SlideShare une entreprise Scribd logo

Interpreting Financial Statements

•Télécharger en tant que PPT, PDF•
•
1
1t4

This document provides an overview of a corporate finance course taught at ETH Zurich during the winter term of 2009. It includes the course schedule, instructor biographies, learning objectives, and an outline of the ratio analysis lecture. The ratio analysis lecture aims to teach students the importance and use of ratio analysis in evaluating company performance and financial position by analyzing key metrics in the financial statements. It covers different types of ratios such as liquidity, asset management, debt, and profitability ratios.

BusinessÉconomie & finance
1  sur  61
Corporate Finance Interpreting Financial Statements Dr. Markus R. Neuhaus Dr. Marc Schmidli, CFA Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Corporate Finance: Course overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Summary, repetition M. Neuhaus
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Markus R. Neuhaus PricewaterhouseCoopers AG, Zürich  Phone: +41 58 792 4000 Email: markus . neuhaus @ch.pwc.com
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Marc Schmidli PricewaterhouseCoopers AG, Zürich  Phone: +41 58 792 15 64 Email: marc.schmidli @ch.pwc.com ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Learning targets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Pre-course reading ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Agenda I ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Agenda II Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch ,[object Object],[object Object],[object Object]
Agenda: Introduction ,[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch ,[object Object],[object Object],[object Object],[object Object],[object Object],Financial analysis Source: White, Sondhi, Fried (2003), 2ff. Environment Financial Statements Business Macroeconomic situation, industry, market Balance sheet, income statement, cash flow, stockholders’ equity, budget Management, products, margins, technology, knowledge base, competition Financial Analysis
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch ,[object Object],[object Object],[object Object],[object Object],[object Object],Classes of users Source: White, Sondhi, Fried (2003), 4.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Need for financial statement analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Financial analysis has great significance and impact on a company‘s development as it influences expectations on the capital markets
Agenda: Ratio analysis ,[object Object],[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Ratio analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],The debt burden can be evaluated (a) by comparing each firm‘s debt with its assets and (b) by comparing the interest the company has to pay with the income it has available Source: Brigham, Houston (2009), 103.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Significance of ratio analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],„ help predict the future development of a company” 1) Details later: see page 25ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Principal elements of financial statements as primary source for financial analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],Collectively, these interrelated financial statements provide relevant and timely information about the past and are essential for making crucial business decisions about investment or financing activities today and in the future. Financial statements are a key component to build trust in the financial community. Source: White, Sondhi, Fried (2003), 5.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Financial reporting systems and standards ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: White, Sondhi, Fried (2003), 5ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet ,[object Object],[object Object],Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Income statement ,[object Object],[object Object],Source: Brigham, Houston (2009), 61.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Statement of cash flow ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 63.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Statement of retained earnings ,[object Object],[object Object],Source: Brigham, Houston (2009), 66.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Important groups of financial ratios ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 84ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Liquidity ratios ,[object Object],[object Object],Source: Brigham, Houston (2009), 87f.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 58. Source: Brigham, Houston (2009), 61.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Liquidity ratios ,[object Object],[object Object],Source: Brigham, Houston (2009), 87f.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Asset management ratios ,[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 88ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Asset management ratios ,[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 88ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Asset management ratios ,[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 88ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Debt or financing ratios ,[object Object],[object Object],Source: Brigham, Houston (2009), 91ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Debt or financing ratios ,[object Object],[object Object],Source: Brigham, Houston (2009), 91ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Profitability ratios ,[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 95ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Profitability ratios ,[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 95ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Profitability ratios ,[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 95ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Market value ratios ,[object Object],[object Object],[object Object],[object Object],Numbers of shares: 50m Share price: 23 Cash flow = net income + D&A Source: Brigham, Houston (2009), 98ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Market value ratios ,[object Object],[object Object],[object Object],[object Object],Numbers of shares: 50m Share price: 23 Cash flow = net income + D&A Source: Brigham, Houston (2009), 98ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Market value ratios ,[object Object],[object Object],[object Object],[object Object],Numbers of shares: 50m Share price: 23 Cash flow = net income + D&A Source: Brigham, Houston (2009), 98ff.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
Agenda: Case study ,[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Interpretation of financial statements ,[object Object],[object Object],[object Object],[object Object],[object Object],Beans Inc. Garlic Inc. vs.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Beans Incorporation I Beans Inc.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Beans Incorporation II Beans Inc. ,[object Object],[object Object]
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Garlic Incorporation I Garlic Inc.
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Garlic Incorporation II Garlic Inc. ,[object Object],[object Object]
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Solution guideline ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Value Creation Liquidity Security/Risk Profitability
Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Solution guideline II ,[object Object],[object Object],[object Object],[object Object],[object Object],Source: Brigham, Houston (2009), 103.
Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
Solutions to Case Study ,[object Object],Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch

Recommandé

Cover sheet my experience
Cover sheet my experienceCover sheet my experience
Cover sheet my experienceVicki Jimpson-Fludd
 
Managing costs & mcs by bhawani nandan prasad iim calcutta
Managing costs & mcs by bhawani nandan prasad iim calcuttaManaging costs & mcs by bhawani nandan prasad iim calcutta
Managing costs & mcs by bhawani nandan prasad iim calcuttaBhawani N Prasad
 
Principles of accountancy or business accounting
Principles of accountancy or business accountingPrinciples of accountancy or business accounting
Principles of accountancy or business accountingDr V GURUMOORTHI
 
Financial Terminology for SAP BPC and General
Financial Terminology for SAP BPC and General Financial Terminology for SAP BPC and General
Financial Terminology for SAP BPC and General Jothi Periasamy
 
Accounting terminology
Accounting terminologyAccounting terminology
Accounting terminologyParesh Karande
 
Finance for non finance
Finance for non financeFinance for non finance
Finance for non financeJai Sethi
 
Understanding financial statements for non-financial managers and executives
Understanding financial statements for non-financial managers and executivesUnderstanding financial statements for non-financial managers and executives
Understanding financial statements for non-financial managers and executivesKenny Goh
 
Basics of Financial Management for Non Finance Executives - Part 1
Basics of Financial Management for Non Finance Executives - Part 1Basics of Financial Management for Non Finance Executives - Part 1
Basics of Financial Management for Non Finance Executives - Part 1SChakrabarti
 

Recommandé

Cover sheet my experience
Cover sheet my experienceCover sheet my experience
Cover sheet my experienceVicki Jimpson-Fludd
 
Managing costs & mcs by bhawani nandan prasad iim calcutta
Managing costs & mcs by bhawani nandan prasad iim calcuttaManaging costs & mcs by bhawani nandan prasad iim calcutta
Managing costs & mcs by bhawani nandan prasad iim calcuttaBhawani N Prasad
 
Principles of accountancy or business accounting
Principles of accountancy or business accountingPrinciples of accountancy or business accounting
Principles of accountancy or business accountingDr V GURUMOORTHI
 
Financial Terminology for SAP BPC and General
Financial Terminology for SAP BPC and General Financial Terminology for SAP BPC and General
Financial Terminology for SAP BPC and General Jothi Periasamy
 
Accounting terminology
Accounting terminologyAccounting terminology
Accounting terminologyParesh Karande
 
Finance for non finance
Finance for non financeFinance for non finance
Finance for non financeJai Sethi
 
Understanding financial statements for non-financial managers and executives
Understanding financial statements for non-financial managers and executivesUnderstanding financial statements for non-financial managers and executives
Understanding financial statements for non-financial managers and executivesKenny Goh
 
Basics of Financial Management for Non Finance Executives - Part 1
Basics of Financial Management for Non Finance Executives - Part 1Basics of Financial Management for Non Finance Executives - Part 1
Basics of Financial Management for Non Finance Executives - Part 1SChakrabarti
 
Finance for non financial managers ppt by paramesh a
Finance for non financial managers ppt by paramesh aFinance for non financial managers ppt by paramesh a
Finance for non financial managers ppt by paramesh aAlisetti Paramesh. ACMA,CGMA
 
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...195 Accounting Principles Questions and Answers for Accounting Exams and Job ...
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...Rahat Kazmi
 
Accounting Terminology PowerPoint Presentation
Accounting Terminology PowerPoint PresentationAccounting Terminology PowerPoint Presentation
Accounting Terminology PowerPoint PresentationAndrew Schwartz
 
12-Basic Financial Statement
12-Basic Financial Statement12-Basic Financial Statement
12-Basic Financial StatementWahyu Wijanarko
 
1. chapter 1 introduction of Finance
1. chapter 1 introduction of Finance1. chapter 1 introduction of Finance
1. chapter 1 introduction of FinanceAfiqEfendy Zaen
 
