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ფინანსური მენეჯმენტი ფინანასური ანგარიშები და ფულადი ნაკადების მოძრაობის ანგარიში ლექცია 2. 2.1 საბალანსო უწყისი. ფირმის ბუღალტრული სურათი დროის გარკვეულ მონაკვეთში საბალანსო ტოლობა : Assets ≡ Liabilities + Stockholder’s Equity. საბალანსო უწყისის მაგალითი. - PowerPoint PPT Presentation

Transcript of ფინანსური მენეჯმენტი ფინანასური...

  • 2

  • 2.1 :Assets Liabilities + Stockholders Equity

  • 2007200620072006Current assets:Current Liabilities: Cash and equivalents$140$107 Accounts payable$213$197 Accounts receivable294270 Notes payable5053 Inventories269280 Accrued expenses223205 Other5850 Total current liabilities$486$455 Total current assets$761$707Long-term liabilities:Fixed assets: Deferred taxes$117$104 Property, plant, and equipment$1,423$1,274 Long-term debt471458 Less accumulated depreciation(550)(460) Total long-term liabilities$588$562 Net property, plant, and equipment873814 Intangible assets and other245221Stockholder's equity: Total fixed assets$1,118$1,035 Preferred stock$39$39 Common stock ($1 per value)5532 Capital surplus347327 Accumulated retained earnings390347 Less treasury stock(26)(20) Total equity$805$725Total assets$1,879$1,742Total liabilities and stockholder's equity$1,879$1,742 , , ..

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  • 2.2 :Revenue Expenses Income

  • Total operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net income Addition to retained earnings $43 Dividends: $43 $2,262 1,655 327 90$190 29$219 49$170 84$86

  • Total operating revenues$2,262Cost of goods sold 1,655Selling, general, and administrative expenses 327Depreciation 90Operating income$190Other income29Earnings before interest and taxes$219Interest expense 49Pretax income$170Taxes 84 Current: $71 Deferred: $13Net income$86 Addition to retained earnings: $43 Dividends: $43 () ,

  • Total operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net income Addition to retained earnings: $43 Dividends: $43 $2,262 1,655 327 90$19029$219 49$170 84$86

  • Total operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net income Retained earnings: $43 Dividends: $43 $2,262 1,655 327 90$19029$219 49$170 84$86

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  • 2.4 NWCNet Working Capital Current Assets Current Liabilities

    NWC

  • 2007200620072006Current assets:Current Liabilities: Cash and equivalents$140$107 Accounts payable$213$197 Accounts receivable294270 Notes payable5053 Inventories269280 Accrued expenses223205 Other5850 Total current liabilities$486$455 Total current assets$761$707Long-term liabilities:Fixed assets: Deferred taxes$117$104 Property, plant, and equipment$1,423$1,274 Long-term debt471458 Less accumulated depreciation(550)(460 Total long-term liabilities$588$562 Net property, plant, and equipment873814 Intangible assets and other245221Stockholder's equity: Total fixed assets$1,118$1,035 Preferred stock$39$39 Common stock ($1 par value)5532 Capital surplus347327 Accumulated retained earnings390347 Less treasury stock(26)(20) Total equity$805$725Total assets$1,879$1,742Total liabilities and stockholder's equity$1,879$1,742NWC $275 2007 2005 252 . 23

  • 2.5 , CF(A) CF(B) + CF(S)

  • Cash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending -173 (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital-23 Total$42Cash Flow of Investors in the FirmDebt$36 (Interest plus retirement of debt minus long-term debt financing)Equity6 (Dividends plus repurchase of equity minus new equity financing) Total$42Operating Cash Flow:EBIT$219Depreciation $90Current Taxes-$71OCF$238

  • Cash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital TotalCash Flow of Investors in the FirmDebt (Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) TotalCapital SpendingPurchase of fixed assets $198Sales of fixed assets -$25Capital Spending $173-173-23$42$366$42

  • Cash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital TotalCash Flow of Investors in the FirmDebt (Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) TotalNWC 275 2006 252 $23 NWC.-173-23$42$366$42

  • Cash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital TotalCash Flow of Investors in the FirmDebt (Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) Total-173-23$42$366$42

  • Cash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital TotalCash Flow of Investors in the FirmDebt (Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) TotalCash Flow to CreditorsInterest$49Retirement of debt 73Debt service122Proceeds from new debt sales -86Total $36-173-23$42$366$42

  • Cash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital TotalCash Flow of Investors in the FirmDebt (Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) TotalCash Flow to StockholdersDividends $43Repurchase of stock 6Cash to Stockholders 49Proceeds from new stock issue -43Total $6-173-23$42$366$42

  • Cash Flow of the FirmOperating cash flow$238 (Earnings before interest and taxes plus depreciation minus taxes)Capital spending (Acquisitions of fixed assets minus sales of fixed assets)Additions to net working capital TotalCash Flow of Investors in the FirmDebt (Interest plus retirement of debt minus long-term debt financing)Equity (Dividends plus repurchase of equity minus new equity financing) Total-173-23$42$366$42

  • 2.5

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  • **Note that Slides 4 and 7 from Chapter 1 could be reused here to emphasize the general structure of the balance sheet.

    The left-hand side of the balance sheet lists the assets of the firm. Current assets are listed first because they are the most liquid. Fixed assets can include both tangible and intangible assets, and they are listed at the bottom because they generally are not very liquid. These are a direct result of managements investment decisions. (Please emphasize that investment decisions are not limited to investments in financial assets.) Note that the balance sheet does not list some very valuable assets, such as the people who work for the firm. The liabilities and equity (or ownership) components of the firm are listed on the right-hand side. This indicates how the assets are paid for. Since the balance sheet has to balance, total equity = total assets total liabilities. The portion of equity that can most easily fluctuate to create this balance is retained earnings. The right-hand side of the balance sheet is a direct result of managements financing decisions.

    Remember that shareholders equity consists of several components, and that total equity includes all of these components not just the common stock item. In particular, remind students that retained earnings belong to the shareholders.

    *Liquidity is a very important concept. Students tend to remember the convert to cash quickly component of liquidity, but often forget the part about without loss of value. Remind them that we can convert anything to cash quickly if