2019年财务策划步骤和方法.pptVIP

* * * * * Equation AFN versus Pro Forma AFN Equation method assumes a constant profit margin. Pro forma method is more flexible. More important, it allows different items to grow at different rates. * Summary: How different factors affect the AFN forecast. Excess capacity: lowers AFN. Economies of scale: leads to less-than-proportional asset increases. Lumpy assets: leads to large periodic AFN requirements, recurring excess capacity. * Economic Value Added (EVA) EVA = (Operating Income) x (1-T) - WACC x (Capital Employed) Changes in Ratios Performance Debt Risk will lead to changes in EVA. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Financial Planning and Forecasting * Financial Plans Financial plans evaluate the economics behind the strategy and operations. They consist of six steps: Projected financial statements: to analyze the effects of the operating plan on projected profits and financial ratios. Determine the funds needed to support the plan. Forecast funds availability. Establish and maintain a system of controls to govern the allocation and use of funds within the firm. Develop procedures for adjusting the basic plan if the economic forecasts upon which the plan was based do not materialize Establish a performance-based management compensation system. * Sales Forecast Sales forecasts are usually based on the analysis of historic data. An accurate sale forecast is critical to the firm’s profitability: Under-optimistic Too much inventory and/or fixed assets Low turnover ratio High cost of depreciation and storage Write-offs of obsolete inventory Low profit Low rate of return on equity Low free cash flow Depressed stock price Over-optimistic Company will fail to meet demand Market share will be lost Sales Forecast * The Percent of Sales Method This is the most common method, which begins with the sales forecast expressed as an annual growth rate in dollar sale revenue. Many items on the balance