财务报表分析 英文

1、FINANCIAL MANAGEMENT SKILL财务财务管理技能管理技能 2015年年09月月12日日Aaron Wang22议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表 - Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu基本财务比率及报表评价基本财务比率及报表评价 Basic Financial Ratios and Financial Statement Evaluationu投资评价初步投

2、资评价初步 Basic Investment Appraisalu结束部分结束部分 - Conclusion33 Introduction and Basic Conceptsu导言及基本概念导言及基本概念 Introduction and Basic ConceptsuIntroductionuFinance OrganizationuFinance ActivityuOther topics44uThis training will allow you to understand：wFinance FunctionwConcept of Financial KPIs (Revenue, D

3、M, DL, VOH, FOH, SG&A, OI, OCF, EBITDA, DOH, DSO, DPO, Incremental, etc.) wBS, P&L and Cash Flow StatementswConcepts of Financial Statement Evaluation and Investment Appraisal Introduction and Basic Concepts55Minimize Working Capital Maintain Strong Cash FlowPay Debts As They Are Due Increas

4、e LiquidityMaintain Strong Financial PositionIncreased Return On Investment Reduced CostsIncreased Sales Increased Growth RateGenerate Income And ProfitCurrent Profit Increase Current Profit IncreaseIncrease Of Return On Investment Increase LiquidityMinimizing Capital Expenditures Meeting The Day-to

5、-day Business NeedsVersus Versus Versus VersusWhile WhileCurrent Sales Increase Sales GrowthSales GrowthCurrent Profit IncreaseGrowing The Business Reducing Costs“If we cannot measure, we cannot improve” Introduction and Basic ConceptsGoal of the Firm66 Introduction and Basic Conceptsu导言及基本概念导言及基本概念

6、 Introduction and Basic ConceptsuIntroductionuFinance OrganizationuFinance ActivityuOther topics77AVP of Finance Asia PacificISr. Mgr. - Treasury Asia PacificJTreasury Supervisor Asia PacificKTreasury Analyst Asia PacificEManager - CADA Asia PacificFFin. Planning Analyst Asia PacificGManager ISSC Su

7、zhouChina (Team of 25)HDirector ISSC Pune AP Region (Team of 50)PDirector of Finance North Asia (Team of 5)QCountry Controller India (Team of 5)RFinance Manager (20%) TaiwanSTax Manager Asia PacificMTax Manager Australia / NZ & SEANTax Manager North AsiaOTax ManagerIndiaLDirector Intl Tax Asia P

8、acificCCorp. AccountAustralasia / SE AsiaDCountry ControllerSingapore/MalaysiaBDirector of Finance Australasia / SE AsiaRegional capabilities with local talent leading to organizational capacity and significant savings. Introduction and Basic ConceptsAsia Pacific Corporate Finance Organization88AFin

9、ancial ControllerBFin Accounting ManagerGFPA and Costing ManagerHFPA & FACAP AcctDAR AcctFGL and TaxICosting supervisorJCost AccountantECashier and T&EKStatisticianLFLDP SZ Fin Official H/C: 12 FLDP: 1 Fin controller: 1 Manager: 2Financial analyst: 1 Accountant: 5Cashier and T&E: 1 Stati

10、stician: 1 Introduction and Basic ConceptsPlant Finance Structure99 Introduction and Basic Conceptsu导言及基本概念导言及基本概念 Introduction and Basic ConceptsuIntroductionuFinance OrganizationuFinance ActivityuOther topics1010 Introduction and Basic ConceptsuAccountinguBooking (AP, AR, GL, FA)uTaxationuStatutor

11、y ReportinguGroup ReportinguControlling uCostinguReporting (FP&A)uInternal Control (SOX and CSA)uPolicy and Process OptimizationController is the one who close the door!1111 Introduction and Basic ConceptsuBusiness PartnershipVisionStrategyBudgetForecastuOthersuTreasuryuM&AuRisk ManagementuI

