公司理财.ppt

in debt
Equity 1,150 Total
1,060 1,150
4-9
Percentage of Sales Approach
• Some items vary directly with sales, while others do not • Income Statement
– Costs may vary directly with sales - if this is the case, then the profit margin is constant
(880)
Net Income
1,320
Dividends
660
Add. To RE
• Financial Requirements – the amount of financing needed to pay for the required assets
• Plug Variable – determined by management deciding what type of financing will be used to make the balance sheet balance
– Debt is the plug variable and no dividends are paid
Pro Forma Balance Sheet
Case 2
Assets
1,150 Debt
90
– Debt = 1,150 –
(600+460) = 90 – Repay 400 – 90 = 310 Total
• Understand the financial planning process and how decisions are interrelated
• Be able to develop a financial plan using the percentage of sales approach
(2,000*1.15)
– All items are tied directly to sales, and the current relationships are optimal
Revenues Less: costs
2,300 (1,840)
– Consequently, all
other items will Net Income
Net Income
(800) 1,200
16% 24%
Dividends
600
Add. To RE
600
Tasha’s Toy Emporium
Pro Forma Income Statement,
2010
Sales
5,500
Less: costs
(3,300)
EBT
2,200
Less: taxes
directly with sales because they depend on management decisions about capital structure – The change in the retained earnings portion of equity will come from the dividend decision
• Explore options – give management a systematic framework for exploring its opportunities
• Avoid surprises – help management identify possible outcomes and plan accordingly
• Be able to compute external financing needed and identify the determinants of a firm’s growth
• Understand the four major decision areas involved in long-term financial planning
• Aggregation - combine capital budgeting decisions into one large project
• Assumptions and Scenarios
– Make realistic assumptions about important variables – Run several scenarios where you vary the assumptions
460
also grow at 15%
4-8
Example: Pro Forma Balance
Sheet
Gourmet Coffee Inc.
• Case I
Pro Forma Balance Sheet
– Dividends are the plug variable, so equity
Case 1
• Liquidity requirements – determined by net working capital decisions
4-3
Financial Planning Process
• Planning Horizon - divide decisions into short-run decisions (usually next 12 months) and long-run decisions (usually 2 – 5 years)
4-10
Example: Income Statement
Tasha’s Toy Emporium Income Statement, 2009
Sales
5,000
% of Salesห้องสมุดไป่ตู้
Less: costs (3,000)
60%
EBT
2,000
40%
Less: taxes (40% of EBT)
• Balance Sheet
– Initially assume all assets, including fixed, vary directly with sales
– Accounts payable will also normally vary directly with sales – Notes payable, long-term debt and equity generally do not vary
• Ensure feasibility and internal consistency – help management determine if goals can be accomplished and if the various stated (and unstated) goals of the firm are consistent with one another
increases at 15%
Assets
1,150 Debt
460
– Dividends = 460 (NI) –
Equity
690
370 (increase in equity)Total = 90 dividends paid
1,150 Total
1,150
• Case II
Gourmet Coffee Inc.
– Depreciation and interest expense may not vary directly with sales – if this is the case, then the profit margin is not constant
– Dividends are a management decision and generally do not vary directly with sales – this influences additions to retained earnings
Balance Sheet
Income Statement
December 31, 2009
For Year Ended December 31,
2009
Assets 1000 Debt
400
Revenues
2000
Equity 600 Less: costs
(1600)
Total
1000 Total 1000 Net Income
400
4-7
Example: Pro Forma Income Statement
• Initial Assumptions
Gourmet Coffee Inc.
– Revenues will grow Pro Forma Income Statement
at 15%
For Year Ended 2010
4-5
Financial Planning Model Ingredients
• Sales Forecast – many cash flows depend directly on the level of sales (often estimated using sales growth rate)
• Economic Assumptions – explicit assumptions about the coming economic environment
4-6
Example: Historical Financial Statements
Gourmet Coffee Inc.