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1CHAPTEROverviewofFinancial

StatementAnalysisMcGraw-Hill/Irwin©2004TheMcGraw-HillCompanies,Inc.,AllRightsReserved.BusinessAnalysisEvaluateProspectsEvaluateRisksBusinessDecisionMakersEquityinvestorsCreditorsManagersMergerandAcquisitionAnalystsExternalAuditorsDirectorsRegulatorsEmployees&UnionsLawyersInformationSourcesfor

BusinessAnalysisQuantitativeFinancialStatementsIndustryStatisticsEconomicIndicatorsRegulatoryfilingsTradereportsQualitativeManagementDiscussion&AnalysisChairperson’sLetterVision/MissionStatementFinancialPressPressReleasesWebsitesTypesofBusinessAnalysisCreditAnalysisEquityAnalysisManagement&ControlMergers,Acquisitions&DivestituresDirectorOversightRegulationExternalAuditingLaborNegotiationsFinancialManagementCreditAnalysisTradeCreditorsProvidegoodsorservicesMostshort-termUsuallyimplicitinterestBearriskofdefaultNon-tradeCreditorsProvidemajorfinancingMostlong-termUsuallyexplicitinterestBearriskofdefaultCreditorsCreditAnalysisLiquidityAbilitytomeetshort-termobligations

Focus:CurrentFinancial conditionsCurrentcashflowsLiquidityofassetsSolvencyAbilitytomeetlong-termobligations

Focus:Long-termfinancial conditionsLong-termcashflowsExtendedprofitabilityCreditworthiness:Abilitytohonorcreditobligations(downsiderisk)IntrinsicValue

(orFundamentalValue)

Intrinsicvalue>MarketvalueBuyIntrinsicvalue<MarketvalueSellIntrinsicvalue=MarketvalueHoldValueofCompany(orstock)withoutreferencetomarketvalue(orstockprice)StrategyProspectiveAnalysisAccountingAnalysisBusinessEnvironment&StrategyAnalysis

IndustryAnalysisStrategyAnalysisFinancialAnalysis

AnalysisofSources&UsesofFundsProfitabilityAnalysisRiskAnalysisCostofCapitalEstimateIntrinsicValueAccountingAnalysisComparabilityproblems—acrossfirmsandacrosstime

Managerestimationerror

Distortionproblems Earningsmanagement

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StatementofCashFlowsforYearEndedDec.31,2001OperatingCashflows$2,065InvestingCashflows (1,047)FinancingCashflows (808)Exchangeratechangesoncash (8)NetChangeinCash$202CashBalance,Dec.31,1997 246CashBalance,Dec.31,1998 $448

StatementofShareholders’EquityforYearEndedDec.31,2001ShareCapital,Dec.31,1997 $1,849Adjustments/StockIssue (22)ShareCapital,Dec.31,1998 $1,827RetainedEarnings,Dec.31,1997$7,387Add:ComprehensiveIncome(39)Less:Dividends (514)RetainedEarnings,Dec.31,1998$6,834TreasuryStock,Dec.31,1997$5,808TreasuryStockIssued82TreasuryStockRepurchased(41)TreasuryStock,Dec.31,1998$5,767

IncomeStatementforYearEndedDec.31,2001Sales $13,234Expenses (13,158)NetEarnings $76OtherComprehensiveIncome (115)ComprehensiveIncome $(39)

BalanceSheetDec.31,2000AssetsCash $246Non-CashAssets 13,966TotalAssets $14,212Liabilities&EquityTotalliabilities $10,784

Equity:ShareCapital 1,849RetainedEarnings 7,387TreasuryStock (5,808)Totalequity $3,428

Liabilities&Equity $14,212

BalanceSheetDec.31,2001AssetsCash $448Non-CashAssets 12,914TotalAssets $13,362Liabilities&EquityTotalliabilities $10,468

Equity:ShareCapital 1,827RetainedEarnings 6,834TreasuryStock (5,767)Totalequity $2,894

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...(1+k)1(1+k)2(1+k)3(1+k)nVtis浙t刃he惊v甜al静ue王o戏f醒an积e拌qu厨it万y朵se每cu炼ri汇ty踢a龄t崭ti龙metDt+nis聋t王he轨d佛iv恨id可en梳d播in苏p温er要io凳dt+莫nk史is伤t盈he滋c雅os蓬t茎of坚c核ap泰it颜alE()蝇re袖fe纸rs租t唉oex禾pe殿ct盖eddi嫂vi窄de症nd朵sAn奸al炼ys险is刚P维re锯vi纷ewEq红ui云ty阴V墓al拦ua雷ti吵on狸-誉F水re捞e稻Ca蚂sh劣F糕lo生w葬Mo抬de夏lFC联Ft+距nis冤t瞒he宅f悲re搏e帝ca窑sh码f嗓lo值w漠in矛t驻he汉p盒er恋io矿dt辣+攀n[o榆ft杏en注de戚fi沾ne漆d农as怪c漆as贼h落fl准ow夜f押ro扭m酿op伸er绘at学io衰ns幼l存es嚼s典ca遥pi聪ta圣l壶ex选pe旅nd搅it殖ur着es雅]k熟i竹s躲th泻e垮co推st粉o烂f首ca懒pi煎ta损lE(钉•)含r数ef榨er月s肿to膊a况n替ex附pe川ct霸at巨io辟nVt=E(FCFt+1)+E(FCFt+2)+E(FCFt+3)+...+E(FCFt+n)+...(1+k)1(1+k)2(1+k)3(1+k)nAn遮al线ys娃is双P侄re烈vi韵ewEq照ui铺ty议V惕al净ua闭ti聚on协-拍R补es身id税ua您l伤In篮co阁me逆M督od康elRit+绘nis碎t咬he偏r何es掏id侦ua唯l矩in棵co棍me家i找n快pe掏ri立odt蛛+旧n[d源ef枪in抓ed状a梯s丛ne光t子in竹co字me请,尤NI迅,犬mi宫nu非s游a哪ch慎ar己ge播o罚n品be欧gi喂nn迟in珍g碌bo貌ok籍v蔽al肺ue造,教BV晴,舍orRIt=NIt-飘(k需x锄B首Vt-摄1)]k康i筐s绣th赶e鬼co姑st蚊o赴f作ca线pi耕ta科lE(圈•)窝r埋ef系er茧s衡to姑a牛n举ex浊pe兔ct之at恨io肿nVt=BVt+E(RIt+1)+E(RIt+2)+E(RIt+3)+...+E(RIt+n)+...(1+k)1(1+k)2(1+k)3(1+k)nAn搁al颜ys凉is恒i候n艇an姿E酬ff引ic秀ie悼nt乌M贵ar减ke锹tTh道re伪e菜as陡su姿me透d马fo雷rm箭s抹of江m骑ar临ke医t沈ef尾fi让ci灾en友cyWe携ak捏F杀or页m焰-努pr签ic撇es搏r敲ef意le益ct斗i瞎nf就or蓝ma览ti将on肿i猫n历pa久st牢p邀ri辫ce轨sSe介mi帽-s蛋tr绢on缴g灰Fo障rm舌-扶p也ri司ce说s腰re核fl促ec脊t芳al孩l疯pu午bl穗ic茎in同fo排rm最at怪io骗nSt雹ro岭ng触F系or剧m罚-煮p扎ri富ce司s米re窝fl包ec瓦t好al彼l键pu销bl期ic队a淡nd汽pr已iv辱at积e疑in狐fo甘rm恢at很io睛nAn男al督ys污is午i骆n平an钢E吗ff最ic清ie唯nt缺M割a

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