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Page 1
제20기결산공고
UnitedOverseasBankLtd.SeoulBranch
대차대조표(BalanceSheet)
제20기:2003년12월31일현재
<은행계정/BankingAccount>
(단위:백만원)
(Unit:MillionWon)
계정과목
Description
금액(Amount)
자산
Assets
1.
현금및예치금
Cash and Due from Banks
862
원화예치금
Due from Banks in Won
262
외화예치금
Due from Banks in Foreign Currency
600
2.
만기보유증권
Held to Maturity Securities
424,437
원화만기보유증권(금융채)
Held to Maturity Securities in Won (Finance Debentures)
419,646
외화만기보유증권
Held to Maturity Securities in Foreign Currency
4,791
3.
대출채권
Loans
130,281
(대손충당금)
Provision for Doubtful Accounts
(1,162)
원화대출금
Korean Won Loan
6
외화대출금
Foreign Currency Loan
3,669
역외외화대출금
Off-Shore Foreign Currency Loan
2,396
은행간외화대여금
Foreign Currency Loan to Banks
125,368
매입외환
Bills Purchased in Foreign Currency
4
4.
고정자산
Fixed Assets
117
유형자산
Tangible Assets
313
(감가상각누계액)
Accumulated Depreciation
(196)
5.
기타자산
Other Assets
7,362
보증금
Guarantee Deposits
154
미수금
Accounts Receivable
2,960
미수수익
Accrued Revenues Receivable
2,496
선급비용
Prepaid Expenses
40
파생상품자산
Derivatives Instruments Assets
1,712
6.
본지점계정
Due from HO and Branches
8,481
자산총계
Total Assets
571,540
부채
Liabilities
1.
예수금
Deposits
13
원화예수금
Deposits in Won
13
2.
차입금
Borrowings
541,133
외화차입금
Borrowings in Foreign Currency
534,937
역외외화차입금
Off-Shore Borrowings in Foreign Currency
2,396
콜머니
Call Money
3,800
3.
기타부채
Other Liabilities
11,370
퇴직급여충당금
Provision for Retirement Gratuity
1,011
(국민연금전환금)
National Pension Fund
(19)
(퇴직보험예치금)
Due from Insurer Severance Benefit
(715)
미지급외환
Remittance Payable
471
미지급금
Accounts Payable
89
미지급비용
Accrued Expenses Payable
3,035
선수수익
Unearned Revenues
25
수입제세
Withholdings
346
이연법인세대
Deferred Income Tax Credits
17
파생상품부채
Derivatives instruments Liabilities
7,110
4.
본지점계정
Due to HO and Branches
35
외화본지점계정
Due to HO and Branches
35
부채총계
Total Liabilities
552,551
자본
Branch Equity
1.
자본금
Paid in Capital
3,000
2.
자본잉여금
Capital Surplus
81
기타자본잉여금
Capital Surplus
81
3.
이익잉여금
Retained Earnings
15,908
법정준비금
Regal Reserve
1,711
별도준비금
Valuntary Reserve for Recapitalization
200
처분전이익잉여금
Unappropriated Retained Earnings
13,997
at the End of the Year
(당기순이익)
Net Income for the Year
623
자본총계
Total Branch Equity
18,989
부채와자본총계
Total Liabilities and Branch Equity
571,540
________________________________________
Page 2
UnitedOverseasBankLtd.SeoulBranch
손익계산서(IncomeStatement)
제20기:2003년1월1일2003년12월31일
<은행계정/BankingAccount>
(단위:백만원)
(Unit:MillionWon)
계정과목
Description
금액(Amount)
1.
영업수익
Operating Revenues
26,068
이자수익
Interest Income
21,166
예치금이자
Interest on Deposits
59
만기보유증권이자
Interest on Held to Maturity Securities
18,131
원화대출금이자
Interest on Loans in Korean Won
2
외화대출금이자
Interest on Loans in Foreign Currency
6
역외외화대출금이자
Interest on Off-shore Loans in Foreign Currency
79
은행간외화대여금이자
Interest on Loans to Banks in Foreign Currency
2,763
원화콜론이자
Korean Won Interest on Call Loans
42
외환수입이자
Foreign Currency Interest Income
73
외화본지점대이자
Interest on Due from HO and Branches
11
수수료수익
Commission Income
410
수입수수료
Commission Income
410
기타영업수익
Other Operating Revenues
4,492
외환매매이익
Profit on Foreign Exchange
825
파생상품거래이익
Gain on Trading of Derivatives
3,667
2.
영업비용
Operating Expenses
23,624
이자비용
Interest Expesnes
7,190
외화차입금이자
Interest on Borrowings in Foreign Currency
6,870
원화콜머니이자
Korean Won Interest on Call Money
223
외화본지점차이자
Interest on Borrowings from HO and Branches
97
기타영업비용
Other Operating Expenses
14,617
대손상각비
Amortization of Credit Losses
1,991
파생상품거래손실
Loss on Trading of Derivatives
12,626
판매비와관리비
Selling and Administrative Expenses
1,817
급여
Salaries
901
퇴직급여
Provision for Current Year Servance and Retirement Benefits
122
여비
Travel
6
유지관리비
Maintenance Expense
75
소모품비
Expendable Supply Expense
12
통신비
Communication
61
복리후생비
Other Employ Benefits
30
임차료
Rent
228
보험료
Insurance
17
전산업무비
Computer Operating Expense
21
용역비
Service Expense
69
감가상각비
Depreciation on Property
14
세금과공과
Taxes and Dues
134
기타경비
Other Expenses
127
3.
영업이익
Operating Income
2,444
4.
영업외수익
Non-Operating Revenues
232
법인세환급액
Supplentary Income Tax Income
174
기타영업외수익
Other Non-Operating Revenues
58
5.
법인세비용
Income Tax Expense
1,158
법인세추납액
Supplementary Income Tax Expenses
257
명예퇴직급여
Retirement Allowance
901
6.
경상이익
Ordinary Income
1,518
7.
법인세비용
Income Tax Expense
895
8.
당기순이익
Net Income
623
________________________________________
Page 3
2004년3월31일
위와같이공고함.
UnitedOverseasBankLimited
SeoulBranch
대화은행서울지점
지점장류찬한
담당본부장양태호
감사의견:위대차대조표를포함한제20기제무제표는중요성의관점에서
기업회계기준에따라작성되었습니다.
삼일회계법인대표이사안경태
<연기금 덕에 올해 증시 상승마감하나>
연합뉴스 | 기사입력 2008.12.25 10:02
(서울=연합뉴스) 이 율 기자 = 올해 거래일이 3일 남은 가운데 주식투자 목표치를 채우지 못한 국민연금 등 연기금이 구조조정 공포로 약세를 보이고 있는 증시의 방향을 바꿀 수 있을지에 관심이 모아지고 있다.
25일 증권선물거래소 등에 따르면 연기금은 이번 달 들어 지속됐던 연말 랠리가 멈춘 지난 23일 유가증권시장에서 959억원의 순매수로 돌아선 이후 24일에도 556억원의 `사자'를 기록하면서 이틀째 순매수세를 이어갔다.
이는 외국인이 유가증권시장에서 23일 634억원, 24일 1천14억원을, 연.기금을 포함한 기관이 22일 3천158억원, 23일 875억원, 24일 256억원 어치를 순매도한 것과는 대조적인 행보다. 외국인과 기관은 연말 배당락을 피하기 위해 차익매물을 출회하고 있는 것으로 분석되고 있다.
이처럼 연기금이 순매수로 돌아선 것은 올해 주식투자 목표치 달성과 무관하지 않은 것으로 보인다.
특히 국민연금은 올해 주가가 급락하는 바람에 전체 기금 228조원 중 주식투자비율 목표치인 17%를 아직 달성하지 못했다.
현재 국민연금의 주식투자 비율은 12∼13% 수준. 5%포인트의 오차는 허용된다고 하지만, 목표치에는 한참 못미치고 있는 것.
국민연금은 올해 목표치 달성이 어려워짐에 따라 오는 29일 기금운용위원회를 열어 당초 20.3%로 정해놓은 내년도 주식투자비율 목표치를 하향조정할 계획이다.
메리츠증권 심재엽 투자전략팀장은 "국민연금 등 연기금이 아직 주식투자 목표치를 달성하지 못한 만큼 매수여력이 있어 앞으로 30일까지 3거래일 동안 사자세를 이어갈 것으로 보인다"고 말했다.
또 연말 기관투자자들이 펀드 수익률을 일시적으로 좋게 보이려고 운용 펀드내 보유종목을 우량주로 교체하는 이른바 `윈도드레싱'도 증시 강세 전환에 한몫을 할 것으로 기대되고 있다.
연기금은 연금제도에 의해 모여진 자금을 뜻하며 우리나라에서는 국민연금기금, 공무원연금기금, 우체국보험기금, 사학연금기금을 4대 연기금으로 부른다.
(서울=연합뉴스) 이 율 기자 = 올해 거래일이 3일 남은 가운데 주식투자 목표치를 채우지 못한 국민연금 등 연기금이 구조조정 공포로 약세를 보이고 있는 증시의 방향을 바꿀 수 있을지에 관심이 모아지고 있다.
25일 증권선물거래소 등에 따르면 연기금은 이번 달 들어 지속됐던 연말 랠리가 멈춘 지난 23일 유가증권시장에서 959억원의 순매수로 돌아선 이후 24일에도 556억원의 `사자'를 기록하면서 이틀째 순매수세를 이어갔다.
이는 외국인이 유가증권시장에서 23일 634억원, 24일 1천14억원을, 연.기금을 포함한 기관이 22일 3천158억원, 23일 875억원, 24일 256억원 어치를 순매도한 것과는 대조적인 행보다. 외국인과 기관은 연말 배당락을 피하기 위해 차익매물을 출회하고 있는 것으로 분석되고 있다.
이처럼 연기금이 순매수로 돌아선 것은 올해 주식투자 목표치 달성과 무관하지 않은 것으로 보인다.
특히 국민연금은 올해 주가가 급락하는 바람에 전체 기금 228조원 중 주식투자비율 목표치인 17%를 아직 달성하지 못했다.
현재 국민연금의 주식투자 비율은 12∼13% 수준. 5%포인트의 오차는 허용된다고 하지만, 목표치에는 한참 못미치고 있는 것.
국민연금은 올해 목표치 달성이 어려워짐에 따라 오는 29일 기금운용위원회를 열어 당초 20.3%로 정해놓은 내년도 주식투자비율 목표치를 하향조정할 계획이다.
메리츠증권 심재엽 투자전략팀장은 "국민연금 등 연기금이 아직 주식투자 목표치를 달성하지 못한 만큼 매수여력이 있어 앞으로 30일까지 3거래일 동안 사자세를 이어갈 것으로 보인다"고 말했다.
또 연말 기관투자자들이 펀드 수익률을 일시적으로 좋게 보이려고 운용 펀드내 보유종목을 우량주로 교체하는 이른바 `윈도드레싱'도 증시 강세 전환에 한몫을 할 것으로 기대되고 있다.
연기금은 연금제도에 의해 모여진 자금을 뜻하며 우리나라에서는 국민연금기금, 공무원연금기금, 우체국보험기금, 사학연금기금을 4대 연기금으로 부른다.
SHI seeks to cap Hebei spill liability
Keith Wallis, Hong Kong - 화요일 23 12월 2008
SAMSUNG Heavy Industries is seeking to cap its liability for the Hebei Spirit oil spill at Won5bn ($38m) after applying to a court in Seoul to limit compensation paid to residents in Taean on the country’s west coast.
Officials at Seoul central district court confirmed that Samsung Heavy had filed a motion seeking to limit its liability to under Won5bn following a civil claim lodged by about 7,500 fishermen.
“Compensation for damages requested by fishermen exceed our estimated amount,” Samsung said in court documents.
Nobody at Samsung Heavy Industries or Samsung Group was able to comment despite repeated requests by Lloyd’s List today for further information.
The proposed cap is equivalent to the insured liability of Samsung No 1, the crane barge which smashed into the anchored tanker Hebei Spirit after one of barge’s two tow ropes broke during wintery and stormy conditions last December.
The resulting collision holed three of the tanker’s cargo tanks, spilling about 10,500 tonnes of oil into the sea and polluting a vast stretch of South Korea’s west coast.
The master and chief officer of the Hebei Spirit were jailed on December 10 after prosecutors appealed against a lower court’s decision to clear the officers of any blame. The jailing of the ‘Hebei Two’ has caused an international outcry including moves to boycott South Korean, especially Samsung, products.
In documents lodged with the Seoul central district court on Monday, Samsung said: “Though a Samsung Heavy barge and the Hebei Spirit oil tanker were both at fault for the collision, it was the oil tanker that caused the most damage, which could have ended with a small-scale oil leak, but grew to become the worst oil spill in the nation’s history.”
Local residents in Taean, including fishermen and those involved in the region’s tourist industry, are seeking compensation for loss of income and damages.
If Samsung Heavy’s application is rejected then Samsung will be liable for the losses which total at least Won600bn, including the repayment of cash that has already been paid in compensation to residents by the government.
S.Korea to ease forex accounting rules to aid cos
Mon Dec 22, 2008 8:30am IST
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SEOUL, Dec 22 (Reuters) - South Korea will loosen accounting rules to help companies anticipating large foreign exchange-related losses this year due to a sharp fall in the won's
As South Korea's export-focused companies struggle with the spreading global downturn and tighter credit, they are set to see a surge in the value of their foreign currency debt and currency conversion losses in their 2008 financial results.
Local companies see a combined 5 trillion won ($3.9 billion) increase in foreign currency conversion losses and foreign debt value in won terms for every 100 won gain in the dollar/won rate, the Financial Services Commission (FSC) said in a statement.
"As large foreign exchange-related losses are expected to deteriorate companies' financial sheets, they are set to suffer from lower credit ratings, possible debt collection, higher financial costs and difficulties in securing new funds," the commission said.
Hit by the global financial crisis, the won's
To help companies minimise foreign exchange losses and enhance their capital base, the FSC said it would seek special changes to some accounting rules that could be applied retroactively to 2008 annual results.
For listed companies and large-sized unlisted firms, the regulator will allow them to book increases in the value of certain company assets, such as real estate, airplanes and ships, in this year's balance sheets.
It will also allow companies to use foreign currency loans and other financial products as hedging methods in accounting and to not book foreign currency conversion losses from them in the year's earnings.
For non-listed small- and medium-sized companies, the FSC will allow them to apply the foreign exchange rate at mid-2008 to value their foreign assets and debt held as of end-June, which will help them reduce losses from the won's fall in the second half.
Since end-June this year, the local currency has fallen 19 percent against the dollar.
The regulator will also allow companies which mostly trade in foreign currency to create foreign currency-based accounting books and report only their final year-end results in won, so they can minimise losses from the exchange rate swings over the year.
Those changes will likely be made official by mid-January following the approval of the commission, the FSC said. ($1=1282.0 Won) (Reporting by Rhee So-eui; Editing by Jonathan Hopfner)
Banks slow in beefing up capital bases
기사입력 2008-12-25 10:00
Local banks have been tardy at increasing their capital bases, failing to meet the government`s recommended level.
According to financial industry data, the nation`s 13 banks managed to increase their capital base by 3 trillion won during November and December, either by receiving a capital injection from their holding companies or issuing new bonds. This, however, is less than a third of the 11 trillion won, increase recommended by the government in November.
Local banks are expecting to receive a capital injection from the government, which announced last week that it would create a 20 trillion won fund in January. The fund will be used to buy banks` hybrid and subordinate bonds.
Market watchers pointed out that banks` financial health is likely to suffer further setbacks and that they are already depending on the government`s capital support. Analysts said that banks` delinquency levels are also expected to rise even higher when corporate restructuring begins in earnest and that they must raise their Tier 1 capital base.
The Tier 1 capital ratio, the core part of the BIS capital adequacy ratio, is the ratio of a bank`s core capital to risk-weighted assets. The Tier 1 capital ratio at local banks stood at the 7 to 8 percent level at the end of September and their BIS ratios at 10.79 percent on average, according to the Financial Supervisory Service data.
The financial watchdog asked local banks to raise their Tier 1 capital ratios and BIS ratios to above 9 percent and 11-12 percent level, respectively, by year-end, as the worsening real economy is expected to impact banks` financial health.
In a bid to increase their capital base, banks have received capital injections from their parent holding companies. Shinhan Bank and Woori Bank received 800 billion won and 700 billion won from their respective holding companies.
Kookmin Bank, the nation`s largest commercial lender, will increase its capital by 500 billion won by issuing corporate bonds by year-end. Hana Bank received 1 trillion won from Hana Financial Holdings Inc. in November. The bank says it will receive a further capital injection of 500 billion won by year-end.
Banks` subordinate bond issuance topped at Kookmin with 2 trillion won, followed by 1.3 trillion won at Woori and 1 trillion won at Shinhan in the fourth quarter of this year.
Kookmin Bank is expected to raise its Tier-1 capital base to almost 10 percent by year-end from the current 9.17 percent through bond issuance and a capital injection. Shinhan Bank is also expecting to see its Tier 1 level top 9 percent from the current 8.5 percent.
Despite these efforts, analysts said that a public capital injection into local banks will be inevitable as the government announced its willingness to speed up corporate restructuring in builders and shipyards next year, fueling worries about bad loans.
Lee Joon-jae, an analyst at Korea Investment and Securities, said that while the restructuring was positive news for banks, their difficulty in raising their capital bases and the cash shortage were adding to uncertainty in the market.
"While restructuring helps to get rid of market uncertainty, banks themselves must raise their capital base before they receive government support. Corporate workouts by insolvent companies will raise banks` delinquency ratios and further deteriorate their financial status," he said.
Bad loan ratios at local banks increased by 0.44 percentage point to 1.59 percent as of the end of November, according to the FSS data. Delinquency rate of loans extended to smaller companies, in particular, rose 0.6 percentage point to 1.86 percent.
Bad loan ratios by households went up 0.08 percentage point to 0.66 percent from a quarter earlier. But their delinquency rate is expected to see further growth as households` real gross net income drops, making the burden of debt repayment heavier, while borrowing money becomes harder than ever.
By Jeong Hyeon-ji
Korea advised to maintain fiscal health
기사입력 2008-12-18 10:00
Even though Korea is rushing to cushion the economic downturn, it should keep in mind mid-term fiscal health in view of the country`s ageing population, the OECD said in a report yesterday.
In the 2008 OECD Economic Survey of Korea, the organization said that Korea`s GDP growth will fall to 2.7 percent next year and rise back to around 4.2 percent in 2010, adding that the timing of the rebound hinges on a recovery of the world economy.
"While tax cuts and additional spending are helping cushion the downturn, fiscal policy in the medium term should focus on maintaining a strong government financial position in light of future spending pressures," the report said. "Given planned tax cuts, this will call for reining in public outlays, which have grown rapidly in recent years," it said.
Korea faces more pressures on public spending in the future because of the ageing of the population and the potential cost of economic integration with North Korea, the OECD report said.
The Ministry of Strategy and Finance plans to cut personal income tax by 2 percentage points and top-band corporate tax rates to 20 percent by 2010. It also announced 14 trillion won ($10.6 billion) in additional state spending for next year to cope with the downturn.
Korean officials expect the tax cuts will reduce tax revenue by around 2 percent of GDP, but aim to achieve a balanced budget by 2010.
Economists expect the fiscal deficit could balloon to 29 trillion won next year, as tax revenue could decline faster than expected, due to the worsening economic outlook.
Among mid- and long-term policies for Korea, the Organization for Economic Cooperation and Development picked tax reform as the first challenge to secure sustainable growth - as well as to addressing income inequality.
The organization said Korea is one of the fastest-ageing countries in the OECD, and that the slowing growth of the working-age population is expected to lower Korea`s potential growth from 4.75 percent over the period 2005 to 2009 to 4.25 percent between 2010 and 2013.
To secure sustainable growth, future tax reforms should be focused on raising consumption taxes and broadening the income tax base for additional tax revenue, the report said.
Specifically, the government should raise VAT, reduce special treatment of small and medium-sized enterprises, and strengthen environment-related taxes. Keeping direct tax rates low will also promote growth, according to the OECD.
To reduce income inequality, the government should expand the income tax credit introduced in 2008. Also, lowering VAT rates on daily necessities should be avoided because it would benefit higher-income earners, it added.
As sluggish productivity growth in the service industry - which accounts for 60 percent of the economy - has been a major stumbling block for growth, deregulation and competition-encouraging policies need to be carried out as well, according to the OECD.
Other recommendations: Reducing the proportion of temporary workers in the labor market and increasing the overall labor force participation are important to grow human capital; By expanding the availability of child care and maternity leave for women, it would address both ageing population issues and labor participation.
By Kim Yoon-mi
Hyundai Motor to Halt Some Korean Production Lines (Update1)
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By Sangim Han
Dec. 24 (Bloomberg) -- Hyundai Motor Co., South Korea's largest automaker, will temporarily halt operations at some domestic production lines for ``year-end maintenance'' work.
The automaker will shut down its luxury-sedan plant in Asan on Dec. 26, 30 and 31, and production lines for sport-utility vehicles in Ulsan from Dec. 26 to Jan. 11, Meeyoung Song, a Seoul-based spokeswoman at Hyundai Motor, said by phone today in response to a report by Edaily.
