《简单财务知识》PPT课件.ppt

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1、Oct 15th,2004,China Lubricant NE Sales Team,Part I 财务报表,Oct 15th,2004,China Lubricant NE Sales Team,BALANCE SHEET（资产负债表）,PROFIT&LOSS STATEMENT（损益表）,CASH FLOW STATEMENT（现金流量表）,Assets 资产 Liabilities 负债 Shareholders Funds 所有者权益,Gross Margin 毛利 OPEX 费用 NIAT 税后利润(Net Income After Tax),Operating cashflow(

2、营运活动）Investing cashflow（投资活动）Financing cashflow(筹资活动),反映某一特定日期财务状况的会计报表。,反映企业一定期间生产经营成果的会计报表,反映企业一定期间现金的流入和流出,Financial Statement,Oct 15th,2004,China Lubricant NE Sales Team,V1000:Sales Volume P1000:Sales Proceeds C1 MK Material Margin C2 Gross Margin C3 MK Cash Delivered Margin C5 MK Cash Contribut

3、ion Before Oheads Margin C10 NIBIAT,Finance KPI,Oct 15th,2004,China Lubricant NE Sales Team,Proceeds 销售收入,Cost of Goods Sold 销售成本,C1 Margin 销售毛利,=,也被称为：COGSeg,基础油、添加剂、关税,Less:,Volume to C1,Volume 销量,Oct 15th,2004,China Lubricant NE Sales Team,C1-MK Material Margin,Less:,=,Agents Commission and Rebat

4、e 佣金、返利,C2-Gross Margin 毛利,C1 to C2,Oct 15th,2004,China Lubricant NE Sales Team,C2-Gross Margin(毛利）,Operating Expenses-MK 生产加工费,=,工厂生产费，仓储费，水电费，物料消耗,Less:,Secondary transport expenses 运输费,Less:,C3 MK Cash Delivered Margin,C2 to C3,Oct 15th,2004,China Lubricant NE Sales Team,C3 MK Cash Delivered Marg

5、in,Marketing Fee（市场费）,Less:,=,Support dept.,Business Tax,C5 MK Cash Contribution Before o/h,SP（促销、广告费）,Less:,Sales Fee（销售费用）,Less:,Less:,Less:,SOPE Fee,Other Support（支持部门）,(DME),SP,C3 to C5,Oct 15th,2004,China Lubricant NE Sales Team,Depreciation,Less:,=,C10 Margin 税后净利润,Shared Support Services,Less

6、:,Less:,Less:,Tax,Residual o/h,Corporate:eg.CH,HR,FN,Internal audit,Business Specific FN,HR,C5 MK Cash Contribution Before o/h,C5 to C10,Oct 15th,2004,China Lubricant NE Sales Team,损益表(Volume,C1 C10),Oct 15th,2004,China Lubricant NE Sales Team,Financial Ratios,Profitability Ratios 盈利能力指标Help to answ

7、er:What is the profit earned per dollar of sales generated or per dollar of capital employed?Liquidity Ratios 流动性指标Help to answer:Will the company be able to meet its current financial obligations?,Oct 15th,2004,China Lubricant NE Sales Team,Profitability Ratios,Gross margin on sales 销售毛利率=（销售毛利/销售收

8、入）*100%Unit C1=C1 margin/Sales Volume Profit margin on sales 销售净利率=（税后净利润/销售收入）*100%Return on Average Capital Employed(ROACE)-净资产收益率(03 Target 24%)=（税后净利润/平均净资产)*100%*反映投资者投入企业的资本获取净收益的能力。反映投资与报酬的关系。,Oct 15th,2004,China Lubricant NE Sales Team,Liquidity Ratio(流动比率）,a).Current Ratio 流动比率(2:1)=流动资产/流动

9、负债*表明每一元的流动负债有多少流动资产作为偿还的保障。Q:是否越高越好？流动比率高是否代表一定可以偿还债务？b).Quick Ratio 速动利率()=(流动资产-存货)/流动负债,Oct 15th,2004,China Lubricant NE Sales Team,Liquidity Ratio(流动比率）,).Stock day 存货周转天数=月末平均存货/日均销售成本=Stock balance/COGS*365(SHELL)Target for LSC stock(additives&Finished Goods)28 Days,actual is 26 daysDistribut

