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ID:27629710
大小:1.21 MB
页数:47页
时间:2018-12-04
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1、FinancialForecastingCHAPTER3McGraw-Hill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.IntroductionFromthepast(Chapters1and2)tothefuture.FinancialforecastingplanningBudgetingChapterdescribestechniquesthatarepartofplanning.ProFormaStatementsProforma=asifMuchof
2、thelanguageofbusinessforecastingisfinancial.Manyofthemeasuresusedtoevaluateplansarefinancial.Keyissueisdeterminingwhetheraplanisfinanciallyfeasible.Implicationsforcurrentenvironment.Bottomupdetailedplansvs.topdownbird’seyeviewplans.Proformafinancialstatementsareforecastedfinanci
3、alstatements.Canstemfrombroadoutlinesordetailedsub-plans.Futureneedforexternalfunding,externalfinancingrequired(EFR).PercentofSalesForecastfuturesales,andtieotheritemsinincomestatementandbalancesheettothesalesforecast.Worksforvariablecosts,mostcurrentassetsandcurrentliabilities.
4、Notgenerallytrueforfixedassets.StepsExaminehistoricaldatatoascertaintheextenttowhichpercent-of-salesratiosstayconstantovertime.Forecastsales.Dosensitivityanalysistoseehowfinancialstatementsrespondtodifferentpercent-of-salesparameters.SuburbanNationalBankR&ESupplies,Inc.isawholes
5、alerofplumbingandelectricalsupplies.R&Ehasbeenacustomerofthebankformanyyears.Averagedepositshavebeen$30K.Short-termrenewableloanhasbeen$50K,witha5-yearmaturity.IncreaseinLoanInlate2008,R&Easksthattheloanamountfor2009beincreasedto$500K.R&Eexplainsthatbecauseofgrowth,APhasgoneupan
6、dcashbalanceshavegonedown.SuppliersarethreateningtogotoCOD.Why$500K?Payoffmostinsistentcreditorsandrebuildcashbalances.BuildaProFormaNotenoughquantitativejustification.Buildaproforma.Startwithhistory,Table3-1.Lookattheratios,Table3-2.What’shappenedtocash/salesAP/salesearnings/sa
7、lesTABLE3-1FinancialStatementsforR&ESupplies,Inc.,December31,2005-2008($thousands)TABLE3-1(Continued)QuestionsreNext3SlidesByhowmucharesalesforecastedtoincrease?Howhasanunfavorablelaborsettlementimpactedtheproforma?WhatistheplanforDaysSalesinCash?WhatistheplanforAPintermsofPayab
8、lesPeriod?Whatistheplanfornetinterestexpenseand
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