财务报表分析 英文.ppt

FINANCIALMANAGEMENTSKILL财务管理技能 2015年09月12日 AaronWang 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 IntroductionandBasicConcepts 导言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopics Thistrainingwillallowyoutounderstand FinanceFunctionConceptofFinancialKPIs Revenue DM DL VOH FOH SG A OI OCF EBITDA DOH DSO DPO Incremental etc BS P LandCashFlowStatementsConceptsofFinancialStatementEvaluationandInvestmentAppraisal IntroductionandBasicConcepts MinimizeWorkingCapitalMaintainStrongCashFlow PayDebtsAsTheyAreDueIncreaseLiquidity MaintainStrongFinancialPosition IncreasedReturnOnInvestmentReducedCosts IncreasedSalesIncreasedGrowthRate GenerateIncomeAndProfit CurrentProfitIncreaseCurrentProfitIncreaseIncreaseOfReturnOnInvestmentIncreaseLiquidityMinimizingCapitalExpendituresMeetingTheDay to dayBusinessNeeds VersusVersusVersusVersusWhileWhile CurrentSalesIncreaseSalesGrowthSalesGrowthCurrentProfitIncreaseGrowingTheBusinessReducingCosts Ifwecannotmeasure wecannotimprove IntroductionandBasicConcepts GoaloftheFirm IntroductionandBasicConcepts 导言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopics AVPofFinanceAsiaPacific Regionalcapabilitieswithlocaltalentleadingtoorganizationalcapacityandsignificantsavings IntroductionandBasicConcepts AsiaPacificCorporateFinanceOrganization SZFinOfficialH C 12FLDP 1Fincontroller 1Manager 2Financialanalyst 1Accountant 5CashierandT E 1Statistician 1 IntroductionandBasicConcepts PlantFinanceStructure IntroductionandBasicConcepts 导言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopics IntroductionandBasicConcepts AccountingBooking AP AR GL FA TaxationStatutoryReportingGroupReportingControllingCostingReporting FP A InternalControl SOXandCSA PolicyandProcessOptimization Controlleristheonewhoclosethedoor IntroductionandBasicConcepts BusinessPartnershipVisionStrategyBudgetForecast OthersTreasuryM ARiskManagementInsuranceAuditingComplianceHedging IntroductionandBasicConcepts 导言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopics E g FixedAssets1 Transaction2 F SMonthlyclosingchecklist IntroductionandBasicConcepts FinancialStatementProcess Debitsexpensesassets Creditsrevenueliabilitiesowner sequity StrategicPlan annualprocessFebtoJun 5yearprojectionsforSales CapitalSpendingand3yearprojectionforOperatingProfitProfitPlan annualprocessSepttoDec Byledger completeP LandB Sforecastbymonth IncludesCostofQuality CostSavingsandEconomicsprojectionsRollingForecast doneeachmonth Byledger completeP LandB SforecastbymonthIncludesCostofQuality CostSavingsandEconomicsprojectionsFinalResultsByledger completevariancereportingtoforecast closein3workdays Resultsarereportedbylocation byregion bybusiness bysectorandthentotalcompany IntroductionandBasicConcepts Planning ReportingOverview OperatingResults IncomeStatement OperatingResults IncomeStatement IsolatingFXvs Performance Results 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 资产负债表Balancesheet 负债 资产 负债 所有者权益 所有者权益 资产 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 Wecreateacompanybyinjectingcash100 Cash 100 Equity 100 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 Wepurchaseabuildingpaidwithcashfor60 Building 60 Cash 40 Equity 100 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 20 Building 60Equipments 20 Cash 40 Equity 100 Financialdebts 20 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 20 Building 60Equipments 20Investment 80 Cash 40 Equity 100 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 Equity FixedAssets160 Cash 40 Equity 100 Financialdebts 100 