财务管理ppt英文课件Cha

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Income Statement Example
Sales
Costs Depreciation EBIT Interest Taxable Income Taxes Net Income Dividends Addition to R/E
$2000
1400 100 500 100 400 200 $200 80 $120
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Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
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Primary Types of Financial Statements
Balance Sheet
➢ A summary of a firm’s financial position on a given date that shows
total assets = total liabilities + owners’ equity.
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Income Statement Analysis
• There are three things to keep in mind when analyzing an income statement:
1. GAAP 2. Non Cash Items 3. Time and Costs
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Examples:
Volatility in sales Volatility in costs Proximity to break-even point
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Framework for Financial Analysis
1. Analysis of the funds needs of the firm.
– In the long run, all inputs of production (and hence costs) are variable. – Financial accountants do not distinguish between variable costs and
fixed costs. Instead, accounting costs usually fit into a classification that distinguishes product costs from period costs.
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Income Statement Analysis
• Non Cash Items
– Depreciation is the most apparent. No firm ever writes a check for “depreciation”.
– Another noncash item is deferred taxes, which does not represent a cash flow.
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Uses of Financial Statement Information
• Internal uses: – performance evaluation – planning for the future
• External uses: – evaluation by outside parties – evaluation of main competitors – identifying potential takeover targets
• Income Statement – A summary of a firm’s revenues and expenses over a specified period, ending with net income or loss for the period. Revenue – Expenses ≡ Income
• Market value is a completely different concept. – Current value of a firm relates to market value, or the price that the asset would yield in the current market place.
A Financial Manager
2. Analysis of the financial condition and profitability of the firm.
3. Analysis of the business risk of the firm.
Determining the
financing needs of the firm.
– Accounting liquidity – Debt versus equity – Value versus cost
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Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash. • Current assets are the most liquid. • Some fixed assets are intangible. • The more liquid a firm’s assets, the less likely the firm is to experience problems
• Control -- Focus on return on investment for various assets and asset efficiency.
• Understand -- Focus on understanding how suppliers of funds analyze the firm.
2. Analysis of the financial condition and profitability of the firm.
3. Analysis of the business risk of the firm.
Business risk relates to the risk inherent in the operations of the firm.
Is there a seasonal component?
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Framework for Financial Analysis
wenku.baidu.com
1. Analysis of the funds needs of the firm.
2. Analysis of the financial condition and profitability of the firm.
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Income Statement Analysis
• Time and Costs
– In the short run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.
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Framework for Financial Analysis
1. Analysis of the funds needs of the firm.
Trend / Seasonal Component
How much funding will be required in the future?
• Thus shareholder’s equity is the residual difference between assets and liabilities. • Financial leverage increases the potential reward to shareholders, but also increases
Chapter 6
Financial Statement Analysis
Financial Statement Analysis
• Financial Statements • A Possible Framework for Analysis • Ratio Analysis • Trend Analysis • Common-Size and Index Analysis
Health of a Firm
Financial Ratios
1. Individually 2. Over time 3. In combination 4. In comparison
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Framework for Financial Analysis
1. Analysis of the funds needs of the firm.
the potential for financial distress and business failure.
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Value versus Cost
• Generally Accepted Accounting Principles (GAAP) show that audited financial statements show assets at historical cost or book value.
Long-Term Debt
Shareholders’ Equity Total Value of Liabilities and Shareholders’ Equity
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Balance Sheet Analysis
• When analyzing a balance sheet, the financial manager should be aware of three concerns:
meeting short-term obligations. • Liquid assets frequently have lower rates of return than fixed assets.
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Debt versus Equity
• Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow.
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The Balance Sheet
Current Assets
Net
Working Capital
Current Liabilities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
Total Value of Assets
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Examples of External Uses of Statement Analysis
• Trade Creditors -- Focus on the liquidity of the firm. • Bondholders -- Focus on the long-term cash flow of the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
Generally Accepted Accounting Principles (GAAP)
• The matching principal of GAAP dictates that revenues be matched with expenses. Thus, income is reported when it is earned, even though no cash flow may have occurred.