12、nsurance uAuditinguComplianceuHedgingu.1212 Introduction and Basic Conceptsu导言及基本概念导言及基本概念 Introduction and Basic ConceptsuIntroductionuFinance OrganizationuFinance ActivityuOther topics1313E.g. Fixed Assets1. Transaction2. F/SMonthly closing checklist Introduction and Basic ConceptsFinancial Statem

13、ent ProcessDebits expenses assets Credits revenue liabilities owners equity1414uStrategic Plan (annual process Feb to Jun)w5 year projections for Sales & Capital Spending and 3 year projection for Operating ProfituProfit Plan (annual process Sept to Dec)wBy ledger, complete P&L and B/S forec

14、ast by month)lIncludes Cost of Quality, Cost Savings and Economics projectionsuRolling Forecast (done each month)wBy ledger, complete P&L and B/S forecast by monthlIncludes Cost of Quality, Cost Savings and Economics projectionsuFinal ResultswBy ledger, complete variance reporting to forecast (c

15、lose in 3 workdays)Results are reported by location, by region, by business, by sector and then total company. Introduction and Basic ConceptsPlanning & Reporting Overview1515Operating Results Income Statement1616Operating Results Income Statement“Isolating FX vs. Performance” Results1717议题议题 -

16、AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表 - Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu基本财务比率及报表评价基本财务比率及报表评价 Basic Financial Ratios and Financial Statement Evaluationu投资评价初步投资评价初步 Basic Investment Appraisalu结束部分结束部分 - Conclusion1818资产负债表资产负债表 Bal

17、ance sheet负债资产=负债+所有者权益所有者权益所有者权益资产1919举例举例 :资产负债表资产负债表 -创立一个公司创立一个公司 - Example : Balance Sheet - Creation of a company货币资金货币资金 : 100所有者权益所有者权益 : 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 100Cash : 100Equity : 1002020资产负

18、债表资产负债表 公司开办公司开办 Balance sheet - The company starts 货币资金货币资金 : 40所有者权益所有者权益 : 100房屋房屋 : 60购买房屋花去资金60 - We purchase a building paid with cash for 60Building : 60Cash : 40Equity : 1002121资产负债表资产负债表 持续经营持续经营 Balance sheet - And it goes on.货币资金货币资金 : 40所有者权益所有者权益 : 100房屋房屋 : 60设备设备 : 20借款融资 20来购买设备 - We

19、 purchase equipments financed by credit for 20融资借款融资借款 : 20Building : 60Equipments : 20Cash : 40Equity : 100Financial debts : 202222资产负债表资产负债表 公司成长公司成长 . Balance sheet - And the company grows . 资金占用资金占用USE=200资金来源资金来源 RESOURCES=200货币资金货币资金: 40所有者权益所有者权益 : 100房屋房屋 : 60设备设备 : 20投资投资 : 80融资贷款80收购某个竞争者W

20、e acquire a competitor financed by a loan for 80融资借款融资借款 -Financial debts: 80+20Building : 60Equipments : 20Investment : 80Cash : 40Equity : 1002323资产负债表资产负债表 负债负债 Balance sheet - Indebtness 资金占用资金占用 USE=200资金来源资金来源 RESOURCES=200货币资金货币资金 : 40所有者权益所有者权益 : 100固定资产固定资产160融资借款融资借款 : 100负债总额 = 所有者权益Total

21、 Financial Debts = EquityFixed Assets160Cash : 40Equity : 100Financial debts : 1002424资产负债表资产负债表 经济活动的发展经济活动的发展 Balance sheet - Development of the activity 货币资金货币资金 Cash : 40所有者权益所有者权益 Equity : 100固定资产固定资产Fixed assets160融资借款融资借款Financial debts : 100用去40向供应商购买零件We purchase components for 40 from supp

22、liers存货存货RM : 40供应商供应商 Suppliers : 402525资产负债表资产负债表 经济活动的发展经济活动的发展 Balance sheet - Development of the activity 资金资金 Cash: 10 (-30)所有者权益所有者权益 Equity: 100固定资产固定资产 Fixed assets160融资借款融资借款 Financial debts: 100. 履行合同. We execute the contractsFG/WIP : 50 (+50)供应商供应商 Suppliers: 40存货存货 RM : 20 (-20)为执行生产合同,