Hyundai and other Asian automakers are slashing output and reducing temporary workers as the deepening global recession cuts automobile demand. Hyundai and affiliate Kia Motors Corp. expect 2008 sales to reach about 4.2 million vehicles, missing an earlier projection of 4.8 million.
Inventory of vehicles for overseas sales reached 1.06 million units, or 3.9 months worth of backlog, the two automakers said this week.
Hyundai Motor shares fell 2.8 percent to 39,850 won in Seoul today, extending its declines to 44 percent this year. Korea's Kospi index has dropped 41 percent during the period.
To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net
Trade receivables
The term trade receivables refers to the amounts due to a business following the sale of goods or services to another company.
A subcategory of accounts receivable, trade receivables are considered a current asset on a company's balance sheet, as they can be readily converted into cash.
In the normal operation of a business, trade receivables are created through the raising of an invoice, recorded on the sales ledger and issued to a customer, to be paid within an agreed timeframe.
The number of days within which this amount is due depends on the credit policy of the business making the sale and the nature of the company making the purchase.
A small company which has no previous purchase history may not be offered terms as favourable as those offered to a larger company which has been trading with the supplier for many years.
Trade receivables financing
Trade receivables are often used to generate extra working capital through the practice of factoring.
A form of sales finance, factoring involves receiving a flexible loan, relative to the value of invoices raised.
Sometimes known as accounts receivable factoring, borrowing against trade receivables allows a company to increase day-to-day cash-flow, improving its ability to fulfil further orders and meet the daily operating costs of the business.
Unlike a conventional business loan or overdraft, the value of which is established prior to borrowing, factoring trades receivables enables a company to increase the amount borrowed in line with the value of sales it creates.
Accounts Receivables
Accounts receivables represent money owed to a company by the customer for goods or services delivered but not yet paid for.
Credit Insurance
Credit Insurance is a policy that is bought to cover losses due to unpaid accounts receivable.
Factor UK
Factor UK is a service within the United Kingdom where businesses are able to gain an advance of finance from outstanding sales invoices though a factoring company.
Factor Company
A factor company is a business that provides an advance against unpaid sales invoices.
Cash Flow Finance
Cash Flow Finance is an umbrella term for solutions to improve a company’s flow of cash by obtaining finance against current sales and stock value. Examples of Cash flow finance include factoring and invoice discounting.
Factor Financing
Factor Financing is a financial transaction where a business sells its unpaid invoices to a factoring company at a discounted rate.
Acquisition
The act of one business acquiring the shares or assets of another business.
Advance Rate
Amount expressed as percentage of approved invoice value which will be paid out or advanced immediately after raising the invoice
Asset based lending
Encompasses funding against debtors in the form of factoring or invoice discounting, and can incorporate an element of funding against stock, property, existing plant and machinery. Also includes hire purchase and leasing products to fund assets in the form of new plant, equipment and vehicles. Can be extended to cover the funding of payroll specifically for recruitment agencies.
Asset Finance
Financing for the purchase of assets in exchange for a security interest in those assets. The most common kind of asset financing is to extend loans to purchase company cars, vans, machinery and equipment.
Cost of funds
The interest rate you will be charged on the money lent to you (usually expressed in amount over bank base rate).
Concentration
The value of your sales ledger expressed as percentage accounted for by your biggest client or clients.
Credit Management
Credit management is generally a broad term used to denote the management of peoples accounts receivable.
Debt
A liability or obligation in the form of bonds, loans, mortgages or overdrafts owed to another person or persons and required to be paid by a specified date (maturity).
Debt collection
A credit management function such as factoring or invoice discounting is a very useful tool here, especially if you are a new or growing business.
Debt finance
Financing by entering into bonds, loans, mortgages or overdraft agreements.
Debtor Protection
The facility offers balance sheet protection, effectively protecting your largest asset (The accounts receivable).
Dilution
The ratio of credit notes to invoices you issue.
Direct lease
You identify the asset and negotiate the price and arrange for us to buy it from the manufacturer (if new) or the previous owner (if used) to lease it to you
Discount
The interest deducted prior to advancing or lending money against outstanding invoices.
Economic Life
The period of time during which an asset has economic value and is usable
Equity
Ownership interest in a firm.
Equity finance
Financing by selling ordinary shares or preference shares to investors.
Factoring
Advance of finance against unpaid, outstanding sales invoices by a factor (factoring company). Some degree of credit management is also built into the facility. Facilities can be structured so that the credit risk remains with the business or is passed on to the factor.
Lloyds TSB Commercial Finance
...provides factoring services to more clients than anyone else in the UK.
Factoring charge
The service charge levied by the factor expressed as a percentage of your gross invoice value
Fair Market Value
Price at which an asset is sold and bought in the open market.
firstcheck
Lloyds TSB Commercial Finance online credit opinion service. It combines data collected by Lloyds TSB Commercial Finance regarding customer payment periods, with historical data to provide an instant opinion.
Initial percentage
see Advance Rate
Initial pre-payment (IPP or IP)
see Advance Rate
Invoice discounting
Financing by raising funds against unpaid outstanding sales invoices. No intervention into current credit management systems and not visible to the customer/debtor.
Invoice Factoring
Invoice factoring is the process of purchasing commercial accounts receivable (invoices) from a business at a discount.
Lease
Contract in which we purchase the asset selected by you and convey the use of that asset to you for a specific period of time at a predetermined rate.
Lease rate
The periodic payment to us for the use of the asset. The lease rate is primarily determined by the total cost of the asset, the duration of the lease and the interest rate level.
Lessee
The lessee is the user of the asset being leased, i.e. you.
Lessor
The lessor is the party who finances the purchase of the asset and has legal or tax title to the equipment, grants the lessee the right to use the equipment for the lease term, and is entitled to the periodic payments, i.e. the leasing company, us.
Master lease
A contractual arrangement which allows you to lease other assets under the same basic terms and conditions without negotiating a new contract.
MBI
Management buy in. New management team buys into the business acquiring either the shares or the business assets.
MBO
Management buy out. Where the existing management team are looking to buy the shares or assets from a parent company, or non-group company.
Merger
The combining of two or more entities into one.
Net Working Capital
Net working capital is defined as a company's total current assets minus its total current liabilities.
Non-recourse facility
Advance of finance against unpaid outstanding invoices in which the credit risk is passed over to the finance company. A non-recourse facility comes with credit insurance meaning you don't have to pay back advances in the event of bad debts. Non-recourse agreements tend to be more restrictive when looking at funding decisions, and more expensive than recourse facilities (see also 'Recourse')
Purchase option
A provision by which you have the right to purchase the asset at the end of a lease term, either at a predetermined amount or its fair market value.
Recourse facility
Advance of finance against unpaid outstanding invoices in which the credit risk remains with the company. You would have to pay back advances in the event of bad debts (see also 'Non-recourse').
Refinance
Paying off an existing loan with the proceeds from a new loan, usually of similar size but on better terms and/or with a new lender. In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing.
Restructure
Reorganisation of the current business structure to increase efficiencies, realise synergies or account for changes in strategy or the marketplace. This may involve both the business itself as well as the finance.
Residual value
The resale value of the asset at the end of the lease.
Sale - and leaseback
Also called purchase leaseback. You sell an asset you already own to us for fair market value or book written down value (whichever is less) and then lease it back.
Sales finance
Sales finance provides funds for a percentage of approved invoices yet to be paid, for use as working capital.
SolutionsPlus
Online portal only available to Lloyds TSB Commercial Finance clients. Provides access to their account, firstcheck credit opinion service, Lloyds TSB bank products and business advice centres.
Take on
In the case of factoring with sales ledger management, the process of integrating your sales ledger into our system. This takes a couple of hours and allows you to draw down money the next day.
Term sheet
Contains the details of the final quote after discussing your situation with a regional manager
Trade receivables
Trade receivables are a subcategory of Accounts Receivable, they refer to the amounts due to a business following the sale of goods or services to another company.
Turnaround
A sharp, positive reversal in the performance of a company or the overall market.
Useful life
see economic life
Working capital management
Good working capital management will ensure sufficient cash-flow is available to both fulfil orders and cover the running costs of the business.
신종자본증권 BIS 인정한도 30%로 확대
시중은행들이 증자나 후순위 채권 발행 외에도 자기자본을 늘릴 수 있는 '신종자본증권' 제도 인정 범위가 확대된다.
이에 따라 은행들이 신종자본증권을 최대 범위까지 발행할 경우 국제결제은행(BIS) 자기자본비율도 9월말 현재 10.79%에서 12.82%로, 기본자기자본비율도 8.28%에서 10.31%로 각각 2.03%p 올라가게 될 전망이다.
금융위원회는 23일 국내 은행의 자본 확충노력을 지원하기 위해 신종자본증권의 BIS기본자본 인정범위를 기존 15%에서 30%로 확대한다고 밝혔다.
금리상향 조건이 있는 하위 신종자본증권의 인정한도는 지금과 같이 유지하되, 금리상향 조건이 없는 상위 신종자본증권을 기본자본으로 인정, 신종자본증권 인정범위를 기본자본의 30%로 확대해 시행키로 한 것이다.
이에 따라 9월말 기준 국내은행의 신종자본증권 발행을 통한 자본확충 여력은 9조4000억원에서 24조4000억원으로 15조원이 급증한다.
신종자본증권은 기한부후순위채무 등의 여타 보완자본보다 후순위 특약조건이 부여되는 만기 30년 이상의 비누적적 우선주(채권) 형태로 발행되며, 배당률은 발행당시 확정돼 있어야 하고, 발행 후 5년 이내 상환이 금지된다.
금융위 관계자는 "신종자본증권 제도는 은행이 증자로 인한 항구적인 배당압력을 피하면서 자본을 확충해 BIS기준 자기자본비율을 높이는 효과가 있다"며 "독일, 프랑스, 벨기에 등 유럽국가들이 주로 운용하고 있다"고 말했다.
한경닷컴 박세환 기자 greg@hankyung.com
신종자본증권 BIS 인정비율 30%로 확대(종합)
은행 자본확충여력 15조원 늘어
금융감독당국이 국내 은행의 자본확충노력을 지원하기 위해 신종자본증권(하이브리드채권)의 국제결제은행(BIS) 자기자본비율 인정범위를 기본자본의 15%에서 30%로 확대키로 했다고 밝혔다. 신종자본증권이 기본자본으로 인정 받기 위해서는 보완자본보다 채권행사 순서가 늦고 만기 30년 이상인 우선주 형태로 발행되며 배당률은 발행 당시에 확정돼 있고 발행 후 5년 이내에 상환이 이루어져서는 안 된다.
금리상향 조건(Step-up)이 붙은 하위 신종자본증권의 기본자본 인정한도는 현행과 같이 기본자본의 15%를 유지하나 금리상향 조건이 없는 상위 신종자본증권의 경우 기본자본의 30%까지 인정 받는다.
금리상향 조건이란 은행에 조기상환을 유도하기 위해 발행 10년째 1% 또는 발행시 가산금리의 50% 범위에서 금리인상 조건이 포함된 것을 말한다.
금감원은 신종자본증권의 BIS 기본자본 인정범위 확대로 올해 9월 말 기준 은행의 자본확충여력이 9조4천억원에서 24조4천억원으로 15조원 늘어난다고 설명했다.
은행이 신종자본증권을 한도까지 발행할 경우 평균 BIS 비율이 10.79%에서 12.82%로, 기본자본(Tier1) 비율은 8.28%에서 10.31%로, 각각 2.03%포인트 상승한다.
금감원은 주요국들도 금리상향 조건이 없는 상위 신종자본증권의 기본자본 인정범위를 확대하고 있으며 현재 15~50% 수준에서 운용하고 있다고 전했다. 독일은 신종자본증권을 기본자본의 50%까지 인정하고 있고 프랑스와 벨기에는 각각 25%, 33%까지 인정해준다.
신종자본증권은 은행이 자본금 확충 또는 자본 조달을 위해 발행하는 증권으로, 채권처럼 매년 확정이자를 받을 수 있고 매매가 가능해 주식과 채권의 중간적 성격을 띤다.
주재성 금감원 부원장보는 "만기 30년 이상인 신종자본증권이 시장에서 자체 소화되는 데 한계가 있는 만큼 은행자본확충펀드를 통해 매입하는 물량이 많을 것"이라고 밝혔다.
그는 "자본확충펀드는 시장에서 소화 가능한 후순위채보다는 신종자본증권이나 상환우선주를 많이 편입하게 될 것"이라고 덧붙였다.
hojun@yna.co.kr
(서울=연합뉴스) 김호준 기자
A conversation with the Managing Director of the IMF
12:37 18-12-2008
[Para leer la versión en español de la entrevista pulse aquí: 1 y 2)
This conversation with Mr. Dominique Strauss Kahn, Managing Director of the International Monetary Fund (IMF), was held on December 15.
Global economic outlook
Q. For many months now, every single economic release adds to the gloom and saps even further the confidence of consumers, companies and financial markets across the world. Do you see any recent trend or data which might indicate if not the prospect of a recovery, at least offer some hope of light at the end of the tunnel? Are there any objective reasons to believe that, after a dismal 2009, growth in industrial countries might pick up some time in 2010?
R. Unfortunately, the global outlook continues to deteriorate. Next January the IMF will be updating its forecast for the world economy and the figures are likely to be worse that those we made public in November, ahead of the G-20 meeting.
There is a good chance, though, that the US economy will start recovering in late 2009 or early 2010. The two main drivers of that change could be a bottoming out in the US housing market and the demand stimulus from the fiscal packages approved. Even so, the possibility of this turn-around is shrouded in uncertainty. If the US housing market were to continue its current fall, there is a chance of actual deflation in the US.
We face an abrupt downturn and we need to resort to all the instruments at our disposal and address simultaneously and forcefully three objectives:
• Restore stability and confidence in domestic financial markets, so that credit starts flowing again. This requires a comprehensive, rather than piecemeal, approach, covering liquidity provision, guarantees and recapitalization.
• Support world demand by providing an exceptional but substantial fiscal stimulus; and
• Provide liquidity support to emerging markets, many of which have been caught in a financial crisis which is not of their making. Even here in Europe, some Eastern countries are experiencing significant funding problems, which we need help sort out.
Actions taken so far are not enough. Our objectives should be clear and consistent. Our efforts should be coordinated at the international level. We should coordinate not only the speeches and announcements, but also their actual delivery and follow-up.
Fiscal stimulus
Q. The IMF is advocating that G-20 countries engage in a coordinated fiscal boost, of at least 2% of GDP, which sustains world demand and avoids the traditional problems of "external leakages" and free riding associated with unilateral initiatives. The IMF acknowledges, nonetheless, that the margin of manoeuvre for individual countries may differ, in light of their circumstances. Which countries should ideally take the lead in stimulating their domestic demand: those with significant balance of payments`surpluses (e.g. China, Japan, Germany...) or those with a sustainable budgetary situation or moderate level of public debt?
The IMF has been advocating a global fiscal stimulus amounting, on average, to 2% of the world GDP (i.e. some 1.2 trillion dollars, in absolute terms). The package should be big enough to change the attitudes of consumers and dispel uncertainty as to the severity of the slump. The 2% figure is meant as a world average and, thus, countries and regions in a position to do so should exceed this figure, so that they compensate for others -e.g. countries facing constraints related to public debt sustainability or external funding problems- who cannot afford a significant fiscal boost.
The US and China seem to be among those envisaging more forceful action. The package agreed by the European Union on December 12, at 1.5% of GDP seems on the low side.
It is important not only to commit to a significant fiscal stimulus, but to carry it out effectively. There is always a risk that countries accept significant commitments during international summits which they later fail to implement when they go back home.
Q. During the 1992-1993 economic crisis, Jacques Delors suggested that the European Union as such -as opposed to its individual member countries- launch a sizable bond issue to fund Trans-European Networks (TENs). The initiative was unsuccessful, due particularly to the strong opposition of Finance Ministers. In light, however, of the severity of the ongoing crisis and the difficulty of coordinating individual national efforts within the EU, do you see a case for supplementing fiscal stimulus at the national level with a debt-financed European investment initiative?
For political reasons, the possibility of issuing a special EU-bond to finance investment in the European Union is not very realistic. At the same time, the recent agreement, reached by the European Council in the context of the international negotiations on climate change, to auction among EU companies -as opposed to assign for free- a significant portion of the carbon allowances to be issued during the period 2013-2020 will create a source of public revenues. So far those revenues have been considered to accrue to national Governments. But since the EU has a common policy on climate change, it might not unconceivable that the proceeds from selling carbon allowances are earmarked to pay for a programme of EU-wide public investment.
Q. Do you have any specific views on what form the fiscal boost should take?
The objective should be to maximize the multiplier of the fiscal stimulus. This would argue for investment spending -unfortunately, the recession is not going to be short-lived- and measures which promote consumption -like, for instance, transfers to low income families, unemployment benefits, etc.-. Conversely, tax cuts for companies or dividends should have a low priority.
Q. Do you see any risk that the sudden jump in budgetary deficits and public debt issuance might scare financial markets and investors, and raise concerns about public debt sustainability?
The special, significant fiscal boost that the IMF is advocating should be seen as a temporary phenomenon, commensurate with the extreme circumstances the world economy is going through. It should not weaken fiscal discipline over the medium term. Thus, there is a strong case for countries to counterbalance the short term fiscal expansion with structural fiscal measures which strengthen public finances over the medium and long term. One case in point would be reforming public pension systems, so as to make them more sustainable in the long run.
Q. In light of the difficult circumstances in financial markets, is there a case -as accepted by the Federal Reserve- for a close cooperation between the fiscal and monetary authorities?
In the US there has been a traditionally close, cooperative relation between the Treasury and the Federal Reserve, even if the latter acts independently from the Executive. For historical reasons, the approach in the EU is different, as enshrined in the Maastricht Treaty, where the emphasis is on the independence of the Central Banks and there is no institution equivalent to the US Treasury. The Treaty was negotiated in a context of well-functioning financial markets and has to be used flexibly to deal with exceptionally abnormal times. Fortunately, the Stability and Growth Pact is being interpreted flexibly.
Q. In the US, Chairman Bernanke has openly advocated "quantitative easing", particularly once official interest rates reach the zero bound. Do you see significant risks in Mr. Bernanke ¿s approach? Should the ECB stand ready to do the same?
There are limits to the effectiveness of monetary policy in sustaining world demand. When you face a liquidity trap, new liquidity is hoarded, as banks are currently doing. Besides, there is always a risk that excessive money creation, while helpful in sorting out the consequence of the burst of a bubble, may fuel the next one, if maintained for too long. I definitely support the pro-active approach taken by Central Banks around the world in dealing with the financial crisis, but to sustain world demand we also need a fiscal stimulus.
International liquidity provision
Q. The Federal Reserve and the ECB have taken extraordinary measures to provide, through bilateral swap lines, short term loans to the monetary authorities of a number of foreign countries (Mexico, Brazil, Korea, Singapore...). Beyond those special measures, the IMF has argued that there is an urgent need to strengthen international liquidity provision, by increasing the resources of the new Short-Term Liquidity Facility (STLF) or by establishing a new co-financed scheme. What are the prospects for those new liquidity channels? Could a new allocation of Special Drawing Rights (SDR) provide an additional channel of financing for emerging economies?
For the time being, we have enough resources for the Short Term Liquidity Facility, which provides short term liquidity, without any ex-post conditionality, to emerging countries following sound policies. In the wake of the G-20 summit, Japan has pledged a special contribution of 100 billion dollars. But the crisis is global and we might run out of resources in the future.
Some influential economists have already argued for a new allocation of SDR, as an additional tool to providing liquidity to emerging economies. One of its advantages is that it could be put in place in much less time that an increase in IMF quotas, a process which would require legislative approval by member countries and would take years. No discussions have taken so far on a new SDR allocation: it was just an idea that I had in the back of my mind, but it is moving quickly to the front part!
The risk of protectionism
Q. The IMF was by and large created to prevent the "competitive devaluations" and "beggar-thy-neighbour" policies resorted to by many countries in the 30s in their individual fight against the Depression. Do you see any risk of this phenomenon re-emerging now? Might the recent decision by the Chinese authorities to let the renminbi depreciate against the dollar be a harbinger of such a risk?
In November G-20 members made a specific commitment to preserve free markets and refrain from protectionists measures. There is indeed a need to resist politically those inevitable protectionist tendencies which emerge during recessions periods. The critical thing is for policy makers to stick back home to the public commitments they make in international fora.
In the case of China, it is clear that it remains undervalued and should appreciate in the medium term. Its recent weakening vis-a-vis the dollar is a small detour from this long term trend. China is one of the countries most committed to boosting domestic demand and seems willing to be part of the game and bears its share of the international effort to fight the crisis.
Financial transparency and reporting
Q. Last spring, the Financial Stability Forum made an urgent plea for banks and financial institutions to disclose immediately any book losses in their balance sheets resulting from the sub-prime crisis. But subsequently fair-value and mark-to-market rules have come under attack and in October even the IASB approved, as a matter of urgency, a change in IAS 39, to level the playing field between the IFRS and the US GAAP rules. What are your views on the controversy concerning accounting rules? To the extent that, particularly after those accounting changes, banks balance sheets might be more difficult to interpret, can banks now assess reliably counterparty risk in inter-bank loans?
