國外某公司財(cái)務(wù)解讀手冊

國外某公

司財(cái)務(wù)解

讀手冊

TransparentFinancialReportingAnalysisManual

Contents

Chapter1Introduction

1.KaterMethodologies

2.AggregationMethodologies

3.Rate/VolumeConcept

4.Commentary

5.Roles&Responsibilities

Chapter2FormMSummary

Chapter3ForeignCurrencyReconciliation

Chapter4SalesReconciliation

1.Overview

2.PriceRealization

a.ForeignCurrency

b.PublishedPrice

c.SalesDiscount

d.Warranty

e.TransferYield

f.PhysicalSalesVolume

3.BasePeriodVariableMarginPercentage

4.VolumeImpactonMargin

Chapter5Mix

1.Overview

2.GeographicMix

3.Country/RegionMix

4.GeographicMixonTransfers

5.ProductMixImpactonSales

6.ProductMixbetweenProductLines

7.ProductMixwithinProductLines

a.RevenueSales

b.Non-revenusSalesandTransfers

Chapter6VariableCost

1.Overview

2.CostofSales

3.TransferIn/lnter-companyPurchases

4.InventoryAdjustments/RSSMS

5.OtherVariableCost

Chapter7PeriodCostofSales

1.Overview

2.PeriodCostsIncurred

3.PeriodCostsInventoryEffect

4.VariableMarginPercentage

Chapter8Parts

Chapter9PeriodSG&A/R&D

Chapter10OtherIncomeandExpense

Chapter11TheChunkChart

Chapter12ContactDetails

Chapter13Glossary(Analysis)

Chapter14Glossary(TFR)

2

InordertofullyleveragethebenefitsofTransparentFinancialReporting,acomprehensive

processforfinancialanalysiswasdeveloped.Theprinciplesofthisnewprocessare:

?Onetoolforallanalysisneeds—Allbusinessunit,productlineandconsolidated

analysiswillbeperfornedusingthisprocess

?Highlymechanical—Utilizingpre-populatedtemplatesandpre-definedcalculations,

manualinputintothemodelhasbeenminimized

?Mandatoryandconsistentmethodologies—Theprescribedmethodologiesfor

calculationsandaggregationmustbefollowedorthemechanicalprocesswillnot

provideaccurateandconsistentfinancialanalysis

KaterutilizestheFormMasthemodeltoexplainchangesinresultsbetweencomparison

periods.TheFormMexplainschangesinsalesandchangesinprofit.Majordriversofboth

ofthesechangesareillustratedintheoverallstructureoftheFomMdepictedbelow.

FormMStructure

TheprimaryfocusoffinancialanalysisatKateristoexplainactialresultsbothyearoveryear

andvs.plan,aswellasRBM(RollingBusinessManagement)forecasts.Belowisasummary

ofrelevantcomparisonperiods.

?YTDvs.YTD

?YTDvs.Plan

?Monthvs.Plan

?Qtrvs.Qtr

?RBMAnalysis(currentvs.prioryear,currentvs.futureyear,currentvs.plan)

Thisisnotanall-inclusivelis:ofanalysisrequirements.Forinstancetoprovethatcurrent

monthresultsdonotcontainsignificanterrorsitisnecessarytocomparecurrentmonthto

previousmonthactualresults.

TransparentFinancialReportingAnalysisManualA.doc,9/8/2006,11:23AM

ThefinaloutputoftheFormMisagraphicaldepictionofchangesinresultsforbothsalesand

corporateprofit.Thesechars,commonlyreferredtoaschunkcharts,areautomatically

createdandaregraphicalmodelsinherentintheFormM.

Sales&OperatingAccountableCorporate

RevenuesProfitProfitProfit

CurrentPeriod1,130,675198,714196,017169842

BasePeriod1,006,675174,962172,512146337

Change124,08207522050523ts05

303

B?ePc?5lWMiPW60XCCYMCalVrCaiR3XSG&AR4DRartsM網(wǎng)OTwXAlOtaCorpB^taiPoW

ProfitChunk

Sales&OperatingA:oointatieCorporate

F^enuesProfitProfitProfit

Current住irod1,130675198,714196,017169,842

BasePeriod1,(X6675174562172,512146,337

Chan?1240002375223,5062X505

SalesChunk

TheKaterfinancialanalysisprocessflowissummarizedinthefollowingparagraphsandthe

attachedflowchart.

