财务报表分析英文课件

FINANCIALMANAGEMENTSKILL

财务管理技能

2015年09月12日AaronWangFINANCIALMANAGEMENTSKILL

财务管议题-AGENDA导言及基本概念IntroductionandBasicConcepts资产负债表

-BalanceSheet

损益表-Profit&Loss现金流量表–CashFlowStatement基本财务比率及报表评价–BasicFinancialRatiosandFinancialStatementEvaluation投资评价初步BasicInvestmentAppraisal结束部分-Conclusion议题-AGENDA导言及基本概念Introducti

IntroductionandBasicConcepts导言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceThistrainingwillallowyoutounderstand：FinanceFunctionConceptofFinancialKPIs(Revenue,DM,DL,VOH,FOH,SG&A,OI,OCF,EBITDA,DOH,DSO,DPO,Incremental,etc.)BS,P&LandCashFlowStatementsConceptsofFinancialStatementEvaluationandInvestmentAppraisal

IntroductionandBasicConceptsIntroductionandBasicConceMinimizeWorkingCapitalMaintainStrongCashFlowPayDebtsAsTheyAreDueIncreaseLiquidityMaintainStrongFinancialPositionIncreasedReturnOnInvestmentReducedCostsIncreasedSalesIncreasedGrowthRateGenerateIncomeAndProfitCurrentProfitIncrease

CurrentProfitIncreaseIncreaseOfReturnOnInvestment

IncreaseLiquidityMinimizingCapitalExpenditures

MeetingTheDay-to-dayBusinessNeedsVersusVersusVersusVersusWhileWhileCurrentSalesIncreaseSalesGrowthSalesGrowthCurrentProfitIncreaseGrowingTheBusinessReducingCosts“Ifwecannotmeasure,wecannotimprove”

IntroductionandBasicConceptsGoaloftheFirmMinimizeWorkingCapitalMaint

IntroductionandBasicConcepts导言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceAVPofFinanceAsiaPacificISr.Mgr.-TreasuryAsiaPacificJTreasurySupervisorAsiaPacificKTreasuryAnalystAsiaPacificEManager-CADAAsiaPacificFFin.PlanningAnalystAsiaPacificGManager–ISSCSuzhouChina(Teamof25)HDirector–ISSCPuneAPRegion(Teamof50)PDirectorofFinanceNorthAsia(Teamof5)QCountryControllerIndia(Teamof5)RFinanceManager(20%)TaiwanSTaxManagerAsiaPacificMTaxManagerAustralia/NZ&SEANTaxManagerNorthAsiaOTaxManagerIndiaLDirector–Int’lTaxAsiaPacificCCorp.AccountAustralasia/SEAsiaDCountryControllerSingapore/MalaysiaBDirectorofFinanceAustralasia/SEAsiaRegionalcapabilitieswithlocaltalentleadingtoorganizationalcapacityandsignificantsavings.

IntroductionandBasicConceptsAsiaPacificCorporateFinanceOrganizationAIJKEFGHPQRSMNOLCDBRegionalcaAFinancialControllerBFinAccountingManagerGFPAandCostingManagerHFPA&FACAPAcctDARAcctFGLandTaxICostingsupervisorJCostAccountantECashierandT&EKStatisticianL

FLDPSZFinOfficialH/C:12FLDP:1Fincontroller:1Manager:2Financialanalyst:1Accountant:5CashierandT&E:1Statistician:1

IntroductionandBasicConceptsPlantFinanceStructureABGHCDFIEKL

FLDPSZFinOf

IntroductionandBasicConcepts导言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConce

IntroductionandBasicConceptsAccountingBooking(AP,AR,GL,FA)TaxationStatutoryReportingGroupReportingControllingCostingReporting(FP&A)InternalControl(SOXandCSA)PolicyandProcessOptimizationControlleristheonewhoclosethedoor!IntroductionandBasicConce

IntroductionandBasicConceptsBusinessPartnershipVisionStrategyBudgetForecastOthersTreasuryM&ARiskManagementInsuranceAuditingComplianceHedging….IntroductionandBasicConce

