财务报表分析-英文.pptx

modify the title of the master slide,First level bullet point text,Second level bullet point text,Third level bullet point text,Fourth level bullet point text,#,#,FINANCIAL MANAGEMENT SKILL,财务,管理技能,2015,年,09,月,12,日,Aaron Wang,议题,-AGENDA,导言及基本概念,Introduction and Basic Concepts,资产负债表,-,Balance Sheet,损益表,-Profit&Loss,现金流量表,Cash Flow Statement,基本财务比率及报表评价,Basic Financial Ratios and Financial Statement Evaluation,投资评价初步,Basic Investment Appraisal,结束部分,-Conclusion,Introduction and Basic Concepts,导言及基本概念,Introduction and Basic Concepts,Introduction,Finance Organization,Finance Activity,Other topics,This training will allow you to understand,：,Finance Function,Concept of Financial KPIs(Revenue,DM,DL,VOH,FOH,SG&A,OI,OCF,EBITDA,DOH,DSO,DPO,Incremental,etc.),BS,P&L and Cash Flow Statements,Concepts of Financial Statement Evaluation and Investment Appraisal,Introduction and Basic Concepts,Minimize Working Capital Maintain Strong Cash Flow,Pay Debts As They Are Due Increase Liquidity,M,ai,n,tain,S,tr,o,n,g,F,i,n,a,n,c,ial,P,os,it,i,o,n,Increased Return On Investment Reduced Costs,Increased Sales Increased Growth Rate,Ge,n,er,a,te,I,n,c,o,m,e,An,d,P,r,o,fit,Current Profit Increase,Current Profit Increase,Increase Of Return On Investment,Increase Liquidity,Minimizing Capital Expenditures,Meeting The Day-to-day Business Needs,Versus Versus Versus Versus,While While,Current Sales Increase Sales Growth,Sales Growth,Current Profit Increase,Growing The Business Reducing Costs,“If we cannot measure,we cannot improve”,Introduction and Basic Concepts,Goal of the Firm,Introduction and Basic Concepts,导言及基本概念,Introduction and Basic Concepts,Introduction,Finance Organization,Finance Activity,Other topics,A,VP of Finance,Asia Pacific,I,Sr.Mgr.-Treasury,Asia Pacific,J,Treasury Supervisor,Asia Pacific,K,Treasury Analyst,Asia Pacific,E,Manager-CADA,Asia Pacific,F,Fin.Planning Analyst,Asia Pacific,G,Manager ISSC Suzhou,China(Team of 25),H,Director ISSC Pune,AP Region(Team of 50),P,Director of Finance,North Asia(Team of 5),Q,Country Controller,India(Team of 5),R,Finance Manager(20%),Taiwan,S,Tax Manager,Asia Pacific,M,Tax Manager,Australia/NZ&SEA,N,Tax Manager,North Asia,O,Tax Manager,India,L,Director Intl Tax,Asia Pacific,C,Corp.Account,Australasia/SE Asia,D,Country Controller,Singapore/Malaysia,B,Director of Finance,Australasia/SE Asia,Regional capabilities with local talent leading to organizational capacity and significant savings.,Introduction and Basic Concepts,Asia Pacific Corporate Finance Organization,A,Financial Controller,B,Fin Accounting Manager,G,FPA and Costing Manager,H,FPA&FA,C,AP Acct,D,AR Acct,F,GL and Tax,I,Costing supervisor,J,Cost Accountant,E,Cashier and T&E,K,Statistician,L,FLDP,SZ Fin Official H/C:12 FLDP:1,Fin controller:1 Manager:2,Financial analyst:1 Accountant:5,Cashier and T&E:1 Statistician:1,Introduction and Basic Concepts,Plant Finance Structure,Introduction and Basic Concepts,导言及基本概念,Introduction and Basic Concepts,Introduction,Finance Organization,Finance Activity,Other topics,Introduction and Basic Concepts,Accounting,Booking(AP,AR,GL,FA),Taxation,Statutory Reporting,Group Reporting,Controlling,Costing,Reporting(FP&A),Internal Control(SOX and CSA),Policy and Process Optimization,Controller is the one who close the door!,Introduction and Basic Concepts,Business Partnership,Vision,Strategy,Budget,Forecast,Others,Treasury,M&A,Risk Management,Insurance,Auditing,Compliance,Hedging,.,Introduction and Basic Concepts,导言及基本概念,Introduction and Basic Concepts,Introduction,Finance Organization,Finance Activity,Other topics,E.g.Fixed Assets,1.Transaction,2.F/S,Monthly closing checklist,Introduction and Basic Concepts,Financial Statement Process,Debits,expenses assets,Credits,revenue