念I(lǐng)ntroducti

IntroductionandBasicConcepts導(dǎo)言及基本概念I(lǐng)ntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceThistrainingwillallowyoutounderstand：FinanceFunctionConceptofFinancialKPIs(Revenue,DM,DL,VOH,FOH,SG&A,OI,OCF,EBITDA,DOH,DSO,DPO,Incremental,etc.)BS,P&LandCashFlowStatementsConceptsofFinancialStatementEvaluationandInvestmentAppraisal

IntroductionandBasicConceptsIntroductionandBasicConceMinimizeWorkingCapitalMaintainStrongCashFlowPayDebtsAsTheyAreDueIncreaseLiquidityMaintainStrongFinancialPositionIncreasedReturnOnInvestmentReducedCostsIncreasedSalesIncreasedGrowthRateGenerateIncomeAndProfitCurrentProfitIncrease

CurrentProfitIncreaseIncreaseOfReturnOnInvestment

IncreaseLiquidityMinimizingCapitalExpenditures

MeetingTheDay-to-dayBusinessNeedsVersusVersusVersusVersusWhileWhileCurrentSalesIncreaseSalesGrowthSalesGrowthCurrentProfitIncreaseGrowingTheBusinessReducingCosts“Ifwecannotmeasure,wecannotimprove”

IntroductionandBasicConceptsGoaloftheFirmMinimizeWorkingCapitalMaint

IntroductionandBasicConcepts導(dǎo)言及基本概念I(lǐng)ntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceAVPofFinanceAsiaPacificISr.Mgr.-TreasuryAsiaPacificJTreasurySupervisorAsiaPacificKTreasuryAnalystAsiaPacificEManager-CADAAsiaPacificFFin.PlanningAnalystAsiaPacificGManager–ISSCSuzhouChina(Teamof25)HDirector–ISSCPuneAPRegion(Teamof50)PDirectorofFinanceNorthAsia(Teamof5)QCountryControllerIndia(Teamof5)RFinanceManager(20%)TaiwanSTaxManagerAsiaPacificMTaxManagerAustralia/NZ&SEANTaxManagerNorthAsiaOTaxManagerIndiaLDirector–Int’lTaxAsiaPacificCCorp.AccountAustralasia/SEAsiaDCountryControllerSingapore/MalaysiaBDirectorofFinanceAustralasia/SEAsiaRegionalcapabilitieswithlocaltalentleadingtoorganizationalcapacityandsignificantsavings.

IntroductionandBasicConceptsAsiaPacificCorporateFinanceOrganizationAIJKEFGHPQRSMNOLCDBRegionalcaAFinancialControllerBFinAccountingManagerGFPAandCostingManagerHFPA&FACAPAcctDARAcctFGLandTaxICostingsupervisorJCostAccountantECashierandT&EKStatisticianL

FLDPSZFinOfficialH/C:12FLDP:1Fincontroller:1Manager:2Financialanalyst:1Accountant:5CashierandT&E:1Statistician:1

IntroductionandBasicConceptsPlantFinanceStructureABGHCDFIEKL

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IntroductionandBasicConcepts導(dǎo)言及基本概念I(lǐng)ntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConce

IntroductionandBasicConceptsAccountingBooking(AP,AR,GL,FA)TaxationStatutoryReportingGroupReportingControllingCostingReporting(FP&A)InternalControl(SOXandCSA)PolicyandProcessOptimizationControlleristheonewhoclosethedoor!IntroductionandBasicConce

IntroductionandBasicConceptsBusinessPartnershipVisionStrategyBudgetForecastOthersTreasuryM&ARiskManagementInsuranceAuditingComplianceHedging….IntroductionandBasicConce

IntroductionandBasicConcepts導(dǎo)言及基本概念I(lǐng)ntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceE.g.FixedAssets1.Transaction2.F/SMonthlyclosingchecklist

IntroductionandBasicConceptsFinancialStatementProcessDebitsexpensesassets

Credits

revenueliabilitiesowner’sequityE.g.FixedAssetsIntroductioStrategicPlan(annualprocessFebtoJun)5yearprojectionsforSales&CapitalSpendingand3yearprojectionforOperatingProfitProfitPlan(annualprocessSepttoDec)Byledger,completeP&LandB/Sforecastbymonth)IncludesCostofQuality,CostSavingsandEconomicsprojectionsRollingForecast(doneeachmonth)Byledger,completeP&LandB/SforecastbymonthIncludesCostofQuality,CostSavingsandEconomicsprojectionsFinalResultsByledger,completevariancereportingtoforecast(closein3workdays)Resultsarereportedbylocation,byregion,bybusiness,bysectorandthentotalcompany.

