FINANCIALMANAGEMENTSKILL

財務管理技能

2015年09月12日AaronWangFINANCIALMANAGEMENTSKILL

財務管議題-AGENDA導言及基本概念IntroductionandBasicConcepts資產負債表

-BalanceSheet

損益表-Profit&Loss現金流量表–CashFlowStatement基本財務比率及報表評價–BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結束部分-Conclusion議題-AGENDA導言及基本概念Introducti

IntroductionandBasicConcepts導言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceThistrainingwillallowyoutounderstand：FinanceFunctionConceptofFinancialKPIs(Revenue,DM,DL,VOH,FOH,SG&A,OI,OCF,EBITDA,DOH,DSO,DPO,Incremental,etc.)BS,P&LandCashFlowStatementsConceptsofFinancialStatementEvaluationandInvestmentAppraisal

IntroductionandBasicConceptsIntroductionandBasicConceMinimizeWorkingCapitalMaintainStrongCashFlowPayDebtsAsTheyAreDueIncreaseLiquidityMaintainStrongFinancialPositionIncreasedReturnOnInvestmentReducedCostsIncreasedSalesIncreasedGrowthRateGenerateIncomeAndProfitCurrentProfitIncrease

CurrentProfitIncreaseIncreaseOfReturnOnInvestment

IncreaseLiquidityMinimizingCapitalExpenditures

MeetingTheDay-to-dayBusinessNeedsVersusVersusVersusVersusWhileWhileCurrentSalesIncreaseSalesGrowthSalesGrowthCurrentProfitIncreaseGrowingTheBusinessReducingCosts“Ifwecannotmeasure,wecannotimprove”

IntroductionandBasicConceptsGoaloftheFirmMinimizeWorkingCapitalMaint

IntroductionandBasicConcepts導言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceAVPofFinanceAsiaPacificISr.Mgr.-TreasuryAsiaPacificJTreasurySupervisorAsiaPacificKTreasuryAnalystAsiaPacificEManager-CADAAsiaPacificFFin.PlanningAnalystAsiaPacificGManager–ISSCSuzhouChina(Teamof25)HDirector–ISSCPuneAPRegion(Teamof50)PDirectorofFinanceNorthAsia(Teamof5)QCountryControllerIndia(Teamof5)RFinanceManager(20%)TaiwanSTaxManagerAsiaPacificMTaxManagerAustralia/NZ&SEANTaxManagerNorthAsiaOTaxManagerIndiaLDirector–Int’lTaxAsiaPacificCCorp.AccountAustralasia/SEAsiaDCountryControllerSingapore/MalaysiaBDirectorofFinanceAustralasia/SEAsiaRegionalcapabilitieswithlocaltalentleadingtoorganizationalcapacityandsignificantsavings.

IntroductionandBasicConceptsAsiaPacificCorporateFinanceOrganizationAIJKEFGHPQRSMNOLCDBRegionalcaAFinancialControllerBFinAccountingManagerGFPAandCostingManagerHFPA&FACAPAcctDARAcctFGLandTaxICostingsupervisorJCostAccountantECashierandT&EKStatisticianL

FLDPSZFinOfficialH/C:12FLDP:1Fincontroller:1Manager:2Financialanalyst:1Accountant:5CashierandT&E:1Statistician:1

IntroductionandBasicConceptsPlantFinanceStructureABGHCDFIEKL

FLDPSZFinOf

IntroductionandBasicConcepts導言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConce

IntroductionandBasicConceptsAccountingBooking(AP,AR,GL,FA)TaxationStatutoryReportingGroupReportingControllingCostingReporting(FP&A)InternalControl(SOXandCSA)PolicyandProcessOptimizationControlleristheonewhoclosethedoor!IntroductionandBasicConce

IntroductionandBasicConceptsBusinessPartnershipVisionStrategyBudgetForecastOthersTreasuryM&ARiskManagementInsuranceAuditingComplianceHedging….IntroductionandBasicConce

