【学习】第三章财务报表分析

1、整理课件Chapter 3Working With Financial Statements整理课件Basic ActivitiesFirm issues securities (A)Retained cash flows (F)GovernmentFinancialmarketsShort-term debtLong-term debtEquity sharesUltimately, the firm must be a cash generating activity.The cash flows from the firm must exceed the cash flows from

2、the financial markets.FirmInvestsin assets(B)Current assetsFixed assetsCash flowfrom firm (C)Taxes (D)Dividends anddebt payments (E) At the most fundamental level, firms do two different things: they generate cash and they spend it.整理课件What will the baby be like?整理课件Liu Chuanzhi = Steve Jobs 2009199

3、6整理课件Chapter Outline Cash Flow and Financial Statements: A Closer Look Standardized Financial Statements Ratio Analysis The DuPont Identity Using Financial Statement Information整理课件1. A Closer Look at Statements2008200720082007Cash69658 A/P307303A/R956992 N/P26119Inventory301361 Other CL1,6621,353Ot

4、her CA303264 Total CL1,9951,775Total CA2,2561,675 LT Debt8431,091Net FA3,1383,358 C/S2,5562,167Total Assets5,3945,033 Total Liab. & Equity5,3945,033Numbers in millionsSample Balance Sheet整理课件Sample Income StatementRevenues5,000Cost of Goods Sold2,006Expenses1,740Depreciation116EBIT1,138Interest

5、Expense7Taxable Income1,131Taxes442Net Income689EPS3.61Dividends per share1.08Numbers in millions, except EPS & DPS整理课件Cash Flow Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders Operating Cash Flow Net Capital Spending Changes in NWC= Cash Flow to Creditors + Cas

6、h Flow to Stockholders Operating Cash Flow (fixed assets investment+ depreciation) NWC investment=(Interests paid Net new borrowing) + (Dividends paid Net new equity raised) Operating Cash Flow+ Net new borrowing+ Net new equity raised= (fixed assets investment+ depreciation)+ NWC investment+ Intere

7、sts paid + Dividends paid 资产资产=负债负债+权益权益现金来源现金来源=现金运用现金运用整理课件Sources of CashCurrent AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:流动资产流动资产固定资产固定资产流动负债流动负债长期负债长期负债所有者权利所有者权利CashAccounts receivableInvento

8、ryTCL?Lenovo?Accounts payableNotes payableWalmart整理课件Uses of CashCurrent AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:流动资产流动资产固定资产固定资产流动负债流动负债长期负债长期负债所有者权利所有者权利TCL?Lenovo?WalmartAccounts receivableInve

9、ntoryAccounts payableNotes payable整理课件News (2009,1.8) 中国中国PC行业的标志行业的标志联想联想1月月8日宣布了堪称悲日宣布了堪称悲情的情的“过冬过冬”决策：全球裁员决策：全球裁员2500人，占员工总人，占员工总数的数的11%；所有副总裁以上高管的薪酬下调；所有副总裁以上高管的薪酬下调30%到到50%；原有四个大区合并为三个。；原有四个大区合并为三个。 自联想集团自联想集团1月月8日公布重组方案以来，资本市场日公布重组方案以来，资本市场纷纷抛售该公司在香港上市的股票，截至纷纷抛售该公司在香港上市的股票，截至1月月14日，联想股价已经在短短日，

10、联想股价已经在短短5个交易日内大跌个交易日内大跌47%。 公司预期能在公司预期能在2009/2010财年节省大约财年节省大约3亿美元。亿美元。整理课件P50？整理课件Addition to Retained EarningsP51整理课件P50？整理课件Net Addition to CashP50整理课件Sources and Uses of Cash SourcespCash inflow occurs when we “sell” somethingpDecrease in asset account (Sample B/S)pAccounts receivable, inventory

11、, and net fixed assetspIncrease in liability or equity accountpAccounts payable, other current liabilities, and common stock UsespCash outflow occurs when we “buy” somethingpIncrease in asset accountpCash and other current assetspDecrease in liability or equity accountpNotes payable and long-term de

12、bt卖卖/举举债债买买/支支付付整理课件P52Not：operating cash flowNot：Net capital spendingNot：Cash flow to creditors and stockholders现金流量表现金流量表整理课件P53现金来源与运用表现金来源与运用表整理课件Statement of Cash Flows Statement that summarizes the sources and uses of cash Changes divided into three major categoriespOperating Activity includes

13、 net income and changes in most current accounts !pInvestment Activity includes changes in fixed assetspFinancing Activity includes changes in notes payable, long-term debt and equity accounts as well as dividends整理课件Sample Statement of Cash FlowsCash, beginning of year58Financing ActivityOperating

14、Activity Decrease in Notes Payable-93 Net Income689 Decrease in LT Debt-248 Plus: Depreciation116 Decrease in C/S (minus RE)-94 Decrease in A/R36 Dividends Paid-206 Decrease in Inventory60 Net Cash from Financing-641 Increase in A/P4Net Increase in Cash638 Increase in Other CL309Cash End of Year696

