1 unidade 11 interpretação de documentos financeiros copyright © prentice hall inc. 2000. author:...
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1
Unidade 11Interpretação de documentos financeiros
Copyright © Prentice Hall Inc. 2000. Author: Nick Bagley, bdellaSoft, Inc.
ObjectivosContrastar modelos contabilísticos e económicos
<=>Valor contabilístico
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Financial Statements Provide: current and historical information to owners and
creditors a convenient way for owners and creditors to set
performance targets a convenient standard template for financial
planning
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3.1 Functions of Financial Statements Financial Statements:
Provide information to the owners & creditors of a firm about the current status and past performance
Provide a convenient way for owners & creditors to set performance targets & to impose restrictions of the managers of the firm
Provide a convenient templates for financial planning
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The Balance Sheet
Summarizes a firms assets, liabilities, and owner’s equity at a moment in time
Amounts measured at historical values and historical exchange rates
Prepared according to GAAP, Generally Accepted Accounting Principles GAAP modified occasionally by the Financial Accounting
Standards Board Exchange-listed companies must comply with Securities
and Exchange Commission (SEC) rules
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The Balance Sheet
Major Divisions: Assets
Current assets (less than a year) Long-term assets (longer than a year
Depreciation
Liabilities and Stockholder’s Equity Liabilities
Current Liabilities Long-term debt
Equity
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GPC Balance Sheet at Dec 31, 2xx1
2xx0 2xx1 ChangeAssetsCash & mkt'ble secs 100.0 120.0 20.0 Receivables 50.0 60.0 10.0 Inventories 150.0 180.0 30.0 *Current assets 300.0 360.0 60.0
Pp&e 400.0 490.0 90.0 Acc depreciation (100.0) (130.0) (30.0) *Net pp&e 300.0 360.0 60.0
**Total Assets 600.0 720.0 120.0
Liabilities & EquityAccounts payable 60.0 72.0 12.0 Short-term debt 90.0 184.6 94.6 *Current liabilities 150.0 256.6 106.6
Long-term debt 150.0 150.0 - **Total liabilities 300.0 406.6 106.6
Paid-in capital 200.0 200.0 - Retained earnings 100.0 113.4 13.4 *Shareholders equ 300.0 313.4 13.4
Liab + Shareholder 600.0 720.0 120.0
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The Income Statement
Summarizes the profitability of a company during a time period
Major Divisions: Revenue & cost of goods sold
Gross margin
General administrative and selling expenses (GS&A) Operating income
Debt service Taxable income
Corporate Taxes Net income
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The Income Statement
Important Reminders: Retained earnings are not added to the cash
balance in the balance sheet, but are added to shareholder’s equity
Accounts show historical values, not market values.
The shareholder’s equity may be much higher or lower than the market value of the firm.
The value of the firm’s land may have halved or doubled, but this would not be reported in the balance sheet
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GPC Income Statement for Year Ending 2xx1
Sales revenues 200.0 Cost of goods sold (110.0) *Gross margin 90.0
Gen sell, & admin exp (30.0) *Operating income 60.0
Interest expense (21.0) *Taxable income 39.0
Income tax (15.6) *Net income 23.4
Allocation to divs (10.0) *Chg retained earn 13.4
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The Cash-Flow Statement
