会计报表与现金流量分析报告.pptx

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,McGraw-Hill/Irwin,Copyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.,Click here for title,2-,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,McGraw-Hill/Irwin,Copyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.,Click here for title,2-,1,Chapter Outline,2.1,The Balance Sheet,2.2 The Income Statement,2.3 Net Working Capital,2.4 Financial Cash Flow,2.5 Summary and Conclusions,会计报表与现金流量分析报告,第1页,Sources of Information,Annual reports,Wall Street Journal,Internet,NYSE(),Nasdaq(),Text(),SEC,EDGAR,10K&10Q reports,会计报表与现金流量分析报告,第2页,2.1,The Balance Sheet,An accountants snapshot of the firms accounting value as of a particular date.,The Balance Sheet Identity is:,When analyzing a balance sheet,the financial manager should be aware of three concerns:accounting liquidity,debt versus equity,and value versus cost.,会计报表与现金流量分析报告,第3页,The Balance Sheet of the U.S.Composite Corporation,(,in$millions),20,X2 and 20X1,Balance Sheet,U.S.COMPOSITE CORPORATION,Liabilities(Debt),Assets,20,X2,20,X1,and Stockholders Equity,20,X2,20,X1,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilities,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property,plant,and equipment,$1,423,$1,274,Long-term debt,471,458,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net property,plant,and equipment,873,814,Intangible assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock($1 per value),55,32,Capital surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,-26,-20,Total equity,$805,$725,Total assets,$1,879,$1,742,Total liabilities and stockholders equity,$1,879,$1,742,The assets are listed in order by the length of time it normally would take a firm with ongoing operations to convert them into cash.,Clearly,cash is much more liquid than property,plant and equipment.,会计报表与现金流量分析报告,第4页,Balance Sheet Analysis,When analyzing a balance sheet,the financial manager should be aware of three concerns:,Accounting liquidity,Debt versus equity,Value versus cost,会计报表与现金流量分析报告,第5页,Accounting Liquidity,Refers to the ease and quickness with which assets can be converted to cash.,Current assets are the most liquid.,Some fixed assets are intangible.,The more liquid a firms assets,the less likely the firm is to experience problems meeting short-term obligations.,Liquid assets frequently have lower rates of return than fixed assets.,会计报表与现金流量分析报告,第6页,Debt versus Equity,Generally,when a firm borrows it gives the bondholders first claim on the firms cash flow.,Thus shareholders equity is the residual difference between assets and liabilities.,会计报表与现金流量分析报告,第7页,Value versus Cost,Under GAAP audited financial statements of firms in the U.S.carry assets at cost.,Market value is a completely different concept.,会计报表与现金流量分析报告,第8页,2.2,The Income Statement,The income statement measures performance over a specific period of time.,The accounting definition of income is,会计报表与现金流量分析报告,第9页,U.S.C.C.Income Statement,(,in$millions),20,X2,Income Statement,U.S.COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Selling,general,and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current:$71,Deferred:$13,Net income,Retained earnings:$43,Dividends:$43,The operations section of the income statement reports the firms revenues and expenses from principal operations,$2,262,-1,655,-327,-90,$190,29,$219,-49,$170,-84,$86,会计报表与现金流量分析报告,第10页,(,in$millions),20,X2,Income Statement,U.S.COMPOSITE CORPORATION,Total operating revenues,$2,262,Cost of goods sold,-1,655,Selling,general,and administrative expenses,-327,Depreciation,-90,Operating income,$190,Other income,29,Earnings before interest and taxes,$219,Interest expense,-49,Pretax income,$170,Taxes,-84,Current:$71,Deferred:$13,Net income,$86,Retained earnings:$43,Dividends:$43,The non-operating section of the income statement includes all financing costs,such as interest expense.,U.S.C.C.Income Statement,会计报表与现金流量分析报告,第11页,(,in$millions),20,X2,Income Statement,U.S.COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Selling,general,and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current:$71,Deferred:$13,Net income,Retained earnings:$43,Dividends:$43,Usually a separate section reports as a separate item the amount of taxes levied on income.,$2,262,-1,655,-327,-90,$190,29,$219,-49,$170,-84,$86,U.S.C.C.Income Statement,会计报表与现金流量分析报告,第12页,(,in$millions),20,x2,Income Statement,U.S.COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Selling,general,and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current:$71,Deferred:$13,Net income,Retained earnings:$43,Dividends:$43,Net income is the“bottom line”.,$2,262,-1,655,-327,-90,$190,29,$219,-49,$170,-84,$86,U.S.C.C.Income Statement,会计报表与现金流量分析报告,第13页,Income Statement Analysis,There are three things to keep in mind when analyzing an income statement:,GAAP,Non Cash Items,Time and Costs,会计报表与现金流量分析报告,第14页,Generally Accepted Accounting Principles,GAAP,The matching principal of GAAP dictates that revenues be matched with expenses.Thus,income is reported when it is earned,even though no cash flow may have occurred,会计报表与现金流量分析报告,第15页,Income Statement Analysis,Non Cash Items,Depreciation is the most apparent.No firm ever writes a check for“depreciation”.,Another noncash item is deferred taxes,which does not represent a cash flow.,会计报表与现金流量分析报告,第16页,Income Statement Analysis,Time and Costs,In the short run,certain equipment,resources,and commitments of the firm are fixed,but the