财务分析-cashflow.ppt

财务分析-cashflow.ppt

《财务分析-cashflow.ppt》由会员分享，可在线阅读，更多相关《财务分析-cashflow.ppt（66页珍藏版）》请在冰豆网上搜索。

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-termassetandliabilitytransactions8purchaseorsaleofadiv