简单财务知识1ppt课件

1、Oct 15th, 2019China Lubricant NE Sales TeamPart I 财务报表Oct 15th, 2019China Lubricant NE Sales TeamBALANCE SHEET资产负债表资产负债表PROFIT & LOSS STATEMENT损益表损益表CASH FLOW STATEMENT现金流量表现金流量表 Assets 资产 Liabilities 负债 Shareholders Funds 一切者权益 Gross Margin 毛利 OPEX 费用 NIAT 税后利润(Net Income After Tax) Operating cashf

2、low (营运活动 Investing cashflow投资活动 Financing cashflow (筹资活动)反映某一特定日反映某一特定日期财务情况的会期财务情况的会计报表。计报表。反映企业一定期间反映企业一定期间消费运营成果的会消费运营成果的会计报表计报表反映企业一定期间反映企业一定期间现金的流入和流出现金的流入和流出Financial StatementOct 15th, 2019China Lubricant NE Sales Team V1000: Sales Volume P1000: Sales Proceeds C1 MK Material Margin C2 Gross

3、Margin C3 MK Cash Delivered Margin C5 MK Cash Contribution Before Oheads Margin C10 NIBIATFinance KPI Oct 15th, 2019China Lubricant NE Sales TeamProceeds 销售收入销售收入 Cost of Goods Sold 销售本钱销售本钱C1 Margin 销售毛利销售毛利 =也被称为：也被称为：COGSeg, 根底油、添加根底油、添加剂、关税剂、关税 Less:Volume to C1Volume 销量销量Oct 15th, 2019China Lub

4、ricant NE Sales TeamC1 - MK Material Margin Less: = Agents Commission and Rebate 佣金、返利佣金、返利C2 - Gross Margin 毛利毛利C1 to C2Oct 15th, 2019China Lubricant NE Sales TeamC2 - Gross Margin ( 毛利毛利 Operating Expenses-MK 消费加工费消费加工费 =工厂消费费，工厂消费费，仓储费，仓储费，水电费，水电费，物料耗费物料耗费 Less: Secondary transport expenses 运输费运输

5、费 Less:C3 MK Cash Delivered Margin C2 to C3Oct 15th, 2019China Lubricant NE Sales TeamC3 MK Cash Delivered Margin Marketing Fee 市场费市场费 Less: = Support dept., Business TaxC5 MK Cash Contribution Before o/h SP 促销、广告费促销、广告费 Less: Sales Fee 销售费用销售费用 Less: Less: Less: SOPE Fee Other Support 支持部门支持部门 (DME

6、) SP C3 to C5Oct 15th, 2019China Lubricant NE Sales Team Depreciation Less: =C10 Margin 税后净利润税后净利润 Shared Support Services Less: Less: Less: Tax Residual o/hCorporate: eg. CH, HR, FN, Internal auditBusiness Specific FN, HRC5 MK Cash Contribution Before o/h C5 to C10Oct 15th, 2019China Lubricant NE S

7、ales Team损益表 (Volume, C1 C10 )KRMB/ KL1183601188653509765505497432808KBMB43280826223281947Oct 15th, 2019China Lubricant NE Sales TeamFinancial RatiosuProfitability Ratios 盈利才干目的盈利才干目的uHelp to answer: What is the profit earned per dollar of sales generated or per dollar of capital employed?uLiquidity

8、 Ratios 流动性目的流动性目的uHelp to answer: Will the company be able to meet its current financial obligations?Oct 15th, 2019China Lubricant NE Sales TeamProfitability RatiosuGross margin on sales 销售毛利率销售毛利率u =销售毛利销售毛利 / 销售收入销售收入 * 100% u Unit C1 = C1 margin / Sales Volume uProfit margin on sales 销售净利率销售净利率u

9、 =税后净利润税后净利润 / 销售收入销售收入 * 100%uReturn on Average Capital Employed (ROACE)u - 净资产收益率净资产收益率 ( 03 Target 24%)u = 税后净利润税后净利润 / 平均净资产平均净资产 ) * 100%u * 反映投资者投入企业的资本获取净收益的才反映投资者投入企业的资本获取净收益的才干。干。u 反映投资与报酬的关系。反映投资与报酬的关系。 Oct 15th, 2019China Lubricant NE Sales TeamLiquidity Ratio (流动比率ua). Current Ratio 流动比率

10、流动比率 ( 2 : 1 )u = 流动资产流动资产 / 流动负债流动负债 u * 阐明每一元的流动负债有多少流动资产作阐明每一元的流动负债有多少流动资产作为归还的保证。为归还的保证。u Q: 能否越高越好？能否越高越好？u 流动比率高能否代表一定可以归还债务？流动比率高能否代表一定可以归还债务？ ub). Quick Ratio 速动利率速动利率 ( )u = ( 流动资产流动资产 - 存货存货) / 流动负债流动负债Oct 15th, 2019China Lubricant NE Sales TeamLiquidity Ratio (流动比率u). Stock day 存货周转天数存货周转

