资源描述：
《reorganizing the financial statements》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、P1:OTA/XYZP2:ABCc07JWBT347/MckinseyJune8,201013:10PrinterName:Hamilton7ReorganizingtheFinancialStatementsTraditionalfinancialstatements—theincomestatement,balancesheet,andstatementofcashflows—arenotorganizedforrobustassessmentsofoperatingperformanceandvalue.Thebalanc
2、esheetmixestogetheroperatingassets,nonoperatingassets,andsourcesoffinancing.Theincomestatementsimilarlycombinesoperatingprofitswiththecostsoffinancing,suchasinterestexpense.Topreparethefinancialstatementsforanalysisofeconomicperformance,youneedtoreorganizetheitemsonthe
3、balancesheet,incomestatement,andstatementofcashflowsintothreecategoriesofcomponents:operating,nonop-erating,andsourcesoffinancing.Thiswillentailsearchingthroughthenotestoseparateaccountsthataggregateoperatingandnonoperatingitems.Al-thoughthistaskseemsmundane,itiscruc
4、ialforavoidingthecommontrapsofdouble-counting,omittingcashflows,orhidingleveragethatartificiallyboostsreportedperformance.Sincetheprocessofreorganizingthefinancialstatementsiscomplex,thischapterproceedsinthreesteps.Instep1,wepresentasimpleexampledemon-stratinghowtobui
5、ldinvestedcapital,netoperatingprofitlessadjustedtaxes(NOPLAT),andfreecashflow(FCF).Inthesecondstep,weapplythismethodtothefinancialstatementsforHomeDepotandLowe’s,commentingonsomeoftheintricaciesofimplementation.Inthefinalstep,weprovideabriefsum-maryofadvancedanalytical
6、topics,includinghowtoadjustforoperatingleases,pensions,capitalizedexpenses,andrestructuringcharges.Anin-depthanalysisofeachofthesetopicscanbefoundinPartFive.REORGANIZINGTHEACCOUNTINGSTATEMENTS:KEYCONCEPTSTocalculatereturnoninvestedcapital(ROIC)andfreecashflow(FCF),w
7、eneedtoreorganizethebalancesheettocreateinvestedcapitalandlikewise133P1:OTA/XYZP2:ABCc07JWBT347/MckinseyJune8,201013:10PrinterName:Hamilton134REORGANIZINGTHEFINANCIALSTATEMENTSreorganizetheincomestatementtocreatenetoperatingprofitlessadjustedtaxes(NOPLAT).Investedca
8、pitalrepresentsthetotalinvestorcapitalrequiredtofundoperations,withoutregardtohowthecapitalisfinanced.NOPLATrepresentsthetotalafter-taxoperatingpr
