財(cái)務(wù)報(bào)表分析cha 5

Review:FromFStoBusinessSchoolofReview:FromFStoBusinessSchoolofAccountancy,3ANALYSIS&OtherpublicdataThegoaloffinancialThegoaloffinancialThegoaloffinancialanalysisistoassesstheperformanceofafirminthecontextofitsstatedgoalsandstrategy.TwokeyGivencorporatestrategyisIndustryCompetitiveCorporateTheaccountingnumbershasbeenadjustedRecognitionandmeasurementofassets,liabilityandRecognitionandmeasurementofrevenueandIdentificationandconsolidationofentitySchoolofAccountancy,4Remember：traditionalTheseratiosRemember：traditionalTheseratioshavebeenclassifiedas(1)liquidity(currentratio,acid-testratio,(2)activity(receivablesturnover,inventoryturnover,etc.)(3)profitability(profitmarginonsales,rateofreturnonassets,earningspershare,etc.)(4)leverage(debttototalassets,timesinterestearned,etc.)Time-seriesCross-sectionalSchoolofAccountancy,5ProfileofNordstrom,Aleadingfashionspecialtyretailer,offeringawidevarietyofhigh-endapparels,shoes,andaccessoriesProfileofNordstrom,Aleadingfashionspecialtyretailer,offeringawidevarietyofhigh-endapparels,shoes,andaccessoriesformen,women,andPursueastrategyofhighquality,extraordinaryservice,andpremiumpriceSignificantinvestmentinitsstoreswhereasHaveacreditcardoperationFocusinthelasttwoyearsonimprovingitsprofitTJXOff-priceapparelandhomefashionsretailStrategyistoofferbrand-namegoodsat20-60%belowdepartmentstoreregularpricesAccomplishbybuyingopportunisticallyandbyoperatingwithahighlyefficientdistributionnetworkandlowcoststructureLeaseitsNothaveacreditcardSchoolofAccountancy,6ReturnonEquityforNordstromandReturnonEquityforNordstromandSchoolofAccountancy,7DuPontAnalysisofSchoolDuPontAnalysisofSchoolofAccountancy,8ShortfallofDuPontTheShortfallofDuPontThegapbetweendenominatorandNotdistinguishtwotypesofassetsandOperatingassetsandfinancialOperatingincomeandfinancialNotshowthe“Negativeliability”ofcashandshort-terminvestmentexcesscashisusedtopaySchoolofAccountancy,9ModernratioThevalueofafirmisdeterminedbyModernratioThevalueofafirmisdeterminedbyitsprofitabilityandFixedSchoolofAccountancy,ReclassificationofB/S,I/S,Feltham,G.ReclassificationofB/S,I/S,Feltham,G.andJ.A.OhlsonValuationandCleanSurplusAccountingforOperatingandFinancialContemporaryAccountingResearch(spring1995):689-Penman,S.andSougiannis,T.Acomparisonofdividends,cashflow,andearningsapproachestoequityvaluationContemporaryAccountingResearch,15(3),343-383,JAMESA.OnAccounting-BasedValuationReviewofAccountingStudies,10,323–347,SchoolofAccountancy,TheoryaboutcashCashTheoryaboutcashCashflowidenticalC-I=d+F（FCF=凈股利+凈金融債支付ImportantOR-OE=SchoolofAccountancy,BusinessActivities:AlltheStocks&ProductandTheDebtorBusinessActivities:AlltheStocks&ProductandTheDebtorFirmhas3SchoolofAccountancy,CashFlowsBetweentheFirmandClaimantsintheCapitalMarket TheFDebtordCashFlowsBetweentheFirmandClaimantsintheCapitalMarket