Show the cash that flowed into and from a firm in during a time period Focuses attention on a firm’s cash situation
A firm may be profitable and short of cash Unlike the balance sheet and income
statement, cash flow statements are independent of accounting methods
The IRS uses accounting income to compute tax, so accounting rules have a second order effect on cash flows through taxes
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GPC Cash Flow Statement, forthe Year ending Dec 31, 2xx0
Net income 23.4 + Depreciation 30.0 - Increase in acc rec (10.0) - Increase in invent (30.0) + Increase in acc rec 12.0 *Total cash from operations 25.4
- Invest in new ppe (90.0) *Cash flow invest' activities (90.0)
-Div paid (10.0) + Inc short-term debt 94.6 *Cash flow from financing 84.6
**Chng cash & mkt securities 20.0
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GPC Balance Sheet at Dec 31, 2xx1
2xx0 2xx1 ChangeAssetsCash & mkt'ble secs 100.0 120.0 20.0 Receivables 50.0 60.0 10.0 Inventories 150.0 180.0 30.0 *Current assets 300.0 360.0 60.0
Pp&e 400.0 490.0 90.0 Acc depreciation (100.0) (130.0) (30.0) *Net pp&e 300.0 360.0 60.0
**Total Assets 600.0 720.0 120.0
Liabilities & EquityAccounts payable 60.0 72.0 12.0 Short-term debt 90.0 184.6 94.6 *Current liabilities 150.0 256.6 106.6
Long-term debt 150.0 150.0 - **Total liabilities 300.0 406.6 106.6
Paid-in capital 200.0 200.0 - Retained earnings 100.0 113.4 13.4 *Shareholders equ 300.0 313.4 13.4
Liab + Shareholder 600.0 720.0 120.0
GPC Income Statement for Year Ending 2xx1
Sales revenues 200.0 Cost of goods sold (110.0) *Gross margin 90.0
Gen sell, & admin exp (30.0) *Operating income 60.0
Interest expense (21.0) *Taxable income 39.0
Income tax (15.6) *Net income 23.4
Allocation to divs (10.0) *Chg retained earn 13.4
GPC Cash Flow Statement, forthe Year ending Dec 31, 2xx0
Net income 23.4 + Depreciation 30.0 - Increase in acc rec (10.0) - Increase in invent (30.0) + Increase in acc pay 12.0 *Total cash from operations 25.4
- Invest in new ppe (90.0) *Cash flow invest' activities (90.0)
-Div paid (10.0) + Inc short-term debt 94.6 *Cash flow from financing 84.6
**Chng cash & mkt securities 20.0
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3.4 Returns to Shareholders v. Return on Equity
Recall our definition in Chapter 2 of the holding period return, and compare this with the economic measure of income
4.1200$
8.2$
Re
MillionMillion
StartPricecomeEconomicIn
StartPricendsCashDivideStartPriceEndPrice
turn
• This is the Total Shareholder Return
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Returns to Shareholders v. Return on Equity (Continued) Traditionally, corporate performance has
been measured by Return on Equity, ROE
%8.7300$
4.23$
Million
Million
rsEquityShareHolde
NetIncome
rsEquityShareHolde
IncomeAccountingROE
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Profitability
%6.72/4.313300
4.23
sEquityr'StockHolde
NetIncome (RoE)Equity on Return
%1.92/720600
60
alAssetsAverageTot
EBIT (RoA) Assetson Return
%30200
60Sales
EBIT (RoS) Saleson Return
16
Asset Turnover
Times 3.02/720600
200
Assets Total Average
Sales Turnover Asset
Times 7.02/180150
110
Inventory Average
Sold Goods ofCost Turnover Inventory
Times 6.32/6050
200
sReceivable Average
Sales Turnover sReceivable
17
Financial Leverage
Times 9.221
60
ExpenseInterest
EBIT Earnt Interest Times
%57720
6.406Assets Total
Debt Total Debt
18
Liquidity
Times 7.06.256
180sLiabilitieCurrent
sReceivableCash Earnt Interest Times
Times 4.16.256
360sLiabilitieCurrent
AssetsCurrent Current
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Market Value
6.04.313
20.187
Shareper ValueBook
Shareper Price Book Market to