10、or Stock Day,target on 15 Days in Shangrila I,actual is averaged from 20 25 days.).Debtors day 应收帐款周转天数=月末平均赊销应收账款/日均产品销售收入=Outstanding/Rolling 3 months proceeds*90(SHELL)Lub DSO 04 Target on 22 Days,04 Sep YTD Actual is 16.6 Days,Oct 15th,2004,China Lubricant NE Sales Team,Part II 投资评估,Oct 15th,200

11、4,China Lubricant NE Sales Team,定义:The process to determine the benefit of a planned investments for a project with a risk based cash flow analysis approach.例如 EOL,IWS investmentInvestment for a new plantDivestment for a non-robust business,投资评估的定义,Oct 15th,2004,China Lubricant NE Sales Team,投资评估的取舍

12、考量,Help you to decide whether it is profitable to undertake a particular project.盈利否？When you have a few alternative projects to consider and you cannot undertake all of them,then help you decide which one to choose.选哪个？Which one could gian more and gain more in a short time?赚得又多又快吗？,Oct 15th,2004,C

13、hina Lubricant NE Sales Team,评估指标,Net Present Value 净现值 按照行业基准收益率(折现率)计算的未来累计净现金流入量现值减去投资额的净现值。Payback Period 投资回收期 投资项目的净现金流量回收原始投资额所需要的时间。VIR 投资项目的用净现值方法计算的内部回报率。Value Investment Ratio，i.e.投资净现值率VIR=NPV/Investment,Oct 15th,2004,China Lubricant NE Sales Team,现值(Present Value),终值(Final Value)-1,由现值求

14、终值,第一年,第二年,第三年,第四年,第五年,100,100,100,100,100,100*（1+10%）1=110,连续五年，每年初向银行存入100元，年利率10%，第五年末共计？,100*（1+10%）2=121,合计：610.5,100*（1+10%）3=133,100*（1+10%）4=146.4,100*（1+10%）5=161.1,Oct 15th,2004,China Lubricant NE Sales Team,现值(Present Value),终值(Final Value)-1,由终值求现值,第一年,第二年,第三年,第四年,第五年,100,100,100,100,100

15、,100/（1+10%）1=90.9,通过银行，连续五年，在每年底代缴保险费100元，年利率为10%。那么，在第一年初应一次性向银行存入多少钱？,100/（1+10%）2=82.65,合计：379.08,100/（1+10%）3=75.13,100/（1+10%）4=68.30,100/（1+10%）5=62.09,Oct 15th,2004,China Lubricant NE Sales Team,VIR and Payback Period,VIR 和投资回收期,1,2,3,4,5,时间,现值,2273,2066,1878,1552,1708,收入现值合计：9477,净现值（NPV）=收

16、入现值合计-投资现值=7477VIR=/（收入现值合计-投资现值）/投资现值=3.74投资回收=收入现值等于投资现值的时间，10个月,年利率10%,-2000,+2500,+2500,+2500,+2500,+2500,-2000,投资现值合计：2000,Oct 15th,2004,China Lubricant NE Sales Team,投资评估的敏感性分析,Sensitivity Analysis,前面范例中是假定每年的收入都能如期获得；现实中每年的投资收入不是确定的，风险时刻存在，那么VIR 如何计算,投资敏感性分析借助量化(quantify)项目执行过程中的不确定风险来综合评价投资回

17、报要求对风险发生的概率(possibility)作出合理估计并且测算不同的方案(scenario)下的投资回报率Base CaseUpper CaseLow Case项目的综合投资回报率(A-VIR)通过加权平均(weighting average)计算得到,Oct 15th,2004,China Lubricant NE Sales Team,Examples for Sensitivity Analysis,Please calculate average VIR in capex evaluation for 1)New customer;2)VIR RMB100k.,Oct 15th,2004,China Lubricant NE Sales Team,回顾EOL/IWS等capex投资申请表,