IntroductionandBasicConcepts导言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceE.g.FixedAssets1.Transaction2.F/SMonthlyclosingchecklist

IntroductionandBasicConceptsFinancialStatementProcessDebitsexpensesassets

Credits

revenueliabilitiesowner’sequityE.g.FixedAssetsIntroductioStrategicPlan(annualprocessFebtoJun)5yearprojectionsforSales&CapitalSpendingand3yearprojectionforOperatingProfitProfitPlan(annualprocessSepttoDec)Byledger,completeP&LandB/Sforecastbymonth)IncludesCostofQuality,CostSavingsandEconomicsprojectionsRollingForecast(doneeachmonth)Byledger,completeP&LandB/SforecastbymonthIncludesCostofQuality,CostSavingsandEconomicsprojectionsFinalResultsByledger,completevariancereportingtoforecast(closein3workdays)Resultsarereportedbylocation,byregion,bybusiness,bysectorandthentotalcompany.

IntroductionandBasicConceptsPlanning&ReportingOverviewStrategicPlan(annualprocessOperatingResults–IncomeStatementOperatingResults–IncomeStaOperatingResults–IncomeStatement

“IsolatingFXvs.Performance”ResultsOperatingResults–IncomeSta议题-AGENDA导言及基本概念IntroductionandBasicConcepts资产负债表

-BalanceSheet

损益表-Profit&Loss现金流量表–CashFlowStatement基本财务比率及报表评价–BasicFinancialRatiosandFinancialStatementEvaluation投资评价初步BasicInvestmentAppraisal结束部分-Conclusion议题-AGENDA导言及基本概念Introducti资产负债表Balancesheet负债资产=负债+所有者权益所有者权益资产资产负债表Balancesheet负债资产=负债+所有者举例:资产负债表-创立一个公司-Example:BalanceSheet-Creationofacompany货币资金:100所有者权益:100资金来源何处?Wheredoescashcomefrom?资金去向何处?Wheredoescashgo

?为我们创立的公司注入资金100-Wecreateacompanybyinjectingcash100Cash:100Equity:100举例:资产负债表-创立一个公司-Example:资产负债表–公司开办…Balancesheet-Thecompanystarts…货币资金:40所有者权益:100房屋:60购买房屋花去资金60-Wepurchaseabuildingpaidwithcashfor60Building:60Cash:40Equity:100资产负债表–公司开办…Balancesheet-资产负债表–持续经营Balancesheet-Anditgoeson...货币资金:40所有者权益:100房屋:60设备:20借款融资20来购买设备-Wepurchaseequipmentsfinancedbycreditfor20融资借款:20Building:60Equipments:20Cash:40Equity:100Financialdebts:20资产负债表–持续经营Balancesheet-A资产负债表–公司成长...Balancesheet-Andthecompanygrows...资金占用USE=200资金来源RESOURCES=200货币资金:40所有者权益:100房屋:60设备:20投资:80融资贷款80收购某个竞争者Weacquireacompetitorfinancedbyaloanfor80融资借款-Financialdebts:80+20Building:60Equipments:20Investment:80Cash:40Equity:100资产负债表–公司成长...Balancesheet资产负债表–负债Balancesheet-Indebtness资金占用USE=200资金来源RESOURCES=200货币资金:40所有者权益:100固定资产160融资借款:100负债总额=所有者权益TotalFinancialDebts=EquityFixedAssets160Cash:40Equity:100Financialdebts:100资产负债表–负债Balancesheet-In资产负债表–经济活动的发展Balancesheet-Developmentoftheactivity

货币资金Cash:40所有者权益Equity:100固定资产Fixedassets160融资借款Financialdebts:100用去40向供应商购买零件Wepurchasecomponentsfor40fromsuppliers存货RM:40供应商Suppliers:40资产负债表–经济活动的发展Balancesheet资产负债表–经济活动的发展Balancesheet-Developmentoftheactivity

