行动知识财务报表分析路线图业务战略竞争环境如何lecture slides-video讲座.pdfVIP

FinancialStatementAnalysis–

•Whatisthecompany’sbusiness,strategy,andcompetitive

environment?

•Isthecompanygrowing?

•Whatwasthecompany’sperformancethisyear?

•Isthecompanyinvestingforthefuture?

•Whatareitsdebtobligations?

•Aretheresignificant“offbalancesheet”items?

KNOWLEDGEFORACTION

AnalyzingGrowth

•WhydoesgrowthmatterforVulcan?

–Marketshareincompetitivemarket

–Scaleeconomies;coveringfixedcosts

–Investors’growthexpectationsaffectstockprices

•Measuringgrowth

–Growthiscommonlymeasuredusingrevenue

–Growth=(CurrentYear-PriorYear)/PriorYear

•Identifyingsourcesofgrowth

–Segmentanalysis

–Unitvs.Salespricegrowth

–Organicvs.Acquisitions

KNOWLEDGEFORACTION

GrowthinSelectedItems

201020092008200720062005200420032002200120001999

NetSales$2,405.9$2,543.7$3,453.1$3,090.1$3,041.1$2,615.0$2,213.2$2,086.9$1,980.6$2,113.6$1,885.9$1,810.6

GrossProfit$300.7$446.0$749.7$950.9$932.0$708.8$584.4$555.7$538.3$579.5$499.0$486.9

NetEarningsFrom

ContinuingOps$(102.4)$18.7$3.3463.1$$480.2$344.1$262.4$237.5$233.2$231.5$224.1$217.5

TotalAssets$8,337.9$8,525.1$8,914.1$8,936.4$3,427.8$3,590.4$3,667.5$3,636.9$3,448.2$3,413.3$3,250.4$2,839.5

TotalLiabilities$4,372.9$4,487.6$5,391.4$5,176.8$1,416.9$1,456.8$1,646.7$1,834.1$1,751.2$1,809.0$1,778.9$1,515.8

ShareholdersEquity$3,965.0$4,037.2$3,522.7$3,759.6$2,010.9$2,133.6$2,020.8$1,802.8$1,697.0$1,604.3$1,471.5$1,323.7