notes for fm

8/3/2019 Notes for FM

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Leverage: Meaning:

Capital structure decisions aims at determining the types of funds a company should seek tofinance its investment opportunity and the preparation in which these funds should be raised. The

term capital structure is used to represent the proportionate relationship between the various

long-term forms of financing such as debentures, long term debts, preference share capital andequity share capital.

Capital Structure and Leverage:

Leverage is the action of a lever or the mechanical advantage gained by it; it also means

effectiveness or power. The common interpretation of leverage is derived from the use ormanipulation of a tool or device termed as lever, which provides a substantive clue to the

meaning and nature of financial leverage.

When an organization is planning to raise its capital requirements (funds), these may be raised

either by issuing debentures and securing long term loan 0r by issuing share-capital. Normally, acompany is raising fund from both sources. When funds are raised from debts, the Co. investorswill pay interest, which is a definite liability of the company. Whether the company is earning

profits or not, it has to pay interest on debts. But one benefit of raising funds from debt is that

interest paid on debts is allowed as deduction for income tax. When funds are raised by issue ofshares (equity) , the investor are paid dividend on their investment. Dividends are paid only

when the Company is having sufficient amount of profit. In case of loss, dividends are not paid.

But dividend is not allowed as deduction while computing tax on the income of the Company. In

this way both way of raising funds are having some advantages and disadvantages. A Companyhas to decide that what will be its mix of Debt and Equity, considering the liability, cost of funds

and expected rate of return on investment of fund. A Company should take a proper decision

about such mix, otherwise it will face many financial problems. For the purpose of determinationof mix of debt and equity, leverages are calculated and analyzed.

Capital Structure and Financial Structure Distinguished

In finance literature one often finds the terms capital structure and financial structure used

interchangeably. Capital structure of firm represents the proportionate relationship between thevarious long-term forms of financial while financial structure refers to the way the companysassets are financed. It is the entire left hand side of the balance sheet, i.e., long term and short

term sources of funds. Thus, a firm capital structure refers to the permanent financing pattern and

is only a part of its financial structure. An analysis of capital structure involves the use of

financial leverage factor.

Concept of Financial Leverage

Leverage may be defined as the employment of an asset or funds for which the firm pays a fixed

cost or fixed return. The fixed cost or return may, therefore be thought of as the full annum of a


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lever. Financial leverage implies the use of funds carrying fixed commitment charge with the

objective of increasing returns to equity shareholders. Financial leverage or leverage factor isdefined, as the ratio of total value of debt to total assets or the total value of the firm. For

example, a firm having a total value of Rs. 2,00,000 and a total debt of Rs. 1,00,000 would have

a leverage factor of 50 percent. There are difficult measures of leverage such as.

i. The ratio of debt to total capitalii. The ratio of debt to equity

iii. The ratio of net operating income (earning before interest and taxes) to fixed charges)The first two measures of leverage can be expressed either in book v8lue or market value

the debt of equity ratio as a measure of financial leverage is more popular in practice.

Risk & Financial Leverage:

Q. Risk increases proportionally with financial leverage. Refute this statement withsuitable reasons. (Jan. 01)

Effects of financial Leverage: The use of leverage results in two obvious effects:

i. Increasing the shareholders earning under favorable economic conditions, andii. Increasing the financial risk of the firm. Suppose there are two companies each having a

Rs. 1,00,000 capital structure. One company has borrowed half of its investment while

the other company has only equity capital: Both earn Rs. 2,00,000 profit. The ratio of

interest on the borrowed capital is 10%and the rate of corporate tax 50%. Let us calculate

the effect of financial leverage, both in the shareholders earnings and the Companys

financial risk in these two companies.

(a) Effect of Leverage on Shareholders Earnings:

Company

A

Rs.

Company

B

Rs.Profit/ Earnings before Interest

and Taxes

2,00,000 2,00,000

Equity 10,00,000 5,00,000

Debt - 5,00,000

Interest (10%) - 50,000Profit after interest but before

Tax

2,00,000 1,50,000

Taxes @ 50% 1,00,000 75,000

Rate of return on Equity of Company A Rs. 1,00,000/Rs. 10,00,000 = 10%Rate of return on Equity of Company B Rs. 75,000/Rs. 5,00,000 = 15%


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The above illustration points to the favorable effect of the leverage factor on earnings of

shareholders. The concept of leverage is 5 if one can earn more on the borrowed money that it

costs but detrimental to the man who fails to do so far there is such a thing as a negative leverage

i.e. borrowing money at 10% to find that, it can earn 5%. The difference comes out of theshareholders equity so leverage can be a double-edged sword.