Understanding financial statements
Understanding financial statementsUnderstanding financial statements
Understanding financial statementsGeni Whitehouse
 
Global Market AnalysisGeoff BrownProfessor Duh.docx
Global Market AnalysisGeoff BrownProfessor Duh.docxGlobal Market AnalysisGeoff BrownProfessor Duh.docx
Global Market AnalysisGeoff BrownProfessor Duh.docxwhittemorelucilla
 
Spending reviews - Steffen Bach, Germany
Spending reviews - Steffen Bach, GermanySpending reviews - Steffen Bach, Germany
Spending reviews - Steffen Bach, GermanyOECD Governance
 
#Corpriskforum2016 - Frank Herdmann
#Corpriskforum2016 - Frank Herdmann#Corpriskforum2016 - Frank Herdmann
#Corpriskforum2016 - Frank HerdmannAlexei Sidorenko, CRMP
 
Vm introduction january 2015
Vm introduction january 2015Vm introduction january 2015
Vm introduction january 2015Jochen Vogel
 
Jan 29 2010 Sap
Jan 29 2010 SapJan 29 2010 Sap
Jan 29 2010 SapMcGill Investment Club
 
managing a small business
managing a small businessmanaging a small business
managing a small businessIveta_Ermane
 
Corporate governance standards in germany
Corporate governance standards in germanyCorporate governance standards in germany
Corporate governance standards in germanyShivesh Ranjan
 
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...Eelco Fiole's PhD thesis on operationalising corporate governance in financia...
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...efiole
 
Financial Management Lesson Notes
Financial Management Lesson NotesFinancial Management Lesson Notes
Financial Management Lesson NotesEkrem Tufan
 
Investment funds & asset management in Poland 2018
Investment funds & asset management in Poland 2018Investment funds & asset management in Poland 2018
Investment funds & asset management in Poland 2018Inteliace Research
 
two marks with answers
two marks with answerstwo marks with answers
two marks with answersnagoorvali8
 
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA ProgramJoe Osborn
 
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docx
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docxRunning head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docx
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docxsusanschei
 
Spending reviews - Ulf Rosner, Germany
Spending reviews - Ulf Rosner, GermanySpending reviews - Ulf Rosner, Germany
Spending reviews - Ulf Rosner, GermanyOECD Governance
 
Pricing project - High end running shoes
Pricing project - High end running shoesPricing project - High end running shoes
Pricing project - High end running shoesGabriel Delacroix
 
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docx
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docxDEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docx
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docxedwardmarivel
 

Contenu connexe

En vedette

Finance for non financial managers ppt by paramesh a
Finance for non financial managers ppt by paramesh aFinance for non financial managers ppt by paramesh a
Finance for non financial managers ppt by paramesh aAlisetti Paramesh. ACMA,CGMA
 
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...195 Accounting Principles Questions and Answers for Accounting Exams and Job ...
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...Rahat Kazmi
 
Accounting Terminology PowerPoint Presentation
Accounting Terminology PowerPoint PresentationAccounting Terminology PowerPoint Presentation
Accounting Terminology PowerPoint PresentationAndrew Schwartz
 
12-Basic Financial Statement
12-Basic Financial Statement12-Basic Financial Statement
12-Basic Financial StatementWahyu Wijanarko
 
1. chapter 1 introduction of Finance
1. chapter 1 introduction of Finance1. chapter 1 introduction of Finance
1. chapter 1 introduction of FinanceAfiqEfendy Zaen
 
Understanding financial statements
Understanding financial statementsUnderstanding financial statements
Understanding financial statementsGeni Whitehouse
 

En vedette (6)

Finance for non financial managers ppt by paramesh a
Finance for non financial managers ppt by paramesh aFinance for non financial managers ppt by paramesh a
Finance for non financial managers ppt by paramesh a
 
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...195 Accounting Principles Questions and Answers for Accounting Exams and Job ...
195 Accounting Principles Questions and Answers for Accounting Exams and Job ...
 