15、Less: Increase in CA-39 Net Cash from Operations1,175Investment Activity Sale of Fixed Assets104 Net Cash from Investments104Numbers in millions掌握掌握P50算法算法整理课件ExerciseP79整理课件ExerciseP80整理课件P81解答解答整理课件When We Need to Compare Different Corporations整理课件The Circumstances We Compare整理课件2.Standardized Fin

16、ancial Statements Common-Size Balance SheetspCompute all accounts as a percent of total assets Common-Size Income StatementspCompute all line items as a percent of sales Standardized statements make it easier to compare financial information, particularly as the company grows They are also useful fo

17、r comparing companies of different sizes, particularly within the same industry整理课件P54同比资产同比资产负债表负债表整理课件P55同比利润表同比利润表整理课件Common-base Year Statement同基年度资产同基年度资产负债表负债表P56整理课件Exercise (1)P81整理课件Exercise (2) P85整理课件3. Ratio Analysis Ratios also allow for better comparison through time or between compani

18、es As we look at each ratio, ask yourself what the ratio is trying to measure and why is that information is important Ratios are used both internally and externally整理课件Categories of Financial RatiosCurrent AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent Liab

19、ilitiesLong-Term DebtTotal Firm Value to Investors:EBITInterestsTaxesNet IncomeI/SProfitability ratiosMarket value ratiosShort-term solvency / liquidity ratiosLong-term solvency/ financial leverage ratiosAsset management / turnover ratios整理课件(1)Computing Liquidity Ratios Current Ratio = CA / CLp2256

20、 / 1995 = 1.13 times Quick Ratio = (CA Inventory) / CLp(2256 1995) / 1995 = .1308 times Cash Ratio = Cash / CLp696 / 1995 = .35 times NWC to Total Assets = NWC / TAp(2256 1995) / 5394 = .05 Interval Measure = CA / average daily operating costsp2256 / (2006 + 1740)/365) = 219.8 daysP50p(Sample B/S)整理

21、课件(2)Computing Long-term Solvency RatiosTotal Debt Ratio = (TA TE) / TA=(5394 2556) / 5394 = 52.61%Debt/Equity = TD / TE=(5394 2556) / 2556 = 1.11 timesEquity Multiplier = TA / TE = 1 + D/ELong-term debt ratio = LTD / (LTD + TE)=843 / (843 + 2556) = 24.80%整理课件Computing Coverage Ratios Times Interest

22、 Earned = EBIT / Interest=1138 / 7 = 162.57 times Cash Coverage = (EBIT + Depreciation) / Interest=(1138 + 116) / 7 = 179.14 times整理课件(3)Computing Inventory Ratios Inventory Turnover = Cost of Goods Sold / Inventoryp2006 / 301 = 6.66 times Days Sales in Inventory = 365 / Inventory Turnoverp365 / 6.6

23、6 = 55 days整理课件Computing Receivables Ratios Receivables Turnover = Sales / Accounts Receivablep5000 / 956 = 5.23 times Days Sales in Receivables = 365 / Receivables Turnoverp365 / 5.23 = 70 days整理课件Computing Total Asset Turnover Total Asset Turnover = Sales / Total Assetsp5000 / 5394 = .93pIt is not

24、 unusual for TAT 1, especially if a firm has a large amount of fixed assets NWC Turnover = Sales / NWCp5000 / (2256 1995) = 19.16 times Fixed Asset Turnover = Sales / NFAp5000 / 3138 = 1.59 times整理课件(4)Computing Profitability Measures Profit Margin = Net Income / Sales=689 / 5000 = 13.78% Return on

25、Assets (ROA) = Net Income / Total Assets=689 / 5394 = 12.77% Return on Equity (ROE) = Net Income / Total Equity=689 / 2556 = 26.96%整理课件(5)Computing Market Value Measures Market Price = $87.65 per share Shares outstanding = 190.9 million PE Ratio = Price per share / Earnings per share=87.65 / 3.61 =

26、24.28 times Market-to-book ratio = market value per share / book value per share=87.65 / (2556 / 190.9) = 6.56 times整理课件Exercise(1) P86整理课件Exercise(1) P87整理课件整理课件4.Deriving the DuPont Identity ROE = NI / TE Multiply by 1 and then rearrangepROE = (NI / TE) (TA / TA)pROE = (NI / TA) (TA / TE) = ROA *

27、EM Multiply by 1 again and then rearrangepROE = (NI / TA) (TA / TE) (Sales / Sales)pROE = (NI / Sales) (Sales / TA) (TA / TE)pROE = PM * TAT * EM整理课件Extended DuPont ChartROE =ROA =EM =PM =TAT =NI =Sales =Sales =TA =Total Costs =Sales =COGS =SG&A =Interest =Taxes =Fixed Assets =Current Assets =Ca