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 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 Weexecutethecontracts FG 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 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 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 资产负债表 财务解决方案Balancesheet Whatarethefinancialsolutions 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 操作方案如何 BalanceSheet Whataretheoperationalsolutions 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 BalanceSheet InventoryDOHGrossInventoryvs ForecastAmountReceivablesDSOPastDuebyBucket Current 1 30 30 60 etc CollectionEfficiencyGrossReceivablesvs ForecastAmountPayablesDPOGrossPayablesvs ForecastAmountCapitalSpendingActualSpendingvs Forecast Variancesanalysisandcommentaryrequiredateachmonth endandrollingforecast Warning Don tfallinlovewithDSO wecantrytomanipulateDSOtomakeithigherorlowerbyincreasingordecreasingtheamountindifferentbrackets DOH DaysonHandInventory DOH isacalculationtodeterminetheamountoftimethatisrequiredtoconvertinventoryintosales WhatcanyoudotoimproveDOH ReducemachinedowntimeReducescrapReduceset uptimeImproveschedulingImproveplantlayoutImprovethroughputtime DSO DaysSalesOutstanding DSO isameasurementofhowmuchtimeittakestoconvertsalesdollarstocash DependingonthepaymenttermsforourcustomersDSOmayvarysignificantlyfromcustomertocustomerandmonthtomonth WhatcanyoutoimproveDSO ImproveOrderEntryprocessReducebillingerrorsReducequantityrelatederrorsEnsuresalesorderiscorrectPromptFollow upwithcustomers WhyareDOH DSOImportant Botharelargecomponentsofcashflow Inordertocreateanincreaseorpositivecashflowyoumustreduceboth Byturningoverinventoryandreceivablesfasterwereceiveoursalesdollarsfaster andthereforeborrowlessmoneyandpaylessinterest OnedollarinvestedinInventoryorReceivablesisthesameasonedollarinvestedinequipmentandassuchShareholdersdemandthesamereturnonitastheydotheequipment DPO Dayspayableoutstanding DPO issimilartoAccountsReceivable DSO MeasureofeffectivenessofaccountspayableandothercurrentliabilitiesCanbeusedtopartiallybalancecashrequirementstofundaccountsreceivableCashFlowImpactHigher SourceofcashLower UseofcashWhatcanyoudotoimproveDPO Extendthelengthofpaymenttermstothevendor Weneedtobeasaggressivewithourvendorsasourcustomersarewithus Operation DO S 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 andpurchaseordersalreadyissued Operation DON TS 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 withouttakingintoaccounttermsandconditionsofpayment Operation DON TS 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 Introduction STDcoststructure StandardShinkageRate FGStandardCost Introduction STDcostrate Workcentercostratemeanshowmuchcostsneededwhenoccupytheworkcenterforonehour CNY hour StandardcostrateshouldincludingtheimpactofOEE OverallEquipmentEffectiveness CoverisionCost StandardCostRate CNY Hour CycleTimer RoutineHour EstimatedTotalExpenditure CNY Est totalworkinghrs withOEE Introduction STDcostcomponents Introduction STDcostcomponents 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 损益表 主要原理 Profit Loss MainPrinciples 销售收入SALES 边际贡献StandardContributionMargin 标准销售毛利StandardGrossMargin SGM 销售毛利GrossMargin 变动成本 固定成本 OperatingIncome SG A管理费用 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 MainPrinciples 销售毛利GrossMargin 固定制造费用及差异FOHD Var 注意 关键业绩指标KPIGrossMargin GM 损益表 主要原理 Profit Loss MainPrinciples 营业收益 OI 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 MainPrinciples 营业利润 OperatingIncome工厂的主要业绩指标之一OneofthemajorKPIatplantlevel 注意 关键业绩指标KPI OI 营业收益 OI 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 