TheFDebtordFisnetcashflowtodebtholders(ordisnetdividendtoSchoolofAccountancy,BusinessActivities:ALLTHECASHTheFDebtorCBusinessActivities:ALLTHECASHTheFDebtorCIdIisnetcashinvestedinoperatingCisnetcash(flow)fromC-Iis“freecashIfNFAarenegative,theyareNetFinancialObligationsSchoolofAccountancy,TheCashConservationAfundamentalaccountingTheCashConservationAfundamentalaccountingC=NetcashfromI=Netcashoutflowforinvesting(purchases,C-I=Freecashd=Netdividendstoshareholders(includingcommondividends,stockissues...)F=Netcashoutflowfordebtfinancing(principal+Thetreasurer’sIfC-I-i>IfC-I-i<:lendorbuydownown:borroworreduceiisnetinterestSchoolofAccountancy, FinancialActivities:Stocks&Thecashflowsflowinto/outofthefinancialassets:theirchangemustbeexplainedbythefourflowscomponentsoftheequation.ForFinancialActivities:Stocks&Thecashflowsflowinto/outofthefinancialassets:theirchangemustbeexplainedbythefourflowscomponentsoftheequation.ForFinancialAssetsFAtCtIi1ttForfinancialobligationsCtIi1tt(itisinterestForgiveninterestpaymentsandnetdividends,cashflowfromoperations(C)reducesborrowingandcashinvestment(I)increasesitSchoolofAccountancy,BusinessActivities:AlltheStocks&ProductandTheFDebtorCIdORBusinessActivities:AlltheStocks&ProductandTheFDebtorCIdOR-OE=-C-C-==NFA-+dORisoperatingrevenueOEisoperatingexpenseNFIisnetfinancialindicatesNFAcanbenegativeSchoolofAccountancy,BusinessActivities:AlltheStocks&ProductandTheFDebtorCIdORBusinessActivities:AlltheStocks&ProductandTheFDebtorCIdOR-OE=-C-C-=-NFA+=dORisoperatingrevenueOEisoperatingexpenseNFIisnetfinancialindicatesNFAcanbenegativeSchoolofAccountancy,BusinessActivities:AlltheStocks&ProductandTheFDebtorCIdORBusinessActivities:AlltheStocks&ProductandTheFDebtorCIdOR-OE=-C-C-=+NFO-=dORisoperatingrevenueOEisoperatingNFEisnetfinancialindicatesNFAcanbenegativeSchoolofAccountancy,BusinessActivitiesandtheFinancial earnt=-BusinessActivitiesandtheFinancial earnt=-Ct- =dt+SchoolofAccountancy, CSEt=CSEt-1+OIt-NFEt-NetFinancialNFOt=NFOt-1-(Ct-It)+ +NetOperatingNOAt=NOAt-1+ -(Ct-Stocks&Flows:Operating ThechangeinNFOisgivenStocks&Flows:Operating ThechangeinNFOisgiven1ThechangeinNOAisgiven1Operatingincomeintheincomestatementflowstonetoperatingassetsinthebalancesheet.FreecashflowreducesNOAandreducesNFO(increasesNFA).FreecashflowcanbeseenasadividendpaidfromoperatingtofinancialactivitiesSchoolofAccountancy,TyingitTogether:WhatGeneratesFromthebalancesheetBythewayNOAandNFOareTyingitTogether:WhatGeneratesFromthebalancesheetBythewayNOAandNFOare–1NFOt-1NFOt-1whichisthestocksandflowsForthistobetrue,however,accountingmustCleanFreecashflowdropsoutinthepreviousFreecashflow(C-I)doesnotaddvaluetoWhatgeneratesvalueistheprofitfromoperatingandfinancingactivities.SchoolofAccountancy,ValueAddedandAccrualOIValueAddedandAccrualOIandNFEareaccountingmeasuresandsoaredeterminedbyaccountingprinciplesNI=(C-I)+i+I+newOI=(C-I)+I+newoperating=C+newoperatingNFE=i+newfinancingSchoolofAccountancy,AccrualsandtheBalanceNOAt=NOAAccrualsandtheBalanceNOAt=NOAt-1+It+newoperating-It)++newNFOt=NFOt-1-accrualst+=CSEt-1+-SchoolofAccountancy,Stocks&FlowsRatios:BusinessSeparatingoperatingandfinancingactivitiesintheIncomeStatementidentifiesprofitflowsComparisonoftheseflowswiththeirassetbaseyieldsStocks&FlowsRatios:BusinessSeparatingoperatingandfinancingactivitiesintheIncomeStatementidentifiesprofitflowsComparisonoftheseflowswiththeirassetbaseyieldsthecorrespondingratesofreturn:ReturnonNetOperating12ttttReturnonNetFinancialRNFANFAtt1IfthereareNFOratherthanNFA,netborrowingNBC12tttForecastingROCE(attheheartofthevaluationmodel)involvesboththeforecastofRNOAandRNFA(orNBC)SchoolofAccountancy,CashShort-terminvestments(marketablesecurities)DepositsandadvancesCashShort-terminvestments(marketablesecurities)DepositsandadvancesShort-termnotesreceivablePrepaidexpensesDeferredincometaxes(currentportion)Long-termassets:NoncurrentreceivablesLong-termequityinvestments-lessthan20%ownershipLong-termequityinvestments-equitymethodPropertyplant&equipment(lessaccumulatedLicenses,franchises,&businessrightsCopyrights&trademarksCurrentliabilities:AccountspayableAccruedAdvancesfromcustomersShort-termnotespayableShort-termborrowingsDeferredtaxes(currentportion)Currentmaturitiesoflong-termdebtLong-termBankloansLeaseobligationsDeferredtaxesPensionPostemploymentMinorityAccounteeeStae(non-CommonequityTheBalanceLiabilitiesandStockholders’FinancialCashShort-termTheBalanceLiabilitiesandStockholders’FinancialCashShort-termShort-termnotesreceivable(?)Long-termdebtinvestmentsFinancialShort-termCurrentmaturitiesoflong-termdebtShort-termnotespayable(?)Long-termborrowing(bankloans,bondspayable,notespayable)LeaseobligationsPreferredallelseallelseMinorityCommonSchoolofAccountancy,BalancesheetforvaluationBalancesheetforvaluationFinancialcurrentassets:Cash,MarketableFinanciallong-termAssets：Heldtomaturitysecurity(notmuch)Financialcurrentliabilities：interest-bearingdebtFinanciallong-termliabilities:interest-bearinglong-termSchoolofAccountancy,FinancialassetsOperatingFinancialliabilitiesBalancesheetforvaluationNetBalancesheetforvaluationNetcurrentassets=operatingworkingcapitalNetcapital=Netdebt+Equity“Netassets=Netdebt+SchoolofAccountancy,(operating)NetOperatingassets–(Financial)NetFinancialliabilities–FinancialassetsJanuaryJanuaryCurrentCashandequivalentsAccountsreceivable,DeferredincometaxesOthercurrentassets$$ TotalcurrentJanuaryJanuaryCurrentCashandequivalentsAccountsreceivable,DeferredincometaxesOthercurrentassets$$ TotalcurrentassetsProperty,plantandequipmentIntangibleassetsOtherOLIABILITIESANDCurrentShort-termborrowingsCurrentportionoflong-termAccountspayableAccruedO$$Long-termdebtOtherORedeemableDeferredcontributiontoESOPTotalliabilitiesCommonShareholders'CommonstockAdditionalpaid-incapitalAccumulatedothercomprehensiveRetainedearningsTotalshareholders’SchoolofAccountancy,JanuaryJanuaryOPERATINGAccountsreceivable,$$OtherProperty,plantandequipmentGoodwill(intangibleassets)BalanceJanuaryJanuaryOPERATINGAccountsreceivable,$$OtherProperty,plantandequipmentGoodwill(intangibleassets)BalancePensionassetOtherassetsDeferred OperatingOPERATINGAccountspayableAccruedliabilitiesOtherliabilitiesOperatingNETOPERATINGASSETSNETFINANCIALOBLIGATIONSShort-termborrowingsCurrentportionoflong-termLong-termdebtPreferredCashand$$COMMONSHAREHOLDERS’SchoolofAccountancy,Genentech,Inc.1995ReportedBalanceCurrentShort-terminvestmentsAccountsreceivable(lessO$Genentech,Inc.1995ReportedBalanceCurrentShort-terminvestmentsAccountsreceivable(lessO$ Prepaidexpenses&othercurrent