Financial Statements Overview 205 Corporate Finance
Summary
TLDRCette présentation sur la finance d'entreprise aborde les déclarations financières comme outil principal pour évaluer une entreprise. Elle explique comment les investisseurs utilisent ces déclarations pour déterminer la valeur actuelle et le potentiel de croissance future. Les quatre types de déclarations financières - le bilan, l'état de revenus, le rapport des profits retenus et le flux de trésorerie - sont décrits, soulignant leur rôle dans l'évaluation de la valeur et la performance d'une entreprise.
Takeaways
- 📈 Les déclarations financières sont essentielles pour évaluer la valeur d'une entreprise.
- 💼 Les investisseurs utilisent les déclarations financières pour déterminer la valeur actuelle et le potentiel de croissance d'une entreprise.
- 🔍 La feuille de balance représente la valeur d'une entreprise à un moment donné, en établissant l'équation comptable des actifs égaux aux passifs plus le capital.
- 📊 Le revenu net est le résultat de la déclaration de revenu, qui reflète les performances passées et peut être utilisé pour prédire l'avenir.
- 🔗 La déclaration de réticences retenues lie la feuille de balance et la déclaration de revenu, en montrant comment le revenu net influence la valeur du capital sur la balance.
- 💹 La déclaration de cash flow analyse les flux de trésorerie au cours d'une période, ce qui est différent de la valeur enregistreuse qui est mesurée sur la balance.
- 🚀 Les déclarations financières peuvent être présentées de manière verticale pour une meilleure lisibilité et compréhension.
- 💡 Le double-entry accounting system garantit que les actifs sont égaux aux passifs plus le capital, reflétant ainsi l'équilibre financier de l'entreprise.
- 🌐 La valeur du marché d'une entreprise dépasse sa valeur comptable, en tenant compte également de son potentiel de收益.
- 📚 Il est important de comprendre la relation entre les différentes déclarations financières pour évaluer correctement la santé et la valeur d'une entreprise.
Q & A
Quels sont les documents financiers principaux abordés dans cette présentation ?
-Les documents financiers principaux abordés sont le bilan, l'état de revenus, le rapport de réserve d'earnings et le déclaration de flux de trésorerie.
Pourquoi les états financiers sont-ils importants pour les investisseurs ?
-Les investisseurs utilisent les états financiers pour évaluer la valeur actuelle de l'entreprise et son potentiel de génération de revenus à l'avenir.
Quelle est la fonction du bilan dans l'évaluation d'une entreprise ?
-Le bilan fournit une image de la valeur actuelle de l'entreprise en mesurant les actifs, les passifs et l'équité, ce qui reflète la valeur en ce point précis du temps.
Comment le rapport de réserve d'earnings relie-t-il le bilan et l'état de revenus ?
-Le rapport de réserve d'earnings relie le bilan et l'état de revenus en montrant comment les bénéfices et les dividendes affectent l'équité sur une période donnée.
Quelle est la différence entre la valeur comptable et la valeur de marché d'une entreprise ?
-La valeur comptable est basée sur les actifs et les passifs enregistrés, tandis que la valeur de marché est déterminée par les investisseurs en fonction des performances passées et les perspectives futures de l'entreprise.
Pourquoi le déclaration de flux de trésorerie est-il différent de l'état de revenus ?
-Le déclaration de flux de trésorerie se concentre sur les flux de trésorerie réels au cours d'une période, tandis que l'état de revenus utilise une base d'accrual pour mesurer le revenu et les dépenses.
Quels sont les trois types de flux de trésorerie mentionnés dans le script ?
-Les trois types de flux de trésorerie sont les flux de trésorerie provenant des activités opérationnelles, des activités d'investissement et des activités de financement.
Comment le flux de trésorerie des activités opérationnelles est-il lié à l'état de revenus ?
-Le flux de trésorerie des activités opérationnelles est lié à l'état de revenus en utilisant la méthode indirecte pour ajuster le revenu net d'après les principes d'accrual au revenu net sur une base de trésorerie.
Quels sont les éléments clés à considérer lors de l'évaluation d'une entreprise à partir de son état de revenus ?