0.84.23
2.187
Shareper Earnings
SharePer Price Earnings toPrice
20
Ratio Comparisons
Establish Your Perspective Shareholder employee, Management, or Union Creditor Predator, Customer, Supplier, Competitor, Trade Association
Benchmarks Other companies ratios The firm’s historical ratios Data extracted from financial markets
Sources Dun & Bradstreet, Robert Morris, Commerce Department's
Quarterly Financial Report, Trade Associations
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Relationships Amongst Ratios
It is sometimes valuable to decompose ratios into sums, differences, products and quotients of other ratios. Many such schemes start with:
TurnoverAsset * saleson Return
*
Assets
Sales
Sales
EBIT
Assets
EBITRoA
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Illustration
Consider two firms that are identical except that Nodebt is financed using $1,000,000 of equity and Halfdebt is financed using $500,000 of equity and $500,000 of debt
further assume that the EBIT of both firms is $120,000 and tax is 40%
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Case: Borrow at 10%
Nodebt HalfdebtEBIT 120,000 120,000Interest 0 50,000Taxable Income 120,000 70,000Tax 48,000 28,000Net Income 72,000 42,000Equity 1,000,000 500,000ROE 7.20% 8.40%
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Case: Borrow at 15%
Nodebt HalfdebtEBIT 120,000 120,000Interest 0 75,000Taxable Income 120,000 45,000Tax 48,000 18,000Net Income 72,000 27,000Equity 1,000,000 500,000ROE 7.20% 5.40%
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Case: Borrow at 10%: Effect of Business Cycle on ROE
Economic ROA ROE ROEConditions Nodebt Halfdebt Bad Year 1% 0.6% -4.8% Normal Year 12% 7.2% 8.4% Good Year 30% 18.0% 30.0%
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GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million) (Percent of Year's Sales)
Year xxx0 xxx1 xxx2 xxx3 xxx1 xxx2 xxx3
Income StatementSales 200 240 288 100.0% 100.0% 100.0%Cost of goods sold 110 132 158 55.0% 55.0% 55.0%Gross margin 90 108 130 45.0% 45.0% 45.0%Selling, general & admin. expenses 30 36 43 15.0% 15.0% 15.0%EBIT 60 72 86 30.0% 30.0% 30.0%Interest expences 30 45 64 15.0% 18.8% 22.2%Taxes 12 11 9 6.0% 4.5% 3.1%Net income 18 16 13 9.0% 6.7% 4.7%Dividends 5 5 4 2.7% 2.0% 1.4%Change in shareholder's equity 13 11 9 6.3% 4.7% 3.3%
Balance SheetAssets: Cash & equivalents 10 12 14 17 6.0% 6.0% 6.0% Receivables 40 48 58 69 24.0% 24.0% 24.0% Inventories 50 60 72 86 30.0% 30.0% 30.0% Property, Plant & equipment 500 600 720 864 300.0% 300.0% 300.0% Total Assets 600 720 864 1037 360.0% 360.0% 360.0%Liabilities: Payables 30 36 43 52 18.0% 18.0% 18.0% Short-term debt 120 221 347 502 110.7% 144.6% 174.2% Long-term debt 150 150 150 150 75.0% 62.5% 52.1% Total Liabilities 300 407 540 704 203.7% 225.1% 244.3%Shareholder's equity 300 313 324 333 156.3% 134.9% 115.7%
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(Nearest $ Million) Year xxx0 xxx1 xxx2 xxx3
Income StatementSales 200 240 288Cost of goods sold 110 132 158Gross margin 90 108 130Selling, general & admin. expenses 30 36 43EBIT 60 72 86Interest expences 30 45 64Taxes 12 11 9Net income 18 16 13Dividends 5 5 4Change in shareholder's equity 13 11 9
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Balance SheetAssets: Cash & equivalents 10 12 14 17 Receivables 40 48 58 69 Inventories 50 60 72 86 Property, Plant & equipment 500 600 720 864 Total Assets 600 720 864 1037Liabilities: Payables 30 36 43 52 Short-term debt 120 221 347 502 Long-term debt 150 150 150 150 Total Liabilities 300 407 540 704Shareholder's equity 300 313 324 333