IntroductionandBasicConceptsPlanning&ReportingOverviewStrategicPlan(annualprocessOperatingResults–IncomeStatementOperatingResults–IncomeStaOperatingResults–IncomeStatement

“IsolatingFXvs.Performance”ResultsOperatingResults–IncomeSta議題-AGENDA導(dǎo)言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負(fù)債表

-BalanceSheet

損益表-Profit&Loss現(xiàn)金流量表–CashFlowStatement基本財(cái)務(wù)比率及報(bào)表評(píng)價(jià)–BasicFinancialRatiosandFinancialStatementEvaluation投資評(píng)價(jià)初步BasicInvestmentAppraisal結(jié)束部分-Conclusion議題-AGENDA導(dǎo)言及基本概念I(lǐng)ntroducti資產(chǎn)負(fù)債表Balancesheet負(fù)債資產(chǎn)=負(fù)債+所有者權(quán)益所有者權(quán)益資產(chǎn)資產(chǎn)負(fù)債表Balancesheet負(fù)債資產(chǎn)=負(fù)債+所有者舉例:資產(chǎn)負(fù)債表-創(chuàng)立一個(gè)公司-Example:BalanceSheet-Creationofacompany貨幣資金:100所有者權(quán)益:100資金來(lái)源何處?Wheredoescashcomefrom?資金去向何處?Wheredoescashgo

?為我們創(chuàng)立的公司注入資金100-Wecreateacompanybyinjectingcash100Cash:100Equity:100舉例:資產(chǎn)負(fù)債表-創(chuàng)立一個(gè)公司-Example:資產(chǎn)負(fù)債表–公司開(kāi)辦…Balancesheet-Thecompanystarts…貨幣資金:40所有者權(quán)益:100房屋:60購(gòu)買房屋花去資金60-Wepurchaseabuildingpaidwithcashfor60Building:60Cash:40Equity:100資產(chǎn)負(fù)債表–公司開(kāi)辦…Balancesheet-資產(chǎn)負(fù)債表–持續(xù)經(jīng)營(yíng)Balancesheet-Anditgoeson...貨幣資金:40所有者權(quán)益:100房屋:60設(shè)備:20借款融資20來(lái)購(gòu)買設(shè)備-Wepurchaseequipmentsfinancedbycreditfor20融資借款:20Building:60Equipments:20Cash:40Equity:100Financialdebts:20資產(chǎn)負(fù)債表–持續(xù)經(jīng)營(yíng)Balancesheet-A資產(chǎn)負(fù)債表–公司成長(zhǎng)...Balancesheet-Andthecompanygrows...資金占用USE=200資金來(lái)源RESOURCES=200貨幣資金:40所有者權(quán)益:100房屋:60設(shè)備:20投資:80融資貸款80收購(gòu)某個(gè)競(jìng)爭(zhēng)者Weacquireacompetitorfinancedbyaloanfor80融資借款-Financialdebts:80+20Building:60Equipments:20Investment:80Cash:40Equity:100資產(chǎn)負(fù)債表–公司成長(zhǎng)...Balancesheet資產(chǎn)負(fù)債表–負(fù)債Balancesheet-Indebtness資金占用USE=200資金來(lái)源RESOURCES=200貨幣資金:40所有者權(quán)益:100固定資產(chǎn)160融資借款:100負(fù)債總額=所有者權(quán)益TotalFinancialDebts=EquityFixedAssets160Cash:40Equity:100Financialdebts:100資產(chǎn)負(fù)債表–負(fù)債Balancesheet-In資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet-Developmentoftheactivity

貨幣資金Cash:40所有者權(quán)益Equity:100固定資產(chǎn)Fixedassets160融資借款Financialdebts:100用去40向供應(yīng)商購(gòu)買零件Wepurchasecomponentsfor40fromsuppliers存貨RM:40供應(yīng)商Suppliers:40資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet-Developmentoftheactivity

資金Cash:10(-30)所有者權(quán)益Equity:100固定資產(chǎn)Fixedassets160融資借款Financialdebts:100…….履行合同…….WeexecutethecontractsFG/WIP:50(+50)供應(yīng)商Suppliers:40存貨RM:20(-20)為執(zhí)行生產(chǎn)合同,公司需用去價(jià)值20的零件，勞務(wù)及其他支出需花費(fèi)30。