11、天数u = 月末平均存货月末平均存货 /日均销售本钱日均销售本钱u = Stock balance / COGS * 365 (SHELL) uTarget for LSC stock (additives & Finished Goods) 28 Days, actual is 26 daysuDistributor Stock Day, target on 15 Days in Shangrila I, actual is averaged from 20 25 days. u). Debtors day 应收帐款周转天数应收帐款周转天数u = 月末平均赊销应收账款月末平均赊销应收账款 /

12、 日均产品销售收入日均产品销售收入u = Outstanding / Rolling 3 months proceeds * 90 (SHELL)u Lub DSO 04 Target on 22 Days, 04 Sep YTD Actual is 16.6 Days Oct 15th, 2019China Lubricant NE Sales TeamPart II 投资评价Oct 15th, 2019China Lubricant NE Sales Teamu定义: The process to determine the benefit of a planned investments

13、 for a project with a risk based cash flow analysis approach.u例如 uEOL, IWS investmentuInvestment for a new plantuDivestment for a non-robust business投资评价的定义Oct 15th, 2019China Lubricant NE Sales Team投资评价的取舍考量uHelp you to decide whether it is profitable to undertake a particular project. 盈利否？盈利否？uWhe

14、n you have a few alternative projects to consider and you cannot undertake all of them, then help you decide which one to choose. 选哪选哪个？个？uWhich one could gian more and gain more in a short time ? 赚得又多又快吗？赚得又多又快吗？Oct 15th, 2019China Lubricant NE Sales Team评价目的uNet Present Value 净现值 u 按照行业基准收益率(折现率)计

15、算的未来累计净现金流入量现值减去投资额的净现值。uPayback Period 投资回收期u 投资工程的净现金流量回收原始投资额所需求的时间。uVIR 投资工程的用净现值方法计算的内部报答率。uValue Investment Ratio，i.e. 投资净现值率uVIR=NPV/Investment Oct 15th, 2019China Lubricant NE Sales Team现值(Present Value), 终值(Final Value) - 1由现值求终值由现值求终值第一年第二年第三年第四年第五年100100100100100100*1+10%1=110延续五年，每年初向银延续

16、五年，每年初向银行存入行存入100元，年利率元，年利率10%， 第五年末合计？第五年末合计？100*1+10%2=121合计：合计：610.5100*1+10%3=133100*1+10%4=146.4100*1+10%5=161.1Oct 15th, 2019China Lubricant NE Sales Team现值(Present Value), 终值(Final Value) -1由终值求现值由终值求现值第一年第二年第三年第四年第五年100100100100100100/1+10%1=90.9经过银行，延续五年，在每年经过银行，延续五年，在每年底代缴保险费底代缴保险费100元，年利率

17、元，年利率为为10%。那么，在第一年初应。那么，在第一年初应一次性向银行存入多少钱？一次性向银行存入多少钱？100/1+10%2=82.65合计：合计：379.08100/1+10%3=75.13100/1+10%4=68.30100/1+10%5=62.09Oct 15th, 2019China Lubricant NE Sales TeamVIR and Payback PeriodVIR 和投资回收期和投资回收期12345时间时间现值现值22732066187815521708收入现值合计：收入现值合计：9477净现值净现值NPV =收入现值合计收入现值合计-投资现值投资现值=7477V

18、IR= /收入现值合计收入现值合计-投资现值投资现值/投资现值投资现值=3.74投资回收投资回收=收入现值等于投资现值的时间，收入现值等于投资现值的时间， 10个月个月年利率年利率10%-2000+2500+2500+2500+2500+2500-2000投资现值合计：投资现值合计：2000Oct 15th, 2019China Lubricant NE Sales Team投资评价的敏感性分析Sensitivity Analysis 前面范例中是假定每年的收入都能如期获得；现实中每年的投资收入前面范例中是假定每年的收入都能如期获得；现实中每年的投资收入不是确定的，风险时辰存在，那么不是确定的

19、，风险时辰存在，那么VIR 如何计算如何计算u投资敏感性分析借助量化投资敏感性分析借助量化 (quantify) 工程执行过程中的不确定风工程执行过程中的不确定风险来综合评价投资报答险来综合评价投资报答u要求对风险发生的概率要求对风险发生的概率(possibility)作出合理估计作出合理估计u并且测算不同的方案并且测算不同的方案(scenario)下的投资报答率下的投资报答率uBase CaseuUpper CaseuLow Caseu工程的综合投资报答率工程的综合投资报答率(A-VIR) 经过加权平均经过加权平均 ( weighting average) 计算得到计算得到Oct 15th, 2019China Lubricant NE Sales TeamExamples for Sensitivity AnalysisInvestment Cash Flow without DiscountingMODYear 0Year 1Year 2Year 3Year 4Year 5Sub-THigh Case(2,000)3,0003,0003,0003,0003,00013,000Base C