liabilities owners equity,Strategic Plan(annual process Feb to Jun),5 year projections for Sales&Capital Spending and 3 year projection for Operating Profit,Profit Plan(annual process Sept to Dec),By ledger,complete P&L and B/S forecast by month),Includes Cost of Quality,Cost Savings and Economics projections,Rolling Forecast(done each month),By ledger,complete P&L and B/S forecast by month,Includes Cost of Quality,Cost Savings and Economics projections,Final Results,By ledger,complete variance reporting to forecast(close in 3 workdays),Results are reported by location,by region,by business,by sector and then total company.,Introduction and Basic Concepts,Planning&Reporting Overview,Operating Results Income Statement,Operating Results Income Statement“Isolating FX vs.Performance”Results,议题,-AGENDA,导言及基本概念,Introduction and Basic Concepts,资产负债表,-,Balance Sheet,损益表,-Profit&Loss,现金流量表,Cash Flow Statement,基本财务比率及报表评价,Basic Financial Ratios and Financial Statement Evaluation,投资评价初步,Basic Investment Appraisal,结束部分,-Conclusion,资产负债表,Balance sheet,负债,资产,=,负债,+,所有者权益,所有者权益,资产,举例,:,资产负债表,-,创立一个公司,-Example:Balance Sheet-Creation of a company,货币资金,:100,所有者权益,:100,资金来源何处,?,Where does cash come from?,资金去向何处,?,Where does cash go,?,为,我们创立的公司,注入,资金,100-,We create a company by injecting cash 100,Cash:100,Equity:100,资产负债表,公司开办,Balance sheet-The company starts,货币资金,:40,所有者权益,:100,房屋,:60,购买房屋花去资金,60-,We purchase a building paid with cash for 60,Building:60,Cash:40,Equity:100,资产负债表,持续经营,Balance sheet-And it goes on.,货币资金,:40,所有者权益,:100,房屋,:60,设备,:20,借款融资,20,来购买设备,-,We purchase equipments financed by credit for 20,融资借款,:20,Building:60,Equipments:20,Cash:40,Equity:100,Financial debts:20,资产负债表,公司成长,.Balance sheet-And the company grows.,资金占用,USE=200,资金来源,RESOURCES=200,货币资金,:40,所有者权益,:100,房屋,:60,设备,:20,投资,:80,融资贷款,80,收购某个竞争者,We acquire a competitor financed by a loan for 80,融资借款,-,Financial debts,:,80,+,20,Building:60,Equipments:20,Investment:80,Cash:40,Equity:100,资产负债表,负债,Balance sheet-Indebtness,资金占用,USE=200,资金来源,RESOURCES=200,货币资金,:40,所有者权益,:100,固定资产,160,融资借款,:100,负债总额,=,所有者权益,Total Financial Debts=Equity,Fixed Assets,160,Cash:40,Equity:100,Financial debts:100,资产负债表,经济活动的发展,Balance sheet-Development of the activity,货币资金,Cash:40,所有者权益,Equity:100,固定资产,Fixed assets,160,融资借款,Financial debts :,100,用去,40,向供应商购买零件,We purchase components for 40 from suppliers,存货,RM:40,供应商,Suppliers:40,资产负债表,经济活动的发展,Balance sheet-Development of the activity,资金,Cash:10(-30),所有者权益,Equity:100,固定资产,Fixed assets,160,融资借款,Financial debts:100,.,履行合同,.We execute the contracts,FG/WIP:50(+50),供应商,Suppliers:40,存货 RM:20(-20),为执行生产合同,公司需用去价值,20,的零件，劳务及其他支出需花费,30,。,劳务费以现金偿付。因此现金减少,30,。,To execute the contracts,the company needs components for 20 and labour and other charges for 30.The labour is paid with cash.The cash is thus deteriorated by 30.,资产负债表,经济活动的发展,Balance sheet-Development of the activity,资金占用 USE=260,资金来源,RESOURCES=260,资金,Cash:10,所有者权益,Equity:100,固定资产,Fixed assets,160,融资借款,Financial debts:100,然后我们开发票给客户并购进新的零部件,50,成本的产品卖了,70,元,应收帐款,Receivable:70(+70),供应商,Suppliers:,40,存货 RM:20,公司已向客户开出金额为,70,的发票。他们将在,90,天内付款。相应的在产品已经减少了,50,。,因此净收益为,20,。,净收益,Net Inc:20(+20),WIP/FG:0(-50),资产负债表,经济活动的发展,Balance sheet-Development of the activity,资金占用 USE=300,资金来源,RESOURCES=300,资金,Cash:10,所有者权益,Equity:100,固定资产,Fixed assets,160,融资借款,Financial debts:100,然后我们购进新的零部件,40,元,应收帐款,Receivable:70(+70),供应商,Suppliers:,80(+40),存货 Inventory:60(+40),净收益,Net Inc:20(+20),资金,Cash:10,所有者权益,Equity:100,固定资产,Fixed assets,160,融资借款,Financial debts:100,麻烦开始了,.,某些供应商想立刻收到,40,的付款。我们可以怎么做,呢？