-Les éléments clés incluent le revenu, les dépenses, le revenu net, ainsi que l'impact des actions préférées et ordinaires sur les bénéfices attribués aux actionnaires ordinaires.
Pourquoi est-il important de comprendre la relation entre les différents états financiers ?
-Comprendre la relation entre les différents états financiers permet une évaluation plus précise de la santé financière et des performances d'une entreprise, ce qui est crucial pour les investisseurs et les gestionnaires.
Outlines
📈 Aperçu des déclarations financières
Cette présentation couvre un aperçu des déclarations financières, qui sont essentielles pour évaluer une entreprise. Les déclarations sont générées par l'entreprise et utilisées par les investisseurs pour déterminer la valeur du marché de l'entreprise. Les investisseurs cherchent à comprendre la valeur actuelle de l'entreprise et son potentiel de croissance future. Les deux composantes clés des déclarations financières sont le bilan, qui indique la valeur à un moment donné, et les déclarations de performance, comme le état de revenu, qui montrent la capacité de l'entreprise à générer des revenus et à grandir dans le futur.
🔍 Comprendre le Bilan et l'État de Revenu
Le bilan représente la valeur actuelle de l'entreprise, en déterminant la différence entre les actifs et les passifs. Les actifs sont ce que l'entreprise possède, tandis que les passifs sont les dettes. L'équité, ou la valeur enregistrée dans les livres de l'entreprise, est le résultat de cette différence. L'état de revenu, en revanche, évalue la performance de l'entreprise sur une période donnée, en soustrayant les dépenses des revenus pour obtenir le revenu net. Ces deux documents financiers sont fondamentaux pour les investisseurs qui évaluent à la fois la valeur actuelle et le potentiel de croissance d'une entreprise.
🔗 Liens entre les Déclarations Financières
Le bilan et l'état de revenu sont reliés par le biais de l'état de réserve d'earnings, qui sert de document de liaison entre les deux. L'état de réserve d'earnings démontre comment les profits générés par l'entreprise sur une période donnée affectent la valeur du bilan à un moment donné. Il inclut les profits initiaux, ajoute les bénéfices nets de l'exercice et déduit les dividendes payées aux actionnaires. De plus, l'analyse des flux de trésorerie est essentielle pour comprendre le mouvement de trésorerie de l'entreprise sur une période donnée, ce qui est différent de l'évaluation des revenus et des dépenses sur une base d'accrual.
💹 Performance et Flux de Trésorerie
L'état de revenu reflète la performance de l'entreprise sur une période, en mesurant le revenu et les dépenses pour déterminer le revenu net. Cependant, l'analyse des flux de trésorerie est également cruciale, car elle indique comment l'entreprise gère son trésorerie et si elle a suffisamment de liquidités pour soutenir ses opérations. Les flux de trésorerie sont classés en activités opérationnelles, d'investissement et de financement, offrant une perspective différente de la performance de l'entreprise basée sur les mouvements de trésorerie plutôt que sur la base d'accrual.
🌐 Système de Comptabilité à Double Entrée
Le système de comptabilité à double entrée est au cœur de la manière dont les déclarations financières sont interconnectées. Les actifs sont égaux à la somme des passifs et de l'équité, ce qui reflète la valeur de l'entreprise. L'état de réserve d'earnings relie le bilan et l'état de revenu en montrant comment les bénéfices nets affectent la valeur du bilan. L'état de flux de trésorerie, quant à lui, fournit une vue distincte en se concentrant sur les mouvements de trésorerie de l'entreprise, ce qui est essentiel pour comprendre la santé financière et la viabilité à long terme de l'entreprise.
Mindmap
Keywords
💡États financiers
💡Bilan
💡Compte de profits et pertes
💡État de répartition des bénéfices
💡Flux de trésorerie
💡Actifs
💡Passif
💡Capital-actions
💡Revenu
💡Dépenses
💡Croissance
Highlights
Financial statements are crucial for valuing a company and are generated by the company itself.
Investors use financial statements to assess a company's current value and future growth potential.
The balance sheet represents a company's assets, liabilities, and equity at a specific point in time.
