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1、FINANCIAL MANAGEMENT SKILL财务财务管理技能管理技能 2015年年09月月12日日Aaron Wang22议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表-Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu基本财务比率及报表评价基本财务比率及报表评价 Basic Financial Ratios and Financial Statement Evaluationu投资评价初步投资评价初步
2、Basic Investment Appraisalu结束部分结束部分 - Conclusion33 Introduction and Basic Conceptsu导言及基本概念导言及基本概念 Introduction and Basic ConceptsuIntroductionuFinanceOrganizationuFinanceActivityuOthertopics44uThis training will allow you to understand：wFinanceFunctionwConceptofFinancialKPIs(Revenue,DM,DL,VOH,FOH,SG
3、&A,OI,OCF,EBITDA,DOH,DSO,DPO,Incremental,etc.)wBS,P&LandCashFlowStatementswConceptsofFinancialStatementEvaluationandInvestmentAppraisal Introduction and Basic Concepts55MinimizeWorkingCapitalMaintainStrongCashFlowPayDebtsAsTheyAreDueIncreaseLiquidityMaintainStrongFinancialPositionIncreasedReturnOnIn
4、vestmentReducedCostsIncreasedSalesIncreasedGrowthRateGenerate IncomeAndProfitCurrentProfitIncreaseCurrentProfitIncreaseIncreaseOfReturnOnInvestmentIncreaseLiquidityMinimizingCapitalExpendituresMeetingTheDay-to-dayBusinessNeedsVersusVersusVersusVersusWhileWhileCurrentSalesIncreaseSalesGrowthSalesGrow
5、thCurrentProfitIncreaseGrowingTheBusinessReducingCosts“If we cannot measure, we cannot improve” Introduction and Basic ConceptsGoal of the Firm66 Introduction and Basic Conceptsu导言及基本概念导言及基本概念 Introduction and Basic ConceptsuIntroductionuFinanceOrganizationuFinanceActivityuOthertopics77AVP of Financ
6、e Asia PacificISr. Mgr. - Treasury Asia PacificJTreasury Supervisor Asia PacificKTreasury Analyst Asia PacificEManager - CADA Asia PacificFFin. Planning Analyst Asia PacificGManager ISSC SuzhouChina (Team of 25)HDirector ISSC Pune AP Region (Team of 50)PDirector of Finance North Asia (Team of 5)QCou
7、ntry Controller India (Team of 5)RFinance Manager (20%) TaiwanSTax Manager Asia PacificMTax Manager Australia / NZ & SEANTax Manager North AsiaOTax ManagerIndiaLDirector Intl Tax Asia PacificCCorp. AccountAustralasia / SE AsiaDCountry ControllerSingapore/MalaysiaBDirector of Finance Australasia / SE
8、 AsiaRegional capabilities with local talent leading to organizational capacity and significant savings. Introduction and Basic ConceptsAsia Pacific Corporate Finance Organization88AFinancialControllerBFinAccountingManagerGFPAandCostingManagerHFPA&FACAPAcctDARAcctFGLandTaxICostingsupervisorJCostAcco
9、untantECashierandT&EKStatisticianLFLDP SZ Fin Official H/C: 12 FLDP: 1 Fin controller: 1 Manager: 2Financial analyst: 1 Accountant: 5Cashier and T&E: 1 Statistician: 1 Introduction and Basic ConceptsPlant Finance Structure99 Introduction and Basic Conceptsu导言及基本概念导言及基本概念 Introduction and Basic Conce
10、ptsuIntroductionuFinanceOrganizationuFinanceActivityuOthertopics1010 Introduction and Basic ConceptsuAccountinguBooking(AP,AR,GL,FA)uTaxationuStatutoryReportinguGroupReportinguControlling uCostinguReporting(FP&A)uInternalControl(SOXandCSA)uPolicyandProcessOptimizationController is the one who close
11、the door!1111 Introduction and Basic ConceptsuBusiness PartnershipVisionStrategyBudgetForecastuOthersuTreasuryuM&AuRiskManagementuInsuranceuAuditinguComplianceuHedgingu.1212 Introduction and Basic Conceptsu导言及基本概念导言及基本概念 Introduction and Basic ConceptsuIntroductionuFinanceOrganizationuFinanceActivit
12、yuOthertopics1313E.g.FixedAssets1.Transaction2.F/SMonthlyclosingchecklist Introduction and Basic ConceptsFinancial Statement ProcessDebitsexpensesassetsCreditsrevenueliabilitiesownersequity1414uStrategicPlan(annualprocessFebtoJun)w5yearprojectionsforSales&CapitalSpendingand3yearprojectionforOperatin
13、gProfituProfitPlan(annualprocessSepttoDec)wByledger,completeP&LandB/Sforecastbymonth)lIncludesCostofQuality,CostSavingsandEconomicsprojectionsuRollingForecast(doneeachmonth)wByledger,completeP&LandB/SforecastbymonthlIncludesCostofQuality,CostSavingsandEconomicsprojectionsuFinalResultswByledger,compl
14、etevariancereportingtoforecast(closein3workdays)Results are reported by location, by region, by business, by sector and then total company. Introduction and Basic ConceptsPlanning & Reporting Overview1515Operating Results Income Statement1616Operating Results Income Statement“Isolating FX vs. Perfor