TotalcurrentassetsProperty,plantandequipment,atcost:ConstructioninLessaccumulatedNetproperty,plantandequipmentOtherassetsFO(268,751)(215,255) OTotalSchoolofAccountancy,LogousedwithpermissionofGenetech,Genentech,Inc.1995ReportedBalanceLIABILITIESANDSHAREHOLDERS’CurrentAccountspayableAccruedroyaltiesAccruedmarketingandpromotioncostsAccruedclinicalandotherstudiesIncometaxespayableOtherGenentech,Inc.1995ReportedBalanceLIABILITIESANDSHAREHOLDERS’CurrentAccountspayableAccruedroyaltiesAccruedmarketingandpromotioncostsAccruedclinicalandotherstudiesIncometaxespayableOtheraccruedCurrentportionoflong-termdebtTotalcurrentliabilitiesLong-termOtherlong-termTotal$$ FO Stockholders'equity:PreferredstockCommonstockRetainedearningsNetunrealizedgainonsecuritiesavailableforsaleTotalliabilitiesandstockholders'equity-F SchoolofAccountancy,OPERATINGAccountsreceivable,$$lessInc.1995otherPrepaidProperty,plantandequipmentOtherassetsOperating OPERATINGAccountsOPERATINGAccountsreceivable,$$lessInc.1995otherPrepaidProperty,plantandequipmentOtherassetsOperating OPERATINGAccounts clinicalandotherIncometaxesOtheraccruedliabilitiesOtherlong-termliabilitiesOperatingNETOPERATINGASSETSNETFINANCIALASSETSCashShort-terminvestmentsLong-terminvestmentsCurrentportionLong-termdebtoflong- COMMONSchoolofAccountancy,LogousedwithpermissionofGenetech,TheTypicalGAAPIncome+Interest-InterestRealizedgainsandlossesTheTypicalGAAPIncome+Interest-InterestRealizedgainsandlossesonfinancial+EquityshareinsubsidiaryNetsales(salesminus+Otherrevenue(royalties,rentals,license-Costof=Gross----MarketingandadvertisingexpensesGeneralexpensesPensionexpensemergergainsandlossesonassetassetlitigationenvironmentalremediationResearchanddevelopmentexpense=Incomebefore-Income=IncomebeforeextraordinaryitemsanddiscontinuedoperationsDiscontinuedoperationsExtraordinaryitemsGainsandlossesondebtAbnormalgainsandlossesinoperationsCumulativeeffectofanaccountingchange-Minority-=OperatingSchoolofAccountancy,Operatingincomeas+ShareofsubsidiaryincomeDiscontinuedoperationsAbnormalgainsandlossesonoperationsDirtysurplusoperatingitems=Operatingincomeas+ShareofsubsidiaryincomeDiscontinuedoperationsAbnormalgainsandlossesonoperationsDirtysurplusoperatingitems=Operatingincomebefore-Taxonoperating+Taxas+Taxbenefitfromnetinterest=Operatingincomeafter-Netfinancialexpensesafter+InterestInterest=NetinterestexpensebeforeTaxbenefitfromnetinterest=NetinterestexpensesaftertaxGainsandlossesondebtretirementRealizedgainsandlossesonfinancialDirtysurplusfinancialitemsinTable8.1preferreddividends)Minority-=ComprehensiveNetSchoolofAccountancy,IncomestatementforSchoolofAccountancy,IncomestatementforSchoolofAccountancy,NetOperatingincomeaftertax(NOPAT)-NetinterestexpenseafterNetOperating+interestIncomebeforetax-NetDirtySurplusAccountingintheOperatingIncomeSomeincome-increasingaccounting(APBNo.DirtySurplusAccountingintheOperatingIncomeSomeincome-increasingaccounting(APBNo.ChangefromLIFOvaluationofinventoryChangeinlong-termcontractaccountingChangetoorfromfullcostaccountinginextractiveindustriesChangetriggeredbyaredlineinanaccountingstandard(e.g.changefromcosttoequitymethodforlong-termequities)ChangemadeforthefirsttimeinconjunctionwithaIPOorbusinesscombinationChangesinaccountingforcontingenciesAdditionalminimumpensionliabilityTaxbenefitsoflosscarryforwardsTaxbenefitsofpreferreddividendspaidtoFinancingIncome(orExpense)PreferredUnrealizedgainsandlossesonsecuritiesavailableforsaleLossesonredemptionofpreferredstockOperatingorFinancingIncomeForeigncurrencytranslationgainsandlossesUnrealizedgainsandlossesonderivativeinstrumentsBalanceSheetItemstobeDeferredcompensationrelatingtograntofemployerstockoptionsandstockDividendsESOPloanorloan(FASBNo.