资金Cash:10(-30)所有者权益Equity:100固定资产Fixedassets160融资借款Financialdebts:100…….履行合同…….WeexecutethecontractsFG/WIP:50(+50)供应商Suppliers:40存货RM:20(-20)为执行生产合同,公司需用去价值20的零件，劳务及其他支出需花费30。

劳务费以现金偿付。因此现金减少30。Toexecutethecontracts,thecompanyneedscomponentsfor20andlabourandotherchargesfor30.Thelabourispaidwithcash.Thecashisthusdeterioratedby30.资产负债表–经济活动的发展Balancesheet资产负债表–经济活动的发展Balancesheet-Developmentoftheactivity资金占用USE=260资金来源RESOURCES=260资金Cash:10所有者权益Equity:100固定资产Fixedassets160融资借款Financialdebts:100然后我们开发票给客户并购进新的零部件50成本的产品卖了70元应收帐款Receivable:70(+70)供应商Suppliers:40存货RM:20公司已向客户开出金额为70的发票。他们将在90天内付款。相应的在产品已经减少了50。

因此净收益为20。净收益NetInc:20(+20)WIP/FG:0(-50)资产负债表–经济活动的发展Balancesheet资产负债表–经济活动的发展Balancesheet-Developmentoftheactivity资金占用USE=300资金来源RESOURCES=300资金Cash:10所有者权益Equity:100固定资产Fixedassets160融资借款Financialdebts:100然后我们购进新的零部件40元应收帐款Receivable:70(+70)供应商Suppliers:80(+40)存货Inventory:60(+40)净收益NetInc:20(+20)资产负债表–经济活动的发展Balancesheet资金Cash:10所有者权益Equity:100固定资产Fixedassets160融资借款Financialdebts:100麻烦开始了.某些供应商想立刻收到40的付款。我们可以怎么做呢？Troublesbegin.Somesupplierswanttobepaidfor40immediately.Whatcanwedo?应收帐款Receivable:70供应商Suppliers:80存货Inventory:60净收益Netincome:20资产负债表–经济活动的发展Balancesheet-Developmentoftheactivity可以给我们你的建议吗?GIVEUSYOURSUGGESTIONS?资金Cash:10所有者权益固定资产融资借款麻烦开始了资产负债表–财务解决方案Balancesheet-Whatarethefinancialsolutions?你不能这样做

THISISNOTYOURJOB变卖固定资产Tosellfixedassets增加资本Toincreasecapital取得新贷款Toobtainanewloan资金Cash:10所有者权益Equity:100固定资产Fixedassets160融资借款Financialdebts:100应收帐款Receivable:70供应商Suppliers:80存货Inventory:60净收益Netincome:20资产负债表–财务解决方案Balancesheet-资产负债表–操作方案如何？BalanceSheet-Whataretheoperationalsolutions?

