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1、CHAPTER TEN,McGraw-Hill/Irwin,Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.,Chapter 10,Prepared by: Stephen H. Penman Columbia University With contributions by Nir Yehuda Northwestern University Mingcherng Deng University of Minnesota Peter D. Easton and Gregory A. Sommers N
2、otre Dame and Southern Methodist Universities Luis Palencia University of Navarra, IESE Business School,10-2,What You Will Learn from this Chapter,Why the analyst reformulates income statements and balance sheets How operating and financing components of the two statements are identified What assets
3、 and liabilities typically fall into operating and financing categories Why income taxes are allocated to different parts of the income statement What balance sheet and income statement ratios reveal How one learns of a firms strategy through the reformatted financial statements How firms manage “ca
4、sh”,10-3,The Big Picture for this Chapter,Before statements are analyzed they must be reformulated to “sharpen the lens on the business” The key to reformulation is the separation of operating and financing activities Its the operating activities that add value in a business, so dont confuse them wi
5、th the financing activities Chapter 8 provides the design,10-4,The Picture from Chapter 8,Net operating assets are employed in operations to generate operating revenue (by selling goods and services to customers) and incur operating expenses (by buying inputs from suppliers). indicates changes.,Key:
6、 F = net cash flow to debtholders and issuers d = net cash flow to shareholders C = cash flow from operations I = cash investment NFA = net financial assets NOA = net operating assets OR = operating revenue OE = operating expense OI = operating income NFI = net financial income,10-5,The Design from
7、Chapter 8,10-6,The Standard Balance Sheet,10-7,Reformulating the Balance Sheet: The Governing Accounting Relations,Net Operating Assets (NOA) = Operating Assets (OA) Operating Liabilities (OL) Net Financial Obligations (NFO) = Financial Obligations (FO) Financial Assets (FA) Common Shareholders Equi
8、ty (CSE) = NOA NFO _Reformulated Balance Sheet_ OA FO (OL) (FA) NFO CSE NOA NFO + CSE _,10-8,Typical Financial and Operating Items,10-9,Issues in Reformulating Balance Sheets,Cash: working cash and excess cash Short term notes receivable: trade receivables or investment of cash? Finance receivables:
9、 an operating asset Debt investments: financial assets Short-term equity investments: excess cash or trading securities? Short-term notes payable: trade notes or borrowing? Lease assets: operating assets Lease liabilities: financial obligation Deferred tax assets and liabilities: operating Deferred
10、revenues and accrued expenses: operating Minority interest: not a financial obligation For financial firms, many “financial items” are operating assets and liabilities,10-10,GAAP Balance Sheet: Nike, Inc.,10-11,Reformulated Balance Sheet: Nike, Inc.,10-12,Nike, Inc.: Notes on the Reformulation,1. Ca
11、sh and cash equivalents have been split between operating cash and interest-bearing cash investments 2. Interest-bearing accounts payable are classified as financing items 3. Accrued liabilities exclude dividends payable (now added to shareholders equity) 4. Notes payable are interest bearing and cl
12、assified as financing liabilities,10-13,Strategic Balance Sheets,Reformulated balance sheets inform about the firms strategy for running the business: How the firm invests in operations How the firm relies on operating liabilities How the firm conducts its financing of the operations Reformulated st
13、atements provide a narrative,10-14,Strategic Balance Sheet: Microsoft Corporation,10-15,Strategic Balance Sheet: Dell Inc.,10-16,Strategic Balance Sheet: General Mills Inc.,10-17,The Income Statement: Typical Items,10-18,The Reformulated Income Statement,Operating items are separated from financing
14、items. Operating income from sales is separated from other operating income. Tax is allocated to components of the statement, with no allocation to items reported on an after-tax basis Reformulated Comprehensive Income Statement Net sales Expenses to generate sales Operating income from sales (befor
15、e tax) Tax on operating income from sales + Tax as reported + Tax benefit from net financial expenses Tax allocated to other operating income Operating income from sales (after tax) Other operating income (expense) requiring tax allocation Restructuring charges and asset impairments Merger expenses
16、Gains and losses on asset sales Gains and losses on security transactions Tax on other operating income After-tax operating items Equity share in subsidiary income Operating items in extraordinary income Dirty-surplus operating items in Table 8.1 Hidden-dirty surplus operating items Operating income (after tax) (continued),10-19,The Reformulated Income Statement (cont.)