The IMF included this Fall in its Global Financial Stability Review (GFSR) a chapter discussing the pro-cyclical character of the existing fair value and mark-to-market rules. It is a complex issue which will have to be studied further, but there is no denying that, inadvertently, existing accounting and financial regulations facilitated the financial excesses and leverage of the past. Conversely, they may now be compounding the problems of financial institutions across the world. At the same time, departing from mark-to-market rules in a down turn may create uncertainty on the underlying financial situation of financial intermediaries and counterparties.
As a somewhat paradoxically consequence of this lack of confidence among financial institutions and unwillingness to lend to each other even at short term maturities, Central Banks are returning now to their old, historical function of acting as central counterparties for the rest of their banking systems.
Crisis prevention
Q. In light of the severity of the ongoing financial crisis, it is plain that the Financial Stability Forum (FSF) failed egregiously in accomplishing the goals which led to its creation in 1999. What would be the main institutional reforms to introduce at the international level which might prevent more effectively future crises? What could be the new role assigned to the IMF under these new arrangements?
The international financial community, including the FSF, the IMF and many other institutions, both public and private, failed to anticipate the serious problems that led to the current crisis. There was an excess of confidence in developed countries, including the US. Moreover, we did not undertake on time a Financial Sector Assessment Program (FSAP) in the US, which might have helped in identifying some of the vulnerabilities.
The linkages between macroeconomic developments in the real economy and the evolution and new trends in financial markets were probably overlooked. During the good times, we failed to realize the pro-cyclical aspects of financial regulations. Once the crisis erupted, it took time to realize the adverse macroeconomic impact of financial losses in financial intermediaries. Last spring, our World Economic Outlook made a first attempt at quantifying those losses and their macroeconomic impact. At the time we were criticized for being too pessimistic, but, alas, our forecasts erred by being excessively optimistic.
Going forward, I think the IMF is uniquely placed to analyze and monitor those inter-linkages between financial and macreconomic aspects. Thus, it might be natural that it is given a prominent role in any institutional arrangements to prevent future crisis.
Spain
Q. On December 9 the IMF released the Concluding Statement of the Article IV Mission, which argues for a bold package of structural reforms and warns that otherwise "Spain could get stuck in a low-competitiveness, slow-growth, extended-de-leveraging and high-unemployment equilibrium, from which returning to lower public debt would be difficult". In your opinion, are Spanish political authorities fully aware of the risks involved in this alternative no-reform scenario (e.g. a L-shaped recession)? Have you met President Zapatero during this trip to discuss the recent IMF's recommendations?
The IMF's recommendations cover much ground and, contrary to a cliché common in many countries, they do not focus exclusively, as a mantra, on reforms in the labour market.
I have not met President Zapatero this time, but we talked in mid-November, during the G-20 meetings. My impression is that the Spanish authorities are fully aware of the need to undertake the reforms suggested by the Fund. Spain has a legitimate ambition to be recognized as a "big player" in international fora. And this ambition will only be realistic if underpin by a strong economy.
balance sheet 대차대조표
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balance sheet 대차 대조표
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대차대조표 (貸借對照表 Balance Sheet)
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[貿] Balance sheet
대차대조표
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[百] 대차대조표 (貸借對照表) balance sheet
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[百] 연결대차대조표 (連結貸借對照表) consolidated balance sheet
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각주거래(off-balance sheet transaction):지급보증, 선물환, 옵션 등과 같이
자산규모가 확대되지 않으면서 보증료,수수료 등의 수익을 가져오는 거래.
재무제표 맨 하단에 주석으로 표기함.
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[회계 용어 1]
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GAAP ( Generall Accepted Accounting Principle) 일반적으로 인정된 회계원칙
Principle of riliability 신뢰성
Principle of clarity 명료성
Principle of sufficency 충분성
Principle of consistency 계속성
Principle of materiality 중요성
Principle of conservatism 안전성
The Financial statements 재무제표
a balance sheet 대차대조표
a statement of income 손익계산서
a statement of appropriations of retained earnings 이익잉여금 처분 계산서
a statement of cash flows 현금흐름표
The schedules of retained earnings 잉여금 명세서
cost of goods manufactured 제조원가 명세서
supplementary schedules 부속명세서
Parenthetical disclosures 주기
Footnotes 주석
Consolidated Financial Statements 연결재무재표
The Securities and Exchange Commission(SEC) 증권관리위원회
the balance sheet date 대차대조표일
Affiliated companies 관계회사
Related companies 관련회사
Stockholder 주주
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[회계 용어 2]
대차대조표 Balance Sheet
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assets 자산
current assets 유동자산
quick assets 당좌자산
cash and bank deposit 현금과 예금
marketable securities 유가증권
trade receivables 매출채권
allowance for bad debts 대손충당금
short-term loans 단기대여금
deferred income tax debits 이연법인세차
inventories 재고자산
merchandise 상품
finished goods 제품
semi-finished goods 반제품
work in-process 재공품
raw materials 원재료
supplies 저장품
non-current assets 고정자산
investments 투자자산
long-term bank deposits 장기성예금
restricted cash and bank deposits 특정현금과 예금
investment securities 투자유가증권
long-term loans 장기대여금
long-term trade receivables 장기성매출채권
present value discount account 현재가치 할인차금
investment properties 투자부동산
guarantee deposit 보증금
tangible assets 유형자산
land 토지
buildings 건물
accumulated depreciation 감가상각누계액
machinery and equipment 기계장치
ships 선박
vehicles and transportation equipment 차량운반구
construction in-progress 건설중인 자산
intangible assets 무형자산
goodwill 영업권
intellectual proprietary rights 공업소유권
mining rights 광업권
fishing rights 어업권
land use rights 차지권
deferred charges 이연자산
organization costs 창업비
pre-operating costs 개업비
new stock issurance costs 신주발행비
debenture issurance costs 사채발행비
research and development costs 연구개발비
liabilities 부채
current liabilities 유동부채
trade payables 매입채무
short-term borrowings 단기 차입금
income taxes payable 미지급 법인세
devidends payable 미지급 배당금
current portion of long-term debts 유동성 장기부채
deferred income tax credits 이연법인세대
long-term liabilities 고정부채
debentures 사채
discount on debentures issued 사채발행차금
long-term borrowings 장기 차입금
long-term trade payable 장기성 매입채무
present value discount account 현재가치 할인차금
liability provisions XX 충당금
stock holders' equity 자본금
common stock 보통주 자본금
preferred stock 우선주 자본금
capital surplus 자본잉여금
capital reserves 자본준비금
paid-in capital in excess of par value 주식발행 초과금
gain on capital reduction 감자차익
assets revaluation reserve 재평가적립금
retained earnings 이익잉여금
legal reserve 이익준비금
reserve for business rationalization 기업합리화 적립금
reserve for financial structure improvement 재무구조개선적립금
reserve for.......... XX 적립금
unappropriated retained earnings carried over to subsequent year 차기이월 이익 잉여금
capital adjustment 자본조정
discounts on stock issurance 주식할인 발행차금
pre-operating dividends 배당건설이자
treasury stock 자기주식
consideration for conversion rights 전환권 대가
consideration for stock warrants 신주인수권 대가
unissued stock dividends 미교부주식 배당금
gain on valuation of investment in equity securities 투자주식평가이익
overseas operations translation credit 해외사업환산대
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accrued expenses 미지급비용
accrued income taxes 미지급법인세
accrued dividends 미지급배당금
accrued income 미수수익
acquisition cost 취득가액
advance from customers 선수금
advance payments 선급금
Allowance 대손충당금
capital stock 자본금
conversion right adjustment accounts 전환권 조정계정
convertible bonds 전환사채
doubtful accounts 매출채권
gross amounts 총액
in aggregate 일괄해서
investment assets 투자자산
liquidity 유동성배열법
memorandum accounts 비망계정
netted amounts 순액
prepaid expenses 선급비용
product warranties and guarantees 공사보증충당금
repairs and maintenance 수선,판매보증충당금
severance and retirement benefits 퇴직급여충당금
stock issurance costs 신주발행비
stockholder's equity 자본
structures 구축물
suspense payments 가지급금
suspense receipts 가수금
the face value 액면가액
treasury bonds 자기사채
unearned income 선수수익
withholdings 예수금
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[회계 용어 3]
감가상각 : depreciation
감사보고서 : audited statement
가속상각 : accelerated depreciation
간접비: overhead
간접세 : indirect tax
감자: reduction of capital
결손금: deficit
계정 : account
고정비: fixed cost
고정자산: fixed asset
기말재고: ending inventory
기업공개 : going public
기업어음 : commercial paper
납입자본금 : paid-in capital
내부수익율 : internal rate of return : IRR
내부자거래 : insider trading
당좌대월: overdraft
당좌자산 : quick asset
대변 : credit
대차대조표 : balance sheet
전신환매입율 : telegraphic transfer bid rate
전신환매도율 : telegraphic transfer offer rate
매출원가 : cost of goods sold
매출이익 : profit margin
매출총이익 : gross profit
미지급이자: accrued interest
미지급비용 : accrued expense
미처분 이익잉여금 : undivided profit
받을어음 : note receivable
법정자본금 : legal capital, stated capital
변동환율 : floating exchange rate
부채 : debt
사후정산 : ex-post settling up
상각 : amortization
세전이익 : pretax income
소득 : income
소득세 : income tax
손익계산서 : income statement
손익 : profit and loss
손익분기 : breakeven
손익분기점 : break-even point
수권자본 : authorized share capital
순이익 : net profit
연결대차대조표 : consolidated balance sheet
연결손익계산서 : consolidated income statement
영업수익 : operating revenue
영업비 : operating expenses
외상매출금 : accounts receivable
우발채무 : contingent liability
원가 : cost
운전자본 : working capital
유가증권 : security
유동부채 : current liability
유동성 : liquidity
유동자산 : current asset
이연부채 : deferred liability
이월 : carry over
이자 : interest
자기자본 : equity
자기자본비용 : cost of equity capital
자기자본수익율 : return on common equity : ROE
자본 : capital
자산 : asset
자산매각 : divestiture
자산수익율 : return on assets : ROA
재고 자산 : inventory
재무제표 : financial statements
재투자 : plow back
적자 : deficit
정기예금 : time deposits
증자 : increase in capital
지급불능 : insolvency
지급어음 : note payable
차변 : debit
청산 : liquidation
투자수익율 : return on investment : ROI
특별매출 : special offering
특별이익 : extraordinary income
특별손실 : extraordinary loss
파산 : bankruptcy
평가절하 : devaluation
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off-balance-sheetb 장부외 부채
Moreover, the requirement that there be a finance expert on the board, while primarily designed to curb Enron-style off-balance-sheet vehicles that hide liabilities, should also mean that someone in the boardroom can untangle a complicated long-term incentive plan.
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연결대차대조표 consolidated balance sheet
연결손익계산서 consolidated income statement
연결재무재표 Consolidated Financial Statements
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대차대조표 Balance Sheet
대차대조표일 the balance sheet date
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부외자산(off-balance sheet asset)
실제로 기업이 소유하고 있으나 회계장부에 기록되어 있지 않은 자산.
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B/S : Balance Sheet (대차대조표)
I/S : Income statement (손익계산서)
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100% balance sheet: 백분율 대차대조표
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account (=a/c, acc, acct): 계정, 계좌, 계산서
account analysis: 계정분석
account book paper: 회계부 용지
account books: 상업장부, 회계장부
account bought: 매수 명세서
account chart: 계정과목 일람표
account closing procedures: 결산절차
account code: 계정과목 코드(기호)
account current: 당좌계정, 단기대차계정
account form balance sheet: 계정식 대차대조표
account form income statement: 계정식 손익계산서
account form profit and loss statement: 계정식 손익계산서
account form: 계정식(cf. 보고서)
account headings: 계정과목
account in arrears: 잔금계정
account in foreign currency: 외환계정, 외화계정
account in Korean currency: 원화계정
account in transit: (본지점)미달계정
account method: 계속기록계산법
account number plan: 계정과목 번호 표시법
account number: 구좌번호, 계좌번호, 계정과목번호
account of business: 영업보고서
account of credit sales: 외상매출금 계정
account of purchase:매입계정서
account paid: 지불완료계정
account payable ledger: 외상매입장, 외상매입처 원장
account payable not trade: 미지급금
account payable trade: 외상매입금
account payable: 외상매입금
account receivable insurance: 외상매출금보험, 매출채권보험
account receivable ledger: 외상매출금원장
account receivable not trade: 미수금
account receivable trade: 외상매출금
account rendered: 확정계정
account sales: 외상매출, 외상매출계산서
account settlement: 결산
account stated: 확정계정
account statement: 계산서
account symbol system: 계정기호 표시법
account system: 계정조직
account title: 계정과목
account transfers: 계정대체
account turnover: 예금 회전 수
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administrative accounting: 관리회계
administrative act: 행정행위
administrative agency: 행정기관
administrative and maintenance expenses: 유지관리비용
administrative and selling expenses: 일반관리비 및 판매비
administrative appeal 이의신청
administrative audit: 관리적 감사
administrative authority: 행정권
administrative balance sheet: 경영 대차대조표
administrative burdens: 행정부담
administrative costs 행정불복시 수행비용, 징세비용
administrative department: 관리부문
administrative discretion: 행정재량
administrative dispute: 행정쟁송
administrative expenses budget: 관리비 예산
administrative expenses variance: 일반관리비 차이
administrative expenses: 일반관리비
administrative guidance: 행정지도
administrative interpretation: 행정해석
administrative judgement: 행정판단
administrative legislation: 행정입법
administrative litigation: 행정사건소송, 행정소송
administrative officer: 행정직원
administrative order: 행정명령
administrative organ: 행정기관
administrative overhead expense: 관리관계 간접비
administrative power: 행정권
administrative procedure: 행정절차
administrative protest: 이의신청
administrative reform: 행정개혁
administrative regulation: 시행규칙
administrative remedies: 행정구제
administrative review division: 심사과
administrative review: 행정적 검토
administrative rule-making: 시행령 제정, 규칙 제정
administrative structure: 행정조직
administrative summons 행정소환명령
administrative system: 행정조직
administrative technique: 행정기술
administrative tribunal: 행정심판소
administrative vice minister: 사무차관
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all-purpose balance sheet: 다목적(범용)대차대조표
all-purpose income statement: 다목적(범용)손익계산서
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analysis for credit purpose: 신용분석
analysis of accounts: 계정분석
analysis of balance sheet: 대차대조표 분석
analysis of budget variances: 예산차이 분석
analysis of cost variances: 원가차이 분석
analysis of financial statements: 재무제표 분석
analysis of income statement: 손익계산서 분석
analysis of material price variance: 재소비량 차이 분석
analysis of surplus: 잉여금 분석표
analysis of the affairs of a business: 경영분석
analysis of variance from budget: 예산 차이 분석
analysis sheet: 분석표, 내역표
analysis: 분석, 분석표
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B/S. balance sheet: 대차대조표
________________________________________
balance account: 잔고계정
balance an account: 계정을 조정하다
balance at the bank: 은행예금잔고
balance at the beginning of the period: 기초잔액
balance at the term-end: 기말잔액
balance book: 잔고장
balance brought forward: 전기이월 잔액
balance brought over from the last account: 전기이월금
balance carried forward: 차기이월 잔액
balance carried over: 차기이월
balance certificate: 잔액증명서, 잔고증명서
balance due: (산출세액에서 원천징수액을 공제한)요납부세액
balance form ledger sheet: 잔고식 원장
balance form: 잔고식
balance in hand: 보유잔고
balance in taxation: 과세형평
balance ledger: 잔고식 원장
balance of accounts: 계정잔액
balance of stores sheet: 재고품 수불부
balance of tax amount: 차감(요납부, 환부)세액
balance sheet analysis: 대차대조표 분석
balance sheet audit: 대차대조표 감사
balance sheet date: 대차대조표 일자
balance sheet equation: 대차대조표 등식
balance sheet for tax purpose: 세무 대차대조표
balance sheet: 대차대조표
balance the profit and loss: 손익 차감하다
balance: 잔액
balanced budget: 균형예산
balanced development: 균형된 발전
balancing tax: 대응과세
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budgeted balance sheet: 예상대차대조표
budgeted cost: 예산원가
budgeted income statement: 예상손익계산서
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classification of accounts: 계정과목분류
classification of balance sheet item: 대차대조표 항목의 분류
classification of land: 지목(地目)
classification of tax: 조세의 분류
classification of the business: 업종 분류
classification: 구분, 분류
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closing accounts: 결산
closing adjustment: 결산조정
closing all accounts in the ledger: 원장의 각계정 마감함
closing balance account: 폐쇄잔고계정 (대륙식 회계)
closing balance sheet: 결산 대차대조표
closing business: 사업의 폐쇄
closing date: 마감일, 결산일, 폐업일
closing day: 마감일
closing inventory: 기말재고
closing of accounts: 결산
closing of book: 장부의 마감
closing price: (주식의) 종가
closing the ledger: 원장마감
closing trial balance: 마감시산표
closing: 폐쇄, 결산
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combined balance sheet: 합병 대차대조표
combined depreciation-and-upkeep method: 감가 및 유지비 결합 상각법
combined financial statement: 결합재무제표
combined income and surplus statement: 손익 및 이익잉여금 결합 계산서
combined income statement: 합병손익계산서
combined profit and loss statement: 합병손익계산서
combined symbol system: 결합법
combining financial statement: 결합정산표
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comparative analysis of balance sheet: 대차대조표의 비교분석
comparative analysis: 비교분석
comparative balance sheet: 비교 대차대조표
comparative cost studies: 비교원가조사
comparative cost: 비교원가
comparative financial statements: 비교 재무제표
comparative income statement: 비교 손익계산서
comparative profit and loss statement: 비교 손익계산서
comparative statement: 비교계산서
comparative value: 비교가치
comparative: 비교형식의
compare: 비교하다
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condensed balance sheet: 요약대차대조표
condensed income statement: 요약 손익계산서
________________________________________
consolidated adjustment account: 연결조정 계정
consolidated balance sheet: 연결대차대조표
consolidated bond: 정리공채
consolidated corporate income tax system 연결법인세제
consolidated financial statements: 연결재무제표
consolidated income statement: 연결손익계산서
consolidated income tax: 종합소득세
consolidated profit and loss statement: 연결손익계산서
consolidated return: 총괄신고
consolidated stock: 정리주
consolidated surplus: 연결잉여금
consolidated tax return 연결세무신고
consolidated taxable income 연결과세소득
consolidated VAT return: 총괄부가가치세 신고
consolidated work sheet: 연결정산표
consolidated working fund: 연결운전자금
consolidating financial statement: 연결재무제표
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continental closing method: 대륙식 결산법
continental form of balance sheet: 대륙식 대차대조표
continental form of closing the ledger: 대륙식 원장 마감절차
continental method: 대륙식 결산법
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double assessment: 이중과세(double taxation)
double attachment: 이중압류
double benefits: 이중혜택
double costs: 이중비용
double counting: 이중 계산
double deductions: 이중공제
double distribution: 이중배부
double duty: 이중과세
double entries: 복식기장
double entry book-keeping: 복식부기
double insurance: 중복보험
double jeopardy: (한가지 죄로) 두 번 처벌 못함, 일사부재리
double tariff: 이중 세율제
double tax break: 이중감면
double tax burden: 이중과세부담
double taxation convention: 이중과세금지조약
double taxation relief: 이중과세방지
double taxation: 이중과세
double-account-form balance sheet: 복식회계 대차대조표
double-checked: 이중 점검된
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English form of balance sheet: 영국식 대차대조표
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estimated appropriation: 경비예산
estimated assessments: 인정과세, 추계과세
estimated balance sheet: 견적 대차대조표
estimated burden rate: 예정 배부율
estimated charge: 견적비용
estimated cost accounting: 예정원가계산
estimated cost of construction work: 견적공사원가
estimated cost: 예정원가
estimated declarations for interim periods: 중간예정 신고
estimated expenses: 예상비용
estimated figure: 견적수치
estimated financial statements: 견적재무제표
estimated funds statements: 견적 자금표
estimated future income taxes: 이연소득 과세채무
estimated income statement: 견적손익계산서
estimated income, approximated income, reconstructed income: 추계소득
estimated loss from bad debt: 견적 대손상각액
estimated mining period: 채굴예정년수
estimated mining quantity: 채굴예정수량
estimated overhead distribution rate: 견적간접비 배분율
estimated profit and loss statement: 견적 손익계산서
estimated profit: 견적이익
estimated rate: 견적율
estimated salvage value: 추정잔존가치
estimated tax payments 기납부 추정세액
estimated taxation: 추계과세, 인정과세
estimated usable period: 사용가능기간
estimated useful life: 견적내용년수
estimated(assessed) value: 견적가격, 평가가격, 사정가격
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events(happening) subsequent to balance sheet date: 대차대조표일 이후 발생사항
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fund accounting: 기금회계
fund balance sheet: 자금 대차대조표
fund obligation: 자금부채
fund raising: 자금조달
fund surplus: 자금잉여금
fund theory: 자금이론
fund: 기금
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general balance sheet: 일반 대차대조표
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initial a treaty: 조약에 가조인(假調印)하다
initial audit: 초도(初度) 감사
initial balance sheet: 개시대차대조표
initial balance: 기초잔액
initial budget: 당초예산
initial business year: 최초 사업연도
initial capital: 기초자본금, 시초자본
initial cost of business: 개업비
initial date: 기산일
initial expenditure: 창업비
initial goods in process: 기초 재공품
initial inventory: 이월상품재고
initial meeting: 첫 회합
initial payment: (할부에서) 최초불입금
initial reserve: 기초준비금
initial special depreciation: 초년도 특별상각
initial stock: 기초재고
initial work in process: 기초 재공품
initial: 최초의
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liquidation accounting period: 청산 사업년도
liquidation affairs: 청산사무
liquidation balance sheet: 청산 대차대조표
liquidation income from dissolution: 해산에 의한 청산소득
liquidation income: 청산소득
liquidation matter: 청산사무
liquidation preference: 잔여재산 분배우선
liquidation profit and loss: 청산손익
liquidation tax; 청산소득세
liquidation value: 청산가치, 즉시처분가치
liquidation 만기 전 청산.