,Troubles begin.Some suppliers want to be paid for 40 immediately.What can we do?,应收帐款,Receivable:70,供应商,Suppliers:80,存货,Inventory:60,净收益,Net income:20,资产负债表,经济活动的发展,Balance sheet-Development of the activity,可以给我们,你的建议吗,?,GIVE US YOUR,SUGGESTIONS?,资产负债表,财务解决方案,Balance sheet-What are the financial solutions?,你不能这样做,THIS IS NOT YOUR JOB,变卖固定资产,To sell fixed assets,增加资本,To increase capital,取得新贷款,To obtain a new loan,资金,Cash:10,所有者权益,Equity:100,固定资产,Fixed assets,160,融资借款,Financial debts:100,应收帐款 Receivable:70,供应商,Suppliers:80,存货 Inventory:60,净收益 Net income:20,资产负债表,操作方案如何？,Balance Sheet-What are the operational solutions?,你可以这样,-,THIS IS YOUR JOB,资金,Cash:10,所有者权益,Equity:100,固定资产,Fixed assets,160,融资借款,Financial debts:100,应收帐款 Receivable:70,供应商,Suppliers:80,存货 Inventory:60,净收益 Net income:20,限制存货,-,To limit inventory,与客户协商提前收回货款,To negociate advanced payments with customers,与供应商协商新的付款计划,To negociate a new payment plan with suppliers,Balance Sheet,Inventory,DOH,Gross Inventory vs.Forecast Amount,Receivables,DSO,Past Due by Bucket(Current,1-30,30-60,etc),Collection Efficiency,Gross Receivables vs.Forecast Amount,Payables,DPO,Gross Payables vs.Forecast Amount,Capital Spending,Actual Spending vs.Forecast,Variances analysis and commentary required at each month-end and rolling forecast.,Warning:Dont fall in love with DSO,we can try to manipulate DSO to make it higher or lower by increasing or decreasing the amount in different brackets,DOH,Days on Hand Inventory(DOH)is a calculation to determine the amount of time that is required to convert inventory into sales.,What can you do to improve DOH?,Reduce machine downtime,Reduce scrap,Reduce set-up time,Improve scheduling,Improve plant layout,Improve throughput time,DSO,Days Sales Outstanding(DSO)is a measurement of how much time it takes to convert sales dollars to cash.Depending on the payment terms for our customers DSO may vary significantly from customer to customer and month to month.,What can you to improve DSO?,Improve Order Entry process,Reduce billing errors,Reduce quantity related errors,Ensure sales order is correct,Prompt Follow-up with customers,Why are DOH&DSO Important?,Both are large components of cash flow.,In order to create an increase or positive cash flow you must reduce both.,By turning over inventory and receivables faster we receive our sales dollars faster,and therefore borrow less money and pay less interest.,One dollar invested in Inventory or Receivables is the same as one dollar invested in equipment and as such Shareholders demand the same return on it as they do the equipment.,DPO,Days payable outstanding(DPO)is similar,to Accounts Receivable(DSO),Measure of effectiveness of accounts payable and other current liabilities,Can be used to partially balance cash requirements to fund accounts receivable,Cash Flow Impact,Higher=Source of cash,Lower=Use of cash,What can you do to improve DPO?,Extend the length of payment terms to the vendor.,We need to be as aggressive with our vendors as our customers are with us.,存货,-,INVENTORIES,评价库存管理方法,-,Review of stock management process,重新定义安全水平,-,redefinition of security level,-,根据预测进行库存管理而不是根据历史趋势,-,stock management based on forecast rather than historical trends,变卖过时的和不使用的存货,-,Sell outdated or unused inventories,加强生产活动的存货管理,-,Consolidate stocks management within production sites/activities,标准化存货采购,-,Standardize inventories purchased,减少瓶颈,-,Reduce bottleneck,定期控制存货水平,-,Control regularly inventories levels,缩短存货周期,-,Reduce cycle time,应付,-,PAYABLES,根据供应商群及各个国家的情况差异，审核付款条件及付款期,Review terms and conditions of payments within supplier groups,countries,.,例如,:,增加延期付款,-,e.g:increase delay of payment,制定特殊的规则使付款期与价格相互关联,Establish specific rules to correlate terms of payment and price,打造一支专业的团队负责应付过程的管理,Create/strengthen specific team in charge of the management of the payable process,Operation-DOS,应收,-,RECEIVABLES,根据客户群及各个国家的情况差异，审核付款条件及付款期,Review terms and conditions of payments within