贝恩咨询财务分析工具课件

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1、Author:CollinsQianContributor:ChrisNelsonbcCashFlowMarch1998Copyright©1998Bain&Company,Inc.1CU7030298IMBCashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways2CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstep

2、sExerciseKeytakeaways3CU7010598KRACashFlowWhatisCashFlow?Cashflowdescribesthemovementofcashinto(sources)andoutof(uses)acompany.SourcesofcashCompanyUsesofcash$$$$$$$$4CU7010598KRACashFlowWhyDoWeCareAboutCash?ThemarketvalueofacompanyisequaltothepresentvalueofitsexpectedfuturecashflowsVarious

3、stakeholdersdemandcashinvestorsdemandCASHreturnssuppliersandemployeesrequireCASHcompensationdebtholdersdemandCASHpaymentsAccountingmethodscanbeusedto“manage”earnings;CASHishardertomanipulateCashisKing!Cashflowisthemeasureofacompany’sstrategicvalue.5CU7010598KRACashFlowEarningsvs.CashFlow*S

4、omeaccountingdecisionsimpactearnings,butnotcashIn1988,GeneralMotorsmadeatleastfourdecisionsthatimpactedearningsbutnotcashEarningsdonotequalcashflow.*EarningsarealsocalledaftertaxprofitsornetincomeSuccessfulhighgrowthcompaniestendtohavehighearnings,butlowcashflow;successfullowgrowthcompanie

5、stendtohavelowearnings,buthighcashflowAccountingDecisionExtendedusefulplantlifefrom35to45yearscheduleChangedthewayitaccountedforitspensionplanAdjusteditsinventoryvaluationpolicyChangedtheresidualvalueassumptionforcarsitleasedEarningsImpact$790MM$480MM$217MM$270MMCashImpactNoneNoneNoneNoneT

6、otal:$1,757MMNone6CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways7CU7010598KRACashFlowTypesofCashFlowNetcashflowisequaltothesumofthecashflowsfromoperating,investing,andfinancingactivities.OperatingcashflowInvestingcashflowFinanc

7、ingcashflowAbilityofacompany’srecurringoperationstogeneratecashAbilityofacompany’sinvestmentdecisionstogeneratecashHowacompanyfundsitsoperationsOperatingprofitsDecreaseinworkingcapitalSaleoffixedassetsLong-termissuanceofsharesExamplesofsources:OperatinglossesI