The income statement reflects a company's performance over a period, showing revenue, expenses, and net income.
The statement of retained earnings links the balance sheet and the income statement, showing the change in equity over time.
The statement of cash flows measures the flow of cash in and out of a company, distinct from the accrual basis of other statements.
The accounting equation is assets equal liabilities plus equity, forming the foundation of the balance sheet.
Assets are valued in monetary terms, reflecting what the company owns.
Liabilities represent what a company owes to third parties.
Equity indicates the residual interest in the assets of the company after deducting its liabilities.
The market does not solely base a company's valuation on book value; earning potential is also considered.
Earnings per share is a measure derived from net income and the number of outstanding shares.
The statement of retained earnings is essential for understanding how earnings affect a company's equity over time.
Dividends are payments made by a company to its shareholders, reducing the retained earnings.
Cash flows from operating activities on the cash flow statement are derived from net income on an accrual basis.
Investing activities and financing activities are also reflected in the statement of cash flows, showing how a company manages its cash.
The statement of cash flows ties out to the balance sheet, ensuring the accuracy of a company's financial reporting.
Transcripts
corporate finance powerpoint
presentation
in this presentation we will give an
overview of financial statements
get ready it's time to take your chance
with corporate finance
financial statement overview the
financial statements will be the primary
tool that will be used
to value the company the financial
statements are going to be generated
from the company and when we're thinking
about investors
in the company the investors will be
using those financial statements in
order to value
the company to determine the price the
market basically determining the price
through investors then uh creating a
value or perceived value of the company
which is based
primarily on the tool the being used
the financial statements so if you're
thinking about this from an investor
perspective if you're an investor
perspective and you want to know
about the company to see whether or not
you want to invest in it
you'll typically want to know at least
two things you can categorize two things
within your mindset you're going to say
okay what is the value of the thing i'm
buying right now
so what is its current value where do
you stand at this point in turn
time in terms of the valuation and you
want to know performance how likely are
you
able to generate revenue in the future
are you going to grow
is your valuation going to be increasing
in the future
so those are the two things we're
basically looking at where do you stand
now how likely is it that you're going
to be growing in the future and how fast
will that growth be that's the
information i need to determine
what your current value will be so you
want to break the financial statements
into those two components or we can
break the financial statements
into those two components to provide
those that information
so one is going to be the point in time
that's going to be the balance sheet
so first where do you stand as of now
so if you think about the balance sheet
that represents what the company has
their assets
minus what they owe liabilities equals
basically the equity or
book value in the company so this this
has given you a valuation
as of now as of this point in time and
you're going to say well that's great
but i'm not simply going to invest
just on or the market's not going to
value the company
simply on their balance sheet on their
assets minus the liabilities
they're not going to value the company
on the things they own minus
who you know the liabilities that they
owe to book value of the company
that's not typically going to simply be
the value of the company because
there's also earning potential is there
earning potential
in the future and so for that you need a
timing statement
now when you think about a timing
statement all you can do is look at
the past right you can look at the pass
and say how well did they do in the past
therefore how likely are they to do well
in the future if you're looking at a
runner
you could say how fast did they run the
the mile last time
how fast do you think they're going to
run it in the future time or if you're
thinking about how many miles could a
car drive
in you know an hour how how well did
they do last time
how many miles do you think they're
going to drive next time those are
timing statements to measure
to measure past performance that will be
used typically to
predict future performance when we think
about the valuation from an investment
perspective that's going to include the
income statement which is the primary
statement you want to think of with a
timing statement
that's going to be our performance
statement how well did you did
did you do last year and how likely are
you to do
that next year if you look at the last
two years or something
is there an upward trend do we think
that trend is going to be increasing
so the income is revenue minus expenses
how well did you do
how much revenue did you generate how
much expenses did you incur to do that
and the net income being the bottom line
we also have the statement of retained
earnings now the statement of
retained earnings is going to be kind of
a link between the balance sheet and the
income statement so once you get the
idea of a point in time in a time frame
you also want to get the idea of this