(b) Effect of Leverage on the financial risk of the company: Financial risk broadly defined

includes both the risk of possible insolvency and the changes in the earnings available to equity

shareholders. How does the leverage factor leads to the risk possible insolvency is self-explanatory. As defined earlier the inclusion of more and more debt in capital structure leads to

increased fixed commitment charges on the part of the firm as the firm continues to lever itself,

the changes of cash insolvency leading to legal bankruptcy increase because the financial

charges incurred, by the firm exceed the expected earnings. Obviously this leads to fluctuationsin earnings available to the equity shareholders.

Relationship: Financial and Operating leverage:

Relationship between financial and operating leverage: In business terminology, leverage isused in two senses: Financial leverage & Operating Leverage

Financial leverage: The effect which the use of debt funds produces on returns is called

financial leverage.

Operating leverage: Operating leverage refers to the use of fixed costs in the operation of thefirm. A firm has a high degree of operating leverage if it employs a greater amount of fixedcosts. The degree of operating leverage may be defined as the percentage change in profit

resulting from a percentage change in sales. This can be expressed as:

= Percent Change in Profit/Percent Change in Sales

The degree of financial leverage is defined as the percent change in earnings available to

common shareholders that is associated with a given percentage change in EBIT. Thus, operating

leverage affects EBIT while financial leverage affects earnings after interest and taxes the

earnings available to equity shareholders. For this reason operating leverage is sometimes

referred to as first stage leverage and financial leverage as second stage leverage. Therefore, if afirm uses a considerable amount of both operating leverage and financial leverage even small

changes in the level of sales will produce wide fluctuations in earnings per share (EPS). The

combined effect of both these types of leverages is after called total leverage which, is closely

tied to the firms total risk.


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RATIO ANALYSIS

Ratio Analysis is a form of Financial Statement Analysis that is used to obtain a quick indication

of a firm's financial performance in several key areas. The ratios are categorized as Short-term

Solvency Ratios, Debt Management Ratios, Asset Management Ratios, Profitability Ratios, andMarket Value Ratios.

Ratio Analysis as a tool possesses several important features. The data, which are provided by

financial statements, are readily available. The computation of ratios facilitates the comparisonof firms which differ in size. Ratios can be used to compare a firm's financial performance with

industry averages. In addition, ratios can be used in a form of trend analysis to identify areas

where performance has improved or deteriorated over time.

Because Ratio Analysis is based upon Accounting information, its effectiveness is limited by thedistortions which arise in financial statements due to such things as Historical Cost Accounting

and inflation. Therefore, Ratio Analysis should only be used as a first step in financial analysis,

to obtain a quick indication of a firm's performance and to identify areas which need to be

investigated further.

What is fund flow statement? Why, how and when it prepared?

Financial statements do not give the complete financial information. These statements give the

information of funds on a particular date. The purpose of preparation of fund flow statements is to

know about from where funds are coming and where being invested. The funds flow statements is

generally prepared from the data identifiable and profit and loss account and balance sheets. Fund flow

statement is also called as sources and application of funds. It shows the detail of funds business

received from sources and the amount of funds the business used for different purposes in the year.

Acc. To FOURLKE, A statement of sources and application of funds, is a technical advice designed to

highlight the changes in financial position of business enterprise between two dates.

Why fund flow statement is prepared?


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Financial statements do not give the complete financial information. The purpose of preparation of fund

flow statements is to know about from where funds are coming and where being invested. It discloses

the funds at the end of one period of time to the end of another period of time. It provides the useful

additional information, not covered by financial statements. The funds flow statement is prepared from

data generally identifiable and profit and loss account, balance sheet and related notes. Te another

important need of fund flow statement is that income statement and balance sheet does not provide

full and needed information. Income statement is restricted to the limited transactions regarding goods

and services to customers. The balance sheet also gives the detail of assets and liabilities of the

business. There are few other reasons to prepare fund flow statement:

1. It explains the financial consequences of business operations: Fund flow statementgives answer to following conflicting situations.

a) How the business could have good liquid position in spite of business makingloses or acquisition of fixed assets?

b) Where have the profits gone?c) How a business can earn more and more profits.