client segments,countries,.,例如,:,减少延期付款,e.g:reduction of the delay of payment,制定特殊的规则使付款期与价格相互关联,Establish specific rules to correlate terms of payment and price,打造一支专业的团队负责应收过程的管理,Create/strengthen specific team in charge of the management of the receivable process,在产品与库存商品,-WIP&INVENTORIES,项目计划没有考虑到付款标识段,Project planning does not take into consideration payment milestones,没有与项目有关的现金曲线图,-,No cash curve on projects,不能优化生产循环或项目循环,-Non-optimization of the production or project cycle,依据产品结构进行生产管理及项目管理,而非依据产品需求的驱动,Production,project managed according to a component production logic as opposed to a demand-driven logic,制造或者购买,:,购买配件而不是功能,Make or buy:purchase of components instead of functions,生产改造没有考虑到现有的存货,在产品,及已有的订单,Production modification without taking into account existing inventories,in-process goods,and purchase orders already issued,Operation-DONTS,应付项目,-PAYABLES,采购、物流、存货管理间缺乏协调,-Lack of co-ordination between purchasing,logistics,inventories management,供应商单方面采取提前交货的方式促使我们提早付款,-,Early payment triggered by advance delivery at sole initiative of supplier,提早付款是由收到发票引起的,而不是按照约定的购货条件交货引起的,-,Early payment triggered by receipt of invoice and not by delivery as stipulated in purchase conditions,供应商延期交货,并且未按程序事先提醒负责谈判的采购员,-,Delivery late without systematically alerting buyer in charge of negotiation,公认的购货条件没有得到应用,-,Non-application of general purchasing conditions,采购部门仅仅以价格为判断依据,而没有考虑到付款条件和条款,-Purchasing department judged solely on prices obtained,without taking into account terms and conditions of payment,Operation-DONTS,议题,-AGENDA,导言及基本概念,Introduction and Basic Concepts,资产负债表,-,Balance Sheet,损益表,-Profit&Loss,现金流量表,Cash Flow Statement,基本财务比率及报表评价,Basic Financial Ratios and Financial Statement evaluation,投资评价初步,Basic Investment Appraisal,结束部分,-Conclusion,Introduction,STD cost structure,Standard Duty%,RM Stand Cost CNY Per UoM,Lastest Purchase Price,Standard Freight%,BOM Consuption Quantity,RM Yeild Rate,Standard Material Cost,Std Conversion Cost,Direct Labor=,Routine,Hr X Rate,VOH=,Routine Hr X Rate,FOH=,Routine,Hr X Rate,Standard Shinkage Rate,FG Standard Cost,Introduction,STD cost rate,Work center cost rate means how much costs needed when occupy the work center for one hour(CNY/hour),Standard cost rate should including the impact of OEE(Overall Equipment Effectiveness),Coverision Cost,Standard Cost Rate(CNY/Hour),Cycle Timer(Routine Hour),Estimated Total Expenditure(CNY),Est.total working hrs(with OEE),Introduction,STD cost components,Standard Cost,MATERIAL,Established as the,last“normal volume”purchase price,at the time the standards are being set.,Material Components:,Material,Inbound Freight,Duties,LABOR,Consists of the wages of all associates involved in the process of,manufacturing,and,assembling,products.,Labor Components:,Labor(Regular),Labor(Temporary),VARIABLE COST OVERHEAD,Includes all the costs(other than direct labor)that are,directly related,to the process of manufacturing and assembling products.,Variable Cost Components:,Variable Indirect Material,Maintenance&Repair/Equip.&Tools,Utilities Variable,FIXED MANUFACTURING OVERHEAD,Expenses which are,not considered,to be,dependent,upon short-term production volumes.,Fixed Manufacturing Overhead Components:,Salaries/Wages,Depreciation/Amortization,Bldg.Repair&Maintenance,Taxes&Insurance,Professional services,Introduction,STD cost components,几个成本名词,Fixed OHD,固定制造费用,Variable OHD,变动制造费用,Replacement Cost,重置成本,Opportunity Cost,机会成本,Sunk Cost,沉没成本,损益表,:,主要原理,-Profit&Loss:Main Principles,销售收入,SALES,边际贡献,Standard Contribution,Margin,标准销售毛利,Standard Gross,Margin(SGM),销售毛利,Gross Margin,材料成本,MATERIAL,直接人工成本,DIR LABOR,变动制造费用,VOHD,材料成本,MATERIAL,直接人工成本,DIR LABOR,变动制造费用,VOHD,固定制造费用,FOHD,材料成本,MATERIAL,直接人工成本,DIR LABOR,变动制造费用,VOHD,MUV,材料用量差异,材料成本差异,M