[财务管理]投资分析.ppt

The components of the Financial StatementsCash Flow Statement Obviously, there is something funny here… some amounts are significantly influencing the ability of the company to fund itself with operating cash-flow (“financial flexibility”). How could you identify the “significant” items? Attempt a Common Size Analysis. In other words, examine each item as a percentage of revenue. How did the cash flow from operations turn negative in 2008? Observe that the “Change in inventories, trade receivables and other assets(??)” is 12,497m while the revenue is 7,466m. Certainly an issue to be investigated. Common size and trend analysis Common size analysis Balance Sheet: Each item as a percentage of Total Assets Income Statement: Each item as a percentage of Revenue Cash Flow Statement: Each item as a percentage of Revenue Trend analysis Each item is expressed as a percentage of the base year’s similar item. Far from giving straight answers, these techniques are rather identifying “significant” items that might need further investigation within complex financial statements. Other sources of information …That might be employed for further investigation, The NOTES, or “the fine print”. Management’s discussion and analysis The external auditor’s report Unqualified (the green light!) Qualified (some limitation or exception to accounting standards…the analyst should read the explanatory paragraphs so she can determine the significance of the exception. Adverse (“Don’t bother, the financial statements of the company can not be relied upon!” ) Disclaimer of opinion (the auditors are unable to issue an opinion). Financial Statements on the Databases Quite often, we rely on commercial databases to seek information for a company. You have to be very careful as these databases standardise the financial statement items for computational reasons (data management) and for comparison purposes. A serious analyst would want to draw information upon the financial statemen