Essbase:ThebackboneoftheanalysistoolisEssbase.Essbaseisaseriesofdatacubes

thatallowformanipulationofsignificantamountsofdata.Essbasecollectsdatafrommultiple

sourcesandpre-populatestheanalysistemplateswithdatanecessarytocompletetheForm

M.Afterthemonthlyclosingprocessiscomplete,actualdataisloadedfromtheAccountable

DataCubeswithintheGeneralLedgerSystem(GLS).Prioryearactualdata,businessplan

andRBMforecastdataareloadedviaRBMtemplates.Thefrontenduser-interfaceto

Essbaseisreferredtoas'Catalyst'：CatalystisanExceladd-inthatallowsuserstosendand

retrievedatatotheEssbasedatacubes.

BusinessUnitAnalysis:ThisanalysisiscompletedbytherelevantBusinessManager,

utilizingthepre-populatedtemplatesandsupplementalcalculationsasrequired.Business

UnitFormMSarealwayssubdividedbyProductLine(effectivelyallBusinessUnitswillhave

aFormMforeachProductLinetheysupportaswellasaConsolidatedBusinessUnitForm

M).CommentarytosupporttheBusinessUnitanalysisisrequiredaswell.Oncecompleted

BusinessUnitanalysisissubmittedintoEssbasetofacilitatethecreationofProductLine

FormMS.

ProductLineAnalysis:AfterallBusinessUnit(aswellasbyProductLinewithinBusiness

Unit)analysisiscomplete,EssbasecreatestheProductLineFormMD.TheBusinessUnit

thathousAStheGlobalProductManagerwillprovidecommentarytosupporttheProductLine

analysis.OncecompletedthisanalysisissubmittedintoEssbasetofacilitatethecreationof

theremainingstepsoftheProductUneCascade.

ProductCategoryandSub-LineofBusinessAnalysis:AftertheProductLineanalysisis

finalizedtheProductCategoryandSub-LineofBusinessanalysiswillbemechanically

generated.

PrincipalLineofBusiness:AtthePrincipalLineofBusinesslevelseveralCorporate

variancesthatarenotassignedatalowerlevelareaddedtotheanalysis;actualforeign

exchangegains/losses,actuarialgains/lossesonpensionassetsandLIFOvariances,etc.

ThesevariancesflowthroughtoConsolidatedanalysisaswellOnaforecastbasisthese

itemswillbeassignedbyCAS.

OverviewoftheTransparentFinancialReDortinaAnalysisprocess

Accountable

GLSDataCubes

ActualData

Replicaledto

Essbase

?

AGGREGATION-BusinessUnitFormM

ThecalculationsfortheBusinessUnitFormMcanbedividedintothreecategories:

1.AdditiveItems;

2.BusinessUnitCalculations;and

3.RecalculatedItems.

Groupingcalculationsintothesethreecategoriesfacilitatesachievingtransparencybetween

BusinessUnitanalysisandProductLineanalysis.Theseaggregationmethodologiesare

predefinedandcannotbedeviatedfrom.

AdditiveItems:Theseitems(seefigurebelow)fortheBusinessUnitFormMareadd-upsof

ProductLinecalculations.CaculationswillbecompletedattheProductLinewithinBusiness

UnitlevelandaddedtogethertoarriveattheBusinessUnittotal.

BusinessUnitCalculations:Theseitems(seefigurebelow)lortheBusinessUnitFormM

aretobecalculatedatanoverallBusinessUnitLevel.ThetotalBusinessUnitFormM

variancewillthenbesplitbytheBusinessUnitbetweentheProductUneswithintheBusiness

Unit.

