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Chapter Outline,2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 Summary and Conclusions,Sources of Information,Annual reports Wall Street Journal Internet NYSE () Nasdaq () Text ( SEC EDGAR 10K & 10Q reports,2.1 The Balance Sheet,An accountant’s snapshot of the firm’s accounting value as of a particular date. The Balance Sheet Identity is:,When analyzing a balance sheet, the financial manager should be aware of three concerns: accounting liquidity, debt versus equity, and value versus cost.,,The Balance Sheet of the U.S. Composite Corporation,,Liabilities (Debt),Assets,20X2,20X1,and Stockholders Equity,20X2,20X1,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilities,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property, plant, and equipment,$1,423,$1,274,Long-term debt,471,458,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net property, plant, and equipment,873,814,Intangible assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock ($1 per value),55,32,Capital surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,-26,-20,Total equity,$805,$725,Total assets,$1,879,$1,742,Total liabilities and stockholders equity,$1,879,$1,742,,,,,,,,,,,,,,,,,,,,,,,,,,,,The assets are listed in order by the length of time it normally would take a firm with ongoing operations to convert them into cash. Clearly, cash is much more liquid than property, plant and equipment.,Balance Sheet Analysis,When analyzing a balance sheet, the financial manager should be aware of three concerns: Accounting liquidity Debt versus equity Value versus cost,Accounting Liquidity,Refers to the ease and quickness with which assets can be converted to cash. Current assets are the most liquid. Some fixed assets are intangible. The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations. Liquid assets frequently have lower rates of return than fixed assets.,Debt versus Equity,Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow. Thus shareholder’s equity is the residual difference between assets and liabilities.,Value versus Cost,Under GAAP audited financial statements of firms in the U.S. carry assets at cost. Market value is a completely different concept.,2.2 The Income Statement,The income statement measures performance over a specific period of time. The accounting definition of income is,U.S.C.C. Income Statement,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,,The operations section of the income statement reports the firm’s revenues and expenses from principal operations,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,,,,,,,,,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,Total operating revenues,$2,262,Cost of goods sold,- 1,655,Selling, general, and administrative expenses,- 327,Depreciation,- 90,Operating income,$190,Other income,29,Earnings before interest and taxes,$219,Interest expense,- 49,Pretax income,$170,Taxes,- 84,Current: $71,Deferred: $13,Net income,$86,Retained earnings: $43,Dividends: $43,,,,,,,,,The non-operating section of the income statement includes all financing costs, such as interest expense.,,U.S.C.C. Income Statement,,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,,Usually a separate section reports as a separate item the amount of taxes levied on income.,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,,,,,,,,,U.S.C.C. Income Statement,(in $ millions),20x2,Income Statement,U.S. COMPOSITE CORPORATION,,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,Net income is the “bottom line”.,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,,,,,,,,,U.S.C.C. Income Statement,,Income Statement Analysis,There are three things to keep in mind when analyzing an income statement: GAAP Non Cash Items Time and Costs,Generally Accepted Accounting Principles,GAAP The matching principal of GAAP dictates that revenues be matched with expenses. Thus, income is reported when it is earned, even though no cash flow may have occurred,Income Statement Analysis,Non Cash Items Depreciation is the most apparent. No firm ever writes a check for “depreciation”. Another noncash item is deferred taxes, which does not represent a cash flow.,Income Statement Analysis,Time and Costs In the short run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials. In the long run, all inputs of production (and hence costs) are variable. Financial accountants do not distinguish between variable costs and fixed costs. Instead, accounting costs usually fit into a classification that distinguishes product costs from period costs.,2.3 Net Working Capital,NWC is usually growing with the firm.,The Balance Sheet of the U.S.C.C.,,Liabilities (Debt),Assets,20X2,20X1,and Stockholders Equity,20X2,20X1,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilities,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property, plant, and equipment,$1,423,$1,274,Long-term debt,471,458,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net property, plant, and equipment,873,814,Intangible assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock ($1 par value),55,32,Capital surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,-26,-20,Total equity,$805,$725,Total assets,$1,879,$1,742,Total liabilities and stockholders equity,$1,879,$1,742,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Here we see NWC grow to $275 million in 20X2 from $252 million in 20X1.,This increase of $23 million is an investment of the firm.,2.4 Financial Cash Flow,In finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm. Since there is no magic in finance, it must be the case that the cash from received from the firm’s assets must equal the cash flows to the firm’s creditors and stockholders.,Financial Cash Flow of the U.S.C.C.,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,,,,,,Operating Cash Flow: EBIT $219 Depreciation $90 Current Taxes ($71) OCF $238,,,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,,,,,,,Capital Spending Purchase of fixed assets $198 Sales of fixed assets (25) Capital Spending $173,,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,,,,,,,,NWC grew from $275 million in 20X2 from $252 million in 20X1. This increase of $23 million is the addition to NWC.,,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,,,,,,,,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,,,,,,,Cash Flow to Creditors Interest $49 Retirement of debt 73 Debt service 122 Proceeds from new debt sales (86) Total 36,,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,,,,,,,,Cash Flow to Stockholders Dividends $43 Repurchase of stock 6 Cash to Stockholders 49 Proceeds from new stock issue (43) Total $6,,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,,,,,,,,The cash from received from the firm’s assets must equal the cash flows to the firm’s creditors and stockholders:,2.5 Summary and Conclusions,Financial statements provide important information regarding the value of the firm. You should keep in mind: Measures of profitability do not take risk or timing of cash flows into account. Financial ratios are linked to one another.,