15、mance” Results1717议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表-Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu基本财务比率及报表评价基本财务比率及报表评价 Basic Financial Ratios and Financial Statement Evaluationu投资评价初步投资评价初步 Basic Investment Appraisalu结束部分结束部分 - Conclusio
16、n1818资产负债表资产负债表 Balance sheet负债资产=负债+所有者权益所有者权益所有者权益资产1919举例举例 :资产负债表资产负债表 -创立一个公司创立一个公司 - Example : Balance Sheet - Creation of a company货币资金货币资金 : 100所有者权益所有者权益 : 100资金来源何处?Where does cash come from ?资金去向何处?Where does cash go ?为我们创立的公司注入资金100-We create a company by injecting cash 100Cash : 100Equi
17、ty : 1002020资产负债表资产负债表 公司开办公司开办 Balance sheet - The company starts 货币资金货币资金 : 40所有者权益所有者权益 : 100房屋房屋 : 60购买房屋花去资金60-We purchase a building paid with cash for 60Building : 60Cash : 40Equity : 1002121资产负债表资产负债表 持续经营持续经营 Balance sheet - And it goes on.货币资金货币资金 : 40所有者权益所有者权益 : 100房屋房屋 : 60设备设备 : 20借款融资
18、20来购买设备-We purchase equipments financed by credit for 20融资借款融资借款 : 20Building : 60Equipments : 20Cash : 40Equity : 100Financial debts : 202222资产负债表资产负债表 公司成长公司成长 . Balance sheet - And the company grows . 资金占用资金占用USE=200资金来源资金来源 RESOURCES=200货币资金货币资金: 40所有者权益所有者权益 : 100房屋房屋 : 60设备设备 : 20投资投资 : 80融资贷款
19、80收购某个竞争者We acquire a competitor financed by a loan for 80融资借款融资借款 -Financial debts: 80+20Building : 60Equipments : 20Investment : 80Cash : 40Equity : 1002323资产负债表资产负债表 负债负债 Balance sheet - Indebtness 资金占用资金占用 USE=200资金来源资金来源 RESOURCES=200货币资金货币资金 : 40所有者权益所有者权益 : 100固定资产固定资产160融资借款融资借款 : 100负债总额=所有
20、者权益Total Financial Debts = EquityFixed Assets160Cash : 40Equity : 100Financial debts : 1002424资产负债表资产负债表 经济活动的发展经济活动的发展 Balance sheet - Development of the activity 货币资金货币资金 Cash : 40所有者权益所有者权益 Equity : 100固定资产固定资产Fixed assets160融资借款融资借款Financial debts : 100用去40向供应商购买零件We purchase components for 40 f
21、rom suppliers存货存货RM : 40供应商供应商 Suppliers : 402525资产负债表资产负债表 经济活动的发展经济活动的发展 Balance sheet - Development of the activity 资金资金 Cash: 10 (-30)所有者权益所有者权益 Equity: 100固定资产固定资产 Fixed assets160融资借款融资借款 Financial debts: 100.履行合同. We execute the contractsFG/WIP : 50 (+50)供应商供应商 Suppliers: 40存货存货 RM : 20 (-20)为
22、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.Thecashisthusdeterioratedby30.2626资产负债表资产负债表 经济活动的发展经济活动的发展 Balance sheet - Development of the activity 资金占用资金占用 USE=260资金来源资金来源 RESOURCES=260资
23、金资金 Cash: 10所有者权益所有者权益 Equity: 100固定资产固定资产 Fixed assets160融资借款融资借款 Financial debts: 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元应收帐款应收帐款Receivable : 70 (+70)供应商供应商 Suppliers : 40存货存货 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。净收益净收益 Net Inc: 20 (+20)WIP/FG: 0 (-50)2727资产负债表资产负债表 经济活动的发展经济活动的发展 B
24、alance sheet - Development of the activity 资金占用资金占用 USE=300资金来源资金来源 RESOURCES=300资金资金 Cash: 10所有者权益所有者权益 Equity: 100固定资产固定资产 Fixed assets160融资借款融资借款 Financial debts: 100然后我们购进新的零部件40元应收帐款应收帐款Receivable : 70 (+70)供应商供应商 Suppliers : 80 (+40)存货存货 Inventory : 60 (+40)净收益净收益 Net Inc: 20 (+20)2828资金资金 Cas
25、h: 10所有者权益所有者权益Equity : 100固定资产固定资产 Fixed assets160融资借款融资借款Financial debts: 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？Troubles begin. Some suppliers want to be paid for 40 immediately. What can we do ?应收帐款应收帐款 Receivable: 70供应商供应商 Suppliers: 80存货存货Inventory : 60净收益净收益 Net income: 20资产负债表资产负债表 经济活动的发展经济活动的发展
26、 Balance sheet - Development of the activity 可以给我们可以给我们你的建议吗你的建议吗 ?GIVE US YOUR SUGGESTIONS ?2929资产负债表资产负债表 财务解决方案财务解决方案 Balance sheet - What are the financial solutions ?你不能这样做你不能这样做你不能这样做你不能这样做 THIS IS NOT YOUR JOBTHIS IS NOT YOUR JOB变卖固定资产变卖固定资产To sell fixed assets增加资本增加资本To increase capital取得新贷款
27、取得新贷款 To obtain a new loan资金资金 Cash : 10所有者权益所有者权益Equity : 100固定资产固定资产Fixed assets160融资借款融资借款Financial debts : 100应收帐款应收帐款 Receivable : 70供应商供应商Suppliers : 80存货存货 Inventory: 60净收益净收益 Net income : 203030资产负债表资产负债表 操作方案如何？操作方案如何？ Balance Sheet - What are the operational solutions? 你可以这样你可以这样你可以这样你可以这样