(FASBNo.(FASBNo.(FASBNo.(FASBNo.(FASBNo.(FASBNo.(APBNo.25&FASBNo.(SOP76-3&93-SchoolofAccountancy,AHiddenDirtySurplusShareholderslosewhensharesareAHiddenDirtySurplusShareholderslosewhensharesareissuedatlessthanthemarketprice(e.g..exerciseofoptions)Thisloss,however,isnotrecordedasexpense:cleansurplusadjustmentmustbedoneWhatisthenatureofthisIfoptionsarepartcompensationpackage,thislossisanemployeecompensationexpenseWhatistheamountoftheMarketprice-price,butitishardtogetinformationonSpecialcase:optionsgrantedinthemoneyarerecordedasdeferredcompensationSchoolofAccountancy,TheAllocationofIntheincomestatementTheAllocationofIntheincomestatementonlyonetaxnumberisreported:Itmustbeallocatedtotheoperatingandfinancialcomponentstoputbothonanafter-taxbasisFirst,calculatethetaxbenefit(taxshield)providedbydeductinginterestexpenseTaxNetInteresttwheretisthemarginal(noteffective)taxFromtheoperatingincomedeductboththetotaltaxandthetaxshield,tocapturewhattheoperatingincomewouldhavebeeniftherehadbeennofinancingactivitiesTothefinancialincomeaddthetaxshield,becauseitsneteffectisfullyattributabletothefinancingactivitiesSchoolofAccountancy,VFCorporation1998ReportedIncomeFISCALYEARJANUARYONETCOSTSANDOPERATINGCostVFCorporation1998ReportedIncomeFISCALYEARJANUARYONETCOSTSANDOPERATINGCostofproductsMarketing,administrative&generalexpensesOtheroperatingexpense OOPERATINGINCOMEInterestincomeInterestexpenseF (52,571)243,292 (19,193)234,938INCOMETAXESNETSOTHERCOMPREHENSIVECOMPREHENSIVEINCOME $$OSchoolofAccountancy,VFCorporation1998ReformulatedIncomeFISCALYEARJANUARYNetCostofproductssoldGrossmargin AdvertisingAdministrativeandgeneralexpenseOtherexpenseVFCorporation1998ReformulatedIncomeFISCALYEARJANUARYNetCostofproductssoldGrossmargin AdvertisingAdministrativeandgeneralexpenseOtherexpenseForeigncurrencytranslationadjustmentOperatingincomebeforetaxTaxTaxbenefitofdebtOperatingincomeaftertaxNetfinancialexpenseInterestincomeNetinterestbeforetaxTaxbenefitofdebt(38%)NetinterestaftertaxPreferreddividendsPreferredstockredemption10,471(42,538)244,771264,523SchoolofAccountancy, $ $ Taxbenefitonpreferreddividendsto Genentech,Inc.1995ReportedIncome YEARENDEDDECEMBERCostsandexpensesCostofResearchanddevelopmentMarketing,Genentech,Inc.1995ReportedIncome YEARENDEDDECEMBERCostsandexpensesCostofResearchanddevelopmentMarketing,generalandadministrativeSpecialcharge(primarilymergerrelated)TotalcostsandexpensesIncomebeforetaxesIncometaxNetFF745,572-665,813SNetincomeper WeightedaveragenumberofsharesincomputingpershareSchoolofAccountancy,LogousedwithpermissionofGenetech,Genentech,Inc.1995ReformulatedIncomeOperatingOperatingrevenuesOperatingexpensesOperatingincomebeforeGenentech,Inc.1995ReformulatedIncomeOperatingOperatingrevenuesOperatingexpensesOperatingincomebefore25,000TaxTaxonfinancialOperatingincomeafterFinancialInterestrevenueInterestNetinterestincomebeforetaxTaxonnetinterestincome(.39)NetinterestincomeaftertaxUnrealizedgainonsecuritiesNetfinancial7,94020,523ComprehensiveincomeavailabletoWeightedaveragesharesComprehensiveincomeperSchoolofAccountancy,LogousedwithpermissionofGenetech,StandardGAAPStatementofShareholders’OpeningStandardGAAPStatementofShareholders’Openingbookvalueof+Netsharetransactionswithcommon+Capitalcontributions(paidincapitalfromshareSharerepurchases(intotreasury+Netsharetransactionswithpreferred+Capitalcontributions(shareShare+Changeinretained+NetpreferredDirtysurplusitemsOtherdirtysurplusitemsClosingbookvalueofSchoolofAccountancy,ReformulatedStatementofShareholders’Beginningbookvalueofcommonequity(CSEt-+NeteffectoftransactionsReformulatedStatementofShareholders’Beginningbookvalueofcommonequity(CSEt-+Neteffectoftransactionswithcommon+Capitalcontributions(shareShare=Netcashcontribution(negativemeansnet+Effectofoperationsandnon-equity+Netincome(fromincome+Othercomprehensive=Comprehensiveincome(availabletocommon)Closingbookvalue(CSEt)Thereformulatedstatementgivesustheclean-surplusrateofreturnoncommonequity,ROCEBpst-ComprehensiveComprehensiveandonatotaldollart12ttSchoolofAccountancy,-PreferredSpecialcommonBeginningIssuanceofstockuponexerciseofoptionsConversionofcommonEndingbalanceRedeemablecommonBeginning 6 IssuanceSpecialcommonBeginningIssuanceofstockuponexerciseofoptionsConversionofcommonEndingbalanceRedeemablecommonBeginning 6 IssuanceofstockIssuanceofuponexerciseofoptionsandunderemployeestockplanGenentech,1995StatementofConversionofredeemableEndingbalanceCommonBeginning4 IssuanceofstockIssuanceofuponofoptionsandunderemployeestockConversionofredeemablecommonstockConversionofcommonstocktospecialEndingbalanceAdditionalpaid-inBeginningtocommonstockcommonstock11,810IssuanceofstockuponexerciseofoptionsandwarrantsIssuanceofstockunderemployeestockplanIncometaxbenefitsrealizedfromemployeestockTaxbenefitsarisingEndingbalanceRetainedearningsNetincomeTaxbenefitsarisingEndingbalancequasi-quasi-OthercomprehensiveBeginning54,273Netunrealizedonavailable-for-EndingAccountTl,LogousedwithpermissionofGenetech,SpecialcommonBeginningIssuanceofstockuponexerciseofoptionsConversionofcommonEndingbalanceRedeemablecommonBeginning42,349 Genentech,Inc.’s1995GAAPStatementIssuanceofstockIssuanceofuponexerciseofoptionsandunderemployeestockplanConversionofredeemableEndingbalance CommonstockSpecialcommonBeginningIssuanceofstockuponexerciseofoptionsConversionofcommonEndingbalanceRedeemablecommonBeginning42,349 Genentech,Inc.’s1995GAAPStatementIssuanceofstockIssuanceofuponexerciseofoptionsandunderemployeestockplanConversionofredeemableEndingbalance CommonstockIssuanceofstockIssuanceofuponofoptionsandunderemployeestockConversionofredeemablecommonstockConversionofcommonstocktospecialEndingbalanceAdditionalpaid-inBeginningtocommonstockcommonstock IssuanceofstockuponexerciseofoptionsandwarrantsIssuanceofstockunderemployeestockplanIncometaxbenefitsrealizedfromemployeestockTaxbenefitsarisingEndingbalanceRetainedearningsNetincomeTaxbenefitsarisingEndingbalancequasi- quasi-OthercomprehensiveBeginningNetunrealizedgainonavailable-for-Ending54,273AccountTl,LogousedwithpermissionofGenetech,46-6ReformulatedStatementofCommonBalance-December31,TransactionsReformulatedStatementofCommonBalance-December31,TransactionswithshareholdersStockissuesStockCommon- ComprehensiveIncomeNetincomeOtherPreferred-Balance-December31,SchoolofAccountancy,LogousedwithpermissionofGenetech,BeforeRestatement:VFCorporation’s1998StatementofShareholders’ AccumulatedBalance-BeforeRestatement:VFCorporation’s1998StatementofShareholders’ AccumulatedBalance-January3,1998NetincomeCashdividends:CommonSeriesBpreferredTaxbenefitfrompreferredstockdividendsRedemptionofpreferredRestrictedcommonCommonstockheldinExerciseofstockoptions,netofsharesnetof$5,638deferredincometaxesBalance-January2, SchoolofAccountancy,AfterRestatement:VFBalance-January3,TransactionswithAfterRestatement:VFBalance-January3,TransactionswithStockissuesCommon NetTaxbenefitofpreferreddividendsLossonredemptionofpreferredstockForeigncurrencytranslationPreferred Netadditiontodeferred Balance-January2,SchoolofAccountancy,TheStandardStatementofCashStandardTheStandardStatementofCashStandardStatementofCash“CashFlowfrom“CashUsedinInvesting-+“CashFromFinancing=SchoolofAccountancy,IncreaseinCashYEARENDEDDECEMBERCashflowsfromoperatingactivities:NetincomeAdjustmentstoreconcilenetincometonetcashprovidedbyoperatingactivities:Depreciation&Writedownofsecuritiesavailable-for-saleGainonsalesIncreaseinCashYEARENDEDDECEMBERCashflowsfromoperatingactivities:NetincomeAdjustmentstoreconcilenetincometonetcashprovidedbyoperatingactivities:Depreciation&Writedownofsecuritiesavailable-for-saleGainonsalesofsecuritiesavailable-for-saleDeferredincometaxesLossonfixedassetdispositions(includingmergerWritedownofnon-marketableequitysecuritiesGainonsaleofanon-marketableequitysecurityChangesinassetsandNetcashflowfromtradingsecuritiesReceivablesandothercurrentassets$$-1995ReportedStatementofCashFlowsrelatedinAccountspayable,othercurrentliabilitiesandotherlong-termNetcashprovidedbyoperatingactivitiesCashflowsfrominvestingactivities:Proceedsfrommaturitiesofsecuritiesheld-to-maturityPurchasesofsecuritiesavailable-for-saleProceedsfromsalesofsecuritiesavailable-for-salePurchasesofnon-marketableequitysecuritiesProceedsfromsaleofanon-marketableequitysecurityCapitalexpendituresChangeinotherNetcashusedininvestingactivitiesCashflowsfromfinancingactivities:StockReductioninlong-termdebt,includingcurrentportionNetcashprovidedbyfinancingactivitiesIncrease(decrease)incashandcashequivalentsCashandcashequivalentsatbeginningofyearCashandcashequivalentsatendofyear $$CashpaidduringtheyearInterest,netofportion $SUFNooptionexerciseswererecordedasanincreaseinstockholders'LogousedwithpermissionofGenetech,ReformulatedStatementofCashCashflowfrom -Cash =FreeCashFlowReformulatedStatementofCashCashflowfrom -Cash =FreeCashFlowfrom CashPaidto+CashPaidtoDebtholdersand =CashPaidforFinancing ThisformatfollowsthecashconservationC–I=d+SchoolofAccountancy,ReformulatedStatementofCashSchoolReformulatedStatementofCashSchoolofAccountancy,Cashflowsfrom Cashinvestmentin Freecashflowfromoperations C-IEquityfinancingflows:Dividendsandshare Share DebtfinancingNetpurchaseoffinancial Interestonfinancial Netissueof Intereston Totalfinancing d+TheReformulatedStatementofCashGAAPFreeCashNetTheReformulatedStatementofCashGAAPFreeCashNetcashinterestoutflow(aftertax)InvestmentsinfinancialassetsSaleoffinancialassetsNoncashinvestmentsIncreaseinoperatingcashInvestmentinoperatingassetsoninstallmentFreeCash++----=GAAPFinancingNetcashinterestoutflow(aftertax)NoncashfinancingPurchaseoffinancialIncreaseincash+-++ FinancingCash SchoolofAccountancy,HowtocalculateFCF（CPA教材HowtocalculateFCF（CPA教材增加－資本支出長(zhǎng)期待攤費(fèi)用攤銷＋固定資產(chǎn)報(bào)廢損失。