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