2. It answers intricate queries:a) How much fund is generated from normal business operations?b) What are the sources of repayment of loans?c) How to utilize the funds up to optimum level?

3. It acts as an instrument for allocation of resources.4. It is a test of effectiveness in use of working capital.

How and when to prepare fund flow statements?

There are different transactions, which can make change in flow of funds and vice versa.

Firstly those transactions which can make a change in flow of funds.

1. Transactions that effect current and fixed assets. A transaction, which changesthe balance of current assets and fixed asset, will make a flow of funds.

2. Transactions effecting current assets and non-current liabilities. When atransaction effects a change in current asset and non-current liability, it will

result in flow of funds.

3. Transactions effecting current liability and non-current assets. All thosetransactions, which involve current liabilities and non-current assets, will result

in flow of funds.4. Transactions effecting current liability and non-current liability: when there

will be change in current liability and non-current liability will result in flow of

funds.

Transaction not effecting funds.


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1. If transaction effect accounts of current category only: All those transactionwhich effect the current assets or current liabilities only will never result into

flow of funds.

2. If transaction effect non current accounts only. There will be no change in flowof funds, if a transaction affects accounts of non-current category only.

Schedule of changes in working capital:When there will be a change in current assets and current liabilities of the firm then that change is

covered under schedule of changes in working capital. This is the first step of fund flow statement. So

this particulars statement records only change in current assets and current liabilities of the business. By

current assets we mean cash and other assets, which are easily converted into cash by normal course of

business. By current liabilities we mean which are paid out in short span of time for e.g. creditors, bills

payable, bank overdraft etc. the schedule of changes in working capital is prepared by recording current

assets and liabilities at the beginning and at the end of the period. If a current asset is more in current

year in comparison to previous year then difference is recorded in the increase column and vice versa. If

a current liability is more in current year than the previous year the difference is recorded in decrease

side.

Performa of Schedule of changes in working capital:

Particulars 2005 2006 Increase Decrease

Current assetsStock

Debtors

Cash and bank

Current liabilitiesBills payable

Creditors

Bank overdraft

Total liabilities

Working capital

Increase/Decrease in

working capital


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Preparation of funds flow statement:

In order to prepare fund flow statement, it is necessary to find out the sources and application of funds.

Sources of funds:

a) Internal sources: funds flow from operations is the only internal source of funds. The following

adjustments will be required in net profit for calculating true funds from operations.

Add.

Depreciation on fixed assets

Preliminary expenses or goodwill written off.

Transfer to general reserve

Provision for taxation and proposed dividend.

Loss on sale of fixed assets.

Less.

Profit on sale of fixed assets

Profit on revaluation of fixed assets.

Dividend received or accrued dividend.

b) External sources

Funds from long term loan

Sale of fixed assets

Funds from increase in share capital.

Applications of funds.


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Purchase of fixed assets

Payment of dividend

Payment of fixed liabilities

Payment of tax liability.

Performa of funds flow statementSources o funds Amount Application of funds Amount

Issue of shares

Issue of debentures

Long-term borrowings

Sale of fixed assets

Operating profit*

Decrease in working capital*

Redemption of redeemable

preference shares

Redemption of debentures

Payment of long-term loans

Purchase of fixed assets

Operating loss*

Increase in working capital*


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Cash flow statement

Infinancial accounting, a cash flow statement, also known asstatement of cash flows or

funds flow statement,[1]

is afinancial statementthat shows how changes inbalance sheet

accounts and income affectcash and cash equivalents, and breaks the analysis down to

operating, investing, and financing activities. Essentially, the cash flow statement is concernedwith the flow of cash in and cash out of the business. The statement captures both the current

operating results and the accompanying changes in thebalance sheet.[1]

As an analytical tool,the statement of cash flows is useful in determining the short-term viability of a company,

particularly its ability to pay bills. International Accounting Standard 7 (IAS 7), is the

International Accounting Standardthat deals with cash flow statements.

