chap017公司理财 课件

Chapter18FundamentalsofCorporateFinanceFifthEditionSlidesbyMatthewWillMcGraw-Hill/IrwinCopyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedLong-TermFinancialPlanningCopyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-2TopicsCoveredWhatisFinancialPlanning?FinancialPlanningModelsExample:ExecutiveCheeseExample:ExecutiveFruitPlannersBewareExternalFinancingandGrowthCopyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-3FinancialPlanningTheFinancialPlanningProcessAnalyzingtheinvestmentandfinancingchoicesopentothefirm.Projectingthefutureconsequencesofcurrentdecisions.Decidingwhichalternativestoundertake.Measuringsubsequentperformanceagainstthegoalssetforthinthefinancialplan.Copyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-4FinancialPlanningPlanningHorizon-Timehorizonforafinancialplan.Departmentsareoftenaskedtosubmit3alternativesOptimisticcase=bestcaseExpectedcase=normalgrowthPessimisticcase=retrenchmentFinancialplanshelpmanagersensurethattheirfinancialstrategiesareconsistentwiththeircapitalbudgets.Theyhighlightthefinancialdecisionsnecessarytosupportthefirm’sproductionandinvestmentgoals.Copyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-5FinancialPlanningWhyBuildFinancialPlans?ContingencyplanningConsideringoptionsForcingconsistencyCopyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-6FinancialPlanningModelsInputsOutputsOutputs-Projectedfinancialstatements(proforma).Financialratios.Sourcesandusesoffunds.PlanningModelPlanningModel-Equationsspecifyingkeyrelationships.Inputs-Currentfinancialstatements.Forecastsofkeyvariables(suchassalesorinterestrates).Copyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-7FinancialPlanningModelsProFormas-Projectedorforecastedfinancialstatements.PercentageofSalesModel-Planningmodelinwhichsalesforecastsarethedrivingvariableandmostothervariablesareproportionaltosales.BalancingItem-Variablethatadjuststomaintaintheconsistencyofafinancialplan.Alsocalledplug.Copyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-8ExecutiveCheeseCurrentIncomeStatementandBalanceSheetSales$1,200Costs1,000NetIncome200Assets$2,000Debt$800Equity1,200Total$2,000Total$2,000IncomeStatementBalanceSheet(YTD)Copyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-9ExecutiveCheeseProformaIncomeStatementandBalanceSheetSales$1,320Costs1,100NetIncome220Assets$2,200Debt$800Equity1,320Total$2,200Total$2,200IncomeStatementBalanceSheetCopyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-10ExecutiveCheeseProformaBalanceSheetwithdividendsfixedat$180anddebtusedasthebalanceitem.$2,200Total$2,200Total1,240Equity960$Debt$2,200AssetsSheetBalanceAPanel$2,200Total$2,200Total1,300Equity09$Debt$2,200AssetsBPanel0SheetBalanceCopyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-11ExecutiveFruitIncomeStatementRevenue2,000$COGS1,80090%ofsalesEBIT200Difference=10%ofsalesInterest4010%ofdebtatstartofyearEarningsbeforetaxes160EBIT-interestStateandfederaltax6440%of(EBIT-interest)Netincome96EBIT-interest-taxesDividends64Payoutratio=2/3Retainedearnings32Netincome-dividendsBalanceSheetAssetsNetworkingcapital20010%ofsalesFixedassets80040%ofsalesTotalassets1,00050%ofsalesLiabilitiesandshareholders'equityLongtermdebt400Shareholders'equity600TotalLiab+Equity1,000Equalstotalassets2005FinancialStatementsCopyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-12ExecutiveFruit2006ProFormaStatementsIncomeStatementRevenue2,200$10%higherCOGS1,98010%higherEBIT22010%higherInterest40unchangedEarningsbeforetaxes180EBIT-interestStateandfederaltax7240%of(EBIT-interest)Netincome108EBIT-interest-taxesDividends72Payoutratio=2/3Earningsretained36Netincome-dividendsBalanceSheetAssetsNetworkingcapital22010%higherFixedassets88010%higherTotalassets1,10010%higherLiabilitiesandshareholders'equityLongtermdebt400TempheldfixedShareholders'equity636IncreasedbyRETotalLiab+Equity1,036SumofdebtplusequityRequiredexternalfinancing64Copyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-13ExecutiveFruitAssetsCommentsNetworkingcapital$22010%higherFixedassets88010%higherTotalassets$1,10010%higherLiabilitiesandshareholders’equityLong-termdebt$46416%higher(newborrowing=$64;thisisthebalancingitem)Thisisthebalancingitem)Shareholders’equity$636IncreasedbyretainedearningsTotalliabilitiesandshareholders’equity$1,100AgainequalstotalassetsSecondStageProFormaBalanceSheet2006Copyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-14ExecutiveFruitSourcesUsesRetainedearnings36$Investmentinworkingcapital20$Newborrowing64$Investmentinfixedassets80$Totalsources100$Totaluses100$SourcesandUsesoffunds2006Copyright©2007byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18-15ExecutiveFruitGrowthRate,%RequiredExternalFina