文档介绍：Chapter 3
Working With Financial Statements
Basic Activities
Firm issues securities (A)
Retained cash flows (F)
Government
Financial markets
Short-term debt
Long-term debt
Equity shares
Ultimately, the firm must be a cash generating activity.
The cash flows from the firm must exceed the cash flows from the financial markets.
Firm
Invests in assets (B)
Current assets Fixed assets
Cash flow from firm (C)
Taxes (D)
Dividends and debt payments (E)
At the most fundamental level, firms do two different things: they generate cash and they spend it.
What will the baby be like?
Liu Chuanzhi = Steve Jobs
2009
1996
Chapter Outline
Cash Flow and Financial Statements: A Closer Look
Standardized Financial Statements
Ratio Analysis
The DuPont Identity
Using Financial Statement Information
1. A Closer Look at Statements
2008
2007
2008
2007
Cash
696
58
A/P
307
303
A/R
956
992
N/P
26
119
Inventory
301
361
Other CL
1,662
1,353
Other CA
303
264
Total CL
1,995
1,775
Total CA
2,256
1,675
LT Debt
843
1,091
Net FA
3,138
3,358
C/S
2,556
2,167
Total Assets
5,394
5,033
Total Liab. & Equity
5,394
5,033
Numbers in millions
Sample Balance Sheet
Sample e Statement
Revenues
5,000
Cost of Goods Sold
2,006
Expenses
1,740
Depreciation
116
EBIT
1,138
Interest Expense
7
Taxable e
1,131
Taxes
442
Net e
689
EPS
Dividends per share
Numbers in millions, except EPS & DPS
Cash Flow
Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders
Operating Cash Flow – Net Capital Spending – Changes in NWC= Cash Flow to Creditors + Cash Flow to Stockholders
Operating Cash Flow–(fixed assets investment+ depreciation) –NWC investment=(Interests paid – Net new borrowing) + (Dividends paid – Net new equity raised)
Operating Cash Flow+ Net new borrowing+ Net new equity raised= (fixed assets investment+ depreciation)+ NWC investment+ Interests paid + Dividends paid
资产=负债+权益
现金来源=现金运用
Source