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(Percent of Year's Sales)Year xxx1 xxx2 xxx3
Income StatementSales 100.0% 100.0% 100.0%Cost of goods sold 55.0% 55.0% 55.0%Gross margin 45.0% 45.0% 45.0%Selling, general & admin. expenses15.0% 15.0% 15.0%EBIT 30.0% 30.0% 30.0%Interest expences 15.0% 18.8% 22.2%Taxes 6.0% 4.5% 3.1%Net income 9.0% 6.7% 4.7%Dividends 2.7% 2.0% 1.4%Change in shareholder's equity6.3% 4.7% 3.3%
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Balance SheetAssets: Cash & equivalents 6.0% 6.0% 6.0% Receivables 24.0% 24.0% 24.0% Inventories 30.0% 30.0% 30.0% Property, Plant & equipment 300.0% 300.0% 300.0% Total Assets 360.0% 360.0% 360.0%Liabilities: Payables 18.0% 18.0% 18.0% Short-term debt 110.7% 144.6% 174.2% Long-term debt 75.0% 62.5% 52.1% Total Liabilities 203.7% 225.1% 244.3%Shareholder's equity 156.3% 134.9% 115.7%
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GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million) (Percent of Year's Sales)
Year xxx0 xxx1 xxx2 xxx3 xxx1 xxx2 xxx3 F(sales)? xxx4
Income StatementSales 200 240 288 100.0% 100.0% 100.0% N/A 346Cost of goods sold 110 132 158 55.0% 55.0% 55.0% Yes 190Gross margin 90 108 130 45.0% 45.0% 45.0% N/A(Yes) 156Selling, general & admin. expenses 30 36 43 15.0% 15.0% 15.0% Yes 52EBIT 60 72 86 30.0% 30.0% 30.0% N/A 104Interest expences 30 45 64 15.0% 18.8% 22.2% No 87Taxes 12 11 9 6.0% 4.5% 3.1% N/A 7Net income 18 16 13 9.0% 6.7% 4.7% N/A 10Dividends 5 5 4 2.7% 2.0% 1.4% N/A 3Change in shareholder's equity 13 11 9 6.3% 4.7% 3.3% 7
Balance SheetAssets: Cash & equivalents 10 12 14 17 6.0% 6.0% 6.0% Yes 21 Receivables 40 48 58 69 24.0% 24.0% 24.0% Yes 83 Inventories 50 60 72 86 30.0% 30.0% 30.0% Yes 104 Property, Plant & equipment 500 600 720 864 300.0% 300.0% 300.0% Yes 1037 Total Assets 600 720 864 1037 360.0% 360.0% 360.0% N/A(Yes) 1244Liabilities: Payables 30 36 43 52 18.0% 18.0% 18.0% Yes 62 Short-term debt 120 221 347 502 110.7% 144.6% 174.2% No Long-term debt 150 150 150 150 75.0% 62.5% 52.1% No Total Liabilities 300 407 540 704 203.7% 225.1% 244.3% N/A 904Shareholder's equity 300 313 324 333 156.3% 134.9% 115.7% N/A 340
32
GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million)
Year xxx0 xxx1 xxx2 xxx3 xxx4
Income StatementSales 200 240 288 346Cost of goods sold 110 132 158 190Gross margin 90 108 130 156Selling, general & admin. expenses 30 36 43 52EBIT 60 72 86 104Interest expences 30 45 64 87Taxes 12 11 9 7Net income 18 16 13 10Dividends 5 5 4 3Change in shareholder's equity 13 11 9 7
33
GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million)
Year xxx0 xxx1 xxx2 xxx3 xxx4
Balance SheetAssets: Cash & equivalents 10 12 14 17 21 Receivables 40 48 58 69 83 Inventories 50 60 72 86 104 Property, Plant & equipment 500 600 720 864 1037 Total Assets 600 720 864 1037 1244Liabilities: Payables 30 36 43 52 62 Short-term debt 120 221 347 502 692 Long-term debt 150 150 150 150 150 Total Liabilities 300 407 540 704 904Shareholder's equity 300 313 324 333 340
34
External Funds Needed
%58.31
)30.01(*)40.01(*40.8684.5180.1036
)30.01(*)40.01(*)26.8740.86(300
)1)(1(][][
)1)(1)((
Million 0956.190$
)30.01(*)40.01(*)26.872.1*40.86((2.0*)84.5180.1036(
)1)(1)(((])[][(0
10
0
01
dtEBITSLSA
dtIntEBITEFAgrowth
dtIntS
SEBIT
S
SSSLSAEFN
35
External Funds Needed for Growth
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Growth Rate
Ext
ern
al F
un
ds
Nee
ded
36
Observation:
Sometimes the new assets required to generate income are not a high as in this example, and the company may able to support a level of growth with no external funding (-0.00038 in our case)
)1)(1(][][
)1)(1)((EF No dtEBITSLSA
dtIntEBITgrowth