liquidation: (회사의) 청산
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memorandum account: 비망계정
memorandum form: 비망형식
memorandum of association: 회사설립계약서(영국)
memorandum of balance-sheet audit: 대차대조표 감사결과 비망록
memorandum price: 비망가액
memorandum valuation a/c: 비망평가계정
memorandum value: 비망가격
memorandum: 비망기록, 각서
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monthly balance sheet: 월차대차대조표
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national balance sheet: 국민경제 대차대조표
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national economic balance sheet: 국민 경제 대차대조표
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opening balance account: 개시잔고계정
opening balance sheet: 개시 대차대조표
opening balance: 기초잔액, 개시잔고
opening entry: 개시기입, 개시분개
opening inventory: 기초재고
opening retained earnings: 기초이익잉여금
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penalties for lateness: 과태료
penalties for violations: 위반 범칙금
penalties on failure of tax withholding 원징수불이행 가산세
penalties on failure of tax withholding: 원천징수에 불이행 가산세
penalties on failure to post stamps: 인지 미첨부에 대한 벌금
penalties on failure to publicize balance sheet: 대차대조표 공고 불이행 가산세
penalties on incorrect filing: 신고불성실 가산세
penalties on late registration for VAT: (부가가치세) 사업자등록 지연가산세
penalties on non-filing taxpayers: 무신고 가산세
penalties on non-filing: 무신고 가산세
penalties on underreport of income: 과소신고 가산세
penalties: 가산세
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percentage balance sheet: 백분율 대차대조표
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periodic actual inventory: 정기 실지재고조사
periodic average method: 총 평균법
periodic balance sheet: 기별 대차대조표
periodic depletion charge: 매기의 감모공제액
periodic income: 기간이익
periodic inventory system: 정기재고법
periodic trial balance: 기말시산표
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position statement: 대차대조표, 재정상태표(=balance sheet)
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post-balance sheet events: 대차대조표일 이후에 발생한 사건(대차대조표 작성 기준일 다음
________________________________________
preliminary audit: 예비감사
preliminary balance sheet: 예비대차대조표
preliminary closing procedures: 결산예비절차
preliminary declaration: 예정신고
preliminary examination: 준비조사
preliminary expense: 창업비(영국)
preliminary tax return: (부가가치세) 예정신고서
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pro forma balance sheet: 견적 대차대조표
pro forma statement: 견적 재무제표
pro forma: 견적, 시산(試算)
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projected balance sheet: 견적 대차대조표
projected financial statements: 견적 재무제표
projected funds statements: 견적 자금계산서
projected income statement: 견적손익계산서
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rough balance sheet: 개산 대차대조표
rough calculation: 개산(槪算)
rough cost: 개산원가
rough numbers: 개략치, 어림수
rough profit and loss statement: 개산손익계산서
________________________________________
sector balance sheet: 부문별 대차대조표
________________________________________
single balance sheet: 단일의 대차대조표
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unclassified balance sheet: (항목 성격별) 미분류 대차대조표
unclassified expenses: 잡비
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year-end balance sheet: 연말 대차대조표
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대차대조표 balance sheet : BS
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대차대조표: Balance Sheet
________________________________________
대차대조표각주: A Footnote to the Balance Sheet
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대차대조표일: Balance Sheet Date
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부내자산: On-balance Sheet Assets
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부외거래 off balance sheet engagement
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부외자산: Off-balance Sheet Assets
________________________________________
수지개선효과: Positive Effect on the Balance Sheet
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연결대차대조표 consolidated balance sheet
________________________________________
잔액시산표 trial balance sheet
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연결대차대조표 連結貸借對照表 consolidated balance sheet
지배•종속 관계에 있는 2개 이상의 회사를 단일 기업집단으로 보아 기업집단의 재정상태를 종합적으로 표시하기 위하여 작성하는 대차대조표.
• I need it for tax return. (출처: 세계일보 당근영어)
저는 영수증이 소득 공제를 위해 필요합니다.
• Other advanced economies are mostly focused on tax reductions or tax credits based on the presence of children, but a special purpose tax to boost the fertility rate is not a generally accepted approach among those countries, said Kim Hyun-sook, research fellow with the Korea Institute of Public Finance. (출처: The Korea Herald)
“다른 선진국들은 대부분이 자녀 유무를 근거로 소득공제나 세액공제를 위주로 하고 있는데 출산율을 높이기 위한 특별세는 이들 나라에서는 일반적인 방법으로 인정되지 않고 있다”고 김현숙 한국조세연구원 연구원이 말했다.
• In addition, more civic groups will be authorized to receive donations, to which the government grants tax breaks for amounts up to 10 percent of the donor`s income. (출처: The Korea Herald)
그리고 개인들이 지정기부금단체에 기부금을 내면 자기소득의 최대 10%까지 소득공제를 받고 있는데 앞으로는 비영리 민간단체도 지정기부금 대상에 추가되면서 지정기부금 단체지정을 신청하는 시민단체가 늘어날 것으로 보인다.
• Kim Hyun-sook added the right combination of tax deductions and tax refunds for households with children can be as effective as creating a new tax item for providing them financial support. (출처: The Korea Herald)
김현숙 연구원은 유자녀 가정에 소득공제와 세액공제를 적절히 혼합하면 그들에게 재정지원을 함에 있어 새로운 세금을 만드는 것만큼 효과적일 수 있다고 덧붙였다.
• Under the EITC, when an employee`s earned income tax credit exceeds the amount of taxes owed, the government grants a tax refund to taxpayers who qualify. (출처: The Korea Herald)
EITC에 의하면 세액공제액이 소득공제보다 많을 경우 정부는 유자격 납세자에게 차액을 환급해 준다.
BOK Allows Foreign Currency Loans to KIKO-Hit Businesses
Commercial banks will be permitted to provide new foreign currency loans to export companies with foreign exchange losses due to the surging exchange rate after investing in currency derivatives such as KIKO (knock-in knock out). Foreign currency loan maturity for working funds will also be additionally extended.
The Bank of Korea (BOK) disclosed on Monday that it will implement the above details in a ‘plan to ease application restrictions on foreign currency loans.’
For starters, banks will be allowed to provide foreign currency loans for settlement funds in cases that export companies signed up for currency derivatives to hedge against foreign exchange risks.
With this, the respective companies will be able to settle KIKO contracts directly with foreign currency rather than the won and thus avoid foreign exchange losses arising from the hiking won-dollar rate.
Foreign currency loan maturity for working funds will also be extended an extra year. At the moment, when foreign currency loans for working funds reach maturity, the loan must be repaid or shifted to a won-denominated loan with high interest rates. However, the maturity was additionally extended as debtors suffered from tremendous foreign exchange losses due to the recent sharp rise in the won-dollar and won-yen rates.
BOK had implemented restrictions on the application of foreign currency loans in August last year, prohibiting banks from extending the loan maturity for working capital, but allowed an extension of up to one year after the exchange rate jumped steeply in March this year.
[Eun-young Sa / JYJ]
BOK to Soften Restrictions on Foreign Currency Loans
Monday, October 27, 2008 09:33:31
The Bank of Korea has unveiled softened restrictions on the use of foreign currency loans as part of efforts to help exporting firms that have been hit hard by the sharp rise in the foreign exchange rate.
The central bank announced on Monday that it would allow commercial banks to provide foreign currency loans to exporters who suffered losses from investments in currency option products, including KIKO, or "Knock-in, Knock-out."
The central bank will also allow lenders to extend by one year maturities for foreign currency loans.
[Accounting] Lesson 14 - Terms
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Cyber MBA | 2004/07/08 (목) 23:24
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Book Value per Share
This measures the value of owners'' equity in terms of common stock outstanding. Book value per share is not related to a company''s market value and is usually less than market value.
이는 주주지분의 가치를 유통보통주 기준으로 측정한다. 주당 액면가는 기업의 시장 가치와 무관하며, 일반적으로 시장가격보다 낮다
The company had a very low Book Value per Share even though its stocks were soaring.
Cash Conversion Cycle
This is also referred to as the operating cycle and is the amount of time taken to turn the firm''s investment in inventory back into cash by collecting payment from customers.
이는 영업회전이라 불리며, 기업의 재고투자가 고객으로부터의 현금회수로 이어지는 기간을 의미한다.
The Cash Conversion Cycle of the company was remarkable due to its strong collections department.
Cash Ratio
The most conservative liquidity ratio, showing the relationship between cash and marketable securities available to pay current liabilities.
가장 보수적인 유동성비율이며, 유동부채를 상환할 수 있는 시장성 있는 증권과 현금의 관계를 보여준다
The company relied on its Cash Ratio to make investment decisions.
Current Ratio
The most often used measure of short-term liquidity that examines the relationship between current assets and current liabilities. defined as the ratio of current assets to current liabilities.
유동자산과 유동부채와의 관계를 보여주는 단기 유동성의 측정을 위해 가장 많이 사용됨. 유동비율: 유동자산을 유동부채로 나눈 비율.
<유동자산÷유동부채>×100(%)
The Current Ratio indicates that the company is very liquid at this point. Current Ratio is defined as the ratio of current assets to current liabilities.
유동비율은 유동자산을 유동부채로 나눈 비율입니다.
Debt / Equity Ratio
The proportion of a company''s debt in relation to equity. The debt figure includes all long-term fixed obligations. Debt ratios are computed with and without deferred taxes due to disagreements about whether deferred taxes should be considered a liability or capital.
이는 자본에 대한 기업 부채의 비율을 나타낸다. 부채는 장기고정부채를 포함한다. 부채비율은 이연법인세를 포함하기도 하고 포함하지 않기도 하는데 이는 이연법인세가 부채로 혹은 자본으로 간되어야 하는지에 대한 불일치된 의견에 기인한다.
The auditor wanted to point out the company''s Debt / Equity Ratio because he felt that the company had too much long-term obligations.
Divident Yield
This measures the relationship between dividends paid per share and a company''s current market price per share.
이는 주당 지급배당금과 기업의 현 주당 시장가격의 관계를 측정한다
The company had a low Divident Yield last year due to the crash in the stock market.
유동비율은 유동자산을 유동부채로 나눈 비율입니다.
Dupont Analysis
As a performance indicator ROE can be divided into several components that will offer insight into what has driven a firm''s ROE. The DuPont Formula recognizes three drivers of ROE: net profit margins (reflects the rate of profit on sales), asset turnover (reflects how effectively a firm uses its assets), and financial leverage (the ratio of total assets to equity).
성과지표로서 자기자본수익율은 기업의 자기자본 수익율을 구성요소를 보여주는 몇가지 요소로 구분될 수 있다. 듀퐁공식은 자기자본수익율의 세가지 요소를 인식하였다. 순이익(매출이익율을 반영한다.), 자산회전율(얼마나 효과적으로 기업이 자산을 이용하는지를 보여준다) 그리고 재무레버리지(자본에 대한 총자산 비율)
Several companies use the Dupont Analysis for measuring the Return on Owner''s Equity.
유동비율은 유동자산을 유동부채로 나눈 비율입니다.
Efficiency Ratio
This measures how well management is using its assets and capital while profitability ratios measure profits as a percentage of sales, assets, and capital. a measure of how efficiently the company uses its assets, e.g. ROA (Return on Assets) the ratios used for analyzing how effectively is the company using its assets and running its operations.
이익율이 매출, 자산 및 자본의 퍼센트 비율로서 이익을 측정하는 데에 비해 이는 경영이 얼마나 잘 자산과 자본을 이용하는가를 측정한다. 효율성 비율: 회사의 자산 사용의 효율성을 측정하는 비율
A company may be profitable even with a low Efficiency Ratio. Efficiency ratios, that tell you how efficiently the company uses its assets. Efficiency ratios are employed to analyze how effectively is the company using its assets and running its operations.
효율성 비율은 회사가 얼마나 효과적으로 보유자산을 사용하여 사업 운영을 하는지를 분석하기 위해 사용된다.
Equity Turnover
This reflects the company''s use of preferred and common stock, paid-in capital, and total retained earnings.
이는 기업의 우선주나 보통주, 납입자본 및 전체 유보이익의 사용을 반영한다.
The auditor was worried with the Equity Turnover of the company.
효율성 비율은 회사가 얼마나 효과적으로 보유자산을 사용하여 사업 운영을 하는지를 분석하기 위해 사용된다.
Financial Risk
This is the uncertainty due to a company''s use of debt securities. When a company sells bonds to raise capital the interest payments are fixed obligations.
이는 기업의 부채사용으로 인한 불확실성을 의미한다. 기업이 자본조달을 위해 사채를 발행하는 경우 이자지급은 고정부채가 된다.
The company had a lot of financial risk because it was not able to pay off most of its debt.
효율성 비율은 회사가 얼마나 효과적으로 보유자산을 사용하여 사업 운영을 하는지를 분석하기 위해 사용된다.
Interest Coverage Ratio
This is also referred to as times interest-earned and this ratio indicates earnings available to meet debt and interest obligations. defined as the ratio of earning before interest and tax to the interest expense, or EBIT divided by interest expense.
이는 시간의 경과에 따른 이자수입을 말하며 이 비율은 부채와 이자지급의무 이행을 위한 가용이익을 나타낸다. 이자비용상환능력비율: 이자 법인세 차감전 순이익을 이자비용으로 나눈 비율.
The finance officer reviewed the company''s Interest Coverage Ratio to determine its capability to pay off last year''s interests. This is true. How about American Airlines’ interest cover ratio? For leverage ratio, we learned debt ratio, debt-to-equity ratio, and interest coverage ratio, all of which measure a company’s financial leverage. Interest Coverage Ratio is defined as the ratio of earning before interest and tax to the interest expense, or EBIT divided by interest expense. It''s the company''s Chief Financial Officer''s job to juggle this trade off and optimize the amount of debt, looking at interest coverage ratios, debt ratings and the cost of financial distress.
맞습니다. American Airlines의 이자상환능력비율은 어떻습니까? 레버리지비율로서 우리는 부채비율(부채/자산), 부채비율(부채/자기자본), 이자상환능력비율을 배웠는데, 이 모든 것들은 기업의 재무레버리지를 측정하는 수단입니다. 이자비용상환능력비율은 이자 법인세 차감전 영업이익을 이자비용으로 나눈 비율입니다. 이자비용상환비율이나 부채신용도, 그리고 재무적 곤경비용을 살펴봄으로서, 이러한 상충관계를 절묘하게 조절하고, 부채조달금을 최적화하는 것이 재무담당이자의 직무입니다.
Internal Liquidity Ratio
This is also known as solvency ratio and indicates a company''s ability to meet short-term obligations.
지급능력 비율로 알려져 있으며, 단기 채무를 상환할 수 있는 기업의 능력을 말한다.
The Internal Liquidity Ratio shows that the company will have a hard time meeting its obligations.
Inventory Turnover
This measures production and inventory management efficiency or how fast the company moves its inventory. This can be calculated relative to sales or cost of goods sold (CGS). defined as the ratio of annual sales to inventory, which shows how many times the inventory of a firm is sold and replaced during an accounting period.
이는 제품 및 상품 관리의 효율성 또는 기업이 얼마나 빨리 재고를 처분하는 가를 측정한다. 이는 매출 및 매출원가와 관련하여 계산될 수 있다. 재고자산회전율: 연간매출을 재고자산으로 나눈 비율이며, 이 것은 재고자산이 회계기간동안 얼마나 자주 팔리거나 대체되는지를 보여줍니다.
The retailer had a good Inventory Turnover last year because of its sales during the Christmas season. A low inventory turnover ratio suggests that a company is carrying excess stocks of inventory because excess inventory ties up cash of the company and makes the company vulnerable to falling prices.
Net Fixed Asset Turnover
This reflects the company''s utilization of its fixed assets such as property, plant, and equipment.
이는 재산, 공장, 기타 장치등의 기업의 고정자산의 사용을 반영한다
The plant was not utilized properly which resulted in a low Net Fixed Asset Turnover.
Operating Profitability Ratio
This indicates the rate of profit on sales and the return on capital employed.
이는 매출 대비 이익 드리고 자본대비 이익율을 반영한다.
The investor wanted to review the company''s Operating Profitability Ratio first before making any decisions.
Payables Payment Period
This uses the payables turnover ratio to measure the length of time it takes to pay on payables.
이는 지급채무의 상환 기간을 측정하기 위해 지급채무 회전율을 사용한다/
The company had a low Payables Payment Period because it wanted to keep a good record with the bank.
Price / Earnings Ratio
This ratio indicates the relationship between a company''s current market price per share and its earnings per share.
이 비율은 기업의 현 주당가격 및 주당이익 사이의 관계를 나타낸다.
With a high Price / Earnings Ratio, the company felt it was time to look for more potential investors.
Quick Ratio
This is also known as the acid-test ratio and is a stricter measure of liquidity, because it only considers cash, cash equivalents, marketable securities, and receivables to determine a firm''s ability to meet its current obligations.
이는 정밀검사비율로 알려져 있으며 이는 유동성에 대한 보다 엄격한 측정방법을 의미한다. 왜냐하면 이는 단지 현금, 현금등가물, 시장성 있는 유가증권 그리고 기업의 유동부채 상환능력을 결정하는 채권만을 포함하기 때문이다.
The company relied on the Quick Ratio to measure its liquidity because it was the strictest.
Receivables Turnover
This is used to analyze the quality or liquidity of accounts receivable as examined by the average collection period or how often receivables turnover (the sooner receivables are paid the sooner the firm has funds to pay its current liabilities).
이는 미수금의 질과 유동성을 평균회수 기간이나 미수금이 얼마나 자주 회전회는가를 조사하여 분석하기 위해 사용된다. (미수금이 일찍 회수될 수록 기업은 현부채를 상환할 수 있는 자금을 확보하게 된다.)
The manufacturing company had a good Receivables Turnover because of its good relationship with its customers.
Return on Owner's Equity
This ratio indicates the rate of return that management of a company has earned on the capital provided by shareholders.
이는 주주가 제공한 자본에 대해 기업의 경영을 통해 얻는 이익의비율을 나타낸다
The shareholders were reviewing the company''s Return on Owner''s Equity before the meeting.
Return on assets (ROA)
A measure of profitability that assesses the relative effectiveness of a company in using available resources (i.e. assets) to generate net income. Calculated as net income divided by average total assets (beginning and ending of a year) defined as the ratio of earning before interest and tax to assets, or the ratio of EBIT to assets.
자산이익률: 수익성을 판단하는 하나의 지표로, 당기순이익을 창출하는데 사용된 총자산의 효율성을 측정한다.
=당기순이익/ {(기초 총자산+기말 총자산)/2} 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
Besides providing a quick overview of the current year’s financial performance, the section provides an opportunity to review financial trends. The section typically provides comparable data for sales, income from continuing operations, income per share from continuing operations, long-term debt, ratios (return on assets, return on equity, and working capital), number of shares outstanding, and the market price per share. For profitability ratios, we learned net profit margin and return on assets, both of which give us a sense of how profitable a company is. McDonald''s MD&A also includes a discussion of the Company’s return on assets and return on equity. Return on Assets is defined as the ratio of earning before interest and tax to assets, or the ratio of EBIT to assets.
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
Total Asset Turnover
This indicates the effectiveness of the firm''s use of its total asset base (the sum of current and noncurrent assets) by measuring sales generated per dollar of assets as a multiple.
이는 자산의 달라당 매출측정을 통해 기업의 총자산 기반(유동자산과 비유동자산의 총합)의 이용효율성을 의미한다.
Since the company had no major assets, it always had a high Total Asset Turnover.
Total Debt Ratio
This ratio compares total debt (current liabilities plus long-term liabilities) to total capital (total debt plus total equity) to indicate the proportion of capital financed from borrowing.
이 비율은 총부채(유동부채와 장기부채의 합)를 총자산(총부채와 총자본의 합)과 비교하여 차입금으로 조달된 자금의 비율을 나타내다
The auditor was worried with the company''s Total Debt Ratio which varied significantly from previous years.
Turnover Ratio
This is used to determine a company''s internal liquidity and it is expressed as either a number of times per year or as a number of days.
이는 기업의 내부유동성을 결정하고, 이는 연별 시간이나 날짜로 표시된다.
