Gastvortrag Dr. Thomas Ernst
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Financial Intelligence „Financial Literacy“ Dr. Thomas Ernst, Hewlett-Packard GmbH – – – – – – 1 Welche Unternehmenskennzahlen gibt es? Was bedeuten sie? Wie kommen sie zustande? Wie hängen sie zusammen? Welche Rolle spielen sie bei Entscheidungen? Wieso ist das wichtig für Ingenieure? © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Thomas Ernst Dipl. Inform, Dr.rer.nat MBB (heute EADS) – Softwareingenieur FAW Ulm (Forschungsinstitut für anwendungsorientierte Wissensverarbeitung) Fertigungssteuerung – Fabriksimulation – Hewlett-Packard Consulting & Systemintegration – HP Software – Global Account Manager Robert Bosch – 2 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Income Statement „Gewinn & Verlustrechnung“, „Profit & Loss Statement“ Revenue Operating Expenses Capital Expenses Accruals Depreciation Net profit Cost of Goods Sold Goodwill Cash 3 Allocations ROI © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. EBIT Income Statement „Gewinn & Verlustrechnung“, „Profit & Loss Statement“ Revenues Cost of Goods Sold Gross Profit Expenses Taxes Net Profit €100 50 50 30 5 15 © Copyright © Copyright 2012 2012 Hewlett-Packard Hewlett-Packard Development Development Company, Company, L.P. The L.P.information The information contained contained hereinherein is subject is subject to change to change without without notice.notice. 4 Income Statement „Gewinn & Verlustrechnung“, „Profit & Loss Statement“ Revenues Cost of Goods Sold Gross Profit Expenses Depreciation Taxes Net Profit €100 50 50 30 10 5 5 © Copyright © Copyright 2012 2012 Hewlett-Packard Hewlett-Packard Development Development Company, Company, L.P. The L.P.information The information contained contained hereinherein is subject is subject to change to change without without notice.notice. 5 © Copyright © Copyright 2012 2012 Hewlett-Packard Hewlett-Packard Development Development Company, Company, L.P. The L.P.information The information contained contained hereinherein is subject is subject to change to change without without notice.notice. 6 Income Statement „Gewinn & Verlustrechnung“, „Profit & Loss Statement“ Income statement matcht den Umsatz mit den damit verbundenen Kosten in einer bestimmten zeitlichen Periode (Monat, Quartal, Jahr). Das Income Statement mißt, ob die Produkte und Dienstleistungen einer Firma profitabel sind unter Berücksichtigung aller Kosten. © Copyright © Copyright 2012 2012 Hewlett-Packard Hewlett-Packard Development Development Company, Company, L.P. The L.P.information The information contained contained hereinherein is subject is subject to change to change without without notice.notice. 7 Balance Sheet „Bilanz“ Die Bilanz (Balance Sheet) zeigt, was eine Firma besitzt und was sie schuldet. Die Differenz ist das Eigenkapital (Equity) Wann ist eine Firma solvent? Wann ist eine Firma liquide? Steigt das Eigenkapital über die Zeit? 8 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Balance Sheet 9 Assets (Aktiva) Liabilities (Passiva) Cash Accounts Receivable Inventory PPE (Property, Plant, Equipment) Goodwill Intangibles (e.g. Patents) Long-Term Debt Short-Term Loans Accounts Payable Accrued Expenses Equity © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. © Copyright © Copyright 2012 2012 Hewlett-Packard Hewlett-Packard Development Development Company, Company, L.P. The L.P.information The information contained contained hereinherein is subject is subject to change to change without without notice.notice. 10 11 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Income Statement & Balance Sheet Handshake… Balance Sheet Shareholder’s Equity includes Retained Earnings. Dividends are paid “out of” Retained Earnings 12 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Income Statement Net Income is “closed out” into the Retained Earnings “bucket” every year. Cash Flow „Cash is king“ Cash vs Profit Umsatz wird gebucht bei Lieferung, Cash Flow = Zahlungseingang Kosten des Income Statement beziehen sich auf den korrespondierenden Umsatz CAPEX (Investitionen in Sachanlagen) sind nicht im Income Statement 13 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. 