RecalculatedItems:Thesumoftotalmarginimpactofphysicalsalesvolumeandmixfor

totalBusinessUnitandtotalProductLineswithinaBusinessUnitareequal.However,asyou

aggregatefromProductLineswithinaBusinessUnittototalBjsinessUnit,volumeandmix

mustberecalculated.TheformMcalculatesvolumeandmixbyProductLinewithin

BusinessUnit.ItthenrecalculatesvolumeataBusinessUnitlevel.Thedifferencebetween

theadditivevolumesoftheProductLinecalculationsandtheBusinessUnitcalculationis

definedasmixbetweenProductLines

BusinessUnitFormM(e.g.TTT)

PnccRcofcaloi

Pub的MdPrt?Chino?

SatesVarianceRateChang

TranstorVkild

ProductMIKImpacts

MixbyWarrancyCvnency

invonloryAd|ustmants.RSSr^￡

Transferein

PnnodCastsvobme

betwe&nProductUnee

BaaProfit|McFoa|OttoVartabieLabocBurdeti

OthefVsnabeCosts

rOperatingIncExpDthcr

InmmnACwpnnsn

CorpccalcBirdcnItems

AGGREGATION-ProductLineFormM

ThecalculationsfortheProductLineFormMarefullymecharical,basedonBusinessUnit

inputs,andtheycanbedividedintotwocategories:AdditiveItemsandProductLine

Calculations.Groupingcaculationsintothesetwocategoriesfacilitatesachieving

transparencybetweenBusinessUnitanalysisandProductLineanalysis.

AdditiveItems:Theseitems(seeFigurebelow)fortheProductLineFormMareconsidered

tobeadd-upsoftheProductLinepiecescalculatedintheBusinessUnitFormMprocess.

EachProductLineisfedFormMdataviaEssbasefromoneormoreBusinessUnits.The

variancesinthelistbelowfortheProductLineFormMareasimmationofthevariancesfed

fromtheBusinessUnitFormMs.

ProductLineCalculations:Volume,GeographicMix,andMixwillbecompletedatan

overallProductLinelevel,qIProductLinecalculationsareperformedmechanicallywithin

theFormM.

ProductLineFormM(e.g.LTT)

PriceRealizationPublished

PriceChangeSales

VarianceRateChange

ProductMixImpactonSales

GeographicMix

Countryi'RegionMix

OtherSalesVar.RateChanje

TransferYieldVdume

CurrencyMixMix

byModelGeographicMix

Warranty

PeriodCosts

Matenai

TransfersIn

VariableLabor.'Burden

OtherVariableCostsInventcry

Adjustment^RSSMSPaM

Profit(McFee)

OtherOperatinglnc,'Exp

OtherIncome&Expense

—.CorporateBurdenItems

Additive

Items

ProductLineFormMw/inBusinessUnit(e.g.LTTw/inLACD)

ProductLineFormMw/inBusinessUnit(e.g.LTTw/inNACD)

ProductUneFormMw/inBusinessUnit(e.g.LTTw/inTTT)

Vdume

Mix

GeographicMix

Volume

Mix

GeographicMix

OtherIncome&E<pen$e

CdnxHate-BunierItems_____

ForpurposesofvariablemarginanalysistheFormMseparatestotalsalesandmargin

betweenrateandphysicalsalesvolume.

TheillustrationbelowusingsampledatahighlightstherateA/olumeconcept.

IlliietroticrrRatmVchimaCcncapt

Netsales&transfers-base1,000

Netsales&transfers-current1.200

Totalnetsales&transferschange200

less-

Currencymovements(20)

Publishedpricechanges50

Satesdiscountchanges10PriceRealization

Warranty

Physicalsalesvolumechange

Rateofgrowthofphysicalsalesvolume13%?{Physicalsalesvolume

change*(base：Netsales

&iransfers:100)

Marginchange

BasePeriodCurrentPeriod

P&LP&LChange

Netsales&transfers1.0001.200200

Actualvariablecosts(700)(850)—0521

300350

Basemargin30%

Therefore,changeincostduetochangeinphysicalsalesvolumemustbe?