勞務(wù)費(fèi)以現(xiàn)金償付。因此現(xiàn)金減少30。Toexecutethecontracts,thecompanyneedscomponentsfor20andlabourandotherchargesfor30.Thelabourispaidwithcash.Thecashisthusdeterioratedby30.資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet-Developmentoftheactivity資金占用USE=260資金來(lái)源RESOURCES=260資金Cash:10所有者權(quán)益Equity:100固定資產(chǎn)Fixedassets160融資借款Financialdebts:100然后我們開(kāi)發(fā)票給客戶并購(gòu)進(jìn)新的零部件50成本的產(chǎn)品賣了70元應(yīng)收帳款Receivable:70(+70)供應(yīng)商Suppliers:40存貨RM:20公司已向客戶開(kāi)出金額為70的發(fā)票。他們將在90天內(nèi)付款。相應(yīng)的在產(chǎn)品已經(jīng)減少了50。

因此凈收益為20。凈收益NetInc:20(+20)WIP/FG:0(-50)資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet-Developmentoftheactivity資金占用USE=300資金來(lái)源RESOURCES=300資金Cash:10所有者權(quán)益Equity:100固定資產(chǎn)Fixedassets160融資借款Financialdebts:100然后我們購(gòu)進(jìn)新的零部件40元應(yīng)收帳款Receivable:70(+70)供應(yīng)商Suppliers:80(+40)存貨Inventory:60(+40)凈收益NetInc:20(+20)資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet資金Cash:10所有者權(quán)益Equity:100固定資產(chǎn)Fixedassets160融資借款Financialdebts:100麻煩開(kāi)始了.某些供應(yīng)商想立刻收到40的付款。我們可以怎么做呢？Troublesbegin.Somesupplierswanttobepaidfor40immediately.Whatcanwedo?應(yīng)收帳款Receivable:70供應(yīng)商Suppliers:80存貨Inventory:60凈收益Netincome:20資產(chǎn)負(fù)債表–經(jīng)濟(jì)活動(dòng)的發(fā)展Balancesheet-Developmentoftheactivity可以給我們你的建議嗎?GIVEUSYOURSUGGESTIONS?資金Cash:10所有者權(quán)益固定資產(chǎn)融資借款麻煩開(kāi)始了資產(chǎn)負(fù)債表–財(cái)務(wù)解決方案Balancesheet-Whatarethefinancialsolutions?你不能這樣做

THISISNOTYOURJOB變賣固定資產(chǎn)Tosellfixedassets增加資本Toincreasecapital取得新貸款Toobtainanewloan資金Cash:10所有者權(quán)益Equity:100固定資產(chǎn)Fixedassets160融資借款Financialdebts:100應(yīng)收帳款Receivable:70供應(yīng)商Suppliers:80存貨Inventory:60凈收益Netincome:20資產(chǎn)負(fù)債表–財(cái)務(wù)解決方案Balancesheet-資產(chǎn)負(fù)債表–操作方案如何？BalanceSheet-Whataretheoperationalsolutions?