double entry accounting system idea in
place how do you get from the income
statement to the balance sheet
meaning the balance sheet is as of now
if you're talking about
the year end of december 31st is what
you're looking at
the balance sheet is as of december 31st
the income statement is the time frame
january to december how do you get from
the income statement to
to the balance sheet how are those
things related well we're going to need
this statement of retained earnings
to kind of link those two together so
it's kind of a timing statement
but it's going to link together the
prior point on the balance sheet to the
current point
on the balance sheet last year compared
to this year linked together
uh the income statement and possibly
dividends
then we have the statement of cash flows
another uh timing statement because
you're looking at flows of cash
meaning we're not looking at cash as of
now with the statement of cash flow
because that's what you do on the
balance sheet how much cash do you have
now as of 1231 as of december 31st
cash flow statement is measuring the
flow of cash from
january through december what what flows
happened
through that time period you might ask
what's the difference between the
statement of cash flows and the income
statement
well the income statement is what we're
going to be called on an accrual basis
and the cash flow statements on a cash
flow basis
so the reason we have the income
statement on an accrual basis
is because we want to recognize revenue
and expenses
when they were actually done meaning we
want to recognize revenue when the work
was done typically and expenses
when we actually consumed something in
order to help us generate revenue
in that time period if we were to use
cash flow
to measure then the the there could be
major distortions
based on uh prepayments paying before
you get something
or uh you know getting paid by the
customer before you actually do the work
so the cash if we were to depend simply
on cash flow there could be major
distortions
in the measurement process therefore
we're required to use
or we we will use and if you're publicly
traded company you typically will be
required to use
an accrual basis however cash flow is
still really
important because we want to make sure
that there is sufficient cash flow
and that's a healthy thing too so we
also need the statement of cash flows
as well okay so here's a quick overview
we'll go through this in a little bit
more detail
in a future presentation but the best
way to just get a handle on these
financial statements is to just
you know look at them so here's an
example of a balance sheet
so the balance sheet once again measures
where we stand at a point in time
it consists of what we'll call the
accounting equation
assets equal liabilities uh plus equity
and you can see that we are in balance
by the fact that the bottom line should
tie out
in in terms of total assets should be
equal to
the liabilities plus the equity so
that's going to be normally the the
accounting if you're an accountant
that's how you see the accounting
equation assets equal liabilities plus
equity
assets represent what the company has
now of course when you measure what the
company has
you measure them in dollars or whatever
unit of currency that that you are using
where i would think about dollars here
right so we've got 100 000
but then we also have like inventory
which we're valuing
at 430 000 worth of inventory not 430
000 units of inventory right
so we're valuing all this stuff in some
way shape or form
on uh dollars and then the liabilities
are
are what we owe so we owe liabilities
um to to a third party the the equity
represents then uh what is owned by the
owners or in other words you can think
of this as
assets is what the company has it's one
side of the coin
the other side of the coin is who has
claimed to those assets
either third party liabilities or
owners equity so if you think about it
in that light if you want to think about
well how can i value this company
what's basically the book value of this
company where do they stand at this
point in time
you could say well the company in total
has assets
of two two three five zero zero zero
and then they have liabilities minus the
liabilities
of the 101500
that means that the book value then is
equity
of one million two hundred and twenty
thousand
so if you if you look at the balance
sheet that tells you that's telling you
basically where the company stands at
this point in time
they have basically a book value of 1
million
220 000. why do i call it a book value
and not fair value
because we don't some of these assets
you know they're not being traded
currently on the market
so we don't you know the price of
inventory we don't really know for
certain
unless someone actually purchased it or
the property plant and equipment for
example
and sometimes we're going to use a
historical cost so that's going to be
one jumping off point or
starting point that you can use to help
you to value the company
but it's not the end value now if you
were thinking about the valuation of the
company on a market
then you could say okay that's how many
that's the book value
what if i took that and i did and i
allocated it out to the owners
and it's like well who are the owners
the owners are the shareholders
so so and notice the shareholders are
broken out into
into uh standard units of ownership so
because they're standard units of
ownership you can start to think about
this
this value being broken out evenly owned
over
shares units of ownership and we'll talk
more about that
in uh in a future presentation however
the market's not going to base the
valuation simply on
on the book value because they also want