IntroductionandBasicConcepts導言及基本概念IntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopicsIntroductionandBasicConceE.g.FixedAssets1.Transaction2.F/SMonthlyclosingchecklist

IntroductionandBasicConceptsFinancialStatementProcessDebitsexpensesassets

Credits

revenueliabilitiesowner’sequityE.g.FixedAssetsIntroductioStrategicPlan(annualprocessFebtoJun)5yearprojectionsforSales&CapitalSpendingand3yearprojectionforOperatingProfitProfitPlan(annualprocessSepttoDec)Byledger,completeP&LandB/Sforecastbymonth)IncludesCostofQuality,CostSavingsandEconomicsprojectionsRollingForecast(doneeachmonth)Byledger,completeP&LandB/SforecastbymonthIncludesCostofQuality,CostSavingsandEconomicsprojectionsFinalResultsByledger,completevariancereportingtoforecast(closein3workdays)Resultsarereportedbylocation,byregion,bybusiness,bysectorandthentotalcompany.

IntroductionandBasicConceptsPlanning&ReportingOverviewStrategicPlan(annualprocessOperatingResults–IncomeStatementOperatingResults–IncomeStaOperatingResults–IncomeStatement

“IsolatingFXvs.Performance”ResultsOperatingResults–IncomeSta議題-AGENDA導言及基本概念IntroductionandBasicConcepts資產負債表

-BalanceSheet

損益表-Profit&Loss現金流量表–CashFlowStatement基本財務比率及報表評價–BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結束部分-Conclusion議題-AGENDA導言及基本概念Introducti資產負債表Balancesheet負債資產=負債+所有者權益所有者權益資產資產負債表Balancesheet負債資產=負債+所有者舉例:資產負債表-創立一個公司-Example:BalanceSheet-Creationofacompany貨幣資金:100所有者權益:100資金來源何處?Wheredoescashcomefrom?資金去向何處?Wheredoescashgo

?為我們創立的公司注入資金100-Wecreateacompanybyinjectingcash100Cash:100Equity:100舉例:資產負債表-創立一個公司-Example:資產負債表–公司開辦…Balancesheet-Thecompanystarts…貨幣資金:40所有者權益:100房屋:60購買房屋花去資金60-Wepurchaseabuildingpaidwithcashfor60Building:60Cash:40Equity:100資產負債表–公司開辦…Balancesheet-資產負債表–持續經營Balancesheet-Anditgoeson...貨幣資金:40所有者權益:100房屋:60設備:20借款融資20來購買設備-Wepurchaseequipmentsfinancedbycreditfor20融資借款:20Building:60Equipments:20Cash:40Equity:100Financialdebts:20資產負債表–持續經營Balancesheet-A資產負債表–公司成長...Balancesheet-Andthecompanygrows...資金占用USE=200資金來源RESOURCES=200貨幣資金:40所有者權益:100房屋:60設備:20投資:80融資貸款80收購某個競爭者Weacquireacompetitorfinancedbyaloanfor80融資借款-Financialdebts:80+20Building:60Equipments:20Investment:80Cash:40Equity:100資產負債表–公司成長...Balancesheet資產負債表–負債Balancesheet-Indebtness資金占用USE=200資金來源RESOURCES=200貨幣資金:40所有者權益:100固定資產160融資借款:100負債總額=所有者權益TotalFinancialDebts=EquityFixedAssets160Cash:40Equity:100Financialdebts:100資產負債表–負債Balancesheet-In資產負債表–經濟活動的發展Balancesheet-Developmentoftheactivity

貨幣資金Cash:40所有者權益Equity:100固定資產Fixedassets160融資借款Financialdebts:100用去40向供應商購買零件Wepurchasecomponentsfor40fromsuppliers存貨RM:40供應商Suppliers:40資產負債表–經濟活動的發展Balancesheet資產負債表–經濟活動的發展Balancesheet-Developmentoftheactivity