Accounting Terminology PowerPoint Presentation
Accounting Terminology PowerPoint PresentationAccounting Terminology PowerPoint Presentation
Accounting Terminology PowerPoint Presentation
 
12-Basic Financial Statement
12-Basic Financial Statement12-Basic Financial Statement
12-Basic Financial Statement
 
1. chapter 1 introduction of Finance
1. chapter 1 introduction of Finance1. chapter 1 introduction of Finance
1. chapter 1 introduction of Finance
 
Understanding financial statements
Understanding financial statementsUnderstanding financial statements
Understanding financial statements
 

Similaire à Interpreting Financial Statements

Global Market AnalysisGeoff BrownProfessor Duh.docx
Global Market AnalysisGeoff BrownProfessor Duh.docxGlobal Market AnalysisGeoff BrownProfessor Duh.docx
Global Market AnalysisGeoff BrownProfessor Duh.docxwhittemorelucilla
 
Spending reviews - Steffen Bach, Germany
Spending reviews - Steffen Bach, GermanySpending reviews - Steffen Bach, Germany
Spending reviews - Steffen Bach, GermanyOECD Governance
 
Vm introduction january 2015
Vm introduction january 2015Vm introduction january 2015
Vm introduction january 2015Jochen Vogel
 
managing a small business
managing a small businessmanaging a small business
managing a small businessIveta_Ermane
 
Corporate governance standards in germany
Corporate governance standards in germanyCorporate governance standards in germany
Corporate governance standards in germanyShivesh Ranjan
 
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...Eelco Fiole's PhD thesis on operationalising corporate governance in financia...
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...efiole
 
Financial Management Lesson Notes
Financial Management Lesson NotesFinancial Management Lesson Notes
Financial Management Lesson NotesEkrem Tufan
 
Investment funds & asset management in Poland 2018
Investment funds & asset management in Poland 2018Investment funds & asset management in Poland 2018
Investment funds & asset management in Poland 2018Inteliace Research
 
two marks with answers
two marks with answerstwo marks with answers
two marks with answersnagoorvali8
 
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA ProgramJoe Osborn
 
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docx
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docxRunning head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docx
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docxsusanschei
 
Spending reviews - Ulf Rosner, Germany
Spending reviews - Ulf Rosner, GermanySpending reviews - Ulf Rosner, Germany
Spending reviews - Ulf Rosner, GermanyOECD Governance
 
Pricing project - High end running shoes
Pricing project - High end running shoesPricing project - High end running shoes
Pricing project - High end running shoesGabriel Delacroix
 
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docx
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docxDEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docx
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docxedwardmarivel
 
2017 FaMas Turnaround Investment Seminar.ppt
2017 FaMas Turnaround Investment Seminar.ppt2017 FaMas Turnaround Investment Seminar.ppt
2017 FaMas Turnaround Investment Seminar.pptDimitrij Dr. Saldanha
 
Non-Bank Lending in Germany: How Investors can access Lending to the Middelstand
Non-Bank Lending in Germany: How Investors can access Lending to the MiddelstandNon-Bank Lending in Germany: How Investors can access Lending to the Middelstand
Non-Bank Lending in Germany: How Investors can access Lending to the MiddelstandDr. Nicolaus Loos
 
Financial Management Unit III AssessmentQuestion 1· Define.docx
Financial Management Unit III AssessmentQuestion 1· Define.docxFinancial Management Unit III AssessmentQuestion 1· Define.docx
Financial Management Unit III AssessmentQuestion 1· Define.docxvoversbyobersby
 
The Economic Power of the Deutsche Mittelstand
The Economic Power of the Deutsche MittelstandThe Economic Power of the Deutsche Mittelstand
The Economic Power of the Deutsche MittelstandMergerstrata
 

Similaire à Interpreting Financial Statements (20)

Global Market AnalysisGeoff BrownProfessor Duh.docx
Global Market AnalysisGeoff BrownProfessor Duh.docxGlobal Market AnalysisGeoff BrownProfessor Duh.docx
Global Market AnalysisGeoff BrownProfessor Duh.docx
 
Spending reviews - Steffen Bach, Germany
Spending reviews - Steffen Bach, GermanySpending reviews - Steffen Bach, Germany
Spending reviews - Steffen Bach, Germany
 
#Corpriskforum2016 - Frank Herdmann
#Corpriskforum2016 - Frank Herdmann#Corpriskforum2016 - Frank Herdmann
#Corpriskforum2016 - Frank Herdmann
 
Vm introduction january 2015
Vm introduction january 2015Vm introduction january 2015
Vm introduction january 2015
 
Jan 29 2010 Sap
Jan 29 2010 SapJan 29 2010 Sap
Jan 29 2010 Sap
 
managing a small business
managing a small businessmanaging a small business
managing a small business
 
Corporate governance standards in germany
Corporate governance standards in germanyCorporate governance standards in germany
Corporate governance standards in germany
 
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...Eelco Fiole's PhD thesis on operationalising corporate governance in financia...
Eelco Fiole's PhD thesis on operationalising corporate governance in financia...
 
