某咨询战略分析方法财务分析cashflow021.pptx
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某咨询战略分析方法财务分析cashflow021.pptx
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bcBOSCopyright1998Bain&Company,Inc.Author:
CollinsQianContributor:
ChrisNelsonbcCashFlowMarch1998Copyright1998Bain&Company,Inc.1CU7030298IMBbcBOSCopyright1998Bain&Company,Inc.CashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways2CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways3CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowWhatisCashFlow?
Cashflowdescribesthemovementofcashinto(sources)andoutof(uses)acompany.SourcesofcashCompanyUsesofcash$4CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowWhyDoWeCareAboutCash?
ThemarketvalueofacompanyisequaltothepresentvalueofitsexpectedfuturecashflowsVariousstakeholdersdemandcashinvestorsdemandCASHreturnssuppliersandemployeesrequireCASHcompensationdebtholdersdemandCASHpaymentsAccountingmethodscanbeusedto“manage”earnings;CASHishardertomanipulateCashisKing!
Cashflowisthemeasureofacompanysstrategicvalue.5CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowEarningsvs.CashFlow*Someaccountingdecisionsimpactearnings,butnotcashIn1988,GeneralMotorsmadeatleastfourdecisionsthatimpactedearningsbutnotcashEarningsdonotequalcashflow.*EarningsarealsocalledaftertaxprofitsornetincomeSuccessfulhighgrowthcompaniestendtohavehighearnings,butlowcashflow;successfullowgrowthcompaniestendtohavelowearnings,buthighcashflowAccountingDecisionExtendedusefulplantlifefrom35to45yearscheduleChangedthewayitaccountedforitspensionplanAdjusteditsinventoryvaluationpolicyChangedtheresidualvalueassumptionforcarsitleasedEarningsImpact$790MM$480MM$217MM$270MMCashImpactNoneNoneNoneNoneTotal:
$1,757MMNone6CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways7CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowTypesofCashFlowNetcashflowisequaltothesumofthecashflowsfromoperating,investing,andfinancingactivities.OperatingcashflowInvestingcashflowFinancingcashflowAbilityofacompanysrecurringoperationstogeneratecashAbilityofacompanysinvestmentdecisionstogeneratecashHowacompanyfundsitsoperationsOperatingprofitsDecreaseinworkingcapitalSaleoffixedassetsLong-termissuanceofsharesExamplesofsources:
OperatinglossesIncreaseinworkingcapitalPurchaseoffixedassetsRepaymentofloansPaymentofdividendsExamplesofuses:
8CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowOperatingCashFlow*Investingactivitiesnotrelatedtoongoingoperations(suchasthepurchaseorsaleofdivisionsorcompanies,orinvestmentsinunrelatedbusinesses)arenotincludedininvestingcashflow.Theyareincludedinfinancingcashflow.OperatingcashflowexcludesallcashflowsrelatedtoafirmscapitalstructurecashgenerationabilityisindependentofhowafirmisfinancedItexcludesone-timeeventsthesearenotrelatedtoafirmsrecurringoperationsOperatingcashflowisusedtomeasurethestrategicvalueofabusinessforcompanyvaluations,operatingandinvestingcashflowsareused,notfinancingcashflowBainisusuallymoreinterestedinoperatingandinvesting*cashflowthaninfinancingcashflowOperatingcashflowmeasurestheabilityofabusinesssrecurringoperationstogeneratecash.9CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowInvestingCashFlowInvestmentsinongoingoperations-property,plantandequipment-areincludedininvestingcashflowcashisusedtoreplaceassetsastheywearoutifabusinessistogrow,additionalassetsmustbeacquiredinsomecases,thecashusedtoacquiretheseassetsisgeneratedfromthesaleofexistingnoncurrentassetssuchcashinflows,however,seldomcovertheentirecostofassetacquisitions.Oftentimescashflowfromoperationsisusedtofinanceacquisitions,or,failingapositiveoperatingcashflow,externalfinancingisusedPurefinancingactivitiesarenotincludedininvestingcashflow.TheyareincludedinfinancingcashflowpurchaseorsaleofdivisionsorcompaniesinvestmentsinunrelatedbusinessesInvestingcashflowsrelatingtoongoingoperationsareusedasameasureofthestrategicvalueofabusiness.Thosethatarepurelyfinancing/investmentmechanismsareusedtoevaluatethefinancialstrategyofthebusinessInvestingcashflowmeasurestheuseofabusinessscashfortheacquisitionofnon-currentassets.10CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowFinancingCashFlowMajortypesoffinancingcashflowinclude:
debt-relatedtransactions8changesinlong-termdebt8interestincomeandexpenseequity-relatedtransactions8changesincommonandpreferredstock8dividends8short-terminvestmentslong-termassetandliabilitytransactions8purchaseorsaleofadivisionorcompany8changesinlong-termliabilitiesFinancingcashflowcapturesallthenon-operatingcashchangesexperiencedduringtheyear,anditprovidesinformationonhowacompanyisfundingitsoperations.11CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowStatementofCashFlowsTheSCFisdividedintothreesections:
operating,investing,andfinancingEachsectionshowssourcesandusesoffundsfortheaccountingperiodTheSCFshowstheamountsfordepreciationandamortizationcapitalexpenditurestaxespaiddividendspaidItdoesnotshowsourcesandusesbybusinessunitItdoesnotprovidemuchdetailforexample,itdoesnotshowcapitalexpendituresbyproject,norindividualequipmentpurchasesTheSCFisnotasubstituteforcashflowanalysisThestatementofcashflows(SCF)foundinannualreportsisagoodsourceofdataforconstructingcashflows,butsometimesitdoesnothavethedetailrequiredfortheanalysisbeingdone.12CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways13CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowApplicationsBaincaseteamsusecashflow(CF)analysistovalueinvestments/acquisitions,toimprovethehealthofbusinessunits,andtohelpcompaniesmanagetheirportfolios.Valuation(mergers,acquisitions)BusinessunitanalysisPortfoliomanagementWhatisthecashgenerationpotentialofaninvestment/acquisition?