資金Cash:10(-30)所有者權益Equity:100固定資產Fixedassets160融資借款Financialdebts:100…….履行合同…….WeexecutethecontractsFG/WIP:50(+50)供應商Suppliers:40存貨RM:20(-20)為執行生產合同,公司需用去價值20的零件，勞務及其他支出需花費30。

勞務費以現金償付。因此現金減少30。Toexecutethecontracts,thecompanyneedscomponentsfor20andlabourandotherchargesfor30.Thelabourispaidwithcash.Thecashisthusdeterioratedby30.資產負債表–經濟活動的發展Balancesheet資產負債表–經濟活動的發展Balancesheet-Developmentoftheactivity資金占用USE=260資金來源RESOURCES=260資金Cash:10所有者權益Equity:100固定資產Fixedassets160融資借款Financialdebts:100然后我們開發票給客戶并購進新的零部件50成本的產品賣了70元應收帳款Receivable:70(+70)供應商Suppliers:40存貨RM:20公司已向客戶開出金額為70的發票。他們將在90天內付款。相應的在產品已經減少了50。

因此凈收益為20。凈收益NetInc:20(+20)WIP/FG:0(-50)資產負債表–經濟活動的發展Balancesheet資產負債表–經濟活動的發展Balancesheet-Developmentoftheactivity資金占用USE=300資金來源RESOURCES=300資金Cash:10所有者權益Equity:100固定資產Fixedassets160融資借款Financialdebts:100然后我們購進新的零部件40元應收帳款Receivable:70(+70)供應商Suppliers:80(+40)存貨Inventory:60(+40)凈收益NetInc:20(+20)資產負債表–經濟活動的發展Balancesheet資金Cash:10所有者權益Equity:100固定資產Fixedassets160融資借款Financialdebts:100麻煩開始了.某些供應商想立刻收到40的付款。我們可以怎么做呢？Troublesbegin.Somesupplierswanttobepaidfor40immediately.Whatcanwedo?應收帳款Receivable:70供應商Suppliers:80存貨Inventory:60凈收益Netincome:20資產負債表–經濟活動的發展Balancesheet-Developmentoftheactivity可以給我們你的建議嗎?GIVEUSYOURSUGGESTIONS?資金Cash:10所有者權益固定資產融資借款麻煩開始了資產負債表–財務解決方案Balancesheet-Whatarethefinancialsolutions?你不能這樣做

THISISNOTYOURJOB變賣固定資產Tosellfixedassets增加資本Toincreasecapital取得新貸款Toobtainanewloan資金Cash:10所有者權益Equity:100固定資產Fixedassets160融資借款Financialdebts:100應收帳款Receivable:70供應商Suppliers:80存貨Inventory:60凈收益Netincome:20資產負債表–財務解決方案Balancesheet-資產負債表–操作方案如何？BalanceSheet-Whataretheoperationalsolutions?