你可以这样-THISISYOURJOB资金Cash:10所有者权益Equity:100固定资产Fixedassets160融资借款Financialdebts:100应收帐款Receivable:70供应商Suppliers:80存货Inventory:60净收益Netincome:20限制存货-Tolimitinventory与客户协商提前收回货款Tonegociateadvancedpaymentswithcustomers与供应商协商新的付款计划Tonegociateanewpaymentplanwithsuppliers资产负债表–操作方案如何？BalanceSheetBalanceSheetInventoryDOHGrossInventoryvs.ForecastAmountReceivablesDSOPastDuebyBucket(Current,1-30,30-60,etc…)CollectionEfficiencyGrossReceivablesvs.ForecastAmountPayablesDPOGrossPayablesvs.ForecastAmountCapitalSpendingActualSpendingvs.ForecastVariancesanalysisandcommentaryrequiredateachmonth-endandrollingforecast.Warning:Don’tfallinlovewithDSO,wecantrytomanipulateDSOtomakeithigherorlowerbyincreasingordecreasingtheamountindifferentbracketsBalanceSheetInventoryVarianceDOHDaysonHandInventory(DOH)isacalculationtodeterminetheamountoftimethatisrequiredtoconvertinventoryintosales.WhatcanyoudotoimproveDOH?ReducemachinedowntimeReducescrapReduceset-uptimeImproveschedulingImproveplantlayoutImprovethroughputtimeDOHDaysonHandInventory(DOHDSODaysSalesOutstanding(DSO)isameasurementofhowmuchtimeittakestoconvertsalesdollarstocash.DependingonthepaymenttermsforourcustomersDSOmayvarysignificantlyfromcustomertocustomerandmonthtomonth.WhatcanyoutoimproveDSO?ImproveOrderEntryprocessReducebillingerrorsReducequantityrelatederrorsEnsuresalesorderiscorrectPromptFollow-upwithcustomersDSODaysSalesOutstanding(DSOWhyareDOH&DSOImportant?Botharelargecomponentsofcashflow.Inordertocreateanincreaseorpositivecashflowyoumustreduceboth.Byturningoverinventoryandreceivablesfasterwereceiveoursalesdollarsfaster,andthereforeborrowlessmoneyandpaylessinterest.OnedollarinvestedinInventoryorReceivablesisthesameasonedollarinvestedinequipmentandassuchShareholdersdemandthesamereturnonitastheydotheequipment.WhyareDOH&DSOImportant?BoDPODayspayableoutstanding(DPO)issimilartoAccountsReceivable(DSO)MeasureofeffectivenessofaccountspayableandothercurrentliabilitiesCanbeusedtopartiallybalancecashrequirementstofundaccountsreceivableCashFlowImpactHigher=SourceofcashLower=UseofcashWhatcanyoudotoimproveDPO?Extendthelengthofpaymenttermstothevendor.Weneedtobeasaggressivewithourvendorsasourcustomersarewithus.DPODayspayableoutstanding(D存货-INVENTORIES评价库存管理方法-Reviewofstockmanagementprocess重新定义安全水平-redefinitionofsecuritylevel-根据预测进行库存管理而不是根据历史趋势-stockmanagementbasedonforecastratherthanhistoricaltrends变卖过时的和不使用的存货-Selloutdatedorunusedinventories加强生产活动的存货管理-Consolidatestocksmanagementwithinproductionsites/activities标准化存货采购-Standardizeinventoriespurchased减少瓶颈-Reducebottleneck定期控制存货水平-Controlregularlyinventorieslevels缩短存货周期-Reducecycletime应付-PAYABLES根据供应商群及各个国家的情况差异，审核付款条件及付款期Reviewtermsandconditionsofpaymentswithinsuppliergroups,countries,...例如:增加延期付款-e.g:increasedelayofpayment制定特殊的规则使付款期与价格相互关联Establishspecificrulestocorrelatetermsofpaymentandprice打造一支专业的团队负责应付过程的管理Create/strengthenspecificteaminchargeofthemanagementofthepayableprocessOperation-DO’S应收-RECEIVABLES根据客户群及各个国家的情况差异，审核付款条件及付款期Reviewtermsandconditionsofpaymentswithinclientsegments,countries,...

－例如:减少延期付款e.g:reductionofthedelayofpayment制定特殊的规则使付款期与价格相互关联Establishspecificrulestocorrelatetermsofpaymentandprice打造一支专业的团队负责应收过程的管理Create/strengthenspecificteaminchargeofthemanagementofthereceivableprocess存货-INVENTORIES评价库存管理方法-Re在产品与库存商品-WIP&INVENTORIES项目计划没有考虑到付款标识段Projectplanningdoesnottakeintoconsiderationpaymentmilestones没有与项目有关的现金曲线图-Nocashcurveonprojects不能优化生产循环或项目循环-Non-optimizationoftheproductionorprojectcycle依据产品结构进行生产管理及项目管理,而非依据产品需求的驱动Production,projectmanagedaccordingtoacomponentproductionlogicasopposedtoademand-drivenlogic制造或者购买:购买配件而不是功能Makeorbuy:purchaseofcomponentsinsteadoffunctions生产改造没有考虑到现有的存货,在产品,及已有的订单Productionmodificationwithouttakingintoaccountexistinginventories,in-processgoods,andpurchaseordersalreadyissuedOperation-DON’TS在产品与库存商品-WIP&INVENTORIESOp应付项目-PAYABLES采购、物流、存货管理间缺乏协调-Lackofco-ordinationbetweenpurchasing,logistics,inventoriesmanagement