The company had a good Turnover Ratio for the last fiscal year.
diluted earnings per share
A standardized measure of performance calculated as net income applicable to common stock divided by the weighted-average number of common shares outstanding plus common stock equivalents and any other potentially dilutive securities (see Dilution above) If a firm has a complex capital structure, it contains dilutive securities such as options, warrants, or convertible securities that will decrease EPS if exercised or converted to common stock. Diluted EPS assumes that the securities are converted to common stock.
희석주당순이익: 보통주 당기순이익을 시중 유통되고 있는 보통주의 가중평균주식수에 보통주 등가물, 기타 보통주로 전환될 수 있는 유가증권을 가산하여 나눈 것 . 기업이 복잡한 자본구조를 가진 경우, 이는 행사되는 경우 또는 보통주로 전화되는 경우 주당순이익을 줄이게 되는 옵션이나 전환증권 희석화 증권을 포함한다. 희석화된 주당순이익은 보통주로 전환된 증권을 포함한다.
Diluted earnings per share: if a firm has a complex capital structure, it contains dilutive securities such as options, warrants, or convertible securities that will decrease EPS if exercised or converted to common stock. Diluted EPS assumes that the securities are converted to common stock from the first of the year or when issued if during if issued during the current year. The Diluted Earnings per Share of the company this year is the lowest in the industry.
earnings per share
A standardized measure of performance calculated as net income, which is subtracted by dividends on preferred stock, divided by the weighted-average number of common shares outstanding during an accounting period
= (Net Income - Dividends on Preferred Stock / Average Outstanding Shares ) This indicates the net income (after preferred dividends) per share of common stock. A common corporate performance statistic, the calculation of EPS is governed and mandated by GAAP.
주당순이익: 주당 할당되는 이익으로 다음과 같이 계산된다. EPS = 당기순이익- 우선주배당금/가중평균주식수
- 여기서, 가중평균주식수는 우선주를 차감한 수를 말함. 이는 보통주당 순이익(우선주배당후)을 말한다. 일반기업의 성과통계치 그리고 주당순이익은 일반적으로 인정된 회계 원칙에 의해 규정된다.
Looking ahead, our financial goals are to continue growing earnings per share, to increase return on investment and to grow shareholder value at a rate that investors expect and deserve.” Although the goals are mentioned, neither specific plans, nor a specific growth rate or return on investments are discussed. When you read income statements, profitability and operational health should be assessed. Total revenue and its growth pattern, operating income and net income and their growth patterns, cost structure in relation to profit margin, and earnings per share will get attention from investors. The Earnings per Share of the company went down for the second straight year.
gross profit margin
A measure of a company''s ability to generate gross profits from a given level of revenues; calculated as gross profit divided by net sales. This is also referred to as the gross margin and indicates the company''s basic cost structure and is an important profitability indicator. This is also referred to as the gross margin and indicates the company''s basic cost structure and is an important profitability indicator. gross profit divided by sales, expressed as a percentage.
매출총이익율: 특정 매출액에서 회사가 매출총이익을 낼 수 있는 능력을 판단하는 정도.
= 매출총이익/순매출액 이는 총이익을 설명하고, 기업의 기본 원가구조를 나타내며, 주요 이익 지표의 하나이다. 이는 총이익을 설명하고, 기업의 기본 원가구조를 나타내며, 주요 이익 지표의 하나이다.
The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales) The company exceeded last year''s Gross Profit Margin due to its remarkable sales in the last quarter. The company exceeded last year''s Gross Profit Margin due to its remarkable sales in the last quarter. In order to find out the gross margin, we divide gross profit by revenue. So, American Airlines’ gross profit margin in the second quarter of 2001 is 77%.
매출총이익율을 알기 위해서 우리는 매출총이익을 매출로 나누어야 합니다. 그래서, American Airlines의 매출총이익율은 2001년 2분기에 77%입니다.
net profit margin
defined as the ratio of profit after tax to sales. This is also referred to as net earnings or net profit and is calculated by subtracting income taxes from income.
매출이익율: 세후 당기순이익을 매출액으로 나눈 비율입니다. 이는 또한 순이익을 말하며, 이익에서 법인세를 제외함으로써 계산된다.
Net Profit Margin is defined as the ratio of profit after tax to sales. The company had a positive Net Profit Margin for the first time in eight years. The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales) For profitability ratios, we learned net profit margin and return on assets, both of which give us a sense of how profitable a company is.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다
Abolition of restriction on rollover of foreign currency loans for use as working capital
Date: December 01, 2008
Source: Cheong Wa Dae
The Bank of Korea announces today, December 1, 2008, that the restrictions on the rollover of foreign currency loans for use as working capital, for which rollovers were allowed up to a maximum 2 years under the October 2008 measure, have been abolished.
1. Background of the New Measure
Due to the steep depreciation of the KRW against the USD and JPY, even after the October measure allowing rollovers of foreign currency lending used for working capital, borrowers of foreign currency funds for use as working capital have experienced great difficulties.
2. Contents of the New Measure
The restrictions on the rollover of foreign currency lending for use as working capital procured before August 10, 2007 are abolished as of December 1, 2008.
The qualifications are the same as under the October 2008 measure on rollovers - foreign currency lending that is restricted as to its purpose (in accordance with Article 2-9 of the rules for operation under the Foreign Exchange Transactions Act) but was procured before August 10, 2007, when the restriction on use of foreign currency lending was imposed.
Consequently, the rollover of qualified foreign currency lending for use as working capital will now be decided entirely at the discretion of the foreign exchange bank involved.
*Enforcement Date: Monday, December 1, 2008
< Appendix 1 >
Development of Measures Related to Regulation of Foreign Currency Lending
Aug. 10, 2007: limited to actual uses overseas (by end users) and domestic facilities investment funds for manufacturers
Jan. 28, 2008: foreign currency lending for domestic facilities investment funds allowed for non-manufacturers
March 25, 2008: one-time, one-year rollovers allowed for foreign currency loans for working capital use (made prior to the Aug. 10, 2007 prohibition)
Oct. 27, 2008: foreign currency borrowing by domestic exporters allowed, for payment of KIKO and other currency option transactions; additional rollover (for up to 2 years beyond initial maturity) of foreign currency loans for working capital use allowed
Dec. 1, 2008: all restrictions on rollover of foreign currency lending for use as working capital, under the October 2008 measure on rollovers, abolished
< Appendix 2 >
Foreign Currency Lending by Foreign Exchange Banks
As of end-September 2008, the balance of foreign currency loans extended by foreign exchange banks was 50.2 billion dollars. This was an increase of 4.3 billion dollars since the end of 2007.
In terms of usage, lending of facilities investment funds increased 6.7 billion dollars, due to the measure allowing provision of such lending even to non-manufacturers. Lending for working capital use, however, decreased by 3.7 billion dollars.
In terms of currency, US dollar lending increased by 1.9 billion dollars. Due to the allowance of rollovers of foreign currency lending for working capital use, JPY lending also increased, by 2.5 billion dollars.
Book Value per Share
This measures the value of owners'' equity in terms of common stock outstanding. Book value per share is not related to a company''s market value and is usually less than market value.
이는 주주지분의 가치를 유통보통주 기준으로 측정한다. 주당 액면가는 기업의 시장 가치와 무관하며, 일반적으로 시장가격보다 낮다
The company had a very low Book Value per Share even though its stocks were soaring.
Cash Conversion Cycle
This is also referred to as the operating cycle and is the amount of time taken to turn the firm''s investment in inventory back into cash by collecting payment from customers.
이는 영업회전이라 불리며, 기업의 재고투자가 고객으로부터의 현금회수로 이어지는 기간을 의미한다.
The Cash Conversion Cycle of the company was remarkable due to its strong collections department.
Cash Ratio
The most conservative liquidity ratio, showing the relationship between cash and marketable securities available to pay current liabilities.
가장 보수적인 유동성비율이며, 유동부채를 상환할 수 있는 시장성 있는 증권과 현금의 관계를 보여준다
The company relied on its Cash Ratio to make investment decisions.
Current Ratio
The most often used measure of short-term liquidity that examines the relationship between current assets and current liabilities. defined as the ratio of current assets to current liabilities.
유동자산과 유동부채와의 관계를 보여주는 단기 유동성의 측정을 위해 가장 많이 사용됨. 유동비율: 유동자산을 유동부채로 나눈 비율.
<유동자산÷유동부채>×100(%)
The Current Ratio indicates that the company is very liquid at this point. Current Ratio is defined as the ratio of current assets to current liabilities.
유동비율은 유동자산을 유동부채로 나눈 비율입니다.
Debt / Assets Ratio
The proportion of a company''s debt in relation to total assets is equal to total long-term debt divided by total assets.
총자산에 대한 기업의 부채비율은 총 장기부채를 총자산으로 누누 것과 같다
The company had few assets and therefore had a high Debt / Assets Ratio.
유동비율은 유동자산을 유동부채로 나눈 비율입니다.
Debt / Equity Ratio
The proportion of a company''s debt in relation to equity. The debt figure includes all long-term fixed obligations. Debt ratios are computed with and without deferred taxes due to disagreements about whether deferred taxes should be considered a liability or capital.
이는 자본에 대한 기업 부채의 비율을 나타낸다. 부채는 장기고정부채를 포함한다. 부채비율은 이연법인세를 포함하기도 하고 포함하지 않기도 하는데 이는 이연법인세가 부채로 혹은 자본으로 간되어야 하는지에 대한 불일치된 의견에 기인한다.
The auditor wanted to point out the company''s Debt / Equity Ratio because he felt that the company had too much long-term obligations.
유동비율은 유동자산을 유동부채로 나눈 비율입니다.
Divident Yield
This measures the relationship between dividends paid per share and a company''s current market price per share.
이는 주당 지급배당금과 기업의 현 주당 시장가격의 관계를 측정한다
The company had a low Divident Yield last year due to the crash in the stock market.
유동비율은 유동자산을 유동부채로 나눈 비율입니다.
Dupont Analysis
As a performance indicator ROE can be divided into several components that will offer insight into what has driven a firm''s ROE. The DuPont Formula recognizes three drivers of ROE: net profit margins (reflects the rate of profit on sales), asset turnover (reflects how effectively a firm uses its assets), and financial leverage (the ratio of total assets to equity).
성과지표로서 자기자본수익율은 기업의 자기자본 수익율을 구성요소를 보여주는 몇가지 요소로 구분될 수 있다. 듀퐁공식은 자기자본수익율의 세가지 요소를 인식하였다. 순이익(매출이익율을 반영한다.), 자산회전율(얼마나 효과적으로 기업이 자산을 이용하는지를 보여준다) 그리고 재무레버리지(자본에 대한 총자산 비율)
Several companies use the Dupont Analysis for measuring the Return on Owner''s Equity.
유동비율은 유동자산을 유동부채로 나눈 비율입니다.
Efficiency Ratio
This measures how well management is using its assets and capital while profitability ratios measure profits as a percentage of sales, assets, and capital. a measure of how efficiently the company uses its assets, e.g. ROA (Return on Assets) the ratios used for analyzing how effectively is the company using its assets and running its operations.
이익율이 매출, 자산 및 자본의 퍼센트 비율로서 이익을 측정하는 데에 비해 이는 경영이 얼마나 잘 자산과 자본을 이용하는가를 측정한다. 효율성 비율: 회사의 자산 사용의 효율성을 측정하는 비율
A company may be profitable even with a low Efficiency Ratio. Efficiency ratios, that tell you how efficiently the company uses its assets. Efficiency ratios are employed to analyze how effectively is the company using its assets and running its operations.
효율성 비율은 회사가 얼마나 효과적으로 보유자산을 사용하여 사업 운영을 하는지를 분석하기 위해 사용된다.
Equity Turnover
This reflects the company''s use of preferred and common stock, paid-in capital, and total retained earnings.
이는 기업의 우선주나 보통주, 납입자본 및 전체 유보이익의 사용을 반영한다.
The auditor was worried with the Equity Turnover of the company.
효율성 비율은 회사가 얼마나 효과적으로 보유자산을 사용하여 사업 운영을 하는지를 분석하기 위해 사용된다.
Financial Risk
This is the uncertainty due to a company''s use of debt securities. When a company sells bonds to raise capital the interest payments are fixed obligations.
이는 기업의 부채사용으로 인한 불확실성을 의미한다. 기업이 자본조달을 위해 사채를 발행하는 경우 이자지급은 고정부채가 된다.
The company had a lot of financial risk because it was not able to pay off most of its debt.
효율성 비율은 회사가 얼마나 효과적으로 보유자산을 사용하여 사업 운영을 하는지를 분석하기 위해 사용된다.
Interest Coverage Ratio
This is also referred to as times interest-earned and this ratio indicates earnings available to meet debt and interest obligations. defined as the ratio of earning before interest and tax to the interest expense, or EBIT divided by interest expense.
이는 시간의 경과에 따른 이자수입을 말하며 이 비율은 부채와 이자지급의무 이행을 위한 가용이익을 나타낸다. 이자비용상환능력비율: 이자 법인세 차감전 순이익을 이자비용으로 나눈 비율.
The finance officer reviewed the company''s Interest Coverage Ratio to determine its capability to pay off last year''s interests. This is true. How about American Airlines’ interest cover ratio? For leverage ratio, we learned debt ratio, debt-to-equity ratio, and interest coverage ratio, all of which measure a company’s financial leverage. Interest Coverage Ratio is defined as the ratio of earning before interest and tax to the interest expense, or EBIT divided by interest expense. It''s the company''s Chief Financial Officer''s job to juggle this trade off and optimize the amount of debt, looking at interest coverage ratios, debt ratings and the cost of financial distress.
맞습니다. American Airlines의 이자상환능력비율은 어떻습니까? 레버리지비율로서 우리는 부채비율(부채/자산), 부채비율(부채/자기자본), 이자상환능력비율을 배웠는데, 이 모든 것들은 기업의 재무레버리지를 측정하는 수단입니다. 이자비용상환능력비율은 이자 법인세 차감전 영업이익을 이자비용으로 나눈 비율입니다. 이자비용상환비율이나 부채신용도, 그리고 재무적 곤경비용을 살펴봄으로서, 이러한 상충관계를 절묘하게 조절하고, 부채조달금을 최적화하는 것이 재무담당이자의 직무입니다.
Internal Liquidity Ratio
This is also known as solvency ratio and indicates a company''s ability to meet short-term obligations.
지급능력 비율로 알려져 있으며, 단기 채무를 상환할 수 있는 기업의 능력을 말한다.
The Internal Liquidity Ratio shows that the company will have a hard time meeting its obligations.
맞습니다. American Airlines의 이자상환능력비율은 어떻습니까? 레버리지비율로서 우리는 부채비율(부채/자산), 부채비율(부채/자기자본), 이자상환능력비율을 배웠는데, 이 모든 것들은 기업의 재무레버리지를 측정하는 수단입니다. 이자비용상환능력비율은 이자 법인세 차감전 영업이익을 이자비용으로 나눈 비율입니다. 이자비용상환비율이나 부채신용도, 그리고 재무적 곤경비용을 살펴봄으로서, 이러한 상충관계를 절묘하게 조절하고, 부채조달금을 최적화하는 것이 재무담당이자의 직무입니다.
Inventory Turnover
This measures production and inventory management efficiency or how fast the company moves its inventory. This can be calculated relative to sales or cost of goods sold (CGS). defined as the ratio of annual sales to inventory, which shows how many times the inventory of a firm is sold and replaced during an accounting period.
이는 제품 및 상품 관리의 효율성 또는 기업이 얼마나 빨리 재고를 처분하는 가를 측정한다. 이는 매출 및 매출원가와 관련하여 계산될 수 있다. 재고자산회전율: 연간매출을 재고자산으로 나눈 비율이며, 이 것은 재고자산이 회계기간동안 얼마나 자주 팔리거나 대체되는지를 보여줍니다.
The retailer had a good Inventory Turnover last year because of its sales during the Christmas season. A low inventory turnover ratio suggests that a company is carrying excess stocks of inventory because excess inventory ties up cash of the company and makes the company vulnerable to falling prices.
낮은 재고자산회전율은 기업이 초과재고를 갖고 있다는 것을 의미하는데, 초과재고는 기업의 현금유동을 고정시키고, 가격폭락을 유도합니다
Net Fixed Asset Turnover
This reflects the company''s utilization of its fixed assets such as property, plant, and equipment.
이는 재산, 공장, 기타 장치등의 기업의 고정자산의 사용을 반영한다
The plant was not utilized properly which resulted in a low Net Fixed Asset Turnover.
낮은 재고자산회전율은 기업이 초과재고를 갖고 있다는 것을 의미하는데, 초과재고는 기업의 현금유동을 고정시키고, 가격폭락을 유도합니다
Operating Profitability Ratio
This indicates the rate of profit on sales and the return on capital employed.
이는 매출 대비 이익 드리고 자본대비 이익율을 반영한다.
The investor wanted to review the company''s Operating Profitability Ratio first before making any decisions.
낮은 재고자산회전율은 기업이 초과재고를 갖고 있다는 것을 의미하는데, 초과재고는 기업의 현금유동을 고정시키고, 가격폭락을 유도합니다
Payables Payment Period
This uses the payables turnover ratio to measure the length of time it takes to pay on payables.
이는 지급채무의 상환 기간을 측정하기 위해 지급채무 회전율을 사용한다/
The company had a low Payables Payment Period because it wanted to keep a good record with the bank.
낮은 재고자산회전율은 기업이 초과재고를 갖고 있다는 것을 의미하는데, 초과재고는 기업의 현금유동을 고정시키고, 가격폭락을 유도합니다
Price / Earnings Ratio
This ratio indicates the relationship between a company''s current market price per share and its earnings per share.
이 비율은 기업의 현 주당가격 및 주당이익 사이의 관계를 나타낸다.
With a high Price / Earnings Ratio, the company felt it was time to look for more potential investors.
낮은 재고자산회전율은 기업이 초과재고를 갖고 있다는 것을 의미하는데, 초과재고는 기업의 현금유동을 고정시키고, 가격폭락을 유도합니다
Quick Ratio
This is also known as the acid-test ratio and is a stricter measure of liquidity, because it only considers cash, cash equivalents, marketable securities, and receivables to determine a firm''s ability to meet its current obligations.
이는 정밀검사비율로 알려져 있으며 이는 유동성에 대한 보다 엄격한 측정방법을 의미한다. 왜냐하면 이는 단지 현금, 현금등가물, 시장성 있는 유가증권 그리고 기업의 유동부채 상환능력을 결정하는 채권만을 포함하기 때문이다.
The company relied on the Quick Ratio to measure its liquidity because it was the strictest.
낮은 재고자산회전율은 기업이 초과재고를 갖고 있다는 것을 의미하는데, 초과재고는 기업의 현금유동을 고정시키고, 가격폭락을 유도합니다
Receivables Turnover
This is used to analyze the quality or liquidity of accounts receivable as examined by the average collection period or how often receivables turnover (the sooner receivables are paid the sooner the firm has funds to pay its current liabilities).
이는 미수금의 질과 유동성을 평균회수 기간이나 미수금이 얼마나 자주 회전회는가를 조사하여 분석하기 위해 사용된다. (미수금이 일찍 회수될 수록 기업은 현부채를 상환할 수 있는 자금을 확보하게 된다.)
The manufacturing company had a good Receivables Turnover because of its good relationship with its customers.
낮은 재고자산회전율은 기업이 초과재고를 갖고 있다는 것을 의미하는데, 초과재고는 기업의 현금유동을 고정시키고, 가격폭락을 유도합니다
Return on Owner's Equity
This ratio indicates the rate of return that management of a company has earned on the capital provided by shareholders.
이는 주주가 제공한 자본에 대해 기업의 경영을 통해 얻는 이익의비율을 나타낸다
The shareholders were reviewing the company''s Return on Owner''s Equity before the meeting.
낮은 재고자산회전율은 기업이 초과재고를 갖고 있다는 것을 의미하는데, 초과재고는 기업의 현금유동을 고정시키고, 가격폭락을 유도합니다
Return on assets (ROA)
A measure of profitability that assesses the relative effectiveness of a company in using available resources (i.e. assets) to generate net income. Calculated as net income divided by average total assets (beginning and ending of a year) defined as the ratio of earning before interest and tax to assets, or the ratio of EBIT to assets.
자산이익률: 수익성을 판단하는 하나의 지표로, 당기순이익을 창출하는데 사용된 총자산의 효율성을 측정한다.
=당기순이익/ {(기초 총자산+기말 총자산)/2} 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
Besides providing a quick overview of the current year’s financial performance, the section provides an opportunity to review financial trends. The section typically provides comparable data for sales, income from continuing operations, income per share from continuing operations, long-term debt, ratios (return on assets, return on equity, and working capital), number of shares outstanding, and the market price per share. For profitability ratios, we learned net profit margin and return on assets, both of which give us a sense of how profitable a company is. McDonald''s MD&A also includes a discussion of the Company’s return on assets and return on equity. Return on Assets is defined as the ratio of earning before interest and tax to assets, or the ratio of EBIT to assets.
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
Total Asset Turnover
This indicates the effectiveness of the firm''s use of its total asset base (the sum of current and noncurrent assets) by measuring sales generated per dollar of assets as a multiple.
이는 자산의 달라당 매출측정을 통해 기업의 총자산 기반(유동자산과 비유동자산의 총합)의 이용효율성을 의미한다.
