A Practical Guide to Corporate Finance: Breaking the by Christophe Thibierge, Visit Amazon's Andrew Beresford Page,

By Christophe Thibierge, Visit Amazon's Andrew Beresford Page, search results, Learn about Author Central, Andrew Beresford,

This booklet deals an approachable advisor to all key ideas inside company finance.

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FINANCIALESE The operating profit, therefore, is what is left of sales revenue after operating costs have been deducted and investment costs and asset depreciation have been spread over time. Finance costs include the interest payments on debt and any foreign exchange losses. Financial revenues may be earnings from (short-term) investments, foreign exchange earnings or earnings from shares held in other companies. The sum of these two lines is the net financial expense/income. Adding this figure to the operating profit above gives us pre-tax earnings, which therefore relate to the company’s ordinary activities, whether operational or financial.

Financial reports: careful; don’t get stung! First, my good friend, take a look at sales. Deduct the costs and there’s the profit. Other expenses you must take off it To find the bottom line and all that entails. But earnings are not entirely cash flow. We have to adjust for depreciation. Self-financing needs cash generation Lest the icy winds of bankruptcy blow. Meet the balance sheet: what an abstract maze! Sturdy assets, pitched against matching debt, Money to collect (but you won’t get it yet), Receivables you know – like cash with delays.

Well, you’ve got the idea, but that number is a little overestimated. In fact, the company hasn’t actually incurred all those expenses – for two reasons. First, accounts receivable also contain a profit margin, which is not an expense. To be perfectly rigorous, we would have to subtract the margin from our calculation. In the interests of keeping things simple, though, very few companies bother to do this. Second, the company may have incurred the expense, but luckily for us, it hasn’t paid everything yet.

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