你可以這樣-THISISYOURJOB資金Cash:10所有者權益Equity:100固定資產Fixedassets160融資借款Financialdebts:100應收帳款Receivable:70供應商Suppliers:80存貨Inventory:60凈收益Netincome:20限制存貨-Tolimitinventory與客戶協商提前收回貨款Tonegociateadvancedpaymentswithcustomers與供應商協商新的付款計劃Tonegociateanewpaymentplanwithsuppliers資產負債表–操作方案如何？BalanceSheetBalanceSheetInventoryDOHGrossInventoryvs.ForecastAmountReceivablesDSOPastDuebyBucket(Current,1-30,30-60,etc…)CollectionEfficiencyGrossReceivablesvs.ForecastAmountPayablesDPOGrossPayablesvs.ForecastAmountCapitalSpendingActualSpendingvs.ForecastVariancesanalysisandcommentaryrequiredateachmonth-endandrollingforecast.Warning:Don’tfallinlovewithDSO,wecantrytomanipulateDSOtomakeithigherorlowerbyincreasingordecreasingtheamountindifferentbracketsBalanceSheetInventoryVarianceDOHDaysonHandInventory(DOH)isacalculationtodeterminetheamountoftimethatisrequiredtoconvertinventoryintosales.WhatcanyoudotoimproveDOH?ReducemachinedowntimeReducescrapReduceset-uptimeImproveschedulingImproveplantlayoutImprovethroughputtimeDOHDaysonHandInventory(DOHDSODaysSalesOutstanding(DSO)isameasurementofhowmuchtimeittakestoconvertsalesdollarstocash.DependingonthepaymenttermsforourcustomersDSOmayvarysignificantlyfromcustomertocustomerandmonthtomonth.WhatcanyoutoimproveDSO?ImproveOrderEntryprocessReducebillingerrorsReducequantityrelatederrorsEnsuresalesorderiscorrectPromptFollow-upwithcustomersDSODaysSalesOutstanding(DSOWhyareDOH&DSOImportant?Botharelargecomponentsofcashflow.Inordertocreateanincreaseorpositivecashflowyoumustreduceboth.Byturningoverinventoryandreceivablesfasterwereceiveoursalesdollarsfaster,andthereforeborrowlessmoneyandpaylessinterest.OnedollarinvestedinInventoryorReceivablesisthesameasonedollarinvestedinequipmentandassuchShareholdersdemandthesamereturnonitastheydotheequipment.WhyareDOH&DSOImportant?BoDPODayspayableoutstanding(DPO)issimilartoAccountsReceivable(DSO)MeasureofeffectivenessofaccountspayableandothercurrentliabilitiesCanbeusedtopartiallybalancecashrequirementstofundaccountsreceivableCashFlowImpactHigher=SourceofcashLower=UseofcashWhatcanyoudotoimproveDPO?Extendthelengthofpaymenttermstothevendor.Weneedtobeasaggressivewithourvendorsasourcustomersarewithus.DPODayspayableoutstanding(D存貨-INVENTORIES評價庫存管理方法-Reviewofstockmanagementprocess重新定義安全水平-redefinitionofsecuritylevel-根據預測進行庫存管理而不是根據歷史趨勢-stockmanagementbasedonforecastratherthanhistoricaltrends變賣過時的和不使用的存貨-Selloutdatedorunusedinventories加強生產活動的存貨管理-Consolidatestocksmanagementwithinproductionsites/activities標準化存貨采購-Standardizeinventoriespurchased減少瓶頸-Reducebottleneck定期控制存貨水平-Controlregularlyinventorieslevels縮短存貨周期-Reducecycletime應付-PAYABLES根據供應商群及各個國家的情況差異，審核付款條件及付款期Reviewtermsandconditionsofpaymentswithinsuppliergroups,countries,...例如:增加延期付款-e.g:increasedelayofpayment制定特殊的規則使付款期與價格相互關聯Establishspecificrulestocorrelatetermsofpaymentandprice打造一支專業的團隊負責應付過程的管理Create/strengthenspecificteaminchargeofthemanagementofthepayableprocessOperation-DO’S應收-RECEIVABLES根據客戶群及各個國家的情況差異，審核付款條件及付款期Reviewtermsandconditionsofpaymentswithinclientsegments,countries,...