23、 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 30.2626资产负债表资产负债表 经济活动的发展经济活动的发展 Balance sheet - Development of the activity 资金占用资金占用 USE=26

24、0资金来源资金来源 RESOURCES=260资金资金 Cash: 10所有者权益所有者权益 Equity: 100固定资产固定资产 Fixed assets160融资借款融资借款 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元应收帐款应收帐款Receivable : 70 (+70)供应商供应商 Suppliers : 40存货存货 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。净收益净收益 Net Inc: 20 (+20)WIP/FG: 0 (-50)2727

25、资产负债表资产负债表 经济活动的发展经济活动的发展 Balance sheet - Development of the activity 资金占用资金占用 USE=300资金来源资金来源 RESOURCES=300资金资金 Cash: 10所有者权益所有者权益 Equity: 100固定资产固定资产 Fixed assets160融资借款融资借款 Financial debts: 100然后我们购进新的零部件40元应收帐款应收帐款Receivable : 70 (+70)供应商供应商 Suppliers : 80 (+40)存货存货 Inventory : 60 (+40)净收益净收益 Ne

26、t Inc: 20 (+20)2828资金资金 Cash: 10所有者权益所有者权益Equity : 100固定资产固定资产 Fixed assets160融资借款融资借款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 ?应收帐款应收帐款 Receivable: 70供应商供应商 Suppliers: 80存货存货Inventory : 60净收益净收益 Net incom

27、e: 20资产负债表资产负债表 经济活动的发展经济活动的发展 Balance sheet - Development of the activity 可以给我们可以给我们你的建议吗你的建议吗 ?GIVE US YOUR SUGGESTIONS ?2929资产负债表资产负债表 财务解决方案财务解决方案 Balance sheet - What are the financial solutions ?变卖固定资产变卖固定资产To sell fixed assets增加资本增加资本To increase capital取得新贷款取得新贷款 To obtain a new loan资金资金 Cash

28、 : 10所有者权益所有者权益Equity : 100固定资产固定资产Fixed assets160融资借款融资借款Financial debts : 100应收帐款应收帐款 Receivable : 70供应商供应商Suppliers : 80存货存货 Inventory: 60净收益净收益 Net income : 203030资产负债表资产负债表 操作方案如何？操作方案如何？ Balance Sheet - What are the operational solutions? 资金资金 Cash : 10所有者权益所有者权益Equity : 100固定资产固定资产Fixed asset

29、s160融资借款融资借款Financial debts : 100应收帐款应收帐款 Receivable : 70供应商供应商 Suppliers: 80存货存货 Inventory: 60净收益净收益 Net income : 20限制存货限制存货- To limit inventory与客户协商提前收回货款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与供应商协商新的付款计划划To negociate a new payment plan with suppliers3131Balance Sheetu

30、 InventorywDOH wGross Inventory vs. Forecast Amountu ReceivableswDSOlPast Due by Bucket (Current, 1-30, 30-60, etc)lCollection EfficiencywGross Receivables vs. Forecast Amountu PayableswDPOwGross Payables vs. Forecast Amountu Capital SpendingwActual Spending vs. ForecastVariances analysis and commen

31、tary 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 brackets3232DOHuDays on Hand Inventory (DOH) is a calculation to determine the amount of time that is

32、required to convert inventory into sales.uWhat can you do to improve DOH?Reduce machine downtimeReduce scrapReduce set-up timeImprove schedulingImprove plant layoutImprove throughput time3333DSOuDays Sales Outstanding (DSO) is a measurement of how much time it takes to convert sales dollars to cash.

