Financial Statement Analysis
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1 Financial Statement Analysis Session 3 Cash Flow Statement 1
2 Introduction to your speaker Benjamin Koh Founder & Investment Manager of Lighthouse Advisors Private Limited Exempt Fund Manager under the MAS regime 10 years of investment experience Singapore and Hong Kong 2
3 Off-Balance Sheet Items (from previous session) Sale-Leaseback Transactions Financial Engineering Asset+Loan converted to off-balance sheet lease Typically match Weak Sellers with Dumb Buyers Portrayed as Win-Win, Actually Lose-Lose Seller gets cash, buyer gets income Seller pays too much in rent, buyer pays too much for the asset Downturn: seller defaults and buyer suffers asset impairment Contingent Liabilities 3 rd party guarantees (e.g. Ezra guarantees for EOC loans) Lawsuits (where damages are unknown) Contracted expenditures (e.g. agreements to buy raw materials) Minimum lease payments (e.g. shop rental agreements) 3
4 The Cash Flow Statement Like an Income Statement, tracks changes over time Before / After Concept of Cash Balance Key Categories Non Cash Items Interest & Taxes Changes in Working Capital Investing Cash Flows Financing Cash Flows 4
5 Non-Cash Items Non-Cash does not mean Non-Economic! Physical assets wear out or become obsolete Unrealized gains/losses CAN be realized Depreciation & Amortization Plant, Property & Equipment (PPE), Intangibles (Patents, Trademarks etc) Impairments Assets suffer material decline in value (PPE, AR, Intangibles etc) Unrealized gains/losses Fair value changes (investment property, stocks, bonds etc.) Foreign exchange (forward contracts, translation changes) Share-based payment Compensation to key staff Question: Why are share-based payments considered an expense when the company RECEIVES cash from the exercise of options? 5
6 Interest & Taxes Interest Received on bank balances Paid on bank loans Interest charged in P&L may not match payment in Cash Flow Taxes Refunds (rebates, concessions) Paid Tax charged in P&L may not match payment in Cash Flow Question: Why / When is there a mismatch between the income statement versus the actual payments? 6
7 Changes in Working Capital Tracks changes in Working Capital (WC) Trade / Account Receivables (AR) Inventories (Inv) Trade / Account Payables (AP) WC = AR + Inv - AP Net Change in WC = Current WC Previous WC Working Capital correlates to business activity Growth consumes WC Contraction releases WC Steady state means no change in WC 7
8 Investing Cash Flows Purchase of Plant, Property & Equipment (PPE) Replacement and Repair Expansion Disposal of PPE Usually not material unless Vessels / Buildings Investment into Joint Ventures & Associates These entities will in turn spend on PPE Question: What about loans to JVs and Associates? 8
9 Financing Cash Flows Loans New Loans (inflow) Repayment (outflow) Dividends Paid (outflow) Shares Issuance (inflow) Buy-back (outflow) 9
10 Free Cash Flow (FCF) Excess cash available to the owners FCF = Net Profit After Tax (NPAT) adjusted for Depreciation & Amortization (D&A) Capital Expenditure (Capex) Working Capital Changes (WCC) FCF = NPAT + D&A Capex + WCC FCF during: Steady state: FCF = NPAT (Capex = D&A, WCC =0) Expansion: FCF < NPAT (Capex > D&A, WCC < 0) Contraction: FCF > NPAT (Capex < D&A, WCC > 0) 10
11 Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) Similar to FCF in concept, with adjustments Interest, Tax, Depreciation & Amortization added back Useful when comparing companies across: Countries (different tax rates) Capital structures (different interest costs) Accounting policies (different depreciation charges) Often used by Private Equity (PE) firms PE firms control the company so they can choose the capital structure, do tax planning etc. Question: Should passive minority investors use EBITDA? Why or why not? 11
12 Dividends Declared from Profits, Paid from Cash Accounting charge against accumulated profits Payment from cash balance If FCF < 0, dividends are being funded by: Cash Reserves Increased Debt Asset sales Share sales Question: why pay dividends if FCF < 0? 12
13 Cash Consumers vs. Cash Generators Consumers Business can use unlimited amounts of capital Property Development Steelmaking Shipping Wafer Foundries Generators Business cannot use all the cash generated Professional Services Investment Property Retail & Distribution Question: Why invest into a cash consuming business? 13
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