to know what's the earning potential
maybe there's earning potential
beyond what is on the balance sheet
maybe there's like a brand name or some
goodwill
that will allow the company to earn have
earnings past
surpassing what simply the book value is
on the balance sheet
to determine that we're going to need
help from statements that are going to
be more of timing statements
so remember the balance sheet is as of a
point in time if you're talking about
financial statements for the year ended
december 31st the balance sheet is as of
december 31st in other words if you
looked at the balance sheet for the year
ended
december 31st january through december
and
and the financial statements for uh
for just the month of december the
balance sheet financial statement would
be the same for those two
sets of financial statements for the
entire and you know if you're looking
for financial statements for the entire
year december 31st and
and one month of december the balance
sheet would be the same because it's as
of december
31st what would differ the timing
statements
including the income statement the
income statement measures timing
so the income statement's trying to
break out how we did performance wise
last period because if you know how we
did performance
wise last period then you can you could
see if we can project that into the
future and see if we're going to do
performance wise as good
next period just like you would if
you're trying to measure how good a
baseball player is or something how many
hits did they have last
year you know how many hits do you think
they're going to have next year well all
we can look at is past performance
so we have the income statement you can
think of as two major components
that being revenue or income how much
how much we took in or how much we
earned
and then expenses expenses are things
that we consumed
used in order to generate the revenue
and then the bottom line is going to be
the net income so you can think of it on
a single step
statement a single step income statement
would simply be revenue
how much we pulled in minus expenses all
in one category
and that would give us the 100 that
would give us the net income
which we're calling you can also call
earnings after taxes
so that's basically the top line and
bottom nine now we typically will break
out the income statement in a multi-step
income statement so that we can break
out mult major categories of expenses
such as cost of goods sold the cost of
the inventory that we're using to sell
selling an admins a categorization and
then uh
then to get to the operating income and
then interest
expense and then we'll get to the income
before taxes and then we'll
calculate the taxes on it and then we'll
finally get to net income
but you can think and the income
statement can be quite long because of
that
categorization but uh if you break it
down to its
its normal components it's going to be
revenue minus
expenses now we can also on the income
statement break out and
take a look at try to figure out the
earnings as they are applied on a per
share basis
so once again if we're talking about the
earnings of the 160
000 and we know that the stocks are
broken out ownership is broken out in
even
chunks called shares then we can try to
say okay well how much of the earnings
are
allocable to each share and divide that
out
now preferred stock will muddy the water
a little bit but we'll talk about that
more
later and then we got the statement of
retained earnings
so the statement of retained earnings is
that linking document because you might
say well how's the balance sheet related
to the income statement now
well you can take beginning retained
earnings
that's the retained earnings as of the
end of last year or january of this year
into last year beginning of the current
year then you're going to take the
earnings available to the common
stockholder or
what was on the income statement the
basically the the net income but then we
had to take out the preferred stock
so the earnings available to the common
stockholders the 150
so basically the income statement amount
so that's how much
that's how much value on the balance
sheet that's how much the value of the
balance sheet basically went up the book
value meaning the equity section of the
balance sheet
went up by that much but then we also
paid dividends that's the money that's
going from the company
to the owners so like if you had a if
you had a sole proprietorship
you would earn money and then you would
draw money out which we would call a
withdraw or draw from the owner
well how do you do draws in a
corporation well you can't just have
individual owners drawing money out
because
each individual share is supposed to be
the same
in in value the unit evaluation so you
can't like pay out
one shareholder or not the other what
you when you when you pay out the shares
you have to pay out dividends to all
shares
evenly which means that one owner might
get more money
but that's because they own more shares
and so we call those dividends so the
dividend is going to be the outflow
the money that's going from the company
they've earned money now they're going
to give some back to the
to the owner in the form of dividends
and that would be the outflow
so the link then be between the equity
section the increase in the value of the
balance sheet is the beginning balance
and then you've got the net income or
earnings available to
common stockholders the bottom line in
essence of the income statement
and then you're going to subtract out
the dividends because those went out so
that means that the
net ending balance will be that 600 000
so in other words the 600 000 is on
here's the balance sheet