MainPrinciples 息税前利润 EBITDA OperatingIncome DepreciationEarningBeforeInterest TaxandDepreciation工厂的主要业绩指标之一OneofthemajorKPIatplantlevel 注意 关键业绩指标KPIEBITDA EBITDA 营业收益 OI 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 MainPrinciples 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 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 MainPrinciples Incremental Incrementalisacalculationthatdeterminesthebreakevensalespointforagivenplant 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 Incremental Setsanexpectationforoperatingprofitcomparedtoprofitplan prioryear priorforecast etc basedonchangesinthesalesplan forecast Plantisthenheldaccountabletodeliveringthisexpectation Ittakesoutsuchbusinessandeconomicfactorsassellingpricechangesandforeignexchangetranslationwhicharenotcontrollablebythemanagementoftheoperation Whyuseincremental IncrementalCalculation VolumeChangexIncrementalRate additionalcontributiontooperatingprofitthatisexpected Addorsubtractsellingpricechangesandexchangetranslationtodeterminethetotalexpectedoperatingprofitfortheperiod Comparetheexpectedprofittotheactualprofittodetermineiftheoperationisoverorunderincremental Incremental Example PlantXdeterminesthattheirbreakevensaleslevelis 50Minsalesdollarsperyear Atthatsaleslevelfixedcostsare40 andvariableare60 ofthetotalcostfortheplant Fromthisinformationweshouldthenexpectthatforeveryadditionalsalesdollaroverthebreakevenpoint theplantshouldhave 40inadditionaloperatingprofit Why Becauseifthefixedcostsarecoveredandvariablecostsare60 thentheremainderor40 shouldbeshowninadditionalprofit Incremental Example BasedonthepreviousinformationweknowthatPlantX sIncrementalrateis40 PlantXhadsellingpricechangedecreasesfortheperiodof 50Kandexchangetranslationeffectwas 30Kfavorablecomparedtoforecast PlantXhadincreasedvolumefortheperiodforatotalof 500Kfromtheforecast ActualOperatingProfitfortheperiodwasupby 100Kfromtheforecast HowmuchisPlantXover underincremental Incremental Example VolumeChangexIncrementalRate 500KX40 200KfavorableSubtractSellingPriceChanges 200K 50K 150KAddTranslationChanges 150K 30K 180K ExpectedProfit ActualProfitChange ExpectedProfitChange 100K 180K 80KUnderincremental Practice CalculatingIncrementalPerformance SalesChange favorable 1 615ktoplanFXTranslationfavorable 345kSellingpricechangesunfavorable 100kProfitChange favorable 380ktoplanFXTranslationimpactonprofitfavorable 55kIncrementalrateforthisbusinessis35 Pleasecalculatehowthebusinessdidcomparedtoitsexpectedincrementalperformance Practice Answer VolumeChange 1615 345 100 1370IncrementalRate x0 35IncrementalExpectation 479 5ProfitResults 380FXTranslation 55ActualPerformanceResult 325UnderIncremental 325 479 5 154 5 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 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 经营性现金流量 Practice PreparethecashflowfromoperationssectionofBeson sstatementofcashflowsunderthedirectmethod perU S GAAP fortheyearendedDecember31 Year2 ThefollowinginformationpertainstothefinancialstatementsofBesonCorporationfortheyearendedDecember31 Year2andDecember31 Year1 经营性现金流量 Practice AdditionalInformation 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 Answer Cashreceivedfromcustomers 1 950 000 48 700 44 000 28 200 22 000 1 939 100Cashpaidtosuppliers 1 295 000 220 000 198 300 96 900 82 800 1 302 600Cashpaidtoemployees 460 400 12 500 11 300 459 200Otheroperatingcashpaid 45 600 49 000 94 600 BesonCorp StatementofCashFlows DirectMethodFortheYearEndedDecember31 Year2 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 