－例如:減少延期付款e.g:reductionofthedelayofpayment制定特殊的規則使付款期與價格相互關聯Establishspecificrulestocorrelatetermsofpaymentandprice打造一支專業的團隊負責應收過程的管理Create/strengthenspecificteaminchargeofthemanagementofthereceivableprocess存貨-INVENTORIES評價庫存管理方法-Re在產品與庫存商品-WIP&INVENTORIES項目計劃沒有考慮到付款標識段Projectplanningdoesnottakeintoconsiderationpaymentmilestones沒有與項目有關的現金曲線圖-Nocashcurveonprojects不能優化生產循環或項目循環-Non-optimizationoftheproductionorprojectcycle依據產品結構進行生產管理及項目管理,而非依據產品需求的驅動Production,projectmanagedaccordingtoacomponentproductionlogicasopposedtoademand-drivenlogic制造或者購買:購買配件而不是功能Makeorbuy:purchaseofcomponentsinsteadoffunctions生產改造沒有考慮到現有的存貨,在產品,及已有的訂單Productionmodificationwithouttakingintoaccountexistinginventories,in-processgoods,andpurchaseordersalreadyissuedOperation-DON’TS在產品與庫存商品-WIP&INVENTORIESOp應付項目-PAYABLES采購、物流、存貨管理間缺乏協調-Lackofco-ordinationbetweenpurchasing,logistics,inventoriesmanagement

供應商單方面采取提前交貨的方式促使我們提早付款-Earlypaymenttriggeredbyadvancedeliveryatsoleinitiativeofsupplier

提早付款是由收到發票引起的,而不是按照約定的購貨條件交貨引起的-Earlypaymenttriggeredbyreceiptofinvoiceandnotbydeliveryasstipulatedinpurchaseconditions

供應商延期交貨,并且未按程序事先提醒負責談判的采購員-Deliverylatewithoutsystematicallyalertingbuyerinchargeofnegotiation公認的購貨條件沒有得到應用-Non-applicationofgeneralpurchasingconditions采購部門僅僅以價格為判斷依據,而沒有考慮到付款條件和條款-Purchasingdepartmentjudgedsolelyonpricesobtained,withouttakingintoaccounttermsandconditionsofpaymentOperation-DON’TS應付項目-PAYABLESOperation-DON議題-AGENDA導言及基本概念IntroductionandBasicConcepts資產負債表

-BalanceSheet

損益表-Profit&Loss現金流量表–CashFlowStatement基本財務比率及報表評價–BasicFinancialRatiosandFinancialStatementevaluation投資評價初步BasicInvestmentAppraisal結束部分-Conclusion議題-AGENDA導言及基本概念IntroductiIntroduction–STDcoststructureStandardDuty%RMStandCostCNYPerUoMLastestPurchasePriceStandardFreight%BOMConsuptionQuantityRMYeildRateStandardMaterialCostStdConversionCostDirectLabor=RoutineHrXRateVOH=RoutineHrXRateFOH=RoutineHrXRateStandardShinkageRateFGStandardCostIntroduction–STDcoststructIntroduction–STDcostrateWorkcentercostratemeanshowmuchcostsneededwhenoccupytheworkcenterforonehour(CNY/hour)StandardcostrateshouldincludingtheimpactofOEE(OverallEquipmentEffectiveness)CoverisionCostStandardCostRate(CNY/Hour)CycleTimer(RoutineHour)EstimatedTotalExpenditure(CNY)Est.totalworkinghrs(withOEE)Introduction–STDcostrateWoIntroduction–STDcostcomponentsStandardCostMATERIALEstablishedasthelast“normalvolume”purchasepriceatthetimethestandardsarebeingset.MaterialComponents: Material InboundFreight DutiesLABORConsistsofthewagesofallassociatesinvolvedintheprocessofmanufacturingandassemblingproducts.LaborComponents: Labor(Regular) Labor(Temporary)VARIABLECOSTOVERHEADIncludesallthecosts(otherthandirectlabor)thataredirectlyrelated

totheprocessofmanufacturingandassemblingproducts.VariableCostComponents: VariableIndirectMaterial Maintenance&Repair/Equip.&Tools UtilitiesVariableFIXEDMANUFACTURINGOVERHEADExpenseswhicharenotconsideredtobedependentuponshort-termproductionvolumes.FixedManufacturingOverheadComponents: Salaries/Wages Depreciation/Amortization Bldg.Repair&Maintenance Taxes&Insurance ProfessionalservicesIntroduction–STDcostcomponIntroduction–STDcostcomponentsIntroduction–STDcostcompon幾個成本名詞FixedOHD固定制造費用VariableOHD變動制造費用ReplacementCost重置成本OpportunityCost機會成本SunkCost沉沒成本幾個成本名詞FixedOHD固定制造費用損益表:主要原理-Profit&Loss:MainPrinciples銷售收入SALES邊際貢獻StandardContribution