供应商单方面采取提前交货的方式促使我们提早付款-Earlypaymenttriggeredbyadvancedeliveryatsoleinitiativeofsupplier

提早付款是由收到发票引起的,而不是按照约定的购货条件交货引起的-Earlypaymenttriggeredbyreceiptofinvoiceandnotbydeliveryasstipulatedinpurchaseconditions

供应商延期交货,并且未按程序事先提醒负责谈判的采购员-Deliverylatewithoutsystematicallyalertingbuyerinchargeofnegotiation公认的购货条件没有得到应用-Non-applicationofgeneralpurchasingconditions采购部门仅仅以价格为判断依据,而没有考虑到付款条件和条款-Purchasingdepartmentjudgedsolelyonpricesobtained,withouttakingintoaccounttermsandconditionsofpaymentOperation-DON’TS应付项目-PAYABLESOperation-DON议题-AGENDA导言及基本概念IntroductionandBasicConcepts资产负债表

-BalanceSheet

损益表-Profit&Loss现金流量表–CashFlowStatement基本财务比率及报表评价–BasicFinancialRatiosandFinancialStatementevaluation投资评价初步BasicInvestmentAppraisal结束部分-Conclusion议题-AGENDA导言及基本概念IntroductiIntroduction–STDcoststructureStandardDuty%RMStandCostCNYPerUoMLastestPurchasePriceStandardFreight%BOMConsuptionQuantityRMYeildRateStandardMaterialCostStdConversionCostDirectLabor=RoutineHrXRateVOH=RoutineHrXRateFOH=RoutineHrXRateStandardShinkageRateFGStandardCostIntroduction–STDcoststructIntroduction–STDcostrateWorkcentercostratemeanshowmuchcostsneededwhenoccupytheworkcenterforonehour(CNY/hour)StandardcostrateshouldincludingtheimpactofOEE(OverallEquipmentEffectiveness)CoverisionCostStandardCostRate(CNY/Hour)CycleTimer(RoutineHour)EstimatedTotalExpenditure(CNY)Est.totalworkinghrs(withOEE)Introduction–STDcostrateWoIntroduction–STDcostcomponentsStandardCostMATERIALEstablishedasthelast“normalvolume”purchasepriceatthetimethestandardsarebeingset.MaterialComponents: Material InboundFreight DutiesLABORConsistsofthewagesofallassociatesinvolvedintheprocessofmanufacturingandassemblingproducts.LaborComponents: Labor(Regular) Labor(Temporary)VARIABLECOSTOVERHEADIncludesallthecosts(otherthandirectlabor)thataredirectlyrelated

totheprocessofmanufacturingandassemblingproducts.VariableCostComponents: VariableIndirectMaterial Maintenance&Repair/Equip.&Tools UtilitiesVariableFIXEDMANUFACTURINGOVERHEADExpenseswhicharenotconsideredtobedependentuponshort-termproductionvolumes.FixedManufacturingOverheadComponents: Salaries/Wages Depreciation/Amortization Bldg.Repair&Maintenance Taxes&Insurance ProfessionalservicesIntroduction–STDcostcomponIntroduction–STDcostcomponentsIntroduction–STDcostcompon几个成本名词FixedOHD固定制造费用VariableOHD变动制造费用ReplacementCost重置成本OpportunityCost机会成本SunkCost沉没成本几个成本名词FixedOHD固定制造费用损益表:主要原理-Profit&Loss:MainPrinciples销售收入SALES边际贡献StandardContribution

