BNZX-战略分析方法财务分析英文版.ppt

* CU7010598KRA Cash Flow Agenda The importance of cash flow Types of cash flow Applications Cash flow steps Exercise Key takeaways * CU7010598KRA Cash Flow Key Takeaways “Cash is King” cash flow is a very useful measure of a company’s performance earnings can be very different from cash flow Operating cash flow + investing cash flow + financing cash flow = net cash flow The major components of operating cash flow are: profit before income and tax non-cash expenses/income (mainly depreciation) change in non-cash working capital The major component of investing cash flow is: capital expenditures The major components of financing cash flow are: debt-related transactions equity-related transactions long-term asset and liability transactions Financial statements often have some unusual features, but 95% of the cash flow can usually be understood by looking at the items listed above The value of cash flow analysis is in understanding the components or drivers of cash flow * CU7010598KRA Takeaway Slides (p. 1) Cash Flow Cash is King Cash Flow Cookbook + +/ - +/ - - +/ - 1. Profit before interest and tax (PBIT) 2. Depreciation 3. Other non-cash expenses/income 4. Decrease/increase in working capital (excluding cash) 5. Taxes paid 6. Tax impact of interest income/expense - = 7. Capital expenditures Investing cash flow +/ - +/ - +/ - +/ - - +/ - 8. Interest income/expense 9. Tax impact of interest expense/income 10. Increase/decrease in long-term debt 11. Increase in outstanding stocks/shares 12. Dividends 13. Changes in other accounts Net cash flow Source I/S SCF, B/S and Notes Notes B/S I/S, B/S I/S I/S I/S B/S B/S B/S, I/S B/S 14. Reconcile with change in cash from Balance Sheet6 Balance Sheet Where to find: Process: Change in cash + Change in marketable securities = Change in cash Comment: Cash equivalents are combined with cash to give an accurate picture of cash position Cash Position Applications The market value of a company is