28、 - - THIS IS YOUR JOBTHIS IS YOUR JOB资金资金 Cash : 10所有者权益所有者权益Equity : 100固定资产固定资产Fixed assets160融资借款融资借款Financial debts : 100应收帐款应收帐款 Receivable : 70供应商供应商 Suppliers: 80存货存货 Inventory: 60净收益净收益 Net income : 20限制存货限制存货- To limit inventory与客户协商提前收回货款与客户协商提前收回货款To negociate advanced payments with custo
29、mers与供应商协商新的付款计与供应商协商新的付款计划划To negociate a new payment plan with suppliers3131Balance SheetuInventorywDOHwGrossInventoryvs.ForecastAmountuReceivableswDSOlPastDuebyBucket(Current,1-30,30-60,etc)lCollectionEfficiencywGrossReceivablesvs.ForecastAmountuPayableswDPOwGrossPayablesvs.ForecastAmountuCapital
30、SpendingwActualSpendingvs.ForecastVariances analysis and commentary required at each month-end and rolling forecast.Warning: Dont fall in love with DSO, we can try to manipulate DSO to make it higher or lower by increasing or decreasing the amount in different brackets3232DOHuDaysonHandInventory(DOH
31、)isacalculationtodeterminetheamountoftimethatisrequiredtoconvertinventoryintosales.uWhatcanyoudotoimproveDOH?ReducemachinedowntimeReducescrapReduceset-uptimeImproveschedulingImproveplantlayoutImprovethroughputtime3333DSOuDaysSalesOutstanding(DSO)isameasurementofhowmuchtimeittakestoconvertsalesdollar
32、stocash.DependingonthepaymenttermsforourcustomersDSOmayvarysignificantlyfromcustomertocustomerandmonthtomonth.uWhatcanyoutoimproveDSO?ImproveOrderEntryprocessReducebillingerrorsReducequantityrelatederrorsEnsuresalesorderiscorrectPromptFollow-upwithcustomers3434Why are DOH & DSO Important?Botharelarg
33、ecomponentsofcashflow.Inordertocreateanincreaseorpositivecashflowyoumustreduceboth.Byturningoverinventoryandreceivablesfasterwereceiveoursalesdollarsfaster,andthereforeborrowlessmoneyandpaylessinterest.OnedollarinvestedinInventoryorReceivablesisthesameasonedollarinvestedinequipmentandassuchSharehold
34、ersdemandthesamereturnonitastheydotheequipment.3535DPODayspayableoutstanding(DPO)issimilartoAccountsReceivable(DSO)MeasureofeffectivenessofaccountspayableandothercurrentliabilitiesCanbeusedtopartiallybalancecashrequirementstofundaccountsreceivableCashFlowImpactHigher=SourceofcashLower=UseofcashWhatc
35、anyoudotoimproveDPO?Extendthelengthofpaymenttermstothevendor.Weneedtobeasaggressivewithourvendorsasourcustomersarewithus.3636存货存货 - INVENTORIES评价库存管理方法评价库存管理方法 - Review of stock management process-重新定义安全水平重新定义安全水平 - redefinition of security level- 根据预测进行库存管理而不是根据历史趋势根据预测进行库存管理而不是根据历史趋势 - stock manag
36、ement based on forecast rather than historical trends变卖过时的和不使用的存货变卖过时的和不使用的存货 - Sell outdated or unused inventories加强生产活动的存货管理加强生产活动的存货管理 - Consolidate stocks management within production sites / activities标准化存货采购标准化存货采购 - Standardize inventories purchased减少瓶颈减少瓶颈 - Reduce bottleneck定期控制存货水平定期控制存货水平
37、 - Control regularly inventories levels缩短存货周期缩短存货周期 - Reduce cycle time应付应付 - PAYABLES根据供应商群及各个国家的情况差异，审核付款条件及付款期根据供应商群及各个国家的情况差异，审核付款条件及付款期 Review terms and conditions of payments within supplier groups, countries,.-例如例如 : 增加延期付款增加延期付款 - e.g : increase delay of payment制定特殊的规则使付款期与价格相互关联制定特殊的规则使付款期与
38、价格相互关联 Establish specific rules to correlate terms of payment and price打造一支专业的团队负责应付过程的管理打造一支专业的团队负责应付过程的管理 Create/strengthen specific team in charge of the management of the payable processOperation- DOS应收应收 - RECEIVABLES根据客户群及各个国家的情况差异，审核付款条件及付款期根据客户群及各个国家的情况差异，审核付款条件及付款期 Review terms and conditio
39、ns of payments within client segments, countries,. 例如例如 : 减少延期付款减少延期付款 e.g : reduction of the delay of payment制定特殊的规则使付款期与价格相互关联制定特殊的规则使付款期与价格相互关联 Establish specific rules to correlate terms of payment and price打造一支专业的团队负责应收过程的管理打造一支专业的团队负责应收过程的管理 Create/strengthen specific team in charge of the man
40、agement of the receivable process3737uu在产品与库存商品在产品与库存商品在产品与库存商品在产品与库存商品 - WIP & INVENTORIES- WIP & INVENTORIESw项目计划没有考虑到付款标识段项目计划没有考虑到付款标识段 Project planning does not take into consideration payment milestonesw没有与项目有关的现金曲线图没有与项目有关的现金曲线图 - No cash curve on projects w不能优化生产循环或项目循环不能优化生产循环或项目循环 - Non-op
41、timization of the production or project cyclew依据产品结构进行生产管理及项目管理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而非依据产品需求的驱动 Production, project managed according to a component production logic as opposed to a demand-driven logicw制造或者购买制造或者购买 : 购买配件而不是功能购买配件而不是功能 Make or buy : purchase of components instead of function
