某公司总经理财务管理培训.ppt

案例：Fluor (1) Key Development #1： Earning before tax will be reduced by $60mil. Net profit wl be reduced by $60(1-tax rate)= 50 Key Development #3 No, the new award hasn’t been realized, so will have impact on the company’s financial status Key Development #2 and #4 Reasons for flat earning are sharp decline in Power section and the slowed down reconstruction activities in Iraq. The awards will be realized in projects delivered ? revenue Actual EPS in 2004 = 2.25 案例：Fluor (2) Profitability ratios remain flat with slight decrease of Gross Margin and ROE from ’03 to ’04. Gross margin is considerably lower than industry but net margin is much higher. Current/quick ratios are pretty healthy with a bit improvement from ’03 to ’04, but much lower than industry. Interest cover is very good (18) Working capital cycle is 40 days Debt ratio has increased from 33% to 40%, increasing risks EPS has increased from 1.95 to 2.25 (10% increase). PE is 28.4 (lower now with increased earnings) 案例：Ingersoll-Rand (1) Key Development #1： Earning before tax will be reduced by $60mil. Net profit wl be reduced by $60(1-tax rate)= 50 Key Development #3 No, the new award hasn’t been realized, so will have impact on the company’s income` Key Development #2 and #4 Reasons for flat earning are sharp decline in Power section and the slowed down reconstruction activities in Iraq. The awards will be realized in projects delivered ? revenue Actual EPS in 2004 = 2.25 案例：Fluor (2) Profitability ratios remain flat with slight decrease of Gross Margin and ROE from ’03 to ’04. Gross margin is considerably lower than industry but net margin is much higher. Current/quick ratios are pretty healthy with a bit improvement from ’03 to ’04, but much lower than industry. Interest cover is very good (18) Working capital cycle is 40 days Debt ratio has increased from 33% to 40%, increasing risks EPS has increased from 1.95 to 2.25 (10% increase). PE is 28.4 (lower now with incre