營(yíng)性應(yīng)付項(xiàng)目增提費(fèi)用增加SchoolofAccountancy,SchoolofSchoolofAccountancy,case：DELLCashflowsfromoperatingactivities(CS):case：DELLCashflowsfromoperatingactivities(CS):InterestInterest(datafromsupplementofNetinterestIncometaxNetinterestpaidafterRealCashflowsfromoperatingactivities:CashflowsfrominvestingactivitiesCapitalFreeCashflowsSchoolofAccountancy,AnExample:ReformulatedStatementofCashFlowsofVFCorporation(1993)FreeCashReportedAnExample:ReformulatedStatementofCashFlowsofVFCorporation(1993)FreeCashReportedcashfromoperationsNetinterestpaidaftertax Cashinvestments,asAsInvestmentsincashequivalentsNetinterestpaid(aftertax)allincreaseincashistreatedasanincreaseincashratherthanoperatingSchoolofAccountancy,CashGeneratedandCashApplied:VFCorporation,1993CashGCashGeneratedandCashApplied:VFCorporation,1993CashGeneratedandCashApplieCasGeneratedFreecashflow fromoperationsIssueoflong-termdebtSaleofcommonstockOther193,6798,55232,0615,65539,96CasAppliedRetirementoflong-termReductionofshort-terdebborrowing283,5686,7521,5765,244,2978,54539,96Paymentofinterest(aftertax)InvestmentincashequivalentsPaymentofpreferreddividendsPaymentofcommondividendSchoolofAccountancy,SchoolSchoolofAccountancy,DefinitionofaccountingSchoolDefinitionofaccountingSchoolofAccountancy,SchoolofAccountancy,SchoolofAccountancy,ProductmarketAssessingoperatingProductmarketAssessingoperatingmanagement:decomposingnetprofitmarginsTool：common-sizedincomeAllthelineitemsareexpressedasarationofsalesimportantGrossProfitmargin=(Sales–Costofsales)/Selling，GeneralandAdministrativeExpensesNOPATmargin＝NOPAT/EBITDAmargin＝EBITDA/SALESEBITDA：EarningsBeforeInterest,Tax,DepreciationandTaxRatiooftaxexpensetoRatiooftaxexpensetoearningsbeforetaxes(averagetaxSchoolofAccountancy,SchoolofAccountancy,SchoolofAccountancy,KeyanalysisAretheKeyanalysisArethecompany’smarginsconsistentwithitsstatedcompetitivestrategy?Arethecompany’smarginschanging?why?Whataretheunderlyingbusinesscauses-changesincompetition,changesininputcosts,orpooroverheadcostmanagement?Isthecompanymanagingitsoverheadandadministrativecostswell?Whatarethebusinessactivitiesdrivingthesecosts?AretheseactivitiesSchoolofAccountancy,ProductmarketEvaluatingProductmarketEvaluatingInvestmentManagement:DecomposingAssetTurnoverWorkingcapitalOperatingworkingcapital-to-salesOperatingworkingcapitalAccountsreceivableInventoryAccountspayableDay’sDay’sDay’sNetlong-termassetPP&ESchoolofAccountancy,SchoolofAccountancy,SchoolofAccountancy,KeyanalysisHowwelldosethecompanymanageitsinventory?DosethecompanyusemodernmanufacturingKeyanalysisHowwelldosethecompanymanageitsinventory?Dosethecompanyusemodernmanufacturingtechniques?Doesithavegoodvendorandlogisticsmanagementsystems?Ifinventoryratioarechanging,whatistheunderlyingbusinessreason?Arenewproductsbeingplanned?Isthereamismatchbetweenthedemandforecastsandactualsales?Howwelldosethecompanymanageitscreditpolicies?Arethesepoliciesconsistentwit