33、 Depending on the payment terms for our customers DSO may vary significantly from customer to customer and month to month.uWhat can you to improve DSO?Improve Order Entry processReduce billing errorsReduce quantity related errorsEnsure sales order is correctPrompt Follow-up with customers3434Why are

34、 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 i

35、n 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.3535DPODays payable outstanding (DPO) is similar to Accounts Receivable (DSO)Measure of effectiveness of accounts payable and other current liabil

36、itiesCan be used to partially balance cash requirements to fund accounts receivableCash Flow ImpactHigher = Source of cashLower = Use of cashWhat 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.3636存

37、货存货 - INVENTORIES 评价库存管理方法评价库存管理方法 - Review of stock management process- 重新定义安全水平重新定义安全水平 - 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变卖过时的和不使用的存货 - Sell outdated or unused inventories 加强生产活动的

38、存货管理加强生产活动的存货管理 - Consolidate stocks management within production sites / activities 标准化存货采购标准化存货采购 - Standardize inventories purchased 减少瓶颈减少瓶颈 - Reduce bottleneck 定期控制存货水平定期控制存货水平 - Control regularly inventories levels 缩短存货周期缩短存货周期 - Reduce cycle time应付应付 - 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根据供应商

39、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,.- 例如例如 : 增加延期付款增加延期付款 - 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打造一支专业的团队负责应付过程的管理 Create/st

40、rengthen specific team in charge of the management of the payable processOperation- DOS应收应收 - 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,. 例如例如 : 减少延期付款减少延期付款 e.g : reduction of the delay of payment 制定特殊的

41、规则使付款期与价格相互关联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 process3737w项目计划没有考虑到付款标识段项目计划没有考虑到付款标识段 Project planning does not take into considerati

42、on payment milestonesw没有与项目有关的现金曲线图没有与项目有关的现金曲线图 - No cash curve on projects w不能优化生产循环或项目循环不能优化生产循环或项目循环 - Non-optimization of the production or project cyclew依据产品结构进行生产管理及项目管理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而非依据产品需求的驱动 Production, project managed according to a component production logic as opposed to

43、 a demand-driven logicw制造或者购买制造或者购买 : 购买配件而不是功能购买配件而不是功能 Make or buy : purchase of components instead of functionsw生产改造没有考虑到现有的存货生产改造没有考虑到现有的存货, 在产品在产品, 及已有的订单及已有的订单 Production modification without taking into account existing inventories, in-process goods, and purchase orders already issuedOperatio

44、n - DONTS3838w采购、物流、存货管理间缺乏协调采购、物流、存货管理间缺乏协调 - Lack of co-ordination between purchasing, logistics, inventories management l 供应商单方面采取提前交货的方式促使我们提早付款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 supplierl 提早付款是由收到发票引起的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而不是按照约

45、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 conditionsl 供应商延期交货供应商延期交货,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 negotiationw公认的购货条件没有得到应用公认的购货条件没有得到应用 - Non-application of gen

46、eral purchasing conditionsw采购部门仅仅以价格为判断依据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 paymentOperation - DONTS3939议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表 - Balan

47、ce Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu基本财务比率及报表评价基本财务比率及报表评价 Basic Financial Ratios and Financial Statement evaluationu投资评价初步投资评价初步 Basic Investment Appraisalu结束部分结束部分 - ConclusionUnit Managing Directors Convention - March 2007 - Basic in Finance4040Introduction STD cos

48、t structureStandard Duty %RM Stand Cost CNY Per UoMLastest Purchase PriceStandard Freight %BOM Consuption Quantity RM Yeild RateStandard Material CostStd Conversion CostDirect Labor = Routine Hr X RateVOH= Routine Hr X RateFOH=Routine Hr X RateStandard Shinkage RateFG Standard CostUnit Managing Dire

49、ctors Convention - March 2007 - Basic in Finance4141Introduction STD cost rateuWork center cost rate means how much costs needed when occupy the work center for one hour (CNY/hour)uStandard cost rate should including the impact of OEE (Overall Equipment Effectiveness)Coverision CostStandard Cost Rat

50、e (CNY/Hour)Cycle Timer (Routine Hour)Estimated Total Expenditure (CNY)Est. total working hrs (with OEE)Unit Managing Directors Convention - March 2007 - Basic in Finance4242Introduction STD cost componentsMATERIALEstablished as the last “normal volume” purchase price at the time the standards are b