firm can vary such inputs as labor and raw materials.,In the long run,all inputs of production(and hence costs)are variable.,Financial accountants do not distinguish between variable costs and fixed costs.Instead,accounting costs usually fit into a classification that distinguishes product costs from period costs.,会计报表与现金流量分析报告,第17页,2.3,Net Working Capital,NWC is usually growing with the firm.,会计报表与现金流量分析报告,第18页,The Balance Sheet of the U.S.C.C.,(,in$millions),20,X2 and 20X1,Balance Sheet,U.S.COMPOSITE CORPORATION,Liabilities(Debt),Assets,20,X2,20,X1,and Stockholders Equity,20,X2,20,X1,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilities,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property,plant,and equipment,$1,423,$1,274,Long-term debt,471,458,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net property,plant,and equipment,873,814,Intangible assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock($1 par value),55,32,Capital surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,-26,-20,Total equity,$805,$725,Total assets,$1,879,$1,742,Total liabilities and stockholders equity,$1,879,$1,742,Here we see NWC grow to$275 million in 20X2 from$252 million in 20X1.,This increase of$23 million is an investment of the firm.,$23,million,$275,m=$761m-$486m,$252,m=$707-$455,会计报表与现金流量分析报告,第19页,2.4,Financial Cash Flow,In finance,the most important item that can be extracted from financial statements is the actual cash flow of the firm.,Since there is no magic in finance,it must be the case that the cash from received from the firms assets must equal the cash flows to the firms creditors and stockholders.,会计报表与现金流量分析报告,第20页,Financial Cash Flow of the U.S.C.C.,(,in$millions),20,X2,Financial Cash Flow,U.S.COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(,Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(,Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(,Interest plus retirement of debt,minus long-term debt financing),Equity,6,(,Dividends plus repurchase of,equity minus new equity financing),Total,$42,Operating Cash Flow:,EBIT$219,Depreciation$90,Current Taxes,($71),OCF$238,会计报表与现金流量分析报告,第21页,Financial Cash Flow of the U.S.C.C.,(,in$millions),20,X2,Financial Cash Flow,U.S.COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(,Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(,Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(,Interest plus retirement of debt,minus long-term debt financing),Equity,6,(,Dividends plus repurchase of,equity minus new equity financing),Total,$42,Capital Spending,Purchase of fixed assets$198,Sales of fixed assets,(25),Capital Spending$,173,会计报表与现金流量分析报告,第22页,Financial Cash Flow of the U.S.C.C.,(,in$millions),20,X2,Financial Cash Flow,U.S.COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(,Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(,Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(,Interest plus retirement of debt,minus long-term debt financing),Equity,6,(,Dividends plus repurchase of,equity minus new equity financing),Total,$42,NWC grew from$275 million in 20X2 from$252 million in 20X1.,This increase of$23 million is the addition to NWC.,会计报表与现金流量分析报告,第23页,Financial Cash Flow of the U.S.C.C.,(,in$millions),20,X2,Financial Cash Flow,U.S.COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(,Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(,Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(,Interest plus retirement of debt,minus long-term debt financing),Equity,6,(,Dividends plus repurchase of,equity minus new equity financing),Total,$42,会计报表与现金流量分析报告,第24页,Financial Cash Flow of the U.S.C.C.,(,in$millions),20,X2,Financial Cash Flow,U.S.COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(,Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(,Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(,Interest plus retirement of debt,minus long-term debt financing),Equity,6,(,Dividends plus repurchase of,equity minus new equity financing),Total,$42,Cash Flow to Creditors,Interest$49,Retirement of debt,73,Debt service122,Proceeds from new debt sales,(86),Total36,会计报表与现金流量分析报告,第25页,Financial Cash Flow of the U.S.C.C.,(,in$millions),20,X2,Financial Cash Flow,U.S.COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(,Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(,Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(,Interest plus retirement of debt,minus long-term debt financing),Equity,6,(,Dividends plus repurchase of,equity minus new equity financing),Total,$42,Cash Flow to Stockholders,Dividends$43,Repurchase of stock 6,Cash to Stockholders 49,Proceeds from new stock issue,(43),Total$6,会计报表与现金流量分析报告,第26页,Financial Cash Flow of the U.S.C.C.,(,in$millions),20,X2,Financial Cash Flow,U.S.COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(,Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(,Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(,Interest plus retirement of debt,minus long-term debt financing),Equity,6,(,Dividends plus repurchase of,equity minus new equity financing),Total,$42,The cash from received from the firms assets must equal the cash flows to the firms creditors and stockholders:,会计报表与现金流量分析报告,第27页,2.5,Summary and Conclusions,Financial statements provide important information regarding the value of the firm.,You should keep in mind:,Measures of profitability do not take risk or timing of cash flows into account.,Financial ratios are linked to one another.,会计报表与现金流量分析报告,第28页,