现金流分析(1)

Author:CollinsQianContributor:ChrisNelsonbcCashFlowMarch1998Copyright©1998Bain&Company,Inc.bcBOSCopyright©1998Bain&Company,Inc.2CU7010598KRACashFlowAgenda•Theimportanceofcashflow•Typesofcashflow•Applications•Cashflowsteps•Exercise•KeytakeawaysbcBOSCopyright©1998Bain&Company,Inc.3CU7010598KRACashFlowAgenda•Theimportanceofcashflow•Typesofcashflow•Applications•Cashflowsteps•Exercise•KeytakeawaysbcBOSCopyright©1998Bain&Company,Inc.4CU7010598KRACashFlowWhatisCashFlow?Cashflowdescribesthemovementofcashinto(sources)andoutof(uses)acompany.SourcesofcashCompanyUsesofcash$$$$$$$$bcBOSCopyright©1998Bain&Company,Inc.5CU7010598KRACashFlowWhyDoWeCareAboutCash?•Themarketvalueofacompanyisequaltothepresentvalueofitsexpectedfuturecashflows•Variousstakeholdersdemandcash–investorsdemandCASHreturns–suppliersandemployeesrequireCASHcompensation–debtholdersdemandCASHpayments•Accountingmethodscanbeusedto“manage”earnings;CASHishardertomanipulateCashisKing!Cashflowisthemeasureofacompany’sstrategicvalue.bcBOSCopyright©1998Bain&Company,Inc.6CU7010598KRACashFlowEarningsvs.CashFlow*•Someaccountingdecisionsimpactearnings,butnotcash–In1988,GeneralMotorsmadeatleastfourdecisionsthatimpactedearningsbutnotcashEarningsdonotequalcashflow.*Earningsarealsocalledaftertaxprofitsornetincome•Successfulhighgrowthcompaniestendtohavehighearnings,butlowcashflow;successfullowgrowthcompaniestendtohavelowearnings,buthighcashflowAccountingDecision•Extendedusefulplantlifefrom35to45yearschedule•Changedthewayitaccountedforitspensionplan•Adjusteditsinventoryvaluationpolicy•ChangedtheresidualvalueassumptionforcarsitleasedEarningsImpact$790MM$480MM$217MM$270MMCashImpactNoneNoneNoneNoneTotal:$1,757MMNonebcBOSCopyright©1998Bain&Company,Inc.7CU7010598KRACashFlowAgenda•Theimportanceofcashflow•Typesofcashflow•Applications•Cashflowsteps•Exercise•KeytakeawaysbcBOSCopyright©1998Bain&Company,Inc.8CU7010598KRACashFlowTypesofCashFlowNetcashflowisequaltothesumofthecashflowsfromoperating,investing,andfinancingactivities.OperatingcashflowInvestingcashflowFinancingcashflow•Abilityofacompany’srecurringoperationstogeneratecash•Abilityofacompany’sinvestmentdecisionstogeneratecash•Howacompanyfundsitsoperations•Operatingprofits•Decreaseinworkingcapital•Saleoffixedassets•Long-termissuanceofsharesExamplesofsources:•Operatinglosses•Increaseinworkingcapital•Purchaseoffixedassets•Repaymentofloans•PaymentofdividendsExamplesofuses:bcBOSCopyright©1998Bain&Company,Inc.9CU7010598KRACashFlowOperatingCashFlow*Investingactivitiesnotrelatedtoongoingoperations(suchasthepurchaseorsaleofdivisionsorcompanies,orinvestmentsinunrelatedbusinesses)arenotincludedininvestingcashflow.Theyareincludedinfinancingcashflow.•Operatingcashflowexcludesallcashflowsrelatedtoafirm’scapitalstructure–cashgenerationabilityisindependentofhowafirmisfinanced•Itexcludesone-timeevents–thesearenotrelatedtoafirm’srecurringoperations•Operatingcashflowisusedtomeasurethestrategicvalueofabusiness–forcompanyvaluations,operatingandinvestingcashflowsareused,notfinancingcashflow•Bainisusuallymoreinterestedinoperatingandinvesting*cashflowthaninfinancingcashflowOperatingcashflowmeasurestheabilityofabusiness’srecurringoperationstogeneratecash.bcBOSCopyright©1998Bain&Company,Inc.10CU7010598KRACashFlowInvestingCashFlow•Investmentsinongoingoperations-property,plantandequipment-areincludedininvestingcashflow–cashisusedtoreplaceassetsastheywearout–ifabusinessistogrow,additionalassetsmustbeacquired–insomecases,thecashusedtoacquiretheseassetsisgeneratedfromthesaleofexistingnoncurrentassets–suchcashinflows,however,seldomcovertheentirecostofassetacquisitions.Oftentimescashflowfromoperationsisusedtofinanceacquisitions,or,failingapositiveoperatingcashflow,externalfinancingisused•Purefinancingactivitiesarenotincludedininvestingcashflow.Theyareincludedinfinancingcashflow–purchaseorsaleofdivisionsorcompanies–investmentsinunrelatedbusinesses•Investingcashflowsrelatingtoongoingoperationsareusedasameasureofthestrategicvalueofabusiness.Thosethatarepurelyfinancing/investmentmechanismsareusedtoevaluatethefinancialstrategyofthebusinessInvestingcashflowmeasurestheuseofabusiness’scashfortheacquisitionofnon-currentassets.bcBOSCopyright©1998Bain&Company,Inc.11CU7010598KRACashFlowFinancingCashFlow•Majortypesoffinancingcashflowinclude:–debt-relatedtransactionschangesinlong-termdebtinterestincomeandexpense–equity-relatedtransactionschangesincommonandpreferredstockdividendsshort-terminvestments–long-termassetandliabilitytransactionspurchaseorsaleofadivisionorcompanychangesinlong-termliabilitiesFinancingcashflowcapturesallthenon-operatingcashchangesexperiencedduringtheyear,anditprovidesinformationonhowacompanyisfundingitsoperations.bcBOSCopyright©1998Bain&Company,Inc.12CU7010598KRACashFlowStatementofCashFlows•TheSCFisdividedintothreesections:operating,investing,andfinancing•Eachsectionshowssourcesandusesoffundsfortheaccountingperiod•TheSCFshowstheamountsfor–depreciationandamortization–capitalexpenditures–taxespaid–dividendspaid•Itdoesnotshowsourcesandusesbybusiness