導讀本文是一篇cash flow的分析， 從operational activities, net cash reinvestments, net benefit, Financial budget,這4個方面分析。
1. Operational activities業務活動
As can be seen from the company's cash flow statement, the company's operating activities Depreciation and amortization accounted for all cash inflows projects accounted for more than half of which the company from operating activities in 2013, 54% of the cash inflows from depreciation and amortization, up in 2012 between the company's depreciation and amortization increased by 2% project. In Finance expenses, Recognition and reversal of provisions, net, Income tax expense, etc., in 2013 cash inflows have declined compared to 2012; in Impairment of property and equipment, Share-based payment transactions, Other long-term liabilities, Net gain on sale or disposal of property and equipment will be increased year on year in 2012, we can see that the company's cash balance has increased, and reduces the sale or disposal of its inherent property and equipment, thereby improving the property and cash inflows for impairment of equipment of this project, this one in share transactions, inflows through the sale of shares of the company, the company received more cash in 2013 than in 2012.In terms of cash outflow from operating activities, the company's Net change in non-cash working capital balances far beyond the 2012 value. The working capital can be used to measure short-term solvency of a company or business, the greater the amount on behalf of the company or companies are more prepared to pay for adequate obligations, short-term solvency, the better. As for negative working capital, which is an enterprise of current assets to current liabilities is less than when the operation of this enterprise is subject to interruption due to cash flow problems.
2. Net cash reinvestments凈現金再投資
You can see in the cash flow from investing activities of the enterprise, the relative ratio of corporate investment activities in 2012 cash flow statement, in 2013 many indicators such as corporate investment activities Proceeds from disposition of property and equipment, Business acquisitions, Deposits, Acquisition and development of property and equipment, Acquisition and development of intangible assets, Other assets have declined, indicating that companies can directly invest in cash terms than the more cautious and conservative in 2012, however, the overall cash reinvestment rate rose 0.5 percent, the cash reinvestment ratio refers to the ratio of cash flow retained in the unit's business activities and Reinvestment assets. The higher the ratio, indicating that the enterprise can be used to reinvest in more cash for the assets, companies reinvest capacity; on the contrary, it means that companies reinvest weak summary, corporate cash to reinvest ability has improved. , to further improve capital efficiency, accelerate operating capital.
Let's calculate the NPV of the enterprise
NPV = Σ (CI-CO) (1 + i)（-t）
Where: CI-- cash inflows, CO-- cash outflows, (CI-CO) - Net cash flow in year t, i-- benchmark discount rate. When the first phase of computing t = 0, the first year of operation after the cash flow, t = 1,supposei = 10%,
2012 NPV(10%, 118566, -14037)=95026
NPV>0, represents the implementation of the project, in addition to ensure a predetermined rate of return can be achieved, but can still get higher returns.From 2012 and 2013 data, this year's NPV is greater than zero, and there is no small gain. Description discounted present value of the expected earnings Shoppers company after more than the cost of the initial investment, it shows that you can profit the business is worth the investment.
3. Net benefit
Net benefitis the realization of a certain period, to a full accrual basis staging confirmed, according to the cost to income ratio and the causal relationship with the final financial results of monetary measures, which indicate that the performance of the production and operation and profitability. Advanced flow response is the actual cash out of business. The difference is not only reflected in the number of financial position at the time of the evaluation has not the same role. Net income and cash flow in the amount of the difference and the reason is that: During the entire existence of the enterprise, its net income and cash flow is equal to net income and cash flow from the existing differences, there are also closely linked.
The difference between cash flow and net income may reveal net of bad quality. In general, the correlation between net income and cash flows, the stronger, better-quality companies showed gains, namely the difference between net income and cash flow is smaller, the ability to receive cash proceeds of the stronger.From page 7, we can see, Shoppers in net income for 2012 of 4,515,681, cash flow 104 529, a difference of 4,411,152. In 2013 the net income of 3,113,386, cash flow is 66,290, a difference of 3,047,096. We can find in 2013 compared with 2012 net income and compare the difference between the cash flow is significantly reduced, indicating that the ability to net income shoppers are now getting stronger, earnings quality has been improved, enterprise mobility and Finance adaptability has become stronger.
4. Financial budget
Financialbudget is operating activities, investing activities, cash inflows and outflows from financing activities reflects the direction, size and structure of cash flows during the enterprise budget. The company's cash balance by the end of 2012 was 104,529, the net cash flow in 2013 was reduced to 66,290, during the company by reducing the sale of fixed assets or equipment to improve the variability of net non-cash working capital to achieve the purpose of reducing the net cash flow, reduce capital management cost, lean enterprise to survive and improve their health index.Cash itself profitability is low, can only produce a small amount of interest income, on the contrary because of the high stock of cash will result in loss of business opportunity costs may, therefore reasonable cash flow is not only to meet the demand, without too much plot to hoard money, which requires financial officer between liquidity and profitability tradeoff, to find the best balance of funds in different periods, cash flow and velocity effective organization to meet capital needs and ability incidental investment opportunities.