CategoriesofFinancialRatios DefinitionofCommonlyUsedActivityRatios DefinitionofCommonlyUsedLiquidityRatios DefinitionofCommonlyUsedSolvencyRatios DefinitionofCommonlyUsedProfitabilityRatios DefinitionofSelectedValuationRatiosandRelatedQuantities DuPontAnalysisofROE 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资本占用回报率 R O C E 的概念 ROCEconcept基本财务比率及报表评价 BasicFinancialRatiosandFinancialStatementEvaluation投资评价初步BasicInvestmentAppraisal结束部分 Conclusion InvestmentAppraisal Option1 ContinuingusetheoldforkliftNeedtospendimmediately25KtoreplacethejoystickandbatteryYearlymaintenancecostinthefollowing5years 35K YearScrapvalue 5yearslater 15K Option2 BuyanewForkliftScrapvalueofthecurrentoldforklift 55KrmbPurchasingprice 200KrmbYearlymaintenancecostinthefollowing5years 10K YearScrapvalue 5yearslater 55K InvestmentAppraisal Cashvalue 现金价值Whatisthevalueof100rmbinthefollowing1year 2yearsand nyears Interestrate5 peryear IfIget100RMBinoneyearlater twoyear Threeyear nyearlater whatisthepresentvalueofthe100rmb Interestrate5 peryear InvestmentAppraisal BasicConceptsNPV NetPresentValue DiscountFactorROI ReturnOnInvestment PaybackperiodIRR InternalRateofReturn 年金现值年金终值 InvestmentAppraisal Option1 ContinuingusetheoldforkliftNeedtospendimmediately25KtoreplacethejoystickandbatteryYearlymaintenancecostinthefollowing5years 35K YearScrapvalue 5yearslater 15K InvestmentAppraisal Option1 ContinuingusetheoldforkliftNeedtospendimmediately25KtoreplacethejoystickandbatteryYearlymaintenancecostinthefollowing5years 35K YearScrapvalue 5yearslater 15K InvestmentAppraisal Option2 BuyanewForkliftScrapvalueofthecurrentoldforklift 55KrmbPurchasingprice 200KrmbYearlymaintenancecostinthefollowing5years 10K YearScrapvalue 5yearslater 55K InvestmentAppraisal Option2 BuyanewForkliftScrapvalueofthecurrentoldforklift 55KrmbPurchasingprice 200KrmbYearlymaintenancecostinthefollowing5years 10K YearScrapvalue 5yearslater 55K InvestmentAppraisal NowwhatisyouranswerAndwhatifthenewonecoulduse6years 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资本占用回报率 R O C E 的概念 ROCEconcept基本财务比率及报表评价 BasicFinancialRatiosandFinancialStatementEvaluation投资评价初步BasicInvestmentAppraisal结束部分 Conclusion DiscussionQuestions1to6 Howcananorganizationloweritsbreak evenpoint YourgeneralmanagertasksyouwithaprojecttoreduceDSOby5days Describethestepsyouwouldtaketostudytheproblemandthenidentifypossibleactionsthatyouwouldrecommendtotheorganization Yourplantjustexperiencedalargephysicalinventoryloss Whatstepswouldyourecommendtheorganizationtaketoaddressthisissueandimproveinventorycontrolandreporting Whatcancauseorleadtoashrink Whatotherfunctionswouldyouinvolveinthisprocessimprovementeffort Ifyouwereaskedtoidentifyopportunitiestoimprovestandardmargins whattypesofthingswouldyouanalyze Howcanacompanygrowitsrevenues Describehowaplantdeterminesthestandardcostforanexistingpartnumber AnswerforQuestion1 Break evenPoint TotalFixedCost SellingPriceperunitofproduction VariableCostsperunitofproduction Lowertotalfixedcost cutinessentialsalariedpositions cutunimportantcapitalspending controlotherfixedcostsliketravel entertainment unnecessarywelfareetc andcloseassemblyplantsthatarenotfullyutilizedLowervariablecost obtaincomponentsatareducedcost improvelaborefficiencyandmaterialusagesavingIncreasesellingprice redesignproductstoprovideuniquefeaturesandtheadditionalrevenueisgreaterthanthevariablecostsrequiredtoaddthosefeaturesImprovingthesalesmixbysellingagreaterproportionoftheproductshavinglargercontributionmargins AnswerforQuestion2 Stepstaketostudytheproblem Focusonmajorcustomersbylookingatsa