Physicalsalesvolumechange130

Costsas%ofnetsales&transfers(base)(100^-oastmargin,30%)

Qiar>geinvariablecostsdueto

physicalsalesvolumechange

Grossvariabiecosts-baseperiod

Grossvariablecosts-currentperiod

Totalvariablecostsvariancevolumechange(91)

Remairingcost(59)

(150)

CostAssumption:

8aseCurrent

Variablecosts700850

Variablecost$-flexed700>791basedon*13%changemphysicalsalesvolume

Changeinvariablecostsduetoratechanges(59)[791850]

Thisisasimplifiedexampletoillustratetherate/volumeconceotonly.Forexample,mixis

assumedtobeneutralforeaseofillustration.

Theexampleaboveshowshowachangeinmargincanbeseparatedbetweenrateand

physicalsalesvolume.Thetotalchangeinmarginis$50(favorable)resultingfroma$200

favorablechangeinsalesanda$150increaseinassociatedcos:s.

Atthesaleslevel,thechangeinphysicalsalesvolumeis$130:favorable).Theremainderis

duetocurrency,publishedprice,salesdiscountsandwarranty.TheSalesReconchapter

containsfurtherdetailsonthisarea.

Oncosts,thevarianceresultingfromtheincreaseinphysicalsalesvolumeisa$91increase

incostsandtheratevarianceis$59(unfavorable).SeetheVariableCostchapterformore

details.

TheFormMprovidessignificantinformationonperiod-to-periodchangebutdoesnotprovide

thecompletestory.CriticaltosupportingtheFormMisthebusinesscommentaryprovided

byBusinessUnitsforbothBusinessUnitandProductLineresults.Thiscommentary

providestherootcausesorbusinessreasonswhichdrivetheFormMvariances.The

commentaryshouldprovideinsightthatisnotevidentthroughthenumbers.BusinessUnit

commentarywillbeutilizedbyCorporateAccounting(CAS)asthebasisforresults

explanationsthatwillbeprovidedtotheAdministrativeCouncil,ExecutiveOfficeandthe

BoardofDirectorsaswellasforourexternalresultscommunicatons.

Example1:

Insufficient:

"SG&Adecreasedby$1million"

Sufficient:

"SG&Alaborcostdecreased$4milliondueto6Sigma-drivenheadcountreductionof40

headsinprocessX.ThiswaspartiallyoffsetbyincreasedlocalPINSICPmetricof$2,000

(baseperiodfactorof0.9v.currentperiodfactorof1.0)andincreasedspendingof$1,000on

consultingrelatedtoProjectY.*'

Example2:

Insufficient:

"Salesdiscountsincreasedby2%"

Sufficient:

"MarketpriceactionsfromcompetitorXwereresultinginsignificantPINSlosses.Sales

programAwaslaunchedonApril1,200XtoregainlostPINS;thisprogramwillexpireon

June30,200Xandwewillreassessthesituationatthattime."

TheFormMisthemechanismforBusinessUnitstoprovidecommentaryforbothBusiness

UnitandProductLineresults.

Inordertoenablethishighlymechanized,disciplinedapproachtofinancialanalysis,thereare

clearlydefinedrolesandresponsibilities.

BusinessUnitAnalysis:BusinessManagersareaccountableforperformingBusinessUnit

analysisandprovidingcommentaryusingthemethodologydescribedinthismanual.Asthe

entireprocess(BusinessUnitthroughConsolidatedResultsAnalysis)ishighlydependenton

manydifferentactions,BusinessManagersarealsoresponsibletoensureallduedatesare

met.

ProductLineAnalysis:AlthoughProductLineFormMsarecompletedmechanically,

commentarytosupporttheanalysiswillberequired.BusinessManagersthatsupporta

GlobalProductManagerareresponsibleforcompletingthiscommentaryandmeetingall

necessaryduedates.

Inter-companytransactions:Anecessarystepinconsistent,mechanicalanalysisisto

ensurealltransferyieldandtransfercostvariancesbalance.Inorderforthistooccur,itis

necessaryforonesideofeachtransactiontohaveaccountabiityforinputintotheFormM.