Since the company had no major assets, it always had a high Total Asset Turnover.
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
Total Debt Ratio
This ratio compares total debt (current liabilities plus long-term liabilities) to total capital (total debt plus total equity) to indicate the proportion of capital financed from borrowing.
이 비율은 총부채(유동부채와 장기부채의 합)를 총자산(총부채와 총자본의 합)과 비교하여 차입금으로 조달된 자금의 비율을 나타내다
The auditor was worried with the company''s Total Debt Ratio which varied significantly from previous years.
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
Turnover Ratio
This is used to determine a company''s internal liquidity and it is expressed as either a number of times per year or as a number of days.
이는 기업의 내부유동성을 결정하고, 이는 연별 시간이나 날짜로 표시된다.
The company had a good Turnover Ratio for the last fiscal year.
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
diluted earnings per share
A standardized measure of performance calculated as net income applicable to common stock divided by the weighted-average number of common shares outstanding plus common stock equivalents and any other potentially dilutive securities (see Dilution above) If a firm has a complex capital structure, it contains dilutive securities such as options, warrants, or convertible securities that will decrease EPS if exercised or converted to common stock. Diluted EPS assumes that the securities are converted to common stock.
희석주당순이익: 보통주 당기순이익을 시중 유통되고 있는 보통주의 가중평균주식수에 보통주 등가물, 기타 보통주로 전환될 수 있는 유가증권을 가산하여 나눈 것 . 기업이 복잡한 자본구조를 가진 경우, 이는 행사되는 경우 또는 보통주로 전화되는 경우 주당순이익을 줄이게 되는 옵션이나 전환증권 희석화 증권을 포함한다. 희석화된 주당순이익은 보통주로 전환된 증권을 포함한다.
Diluted earnings per share: if a firm has a complex capital structure, it contains dilutive securities such as options, warrants, or convertible securities that will decrease EPS if exercised or converted to common stock. Diluted EPS assumes that the securities are converted to common stock from the first of the year or when issued if during if issued during the current year. The Diluted Earnings per Share of the company this year is the lowest in the industry.
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
earnings per share
A standardized measure of performance calculated as net income, which is subtracted by dividends on preferred stock, divided by the weighted-average number of common shares outstanding during an accounting period
= (Net Income - Dividends on Preferred Stock / Average Outstanding Shares ) This indicates the net income (after preferred dividends) per share of common stock. A common corporate performance statistic, the calculation of EPS is governed and mandated by GAAP.
주당순이익: 주당 할당되는 이익으로 다음과 같이 계산된다. EPS = 당기순이익- 우선주배당금/가중평균주식수
- 여기서, 가중평균주식수는 우선주를 차감한 수를 말함. 이는 보통주당 순이익(우선주배당후)을 말한다. 일반기업의 성과통계치 그리고 주당순이익은 일반적으로 인정된 회계 원칙에 의해 규정된다.
Looking ahead, our financial goals are to continue growing earnings per share, to increase return on investment and to grow shareholder value at a rate that investors expect and deserve.” Although the goals are mentioned, neither specific plans, nor a specific growth rate or return on investments are discussed. When you read income statements, profitability and operational health should be assessed. Total revenue and its growth pattern, operating income and net income and their growth patterns, cost structure in relation to profit margin, and earnings per share will get attention from investors. The Earnings per Share of the company went down for the second straight year.
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
gross profit margin
A measure of a company''s ability to generate gross profits from a given level of revenues; calculated as gross profit divided by net sales. This is also referred to as the gross margin and indicates the company''s basic cost structure and is an important profitability indicator. This is also referred to as the gross margin and indicates the company''s basic cost structure and is an important profitability indicator. gross profit divided by sales, expressed as a percentage.
매출총이익율: 특정 매출액에서 회사가 매출총이익을 낼 수 있는 능력을 판단하는 정도.
= 매출총이익/순매출액 이는 총이익을 설명하고, 기업의 기본 원가구조를 나타내며, 주요 이익 지표의 하나이다. 이는 총이익을 설명하고, 기업의 기본 원가구조를 나타내며, 주요 이익 지표의 하나이다.
The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales) The company exceeded last year''s Gross Profit Margin due to its remarkable sales in the last quarter. The company exceeded last year''s Gross Profit Margin due to its remarkable sales in the last quarter. In order to find out the gross margin, we divide gross profit by revenue. So, American Airlines’ gross profit margin in the second quarter of 2001 is 77%.
매출총이익율을 알기 위해서 우리는 매출총이익을 매출로 나누어야 합니다. 그래서, American Airlines의 매출총이익율은 2001년 2분기에 77%입니다.
net profit margin
defined as the ratio of profit after tax to sales. This is also referred to as net earnings or net profit and is calculated by subtracting income taxes from income.
매출이익율: 세후 당기순이익을 매출액으로 나눈 비율입니다. 이는 또한 순이익을 말하며, 이익에서 법인세를 제외함으로써 계산된다.
Net Profit Margin is defined as the ratio of profit after tax to sales. The company had a positive Net Profit Margin for the first time in eight years. The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales) For profitability ratios, we learned net profit margin and return on assets, both of which give us a sense of how profitable a company is.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
Financial Leverage
This refers to a company''s use of debt as opposed to equity to support its assets. same as leverage: 1. the degree to which an investor or business is utilizing borrowed money.
2. What the debt/equity ratio measures.
기업의 자본대비 부채의 사용을 통한 자산에의 영향력을 이르는 말
The company''s financial leverage allowed it to pursue new projects for the new fiscal year. For leverage ratio, we learned debt ratio, debt-to-equity ratio, and interest coverage ratio, all of which measure a company’s financial leverage.
레버리지비율로서 우리는 부채비율(부채/자산), 부채비율(부채/자기자본), 이자상환능력비율을 배웠는데, 이 모든 것들은 기업의 재무레버리지를 측정하는 수단입니다.
Financing Cash Flows (CFF)
This refers to debt and equity cash inflows and outflows found in the long-term capital section of the balance sheet and the statement of retained earnings. Issuing long-term debt is a source of cash while retiring long-term debt, including payments on the current portion of long-term debt, is a use of cash.
부채 및 자본 관련 현금 유출입 그리고 대차대조표와 잉여금 처분계산서의 장기 자본항목과 관련한 현금유출을 말한다. 장기부채의 발생은 현금유입의 원천이며,유동성장기부채의 지급을 포함한 장기부채의 상환은 현금의 사용이된다.
The company paid a huge portion of its debt this year which resulted in the current Financing Cash Flow.
Investing Cash Flows (CFI)
This refers to cash outflows associated with the acquisition of non-current assets and capital expenditures on plant, property, and equipment and inflows from the disposition of non-current assets.
이는 비유동자산(고정자산)의 취득과 공장, 재산, 설비등에의 자본적 지출과 관련한 현금 유출과 그리고 비유동자산(고정자산)의 처분으로부터의 현금유입을 말한다.
The new building was a big factor for the huge Investing Cash Flow of the company.
Operating Cash Flows (CFO)
This reflects a company''s operating activities. Items that flow through the income statement and working capital accounts (current assets and current liabilities) such as payment for salaries, interest, inventory, and cash collection from customers are included in cash flow from operations.
이는 기업의 영업활동을 반영한다.급여, 이자, 재고자산 그리고 고객으로부터의 현금유입등과 같은 손익계산서와 운전자본 계정(유동자산 및 유동부채)에 을 통한 항목들이 영업활동으로부터의 현금흐름 포함된다.
The Operating Cash Flow reflected the company''s operating activities for the last fiscal year.
Statement of Cash Flow
An organized outline of the incoming and outgoing cash items and shows where the money actually goes. integrates the information on the balance sheet and income statement to describe where a company''s cash came from and where it went during a period by reporting cash receipts and outflows classified as operating, investing and financing activitie. a summary of a company''s cash inflows and outflows over a given period of time. A statement that provides information about a company''s sources and uses of cash and can serve as a useful check of net income.
현금흐름표: 회사의 현금의 유입처, 유출처와 그 양을 조직화한 표 기업의 현금이 어디로 부터 유입되고 어디로 유출되는지를 설명해 놓은 대차대조표와 손익계산서 상의 정보를 통합한 것으로 일정기간 동안 발생한 현금 영수증과 현금 유출을 운영, 투자 그리고 재무활동 별로 분류하여 기록한 보고서를 말한다. 주어진 기간동안 기업의 현금흐름을 요약한 것. 기업의 현금 원천이나 현금의 사용 정보를 제공하고, 순이익을 사펴볼 수 있는 역할을 하는 제무제표
The CFO wanted to see the balance sheet, income statement, and statement of cash flow of the newly-acquired company. Financial statement analysis means examining the financial statements of the company, like the balance sheet, the income statement, and the statement of cash flows, and calculating ratios. Standardize the template for financial managers to report their subsidiaries’ balance sheets, income statements, and statements of cash flows. Financial analysis begins with the financial status discussion based on your company’s financial statements (income statements, balance sheets, statement of cash flows), financial analysis of reports, and other information sources. Corporate shareholder annual reports are required to contain three financial statements prepared in accordance with generally accepted accounting principles, GAAP: the balance sheet, the income statement, and the statement of cash flows. The investor wanted to view the Statement of Cash Flows before making any decision.
재무제표분석이란 대차대조표, 손익계산서, 현금흐름표와 같이 재무상태를 분석하여 나타내는 것이다.
cash
A current asset account representing the amount of money on hand or in the bank. The most liquid and important asset of a company.
현금, 기업의 가장 유동성이 높고 중요한 자산
Current assets such as cash, marketable securities, and accounts receivable are listed above non-current assets such as property, plant and equipment, goodwill and other intangible assets. Cash and equivalents decreased 81.6%, from $5,100 million on December 31, 1999, to $937 million on December 31, 2000. Philip Morris used $3.0 of available cash was used to purchase Nabisco in 2000. The company was low on cash because it was not able to collect its receivables well. As you remember, finance is a sub-field of economics that studies the efficient use of capital by corporations and the management of financial assets like cash, bonds and stocks by investors.
재무제표분석이란 대차대조표, 손익계산서, 현금흐름표와 같이 재무상태를 분석하여 나타내는 것이다.
COGS
Cost of goods sold (COGS); the value assigned to inventory units actually sold in a given accounting period
매출 원가: 회계기간 동안 실제로 팔린 재고자산의 가치
Operating Income ? gross sales less cost of goods sold (COGS) and other operating expenses. Cost of sales: the costs the company incurred to purchase and convert materials into the finished products sold to customers. This important cost item represents the expense of producing a company’s inventory, i.e., the cost of raw materials, labor and production overhead (depreciation, utilities, taxes, administrative expenses, etc.) used to produce finished products
Marketing, administration and research costs
Marketing costs are related to marketing expenses such as promotion, and advertising. Administrative expenses include salaries and the general costs of operating the company that are not directly related to production. Research costs are related to research and development activities
마케팅, 관리비, 연구개발비: 마케팅비용은 판매촉진, 광고비와 같은 마케팅 활동 관련 비용을 의미한다. 일반관리비는 생산에 직접적으로 연관되지 않는 일반적인 운영비용과 임금을 포함. 연구개발비는 제품이나 기타 필요한 기술의 연구와 개발활동과 관련된 비용이다
Marketing, administration and research costs ? administrative expenses include salaries and the general costs of operating the company that are not directly related to production. Investment in research and development is important for many companies; some highlight R&D expenses in the income statement
SFAS
Statements of Financial Accounting Concepts or Standards; the official pronouncements of the FASB
FASB가 제정한 재무회계의 원칙 혹은 기준
the Company accounts for income taxes in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 109, “Accounting for Income Taxes.” Under SFAS No. 109, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse.
advertising cost
Costs incurred in advertisement
광고선전비
advertising costs are expensed as incurred.
amortization
A cost allocation process that spreads the cost of an intangible asset over the asset''s expected useful life. Refer to depreciation
상각: 무형자산의 가액을 내용연수에 따라 비용화시키는 절차
Our gross margin will be 40% each year. Our depreciation and amortization expense will be 12% of sales. Operating expenses will be 24% of sales each year. The Company’s management reviews operating companies income to evaluate segment performance and allocate resources. Operating companies income for the reportable segments excludes general corporate expenses, minority interest and amortization of goodwill. Amortization is reported on the income statement as an expense for the period, because the amortization of goodwill is a noncash expense it has no impact on cash flows, but it can impact reported earnings. Accumulated amortization since the acquisition date is reported as a deduction from the asset on the balance sheet. Amortization is the systematic and rational allocation of the acquisition cost of intangible assets to future periods in which the benefits contribute to revenue. Analysts will encounter a variety of amortization periods for goodwill . It is a common practice to discount expected Free Cash Flow, post tax which is the cash flow adjusted for non-cash items such as depreciation and amortization, changes in working capital and capital expenditure. You also need to add-back depreciation and amortization. Commonly used indicators to value company as a whole include: P to Revenue ratio, Price to EBITDA ratio, which is earnings before interest, tax, depreciation and amortization, and Price to EBIT ratio, which is earnings before interest and tax.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
cash equivalent price
the pattern of income and expenditures, as of a company or person, and the resulting availability of cash.
현금흐름: 기업 또는 개인의 수입과 지출의 흐름으로 현금의 입수가능성을 수반한다.
Cost principle: financial statement elements are recorded at the cash-equivalent price on the date of the transaction.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
common size income statement
An income statement that lists expense and income items as a percentage of net sales, instead of absolute dollar values
비율손익계산서: 절대적인 금액으로 표현하지 않고 비용과 이익 항목들을 순매출에 대한 퍼센트로 표현한 손익계산서
A technique for analyzing profitability is the use of a common size income statement that lists expense and income items as a percentage of net sales, instead of absolute dollar values.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
continuing operations
A business area in which a company involves currently, i.e. an opposite concept of discountined operations
현재 영업분야: 회사가 현재 영위하고 있는 사업분야, 중단한 사업분야와 반대되는 개념
Separating the results of normal continuing operations from non-recurring or extraordinary items gives users of financial statements a better idea of future earnings and cash flows.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
cost of sales
Cost of goods sold (COGS); the value assigned to inventory units actually sold in a given accounting period
매출 원가: 회계기간 동안 실제로 팔린 재고자산의 가치
Cost of sales: the costs the company incurred to purchase and convert materials into the finished products sold to customers. This important cost item represents the expense of producing a company’s inventory, i.e., the cost of raw materials, labor and production overhead (depreciation, utilities, taxes, administrative expenses, etc.) used to produce finished products.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
cost principle
Financial statement elements are recorded at the cash-equivalent price on the date of the transaction.
취득원가 주의: 재무제표 구성요소는 거래발생일의 현금등가로 기록됨
Cost principle: financial statement elements are recorded at the cash-equivalent price on the date of the transaction.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
credit
The quality of being likely to repay debts and being trusted in money matters.
신용: 채무를 이행할 가능성 혹은 돈과 관련하여 믿을 수 있는 정도
Collection is reasonably assured based on the company’s credit policies. Interest and other debt expense ? interest expense represents interest costs on a company’s borrowings. Interest expense is considered a fixed charge; companies must meet their interest and the current portion of long-term debt obligations to maintain good credit.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
deferred income taxes
The portion of a company''s income tax expense not currently payable that is postponed because of differences in the accounting policies adopted for financial statement purposes versus those policies used for tax reporting purposes
이연법인세: 세법상과 회계상의 일시적 차이로 인해서 발생하는 납부가 이연된 법인세
Deferred income taxes ? a deferred tax liability is a balance sheet amount related to the difference in tax expense and taxes payable that is expected to result in future cash outflow. The income tax expense recognized on the financial statements includes taxes payable, determined by taxable income and the tax rate, and deferred income tax expense. The income tax expense recognized on the financial statements includes taxes payable, determined by taxable income and the tax rate, and deferred income tax expense.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
deferred tax assets and liabilities
Assets or liabilities that arise from temporary differences that result from different accounting methods and estimates for book and tax purposes. Deferred income tax liabilities are recorded when taxable income is lower than book income and deferred income tax assets are recorded vice versa.
이연법인세 차/대: 자산 혹은 부채로 회계와 세법의 일시적 차이로 인해서 발생한다. 이연법인세 대는 세법상의 이익이 회계장부상의 이익보다 작을 때 발생하며 이연법인세 차는 반대의 경우에 발생한다
Deferred tax assets and liabilities arise from temporary differences that result from different accounting methods and estimates for book and tax purposes. Deferred income tax liabilities are recorded when taxable income is lower than book income due to the rapid depreciation of assets for tax purposes.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
discontinued operations
A business segment that already sold or to be sold
청산대상의 영업활동: 이미 팔렸거나 팔 예정인 영업분야
Operating income is listed first followed by the other components of net income; this reflects the importance of gross profit (sales ? cost of goods sold). The income statement reflects income (loss) from continuing operations, and from discontinued operations, extraordinary items, and cumulative accounting change items as part of the net income.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
earnings before income taxes
Revenues less all expenses except income tax expense.
세전이익: 총수입에서 소득세를 제외한 총비용을 차감한 금액
Earnings before income taxes: revenues less all expenses except income tax expense.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
excise tax
Taxes that are levied on specific commodities such as cigarettes and alcohol by the United States federal government
미연방 특별소비세: 담배나 주류 같은 상품에 미국 연방 정부에 의해 부과되는 특별 세금
Currency movements decreased operating revenues by $2.9 billion ($1.6 billion, excluding excise taxes), from 1999. Decreases in operating revenues were due primarily to the strength of the U.S. dollar against the Euro. Cigarettes are subject to substantial federal, state and local excise taxes in the United States and to similar taxes in most foreign markets. The United States federal excise tax on cigarettes was $0.34 per pack of 20 cigarettes at the time this annual report was prepared. The tax was scheduled to increase to $0.39 per pack on January 1, 2002.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
expense
money spent by a firm to continue its ongoing operations.
비용: 기업이 사업운영을 유지하기 위해 소비된 금액.
The Income Statement: Reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increas Expenses ? As a noun, a decrease in owner’s equity accompanying the decrease in net assets caused by selling goods or rendering services or by the passage of time; a “gone” (net) assets; an expired cost. Measure expense as the cost of the (net) assets used.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다.
expired cost
money spent by a firm to continue its ongoing operations.
비용: 기업이 사업운영을 유지하기 위해 소비된 금액.
Expenses ? As a noun, a decrease in owner’s equity accompanying the decrease in net assets caused by selling goods or rendering services or by the passage of time; a “gone” (net) assets; an expired cost. Measure expense as the cost of the (net) assets used.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다.
extraordinary gain or loss
A loss or gain that is both unusual in nature and infrequent in occurrence.
특별 항목: 경상적이지 않고 빈번하게 일어나지 않는 손실 혹은 이익.
Extraordinary gains or losses are unusual and infrequent occurrences separated from income from continuing operations and reported below the line net of taxes. They include gains and losses from the early retirement of debt or natural disaster such as earthquakes.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다.
gain or loss from cumulative effect of accounting change
An increase or decrease in an amount of cumulative income or loss from accounting changes
회계변경 누적효과로 인한 이익과 손실
Accounting changes can either be voluntary or mandated by new accounting standards. Changes in the accounting principle are reported in the income statement below the line net of taxes after extraordinary and discontinued items but before net income. Changes in accounting methods include changing from LIFO to FIFO or from accelerated to straight-line depreciation.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다.
goodwill
An intangible asset representing the excess of the purchase price of acquired net assets over their fair market value.
1. kind feelings towards or between people and /or willingness to take action that will bring advantage to the others
2. an intangible asset representing the excess of the purchase price of acquired net assets over their fair market value.
영업권: 무형자산의 하나로 인수하는 순자산의 장부가치와 공정 시장가격의 차이 1. 좋은 감정 혹은 한 편으로 이익을 주는 행동을 취하게 동기
2. 영업권: 무형자산의 하나로 인수하는 순자산의 장부가치와 공정 시장가격의 차이
The Company’s management reviews operating companies income to evaluate segment performance and allocate resources. Operating companies income for the reportable segments excludes general corporate expenses, minority interest and amortization of goodwill. Current assets such as cash, marketable securities, and accounts receivable are listed above non-current assets such as property, plant and equipment, goodwill and other intangible assets. Goodwill is an amount that represents the difference between the purchase price of a company and the value of its assets minus liabilities. Goodwill is created by a number of factors including good reputation, customer appeal, and general acceptance of the business. All successful companies have some amount of goodwill, but it can be reported on the balance sheet only if it is acquired in a purchase transaction. The creation of goodwill has implications for future accounting periods - in future years the assets must be amortized. The proponents of corporate social responsibility argue that being a socially conscience player in society will yield for business entities long-run profits. The corporate involvement in social causes will create goodwill, which simply makes good business sense.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다.
gross margin
On a P & L statement, the difference between sales revenues and cost of goods sold. A measure of a company''s profit on sales calculated as net sales minus the cost of goods or services sold
매출이익: P & L 제표상에 나타나는 매출이익에서 매출원가를 차감한 금액
All right, let’s take a look at American Airlines’ numbers. What is American Airlines’ gross margin? Our gross margin will be 40% each year. Our depreciation and amortization expense will be 12% of sales. Operating expenses will be 24% of sales each year. Gross Profit ? the first key profitability indicator in a company’s income statement, gross margin is the difference between revenues and cost of sales, also referred to as gross profit.