42、sw生产改造没有考虑到现有的存货生产改造没有考虑到现有的存货, 在产品在产品, 及已有的订单及已有的订单 Production modification without taking into account existing inventories, in-process goods, and purchase orders already issuedOperation - DONTS3838uu应付项目应付项目应付项目应付项目 - PAYABLES- PAYABLESw采购、物流、存货管理间缺乏协调采购、物流、存货管理间缺乏协调 - Lack of co-ordination betwe
43、en purchasing, logistics, inventories management l 供应商单方面采取提前交货的方式促使我们提早付款供应商单方面采取提前交货的方式促使我们提早付款 - Early payment triggered by advance delivery at sole initiative of supplierl 提早付款是由收到发票引起的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而不是按照约定的购货条件交货引起的 - Early payment triggered by receipt of invoice and not by del
44、ivery as stipulated in purchase conditionsl 供应商延期交货供应商延期交货,并且未按程序事先提醒负责谈判的采购员并且未按程序事先提醒负责谈判的采购员 - Delivery late without systematically alerting buyer in charge of negotiationw公认的购货条件没有得到应用公认的购货条件没有得到应用 - Non-application of general purchasing conditionsw采购部门仅仅以价格为判断依据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而没有考虑
45、到付款条件和条款 - Purchasing department judged solely on prices obtained, without taking into account terms and conditions of paymentOperation - DONTS3939议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表-Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu基本财务比率及报表评价基
46、本财务比率及报表评价 Basic Financial Ratios and Financial Statement evaluationu投资评价初步投资评价初步 Basic Investment Appraisalu结束部分结束部分 - ConclusionUnit Managing Directors Convention - March 2007 - Basic in Finance4040Introduction STD cost structureStandard Duty %RM Stand Cost CNY Per UoMLastest Purchase PriceStandar
47、d Freight %BOM Consuption Quantity RM Yeild RateStandard Material CostStd Conversion CostDirect Labor = Routine Hr X RateVOH= Routine Hr X RateFOH=Routine Hr X RateStandard Shinkage RateFG Standard CostUnit Managing Directors Convention - March 2007 - Basic in Finance4141Introduction STD cost rateuW
48、ork center cost rate means how much costs needed when occupy the work center for one hour (CNY/hour)uStandard cost rate should including the impact of OEE (Overall Equipment Effectiveness)Coverision CostStandard Cost Rate (CNY/Hour)Cycle Timer (Routine Hour)Estimated Total Expenditure (CNY)Est. tota
49、l working hrs (with OEE)Unit Managing Directors Convention - March 2007 - Basic in Finance4242Introduction STD cost componentsMATERIALEstablished as the last “normal volume” purchase price at the time the standards are being set.Material Components:MaterialInbound FreightDutiesLABORConsists of the w
50、ages of all associates involved in the process of manufacturing and assembling products. Labor Components:Labor (Regular)Labor (Temporary)VARIABLE COST OVERHEADIncludes all the costs (other than direct labor) that are directly related to the process of manufacturing and assembling products.Variable
51、Cost Components:Variable Indirect MaterialMaintenance & Repair/Equip. & ToolsUtilities VariableFIXED MANUFACTURING OVERHEADExpenses which are not considered to be dependent upon short-term production volumes.Fixed Manufacturing Overhead Components:Salaries/WagesDepreciation/AmortizationBldg. Repair
52、& MaintenanceTaxes & InsuranceProfessional servicesStandard CostUnit Managing Directors Convention - March 2007 - Basic in Finance4343Introduction STD cost components123456701234DLVOHFOH4444几个成本名词几个成本名词wFixed OHD 固定制造费用固定制造费用wVariable OHD 变动制造费用变动制造费用wReplacement Cost 重置成本重置成本wOpportunity Cost 机会成本机
53、会成本wSunk Cost 沉没成本沉没成本4545损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles销售收入销售收入SALES边际贡献边际贡献Standard Contribution Margin标准销售毛利标准销售毛利Standard Gross Margin (SGM)销售毛利销售毛利Gross Margin材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD固定制造费用固定制造费
54、用FOHD材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHDMUV材料用量差异材料用量差异材料成本差异材料成本差异Material Var人工、制造费人工、制造费用差异用差异Labor & OHD Var固定制造费用固定制造费用FOHD变动成本变动成本固定成本固定成本Operating Income材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHDMUV材料用量差异材料用量差异材料成本差异材料成本差异Material Var人工、制造费人工、制造费用差异用差异Labor & OHD