Margin標準銷售毛利StandardGross

Margin(SGM)銷售毛利GrossMargin材料成本MATERIAL直接人工成本DIRLABOR變動制造費用VOHD材料成本MATERIAL直接人工成本DIRLABOR變動制造費用VOHD固定制造費用FOHD材料成本MATERIAL直接人工成本DIRLABOR變動制造費用VOHDMUV材料用量差異材料成本差異Material

Var人工、制造費用差異Labor&OHDVar固定制造費用FOHD變動成本固定成本OperatingIncome材料成本MATERIAL直接人工成本DIRLABOR變動制造費用VOHDMUV材料用量差異材料成本差異Material

Var人工、制造費用差異Labor&OHDVar固定制造費用FOHDSG&A管理費用損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples營業利潤OPERATINGINCOME凈收益NETINCOME財務收入及費用Finanialinc&exp所得稅及遞延稅金Incomes&Deferredtax營業外項目Expectional損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples銷售毛利Gross

Margin材料成本MATERIAL直接人工成本DIRLABOR變動制造費用VOHD材料用量差異MUV材料成本差異Material

Var人工及變動制造費用差異Labor

&

VOHD

Var固定制造費用及差異FOHD

&

Var注意

:關鍵業績指標KPIGrossMarginGM%損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples營業收益-OI材料成本MATERIAL直接人工成本DIRLABOR變動制造費用VOHD材料用量差異MUV材料成本差異Material

Var人工及變動制造費用差異Labor

&

VOHD

Var固定制造費用及差異FOHD

&

Var管理費用SGA

管理費用包含以下內容SGA：IncludingbelowcontentAdministrationSalesandDistributionR&D(Technical)損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples營業利潤-OperatingIncome

工廠的主要業績指標之一OneofthemajorKPIatplant

level注意

:關鍵業績指標KPIOI營業收益-OI材料成本MATERIAL直接人工成本DIRLABOR變動制造費用VOHD材料用量差異MUV材料成本差異Material

Var人工及變動制造費用差異Labor

&

VOHD

Var固定制造費用及差異FOHD

&

Var管理費用SGA

損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples息稅前利潤–EBITDA=OperatingIncome+DepreciationEarningBeforeInterest,TaxandDepreciation工廠的主要業績指標之一OneofthemajorKPIatplant

level注意

:關鍵業績指標KPIEBITDAEBITDA營業收益-OI材料成本MATERIAL直接人工成本DIRLABOR變動制造費用VOHD材料用量差異MUV材料成本差異Material

Var人工及變動制造費用差異Labor

&

VOHD

Var固定制造費用及差異FOHD

&

Var管理費用SGA

損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples凈收益NetIncome財務收入及財務費用FinancialInc&Exp所得稅及遞延稅款Incomes&deferredtax營業外項目Exceptional財務收入及財務費用包括與以下情況相關的所有成本及收入

-Financialincomesandexpensesincludeallcostsandrevenueslinkedto:

財務利息費用及收入,financialinterestsandrevenues

匯兌損益,exchangedifferences

收到的股息,dividendsreceived

等等,etc注意:財務費用應該被包括在投標中Warning:financialcostsshouldbeincludedintenders所得稅及遞延稅款包括所有的稅負,當期和遞延 IncomeandDeferredtaxesincludealltaxes,currentanddeferred營業外項目不是經常發生的,除了非常事件并在得到管理部門批準認可之后的項目外Exceptionalitemsisnottobeused,exceptforextraordinaryeventsandafteragreementoftheDivision損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples凈收益在損益表中的最后一行反映NetincomeisthefinallineoftheProfit&Loss其金額為資產負債表的所有者權益部分ThisamountisreportedintheEquityintheBalancesheet凈收益Netincome財務收入及財務費用FinancialIncomes&Expenses所得稅及遞延稅金Incomes&Deferredtax營業外項目ExceptionalItems損益表:主要原理-Profit&Loss:Mai損益表:主要原理-Profit&Loss:MainPrinciples損益表:主要原理-Profit&Loss:MaiIncrementalIncrementalisacalculationthatdeterminesthebreakevensalespointforagivenplant,aswellasthecorrespondingfixedandvariablecostcomponentsatthatlevel.Fromtherewecandeterminetheamountofvariableandfixedcostsasapercentageofthetotalcostsatthatlevel.Anincrementalrateisthendeterminedwhichcanbeusedasagaugeofhowwellaplantcontrolstheirfixedcostsatdifferentsaleslevels.（增量/邊際）IncrementalRate:盈虧平衡點之上每增加一個銷售額，營業利潤所增加的數量（也即盈虧平衡點固定成本占總成本的比例）IncrementalIncrementalisacaIncrementalSetsanexpectationforoperatingprofitcomparedtoprofitplan(prioryear,priorforecast,etc..)basedonchangesinthesalesplan/forecast.Plantisthenheldaccountabletodeliveringthisexpectation.

Ittakesoutsuchbusinessandeconomicfactorsassellingpricechangesandforeignexchangetranslationwhicharenotcontrollablebythemanagementoftheoperation.Whyuseincremental?IncrementalSetsanexpectationIncrementalCalculationVolumeChangexIncrementalRate=additionalcontributiontooperatingprofitthatisexpected.Addorsubtractsellingpricechangesandexchangetranslationtodeterminethetotalexpectedoperatingprofitfortheperiod.Comparetheexpectedprofittotheactualprofittodetermineiftheoperationisoverorunderincremental.IncrementalCalculationVolumeIncremental-ExamplePlantXdeterminesthattheirbreakevensaleslevelis$50Minsalesdollarsperyear.Atthatsaleslevelfixedcostsare40%andvariableare60%ofthetotalcostfortheplant.Fromthisinformationweshouldthenexpectthatforeveryadditionalsalesdollaroverthebreakevenpoint,theplantshouldhave$.40inadditionaloperatingprofit.Why?Becauseifthefixedcostsarecoveredandvariablecostsare60%,thentheremainderor40%shouldbeshowninadditionalprofit.Incremental-ExamplePlantXIncremental-ExampleBasedonthepreviousinformationweknowthatPlantX’sIncrementalrateis40%.PlantXhadsellingpricechangedecreasesfortheperiodof$50Kandexchangetranslationeffectwas$30Kfavorablecomparedtoforecast.PlantXhadincreasedvolumefortheperiodforatotalof$500Kfromtheforecast.ActualOperatingProfitfortheperiodwasupby$100Kfromtheforecast.HowmuchisPlantXover/underincremental?Incremental-ExampleBasedonIncremental-ExampleVolumeChangexIncrementalRate=500KX40%=$200KfavorableSubtractSellingPriceChanges$200K-$50K=$150KAddTranslationChanges$150K+$30K=$180K(ExpectedProfit)ActualProfitChange-ExpectedProfitChange=$100K-$180K=$80KUnderincrementalIncremental-ExampleVolumeCPractice–CalculatingIncrementalPerformanceSalesChange–favorable$1,615ktoplanFXTranslationfavorable$345kSellingpricechangesunfavorable$100kProfitChange–favorable$380ktoplanFXTranslationimpactonprofitfavorable$55kIncrementalrateforthisbusinessis35%Pleasecalculatehowthebusinessdidcomparedtoitsexpectedincrementalperformance.Practice–CalculatingIncremePractice–Answer

VolumeChange:1615-345+100=1370IncrementalRate:x0.35IncrementalExpectation:=479.5ProfitResults:380FXTranslation:-55ActualPerformanceResult=325UnderIncremental=325-479.5=-154.5Practice–Answer