People and groups interested in cash flow statements include:

Accounting personnel, who need to know whether the organization will be able to cover payrolland other immediate expenses

Potentiallendersorcreditors, who want a clear picture of a company's ability to repay Potentialinvestors, who need to judge whether the company is financially sound Potential employees or contractors, who need to know whether the company will be able to

afford compensation

Shareholdersof the business.Purpose

Statement of Cash Flow - Simple Example

for the period 01/01/2006 to 12/31/2006

Cash flow from operations $4,000

Cash flow from investing ($1,000)

Cash flow from financing ($2,000)

Net cash flow $1,000

Parentheses indicate negative values

The cash flow statement was previously known as the flow of Cash statement.[2]

The cash flow

statement reflects a firm's liquidity.

The balance sheet is a snapshot of a firm's financial resources and obligations at a single point in

time, and the income statement summarizes a firm's financial transactions over an interval oftime. These two financial statements reflect theaccrual basis accountingused by firms to match

revenues with the expenses associated with generating those revenues. The cash flow statement

includes only inflows and outflows of cash and cash equivalents; it excludes transactions that donot directly affect cash receipts and payments. These non-cash transactions include depreciation
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or write-offs on bad debts or credit losses to name a few.[3]

The cash flow statement is acash

basisreport on three types of financial activities: operating activities, investing activities, andfinancing activities. Non-cash activities are usually reported in footnotes.

The cash flow statement is intended to[4]

1. provide information on a firm'sliquidityandsolvencyand its ability to changecash flowsinfuture circumstances

2. provide additional information for evaluating changes in assets, liabilities and equity3. improve the comparability of different firms' operating performance by eliminating the effects

of differentaccounting methods

4. indicate the amount, timing and probability of future cash flowsThe cash flow statement has been adopted as a standard financial statement because it eliminates

allocations, which might be derived from different accounting methods, such as varioustimeframes for depreciating fixed assets.[5]

Cash flow activities

The cash flow statement is partitioned into three segments, namely: 1) cash flow resulting from

operating activities; 2) cash flow resulting from investing activities;and 3) cash flow resultingfrom financing activities.

The money coming into the business is called cash inflow, andmoneygoing out from thebusiness is called cash outflow.

Operating activities

Operating activities include theproduction,salesand delivery of the company's product as well

as collecting payment from its customers. This could include purchasing raw materials, building

inventory, advertising, and shipping the product.

Under IAS 7, operating cash flows include:[11]

Receipts from the sale of goods or services Receipts for the sale of loans, debt or equity instruments in a trading portfolio Interest received on loans Dividends received on equity securities Payments to suppliers for goods and services Payments to employees or on behalf of employees Interest payments (alternatively, this can be reported under financing activities in IAS 7, and

US GAAP)

Items which are added back to [or subtracted from, as appropriate] the net income figure (which

is found on the Income Statement) to arrive at cash flows from operations generally include:
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Depreciation(loss of tangible asset value over time) Deferred tax Amortization(loss of intangible asset value over time) Any gains or losses associated with the sale of a non-current asset, because associated cash

flows do not belong in the operating section.(unrealized gains/losses are also added back

from the income statement)

Investing activitiesExamples of Investing activities are

Purchase or Sale of an asset (assets can be land, building, equipment, marketable securities,etc.)

Loans made to suppliers or received from customers Payments related to mergers and acquisitionsFinancing activities

Financing activities include the inflow of cash frominvestorssuch asbanksandshareholders, aswell as the outflow of cash to shareholders asdividendsas the company generates income. Other

activities which impact the long-term liabilities and equity of the company are also listed in thefinancing activities section of the cash flow statement.

Under IAS 7,

Proceeds from issuing short-term or long-term debt Payments of dividends Payments for repurchase of company shares Repayment of debt principal, including capital leases For non-profit organizations, receipts of donor-restricted cash that is limited to long-termpurposesItems under the financing activities section include:Dividendspaid

Sale or repurchase of the company'sstock Netborrowings Payment of dividend tax

Disclosure of non-cash activitiesUnder IAS 7, non-cash investing andfinancing activities are disclosed in footnotes to the financial statements. Under US General

Accepted Accounting Principles (GAAP), non-cash activities may be disclosed in a footnote orwithin the cash flow statement itself. Non-cash financing activities may include

[11]

Leasing to purchase an asset Converting debt to equity Exchanging non-cash assets or liabilities for other non-cash assets or liabilities Issuing shares in exchange for assets
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notes for fm

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