55、Var固定制造费用固定制造费用FOHDSG&A管理费用管理费用4646损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles营业利润营业利润OPERATINGINCOME净收益净收益NET INCOME财务收入财务收入及费用及费用Finanial inc & exp所得税及所得税及递延税金递延税金Incomes &Deferred tax营业外项目营业外项目Expectional4747损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles销售毛利销售毛利Gross Margin材料成本材料成本MATERI
56、AL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料用量差异材料用量差异MUV材料成本差异材料成本差异Material Var人工及变动制造人工及变动制造费用差异费用差异Labor & VOHD Var固定制造费用及固定制造费用及差异差异FOHD & Var注意注意 :关键业绩指标关键业绩指标 KPIGross MarginGM%4848损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles营业收益营业收益 - OI材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD
57、材料用量差异材料用量差异MUV材料成本差异材料成本差异Material Var人工及变动制造人工及变动制造费用差异费用差异Labor & VOHD Var固定制造费用及固定制造费用及差异差异FOHD & Var管理费用管理费用SGA 管理费用包含以下内容管理费用包含以下内容管理费用包含以下内容管理费用包含以下内容SGASGA：Including below contentIncluding below contentuuAdministrationAdministrationuuSales and DistributionSales and DistributionuuR&D (Technic
58、al)R&D (Technical)4949损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principlesuu营业利润营业利润营业利润营业利润 - Operating Income- Operating Incomew 工厂工厂的主要业绩指标之一的主要业绩指标之一wOne of the major KPI at plant level注意注意 :关键业绩指标关键业绩指标KPIOI营业收益营业收益 - OI材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料用量差异材料用量差异MUV材料成本差异材料成本
59、差异Material Var人工及变动制造人工及变动制造费用差异费用差异Labor & VOHD Var固定制造费用及固定制造费用及差异差异FOHD & Var管理费用管理费用SGA 5050损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principlesuu息税前息税前息税前息税前利润利润利润利润 EBITDA =EBITDA = Operating Income + DepreciationwEarning Before Interest, Tax and Depreciation w工厂工厂的主要业绩指标之一的主要业绩指标之一wOne of the ma
60、jor KPI at plant level注意注意 :关键业绩指标关键业绩指标KPIEBITDAEBITDA营业收益营业收益 - OI材料成本材料成本MATERIAL直接人工成本直接人工成本DIR LABOR变动制造费用变动制造费用VOHD材料用量差异材料用量差异MUV材料成本差异材料成本差异Material Var人工及变动制造人工及变动制造费用差异费用差异Labor & VOHD Var固定制造费用及固定制造费用及差异差异FOHD & Var管理费用管理费用SGA 5151损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles净收益Net In
61、come财务收入及财务收入及财务费用财务费用 Financial Inc & Exp所得税及所得税及递延税款递延税款Incomes & deferred tax营业外项目营业外项目Exceptionaluu财务收入及财务费用财务收入及财务费用财务收入及财务费用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包括与以下情况相关的所有成本及收入入 - Financial incomes and expenses - Financial incomes and expenses include all costs and revenues linked to :w 财务利息费用及收入财务利息费用
62、及收入, financial interests and revenuesw 汇兑损益汇兑损益, exchange differencesw 收到的股息收到的股息, dividends receivedw 等等等等, etcw注意注意: 财务费用应该被包括在投标中财务费用应该被包括在投标中 Warning : financial costs should be included in tendersuu所得税及递延税款所得税及递延税款所得税及递延税款所得税及递延税款 包括所有的税负包括所有的税负, 当期和递延当期和递延Income and Deferred taxes Income and D
63、eferred taxes include all taxes, current and deferreduu营业外项目营业外项目营业外项目营业外项目 不是经常发生的不是经常发生的, 除了非常事件并在得到管理部除了非常事件并在得到管理部门批准认可之后的项目外门批准认可之后的项目外 Exceptional items Exceptional items is not to be used, except for extraordinary events and after agreement of the Division5252损益表损益表: 主要原理主要原理 - Profit & Loss:
64、 Main Principlesuu净收益净收益净收益净收益 在损益表中的最后一行反映在损益表中的最后一行反映 Net income Net income is the final line of the Profit & Lossw其金额为资产负债表的所有者权益部分其金额为资产负债表的所有者权益部分 This amount is reported in the Equity in the Balance sheet净收益净收益Net income财务收入及财务费用Financial Incomes& Expenses所得税及递延税金Incomes &Deferred tax 营业外项目Exc
65、eptional Items5353损益表损益表: 主要原理主要原理 - Profit & Loss: Main Principles5454IncrementalIncrementalisacalculationthatdeterminesthebreakevensalespointforagivenplant,aswellasthecorrespondingfixedandvariablecostcomponentsatthatlevel.Fromtherewecandeterminetheamountofvariableandfixedcostsasapercentageofthetot
66、alcostsatthatlevel.Anincrementalrateisthendeterminedwhichcanbeusedasagaugeofhowwellaplantcontrolstheirfixedcostsatdifferentsaleslevels.（增量/边际）Incremental Rate: 盈亏平衡点之上每盈亏平衡点之上每增加一个销售额，营业利润所增加的增加一个销售额，营业利润所增加的数量数量 （也即盈亏平衡点固定成本占总（也即盈亏平衡点固定成本占总成本的比例）成本的比例）5555IncrementaluSetsanexpectationforoperatingpr
67、ofitcomparedtoprofitplan(prioryear,priorforecast,etc.)basedonchangesinthesalesplan/forecast.Plantisthenheldaccountabletodeliveringthisexpectation.uIttakesoutsuchbusinessandeconomicfactorsassellingpricechangesandforeignexchangetranslationwhicharenotcontrollablebythemanagementoftheoperation.Why use in
68、cremental?5656IncrementalCalculationVolumeChangexIncrementalRate=additionalcontributiontooperatingprofitthatisexpected.Addorsubtractsellingpricechangesandexchangetranslationtodeterminethetotalexpectedoperatingprofitfortheperiod.Comparetheexpectedprofittotheactualprofittodetermineiftheoperationisover
