贝恩咨询财务分析工具课件（67页）

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1、Author:CollinsQianContributor:ChrisNelsonbcCashFlowMarch1998Copyright©1998Bain&Company,Inc.1CU7030298IMBCashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways2CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofca

2、shflowApplicationsCashflowstepsExerciseKeytakeaways3CU7010598KRACashFlowWhatisCashFlow?Cashflowdescribesthemovementofcashinto(sources)andoutof(uses)acompany.SourcesofcashCompanyUsesofcash$$$$$$$$4CU7010598KRACashFlowWhyDoWeCareAboutCash?Themarketvalueofacompan

3、yisequaltothepresentvalueofitsexpectedfuturecashflowsVariousstakeholdersdemandcashinvestorsdemandCASHreturnssuppliersandemployeesrequireCASHcompensationdebtholdersdemandCASHpaymentsAccountingmethodscanbeusedto“manage”earnings;CASHishardertomanipulateCashisKing

4、!Cashflowisthemeasureofacompany’sstrategicvalue.5CU7010598KRACashFlowEarningsvs.CashFlow*Someaccountingdecisionsimpactearnings,butnotcashIn1988,GeneralMotorsmadeatleastfourdecisionsthatimpactedearningsbutnotcashEarningsdonotequalcashflow.*Earningsarealsocalled

5、aftertaxprofitsornetincomeSuccessfulhighgrowthcompaniestendtohavehighearnings,butlowcashflow;successfullowgrowthcompaniestendtohavelowearnings,buthighcashflowAccountingDecisionExtendedusefulplantlifefrom35to45yearscheduleChangedthewayitaccountedforitspensionpl

6、anAdjusteditsinventoryvaluationpolicyChangedtheresidualvalueassumptionforcarsitleasedEarningsImpact$790MM$480MM$217MM$270MMCashImpactNoneNoneNoneNoneTotal:$1,757MMNone6CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExe

7、rciseKeytakeaways7CU7010598KRACashFlowTypesofCashFlowNetcashflowisequaltothesumofthecashflowsfromoperating,investing,andfinancingactivities.OperatingcashflowInvestingcashflowFinancingcashflowAbilityofacompany’srecurringoperationstogeneratecashAbilityofacompany

8、’sinvestmentdecisionstogeneratecashHowacompanyfundsitsoperationsOperatingprofitsDecreaseinworkingcapitalSaleoffixedassetsLong-termissuanceofsharesExamplesofsources:OperatinglossesI