Margin标准销售毛利StandardGross

Margin(SGM)销售毛利GrossMargin材料成本MATERIAL直接人工成本DIRLABOR变动制造费用VOHD材料成本MATERIAL直接人工成本DIRLABOR变动制造费用VOHD固定制造费用FOHD材料成本MATERIAL直接人工成本DIRLABOR变动制造费用VOHDMUV材料用量差异材料成本差异Material

Var人工、制造费用差异Labor&OHDVar固定制造费用FOHD变动成本固定成本OperatingIncome材料成本MATERIAL直接人工成本DIRLABOR变动制造费用VOHDMUV材料用量差异材料成本差异Material

Var人工、制造费用差异Labor&OHDVar固定制造费用FOHDSG&A管理费用损益表:主要原理-Profit&Loss:Mai损益表:主要原理-Profit&Loss:MainPrinciples营业利润OPERATINGINCOME净收益NETINCOME财务收入及费用Finanialinc&exp所得税及递延税金Incomes&Deferredtax营业外项目Expectional损益表:主要原理-Profit&Loss:Mai损益表:主要原理-Profit&Loss:MainPrinciples销售毛利Gross

Margin材料成本MATERIAL直接人工成本DIRLABOR变动制造费用VOHD材料用量差异MUV材料成本差异Material

Var人工及变动制造费用差异Labor

&

VOHD

Var固定制造费用及差异FOHD

&

Var注意

:关键业绩指标KPIGrossMarginGM%损益表:主要原理-Profit&Loss:Mai损益表:主要原理-Profit&Loss:MainPrinciples营业收益-OI材料成本MATERIAL直接人工成本DIRLABOR变动制造费用VOHD材料用量差异MUV材料成本差异Material

Var人工及变动制造费用差异Labor

&

VOHD

Var固定制造费用及差异FOHD

&

Var管理费用SGA

管理费用包含以下内容SGA：IncludingbelowcontentAdministrationSalesandDistributionR&D(Technical)损益表:主要原理-Profit&Loss:Mai损益表:主要原理-Profit&Loss:MainPrinciples营业利润-OperatingIncome

工厂的主要业绩指标之一OneofthemajorKPIatplant

level注意

:关键业绩指标KPIOI营业收益-OI材料成本MATERIAL直接人工成本DIRLABOR变动制造费用VOHD材料用量差异MUV材料成本差异Material

Var人工及变动制造费用差异Labor

&

VOHD

Var固定制造费用及差异FOHD

&

Var管理费用SGA

损益表:主要原理-Profit&Loss:Mai损益表:主要原理-Profit&Loss:MainPrinciples息税前利润–EBITDA=OperatingIncome+DepreciationEarningBeforeInterest,TaxandDepreciation工厂的主要业绩指标之一OneofthemajorKPIatplant

level注意

:关键业绩指标KPIEBITDAEBITDA营业收益-OI材料成本MATERIAL直接人工成本DIRLABOR变动制造费用VOHD材料用量差异MUV材料成本差异Material

Var人工及变动制造费用差异Labor

&

VOHD

Var固定制造费用及差异FOHD

&

Var管理费用SGA

损益表:主要原理-Profit&Loss:Mai损益表:主要原理-Profit&Loss:MainPrinciples净收益NetIncome财务收入及财务费用FinancialInc&Exp所得税及递延税款Incomes&deferredtax营业外项目Exceptional财务收入及财务费用包括与以下情况相关的所有成本及收入

-Financialincomesandexpensesincludeallcostsandrevenueslinkedto:

财务利息费用及收入,financialinterestsandrevenues

汇兑损益,exchangedifferences

收到的股息,dividendsreceived

等等,etc注意:财务费用应该被包括在投标中Warning:financialcostsshouldbeincludedintenders所得税及递延税款包括所有的税负,当期和递延 IncomeandDeferredtaxesincludealltaxes,currentanddeferred营业外项目不是经常发生的,除了非常事件并在得到管理部门批准认可之后的项目外Exceptionalitemsisnottobeused,exceptforextraordinaryeventsandafteragreementoftheDivision损益表:主要原理-Profit&Loss:Mai损益表:主要原理-Profit&Loss:MainPrinciples净收益在损益表中的最后一行反映NetincomeisthefinallineoftheProfit&Loss其金额为资产负债表的所有者权益部分ThisamountisreportedintheEquityintheBalancesheet净收益Netincome财务收入及财务费用FinancialIncomes&Expenses所得税及递延税金Incomes&Deferredtax营业外项目ExceptionalItems损益表:主要原理-Profit&Loss:Mai损益表:主要原理-Profit&Loss:MainPrinciples损益表:主要原理-Profit&Loss:MaiIncrementalIncrementalisacalculationthatdeterminesthebreakevensalespointforagivenplant,aswellasthecorrespondingfixedandvariablecostcomponentsatthatlevel.Fromtherewecandeterminetheamountofvariableandfixedcostsasapercentageofthetotalcostsatthatlevel.Anincrementalrateisthendeterminedwhichcanbeusedasagaugeofhowwellaplantcontrolstheirfixedcostsatdifferentsaleslevels.（增量/边际）IncrementalRate:盈亏平衡点之上每增加一个销售额，营业利润所增加的数量（也即盈亏平衡点固定成本占总成本的比例）IncrementalIncrementalisacaIncrementalSetsanexpectationforoperatingprofitcomparedtoprofitplan(prioryear,priorforecast,etc..)basedonchangesinthesalesplan/forecast.Plantisthenheldaccountabletodeliveringthisexpectation.

Ittakesoutsuchbusinessandeconomicfactorsassellingpricechangesandforeignexchangetranslationwhicharenotcontrollablebythemanagementoftheoperation.Whyuseincremental?IncrementalSetsanexpectationIncrementalCalculationVolumeChangexIncrementalRate=additionalcontributiontooperatingprofitthatisexpected.Addorsubtractsellingpricechangesandexchangetranslationtodeterminethetotalexpectedoperatingprofitfortheperiod.Comparetheexpectedprofittotheactualprofittodetermineiftheoperationisoverorunderincremental.IncrementalCalculationVolumeIncremental-ExamplePlantXdeterminesthattheirbreakevensaleslevelis$50Minsalesdollarsperyear.Atthatsaleslevelfixedcostsare40%andvariableare60%ofthetotalcostfortheplant.Fromthisinformationweshouldthenexpectthatforeveryadditionalsalesdollaroverthebreakevenpoint,theplantshouldhave$.40inadditionaloperatingprofit.Why?Becauseifthefixedcostsarecoveredandvariablecostsare60%,thentheremainderor40%shouldbeshowninadditionalprofit.Incremental-ExamplePlantXIncremental-ExampleBasedonthepreviousinformationweknowthatPlantX’sIncrementalrateis40%.PlantXhadsellingpricechangedecreasesfortheperiodof$50Kandexchangetranslationeffectwas$30Kfavorablecomparedtoforecast.PlantXhadincreasedvolumefortheperiodforatotalof$500Kfromtheforecast.ActualOperatingProfitfortheperiodwasupby$100Kfromtheforecast.HowmuchisPlantXover/underincremental?Incremental-ExampleBasedonIncremental-ExampleVolumeChangexIncrementalRate=500KX40%=$200KfavorableSubtractSellingPriceChanges$200K-$50K=$150KAddTranslationChanges$150K+$30K=$180K(ExpectedProfit)ActualProfitChange-ExpectedProfitChange=$100K-$180K=$80KUnderincrementalIncremental-ExampleVolumeCPractice–CalculatingIncrementalPerformanceSalesChange–favorable$1,615ktoplanFXTranslationfavorable$345kSellingpricechangesunfavorable$100kProfitChange–favorable$380ktoplanFXTranslationimpactonprofitfavorable$55kIncrementalrateforthisbusinessis35%Pleasecalculatehowthebusinessdidcomparedtoitsexpectedincrementalperformance.Practice–CalculatingIncremePractice–Answer

VolumeChange:1615-345+100=1370IncrementalRate:x0.35IncrementalExpectation:=479.5ProfitResults:380FXTranslation:-55ActualPerformanceResult=325UnderIncremental=325-479.5=-154.5Practice–Answer

