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Financial statements finanicial-statements (Where to obtain them?…

- - - - tax liability
  - - - Write off (depreciate)
      - New investments
      - Government oolicies
    - - Setting money for futures
- - - - TSE, NYSE, NASDQA
      - Obliged to regulators
        
        Public officials
      - Protected against unethical behavior
      - Easy to obtain data
  - - - Annual
    - - Company's head office
      - Business library
      - Online
        
        "About us"
        
        "Information for investors"
        
        Line repositories
        
        SEDAR (Canada)
        
        EDGAR (US)
  - - - Position
      - Location
      - Business
  - - - Shareholders
      - Compensation of directors
      - Executives
    - - Total return
      - Dividends
      - Share price
- - - - Mailed to shareholders
        
        With the annual report
        
        Found in
        
        SEDAR
        
        EDGAR
  - - - Newspapers
      - Listed on
        annual reports
        
        Published by
        
        Globe and Mail
        
        The Toronto Star
        
        Other business publications
  - - - Stock options
        
        purchase at a pre-set price.
        
        Can change wit share prices
        
        Value depends
        
        actual current trading price
        
        “hit price”
        
        Executive exercise
        
        Controversy
        
        stock market,
        
        Not own coffers
- - - - Over a certain period of time
    - - Measures only
        actual
        
        Inflows of dollars
        
        Outflows of dollars
      - More accurate
        
        Actual money raised
    - - Are + interested in this
        
        To be
        sure it has
        enough funds
  - - - How money
        was raised
        
        Cash generated
        
        Net after tax profit
        
        For example
        
        ENG: Depreciation
        
        SPA: Depreciación
        
        Adjusted for any noncash
        revenues
        
        Bottom line
        
        How much
        actual money
        
        In previous period
        
        Cash provided by financing
        activities
        
        Raised
        from financial markets
        
        For example
        
        ENG: New loans
        
        SPA: Nuevos préstamos
        
        ENG: New equity
        
        SPA: Nuevo capital
        
        Less costs
        associated
        
        *Negative sign
        
        Regular dividend payout
        
        To shareholders
    - - Money “spent” on
        incremental
        investments
        
        Cash used in
        investing activities
        
        Such as
        
        ENG: Acquisition
        
        Spa: Adquisición
        
        SPA: Flujo de fondos
        después de inversiones
- - - - Operating
        
        Day-to-day operations
        
        Wages
        
        Salaries
        
        Benefits
        
        Supplies
        
        Cost of sales
    - - Annual incoming flow
    - - Revenues minus direct operating expenses
      - Before overhed costs
        
        Interest expenses
        
        R&D
    - - Interest costs
        
        Cash payments
        
        Banks
        
        Lenders
      - Depreciation
        
        "Imaginary" charge
        
        Waring out current status
    - - Payouts
        
        Layoffs
        
        Downsizing
    - - Before taxes
      - "Final" net income
- - - - Calculated
        
        Comparison between
        
        Executive salaries
        
        Worker salaries
      - Estimate directly
        
        If on income statement
        
        total labour costs
        
        average total employment
    - - net income
        
        paid out to shareholders
        
        on a quarterly basi
      - reported on
        
        cash flow statement
        
        historical statistical summary
      - ENG: Yield
      - SPA: Rendimiento
    - - share of
        
        net income
        
        not disbursed to shareholders
        
        In form of dividends
        
        But retained inside
        
        for future investments
        
        rather than
        
        paid out to shareholders
- - - - Current
        
        Cash
        
        Liquidfinacial account
        
        inventories
      - Fixed
        
        Accumulated purchases
        
        Property
        
        Equipment
    - - Current
        
        Payable accounts
        
        Debts
        
        Interests
        
        Less than a year
      - Long-run
        
        Longer than a year
    - - Assets minus liability
      - Net worth
        
        initial equity funds
        
        Cumulative retained earnings
      - Bankruptcy
        
        Negative shareholder's equity
- - - - the company is doing well
      - or not
  - - - net income measured as
        
        a share
        of its revenue
        
        operating margin
    - - net income measured as
        
        % of its capital stock
        
        many ways of measuring
        
        Return on capital
        
        for the collective of
        investors
        
        supplied with capital
        
        2 more items...
        
        core profitability of capital
        
        analysing the distribution
        
        1 more item...
        
        Return on equity
        
        net income divided by
        
        shareholder’s equity
        
        shows return
        
        generated for its ultimate
        owners
        
        always expressed in
        after-tax terms
        
        exceed return on capital
        
        1 more item...
    - - how much of assets
        
        owned by
        its actual shareholders
        
        owed to banks or other lenders
    - - to shareholders
        
        total rate of return
        
        financial
        investor received by
        
        purchasing shares
      - It equals
        
        rise (or fall)
        in the market value of that share
        
        plus the value of dividends
        received
    - - a way of capturing
        
        whether
        
        company is
        viewed favourably
        
        by financial markets
      - ratio of
        
        share price
        
        to current annual level of
        net income
        
        expressed on a per share basis
      - fluctuate every day
    - - average production per employee
      - useful to contrast
        
        growth of productivity
        
        with growth of employee compensation
      - can be measured
        
        physical terms
        
        For example
        
        vehicles assembled per worker
        
        available passenger miles flown per worker
        
        value terms
        
        For example
        
        sales per employee
        
        valueadded per employee
      - Calculate by
        
        dividing the company’s data
        
        on total “production”
        
        by average total employment
      - compare
        
        growth of physical productivity
        
        to the growth of real earnings
    - - measuring changes
        
        in relationship between
        
        wages
        
        productivity
      - by dividing
        
        total labour costs
        
        by total revenue
      - to indicate
        
        proportion of each dollar’s worth
        
        of output that is “eaten up” by labour