좋습니다. 의 수치를 살펴봅시다. American Airlines의 매출총이익율은 얼마인가요?
gross profit
A measure of a company''s profit on sales calculated as net sales minus the cost of goods or services sold. total income less the cost of merchandise sold and the expense of doing business.
매출 이익: 순매출액에서 매출원가를 차감한 이익 , 매출총이익: 매출원가와 영업비용보다 적은 총 소득금액.
Operating income: gross profit less cost of goods sold (COGS) and other operating expenses. Operating income is listed first followed by the other components of net income; this reflects the importance of gross profit (sales ? cost of goods sold). The income statement reflects income (loss) from continuing operations, and from discontinued operations, extraordinary items, and cumulative accounting change items as part of the net income. Gross profit reflects how well the purchasing and production elements are performing. Gross profits provide the resources to cover all the other costs and expenses of the company. The greater and more stable the gross profit margin, the greater potential there is for profitability. In order to find out the gross margin, we divide gross profit by revenue. So, American Airlines’ gross profit margin in the second quarter of 2001 is 78%.
매출총이익율을 알기 위해서 우리는 매출총이익을 매출로 나누어야 합니다. 그래서, American Airlines의 매출총이익율은 2001년 2분기에 78%입니다.
gross profit margin
A measure of a company''s ability to generate gross profits from a given level of revenues; calculated as gross profit divided by net sales. This is also referred to as the gross margin and indicates the company''s basic cost structure and is an important profitability indicator. This is also referred to as the gross margin and indicates the company''s basic cost structure and is an important profitability indicator. gross profit divided by sales, expressed as a percentage.
매출총이익율: 특정 매출액에서 회사가 매출총이익을 낼 수 있는 능력을 판단하는 정도.
= 매출총이익/순매출액 이는 총이익을 설명하고, 기업의 기본 원가구조를 나타내며, 주요 이익 지표의 하나이다. 이는 총이익을 설명하고, 기업의 기본 원가구조를 나타내며, 주요 이익 지표의 하나이다.
The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales) The company exceeded last year''s Gross Profit Margin due to its remarkable sales in the last quarter. The company exceeded last year''s Gross Profit Margin due to its remarkable sales in the last quarter. In order to find out the gross margin, we divide gross profit by revenue. So, American Airlines’ gross profit margin in the second quarter of 2001 is 77%.
매출총이익율을 알기 위해서 우리는 매출총이익을 매출로 나누어야 합니다. 그래서, American Airlines의 매출총이익율은 2001년 2분기에 77%입니다.
income or loss from discontinued operations
An increase or decrease in an amount of net income from discontinued operations (see above)
청산대상의 영업활동으로부터의 손익: 거래로 인해 발생한 순이익의 증가와 감소
If a company discontinues operations of a business segment then the net income associated with the discontinued operations and any gains or losses from its disposal are separated from income from continuing operations and reported below the line net of taxes. Below the line means after income from continuing operations but before net income.
매출총이익율을 알기 위해서 우리는 매출총이익을 매출로 나누어야 합니다. 그래서, American Airlines의 매출총이익율은 2001년 2분기에 77%입니다.
income taxes
a tax on any money earned during a fiscal year, usually filed on a yearly basis. Taxes that must be paid to taxing authorities during the next twelve months
소득세: 보통 1년을 기준으로한 회계년도에 발생한 소득에 대해 과세되는 조세.
- 개인의 소득을 과세표준으로 하여 부과하는 직접국세를 말하며 국민경제적 입장에서 보면 소득세는 가계에 귀속된 분배소득에 대하여 과세되는 조세이다. 법인세
Footnotes provide additional information on items such as fixed assets, inventory, income taxes, pensions, debt, contingencies, marketable securities, significant customers, related party sales, export sales, retirement plans, and off-balance sheet obliga. Personal income tax is a tax collected on the income of an individual. In the U.S., the personal income tax is progressive, meaning that those with higher incomes pay taxes at higher rates than those with lower incomes. In the US, the personal income tax rate can go as high as 40%. One of the key factors affecting a company’s dividend policy is the tax implication for the company’s shareholders, because dividend payment is taxed at the personal income tax rate, which is usually higher than the capital gains tax rate for share repurchase. Income taxes ? taxes that must be paid to taxing authorities during the next twelve months. Income tax is usually a major expense in the income statement. The deduction of a company’s provision for income taxes from pretax income results in net income. The tax entry represents levies on a company’s earnings by federal, state, local, and foreign governments.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채. 소득세는 개인 소득에 부과되는 세금입니다. 미국에서, 소득세는 누진세인데, 이 것은 더 높은 소득자가 낮은 소득자보다 더 높은 세율로 세금을 지불해야 한다는 것을 의미합니다. 기업의 배당정책에 영향을 미치는 핵심요인 중에 하나는 기업 주주에 대한 세금효과입니다. 왜냐하면, 배당은 개인 소득세율로 부과되는데, 이 것은 주식 재매입에 대한 자본이득세율보다 더 높습니다.
intangible asset
Those resouces of an enterprise, such as goodwill, trademarks, or tradenames, that lack an identifiable physical presence.
무형자산: 유형의 실체가 없는 영업권, 상표권 등의 자산
Current assets such as cash, marketable securities, and accounts receivable are listed above non-current assets such as property, plant and equipment, goodwill and other intangible assets. Intangible Assets lack physical substance, yet they provide economic benefits through rights associated with their possession, they may be either identifiable assets such as patents, copyrights, trademarks, franchises, licenses, and leaseholds or unidentifiable assets such as goodwill. Amortization is the systematic and rational allocation of the acquisition cost of intangible assets to future periods in which the benefits contribute to revenue. Analysts will encounter a variety of amortization periods for goodwill.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채. 소득세는 개인 소득에 부과되는 세금입니다. 미국에서, 소득세는 누진세인데, 이 것은 더 높은 소득자가 낮은 소득자보다 더 높은 세율로 세금을 지불해야 한다는 것을 의미합니다. 기업의 배당정책에 영향을 미치는 핵심요인 중에 하나는 기업 주주에 대한 세금효과입니다. 왜냐하면, 배당은 개인 소득세율로 부과되는데, 이 것은 주식 재매입에 대한 자본이득세율보다 더 높습니다.
interest and other debt expense
The cost of borrowing funds
이자 비용: 차입금에 대한 비용
Interest and other debt expense: interest expense represents interest costs on a company’s borrowings. Interest expense is considered a fixed charge; companies must meet their interest and the current portion of long-term debt obligations to maintain good credit.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채. 소득세는 개인 소득에 부과되는 세금입니다. 미국에서, 소득세는 누진세인데, 이 것은 더 높은 소득자가 낮은 소득자보다 더 높은 세율로 세금을 지불해야 한다는 것을 의미합니다. 기업의 배당정책에 영향을 미치는 핵심요인 중에 하나는 기업 주주에 대한 세금효과입니다. 왜냐하면, 배당은 개인 소득세율로 부과되는데, 이 것은 주식 재매입에 대한 자본이득세율보다 더 높습니다.
matching principle
An accounting principle that stipulates that when revenues are reported, the expenses incurred to generate those revenues should be reported in the same accounting period
수익비용 대응의 법칙: 수익을 발생시키기 위해 발생한 비용은 그 수익을 인식하는 같은 회계년도에 인식하여야 한다는 회계 원칙
Matching principle: expenses are recorded when they are incurred regardless of when cash is received.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채. 소득세는 개인 소득에 부과되는 세금입니다. 미국에서, 소득세는 누진세인데, 이 것은 더 높은 소득자가 낮은 소득자보다 더 높은 세율로 세금을 지불해야 한다는 것을 의미합니다. 기업의 배당정책에 영향을 미치는 핵심요인 중에 하나는 기업 주주에 대한 세금효과입니다. 왜냐하면, 배당은 개인 소득세율로 부과되는데, 이 것은 주식 재매입에 대한 자본이득세율보다 더 높습니다.
net assets
Total assets minus total liabilities; equal total owners'' equity
순자산: 총자산에서 총부채를 차감한 금액. 총자본
Net income is the excess of total revenues over total expenses. Revenues ? The owner’s equity increase accompanying the net assets increase caused by selling goods or rendering services
순이익은 총수익에서 총비용을 차감한 초과분입니다.
net income
The difference between the aggregate revenues and aggregate expenses of an enterprise for a give accounting period; when aggregate expenses exceed aggregate revenues, the term net loss is used. The company''s total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses.
당기순이익: 회사의 회계기간 중 총수입에서 총비용을 차감한 금액. 총비용이 총수입을 초과하는 경우 당기순손실이라 한다. 기업의 매출에서 영업및 이자 비용, 감가상각비등을 공제한 뒤의 금액
The Income Statement: Reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increas Good, we''ll start with that. I want you to project net sales, costs, expenses, and net income out to ten years. Revenues, expenses, and any gains or losses are presented on the income statement to arrive at net income. Net income is defined as the excess of total revenues over total expenses. Equity includes a company’s accumulated net income as well as stocks. Stocks represent ownership interest in a corporation. It involves two basic steps: first, forecast sales, costs, working capital and capital expenditures; second, calculate future free cash flows using the formula: net income plus depreciation and amortization minus the change in working capital minus capital expenditures. one of the major targets was to achieve $1 billion in net income by 2000. Such a specific goal guided people where they should go.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다. 지분은 기업의 누적 당기순이익과 주식 등을 포함합니다. 주식은 소유주의 이자와 같은 개념입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 주요한 목표중의 하나는 2000년까지 순이익 10억불을 달성하는 것이었는데 그러한 구체적인 목표는 회사의 직원들로 하여금 그들이 어떤 노력을 해야 하는지 알리는 역할을 하였습니다.
net profit margin
defined as the ratio of profit after tax to sales. This is also referred to as net earnings or net profit and is calculated by subtracting income taxes from income.
매출이익율: 세후 당기순이익을 매출액으로 나눈 비율입니다. 이는 또한 순이익을 말하며, 이익에서 법인세를 제외함으로써 계산된다.
Net Profit Margin is defined as the ratio of profit after tax to sales. The company had a positive Net Profit Margin for the first time in eight years. The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales) For profitability ratios, we learned net profit margin and return on assets, both of which give us a sense of how profitable a company is.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
non-recurring or extraordinary items
A loss or gain that is both unusual in nature and infrequent in occurrence.
특별 항목: 경상적이지 않고 빈번하게 일어나지 않는 손실 혹은 이익.
Separating the results of normal continuing operations from non-recurring or extraordinary items gives users of financial statements a better idea of future earnings and cash flows.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
ongoing operations
A business area in which a company involves currently, i.e. an opposite concept of discountined operations.
현재 영업분야: 회사가 현재 영위하고 있는 사업분야, 중단한 사업분야와 반대되는 개념
Operating revenues: revenues are earned from the sale of goods or services and defined as inflows of net assets (increases in assets or reductions of liabilities) from ongoing operations. Inflows of net assets, such as an increase in cash or receivables and/or a decrease in liabilities such as deferred or unearned revenue from ongoing operations.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
operating expense
Expenses incurred in carrying out the operations of a business, for example, selling expenses.
영업 비용: 정상 영업활동을 수행함으로써 발생하는 비용, 예를 들어 판매비
Our gross margin will be 40% each year. Our depreciation and amortization expense will be 12% of sales. Operating expenses will be 24% of sales each year. Operating income, net sales minus cost of goods sold and other operating expenses, only increased by $10 million dollars in 2000, less than 1.0%, due to decreasing Company-operated margins in 2000 from 17.7% in 1999 to 16.9% in 2000, and a 7% increase in consolidated selling, general & administrative expenses in 2000. Operating Expenses ? Expenses incurred in the course of ordinary activities of an entity; frequently, a classification including only SG&A (Selling, General, and Administrative expense), thereby excluding cost of goods sold, interest, and income tax expenses.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
operating income
Gross profit (see above) less operating expenses (see c5-a-06)
영업이익: 매출 이익에서 영업비용을 차감하고 남은 금액
Operating income: gross profit less cost of goods sold (COGS) and other operating expenses. Growth in operating income was 0.3% during 2000, well below the 10-year compound annual growth rate of 7.6% and a significant drop from the 20.2% growth that McDonald''s’s experienced in 1999. All intercompany revenues and expenses are eliminated in computing revenues and operating income. Operating income, net sales minus cost of goods sold and other operating expenses, only increased by $10 million dollars in 2000, less than 1.0%, due to decreasing Company-operated margins in 2000 from 17.7% in 1999 to 16.9% in 2000, and a 7% increase in consolidated selling, general & administrative expenses in 2000. Operating Income ? gross sales less cost of goods sold (COGS) and other operating expenses.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
operating profit margin
A measure of a company''s ability to generate operating income from a given level of revenues; calculated as operating income divided by net sales
영업이익율: 특정 매출액에서 회사가 영업이익을 낼 수 있는 능력을 판단하는 정도.
= 영업이익/순매출액
The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales)
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
operating revenues
Revenue; the inflow of assets, the reduction in liabilities, or both, from transactions involving an enterprise''s principal business activity (for example, sales of products or services)
매출: 기업의 주요 영업활동과 관련하여 이루어진 거래로 부터 얻어지는 자산의 증가, 부채의 감소 혹은 둘 모두
Our operating revenues can easily satisfy our current debt obligations. Operating Revenues are earned from the sale of goods or services and defined as inflows of net assets (increases in assets or reductions of liabilities) from ongoing operations. Revenues are normally reported on the income statement when the goods or services are sold to the customer who has paid for them or promised to pay for them in the future. Operating revenues for 2000 increased by $1.8 billion (2.2%) over 1999, due primarily to an increase in revenues from the Company''s domestic tobacco operations.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
other income
Income that is generated from a company''s non-core business area
영업외 이익: 주영업분야가 아닌 부분에서 발생한 이익
Other Income ? includes non-operating sources of income and expenses, such as interest and dividend income, gains and losses on asset sales, interest expense, and unusual one-time charges.
매출액 순이익율은 세후 당기순이익을 매출액으로 나눈 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다.
owners' equity
1. Total assets minus total liabilities of an individual or company. For a company, also called owner''s equity or shareholders'' equity or net assets.
2. Claims of an owner against the assets of his or her business.
자본금: 1. 개인 또는 기업의 총자산에서 총부채를 차감한 금액을 말하며 기업에서는 순자산액으로 부르기도 한다.
2. 기업자산에 대한 주주의 권리, 주장, 또는 청구권.
The types and dollar amounts of assets (what a company owns), liabilities (what it owes), and owners’ equity (the shareholders’ claims on the resources of the business after total liabilities are deducted from total assets) are reported on the balance she Owners’ equity represents stockholders’ claims on the resources of the business. The three elements reported on the balance sheet are ? assets, liabilities, and owners’ equity. Owners’ equity represents stockholders’ claims on the resources of the business. It is a combination of the owners’ investment in the company and the total earnings of the business that have been retained. Owners’ equity is the balance remaining after total liabilities are subtracted from total assets. Owners’ equity follows total liabilities in the balance sheet. The components of owners’ equity are listed in order of preference in case of liquidation: preferred stock is listed before common stock. Expenses ? As a noun, a decrease in owner’s equity accompanying the decrease in net assets caused by selling goods or rendering services or by the passage of time; a “gone” (net) assets; an expired cost. Measure expense as the cost of the (net) assets used.
자산(기업 소유 자원), 부채(자원에 대한 부채), 소유주 지분(총자산에서 총부채를 차감하고 남은 기업자원에 대한 주주의 청구권)의 계정과 금액이 대차대조표에 표시됩니다.
pre-tax earnings
Earnings before subtracting income tax expenses
세전이익: 법인세를 차감하기전의 이익
Pre-tax earnings and provision for income taxes consisted of the following for the years ended December 31, 2000, 1999 and 1998:
자산(기업 소유 자원), 부채(자원에 대한 부채), 소유주 지분(총자산에서 총부채를 차감하고 남은 기업자원에 대한 주주의 청구권)의 계정과 금액이 대차대조표에 표시됩니다.
pretax profit margin
A measure of a company''s ability to generate pretax earnings from a given level of revenues; calculated as pretax earnings divided by net sales. The excess (or insufficiency) of operating revenues over operating expenses; a measure of a company''s ability to generate profits from a given level of revenues; calculated as earnings before tax divided by net sales; also known as the return on sales ratio
세전이익율: 특정 매출액에서 회사가 세전이익을 낼 수 있는 능력을 판단하는 정도.
= 세전이익/순매출액 세전순이익율: 특정 매출액에서 회사가 이익을 낼 수 있는 능력을 판단하는 정도. 매출이익율이라고 하기도 함.
= 세전이익/순매출액
The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales) Pre-tax profit margin: the rate of profit on sales before provisions for income taxes (earnings before income taxes/sales).
자산(기업 소유 자원), 부채(자원에 대한 부채), 소유주 지분(총자산에서 총부채를 차감하고 남은 기업자원에 대한 주주의 청구권)의 계정과 금액이 대차대조표에 표시됩니다.
profit margin
profits divided by total operating revenue. The net profit margin and the gross profit margin refelct the firm''s ability to produce a good or service at a high or low cost. The excess (or insufficiency) of operating revenues over operating expenses; a measure of a company''s ability to generate profits from a given level of revenues; calculated as net income after tax divided by net sales; also known as the return on sales ratio.
1. a good measure of a company''s efficiency, this essentially tells you how much the company makes off sales after expenses are paid. Generally, the higher the profit margin, the more efficient the company.
2. net profit after taxes divided by sales for a given 12-month period, expressed as a percentage.
이윤: 수익을 총운영수입으로 나눈 수치. 순이익률과 매출 이익률은 회사가 제품을 얼마나 높은, 또는 낮은 원가로 생산하는 지를 알 수 있는 지표가 된다. 순이익율: 특정 매출액에서 회사가 이익을 낼 수 있는 능력을 판단하는 정도. 매출이익율이라고 하기도 함.
= 당기순이익/순매출액 1. 이윤폭: 회사의 효율성을 측정하는 좋은 방법으로 회사의 비용을 지급한 후 얻은 이익이 얼마인지를 나타내며 이윤폭이 클수록 회사는 많은 수익을 남긴다.
2. 매출이익률: 12개월동안 발생한 세금을 매출액으로 나누어 백분율로 표시한 순이익.
This approach takes the product costs of the product, adds in the foreign market marketing costs, and lastly adds the desired profit margin. Total revenue and its growth pattern, operating income and net income and their growth patterns, cost structure in relation to profit margin, and earnings per share will get attention from investors. However, investors should review income statements along with other financial statements such as balance sheet and cash flow statement to see a complete picture of the financial health and investment opportunity in a company. Different products or product lines carry different profit margins. Most companies practice only basic marketing when their markets contain many customers and their unit profit margins are small.
이 접근법은 생산비용에 해외 마케팅비용을 더하고, 마지막으로 적당한 수익마진을 더하는 것을 말합니다. 시장에 수많은 소비자들이 있고 고객당 이익수준이 적은 경우에 대부분의 기업들은 기본적인 마케팅만을 수행합니다. 오늘날 가장 좋은 관계 마케팅은 기술에 의해 좌지우지됩니다.
provision for income taxes
The tax expense and related cash or payable entry represents tax levies by federal, state, local and foreign governments on a company''s earnings
소득세 기장: 회사의 이익에 대해 연방, 주, 지역, 외국 정부등이 부과하는 세금 비용과 관련된 계정을 기장하는 것
Provision for income taxes: the tax entry represents tax levies by federal, state, local and foreign governments on a company’s earnings. The deduction of a company’s provision for income taxes from pretax income results in net income. Pre-tax earnings and provision for income taxes consisted of the following for the years ended December 31, 2000, 1999 and 1998:
이 접근법은 생산비용에 해외 마케팅비용을 더하고, 마지막으로 적당한 수익마진을 더하는 것을 말합니다. 시장에 수많은 소비자들이 있고 고객당 이익수준이 적은 경우에 대부분의 기업들은 기본적인 마케팅만을 수행합니다. 오늘날 가장 좋은 관계 마케팅은 기술에 의해 좌지우지됩니다.
revenue principle
states that revenues are recognized when the product or service is delivered at the point of sale, the earnings process is nearly complete, an exchange has taken place, and collection is probable.
수익인식기준: 재화나 용역이 판매되어 인도될 때, 수익과정이 거의 완결될 때, 교환이 발생했을 때, 그리고 회수가능성이 확실할 때 수익을 인식한다는 것을 말한다.
The revenue principal states that revenues are recognized when the product or service is delivered at the point of sale, the earnings process is nearly complete, an exchange has taken place, and collection is probable. Revenue principle: revenues are recognized when the earnings process is nearly complete, an exchange has taken place, and collection is probable. The revenue principle assumes three things: 1. The company has provided or substantially provided the goods or services 2. The customer has provided cash or a promise to pay cash, a receivable, for the goods or services that were provided 3. Collection is reasonably assured based on the company’s credit policies
수익인식기준은 재화나 용역이 판매되어 인도될 때, 수익과정이 거의 완결될 때, 교환이 발생했을 때, 그리고 회수가능성이 확실할 때 수익을 인식한다는 것을 말합니다.
revenue recognition
states that revenues are recognized when the product or service is delivered at the point of sale, the earnings process is nearly complete, an exchange has taken place, and collection is probable.