VolumeChang议题-AGENDA导言及基本概念IntroductionandBasicConcepts资产负债表

-BalanceSheet

损益表-Profit&Loss现金流量表–CashFlowStatement基本财务比率及报表评价–BasicFinancialRatiosandFinancialStatementEvaluation投资评价初步BasicInvestmentAppraisal结束部分-Conclusion议题-AGENDA导言及基本概念Introducti经营现金净流量经营现金净流量是指企业经营活动所产生的现金及现金等价物流入量与流出量的差额

OPERATINGCASHFLOWistheoperationalportionofNETCASHFLOW现金净流量NETCASHFLOW经营现金净流量OPERATINGCASHFLOW增资/减资

Financing投资结果…Investing管理层的职责ResponsibilityofManagement注意:关键业绩指标KPI经营现金净流量经营现金净流量是指企业经营活动所产生的现金及现经营性现金流量-Practice

December31,Year2December31,Year1Cashandcashequivalents$56,800$37,300AccountsReceivable,net48,70044,000Inventory220,000198,300MarketableSecurities40,60030,400PrepaidExpenses49,0000Property,Plant,andEquipment(Gross)975,000883,000Less:AccumulatedDepreciation(125,000)(71,200)Property,Plant,andEquipment(Net)850,000811,800TotalAssets$1,265,100$1,121,800

AccountsPayable$96,900$82,800DeferredRevenue22,00028,200WagesPayable12,50011,300DeferredTaxes10,1007,100IncomeTaxesPayable28,70026,200BondsPayable(issuedatpar)141,000111,000CommonStock67,00047,000AdditionalPaid-inCapital226,300195,900RetainedEarnings660,600612,300TotalLiabilitiesandEquity$1,265,100$1,121,800

December31,Year2

NetSales$1,950,000Costofgoodssold(1,295,000)SG&AExpenses(506,000)Depreciation(53,800)InterestExpense(7,900)InvestmentIncome3,300IncomeTaxExpense(35%)(31,700)NetIncome$58,900PreparethecashflowfromoperationssectionofBeson'sstatementofcashflowsunderthedirectmethod(perU.S.GAAP)fortheyearendedDecember31,Year2.ThefollowinginformationpertainstothefinancialstatementsofBesonCorporationfortheyearendedDecember31,Year2andDecember31,Year1.经营性现金流量-Practice

December31经营性现金流量-PracticeAdditionalInformation:Besonreceivedinterestonitsbondinvestmentsof$1,700anddividendsfromitsequityinvestmentsof$1,600.Besonissuedadditionalsharesofstock,generating$50,400inproceeds.Dividendsof$10,600werepaidonthecompany’soutstandingstock.OnDecember30,thecompanyissuedanewbondatparvaluefor$30,000.Allinterestexpenserecordedontheincomestatementwaspaidwithcash.BesonpaidincometaxesinYear2equivalenttoitsoutstandingliabilityattheendofYear1.SG&AExpensesarecomprisedof$460,400ofsalariesandwageexpenseand$45,600inadministrativeexpenses.Thecompany,attheendoftheyear,purchasedWrightStockfor$10,200andclassifiedtheinvestmentasatradingsecurity(reportedasacurrentasset).Twomonthsofprepaidrent($24,500permonth)forafactorywerepaidattheendofDecember,withoccupancyscheduledtobeginonJanuary1.经营性现金流量-PracticeAdditionalI经营性现金流量-AnswerCashflowsfromoperatingactivitiesAmountCashreceivedfromcustomers1,939,100Cashpaidtosuppliers(1,302,600)Cashpaidtoemployees(459,200)Interestreceived1,700Dividendsreceived1,600Interestpaid(7,900)Incometaxespaid(26,200)Tradingsecuritypurchased(10,200)Otheroperatingcashpaid(94,600)Netcashprovidedbyoperatingactivities41,700Cashreceivedfromcustomers:1,950,000-(48,