Financial Planning, PowerPoint Show - 8314324839 -财务规划，PowerPoint幻灯片- 8314324839—.ppt

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1、1CHAPTER12FinancialPlanningandForecastingFinancialStatements2TopicsinChapterFinancialplanningAdditionalfundsneeded(AFN)equationForecastedfinancialstatementsSalesforecastsOperatinginputdataFinancialpolicyissuesChangingratiosValue=++···+FCF1FCF2FCF∞(1+WACC)1(1+WACC)∞(1+WACC)2Freecashflow(FCF

2、)Weightedaveragecostofcapital(WACC)ProjectedincomestatementsProjectedbalancesheetsIntrinsicValue:FinancialForecastingProjectedadditionalfinancingneeded(AFN)Forecasting:OperatingassumptionsForecasting:Financialpolicyassumptions4ElementsofStrategicPlansMissionstatementCorporatescopeStatement

3、ofcorporateobjectivesCorporatestrategiesOperatingplanFinancialplan5FinancialPlanningProcessForecastfinancialstatementsunderalternativeoperatingplans.Determineamountofcapitalneededtosupporttheplan.Forecastthefundsthatwillbegeneratedinternallyandidentifysourcesfromwhichrequiredexternalcapita

4、lcanberaised.6FinancialPlanningProcess(Continued)Establishaperformance-basedmanagementcompensationsystemthatrewardsemployeesforcreatingshareholderwealth.Managementmustmonitoroperationsafterimplementingtheplantospotanydeviationsandthentakecorrectiveactions.BalanceSheet,Hatfield,12/31/1078In

5、comeStatement,Hatfield,2010ComparisonofHatfieldtoIndustryUsingDuPontEquationROE=NI/S×S/TA×TA/ENI/S=$24/$2,000=1.2%S/TA=$2,000/$1,200=1.67TA/E=$1,200/$500=2.4ROEHatfield=1.2%×1.67×2.4=4.8%.ROEIndustry=2.74%×2.0×2.13=11.6%.9Comparison(Continued)Profitabilityratioslowerbecauseofhigherinterest

6、expense.Lowerassetmanagementratiosduetohighlevelsofreceivablesandinventory.Higherleveragethanindustry.10AFN(AdditionalFundsNeeded)Equation:KeyAssumptionsOperatingatfullcapacityin2010.Salesareexpectedtoincreaseby15%($300million).Asset-to-salesratiosremainthesame.Spontaneous-liabilities-to-s

7、alesratioremainsthesame.2010profitmargin($24/$2,000=1.2%)andpayoutratio(35%)willbemaintained.1112DefinitionsofVariablesinAFNA0*/S0:Assetsrequiredtosupportsales:calledcapitalintensityratio.S:Increaseinsales.L0*/S0:Spontaneousliabilitiesratio.M:Profitmargin(Net