你可以這樣-THISISYOURJOB資金Cash:10所有者權(quán)益Equity:100固定資產(chǎn)Fixedassets160融資借款Financialdebts:100應(yīng)收帳款Receivable:70供應(yīng)商Suppliers:80存貨Inventory:60凈收益Netincome:20限制存貨-Tolimitinventory與客戶協(xié)商提前收回貨款Tonegociateadvancedpaymentswithcustomers與供應(yīng)商協(xié)商新的付款計(jì)劃Tonegociateanewpaymentplanwithsuppliers資產(chǎn)負(fù)債表–操作方案如何？BalanceSheetBalanceSheetInventoryDOHGrossInventoryvs.ForecastAmountReceivablesDSOPastDuebyBucket(Current,1-30,30-60,etc…)CollectionEfficiencyGrossReceivablesvs.ForecastAmountPayablesDPOGrossPayablesvs.ForecastAmountCapitalSpendingActualSpendingvs.ForecastVariancesanalysisandcommentaryrequiredateachmonth-endandrollingforecast.Warning:Don’tfallinlovewithDSO,wecantrytomanipulateDSOtomakeithigherorlowerbyincreasingordecreasingtheamountindifferentbracketsBalanceSheetInventoryVarianceDOHDaysonHandInventory(DOH)isacalculationtodeterminetheamountoftimethatisrequiredtoconvertinventoryintosales.WhatcanyoudotoimproveDOH?ReducemachinedowntimeReducescrapReduceset-uptimeImproveschedulingImproveplantlayoutImprovethroughputtimeDOHDaysonHandInventory(DOHDSODaysSalesOutstanding(DSO)isameasurementofhowmuchtimeittakestoconvertsalesdollarstocash.DependingonthepaymenttermsforourcustomersDSOmayvarysignificantlyfromcustomertocustomerandmonthtomonth.WhatcanyoutoimproveDSO?ImproveOrderEntryprocessReducebillingerrorsReducequantityrelatederrorsEnsuresalesorderiscorrectPromptFollow-upwithcustomersDSODaysSalesOutstanding(DSOWhyareDOH&DSOImportant?Botharelargecomponentsofcashflow.Inordertocreateanincreaseorpositivecashflowyoumustreduceboth.Byturningoverinventoryandreceivablesfasterwereceiveoursalesdollarsfaster,andthereforeborrowlessmoneyandpaylessinterest.OnedollarinvestedinInventoryorReceivablesisthesameasonedollarinvestedinequipmentandassuchShareholdersdemandthesamereturnonitastheydotheequipment.WhyareDOH&DSOImportant?BoDPODayspayableoutstanding(DPO)issimilartoAccountsReceivable(DSO)MeasureofeffectivenessofaccountspayableandothercurrentliabilitiesCanbeusedtopartiallybalancecashrequirementstofundaccountsreceivableCashFlowImpactHigher=SourceofcashLower=UseofcashWhatcanyoudotoimproveDPO?Extendthelengthofpaymenttermstothevendor.Weneedtobeasaggressivewithourvendorsasourcustomersarewithus.DPODayspayableoutstanding(D存貨-INVENTORIES評(píng)價(jià)庫(kù)存管理方法-Reviewofstockmanagementprocess重新定義安全水平-redefinitionofsecuritylevel-根據(jù)預(yù)測(cè)進(jìn)行庫(kù)存管理而不是根據(jù)歷史趨勢(shì)-stockmanagementbasedonforecastratherthanhistoricaltrends變賣過(guò)時(shí)的和不使用的存貨-Selloutdatedorunusedinventories加強(qiáng)生產(chǎn)活動(dòng)的存貨管理-Consolidatestocksmanagementwithinproductionsites/activities標(biāo)準(zhǔn)化存貨采購(gòu)-Standardizeinventoriespurchased減少瓶頸-Reducebottleneck定期控制存貨水平-Controlregularlyinventorieslevels縮短存貨周期-Reducecycletime應(yīng)付-PAYABLES根據(jù)供應(yīng)商群及各個(gè)國(guó)家的情況差異，審核付款條件及付款期Reviewtermsandconditionsofpaymentswithinsuppliergroups,countries,...例如:增加延期付款-e.g:increasedelayofpayment制定特殊的規(guī)則使付款期與價(jià)格相互關(guān)聯(lián)Establishspecificrulestocorrelatetermsofpaymentandprice打造一支專業(yè)的團(tuán)隊(duì)負(fù)責(zé)應(yīng)付過(guò)程的管理Create/strengthenspecificteaminchargeofthemanagementofthepayableprocessOperation-DO’S應(yīng)收-RECEIVABLES根據(jù)客戶群及各個(gè)國(guó)家的情況差異，審核付款條件及付款期Reviewtermsandconditionsofpaymentswithinclientsegments,countries,...

－例如:減少延期付款e.g:reductionofthedelayofpayment制定特殊的規(guī)則使付款期與價(jià)格相互關(guān)聯(lián)Establishspecificrulestocorrelatetermsofpaymentandprice打造一支專業(yè)的團(tuán)隊(duì)負(fù)責(zé)應(yīng)收過(guò)程的管理Create/strengthenspecificteaminchargeofthemanagementofthereceivableprocess存貨-INVENTORIES評(píng)價(jià)庫(kù)存管理方法-Re在產(chǎn)品與庫(kù)存商品-WIP&INVENTORIES項(xiàng)目計(jì)劃沒(méi)有考慮到付款標(biāo)識(shí)段Projectplanningdoesnottakeintoconsiderationpaymentmilestones沒(méi)有與項(xiàng)目有關(guān)的現(xiàn)金曲線圖-Nocashcurveonprojects不能優(yōu)化生產(chǎn)循環(huán)或項(xiàng)目循環(huán)-Non-optimizationoftheproductionorprojectcycle依據(jù)產(chǎn)品結(jié)構(gòu)進(jìn)行生產(chǎn)管理及項(xiàng)目管理,而非依據(jù)產(chǎn)品需求的驅(qū)動(dòng)Production,projectmanagedaccordingtoacomponentproductionlogicasopposedtoademand-drivenlogic制造或者購(gòu)買:購(gòu)買配件而不是功能Makeorbuy:purchaseofcomponentsinsteadoffunctions生產(chǎn)改造沒(méi)有考慮到現(xiàn)有的存貨,在產(chǎn)品,及已有的訂單Productionmodificationwithouttakingintoaccountexistinginventories,in-processgoods,andpurchaseordersalreadyissuedOperation-DON’TS在產(chǎn)品與庫(kù)存商品-WIP&INVENTORIESOp應(yīng)付項(xiàng)目-PAYABLES采購(gòu)、物流、存貨管理間缺乏協(xié)調(diào)-Lackofco-ordinationbetweenpurchasing,logistics,inventoriesmanagement