ComponentProductLinesareresponsibleforpopulatingtheTransferPriceIndicesforallof

theirrespectivetransfers.MarketingBusinessUnitsareresponsibleforpopulatingthe

TransferPriceIndicesforalloftheirrespectiveinter-companypurchases.

ThenextthreepagescontainamoredetailedviewoftheFormMwithsummarylevel

definitionsofeachmajorlineitem.

Thesectiononthispageexplansthesales&transfersimpact.

NOTES

SALES&TRANSFERSIMPACTSales&TransfersNetSales&TransfersChange:thetotal

changeinsales,representedbythe

differencebetweencurrentperiodsalesand

CurrentPeriodSales$1,130,675baseperiodsales.SeeCh4.

BasePeriodSales1,006,675

Change$124,000PriceRealization:includestheimpactof

_changesinpublishedprice,salesdiscounts,

country/region,geographicandproductmix

PriceRealization20,865(currencyneutral).SeeCh4,Section2.

TransferYield130

TransferYield:theimpactfromchangesto

Warranty(4.325)theinternaltransferprices(currency

Currency4,950neutral).SeeCh4,Section2.e.

PartsTransfers(McFee)5,000

Warranty:theimpactfromchangesin

PhysicalSalesVolumeChange$97,380warrantycosts(currencyneutral).See

Ch4,Section2.6.

Currency:thenetimpactonthecurrent

salesvaluefromcurrencymovements.See

Ch4,Section2.a.

PartsTransfer(McFee):thedifferential

betweenbaseandcurrentP&Lvalues.Ses

Ch9.

PhysicalSalesVolumeChange:

representsthecurrencyneutralizedchange

insaleswiththeimpactfrompublished

price,salesdiscountrate,transferyield,

warrantyandpartstransferstoMPCs

removed.SeeCh4,Section2.f.

ThesectiononthispageexplanstheBusinessUnitviewofcorporateprofitimpact.

Total

NOTES

Corporate

CORPORATEPROFITIMPACTProfit/(Loss)CorporateProfitChange:thedifferenceh

corporateprofitbetweenthecurrentand

CurrentPeriodCorporateProfit!(Loss)$170,308baseP&Lvalues(currencyneutral).

BasePeriodCorporateProfit/(Loss)146,372SeeCh4.

Change$23,936Sales&TransfersVolume:thevariable

marginimpactexplainedbythechangein

physcalsalesvolume(currencyneutral).

Volume,Price/Mix:SeeCh4,Section4.

Sales&TransfersVolume41,759

PriceRealization:includestheimpactof

PriceFteafization20,865changesinpublishedprice,salesdiscounts,

TransferYield130country/region,geographicandproductmix

Warranty-Policy(575)(currencyneutral).SeeCh4,Section2.

Warranty-Standard(3,750)TransferYield:theimpactfromchangesto

Mx-BetweenProductLines5,244theinternaltransferprices(currency

Mx?WithinProductLines(bymodel)(6.200)neutral).SeeCh4,Section2.e.

Warranty:theimpactfromchangesin

warrantycosts(currencyneutral).See

ManufacturingCost:Ch4Section2.d.

VariableCostMix—BetweenProductLines:represents

Material(ExternalSuppliersOnly)(4,074)theimpactonvariablemargin(basevs.

currentperiod)drivenbyProductLine

Transfersin/IntercompanyPurchasesCostVariance(2,992)

weightingofsalesandtransfersasa

VariableLaboriBurden(2,689)percentageoftotalBusinessUnitsalesanc

Inv.Adj：s/RSSMs-transfers.SeeCh5,Section7.

OtherVariableCost127

Mix-WithinProductLines:represents

theimpactonvariablemargin(basevs.

ManufacturingPeriodCostofSalescurrentperiod)drivenbymodelweightingof

PeriodCostIncurred(13,629)salesandtransfersasapercentageoftota

PeriodCostinventoryeffect_________730_ProductLinesalesandtransfers.SeeCh5,

Section6.

TotalManufacturingCost(22,527)

VariableCosts:representstheimpactof