财务分析-cashflow.pptx
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财务分析-cashflow.pptx
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Author:
CollinsQian,Contributor:
ChrisNelson,bc,CashFlow,March1998,Copyright1998Bain&Company,Inc.,1,CU7030298IMB,CashFlow,Agenda,TheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways,2,CU7010598KRA,CashFlow,Agenda,TheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways,3,CU7010598KRA,CashFlow,WhatisCashFlow?
Cashflowdescribesthemovementofcashinto(sources)andoutof(uses)acompany.,Sourcesofcash,Company,Usesofcash,$,$,$,$,$,$,$,$,4,CU7010598KRA,CashFlow,WhyDoWeCareAboutCash?
ThemarketvalueofacompanyisequaltothepresentvalueofitsexpectedfuturecashflowsVariousstakeholdersdemandcashinvestorsdemandCASHreturnssuppliersandemployeesrequireCASHcompensationdebtholdersdemandCASHpaymentsAccountingmethodscanbeusedto“manage”earnings;CASHishardertomanipulate,CashisKing!
Cashflowisthemeasureofacompanysstrategicvalue.,5,CU7010598KRA,CashFlow,Earningsvs.CashFlow*,Someaccountingdecisionsimpactearnings,butnotcashIn1988,GeneralMotorsmadeatleastfourdecisionsthatimpactedearningsbutnotcash,Earningsdonotequalcashflow.,*Earningsarealsocalledaftertaxprofitsornetincome,Successfulhighgrowthcompaniestendtohavehighearnings,butlowcashflow;successfullowgrowthcompaniestendtohavelowearnings,buthighcashflow,EarningsImpact,$790MM,$480MM,$217MM,$270MM,CashImpact,None,None,None,None,Total:
$1,757MM,None,6,CU7010598KRA,CashFlow,Agenda,TheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways,7,CU7010598KRA,CashFlow,TypesofCashFlow,Netcashflowisequaltothesumofthecashflowsfromoperating,investing,andfinancingactivities.,Operatingcashflow,Investingcashflow,Financingcashflow,Abilityofacompanysrecurringoperationstogeneratecash,Abilityofacompanysinvestmentdecisionstogeneratecash,Howacompanyfundsitsoperations,OperatingprofitsDecreaseinworkingcapital,Saleoffixedassets,Long-termissuanceofshares,Examplesofsources:
OperatinglossesIncreaseinworkingcapital,Purchaseoffixedassets,RepaymentofloansPaymentofdividends,Examplesofuses:
8,CU7010598KRA,CashFlow,OperatingCashFlow,*Investingactivitiesnotrelatedtoongoingoperations(suchasthepurchaseorsaleofdivisionsorcompanies,orinvestmentsinunrelatedbusinesses)arenotincludedininvestingcashflow.Theyareincludedinfinancingcashflow.,OperatingcashflowexcludesallcashflowsrelatedtoafirmscapitalstructurecashgenerationabilityisindependentofhowafirmisfinancedItexcludesone-timeeventsthesearenotrelatedtoafirmsrecurringoperationsOperatingcashflowisusedtomeasurethestrategicvalueofabusinessforcompanyvaluations,operatingandinvestingcashflowsareused,notfinancingcashflow,Bainisusuallymoreinterestedinoperatingandinvesting*cashflowthaninfinancingcashflow,Operatingcashflowmeasurestheabilityofabusinesssrecurringoperationstogeneratecash.,9,CU7010598KRA,CashFlow,InvestingCashFlow,Investmentsinongoingoperations-property,plantandequipment-areincludedininvestingcashflowcashisusedtoreplaceassetsastheywearoutifabusinessistogrow,additionalassetsmustbeacquiredinsomecases,thecashusedtoacquiretheseassetsisgeneratedfromthesaleofexistingnoncurrentassetssuchcashinflows,however,seldomcovertheentirecostofassetacquisitions.Oftentimescashflowfromoperationsisusedtofinanceacquisitions,or,failingapositiveoperatingcashflow,externalfinancingisusedPurefinancingactivitiesarenotincludedininvestingcashflow.TheyareincludedinfinancingcashflowpurchaseorsaleofdivisionsorcompaniesinvestmentsinunrelatedbusinessesInvestingcashflowsrelatingtoongoingoperationsareusedasameasureofthestrategicvalueofabusiness.Thosethatarepurelyfinancing/investmentmechanismsareusedtoevaluatethefinancialstrategyofthebusiness,Investingcashflowmeasurestheuseofabusinessscashfortheacquisitionofnon-currentassets.,10,CU7010598KRA,CashFlow,FinancingCashFlow,Majortypesoffinancingcashflowinclude:
debt-relatedtransactionschangesinlong-termdebtinterestincomeandexpenseequity-relatedtransactionschangesincommonandpreferredstockdividendsshort-terminvestmentslong-termassetandliabilitytransactionspurchaseorsaleofadivisionorcompanychangesinlong-termliabilities,Financingcashflowcapturesallthenon-operatingcashchangesexperiencedduringtheyear,anditprovidesinformationonhowacompanyisfundingitsoperations.,11,CU7010598KRA,CashFlow,StatementofCashFlows,TheSCFisdividedintothreesections:
operating,investing,andfinancingEachsectionshowssourcesandusesoffundsfortheaccountingperiodTheSCFshowstheamountsfordepreciationandamortizationcapitalexpenditurestaxespaiddividendspaidItdoesnotshowsourcesandusesbybusinessunitItdoesnotprovidemuchdetailforexample,itdoesnotshowcapitalexpendituresbyproject,norindividualequipmentpurchases,TheSCFisnotasubstituteforcashflowanalysis,Thestatementofcashflows(SCF)foundinannualreportsisagoodsourceofdataforconstructingcashflows,butsometimesitdoesnothavethedetailrequiredfortheanalysisbeingdone.,12,CU7010598KRA,CashFlow,Agenda,TheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways,13,CU7010598KRA,CashFlow,Applications,Baincaseteamsusecashflow(CF)analysistovalueinvestments/acquisitions,toimprovethehealthofbusinessunits,andtohelpcompaniesmanagetheirportfolios.,Valuation(mergers,acquisitions),Businessunitanalysis,Portfoliomanagement,Whatisthecashgenerationpotentialofaninvestment/acquisition?