69、orunderincremental.5757Incremental-ExamplePlantXdeterminesthattheirbreakevensaleslevelis$50Minsalesdollarsperyear.Atthatsaleslevelfixedcostsare40%andvariableare60%ofthetotalcostfortheplant.Fromthisinformationweshouldthenexpectthatforeveryadditionalsalesdollaroverthebreakevenpoint,theplantshouldhave$
70、.40inadditionaloperatingprofit.Why?Becauseifthefixedcostsarecoveredandvariablecostsare60%,thentheremainderor40%shouldbeshowninadditionalprofit.5858Incremental-ExampleBasedonthepreviousinformationweknowthatPlantXsIncrementalrateis40%.PlantXhadsellingpricechangedecreasesfortheperiodof$50Kandexchangetr
71、anslationeffectwas$30Kfavorablecomparedtoforecast.PlantXhadincreasedvolumefortheperiodforatotalof$500Kfromtheforecast.ActualOperatingProfitfortheperiodwasupby$100Kfromtheforecast.HowmuchisPlantXover/underincremental?5959Incremental - Example VolumeChangexIncrementalRate=500KX40%=$200KfavorableSubtra
72、ctSellingPriceChanges$200K-$50K=$150KAddTranslationChanges$150K+$30K=$180K(ExpectedProfit)ActualProfitChange-ExpectedProfitChange=$100K-$180K=$80KUnderincremental6060Practice Calculating Incremental PerformanceuSalesChangefavorable$1,615ktoplanwFXTranslationfavorable$345kwSellingpricechangesunfavora
73、ble$100kuProfitChangefavorable$380ktoplanwFXTranslationimpactonprofitfavorable$55kuIncrementalrateforthisbusinessis35%uPleasecalculatehowthebusinessdidcomparedtoitsexpectedincrementalperformance.6161Practice AnsweruVolumeChange:1615-345+100=1370uIncrementalRate:x0.35uIncrementalExpectation:=479.5uPr
74、ofitResults:380uFXTranslation:-55uActualPerformanceResult=325uUnderIncremental=325-479.5=-154.56262议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表-Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu基本财务比率及报表评价基本财务比率及报表评价 Basic Financial Ratios and Financial
75、Statement Evaluationu投资评价初步投资评价初步 Basic Investment Appraisalu结束部分结束部分 - Conclusion6363经营现金净流量经营现金净流量经营现金净流量经营现金净流量uu经营现金净流量经营现金净流量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差额 OPERATING CASH FLOWOPERATING CASH FLOW is the operational portion of NET CASH FLOW现金净流量现金净流量NET
76、 CASH FLOW经营现金净流量经营现金净流量OPERATING CASH FLOW增资增资 / 减资减资 Financing投资结果投资结果Investing管理层的职责Responsibilityof Management注意注意 :关键业绩指标关键业绩指标KPI6464经营性现金流量经营性现金流量经营性现金流量经营性现金流量 - - PracticeDecember31,Year2December31,Year1Cashandcashequivalents$56,800$37,300AccountsReceivable,net48,70044,000Inventory220,00019
77、8,300MarketableSecurities40,60030,400PrepaidExpenses49,0000Property,Plant,andEquipment(Gross)975,000883,000Less:AccumulatedDepreciation(125,000)(71,200)Property,Plant,andEquipment(Net)850,000811,800TotalAssets$1,265,100$1,121,800AccountsPayable$96,900$82,800DeferredRevenue22,00028,200WagesPayable12,
78、50011,300DeferredTaxes10,1007,100IncomeTaxesPayable28,70026,200BondsPayable(issuedatpar)141,000111,000CommonStock67,00047,000AdditionalPaid-inCapital226,300195,900RetainedEarnings660,600612,300TotalLiabilitiesandEquity$1,265,100$1,121,800December31,Year2NetSales$1,950,000Costofgoodssold(1,295,000)SG
79、&AExpenses(506,000)Depreciation(53,800)InterestExpense(7,900)InvestmentIncome3,300Income Tax Expense(35%)(31,700)NetIncome$58,900PreparethecashflowfromoperationssectionofBesonsstatementofcashflowsunderthedirectmethod(perU.S.GAAP)fortheyearendedDecember31,Year2.Thefollowinginformationpertainstothefin
80、ancialstatementsofBesonCorporationfortheyearendedDecember31,Year2andDecember31,Year1.6565经营性现金流量经营性现金流量经营性现金流量经营性现金流量 - - PracticeAdditionalInformation:Besonreceivedinterestonitsbondinvestmentsof$1,700anddividendsfromitsequityinvestmentsof$1,600.Besonissuedadditionalsharesofstock,generating$50,400in
81、proceeds.Dividendsof$10,600werepaidonthecompanysoutstandingstock.OnDecember30,thecompanyissuedanewbondatparvaluefor$30,000.Allinterestexpenserecordedontheincomestatementwaspaidwithcash.BesonpaidincometaxesinYear2equivalenttoitsoutstandingliabilityattheendofYear1.SG&AExpensesarecomprisedof$460,400ofs