Whatarewewillingtopay(incash)forthatinvestment/acquisition?
Howhealthyisabusinessunit?
Whatfactorshaveeffectedthebusinessunitsabilitytogeneratecash/valueovertime?
Howcanthebusinessunitscashmanagementbeimproved?
Whatistheoverallbalanceofcashusers/cashgeneratorsinaclientsportfolioofbusinesses?
Howdoesthiseffecttheclientsoverallcashposition/outlook?
Whatrestructuringcanbedonetoimprovethisprofile?
CF=commondenominatorCF=measuringstickCF=portfoliotool14CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways15CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowCashFlowCookbook*Cashisdefinedascashplusmarketablesecuritiesminusshort-termnotes*I/S=incomestatement,SCF=statementofcashflows,B/S=balancesheet+/-+/-+/-=1.Profitbeforeinterestandtax(PBIT)2.Depreciation3.Othernon-cashexpenses/income4.Decrease/increaseinworkingcapital(excludingcash)5.Taxespaid6.Taximpactofinterestincome/expenseOperatingcashflowBaincaseteamsusethefollowingcashflowcookbook:
-=7.CapitalexpendituresInvestingcashflow+/-+/-+/-+/-+/-=8.Interestincome/expense9.Taximpactofinterestexpense/income10.Increase/decreaseinlong-termdebt11.Increaseinoutstandingstocks/shares12.Dividends13.ChangesinotheraccountsFinancingcashflow14.Reconcilewithchangeincash*fromBalanceSheetNetcashflowSource*I/SSCF,B/SandNotesNotesB/SI/S,B/SI/SSCF,B/SandNotesI/SI/SB/SB/SSCF,B/S,andNotesB/S,I/SB/S16CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways17CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlowExercise-Background(p.1)*ThisexerciseisbasedonTheGilletteCompanysfinancialstatementsin1996.Sinceseveralmodificationshavebeenmadetothefinancialstatements,theinformationprovidedhereaftershouldnotbeusedtoanalyzeGillettesfinancialperformance.NetSalesCostofSalesGrossProfitSG&AProfitfromOperationsInterestExpenseIncomebeforetaxesIncomeTaxesNetIncome1996$9,697.7MM($3,681.7MM)$6,016.0MM($4,379.7MM)$1,636.3MM($111.3MM)$1,525.0MM($576.3MM)$948.7MMIncomeStatement:
TheNewEnglandRazorCompany*UsethefollowingdatatocalculatethecashflowforTheNewEnglandRazorCompany:
18CU7010598KRAbcBOSCopyright1998Bain&Company,Inc.CashFlow*Deferredtaxescanbealiabilityaccount,anassetaccount,orboth(asisthecasehere).AssetsCurrentAssetsCashMarketablesecuritiesReceivablesInventoriesDeferredincometaxes*PrepaidexpensesTotalCurrentAssetsProperty,Plant&EquipmentLiabilitiesandStockholdersEquityCurrentLiabilitiesLoanspayableCurrentportionofLong-TermdebtAccountspayableandaccruedexpensesIncometaxespayableTotalCurrentLiabilitiesLong-TermDebtDeferredIncomeTaxes*OtherLong-TermLiabilitiesDividendsPayableStockholdersEquityCommonstockAdditionalPaid-inCapitalRetainedEarningsTreasurystockTotalStockholdersEquity$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)$4,490.91995$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$8,544.3BalanceSheetDecember31,1996and1995(i
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