第19章 财务报表分析 Financial statement Analysis 19-1
19-1 第19章 财务报表分析 Financial Statement Analysis
财务报表分析 Financial statement Analysis 19.1主要财务报表 19.2会计收益与经济效益 19.3权益收益率 19.4比例分析 19.5经济增加值 19.6关于财务报表分析的说明 19.7可比性问题 19.8价值投资 19-2
19-2 财务报表分析 Financial Statement Analysis 19.1 主要财务报表 19.2 会计收益与经济效益 19.3 权益收益率 19.4 比例分析 19.5 经济增加值 19.6 关于财务报表分析的说明 19.7 可比性问题 19.8 价值投资
财务报表 Financial statements ■资产负债表 Balance sheet 垂直分析表 Common sized 趋势分析和指数分析 Trend or Indexed 损益表 ncome statement 垂直分析表 Common sized 趋势分析和指数分析 Trend or indexed ■现金流量表 Statement of cashe|oWs 19-3
19-3 财务报表 Financial Statements 资产负债表Balance Sheet – 垂直分析表Common Sized – 趋势分析和指数分析Trend or Indexed 损益表Income Statement – 垂直分析表Common Sized – 趋势分析和指数分析Trend or Indexed 现金流量表Statement of Cash Flows
资产负债表 Balance sheet 金额/百万美元占总资产百分比(%) 资 流动资产 现金与现金等价物 447 其他短期投资 339 应收款 2516 10 1038 预付税金与其他费用 79 流动资产合计 5139 不动产、厂房与设备(折旧净值) 10191 无形竇产净值 7136 其他资产 资产合计 24512 负债与股东权 流动负债 应付借款 应付账款与其他流动负债 4626 19 应交税金 4 动负债合计 5139 长期负债 843 递延所得税 1778 其他长期负债 2533 10 负债合计 73 股东权益 普通股面值 资本公积金 1201 盈余公积 累积外汇调整 (3) 车藏股(按成本价) 3023) (12) 股东权益合计 6623 负债与股东权益总计 24512
19-4 资产负债表 Balance Sheet
资产负债表 Balance sheet Assets Current assets Cash and cash equivalents $964 Other short-term investments Receivables 1.7o4 Inventories Prepaid taxes and other expenses 514 otal curront assets 4.173 Property, plant and equipment (net of depreciation) 5,266 Net intangible asset 4.735 27 Other assets 3.377 otal assets 17551 Liabilities and st。ckh。 Iders Equity Current liabilities oans payable 233 1 Accounts payable and other current liabilities 3,399 15 lotal current liabilities 3,788 22 ong-term debt 2.812 Deferred income taxes 1,2o9 Other long-term liabilities 2,861 Total liabilities 10.67o 61 Stockholders equity Common stock, par value Additional paid-in capita 1,O81 Retained earnir 14.o66 Cumulative foreign currency adjustments 989) Treasury stock (at cost (7,3O6) (42) Total stockholders equity 6,881 lotal liabilities and stockholders equity 17,551
19-5 资产负债表 Balance Sheet
损益表 Income Statement 营业收入 净销售额 3l645 营业收入 2546 营业费用 营业外收入及费用 销售成本 15383 利税前收益 2546 销售、总务和管理费用115 净利息费用 499 折旧和摊销 税前收益 其他费用 822 所得税 898 营业费用总额 29099 净利润 1149 19-6
19-6 损益表 Income Statement
损益表 Income Statement Operating Revenues Net sales $20,367 operating Expenses Cost of sales 8,198 Selling, general, administrative expenses 8.71 Depreciation and amortization 1,032 Other expenses 248 Total operating expenses 17.549 Dperating income 2,818 Nonoperating income and expenses 1,O83 Earnings before interest and income tax 3.901 Net interest expense 245 Earnings before income taxes 3656 Income taxes 1,6O6 Net income 2,O5O 19-7
19-7 损益表 Income Statement
现金流量表 Statement of cash flows 经营活动产生的魏金流 净利润 1149 调整净利洄,使其与经营活动的净现金相等 折旧与销 71 其他 l147 经营性资产与负债的变化 应收账款的减少(1曾加) 70) 存货的减少(增加) (28) 应付账款增加(减少) 应缴税金的增加(减少) 其他流动资产的减少(力 12O 调整总计 3045 经营活动产生的现金净流量 4194 投资活动产生的现金流 处置不动 厂房与设音(及附件)产生(使用)的现金 (2230) 商业中获得的现金 (75) 短期投 775 其佤 255 投资活动产生(使用)的现金净流量 (1275) 筹资活动产生的现金流 行使股票期权与购买计划的收入 323 发行长期债券的收入 1773 偿还长期债 (1424) 应付倩款的增加(减少) 1150) 支付丝科 (675) 回购股份 16s1) 其他 (46 筹资活动产生的现金净流量 (2850) 汇率变化的影响 (4) 现金与现金等价物净增加(减少) 9-8
19-8 现金流量表 Statement of Cash Flows
现金流量表 Statement of cash Flows cash Flows from oporating Activities Not income Adjustments to reconcile net income to net cash provided by operating activities Doproaiation and amortization 1,O32 Changes in operating assets and liabilities Docroaso (increase)in accounts rocoivablo (149) Decrease(increase) in inventories (186) Increase(decrease) in accounts payable 31o Increase (decrease) in taxes payable 326 Decrease (increase) in other current assets (2O3) other (153) Total adjustments 977 Net cash provided by operating activities 3.O27 Cash Flows fr。 investing A。 tRiTe。s Cash provided by disposal of (used for additions to) property, plant and equipment (992) Cash provided (used) from sales (acquisitions) of businesses 69 Other (149) Net cash provided (used) in investing activities (1,O72) cash Flows from Financing Activities Proceeds from exercise of stock option and purchase plans 3O8 Proceeds from issuance of long-torn dobt 3.48O Repayment of long-term debt (1,123) Increase (decrease)in short-term borrowing (1,9o6) Dividends paid (778) Share repurchases (1,285) Other Net cash provided by (used in) financing activities (1,304) Effect of exchange rate changes Not increase(decrease) in cash and cash equivalont 63 19-9
19-9 现金流量表 Statement of Cash Flows
比例分析 Ratio Analysis ■比例分析的目的 Purpose of Ratio Analysis ■作用USes 趋势分析 Trend analysis 比较分析 Comparative analysis 综合分析 Combination ■外部分析的作用 Use by EXternal Analysts 外部投资者需要的重要信息 Important information for investment communit 信用市场需要的重要信息 mportant for credit markets
19-10 比例分析 Ratio Analysis 比例分析的目的Purpose of Ratio Analysis 作用Uses – 趋势分析Trend analysis – 比较分析Comparative analysis – 综合分析Combination 外部分析的作用Use by External Analysts – 外部投资者需要的重要信息Important information for investment community – 信用市场需要的重要信息Important for credit markets