82、alariesandwageexpenseand$45,600inadministrativeexpenses.Thecompany,attheendoftheyear,purchasedWrightStockfor$10,200andclassifiedtheinvestmentasatradingsecurity(reportedasacurrentasset).Twomonthsofprepaidrent($24,500permonth)forafactorywerepaidattheendofDecember,withoccupancyscheduledtobeginonJanuary
83、1.6666经营性现金流量经营性现金流量经营性现金流量经营性现金流量 - - AnswerCashflowsfromoperatingactivitiesAmountCashreceivedfromcustomers1,939,100Cashpaidtosuppliers(1,302,600)Cashpaidtoemployees(459,200)Interestreceived1,700Dividendsreceived1,600Interestpaid(7,900)Incometaxespaid(26,200)Tradingsecuritypurchased(10,200)Otherope
84、ratingcashpaid(94,600)Netcashprovidedbyoperatingactivities41,700Cashreceivedfromcustomers: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+49,00
85、0=94,600BesonCorp.StatementofCashFlows-DirectMethodFortheYearEndedDecember31,Year26767议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表-Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu基本财务比率及报表评价基本财务比率及报表评价 Basic Financial Ratios and Financial Statement Eva
86、luationu投资评价初步投资评价初步 Basic Investment Appraisalu结束部分结束部分 - Conclusion6868Categories of Financial Ratios6969Definition of Commonly Used Activity Ratios7070Definition of Commonly Used Liquidity Ratios7171Definition of Commonly Used Solvency Ratios7272Definition of Commonly Used Profitability Ratios737
87、3Definition of Selected Valuation Ratios and Related Quantities7474DuPont Analysis of ROE7575议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction and Basic Conceptsu资产负债表资产负债表-Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu资本占用回报率（资本占用回报率（R.O.C.E.）的概念）的概念 ROCE conceptu基本财务比率及报表评价基本财务比率及报表
88、评价 Basic Financial Ratios and Financial Statement Evaluationu投资评价初步投资评价初步 Basic Investment Appraisalu结束部分结束部分 - Conclusion7676Investment AppraisaluOption 1 Continuing use the old forkliftuNeedtospendimmediately25KtoreplacethejoystickandbatteryuYearlymaintenancecostinthefollowing5years:35K/YearuScrap
89、value5yearslater:15KuOption 2 Buy a new ForkliftuScrapvalueofthecurrentoldforklift:55KrmbuPurchasingprice:200KrmbuYearlymaintenancecostinthefollowing5years:10K/YearuScrapvalue5yearslater:55K7777Investment AppraisaluCash value, 现金价值现金价值uWhatisthevalueof100rmbinthefollowing1year,2yearsandnyears?(Inter
90、estrate5%peryear)uIfIget100RMBinoneyearlater(twoyear.Threeyearnyearlater),whatisthepresentvalueofthe100rmb?(Interestrate5%peryear)7878Investment AppraisaluBasic ConceptsuNPV(NetPresentValue)uDiscountFactoruROI(ReturnOnInvestment)uPaybackperioduIRR(InternalRateofReturn)u年金现值年金终值u7979Investment Apprai
91、saluOption 1 Continuing use the old forkliftuNeedtospendimmediately25KtoreplacethejoystickandbatteryuYearlymaintenancecostinthefollowing5years:35K/YearuScrapvalue5yearslater:15K8080Investment AppraisaluOption 1 Continuing use the old forkliftuNeedtospendimmediately25KtoreplacethejoystickandbatteryuY
92、earlymaintenancecostinthefollowing5years:35K/YearuScrapvalue5yearslater:15K8181Investment AppraisaluOption 2 Buy a new ForkliftuScrapvalueofthecurrentoldforklift:55KrmbuPurchasingprice:200KrmbuYearlymaintenancecostinthefollowing5years:10K/YearuScrapvalue5yearslater:55K8282Investment AppraisaluOption
93、 2 Buy a new ForkliftuScrapvalueofthecurrentoldforklift:55KrmbuPurchasingprice:200KrmbuYearlymaintenancecostinthefollowing5years:10K/YearuScrapvalue5yearslater:55K8383Investment AppraisaluNow what is your answeruAnd what if the new one could use 6 years?8484议题议题 - AGENDAu导言及基本概念导言及基本概念 Introduction
94、and Basic Conceptsu资产负债表资产负债表-Balance Sheet u损益表损益表 - Profit & Lossu现金流量表现金流量表 Cash Flow Statementu资本占用回报率（资本占用回报率（R.O.C.E.）的概念）的概念 ROCE conceptu基本财务比率及报表评价基本财务比率及报表评价 Basic Financial Ratios and Financial Statement Evaluationu投资评价初步投资评价初步 Basic Investment Appraisalu结束部分结束部分 - Conclusion8585Discussio
95、n Questions 1 to 6uHowcananorganizationloweritsbreak-evenpoint?uYourgeneralmanagertasksyouwithaprojecttoreduceDSOby5days.Describethestepsyouwouldtaketostudytheproblemandthenidentifypossibleactionsthatyouwouldrecommendtotheorganization.uYourplantjustexperiencedalargephysicalinventoryloss.Whatstepswou