Whatarewewillingtopay(incash)forthatinvestment/acquisition?
Howhealthyisabusinessunit?
Whatfactorshaveeffectedthebusinessunitsabilitytogeneratecash/valueovertime?
Howcanthebusinessunitscashmanagementbeimproved?
Whatistheoverallbalanceofcashusers/cashgeneratorsinaclientsportfolioofbusinesses?
Howdoesthiseffecttheclientsoverallcashposition/outlook?
Whatrestructuringcanbedonetoimprovethisprofile?
CF=commondenominator,CF=measuringstick,CF=portfoliotool,14,CU7010598KRA,CashFlow,Agenda,TheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways,15,CU7010598KRA,CashFlow,CashFlowCookbook,*Cashisdefinedascashplusmarketablesecuritiesminusshort-termnotes*I/S=incomestatement,SCF=statementofcashflows,B/S=balancesheet,+/-+/-+/-=,1.Profitbeforeinterestandtax(PBIT)2.Depreciation3.Othernon-cashexpenses/income4.Decrease/increaseinworkingcapital(excludingcash)5.Taxespaid6.Taximpactofinterestincome/expenseOperatingcashflow,Baincaseteamsusethefollowingcashflowcookbook:
-=,7.CapitalexpendituresInvestingcashflow,+/-+/-+/-+/-+/-=,8.Interestincome/expense9.Taximpactofinterestexpense/income10.Increase/decreaseinlong-termdebt11.Increaseinoutstandingstocks/shares12.Dividends13.ChangesinotheraccountsFinancingcashflow,14.Reconcilewithchangeincash*fromBalanceSheet,Netcashflow,Source*,I/S,SCF,B/SandNotes,Notes,B/S,I/S,B/S,I/S,SCF,B/SandNotes,I/S,I/S,B/S,B/S,SCF,B/S,andNotes,B/S,I/S,B/S,16,CU7010598KRA,CashFlow,Agenda,TheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways,17,CU7010598KRA,CashFlow,Exercise-Background(p.1),*ThisexerciseisbasedonTheGilletteCompanysfinancialstatementsin1996.Sinceseveralmodificationshavebeenmadetothefinancialstatements,theinformationprovidedhereaftershouldnotbeusedtoanalyzeGillettesfinancialperformance.,NetSales,CostofSales,GrossProfit,SG&A,ProfitfromOperations,InterestExpense,Incomebeforetaxes,IncomeTaxes,NetIncome,1996,$9,697.7MM,($3,681.7MM),$6,016.0MM,($4,379.7MM),$1,636.3MM,($111.3MM),$1,525.0MM,($576.3MM),$948.7MM,IncomeStatement:
TheNewEnglandRazorCompany*,UsethefollowingdatatocalculatethecashflowforTheNewEnglandRazorCompany:
18,CU7010598KRA,CashFlow,*Deferredtaxescanbealiabilityaccount,anassetaccount,orboth(asisthecasehere).,Assets,CurrentAssets,Cash,Marketablesecurities,Receivables,Inventories,Deferredincometaxes*,Prepaidexpenses,TotalCurrentAssets,Property,Plant&Equipment,LiabilitiesandStockholdersEquity,CurrentLiabilities,Loanspayable,CurrentportionofLong-Termdebt,Accountspayableandaccruedexpenses,Incometaxespayable,TotalCurrentLiabilities,Long-TermDebt,DeferredIncomeTaxes*,OtherLong-TermLiabilities,DividendsPayable,StockholdersEquity,Commonstock,AdditionalPaid-inCapital,RetainedEarnings,Treasurystock,TotalStockholdersEquity,$76.9,$7.0,$2,724.6,$1,358.2,$359.3,$227.2,$4,753.2,$5,192.0,$9,945.2,$656.7,$14.5,$1,964.9,$298.6,$2,934.7,$1,490.4,$298.9,$630.2,$100.1,$671.4,$707.0,$4,168.7,($1,056.2),$4,490.9,1995,$81.6,$1.6,$2,290.8,$1,267.6,$246.8,$199.3,$4,087.7,$4,456.6,$8,544.3,$634.7,$26.5,$1,609.8,$319.4,$2,590.4,$1,048.4,$303.4,$635.1,$66.7,$667.1,$574.8,$3,704.2,($1,045.8),$3,900.3,$9,945.2,$8,544.3,BalanceSheetDecember31,1996and1995(in$MM),1996,Exercise-Background(p.2),19,CU7010598KRA,CashFlow,Property,PlantandEquipmentLessaccumulateddepreciationNetProperty,Plant,andEquipment,1996(in$MM),$7,820.4$2,628.4$5,192.0,1995(in$MM),$6,885.0$2,428.4$4,456.6,Note1:
Property,PlantandEquipment,Note2:
DividendsThecompanydeclareddividendsof$484.2MMin1996,Note3:
SaleofassetsAlossof$22MMwasincurredonequipmentsoldduringtheyearTheequipmenthadanoriginalcostof$244.0MMandwassoldfor$40.9MM,Exercise-Background(p.3),Notestothefinancialstatementsareacriticalsourceofinformation.,20,CU7010598KRA,CashFlow,OperatingCashFlow,*Cashisdefinedascashplusmarketablesecuritiesm
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