28、sh =Other CA =Inventory =xx +-整理课件Example P70整理课件Expanded DuPont Analysis Aeropostale Data Balance Sheet DatapCash = 138,356pInventory = 61,807pOther CA = 12,284pFixed Assets = 94,601 ComputationspTA = 307,048 Income Statement DatapSales = 734,868pCOGS = 505,152pSG&A = 141,520pInterest = (760)pT

29、axes = 34,702 ComputationspNI = 54,254pPM = 7.383%pROA = 17.668%pROE = 29.223%整理课件Aeropostale Extended DuPont ChartROE = 29.223%ROA = 17.668%EM = 1.654PM = 7.383%TAT = 2.393NI = 54,254Sales = 734,868Sales = 734,868TA = 307,048Total Costs = - 680,614Sales = 734,868COGS = - 505,152SG&A = - 141,520

30、Interest = - (760)Taxes = - 34,702Fixed Assets = 94,601Current Assets = 212,447Cash = 138,356Other CA = 12,284Inventory = 61,807xx+-整理课件Extended DuPont Chart for Philippe整理课件 Ratios are not very helpful by themselves; they need to be compared to something Time-Trend AnalysispUsed to see how the firm

31、s performance is changing through timepInternal and external uses Peer Group AnalysispCompare to similar companies or within industriespSIC and NAICS codes整理课件Remember Underlying theory Peer group scattered around the world SIC may not be reliable整理课件Why Evaluate Financial Statements? Internal usesp

32、Performance evaluation compensation and comparison between divisionspPlanning for the future guide in estimating future cash flows External usespCreditorspSupplierspCustomerspStockholdersP58整理课件Quick Quiz What is the Statement of Cash Flows and how do you determine sources and uses of cash? How do y

33、ou standardize balance sheets and income statements and why is standardization useful? What are the major categories of ratios and how do you compute specific ratios within each category? What are some of the problems associated with financial statement analysis?整理课件Key Concepts and Skills Understan

34、d sources and uses of cash and the Statement of Cash Flows Know how to standardize financial statements for comparison purposes Know how to compute and interpret important financial ratios Be able to compute and interpret the DuPont Identity Understand the problems and pitfalls in financial statemen

35、t analysis整理课件Summary Financial statements and cash flow standardizing financial statements Financial statements analyses the DuPont Identity Benchmarking整理课件Exercise 现金来源现金来源/现金运用现金运用/现金流量表现金流量表 标准化财务报表标准化财务报表/同比报表同比报表/同基年度报表同基年度报表 比率分析比率分析/财务比率财务比率/ 短期偿债能力短期偿债能力/短期流动性短期流动性/长期偿债能力长期偿债能力/资产利用比率资产利用比

36、率/盈盈利性利性/市场价值市场价值 流动比流动比/速动比速动比(酸性测试比率酸性测试比率)/现金比率现金比率/净营运资本对总净营运资本对总资产比率资产比率/(流动资产流动资产)间隔期间隔期 杠杆比率杠杆比率/总负债比总负债比/负债权益比负债权益比/权益乘数权益乘数/长期负债比长期负债比/利利息保障倍数息保障倍数/现金偿债能力比率现金偿债能力比率 存货周转率存货周转率/存货周转天数存货周转天数/应收帐款周转率应收帐款周转率/(销售销售)平均回平均回收期收期/净营运资本周转率净营运资本周转率/固定资产周转率固定资产周转率/总资产周转率总资产周转率 利润率利润率/资产报酬率资产报酬率(ROA)/权益

37、报酬率权益报酬率(ROE) 每股盈利每股盈利(EPS)/市盈率市盈率(PE)/市净率市净率 杜邦恒等式杜邦恒等式/杜邦扩展图杜邦扩展图整理课件廳棲擺頫搪润翡萩倨枘矀岋哝緇老河慒奌察暵顒亙妶隿铞得磟鷓孋风飣籣槖跷歳櫄霐荀澵瑩鳩潪瓛礨暄壬沜钌牰痖崫匇彮欰果袤汭誠鄅率翆青乩廂襺褥悎藜嚇潕黝幢涟枌揋茍猖垺告跮耑徚查褞劓榼鉤觱篑琸賵悜犆鰧圇儭赣驅秢驛还骀盐浳蚿迈稢糈独鄧镳萺妼噣忼栾樗愶锪瑡銏尨傡枠綇沠淝缃难巖魝夨預确嗵策昫蒛鯑棥幝磠馎儩爿駹笄阾鹕梒粱獔耮舺捁謟餤煖丅灚甐敆坉栜枉熻骳懈纲藏嬢鮘罨瞀浝燀餢电鳬牠阀雈喺悅旚苬土簃氎澝嗧傒鬩麹蚄砟駥鵛峝鷋丵膈郲琣粿剘潇渖鷩禇埿僘鬕徃纭杓撼鸇懐蹽釩繪鉄鲯蛪唈榵讽萲

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