51、eing set.Material Components:MaterialInbound FreightDutiesLABORConsists of the wages of all associates involved in the process of manufacturing and assembling products. Labor Components:Labor (Regular)Labor (Temporary)VARIABLE COST OVERHEADIncludes all the costs (other than direct labor) that are di

52、rectly related to the process of manufacturing and assembling products.Variable Cost Components:Variable Indirect MaterialMaintenance & Repair/Equip. & ToolsUtilities VariableFIXED MANUFACTURING OVERHEADExpenses which are not considered to be dependent upon short-term production volumes.Fixe

53、d Manufacturing Overhead Components:Salaries/WagesDepreciation/AmortizationBldg. Repair & MaintenanceTaxes & InsuranceProfessional servicesStandard CostUnit Managing Directors Convention - March 2007 - Basic in Finance4343Introduction STD cost components012341234567DLVOHFOH4444几个成本名词几个成本名词wF

54、ixed OHD 固定制造费用固定制造费用wVariable OHD 变动制造费用变动制造费用wReplacement Cost 重置成本重置成本wOpportunity Cost 机会成本机会成本wSunk Cost 沉没成本沉没成本4545损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles销售收入销售收入SALES边际贡献边际贡献Standard Contribution Margin标准销售毛利标准销售毛利Standard Gross Margin (SGM)销售毛利销售毛利Gross Margin材料成本材料成本MATERIAL直

55、接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD固定制造费用固定制造费用FOHD材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHDMUV材料用量差异材料用量差异材料成本差异材料成本差异Material Var人工、制造费人工、制造费用差异用差异Labor & OHD Var固定制造费用固定制造费用FOHD变动成本变动成本固定成本固定成本Operating Income材料成本材料成本MATERIAL直接

56、人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHDMUV材料用量差异材料用量差异材料成本差异材料成本差异Material Var人工、制造费人工、制造费用差异用差异Labor & OHD Var固定制造费用固定制造费用FOHDSG&A管理费用管理费用4646损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles营业利润营业利润OPERATINGINCOME净收益净收益NET INCOME财务收入财务收入及费用及费用Finanial inc & exp所得税及所得税及递延税金递延税金Incomes &

57、amp;Deferred tax营业外项目营业外项目Expectional4747损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles销售毛利销售毛利Gross Margin材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料用量差异材料用量差异MUV材料成本差异材料成本差异Material Var人工及变动制造人工及变动制造费用差异费用差异Labor & VOHD Var固定制造费用及固定制造费用及差异差异FOHD & Var注意注意 :关键业绩指标关键业绩指标 K

58、PIGross MarginGM%4848损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles营业收益营业收益 - OI材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料用量差异材料用量差异MUV材料成本差异材料成本差异Material Var人工及变动制造人工及变动制造费用差异费用差异Labor & VOHD Var固定制造费用及固定制造费用及差异差异FOHD & Var管理费用管理费用SGA 4949损益表损益表: 主要原理主要原理 - Profit &

59、 Loss: Main Principlesw 工厂工厂的主要业绩指标之一的主要业绩指标之一wOne of the major KPI at plant level注意注意 :关键业绩指标关键业绩指标KPIOI营业收益营业收益 - OI材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料用量差异材料用量差异MUV材料成本差异材料成本差异Material Var人工及变动制造人工及变动制造费用差异费用差异Labor & VOHD Var固定制造费用及固定制造费用及差异差异FOHD & Var管理费用管理费用SGA 5050

60、损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles Operating Income + DepreciationwEarning Before Interest, Tax and Depreciation w工厂工厂的主要业绩指标之一的主要业绩指标之一wOne of the major KPI at plant level注意注意 :关键业绩指标关键业绩指标KPIEBITDAEBITDA营业收益营业收益 - OI材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料用量差异材料用量差异MUV材料成本差异材料成本差异Material Var人工及变动制造人工及变动制造费用差异费用差异Labor & VOHD Var固定制造费用及固定制造费用及差异差异FOHD & Var管理费用管理费用SGA 5151损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principl