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1、TopicsCoveredChapter2&3¢Balancesheet&workingcapitalWorkingwith¢Incomevs.cashflowFinancialStatements¢Cashflowfromassets¢StatementofcashflowKonanChan¢DuPontidentityCorporateFinance,Spring2009CorporateFinance,Spring2009KonanChan2KeyConceptsandSkillsBalanceSheet&WorkingCapital¢Reviewt
2、hebasicformatsofB/S,I/S¢Knowthedifferencebetweenaccountingincomeandcashflow¢Determineafirm’scashflowfromitsfinancialstatements¢UnderstandsourcesandusesofcashandtheStatementofCashFlows¢ComputeandinterprettheDuPontIdentityCorporateFinance,Spring2009KonanChan3CorporateFinance,Spring2
3、009KonanChan4CashinflowsandoutflowsTheIncomeStatement¢B/Sright-handside:sourceofcashNetSales26,935¢B/Sleft-handside:usesofcashCOGS10,754OtherExpenses392¢Cashinflow:increaseofright-handsideSelling,G&Aexpenses10,526accountsDepreciationexpense1,082¢Cashoutflow:increaseofleft-handside
4、EBIT(EarningsBeforeInterests&Taxes)4,181accountsNetinterestexpense152TaxableIncome4,029IncomeTaxes1,367NetIncome2,662CorporateFinance,Spring2009KonanChan5CorporateFinance,Spring2009KonanChan6Profits(Income)vs.CashFlowsCashFlowfromAssets¢“Profits”recordincomeandexpensesat¢Cashflowf
5、romassets=thetimeofsales,notwhenthecash¾Cashflowtocreditors+exchangesactuallyoccur¾Cashflowtostockholders¢Accountingincome¾Alsocalled“freecashflow”¾subtractdepreciation(anon-cashexpense)¢Cashflowfromassets=¾ignorecashexpendituresonnewcapital(theexpenseiscapitalized)¾Operatingcashf
6、low–¾donotconsiderchangesinworkingcapital¾Netcapitalspending–¾ChangesinnetworkingcapitalCorporateFinance,Spring2009KonanChan7CorporateFinance,Spring2009KonanChan8FreeCashFlowTheStatementofCashFlows¢Operatingcashflow¢Reconcilestheincomestatementwith¾EBIT+Depreciation-Taxeschangesin
7、thebalancesheetfromthe¢Netcapitalspendingbeginningtotheendoftheyear¾EndingFA–BeginningFA+Depreciation¢Inflows:netincome,depreciation,¢Changesinnetworkingcapital(NWC)¾EndingNWC–BeginningNWCdecreaseinassetitem,orincreasein¢Cashflowtocreditorsliabilityitem¾Interestpaid–Netnewborrowin
8、g¢Outflows:increaseinassetitem,or