that's on the 600 000 here on the
balance sheet
okay and then you have this statement of
cash flows and this one
you kind of the other three statements
or you could think of the balance sheet
and the income statement basically
linked together
by the the statement of retained
earnings they're related
to each other and then the statement of
cash flows you kind of think of as like
a separate thing because it's basically
looking at the same data but it's
looking at it from a cash flow basis
so you're kind of using a different
basis you're kind of taking the
financial statements that you've done on
an accrual basis
reformatting constructing them into a
new
a different form which is going to be
the cash flow basis
so the cash flow basis you can think of
it similar at least the top point
portion of it it's going to be broken
out into three portions
cash flows from operating activities
cash flows from investing activities
cash flows from financing activities
the top portion cash flows from
operating activities
is is similar to the income statement in
that
the income statement ends with basically
net income
which is the bottom line earnings on an
accrual basis
and what we're trying to do is get to
net income
in essence on a cash basis meaning or
otherwise called
net cash flows from operating activities
so this top
portion is basically taking net income
and we're using an indirect method here
you can use the direct method or
indirect method we'll talk more about
that later but most of the time you'll
see an indirect method
which will take the net income on on the
income statement
reverse out or reconcile those items
that are accrual items differences
between the accrual basis and cash basis
to get to basically net income on a cash
basis or otherwise known as
net cash flows from operating activities
now there could be
other cash related activities including
uh cash flows from investing activities
which which might include like investing
in property plant and equipment or
something like that we call that
investing
and we'll talk more about that later in
cash flows from financing activities
such as loans or bonds that are issued
and
the dividends are are investing then we
have the
the change in the cash flow and then if
we add that to the beginning balance we
get to the actual cash flow on
the balance sheet so the bottom line of
the statement of cash flows will tie out
to the balance sheet so the 100 000
will tie out to the end point where we
stand at 12 31 the 100
000. the top part or the net income if
you're using an indirect method the 160
000
will then tie out to the income
statement here the
160 000. so here's all the financial
statements balance sheets now in a
vertical fashion which you might see it
in this fashion you could see it side by
side oftentimes
it's represented vertically in this
format
because it's just easier to to produce
oftentimes that way
and that just means so assets is right
here and that
equals the liabilities and equity down
below so
when you look at the financial
statements how do they tie together how
does the double entry accounting system
work
well you got the assets equal the
liabilities
plus the equity or assets equal
liabilities plus equity so those two
numbers have to equal
and you can also think of that as assets
minus liabilities
equals equity which means that 600 000
is kind of like the book value
of of the company so then you're going
to say well how's the balance sheet
related to the income statement the
income statement
is a performance number the income
statement represents
revenue minus all the expenses to get
down to net income
down to net income and then we have
preferred stock we'll talk more about
that later
to get to the earnings available to the
common stockholder
so how is this performance statement
related to the balance sheet the balance
sheet is as of the end of the period
the performance statement is measuring
how we did over the period balance sheet
is as of 12 31
for example december 31st income
statement is for the range
of january through uh december
so so how are these two linked together
well you can link them together
by by breaking out basically this uh
this net
value on the balance sheet number or the
stockholder within the equity section
the retained earnings
uh number so if you break out the
retained earnings number
you're going to get the beginning
retained earnings and then
that's where we were last time period
last point in time
as of december 31st last year or january
1st of the current year
and then you're going to add to it the
income statement item up here
and then you're going to subtract out
the dividends this is the missing piece
that isn't isn't indicated in these
other reports that's why you need the
linking document the statement of
retained earnings to get to the 600
000 that's going to be in uh the
retained earnings
now notice that the stockholders equity
the is showing here the preferred stock
the common stock
and the paid in capital represent
basically investments from the owner the
owner
purchasing stock from the company or the
stock being distributed
by the company so these are investments
in the company the retained earnings
represents what the company has earned
and has not yet
distributed over the life of the company
not just for the last
year and then we have the statement of
of cash flows the statement of cash
flows once again
we'll tie out net income should tie out
to the income statement
and the ending balance down here should
tie out to
the balance sheet so we'll break out
these and i'll we'll talk about them a
little bit more in detail
one by one in future presentations
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