AnalysisandValuation(财务报表分析,台湾中兴大学

EquityAnalysisandValuation12CHAPTERMcGraw-Hill/Irwin©2004TheMcGraw-HillCompanies,Inc.,AllRightsReserved.EarningsPersistenceRecastingandAdjusting•Earningspersistenceisakeytoeffectiveequityanalysisandvaluation•Analyzingearningspersistenceisamainanalysisobjective•Attributesofearningspersistenceinclude:StabilityPredictabilityVariabilityTrendEarningsmanagementAccountingmethodsEarningsPersistenceRecastingandAdjustingTwocommonmethodstohelpassessearningspersistence:RecastingofincomestatementAdjustingofincomestatementEarningsPersistenceRecastingandAdjustingInformationforRecastingandAdjustingIncomestatement,includingitssubdivisions:IncomefromcontinuingoperationsIncomefromdiscontinuedoperationsExtraordinarygainsandlossesCumulativeeffectofchangesinaccountingprinciplesOtherfinancialstatementsandnotesManagementcommentaryinfinancialstatementsManagement’sDiscussionandAnalysisOther:product-mixchanges,technologicalinnovations,workstoppages,andrawmaterialconstraintsEarningsPersistenceRecastingandAdjustingObjectivesofRecasting1.Recastearningsandearningscomponentssothatstable,normalandcontinuingelementscomprisingearningsaredistinguishedandseparatelyanalyzedfromrandom,erratic,unusualandnonrecurringelements2.RecastelementsincludedincurrentearningsthatshouldmoreproperlybeincludedintheoperatingresultsofoneormorepriorperiodsRecastingandadjustingearningsalsoaidsindeterminingearningpowerGeneralRecastingProceduresIncomestatementsofseveralyears(typicallyatleastfive)arerecastRecastearningscomponentstoyieldmeaningfulclassificationsandarelevantformatforanalysisComponentscanberearranged,subdivided,andtaxeffectedTotalrecastedcomponentsmustreconciletoreportednetincomeEarningsPersistenceRecastingandAdjustingSpecificRecastingProcedures•Discretionaryexpensesaresegregated•Distinctcomponentsaresegregated(suchasequityinincomeofunconsolidatedsubsidiaries)andoftenreportednetoftax•Whencomponentsofcontinuingincomeareseparatelyreclassified,theirpre-taxamountsalongwiththeirtaxeffectsmustberemoved•Incometaxdisclosuresenableonetoseparatefactorsthateitherreduceorincreasetaxessuchas:Deductions—taxcredits,capitalgainsrates,tax-freeincome,lowerforeigntaxratesAdditions—additionalforeigntaxes,non-tax-deductibleexpenses,andstateandlocaltaxes(netoffederaltaxbenefit)EarningsPersistenceRecastingandAdjustingRecastingandAdjusting--IllustrationEarningPersistenceCampbellSoupCompanyRecastIncomeStatements($mil.)ItemYear11Year10Year9Year8Year7Year613Netsales$6,204.1$6,205.8$5,672.1$4,868.9$4,490.4$4,286.819Interestincome26.017.638.333.229.527.4Totalrevenue$6,230.1$6,223.4$5,710.4$4,902.1$4,519.9$4,314.2Costsandexpenses:Costofproductssold(seeNote1below)$3,727.1$3,893.5$3,651.8$3,077.8$2,897.8$2,820.5Marketingandsellingexpenses(seeNote2below)760.8760.1605.9514.2422.7363.0145Advertising(seeNote2below)195.4220.4212.9219.1203.5181.4144Repairsandmaintenance(seeNote1below)173.9180.6173.9155.6148.8144.016Administrativeexpenses306.7290.7252.1232.6213.9195.917Researchanddevelopmentexpenses56.353.747.746.944.842.2102Stockpricerelatedincentiveprograms(seeNote3below)15.4(0.1)17.4(2.7)—8.520Foreignexchangeadjustment0.83.319.316.64.80.7104Other,net(seeNote3below)(3.3)(2.0)(1.4)(4.7)(0.4)(9.0)162ADepreciation(seeNote1below)194.5184.1175.9162.0139.0120.8103Amortizationofintangibleandotherassets(seeNote3below)14.116.816.48.95.66.018Interestexpense116.2111.694.153.951.756.0Totalcostsandexpenses$5,557.9$5,712.7$5,266.0$4,480.2$4,132.2$3,930.023Earningsbeforeequityinearningsofaffiliates&min.interests$672.2$510.7$444.4$421.9$387.7$384.224Equityinearningsofaffiliates2.413.510.46.315.14.325Minorityinterests(7.2)(5.7)(5.3)(6.3)(4.7)(3.9)26Incomebeforetaxes$667.4$518.5$449.5$421.9$398.1$384.6Incometaxesatstatutoryrate*(226.9)(176.3)(152.8)(143.5)(179.1)(176.9)Incomefromcontinuingoperations$440.5$342.2$296.7$278.4$219.0$207.7135Statetaxes(netoffederaltaxbenefit)(20.0)(6.6)(3.8)(11.8)(8.6)(8.0)Investmenttaxcredit————4.411.6137Nondeductibleamortizationofintangibles(4.0)(1.6)(1.2)(2.6)(1.4)—138Foreignearningsnottaxedortaxedatotherthanstatutoryrate2.0(2.2)(0.2)3.211.115.2139Other:Taxeffects(17.0)(2.2)(0.1)(3.7)7.5(4.7)AlaskaNativeCorporationtransaction————4.5—22Divestitures,restructuringandunusualcharges—(339.1)(343.0)(40.6)——Taxeffectofdivest.,restructuring&unusualcharges(Note4)—13.964.713.9——(Continuedonnextpage)RecastingandAdjusting--IllustrationEarningPersistenceCampbellSoupCompanyRecastIncomeStatements($mil.)ItemYear11Year10Year9Year8Year7Year6Gainonsaleofbusinessesin(Yr8)andsub.inYr7———3.19.7—Lossonsaleofexerciseequipmentsubsidiary,netoftax————(1.7)—LIFOliquidationgain(seeNote1below)———1.72.81.4Incomebeforecumulativeeffectofaccountingchange$401.5$4.4$13.1$241.6$247.3$223.2153ACumulativeeffectofaccountingchangeforincometaxes———32.5——28Netincomeasreported$401.5$4.4$13.1$274.1$247.3$223.214(Note1)Costofproductssold$4,095.5$4,258.2$4,001.6$3,392.8$3,180.5$3,082.8144Less:Repairandmaintenanceexpenses(173.9)(180.6)(173.9)(155.6)(148.8)(144.0)162ALess:Depreciation(a)(194.5)(184.1)(175.9)(162.