贝恩咨询财务分析工具课件（ppt_67页）

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1、Author:CollinsQianContributor:ChrisNelsonbcCashFlowMarch1998Copyright©1998Bain&Company,Inc.1CU7030298IMBCashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways2CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCas

2、hflowstepsExerciseKeytakeaways3CU7010598KRACashFlowWhatisCashFlow?Cashflowdescribesthemovementofcashinto(sources)andoutof(uses)acompany.SourcesofcashCompanyUsesofcash$$$$$$$$4CU7010598KRACashFlowWhyDoWeCareAboutCash?Themarketvalueofacompanyisequaltothepresentvalueofitsexpectedfutu

3、recashflowsVariousstakeholdersdemandcashinvestorsdemandCASHreturnssuppliersandemployeesrequireCASHcompensationdebtholdersdemandCASHpaymentsAccountingmethodscanbeusedto“manage”earnings;CASHishardertomanipulateCashisKing!Cashflowisthemeasureofacompany’sstrategicvalue.5CU7010598KRACa

4、shFlowEarningsvs.CashFlow*Someaccountingdecisionsimpactearnings,butnotcashIn1988,GeneralMotorsmadeatleastfourdecisionsthatimpactedearningsbutnotcashEarningsdonotequalcashflow.*EarningsarealsocalledaftertaxprofitsornetincomeSuccessfulhighgrowthcompaniestendtohavehighearnings,butlow

5、cashflow;successfullowgrowthcompaniestendtohavelowearnings,buthighcashflowAccountingDecisionExtendedusefulplantlifefrom35to45yearscheduleChangedthewayitaccountedforitspensionplanAdjusteditsinventoryvaluationpolicyChangedtheresidualvalueassumptionforcarsitleasedEarningsImpact$790MM

6、$480MM$217MM$270MMCashImpactNoneNoneNoneNoneTotal:$1,757MMNone6CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways7CU7010598KRACashFlowTypesofCashFlowNetcashflowisequaltothesumofthecashflowsfromoperating,investing,andfinanc

7、ingactivities.OperatingcashflowInvestingcashflowFinancingcashflowAbilityofacompany’srecurringoperationstogeneratecashAbilityofacompany’sinvestmentdecisionstogeneratecashHowacompanyfundsitsoperationsOperatingprofitsDecreaseinworkingcapitalSaleoffixedassetsLong-termissuanceofsharesE

8、xamplesofsources:OperatinglossesI