Cash Flow Analysis（英文版）(ppt 31页).ppt

2020/6/8,CashFlowAnalysis,1,CashFlowAnalysis,Session6,2020/6/8,CashFlowAnalysis,2,Thissession,HowtocalculateandanalysisacorporationsCashFlowanalysisHowtoevaluatethesolvencyofacompanybasedonitsbalancesheetandcashflows,2020/6/8,CashFlowAnalysis,3,Incaseyoumissedthelastsession.,Wecovered.I&EBalanceSheetsThelinkagesbetweenI&EandBalanceSheets,2020/6/8,CashFlowAnalysis,4,BusinessChallenges,EarnProfitsConvertProfitstoCashasFastasPossible,2020/6/8,CashFlowAnalysis,5,CashFlow,FromOperatingActivitiesFromInvestingActivitiesFromFinancingActivities,2020/6/8,CashFlowAnalysis,6,BalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&Equity,CashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesIncrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease-IncomeTaxPayable=CashFlowformOperatingActivities+CashFlowFromInvestingActivitiesPurchasesofProperty,Plant&Equipment+CashFlowsFromFinancingActivitiesShort-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue+DividendsPaidtoStockholders=IncreaseinCashforYear,BalanceSheet/CashFlowInteractions,2020/6/8,CashFlowAnalysis,7,CashFlowFromOperations,BalanceSheetlastyear,BalanceSheetthisyear,Income&Expensethisyear,ChangesintheBalancesheet“closetsplusthedepreciationadjustedincome,2020/6/8,CashFlowAnalysis,8,CashFlowfromOperations,Profit(“thebottomline”oftheI&EStatement)Plus7year-to-yearchangeadjustments(BalanceSheet)AccountsreceivableInventoryPrepaidexpensesDepreciationAccountsPayableAccruedExpensesIncomeTaxPayable,Cashflow,liketheBalanceSheetusesCASHACCOUNTINGNotACCRUALACCOUNTING,2020/6/8,CashFlowAnalysis,9,OperatingCashFlowComments,NetIncomeisfromthebottomlineofI&EStatement(DepreciationAdjusted)IncreasesinOperatingAssetsdecreasecashflowfromprofit(AR,Inventory,PrepaidExpenses)Increasesinliabilities“help”cashflow(AP,AccruedExpenses,IncomeTaxPayable),2020/6/8,CashFlowAnalysis,10,GrowthConsumesCa$h!,IncreasingrevenuewithcontrolledexpenseswillresultinincreasedprofitsRevenueincreasesalsodriveincreasesinoperatingassetsCashincreasesarenotaslargeasprofitincreasesbutaredelayedbecauseofARDecliningbusinessesexperienceoppositeeffectandcanexperienceincreased“cashflow”overprofitchanges,2020/6/8,CashFlowAnalysis,11,Depreciation&OperatingCashFlow,Depreciation:Sincethecompanypaidcashforthefixedassetswhenitboughtthem,thecompanydoesnotconsumecashasecondtimewhenitusesthemThedepreciationoftheI&EStatementistherefore“addedback”forcashflowpurposes,2020/6/8,CashFlowAnalysis,12,BalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&Equity,CashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesDecrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease=CashFlowformOperatingActivitiesCashFlowFromInvestingActivities-PurchasesofProperty,Plant&EquipmentCashFlowsFromFinancingActivities+Short-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue-DividendsPaidtoStockholders=IncreaseinCashforYear,BalanceSheet/CashFlowInteractions,2020/6/8,CashFlowAnalysis,13,PurchasesofProperty,Plant&Equipment,FixedAssetstomodernizeorexpandcapacityWillbecapitalized(depreciated),2020/6/8,CashFlowAnalysis,14,TheDepreciationStory,Capitalassetsareacashflowoutwhentheassetisbought(CashFlow/Investing)TheboughtassetsareaddedtotheProperty,Plant&EquipmentlineoftheBalanceSheetTheappropriatedepreciationisallocatedforintheperiodthatitis“used”ontheI&EThesumoftheaccumulateddepreciationsfromtheI&EissubtractedfromthepurchasepriceoftheassetsonthebalancesheetTheallocatedI&Edepreciationis“addedback”totheIncomeintheCashFlowanalysis,2020/6/8,CashFlowAnalysis,15,BalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&Equity,CashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesDecrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease=CashFlowformOperatingActivitiesCashFlowFromInvestingActivities-PurchasesofProperty,Plant&EquipmentCashFlowsFromFinancingActivities+Short-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue-DividendsPaidtoStockholders=IncreaseinCashforYear,BalanceSheet/CashFlowInteractions,2020/6/8,CashFlowAnalysis,16,CashFromFinancingActivities,Whenoperatingcashflowsareinsufficienttofundcompanyoperations,thefinancedepartmentmustraisecashforthecompanyLoansLineofcredit(short-termdebt)Notes,BondsorDebentures(long-termdebt)IssueStockDividendspaidtoStockholdersareconsideredafinancingcashflow,2020/6/8,CashFlowAnalysis,17,IBM2001CashFlow(M$),CashFlowFrom:200120001999Operations14,2659,27410,111Investing(6,106)(4,248)(1,669)Financing(5,309)(6,359)(8,625)Exchangeratechanges(83)(1470)(149)NetChangeinCash2,767(1,480)(332)Cashon1/13,5635,0435,375Cashon12/316,3303,5635,043Daysofcash301623,2020/6/8,CashFlowAnalysis,18,IBM2001CashFlowfromOperations(M$),20002001NetIncome7,7238,093Depreciation4,1954,513AmortizationofSoftware625482Deferredincometaxes65829Gainsonassetsales(317)(792)Write-downonimpairedinvestments405-Receivables3,284(4,720)Inventories337(55)Otherassets(545)(643)Accountspayable(969)2,245OtherLiabilities(1,131)122CashfromOperations14,2659,274,2020/6/8,CashFlowAnalysis,19,IBM2001CashFlowfromInvesting(M$),20012000Plant,rentalmachinesandotherproperty(5,660)(5,616)DispositionofPlant,rentalmachinesandotherproperty1,1651,619Investmentsinsoftware(655)(565)Purchasesofmarketablesecuritiesandotherinvestments(778)(750)Proceedsfrommarketablesecuritiesandotherinvestments7381,393Acquisitions(916)(329)NetCashusedinInvestingActivities(6,106)(4,248),2020/6/8,CashFlowAnalysis,20,IBM2001CashFlowfromFinancing(M$),20012000Proceedsfromnewdebt4,5359,604Short-termborrowings2,926(1,400)Paymentstosettledebt(7,898)(7,561)Preferredstocktransactionsnet(254)-Commonstocktransactionsnet(3,652)(6,073)CashDividendspaid(966)(929)NetCashUsedinFinancing(5,309)(6,359),2020/6/8,CashFlowAnalysis,21,Motorola2000CashFlows,CashFlowFrom:200019991998Operations(1,164)2,1401,295Investing(4,091)(960)(3,079)Financing5,1197881,872Exchangeratechanges(100)(33)34NetChangeinCash(236)1,935122Cashon1/13,5371,6021,480Cashon12/313,3013,5371,602DaysofCash334018,2020/6/8,CashFlowAnalysis,22,Motorola2000CashFlowfromOperations(M$),NetIncome1,318Depreciation2,522Chargesforre-organization1,483Deferredincometaxes658Acquiredin-processR&Dcharges332Salesofinvestments&businesses(1,570)Deferredincometaxes239Write-downonimpairedinvestments405Receivables(1,471)Inventories(2,305)Otherassets(532)Accountspayable(666)OtherLiabilities(514)CashfromOperations(1,164),2020/6/8,CashFlowAnalysis,23,Cooking!,ControllingdiscretionaryexpensesRepairs&maintenanceTraining&developmentTravelIncreasingrevenue“Stuffingthechannels”Lying,Fraud-gotojail,2020/6/8,CashFlowAnalysis,24,Enronitis,EnronDynergyInc.,ReliantResourcesInc.,CMSEnergyTycoGEBoeingIBM,2020/6/8,CashFlowAnalysis,25,3KeyFinancialAspectsofaBusiness,CashFlowsMaintainingSolvencyProfitability,2020/6/8,CashFlowAnalysis,26,Solvency-Again,TheCurrentRatio:TestofShort-TermSolvencyCurrentRatio=currentassets/currentliabilitiesGeneralRuleofthumb