BEC中级Unit-6a-Reporting-Results

Unit6a.ReportingResults业绩报表Agenda•Terms(usedinassessingperformanceofacompany)•Terms/expressions(usedindescribingupwardtrendanddownwardtrend)•Textbook:completeagraph•Textbook:Reading1-Annualreports•Textbook:Speaking4-Howtoinvest•Reportwriting•Compositionbasedongraphsandcharts•2ndassignmentWhocaresabouttheperformanceofacompany?•PE(privateequityinvestors)私募投资者(赵丹阳,“中国私募教父”,“赤子之心”中国成长投资基金（PureHeartChinaGrowthInvestmentFund）”的创办人)•Debtholders债权人(banks,bondholders,VC(venturecapital)•Shareholders(institutionalandindividual)股东(机构和个人)•“corporateraiders”(takeoveracompanyandenactmeasuresaimedatincreasingthesharevaluebyreplacingtopexecutives,downsizingoperations,orliquidatingthecompany.)•Seniormanagers(CEOs,COOs,CFOs,CIOs,etc.keepjobs,getbonuses,exercisestockoptions,etc.)Vocabularyforperformance•Profitability收益性•Revenue(sales,income,grossincome)总收入•Operatingexpenses营业费用•Costofgoodssold(COGS)成本•Grossprofit((revenue-COGS)/revenue)毛利润•Operatingincome(grossincome-operatingexpenses-depreciation)营业收入•Operatingmargin(operatingincome/netsales)经营利润•EBITDA(EarningsbeforeInterest,Taxes,Depreciation,andAmortization)息税折旧摊销前利润(depreciationfortangibleassets,amortizationforintangibleassets)•Profitmargin(netincome/totalsales)利润率•Netincome(revenues-COGS-depreciation-interest-taxes-otherexpenses)净收入•Returnonequity(ROE)(netincome/shareholders’equity)净资产收益率•Returnonassets(ROA)(netearnings/totalassets)资产收益率•Returnoninvestment(ROI)投资回报率•Price-earningsratio(P/Eratio)市盈率•EarningsPerShare(EPS)每股盈利•Price-To-BookRatio(P/BRatio)市净率•Thecurrentratio(流动比率)(thumbofrule2:1)•Thequickratio(速动比率)(Ideally,1:1)•Thedebt/equityratio(债务股本比)(Debt/Owners'Equity.Ingeneral,debtshouldbebetween50and80percentofequity)•Thefinancialstatements(财务报表):balancesheet(负债表),incomestatement(损益表),cashflowstatement(现金流量表)•Annualreport(年报)StatementofIncome-ExampleStatementofIncome—Example(figuresinm)OperatingRevenue营业收入SalesRevenue销售收入$20,438OperatingExpenses营运开支Costofgoodssold销售成本$7,943Selling,generalandadministrativeexpenses销售行政管理费用$8,172Depreciationandamortization折旧摊销$960Otherexpenses其他开支$138Totaloperatingexpenses$17,213Operatingincome营业利润$3,225Non-operatingincome非经营收入$130EarningsbeforeInterestandTaxes(EBIT)$3,355Netinterestexpense/income$145Earningsbeforeincometaxes$3,210Incometaxes$1,027NetIncome纯利润$2,183SmallBusinessBalanceSheet-ExampleAssetsLiabilitiesandOwners'EquityCash$6,600LiabilitiesAccountsReceivable$6,200NotesPayable$30,000AccountsPayableTotalliabilities$30,000Toolsandequipment$25,000Owners'equityCapitalStock$7,000RetainedEarnings$800Totalowners'equity$7,800Totalassets$37,800Totalliabilities&shareholders’equity$37,800CashFlowStatement-ExampleCashandCashEquivalentsattheBeginningofthePeriod$6,000,000CashFlowfromOperatingActivitiesNetIncome$8,000,000AdjustmentstoNetIncomeDepreciationExpense$4,000,000NetChangetoAccountsReceivables($2,000,000)NetChangetoAccountsPayable$1,000,000TotalAdjustmentstoOperatingIncome$3,000,000NetCashFlowProvidedbyOperatingActivities$11,000,000CashFlowsfromInvestingActivitiesPurchaseofNewComputer($1,500,000)PurchaseofAssemblyLineMachine($2,000,000)DecommissioningFundContributions($500,000)NetCashUsedinInvestingActivities($4,000,000)NetCashFlowsfromFinancingActivitiesIncreaseinShortTermDebt$500,000RedemptionofLongTermDebt($3,000,000)IssuanceofCommonStock$250,000CashDividendsonCommonStock($2,000,000)NetCashProvidedby(Usedin)FinancingActivities($4,250,000)NetIncrease/DecreaseinCashandCashEquivalents$2,750,000CashandCashEquivalentsattheEndofthePeriod$8,750,000Risesandfalls•endupinthered•headsouth•Fall/Decline/Drop/slip•Retreat•Decrease•Sink•tumble•Slump•collapse•Plunge•Plummet•afreefall•asell-off(arout)抛售•endupinthegreen•Headnorth•Rise•Goup•Advance•Increase•Grow•Rebound(from)•Recover(losses)•soar•Jump•Rally•Surge•ShootupAdjectivesdescribingupsanddowns•Adjective+fall–Gradualfall–Moderatefall–Slightfall–Marginalfall–Markedfall–Substantialfall–Dramaticfall–Rapidfall–Significantfall–Steepfall–Sharpfall–Suddenfall•Adjective+increase–Gradualincrease–Moderateincrease–Slightincrease–Steadyincrease–Markedincrease–Substantialincrease–Significantincrease–Sharpincrease–SteepincreaseTops,Bottomsandflat•Tops见顶:reachedapeak;peaked;reachedtheirhighestlevel;reachedarecordhighin3years(orsincelastOctober)/reacha3-yearhigh(of20yuanperkilo);(goldprices)reachedall-timehighsinNov.2010•Bottom触底:felltoa26yearlow;felltothelowestlevelin26years);felltoarecordlowsince1998;sanktoatrough;reachedabottom;bottomat(prices,etc.)•Stableandconsistent平稳:Remainsteady/unchanged;donotchange;stayunchanged/constant/stable;stabilize;remainstable;leveloff;remainflat•Adverbs:slightlymarginallyalittlealotsharplysuddenlysteeplygraduallygentlysteadilyDegreesofupsanddowns•3-FoldIncreaseinSeriousAdverseDrugEventsReportedtotheFoodandDrugAdministration,1998-2005:From1998through2005,reportedseriousadversedrugeventsincreased2.6-foldfrom34,966to89,842,(89842/34966=2.569)andfataladversedrugeventsincreased2.7-foldfrom5,519to15,107.()•Seriousadversedrugeventsincreas