供應(yīng)商單方面采取提前交貨的方式促使我們提早付款-Earlypaymenttriggeredbyadvancedeliveryatsoleinitiativeofsupplier

提早付款是由收到發(fā)票引起的,而不是按照約定的購(gòu)貨條件交貨引起的-Earlypaymenttriggeredbyreceiptofinvoiceandnotbydeliveryasstipulatedinpurchaseconditions

供應(yīng)商延期交貨,并且未按程序事先提醒負(fù)責(zé)談判的采購(gòu)員-Deliverylatewithoutsystematicallyalertingbuyerinchargeofnegotiation公認(rèn)的購(gòu)貨條件沒(méi)有得到應(yīng)用-Non-applicationofgeneralpurchasingconditions采購(gòu)部門僅僅以價(jià)格為判斷依據(jù),而沒(méi)有考慮到付款條件和條款-Purchasingdepartmentjudgedsolelyonpricesobtained,withouttakingintoaccounttermsandconditionsofpaymentOperation-DON’TS應(yīng)付項(xiàng)目-PAYABLESOperation-DON議題-AGENDA導(dǎo)言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負(fù)債表

-BalanceSheet

損益表-Profit&Loss現(xiàn)金流量表–CashFlowStatement基本財(cái)務(wù)比率及報(bào)表評(píng)價(jià)–BasicFinancialRatiosandFinancialStatementevaluation投資評(píng)價(jià)初步BasicInvestmentAppraisal結(jié)束部分-Conclusion議題-AGENDA導(dǎo)言及基本概念I(lǐng)ntroductiIntroduction–STDcoststructureStandardDuty%RMStandCostCNYPerUoMLastestPurchasePriceStandardFreight%BOMConsuptionQuantityRMYeildRateStandardMaterialCostStdConversionCostDirectLabor=RoutineHrXRateVOH=RoutineHrXRateFOH=RoutineHrXRateStandardShinkageRateFGStandardCostIntroduction–STDcoststructIntroduction–STDcostrateWorkcentercostratemeanshowmuchcostsneededwhenoccupytheworkcenterforonehour(CNY/hour)StandardcostrateshouldincludingtheimpactofOEE(OverallEquipmentEffectiveness)CoverisionCostStandardCostRate(CNY/Hour)CycleTimer(RoutineHour)EstimatedTotalExpenditure(CNY)Est.totalworkinghrs(withOEE)Introduction–STDcostrateWoIntroduction–STDcostcomponentsStandardCostMATERIALEstablishedasthelast“normalvolume”purchasepriceatthetimethestandardsarebeingset.MaterialComponents: Material InboundFreight DutiesLABORConsistsofthewagesofallassociatesinvolvedintheprocessofmanufacturingandassemblingproducts.LaborComponents: Labor(Regular) Labor(Temporary)VARIABLECOSTOVERHEADIncludesallthecosts(otherthandirectlabor)thataredirectlyrelated

totheprocessofmanufacturingandassemblingproducts.VariableCostComponents: VariableIndirectMaterial Maintenance&Repair/Equip.&Tools UtilitiesVariableFIXEDMANUFACTURINGOVERHEADExpenseswhicharenotconsideredtobedependentuponshort-termproductionvolumes.FixedManufacturingOverheadComponents: Salaries/Wages Depreciation/Amortization Bldg.Repair&Maintenance Taxes&Insurance ProfessionalservicesIntroduction–STDcostcomponIntroduction–STDcostcomponentsIntroduction–STDcostcompon幾個(gè)成本名詞FixedOHD固定制造費(fèi)用VariableOHD變動(dòng)制造費(fèi)用ReplacementCost重置成本OpportunityCost機(jī)會(huì)成本SunkCost沉沒(méi)成本幾個(gè)成本名詞FixedOHD固定制造費(fèi)用損益表:主要原理-Profit&Loss:MainPrinciples銷售收入SALES邊際貢獻(xiàn)StandardContribution