96、ldyourecommendtheorganizationtaketoaddressthisissueandimproveinventorycontrolandreporting?wWhatcancauseorleadtoashrink?wWhatotherfunctionswouldyouinvolveinthisprocessimprovementeffort?uIfyouwereaskedtoidentifyopportunitiestoimprovestandardmargins,whattypesofthingswouldyouanalyze?uHowcanacompanygrowi
97、tsrevenues?uDescribehowaplantdeterminesthestandardcostforanexistingpartnumber?8686Answer for Question 1uBreak-evenPoint=TotalFixedCost/(SellingPriceperunitofproduction-VariableCostsperunitofproduction)uLowertotalfixedcost:cutinessentialsalariedpositions,cutunimportantcapitalspending,controlotherfixe
98、dcostsliketravel&entertainment,unnecessarywelfareetc.andcloseassemblyplantsthatarenotfullyutilizeduLowervariablecost:obtaincomponentsatareducedcost,improvelaborefficiencyandmaterialusagesavinguIncreasesellingprice:redesignproductstoprovideuniquefeaturesandtheadditionalrevenueisgreaterthanthevariable
99、costsrequiredtoaddthosefeaturesuImprovingthesalesmixbysellingagreaterproportionoftheproductshavinglargercontributionmargins8787Answer for Question 2Stepstaketostudytheproblem:uFocusonmajorcustomersbylookingatsalesreport(howmanytopclientsmakehighpercentoftotalsales)uAnalyzeARagingreport:-Whichbucketa
100、ccountsforlargestAR(Current,1-30,30-60,etc)-WhichclientsdelaylargeamountofpaymentuCheckifitispossibletoimproveaccountingprocesstoreduceerrorsandfastenbillingsandreceivingActionPlan:uBackgroundcheckbeforedobusinesswithnewclientsuReviewcreditconditionperiodicallyandreducecreditlimitappropriatelyuPromp
101、tFollow-upwithcustomersforkeycollectionuPutmoreeffortsforimportantoverdueARuImproveOrderEntryprocess:Reducebillingerrors;Reducequantityrelatederrors;Ensuresalesorderiscorrect8888 Answer for Question 3 uHoldameetingwithrelateddepartments/sectionstodiscussthesituationandfindouttheinventorylossreasonsu
102、Check/reviewtheresponsibilitiesfortheeachdepartment-Warehousedepartment-Productiondepartment-LogisticDepartment-EngineeringDepartmentuToreachagreementandimproveinventorycontrolprocess8989Reasonsforashrink:uEmployeetheftorvendorfrauduStockcounterrorsorERPrecorderrorsuNotintimebookedshipmentsofsalespe
103、rson/customer/marketingsamples,warrantyreplacementsetc.uWarehouselocationchangeresultsinlossduringtransferuNotintimebookedspoilageanddamageuHigheractualusagevs.notintimeupdatedERPBOMusageFunctionsinvolved:uWarehousedepartment-GoodmanagementandplacementforFG/RM/WIP,enhanceinternalcontrolandstrengthen
104、guard.uProductiondepartment-ReduceScrapandWaste,feedbackactualBOMusageintimeuEngineeringdepartmentTimelyupdateOracleBOMusagesoastoinlinewithactualuLogisticDepartment-Makesuretoinformsuppliertodeliverymaterial/makephysicalalignwithOraclecut-offtimeuEnsurethatBillofMaterialsandRoutingswereaccurate Ans
105、wer for Question 3 9090uStandardMargin=Sales-StandardcostsofgoodssolduIncreasesalespriceoramountuReducestandardcostbyCostManagement/Control-Improveproductssalesstructure,sellmorehighermarginproductsandreducelowermarginproductsales-Optimize/improveEngineeringBOMdesigntominimizematerialcost-Negotiatew
106、ithsuppliersordevelopnewsupplierstoreducestandardmaterialcost-ReduceE&Omaterialaccrualbyimproveinventorymanagementlevel Answer for Question 4 9191uMakingAcquisitionsuDevelopingnewproductsuMakingPromotion(advertisements,technologydays)uIncreasingServiceandAftermarketSalesuExpandingGeographically(espe
107、ciallyfordevelopingeconomies)uSharingthesamecustomersbydifferentBU Answer for Question 5 9292uStandardMaterial=cost*usage- Cost: price paid to the vendor and other costs (transportation costs, handling costs,brokeragefees)-Usage:quantityofmaterialsrequiredtomakeafinishedproductuStandardLabor=Rate*Cy
108、cletime-Rate:hourlywagerates-Cycletime:howlongittakestoproduceaproductuStandardOverhead=Rate*costdriver-Rate:Variableandfixedoverheadrates-Costdriver:laborhours,machinehours,etc.uRawmaterialpartnumber,onlyneeddeterminematerialcostfromsourcingdepartment,checkmaterialcostvaliditythensetupinERPsystem(importpartsneedsetfreight&dutyaddersaswell)uAssemblypartnumber,needcheckallrawmaterialpartscostandprocessroutinehours(cycletime)setupavailabilityandintegrity,rollupERPBOMcostaftergetEngineeringconfirmation,thensetupinOraclesystem Answer for Question 6 9393感谢您的关注感谢您的关注THANK YOU FOR YOUR ATTENTION
