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1、Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,1,Chapter 3: Managing Financial Health and Performance,Objectives Purpose of Financial Planning Working Capital Management,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,2,Chapter 3 Contents,3.1 Functions of Finan
2、cial Statements 3.2 Review of Financial Statement 3.3 Market values v. Book Values 3.4 Accounting v. Economic Measures of Income 3.5 Return on Shareholders v. Return on Book Equity,3.6 Analysis Using Financial Ratios 3.7 The Financial Planning Process 3.8 Constructing a Financial Planning Model 3.9
3、Growth & the Need for External Financing 3.10 Working Capital Mgmt. 3.11 Liquidity & Cash Mgmt.,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,3,3.1 Functions of Financial Statements,Financial Statements: Provide information to the owners & creditors of a firm about the current s
4、tatus and past performance Provide a convenient way for owners & creditors to set performance targets & to impose restrictions of the managers of the firm Provide a convenient templates for financial planning,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,4,3.2 Review of Financia
5、l Statements,Balance Sheets Income Statements Cash-Flow Statements,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,5,The Balance Sheet,Summarizes a firms assets, liabilities, and owners equity at a moment in time Amounts measured at historical values and historical exchange rates
6、Prepared according to GAAP, Generally Accepted Accounting Principles GAAP modified occasionally by the Financial Accounting Standards Board Exchange-listed companies must comply with Securities and Exchange Commission (SEC) rules,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,6,T
7、he Balance Sheet,Major Divisions: Assets Current assets (less than a year) Long-term assets (longer than a year Depreciation Liabilities and Stockholders Equity Liabilities Current Liabilities Long-term debt Equity,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,7,GPC Balance Shee
8、t on December 31,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,8,The Income Statement,Summarizes the profitability of a company during a time period Major Divisions: Revenue & cost of goods sold Gross margin General administrative and selling expenses (GS&A) Operating income Deb
9、t service Taxable income Corporate Taxes Net income,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,9,The Income Statement,Important Reminders: Retained earnings are not added to the cash balance in the balance sheet, but are added to shareholders equity Accounts show historical v
10、alues, not market values The shareholders equity may be much higher or lower than the market value of the firm The value of the firms land may have halved or doubled, but this would not be reported in the balance sheet,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,10,Copyright 2
11、009 Pearson Education, Inc. Publishing as Prentice Hall,11,The Cash-Flow Statement,Show the cash that flowed into and from a firm in during a time period Focuses attention on a firms cash situation A firm may be profitable and short of cash Unlike the balance sheet and income statement, cash flow st
12、atements are independent of accounting methods The IRS uses accounting income to compute tax, so accounting rules have a second order effect on cash flows through taxes,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,12,Copyright 2009 Pearson Education, Inc. Publishing as Prentice
13、 Hall,13,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,14,Notes to Financial Statements,Explains accounting methods used Details of assets and liabilities Details of equity structure Documents changes in operation Documents off-balance-sheet items,Copyright 2009 Pearson Educatio
14、n, Inc. Publishing as Prentice Hall,15,Reviewing Published Accounts,Usual order feel quality of the paper, review pictures read Chairs report review accounts read notes produce estimates,Correct order produce estimates read notes compare your numbers & reports read Chairs report check pictures, etc.
15、,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,16,Reasons for this Ordering,Form your own unbiased expectations independently of the latest financial report Notes to accounts give the numbers more precise meaning Compare your numbers and the firms to tell you where to focus when
16、 reading the chairs report. Look for omissions and conflicts Compare the PR-Departments public image with your (now) informed investors view,Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall,17,3.3 Market Values v. Book Values,Not all assets and liabilities are included, and others are understate and/or overstated Intangible assets such as patents may have some value included, but brand loyalty, technological know-h