Financial Management Lesson Notes
Financial Management Lesson NotesFinancial Management Lesson Notes
Financial Management Lesson Notes
 
Investment funds & asset management in Poland 2018
Investment funds & asset management in Poland 2018Investment funds & asset management in Poland 2018
Investment funds & asset management in Poland 2018
 
two marks with answers
two marks with answerstwo marks with answers
two marks with answers
 
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program
5.401 Finance Theory 15.401 Finance Theory MIT Sloan MBA Program
 
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docx
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docxRunning head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docx
Running head BMW ANNUAL REPORT ANALYSIS1BMW ANNUAL REPORT A.docx
 
Spending reviews - Ulf Rosner, Germany
Spending reviews - Ulf Rosner, GermanySpending reviews - Ulf Rosner, Germany
Spending reviews - Ulf Rosner, Germany
 
Pricing project - High end running shoes
Pricing project - High end running shoesPricing project - High end running shoes
Pricing project - High end running shoes
 
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docx
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docxDEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docx
DEADLINE 15 HOURS6 PAGES UNDERGRADUATECOURSEWORKHARV.docx
 
2017 FaMas Turnaround Investment Seminar.ppt
2017 FaMas Turnaround Investment Seminar.ppt2017 FaMas Turnaround Investment Seminar.ppt
2017 FaMas Turnaround Investment Seminar.ppt
 
Non-Bank Lending in Germany: How Investors can access Lending to the Middelstand
Non-Bank Lending in Germany: How Investors can access Lending to the MiddelstandNon-Bank Lending in Germany: How Investors can access Lending to the Middelstand
Non-Bank Lending in Germany: How Investors can access Lending to the Middelstand
 
Financial Management Unit III AssessmentQuestion 1· Define.docx
Financial Management Unit III AssessmentQuestion 1· Define.docxFinancial Management Unit III AssessmentQuestion 1· Define.docx
Financial Management Unit III AssessmentQuestion 1· Define.docx
 
The Economic Power of the Deutsche Mittelstand
The Economic Power of the Deutsche MittelstandThe Economic Power of the Deutsche Mittelstand
The Economic Power of the Deutsche Mittelstand
 

Dernier

8447779800, Low rate Call girls in Shivaji Enclave Delhi NCR
8447779800, Low rate Call girls in Shivaji Enclave Delhi NCR8447779800, Low rate Call girls in Shivaji Enclave Delhi NCR
8447779800, Low rate Call girls in Shivaji Enclave Delhi NCRashishs7044
 
Kenya’s Coconut Value Chain by Gatsby Africa
Kenya’s Coconut Value Chain by Gatsby AfricaKenya’s Coconut Value Chain by Gatsby Africa
Kenya’s Coconut Value Chain by Gatsby Africaictsugar
 
Call Girls Miyapur 7001305949 all area service COD available Any Time
Call Girls Miyapur 7001305949 all area service COD available Any TimeCall Girls Miyapur 7001305949 all area service COD available Any Time
Call Girls Miyapur 7001305949 all area service COD available Any Timedelhimodelshub1
 
Call Us 📲8800102216📞 Call Girls In DLF City Gurgaon
Call Us 📲8800102216📞 Call Girls In DLF City GurgaonCall Us 📲8800102216📞 Call Girls In DLF City Gurgaon
Call Us 📲8800102216📞 Call Girls In DLF City Gurgaoncallgirls2057
 
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...lizamodels9
 
MAHA Global and IPR: Do Actions Speak Louder Than Words?
MAHA Global and IPR: Do Actions Speak Louder Than Words?MAHA Global and IPR: Do Actions Speak Louder Than Words?
MAHA Global and IPR: Do Actions Speak Louder Than Words?Olivia Kresic
 
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdfNewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdfKhaled Al Awadi
 
International Business Environments and Operations 16th Global Edition test b...
International Business Environments and Operations 16th Global Edition test b...International Business Environments and Operations 16th Global Edition test b...
International Business Environments and Operations 16th Global Edition test b...ssuserf63bd7
 
Investment in The Coconut Industry by Nancy Cheruiyot
Investment in The Coconut Industry by Nancy CheruiyotInvestment in The Coconut Industry by Nancy Cheruiyot
Investment in The Coconut Industry by Nancy Cheruiyotictsugar
 