Margin標(biāo)準(zhǔn)銷售毛利StandardGross

Margin(SGM)銷售毛利GrossMargin材料成本MATERIAL直接人工成本DIRLABOR變動(dòng)制造費(fèi)用VOHD材料成本MATERIAL直接人工成本DIRLABOR變動(dòng)制造費(fèi)用VOHD固定制造費(fèi)用FOHD材料成本MATERIAL直接人工成本DIRLABOR變動(dòng)制造費(fèi)用VOHDMUV材料用量差異材料成本差異Material

Var人工、制造費(fèi)用差異Labor&OHDVar固定制造費(fèi)用FOHD變動(dòng)成本固定成本OperatingIncome材料成本MATERIAL直接人工成本DIRLABOR變動(dòng)制造費(fèi)用VOHDMUV材料用量差異材料成本差異Material

Var人工、制造費(fèi)用差異Labor&OHDVar固定制造費(fèi)用FOHDSG&A管理費(fèi)用損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples營(yíng)業(yè)利潤(rùn)OPERATINGINCOME凈收益NETINCOME財(cái)務(wù)收入及費(fèi)用Finanialinc&exp所得稅及遞延稅金Incomes&Deferredtax營(yíng)業(yè)外項(xiàng)目Expectional損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples銷售毛利Gross

Margin材料成本MATERIAL直接人工成本DIRLABOR變動(dòng)制造費(fèi)用VOHD材料用量差異MUV材料成本差異Material

Var人工及變動(dòng)制造費(fèi)用差異Labor

&

VOHD

Var固定制造費(fèi)用及差異FOHD

&

Var注意

:關(guān)鍵業(yè)績(jī)指標(biāo)KPIGrossMarginGM%損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples營(yíng)業(yè)收益-OI材料成本MATERIAL直接人工成本DIRLABOR變動(dòng)制造費(fèi)用VOHD材料用量差異MUV材料成本差異Material

Var人工及變動(dòng)制造費(fèi)用差異Labor

&

VOHD

Var固定制造費(fèi)用及差異FOHD

&

Var管理費(fèi)用SGA

管理費(fèi)用包含以下內(nèi)容SGA：IncludingbelowcontentAdministrationSalesandDistributionR&D(Technical)損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples營(yíng)業(yè)利潤(rùn)-OperatingIncome

工廠的主要業(yè)績(jī)指標(biāo)之一OneofthemajorKPIatplant

level注意

:關(guān)鍵業(yè)績(jī)指標(biāo)KPIOI營(yíng)業(yè)收益-OI材料成本MATERIAL直接人工成本DIRLABOR變動(dòng)制造費(fèi)用VOHD材料用量差異MUV材料成本差異Material

Var人工及變動(dòng)制造費(fèi)用差異Labor

&

VOHD

Var固定制造費(fèi)用及差異FOHD

&

Var管理費(fèi)用SGA

損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples息稅前利潤(rùn)–EBITDA=OperatingIncome+DepreciationEarningBeforeInterest,TaxandDepreciation工廠的主要業(yè)績(jī)指標(biāo)之一OneofthemajorKPIatplant

level注意

:關(guān)鍵業(yè)績(jī)指標(biāo)KPIEBITDAEBITDA營(yíng)業(yè)收益-OI材料成本MATERIAL直接人工成本DIRLABOR變動(dòng)制造費(fèi)用VOHD材料用量差異MUV材料成本差異Material

Var人工及變動(dòng)制造費(fèi)用差異Labor

&

VOHD

Var固定制造費(fèi)用及差異FOHD

&

Var管理費(fèi)用SGA

損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples凈收益NetIncome財(cái)務(wù)收入及財(cái)務(wù)費(fèi)用FinancialInc&Exp所得稅及遞延稅款I(lǐng)ncomes&deferredtax營(yíng)業(yè)外項(xiàng)目Exceptional財(cái)務(wù)收入及財(cái)務(wù)費(fèi)用包括與以下情況相關(guān)的所有成本及收入

-Financialincomesandexpensesincludeallcostsandrevenueslinkedto:

財(cái)務(wù)利息費(fèi)用及收入,financialinterestsandrevenues

匯兌損益,exchangedifferences

收到的股息,dividendsreceived

等等,etc注意:財(cái)務(wù)費(fèi)用應(yīng)該被包括在投標(biāo)中Warning:financialcostsshouldbeincludedintenders所得稅及遞延稅款包括所有的稅負(fù),當(dāng)期和遞延 IncomeandDeferredtaxesincludealltaxes,currentanddeferred營(yíng)業(yè)外項(xiàng)目不是經(jīng)常發(fā)生的,除了非常事件并在得到管理部門批準(zhǔn)認(rèn)可之后的項(xiàng)目外Exceptionalitemsisnottobeused,exceptforextraordinaryeventsandafteragreementoftheDivision損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples凈收益在損益表中的最后一行反映NetincomeisthefinallineoftheProfit&Loss其金額為資產(chǎn)負(fù)債表的所有者權(quán)益部分ThisamountisreportedintheEquityintheBalancesheet凈收益Netincome財(cái)務(wù)收入及財(cái)務(wù)費(fèi)用FinancialIncomes&Expenses所得稅及遞延稅金Incomes&Deferredtax營(yíng)業(yè)外項(xiàng)目ExceptionalItems損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples損益表:主要原理-Profit&Loss:MaiIncrementalIncrementalisacalculationthatdeterminesthebreakevensalespointforagivenplant,aswellasthecorrespondingfixedandvariablecostcomponentsatthatlevel.Fromtherewecandeterminetheamountofvariableandfixedcostsasapercentageofthetotalcostsatthatlevel.Anincrementalrateisthendeterminedwhichcanbeusedasagaugeofhowwellaplantcontrolstheirfixedcostsatdifferentsaleslevels.（增量/邊際）IncrementalRate:盈虧平衡點(diǎn)之上每增加一個(gè)銷售額，營(yíng)業(yè)利潤(rùn)所增加的數(shù)量（也即盈虧平衡點(diǎn)固定成本占總成本的比例）IncrementalIncrementalisacaIncrementalSetsanexpectationforoperatingprofitcomparedtoprofitplan(prioryear,priorforecast,etc..)basedonchangesinthesalesplan/forecast.Plantisthenheldaccountabletodeliveringthisexpectation.

Ittakesoutsuchbusinessandeconomicfactorsassellingpricechangesandforeignexchangetranslationwhicharenotcontrollablebythemanagementoftheoperation.Whyuseincremental?IncrementalSetsanexpectationIncrementalCalculationVolumeChangexIncrementalRate=additionalcontributiontooperatingprofitthatisexpected.Addorsubtractsellingpricechangesandexchangetranslationtodeterminethetotalexpectedoperatingprofitfortheperiod.Comparetheexpectedprofittotheactualprofittodetermineiftheoperationisoverorunderincremental.IncrementalCalculationVolumeIncremental-ExamplePlantXdeterminesthattheirbreakevensaleslevelis$50Minsalesdollarsperyear.Atthatsaleslevelfixedcostsare40%andvariableare60%ofthetotalcostfortheplant.Fromthisinformationweshouldthenexpectthatforeveryadditionalsalesdollaroverthebreakevenpoint,theplantshouldhave$.40inadditionaloperatingprofit.Why?Becauseifthefixedcostsarecoveredandvariablecostsare60%,thentheremainderor40%shouldbeshowninadditionalprofit.Incremental-ExamplePlantXIncremental-ExampleBasedonthepreviousinformationweknowthatPlantX’sIncrementalrateis40%.PlantXhadsellingpricechangedecreasesfortheperiodof$50Kandexchangetranslationeffectwas$30Kfavorablecomparedtoforecast.PlantXhadincreasedvolumefortheperiodforatotalof$500Kfromtheforecast.ActualOperatingProfitfortheperiodwasupby$100Kfromtheforecast.HowmuchisPlantXover/underincremental?Incremental-ExampleBasedonIncremental-ExampleVolumeChangexIncrementalRate=500KX40%=$200KfavorableSubtractSellingPriceChanges$200K-$50K=$150KAddTranslationChanges$150K+$30K=$180K(ExpectedProfit)ActualProfitChange-ExpectedProfitChange=$100K-$180K=$80KUnderincrementalIncremental-ExampleVolumeCPractice–CalculatingIncrementalPerformanceSalesChange–favorable$1,615ktoplanFXTranslationfavorable$345kSellingpricechangesunfavorable$100kProfitChange–favorable$380ktoplanFXTranslationimpactonprofitfavorable$55kIncrementalrateforthisbusinessis35%Pleasecalculatehowthebusinessdidcomparedtoitsexpectedincrementalperformance.Practice–CalculatingIncremePractice–Answer

VolumeChange:1615-345+100=1370IncrementalRate:x0.35IncrementalExpectation:=479.5ProfitResults:380FXTranslation:-55ActualPerformanceResult=325UnderIncremental=325-479.5=-154.5Practice–Answer

VolumeChang議題-AGENDA導(dǎo)言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負(fù)債表