14 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. 15 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Cash Flow „Profit without Cash“ X corp Umsatz Kosten Gross Profit Expenses Net Profit 16 Jan 20000 12000 8000 10000 (2000) Feb 30000 18000 12000 10000 2000 Mär 45000 27000 18000 10000 8000 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Cash Flow „Profit without Cash“ Annahme: Kunden zahlen nach 30 Tagen, X corp sofort 17 X corp Umsatz Kosten Gross Profit Expenses Net Profit Jan 20000 12000 8000 10000 (2000) Feb 30000 18000 12000 10000 2000 Mär 45000 27000 18000 10000 8000 Cash: AR: (22000) 20000 (30000) 30000 (37000) 45000 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Cash Flow „Cash without Profit“ Y corp Umsatz Kosten Gross Profit Expenses Net Profit 18 Jan 50000 35000 15000 30000 (15000) Feb 75000 52500 22500 30000 (7500) Mär 95000 66500 28500 30000 (1500) © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Cash Flow „Cash without Profit“ Annahme: Kunden zahlen sofort, Y corp nach 30 Tagen 19 Y corp Umsatz Kosten Gross Profit Expenses Net Profit Jan 50000 35000 15000 30000 (15000) Feb 75000 52500 22500 30000 (7500) Mär 95000 66500 28500 30000 (1500) Cash: AP: 50000 65000 60000 82500 72500 96500 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. ROI „Return on investment“ Der Zeitwert des Geldes Cost of Capital: Annahme: Corp X ist finanziert über 50% Schulden und 50% Eigenkapital Schuldzins = 4%, erwartete Rendite auf das Eigenkapital = 16% => Cost of Capital = 8% 20 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. ROI „Net Present Value (NPV)“ PV = FV1/(1+i) + FV2/(1+i)2 +...+ FVn/(1+i)n PV = Present Value, FV = Future Value, i = hurdle rate, n = zeitliche Perioden Beispiel: Investition in Anlage (z.B. Computer) für 3.000 Nutzungsdauer 3 Jahre, Return 1.300 pro Jahr = 3.900 über 3 Jahre PV = 1300/1.08 + 1300/(1.08)2 + 1300/(1.08)3 = 350 21 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. ROI Beispiel Projektkalkulation Aufwand: Dienstleistung 200 PT * 1000 = Maschinen/Ausrüstung: Risiko 10% Gewährleistung 5% Reisekosten Summe Aufwand: Marge 30%: Preis: Umlage (Mgmt, Sales, R&D...): Profit: 22 200000 100000 20000 10000 20000 350000 150000 500000 100000 50000 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. ROI Beispiel Kostenstelle Kostenstelle (1 MA): Gehalt: 100000 Nebenkosten: 40000 Training: 20000 Reisen: 20000 Non-prod: 20000 Umlage: 20000 Summe: 220000 Entlastung: 220000 Residual: 0 23 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. ROI Beispiel Projektkalkulation + Kostenstelle Aufwand: Dienstleistung 200 PT * 1000 = Maschinen/Ausrüstung: Risiko 10% Gewährleistung 5% Reisekosten Summe Aufwand: Marge 30%: Preis: Umlage (Mgmt, Sales, R&D...): Profit: 24 200000 100000 20000 10000 20000 350000 150000 500000 100000 50000 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Kostenstelle (1 MA): Gehalt: 100000 Nebenkosten: 40000 Training: 20000 Reisen: 20000 Non-prod: 20000 Umlage: 20000 Summe: 220000 Entlastung: 220000 Residual: 0 ROI Beispiel Projektkalkulation + Kostenstelle Aufwand: Dienstleistung 200 PT * 1000 = Maschinen/Ausrüstung: Risiko 10% Gewährleistung 5% Reisekosten Summe Aufwand: Marge 30%: Preis: Umlage (Mgmt, Sales, R&D...): Profit? NPV ~ 13000: 25 200000 100000 20000 10000 20000 350000 150000 500000 100000 50000 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Kostenstelle (1 MA): Gehalt: 100000 Nebenkosten: 40000 Training: 20000 Reisen: 20000 Non-prod: 20000 Umlage: 20000 Summe: 220000 Entlastung: 220000 Residual: 0 Zahlungsplan! 26 © Copyright 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice.