Buy gmail accounts.pdf Buy Old Gmail Accounts
Buy gmail accounts.pdf Buy Old Gmail AccountsBuy gmail accounts.pdf Buy Old Gmail Accounts
Buy gmail accounts.pdf Buy Old Gmail AccountsBuy Verified Accounts
 
Call US-88OO1O2216 Call Girls In Mahipalpur Female Escort Service
Call US-88OO1O2216 Call Girls In Mahipalpur Female Escort ServiceCall US-88OO1O2216 Call Girls In Mahipalpur Female Escort Service
Call US-88OO1O2216 Call Girls In Mahipalpur Female Escort Servicecallgirls2057
 
The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024christinemoorman
 
Annual General Meeting Presentation Slides
Annual General Meeting Presentation SlidesAnnual General Meeting Presentation Slides
Annual General Meeting Presentation SlidesKeppelCorporation
 
8447779800, Low rate Call girls in Uttam Nagar Delhi NCR
8447779800, Low rate Call girls in Uttam Nagar Delhi NCR8447779800, Low rate Call girls in Uttam Nagar Delhi NCR
8447779800, Low rate Call girls in Uttam Nagar Delhi NCRashishs7044
 
8447779800, Low rate Call girls in New Ashok Nagar Delhi NCR
8447779800, Low rate Call girls in New Ashok Nagar Delhi NCR8447779800, Low rate Call girls in New Ashok Nagar Delhi NCR
8447779800, Low rate Call girls in New Ashok Nagar Delhi NCRashishs7044
 
Flow Your Strategy at Flight Levels Day 2024
Flow Your Strategy at Flight Levels Day 2024Flow Your Strategy at Flight Levels Day 2024
Flow Your Strategy at Flight Levels Day 2024Kirill Klimov
 
Future Of Sample Report 2024 | Redacted Version
Future Of Sample Report 2024 | Redacted VersionFuture Of Sample Report 2024 | Redacted Version
Future Of Sample Report 2024 | Redacted VersionMintel Group
 
Pitch Deck Teardown: Geodesic.Life's $500k Pre-seed deck
Pitch Deck Teardown: Geodesic.Life's $500k Pre-seed deckPitch Deck Teardown: Geodesic.Life's $500k Pre-seed deck
Pitch Deck Teardown: Geodesic.Life's $500k Pre-seed deckHajeJanKamps
 
8447779800, Low rate Call girls in Tughlakabad Delhi NCR
8447779800, Low rate Call girls in Tughlakabad Delhi NCR8447779800, Low rate Call girls in Tughlakabad Delhi NCR
8447779800, Low rate Call girls in Tughlakabad Delhi NCRashishs7044
 
FULL ENJOY Call girls in Paharganj Delhi | 8377087607
FULL ENJOY Call girls in Paharganj Delhi | 8377087607FULL ENJOY Call girls in Paharganj Delhi | 8377087607
FULL ENJOY Call girls in Paharganj Delhi | 8377087607dollysharma2066
 

Dernier (20)

8447779800, Low rate Call girls in Shivaji Enclave Delhi NCR
8447779800, Low rate Call girls in Shivaji Enclave Delhi NCR8447779800, Low rate Call girls in Shivaji Enclave Delhi NCR
8447779800, Low rate Call girls in Shivaji Enclave Delhi NCR
 
Kenya’s Coconut Value Chain by Gatsby Africa
Kenya’s Coconut Value Chain by Gatsby AfricaKenya’s Coconut Value Chain by Gatsby Africa
Kenya’s Coconut Value Chain by Gatsby Africa
 
Call Girls Miyapur 7001305949 all area service COD available Any Time
Call Girls Miyapur 7001305949 all area service COD available Any TimeCall Girls Miyapur 7001305949 all area service COD available Any Time
Call Girls Miyapur 7001305949 all area service COD available Any Time
 
Call Us 📲8800102216📞 Call Girls In DLF City Gurgaon
Call Us 📲8800102216📞 Call Girls In DLF City GurgaonCall Us 📲8800102216📞 Call Girls In DLF City Gurgaon
Call Us 📲8800102216📞 Call Girls In DLF City Gurgaon
 
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
 
MAHA Global and IPR: Do Actions Speak Louder Than Words?
MAHA Global and IPR: Do Actions Speak Louder Than Words?MAHA Global and IPR: Do Actions Speak Louder Than Words?
MAHA Global and IPR: Do Actions Speak Louder Than Words?
 