-BalanceSheet

損益表-Profit&Loss現(xiàn)金流量表–CashFlowStatement基本財(cái)務(wù)比率及報(bào)表評(píng)價(jià)–BasicFinancialRatiosandFinancialStatementEvaluation投資評(píng)價(jià)初步BasicInvestmentAppraisal結(jié)束部分-Conclusion議題-AGENDA導(dǎo)言及基本概念I(lǐng)ntroducti經(jīng)營(yíng)現(xiàn)金凈流量經(jīng)營(yíng)現(xiàn)金凈流量是指企業(yè)經(jīng)營(yíng)活動(dòng)所產(chǎn)生的現(xiàn)金及現(xiàn)金等價(jià)物流入量與流出量的差額

OPERATINGCASHFLOWistheoperationalportionofNETCASHFLOW現(xiàn)金凈流量NETCASHFLOW經(jīng)營(yíng)現(xiàn)金凈流量OPERATINGCASHFLOW增資/減資

Financing投資結(jié)果…Investing管理層的職責(zé)ResponsibilityofManagement注意:關(guān)鍵業(yè)績(jī)指標(biāo)KPI經(jīng)營(yíng)現(xiàn)金凈流量經(jīng)營(yíng)現(xiàn)金凈流量是指企業(yè)經(jīng)營(yíng)活動(dòng)所產(chǎn)生的現(xiàn)金及現(xiàn)經(jīng)營(yíng)性現(xiàn)金流量-Practice

December31,Year2December31,Year1Cashandcashequivalents$56,800$37,300AccountsReceivable,net48,70044,000Inventory220,000198,300MarketableSecurities40,60030,400PrepaidExpenses49,0000Property,Plant,andEquipment(Gross)975,000883,000Less:AccumulatedDepreciation(125,000)(71,200)Property,Plant,andEquipment(Net)850,000811,800TotalAssets$1,265,100$1,121,800

AccountsPayable$96,900$82,800DeferredRevenue22,00028,200WagesPayable12,50011,300DeferredTaxes10,1007,100IncomeTaxesPayable28,70026,200BondsPayable(issuedatpar)141,000111,000CommonStock67,00047,000AdditionalPaid-inCapital226,300195,900RetainedEarnings660,600612,300TotalLiabilitiesandEquity$1,265,100$1,121,800

December31,Year2

NetSales$1,950,000Costofgoodssold(1,295,000)SG&AExpenses(506,000)Depreciation(53,800)InterestExpense(7,900)InvestmentIncome3,300IncomeTaxExpense(35%)(31,700)NetIncome$58,900PreparethecashflowfromoperationssectionofBeson'sstatementofcashflowsunderthedirectmethod(perU.S.GAAP)fortheyearendedDecember31,Year2.ThefollowinginformationpertainstothefinancialstatementsofBesonCorporationfortheyearendedDecember31,Year2andDecember31,Year1.經(jīng)營(yíng)性現(xiàn)金流量-Practice

December31經(jīng)營(yíng)性現(xiàn)金流量-PracticeAdditionalInformation:Besonreceivedinterestonitsbondinvestmentsof$1,700anddividendsfromitsequityinvestmentsof$1,600.Besonissuedadditionalsharesofstock,generating$50,400inproceeds.Dividendsof$10,600werepaidonthecompany’soutstandingstock.OnDecember30,thecompanyissuedanewbondatparvaluefor$30,000.Allinterestexpenserecordedontheincomestatementwaspaidwithcash.BesonpaidincometaxesinYear2equivalenttoitsoutstandingliabilityattheendofYear1.SG&AExpensesarecomprisedof$460,400ofsalariesandwageexpenseand$45,600inadministrativeexpenses.Thecompany,attheendoftheyear,purchasedWrightStockfor$10,200andclassifiedtheinvestmentasatradingsecurity(reportedasacurrentasset).Twomonthsofprepaidrent($24,500permonth)forafactorywerepaidattheendofDecember,withoccupancyscheduledtobeginonJanuary1.經(jīng)營(yíng)性現(xiàn)金流量-PracticeAdditionalI經(jīng)營(yíng)性現(xiàn)金流量-AnswerCashflowsfromoperatingactivitiesAmountCashreceivedfromcustomers1,939,100Cashpaidtosuppliers(1,302,600)Cashpaidtoemployees(459,200)Interestreceived1,700Dividendsreceived1,600Interestpaid(7,900)Incometaxespaid(26,200)Tradingsecuritypurchased(10,200)Otheroperatingcashpaid(94,600)Netcashprovidedbyoperatingactivities41,700Cashreceivedfromcustomers:1,950,000-(48,