6.CashflowStatementAnalysis现金流量表剖析

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Example: Milly’s Muffins 例子：Milly的麦芬
•We will use the income statement and the cash flow statement that we have previously prepared in Slides 4.4 to assess Milly’s Muffins cash flow performance. •The following three slides contain the income statement, the cash flow statement and the reconciliation between the net income and the net operating cash flow from Slides 4.4. •接下来三张幻灯片包含了利润表，现金流量表和 对账
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Free cash flow 自由现金流
• Free cash flow is a measure of the organizations ability to generate cash for expansion 扩张, for other forms of improved operations 改善经营, for the repayment of debt, of for increased returns 增加回报 to shareholders.
= $(6,225)
This means that Milly’s Muffins has a negative 消极的free cash flow because the oven (this is a capital expenditure item) was purchased for $10,000. I have assumed zero dividends. This is only February’s free cash flow and this would look better when the $10,000 of capital expenditure is compared with say six or twelve months of cash flow.
$167
75Байду номын сангаас (60) (250)
Net cash flow from operating activities 经营活动中的净价流动
$3,775
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Liquidity ratios 流动比率
Cash flows from operations ratio
经营活动现金比率
• Compares the operating cash flows with the current liabilities of the business
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Efficiency ratio 效益比率
Cash flows to assets ratio 现金流资产比率
• Compares the operating cash flows with the assets of the business 比较经营现金流量和企业资产 • Expressed in terms of the dollars of operating cash flows generated from each dollar of business’s assets
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Analysing the Statement of Cash Flows 分析现金流量表 • The Statement of Cash Flows reports how an organization generated and used its cash during the year. • 现金流量表报告了一个组织在一年内如 何产生并使用其现金。
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Example: Milly’s Muffins
Free Cash flows = Net operating cash flow less capital expenditures less dividends 自由现金流=净营运现金流量-资本支出-股息
= $3,775 - $10,000 - $0
• By the end of this presentation you should be able to:
– Analyse the Statement of Cash Flow for the purpose of evaluating the firm’s financial performance and sustainability. – 分析现金流量表，评估公司财务业绩和稳定 性。
$7,500
Cash paid for ingredients and paper cases 支付给材料和纸箱的费用
Cash paid for interest 支付给利息的费用 Net cash provided by operating activities 经营活动产生的净收益 Investing activities 投资活动 Cash paid for oven 支付给烤箱的费用 Financing activities 金融活动 Cash received from bank overdraft 银行透支收到的现金 Cash received from Milly’s friend 从Milly的朋友那收到的现金 Net cash provided by financing activities 由金融活动产生的净价 Net increase in cash 现金净增加额
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Example: Milly’s Muffins
例子：Milly的麦芬
Milly’s Muffins Milly的麦芬 Income Statement 利润表 For the month of February 2014 从2014年2月开始 Sales Revenue 产品销售收入 $7,750
Milly’s Muffins Statement of Cash Flows 现金流量表 For the month of February 2014 从2014年2月开始
Operating activities 经营活动 Cash received from customers 从顾客处收入的现金
Topic 3
Cash Flow Statements 现金流量表
BUS1 AFB Accounting and Finance for Business BUS1 AFB商务会计和商务金融
Semester 1, 2014
Topic Intended Learning Outcome 6
主题：教学目的6
•Free cash flow = Cash flows from operating activities less capital expenditures less dividends •自由现金流=经营活动的现金流量-资本支出-股 息
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Free cash flow 自由现金流
• The reason why it is called “free” cash flow is that it is the cash remains free to be used as the organization chooses. 被称作“自由”现金流的原因是剩余的现 金可由企业自由支配 • For BUS1AFB you will be given the capital expenditure and dividends to calculate the free cash flow. 在BUS1AFB中你将会被给到资本支出和股 息去计算自由现金流。
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Example: Milly’s Muffins
Cash flows from operations ratio = Net operating cash flow ÷ current liabilities 经营活动现金比率=净经营现金流 ÷ 流动 负债 = $3,775 ÷ $750 = 5.03
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Free cash flow 自由现金流
• Free cash flow is calculated from the cash flow
statement and information that is contained in the notes to the financial statements. 自由现金流由现金流量表和财务报表附注中包含 的信息计算得出 •Free cash flow is the cash that an organization generates in excess of its investments in productive capacity and payments to shareholders in the form of dividends 自由现金流是一个组织产生的超过其生产能力投 资和向股东支付股利以外的现金。
This result means that Milly’s Muffins has an operating cash flow that can cover its current liabilities (the ingredients it has not yet paid its suppliers for – this balance was $750) five times. This is a large excess of cash over current liabilities.
Cost of goods 商品成本
Gross profit 总利润 Depreciation expense 折旧费 Interest expense 利息费用 Net profit 净利润