VolumeChang議題-AGENDA導言及基本概念IntroductionandBasicConcepts資產負債表

-BalanceSheet

損益表-Profit&Loss現金流量表–CashFlowStatement基本財務比率及報表評價–BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結束部分-Conclusion議題-AGENDA導言及基本概念Introducti經營現金凈流量經營現金凈流量是指企業經營活動所產生的現金及現金等價物流入量與流出量的差額

OPERATINGCASHFLOWistheoperationalportionofNETCASHFLOW現金凈流量NETCASHFLOW經營現金凈流量OPERATINGCASHFLOW增資/減資

Financing投資結果…Investing管理層的職責ResponsibilityofManagement注意:關鍵業績指標KPI經營現金凈流量經營現金凈流量是指企業經營活動所產生的現金及現經營性現金流量-Practice

December31,Year2December31,Year1Cashandcashequivalents$56,800$37,300AccountsReceivable,net48,70044,000Inventory220,000198,300MarketableSecurities40,60030,400PrepaidExpenses49,0000Property,Plant,andEquipment(Gross)975,000883,000Less:AccumulatedDepreciation(125,000)(71,200)Property,Plant,andEquipment(Net)850,000811,800TotalAssets$1,265,100$1,121,800

AccountsPayable$96,900$82,800DeferredRevenue22,00028,200WagesPayable12,50011,300DeferredTaxes10,1007,100IncomeTaxesPayable28,70026,200BondsPayable(issuedatpar)141,000111,000CommonStock67,00047,000AdditionalPaid-inCapital226,300195,900RetainedEarnings660,600612,300TotalLiabilitiesandEquity$1,265,100$1,121,800

December31,Year2

NetSales$1,950,000Costofgoodssold(1,295,000)SG&AExpenses(506,000)Depreciation(53,800)InterestExpense(7,900)InvestmentIncome3,300IncomeTaxExpense(35%)(31,700)NetIncome$58,900PreparethecashflowfromoperationssectionofBeson'sstatementofcashflowsunderthedirectmethod(perU.S.GAAP)fortheyearendedDecember31,Year2.ThefollowinginformationpertainstothefinancialstatementsofBesonCorporationfortheyearendedDecember31,Year2andDecember31,Year1.經營性現金流量-Practice

December31經營性現金流量-PracticeAdditionalInformation:Besonreceivedinterestonitsbondinvestmentsof$1,700anddividendsfromitsequityinvestmentsof$1,600.Besonissuedadditionalsharesofstock,generating$50,400inproceeds.Dividendsof$10,600werepaidonthecompany’soutstandingstock.OnDecember30,thecompanyissuedanewbondatparvaluefor$30,000.Allinterestexpenserecordedontheincomestatementwaspaidwithcash.BesonpaidincometaxesinYear2equivalenttoitsoutstandingliabilityattheendofYear1.SG&AExpensesarecomprisedof$460,400ofsalariesandwageexpenseand$45,600inadministrativeexpenses.Thecompany,attheendoftheyear,purchasedWrightStockfor$10,200andclassifiedtheinvestmentasatradingsecurity(reportedasacurrentasset).Twomonthsofprepaidrent($24,500permonth)forafactorywerepaidattheendofDecember,withoccupancyscheduledtobeginonJanuary1.經營性現金流量-PracticeAdditionalI經營性現金流量-AnswerCashflowsfromoperatingactivitiesAmountCashreceivedfromcustomers1,939,100Cashpaidtosuppliers(1,302,600)Cashpaidtoemployees(459,200)Interestreceived1,700Dividendsreceived1,600Interestpaid(7,900)Incometaxespaid(26,200)Tradingsecuritypurchased(10,200)Otheroperatingcashpaid(94,600)Netcashprovidedbyoperatingactivities41,700Cashreceivedfromcustomers:1,950,000-(48,