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdfNewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
 
International Business Environments and Operations 16th Global Edition test b...
International Business Environments and Operations 16th Global Edition test b...International Business Environments and Operations 16th Global Edition test b...
International Business Environments and Operations 16th Global Edition test b...
 
Investment in The Coconut Industry by Nancy Cheruiyot
Investment in The Coconut Industry by Nancy CheruiyotInvestment in The Coconut Industry by Nancy Cheruiyot
Investment in The Coconut Industry by Nancy Cheruiyot
 
Buy gmail accounts.pdf Buy Old Gmail Accounts
Buy gmail accounts.pdf Buy Old Gmail AccountsBuy gmail accounts.pdf Buy Old Gmail Accounts
Buy gmail accounts.pdf Buy Old Gmail Accounts
 
Call US-88OO1O2216 Call Girls In Mahipalpur Female Escort Service
Call US-88OO1O2216 Call Girls In Mahipalpur Female Escort ServiceCall US-88OO1O2216 Call Girls In Mahipalpur Female Escort Service
Call US-88OO1O2216 Call Girls In Mahipalpur Female Escort Service
 
The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024
 
Annual General Meeting Presentation Slides
Annual General Meeting Presentation SlidesAnnual General Meeting Presentation Slides
Annual General Meeting Presentation Slides
 
8447779800, Low rate Call girls in Uttam Nagar Delhi NCR
8447779800, Low rate Call girls in Uttam Nagar Delhi NCR8447779800, Low rate Call girls in Uttam Nagar Delhi NCR
8447779800, Low rate Call girls in Uttam Nagar Delhi NCR
 
8447779800, Low rate Call girls in New Ashok Nagar Delhi NCR
8447779800, Low rate Call girls in New Ashok Nagar Delhi NCR8447779800, Low rate Call girls in New Ashok Nagar Delhi NCR
8447779800, Low rate Call girls in New Ashok Nagar Delhi NCR
 
Flow Your Strategy at Flight Levels Day 2024
Flow Your Strategy at Flight Levels Day 2024Flow Your Strategy at Flight Levels Day 2024
Flow Your Strategy at Flight Levels Day 2024
 
Future Of Sample Report 2024 | Redacted Version
Future Of Sample Report 2024 | Redacted VersionFuture Of Sample Report 2024 | Redacted Version
Future Of Sample Report 2024 | Redacted Version
 
Pitch Deck Teardown: Geodesic.Life's $500k Pre-seed deck
Pitch Deck Teardown: Geodesic.Life's $500k Pre-seed deckPitch Deck Teardown: Geodesic.Life's $500k Pre-seed deck
Pitch Deck Teardown: Geodesic.Life's $500k Pre-seed deck
 
8447779800, Low rate Call girls in Tughlakabad Delhi NCR
8447779800, Low rate Call girls in Tughlakabad Delhi NCR8447779800, Low rate Call girls in Tughlakabad Delhi NCR
8447779800, Low rate Call girls in Tughlakabad Delhi NCR
 
FULL ENJOY Call girls in Paharganj Delhi | 8377087607
FULL ENJOY Call girls in Paharganj Delhi | 8377087607FULL ENJOY Call girls in Paharganj Delhi | 8377087607
FULL ENJOY Call girls in Paharganj Delhi | 8377087607
 

Interpreting Financial Statements

  • 1. Corporate Finance Interpreting Financial Statements Dr. Markus R. Neuhaus Dr. Marc Schmidli, CFA Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24.
  • 25.
  • 26.
  • 27. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 58. Source: Brigham, Houston (2009), 61.
  • 28.
  • 29. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 30.
  • 31. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 32.
  • 33. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 34.
  • 35. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 36.
  • 37. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 38.
  • 39. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 40.
  • 41. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 42.
  • 43. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 44.
  • 45. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 46.
  • 47. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 48.
  • 49. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 50.
  • 51. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Balance sheet and income statement Source: Brigham, Houston (2009), 61. Source: Brigham, Houston (2009), 58.
  • 52.
  • 53.
  • 54. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Beans Incorporation I Beans Inc.
  • 55.
  • 56. Winter Term 2009 Markus Neuhaus I Corporate Finance I neuhauma@ethz.ch Case study: Garlic Incorporation I Garlic Inc.
  • 57.
  • 58.
  • 59.
  • 60.
  • 61.