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1、Chapter 08,Operating and Financial Leverage 经营杠杆和财务杠杆,Operating Leverage(经营杠杆),One potential “effect” caused by the presence of operating leverage is that a change in the volume of sales results in a “more than proportional” change in operating profit (or loss).,Operating Leverage - The use of fixed
2、 operating costs by the firm.,Impact of Operating Leverage on Profits,Firm F Firm V Firm 2F Sales$10$11 $19.5 Operating Costs Fixed 7 2 14 Variable 2 7 3 Operating Profit FC/total costs FC/sales,(in thousands),Impact of Operating Leverage on Profits,Firm F Firm V Firm 2F Sales Operating Costs Fixed
3、Variable Operating Profit Percentage Change in EBIT*,(in thousands),* (EBITt - EBIT t-1) / EBIT t-1,Impact of Operating Leverage on Profits,Firm F is the most “sensitive” firm - for it, a 50% increase in sales leads to a 400% increase in EBIT. Our example reveals that it is a mistake to assume that
4、the firm with the largest absolute or relative amount of fixed costs automatically shows the most dramatic effects of operating leverage. Later, we will come up with an easy way to spot the firm that is most sensitive to the presence of operating leverage.,Break-Even Analysis,When studying operating
5、 leverage, “profits” refers to operating profits before taxes (i.e., EBIT) and excludes debt interest and dividend payments.,Break-Even Analysis - A technique for studying the relationship among fixed costs, variable costs, sales volume, and profits. Also called cost/volume/profit (C/V/P) analysis.,
6、Break-Even Chart,QUANTITY PRODUCED AND SOLD,0 1,000 2,000 3,000 4,000 5,000 6,000 7,000,Total Revenues,Profits,Fixed Costs,Variable Costs,Losses,REVENUES AND COSTS ($ thousands),175,250,100,50,Total Costs,Break-Even (Quantity) Point,How to find the quantity break-even point: EBIT = P(Q) - V(Q) - FC
7、EBIT = Q(P - V) - FC P = Price per unit V = Variable costs per unit FC = Fixed costs Q = Quantity (units) produced and sold,Break-Even Point - The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.,Break-Even (Quantity) Point,Breakeven occurs
8、 when EBIT = 0 Q (P - V) - FC= EBIT QBE (P - V) - FC = 0 QBE (P - V) = FC QBE = FC / (P - V),a.k.a. Unit Contribution Margin,Break-Even (Sales) Point,How to find the sales break-even point: SBE = FC + (VCBE) SBE = FC + (QBE )(V) or SBE *= FC / 1 - (VC / S) ,* Refer to text for derivation of the form
9、ula,Break-Even Point Example,Basket Wonders (BW) wants to determine both the quantity and sales break-even points when: Fixed costs are $100,000 Baskets are sold for $43.75 each Variable costs are $18.75 per basket,Break-Even Point (s),Breakeven occurs when: QBE = FC / (P - V) QBE = $100,000 / ($43.
10、75 - $18.75) QBE = 4,000 Units SBE = (QBE )(V) + FC SBE = (4,000 )($18.75) + $100,000 SBE = $175,000,Break-Even Chart,QUANTITY PRODUCED AND SOLD,0 1,000 2,000 3,000 4,000 5,000 6,000 7,000,Total Revenues,Profits,Fixed Costs,Variable Costs,Losses,REVENUES AND COSTS ($ thousands),175,250,100,50,Total
11、Costs,Degree of Operating Leverage (DOL经营杠杆系数),DOL at Q units of output (or sales),Degree of Operating Leverage - The percentage change in a firms operating profit (EBIT) resulting from a 1 percent change in output (sales).,=,Percentage change in operating profit (EBIT),Percentage change in output (
12、or sales),Computing the DOL,DOLQ units,Calculating the DOL for a single product or a single-product firm.,=,Q (P - V),Q (P - V) - FC,=,Q,Q - QBE,Computing the DOL,DOLS dollars of sales,Calculating the DOL for a multiproduct firm.,=,S - VC,S - VC - FC,=,EBIT + FC,EBIT,Break-Even Point Example,Lisa Mi
13、ller wants to determine the degree of operating leverage at sales levels of 6,000 and 8,000 units. As we did earlier, we will assume that: Fixed costs are $100,000 Baskets are sold for $43.75 each Variable costs are $18.75 per basket,Computing BWs DOL,DOL6,000 units,Computation based on the previous
14、ly calculated break-even point of 4,000 units,=,=,DOL8,000 units,Interpretation of the DOL,A 1% increase in sales above the 8,000 unit level increases EBIT by 2% because of the existing operating leverage of the firm.,=,DOL8,000 units,Interpretation of the DOL,2,000 4,000 6,000 8,000,1,2,3,4,5,QUANT
15、ITY PRODUCED AND SOLD,0,-1,-2,-3,-4,-5,DEGREE OF OPERATING LEVERAGE (DOL),QBE,Interpretation of the DOL,DOL is a quantitative measure of the “sensitivity” of a firms operating profit to a change in the firms sales. The closer that a firm operates to its break-even point, the higher is the absolute v
16、alue of its DOL. When comparing firms, the firm with the highest DOL is the firm that will be most “sensitive” to a change in sales.,Key Conclusions to be Drawn from the previous slide and our Discussion of DOL,DOL and Business Risk(经营杠杆与经营风险),DOL is only one component of business risk and becomes “active” only in the presence of sales and production cost variability. DOL magnif