수익인식의 원칙: 재화나 용역이 판매되어 인도될 때, 수익과정이 거의 완결될 때, 교환이 발생했을 때, 그리고 회수가능성이 확실할 때 수익을 인식하는 것을 원칙.
The basic concepts and assumptions used when preparing financial statements include conservatism, historical cost, materiality, and revenue recognition. Note 1. Summary of Significant Accounting Policies, Revenue Recognition page 39: The Company’s consumer products businesses recognize operating revenues upon shipment of goods when the title and risk of loss passes to customers
재무제표를 작성할 때 사용되는 기본적인 개념과 가정은 보수주의, 역사적 원가주의, 중요성, 수익인식 기준입니다.
revenues
The inflow of assets, the reduction in liabilities, or both, from transactions involving an enterprise''s principal business activity (for example, sales of products or services) also known commonly as sales
매출: 기업의 주요 영업활동과 관련하여 이루어진 거래로 부터 얻어지는 자산의 증가, 부채의 감소 혹은 둘 모두
The Income Statement: Reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increas $10 million is a small price to pay for enlarging our markets and increasing our revenues by over $50 million. Revenues ? The owner’s equity increase accompanying the net assets increase caused by selling goods or rendering services. Revenues ? inflows or enhancement of assets of an entity or settlements of its liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations. In this case, even if the retailers get very upset with HP and refuse to sell HP products, it will not be a problem since the website will generate higher revenues, especially if one considers there is no need to pay the middle man.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다. 이 사례에서 소매상들이 HP의 처사에 매우 분노하고 HP 제품 판매를 거부하더라도 웹사이트가 더 많은 이익을 창출하고 있기 때문에 별 문제가 되지 않습니다. 특히 중간상에게 돈을 지불할 필요가 없다고 생각한다면 더욱 그렇습니다.
sales
a. Activities involved in selling goods or services. b. Gross receipts. A legal term suggesting that the title to an asset has passed from a seller to a buyer
판매, 수입: 상품 및 서비스를 판매하는 활동, 총수입 매출: 판매자로부터 취득자에게로 자산의 법적 명의가 이전됐음을 의미하는 법적 용어
Mark, I''ve seen how you''ve helped many companies price their products based on their cost of goods sold or sales. Companies of all sizes in various business sectors practice corporate social responsibility. The benefits of social responsibility include improved financial performance, reduced operating costs, enhanced brand image, increased sales, and customer loyalty. Underlying results reflect the results of our business operations, excluding significant one-time items for employee separation programs, write-downs of property, plant and equipment, sales made in advance of the century date change and gains on sales of businesses. Sales ? as a rule all sales increases are good, but some are qualitatively better than others. Volume growth is quite obviously the best contributor. Price increases, especially those above the general level of inflation, have their limits, as does sales expansion from acquisitions.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
sales mix
Set of all products and items that a particular marketer offers for sale
제품 구성: 매출을 구성하는 제품군
a company''s sales mix can affect a company''s profitability
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
vertical analysis
An analysis technique highlighting relationships between net sales and each income statement element as a percentage
수직 분석: 순매출액과 각 손익계산서상의 항목들간의 관계를 퍼센트로 표현하는 분석 기법
This presentation of data facilitates vertical analysis of a company’s financial statements.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
United States export sales
Export sales: goods and services produced domestically, but sold to foreigners
수출: 국내에서 생산하여 외국에 판매하는 제품과 용역
United States export sales : goods and services produced domestically, but sold to foreigners
amortization
A cost allocation process that spreads the cost of an intangible asset over the asset''s expected useful life. Refer to depreciation
상각: 무형자산의 가액을 내용연수에 따라 비용화시키는 절차
Our gross margin will be 40% each year. Our depreciation and amortization expense will be 12% of sales. Operating expenses will be 24% of sales each year. The Company’s management reviews operating companies income to evaluate segment performance and allocate resources. Operating companies income for the reportable segments excludes general corporate expenses, minority interest and amortization of goodwill. Amortization is reported on the income statement as an expense for the period, because the amortization of goodwill is a noncash expense it has no impact on cash flows, but it can impact reported earnings. Accumulated amortization since the acquisition date is reported as a deduction from the asset on the balance sheet. Amortization is the systematic and rational allocation of the acquisition cost of intangible assets to future periods in which the benefits contribute to revenue. Analysts will encounter a variety of amortization periods for goodwill . It is a common practice to discount expected Free Cash Flow, post tax which is the cash flow adjusted for non-cash items such as depreciation and amortization, changes in working capital and capital expenditure. You also need to add-back depreciation and amortization. Commonly used indicators to value company as a whole include: P to Revenue ratio, Price to EBITDA ratio, which is earnings before interest, tax, depreciation and amortization, and Price to EBIT ratio, which is earnings before interest and tax.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
basic earnings per share
A standardized measure of performance calculated as net income, which is subtracted by dividends on preferred stock, divided by the weighted-average number of common shares outstanding during an accounting period
= (Net Income - Dividends on Preferred Stock / Average Outstanding Shares )
주당순이익: 주당 할당되는 이익으로 다음과 같이 계산된다. EPS = 당기순이익- 우선주배당금/가중평균주식수
- 여기서, 가중평균주식수는 우선주를 차감한 수를 말함.
Basic earnings per share: a common corporate performance statistic, the calculation of EPS is governed and mandated by GAAP. Basic earnings per share do not consider the effects of any dilutive securities.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
book value per common share outstanding
Shareholders'' equity divided by total number of common share outstanding.
보통주 발행주식수당 장부가액
Book value per common share outstanding: shareholders’ equity on a per-share basis.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
closing price of common share at year end
The closing price of common stock on the exchange at year end
년도말 주식 종가
Closing price of common share at year end: the closing price of common stock on the exchange at year end, December 31, 2000.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
commodities
Goods; usually quality does not vary and price does matter to consumers
제품 혹은 상품; 비지니스 영어에서는 주로 농산물, 유류 등 품질의 차이는 크지 않으면서 소비자에게 가격이 주요 변수인 제품등을 의미한다
Federal excise taxes on products: taxes that are levied on specific commodities such as cigarettes and alcohol by the United States federal government.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
common dividends declared as a % of basic EPS
Dividends declared per share divided by basic EPS (see above)
주당 배당금을 주당 순이익으로 나눈 것
Common dividends declared as a % of Basic EPS: dividends declared per share divided by basic EPS. Common stock is the basic, normal, voting stock issued by a corporation. It is subordinate to preferred stock for dividend and liquidation considerations. The dividend rate for common stock is determined by the board of directors based on the profitability of the company.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
consolidated reporting
A reporting approach in which the financial statements of the parent and subsidiary companies are combined to form one set of financial statements
연결 (재무제표)공시: 모회사와 자회사의 재무제표를 통합하여 보고하는 형식
Unless broken out by business segment the Philip Morris financial highlights are reported as consolidated results. When the term consolidated appears in the title of the financials it means that the combined activities of a number of separate legal entities are being reported as one economic unit.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 감가상각비와 감모상각비를 가산해야 합니다.
consumer product
Products such as food, clothing, and equipment used in the home; opposite to industrial product. see consumer-goods above.
소비제품: 식품, 의류, 기계 등 집에서 사용되는 제품, 산업제품의 반대말
Philip Morris Companies Inc. is a holding company with wholly-owned subsidiaries Philip Morris Incorporated, Philip Morris International Inc., Kraft Foods Inc., Miller Brewing Company, and as of December 11, 2000, Nabisco. The subsidiaries manufacture and sell a number of consumer products including cigarettes, food, and beer. The only intermediary HP has is the retail stores. As the case demonstrates, there are three kinds of retailers: consumer product superstores, consumer electronic superstores, and office product superstores.
HP가 가지고 있는 유일한 중간상은 소매점들입니다. 사례에서 보여주고 있듯이, 3가지 종류의 소매점들이 있습니다 : 일반 소비재 수퍼스토어, 가전제품 수퍼스토어, 그리고 사무용 제품 수퍼스토어.
convertible securities
A security exchangeable, or convertible, into the common stock of a company at a prespecified conversion (or exchange) rate
전환유가증권: 미리 정해진 가격 혹은 전환율로 보통주로 전환할 수 있는 유가증권
A complex capital structure contains potentially dilutive securities such as options, warrants, or convertible securities that decreases EPS if they were exercised or converted to common stock.
HP가 가지고 있는 유일한 중간상은 소매점들입니다. 사례에서 보여주고 있듯이, 3가지 종류의 소매점들이 있습니다 : 일반 소비재 수퍼스토어, 가전제품 수퍼스토어, 그리고 사무용 제품 수퍼스토어.
cost of sales
Cost of goods sold (COGS); the value assigned to inventory units actually sold in a given accounting period
매출 원가: 회계기간 동안 실제로 팔린 재고자산의 가치
Cost of sales: the costs the company incurred to purchase and convert materials into the finished products sold to customers. This important cost item represents the expense of producing a company’s inventory, i.e., the cost of raw materials, labor and production overhead (depreciation, utilities, taxes, administrative expenses, etc.) used to produce finished products.
HP가 가지고 있는 유일한 중간상은 소매점들입니다. 사례에서 보여주고 있듯이, 3가지 종류의 소매점들이 있습니다 : 일반 소비재 수퍼스토어, 가전제품 수퍼스토어, 그리고 사무용 제품 수퍼스토어.
creditor
An individual or company that loans cash or other assets to another person or company
채권자: 현금이나 다른 자산을 빌려준 개인 혹은 회사
Total debt ? consumer product: funds borrowed from creditors for the consumer product business segments of the Company.
HP가 가지고 있는 유일한 중간상은 소매점들입니다. 사례에서 보여주고 있듯이, 3가지 종류의 소매점들이 있습니다 : 일반 소비재 수퍼스토어, 가전제품 수퍼스토어, 그리고 사무용 제품 수퍼스토어.
daunting
discouraging
용기를 잃게 하는, 자신 없게 하는
Writing can be overwhelming by itself, but if you’re not a confident writer and feel weak in grammar, this task can be even more daunting.
HP가 가지고 있는 유일한 중간상은 소매점들입니다. 사례에서 보여주고 있듯이, 3가지 종류의 소매점들이 있습니다 : 일반 소비재 수퍼스토어, 가전제품 수퍼스토어, 그리고 사무용 제품 수퍼스토어.
debt expense
The cost of borrowing funds
이자 비용: 차입금에 대한 비용
Operating companies income is defined as income before amortization of goodwill, general corporate expenses, minority interest and other debt expense, net.
HP가 가지고 있는 유일한 중간상은 소매점들입니다. 사례에서 보여주고 있듯이, 3가지 종류의 소매점들이 있습니다 : 일반 소비재 수퍼스토어, 가전제품 수퍼스토어, 그리고 사무용 제품 수퍼스토어.
deferred or unearned revenue
Revenue that is received as cash but that has not yet been earned
선수금: 현금을 지급받았으나 아직 이루어지지 않은 매출액
When revenue occurs, either assets such as cash or receivables increase or liabilities such as deferred or unearned revenue decrease.
HP가 가지고 있는 유일한 중간상은 소매점들입니다. 사례에서 보여주고 있듯이, 3가지 종류의 소매점들이 있습니다 : 일반 소비재 수퍼스토어, 가전제품 수퍼스토어, 그리고 사무용 제품 수퍼스토어.
depreciation
an expense recorded to reduce the value of a long-term tangible asset. Since it is a non-cash expense, it increases free cash flow while decreasing the amount of a company''s reported earnings. the accounting procedure that allocates the cost of a fixed asset over its estimated useful life (plant and equipment is depreciated, but land is not).
감가상각: 고정자산의 가치감소를 비용으로 회수하는 절차로써 현금유동성이 없는 이유로 기업의 수익력이 감소하는 동시에 자유로운 현금 흐름의 증가를 가져온다. 고정자산(공장이나 설비는 가능하지만, 토지는 대상이 아님)의 추정기간동안에 걸쳐 이 자산의 원가를 배분하는 회계절차.
The Summary of Significant Accounting Policies will disclose the methods used to account for inventory, depreciation, income and expense recognition, intangible assets, pensions, stock plans and income taxes. Our gross margin will be 40% each year. Our depreciation and amortization expense will be 12% of sales. Operating expenses will be 24% of sales each year. Depreciation method that is used for federal income tax reporting, but not for financial reporting, MACRS method utilizes rapid depreciation which is usually much shorter than an asset’s estimated life. Depreciation: the accounting procedure that allocates the cost of fixed assets such as property, plant and equipment (but not land) over the estimated useful life of the asset. Deferred tax assets and liabilities arise from temporary differences that result from different accounting methods and estimates for book and tax purposes. Deferred income tax liabilities are recorded when taxable income is lower than book income due to the rapid depreciation of assets for tax purposes. Depreciation is an expense related to the anticipated useful life of assets. It may be computed based on either expected years of service or use, for example hours of operation. It is a common practice to discount expected Free Cash Flow, post tax which is the cash flow adjusted for non-cash items such as depreciation and amortization, changes in working capital and capital expenditure. It involves two basic steps: first, forecast sales, costs, working capital and capital expenditures; second, calculate future free cash flows using the formula: net income plus depreciation and amortization minus the change in working capital minus capital expenditures. You also need to add-back depreciation and amortization. Commonly used indicators to value company as a whole include: P to Revenue ratio, Price to EBITDA ratio, which is earnings before interest, tax, depreciation and amortization, and Price to EBIT ratio, which is earnings before interest and tax.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
diluted earnings per share
A standardized measure of performance calculated as net income applicable to common stock divided by the weighted-average number of common shares outstanding plus common stock equivalents and any other potentially dilutive securities (see Dilution above) If a firm has a complex capital structure, it contains dilutive securities such as options, warrants, or convertible securities that will decrease EPS if exercised or converted to common stock. Diluted EPS assumes that the securities are converted to common stock.
희석주당순이익: 보통주 당기순이익을 시중 유통되고 있는 보통주의 가중평균주식수에 보통주 등가물, 기타 보통주로 전환될 수 있는 유가증권을 가산하여 나눈 것 . 기업이 복잡한 자본구조를 가진 경우, 이는 행사되는 경우 또는 보통주로 전화되는 경우 주당순이익을 줄이게 되는 옵션이나 전환증권 희석화 증권을 포함한다. 희석화된 주당순이익은 보통주로 전환된 증권을 포함한다.
Diluted earnings per share: if a firm has a complex capital structure, it contains dilutive securities such as options, warrants, or convertible securities that will decrease EPS if exercised or converted to common stock. Diluted EPS assumes that the securities are converted to common stock from the first of the year or when issued if during if issued during the current year. The Diluted Earnings per Share of the company this year is the lowest in the industry.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
dilution
Decrease in the proportion of income to which each share is entitled
희석효과: 한 주당 가질 수 있는 회사 이익에 대한 비율이 작아지는 현상
A complex capital structure contains potentially dilutive securities such as options, warrants, or convertible securities that decreases EPS if they were exercised or converted to common stock. Firms with a complex capital structure report both basic and diluted EPS.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
direct finance lease
A type of lease agreement in which the lessor receives income only from financing the purchase of the leased asset
금융리스: 리스 계약의 한 종류로 임대인은 임대자산의 취득으로 인한 금융이익만을 취한다.
The subsidiaries manufacture and sell a number of consumer products including cigarettes, food, and beer. Philip Morris Capital Corporation, another subsidiary, invests in leveraged and direct finance leases, tax-oriented financing transactions, and third-party financing.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
divestiture
The act of taking one''s money out of business in which one has previously invested it.
영업 매도: 투자했던 사업부분을 매각하는 행위
The aggregate proceeds received in divestiture transactions in 2000, including the sale of several small international food, domestic food and beer businesses, were $433 million, on which the Company recorded pre-tax gains of $274 million.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
dividend declaration
The act taken by a company stating an amount and a time line of dividends to be paid to shareholders .
배당선언: 배당의 금액과 시기를 결정하여 주주들에게 알리는 절차
There are three dates associated with a dividend declaration: 1. Declaration Date ? the date that the board of directors officially declares the dividend, a dividend liability is created on this date. 2. Date of Record ? the date following the declaration date when the corporation prepares the list of current stockholders based on stockholder records. The dividend is only paid to stockholders who own the stock on the date of record. 3. Date of Payment ? the date when cash is disbursed to pay the dividend liability. It is specified in the dividend announcement.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
dividends declared per share
The earned income of an enterprise to be distributed to its owners (shareholders) per share
주당 배당금: 회사 벌어들인 이익을 주주에게 한 주당 지급하는 금액
Dividends declared per share: a dividend is a payment, in the form of cash or stock, by a company to its shareholders. The term dividend refers to a cash dividend unless otherwise noted. A dividend is declared by the board of directors to be paid by the company to its shareholders. A corporation is not obligated to pay dividends, however a liability is created when a board formally declares a dividend.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
earnings before income taxes
Revenues less all expenses except income tax expense.
세전이익: 총수입에서 소득세를 제외한 총비용을 차감한 금액
Earnings before income taxes: revenues less all expenses except income tax expense.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
earnings per share
A standardized measure of performance calculated as net income, which is subtracted by dividends on preferred stock, divided by the weighted-average number of common shares outstanding during an accounting period
= (Net Income - Dividends on Preferred Stock / Average Outstanding Shares ) This indicates the net income (after preferred dividends) per share of common stock. A common corporate performance statistic, the calculation of EPS is governed and mandated by GAAP.
주당순이익: 주당 할당되는 이익으로 다음과 같이 계산된다. EPS = 당기순이익- 우선주배당금/가중평균주식수
- 여기서, 가중평균주식수는 우선주를 차감한 수를 말함. 이는 보통주당 순이익(우선주배당후)을 말한다. 일반기업의 성과통계치 그리고 주당순이익은 일반적으로 인정된 회계 원칙에 의해 규정된다.
Looking ahead, our financial goals are to continue growing earnings per share, to increase return on investment and to grow shareholder value at a rate that investors expect and deserve.” Although the goals are mentioned, neither specific plans, nor a specific growth rate or return on investments are discussed. When you read income statements, profitability and operational health should be assessed. Total revenue and its growth pattern, operating income and net income and their growth patterns, cost structure in relation to profit margin, and earnings per share will get attention from investors. The Earnings per Share of the company went down for the second straight year.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
equity in earnings of affiliates
An income statement account representing a parent company''s percentage ownership of an affiliate''s net earnings
지분법 평가 이익: 손익계산서상의 항목으로 관계회사 순이익의 지배회사 지분의 퍼센트 만큼에 해당하는 금액
By far, the most important source would be net sales, to which would be added such non-operating income sources as interest income or equity in earnings of affiliates.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
excise tax
Taxes that are levied on specific commodities such as cigarettes and alcohol by the United States federal government
미연방 특별소비세: 담배나 주류 같은 상품에 미국 연방 정부에 의해 부과되는 특별 세금
Currency movements decreased operating revenues by $2.9 billion ($1.6 billion, excluding excise taxes), from 1999. Decreases in operating revenues were due primarily to the strength of the U.S. dollar against the Euro. Cigarettes are subject to substantial federal, state and local excise taxes in the United States and to similar taxes in most foreign markets. The United States federal excise tax on cigarettes was $0.34 per pack of 20 cigarettes at the time this annual report was prepared. The tax was scheduled to increase to $0.39 per pack on January 1, 2002.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
federal excise taxes on products
Taxes that are levied on specific commodities such as cigarettes and alcohol by the United States federal government
미연방 특별소비세: 담배나 주류 같은 상품에 미국 연방 정부에 의해 부과되는 특별 세금
Federal excise taxes on products: taxes that are levied on specific commodities such as cigarettes and alcohol by the United States federal government.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
foreign excise taxes on products
Taxes that are levied on specific commodities such as cigarettes and alcohol by foreign governments
외국정부 특별소비세: 담배나 주류 같은 상품에 외국정부에 의해 부과되는 특별 세금
Foreign excise taxes on products: taxes that are levied on specific commodities such as cigarettes and alcohol by foreign governments.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
general corporate expenses
Expenses incurred in carrying out the operations of a business, for example, selling expenses
영업 비용: 정상 영업활동을 수행함으로써 발생하는 비용, 예를 들어 판매비
Operating companies income is defined as income before amortization of goodwill, general corporate expenses, minority interest and other debt expense, net.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
goodwill
An intangible asset representing the excess of the purchase price of acquired net assets over their fair market value.
1. kind feelings towards or between people and /or willingness to take action that will bring advantage to the others
2. an intangible asset representing the excess of the purchase price of acquired net assets over their fair market value.
영업권: 무형자산의 하나로 인수하는 순자산의 장부가치와 공정 시장가격의 차이 1. 좋은 감정 혹은 한 편으로 이익을 주는 행동을 취하게 동기
2. 영업권: 무형자산의 하나로 인수하는 순자산의 장부가치와 공정 시장가격의 차이
The Company’s management reviews operating companies income to evaluate segment performance and allocate resources. Operating companies income for the reportable segments excludes general corporate expenses, minority interest and amortization of goodwill. Current assets such as cash, marketable securities, and accounts receivable are listed above non-current assets such as property, plant and equipment, goodwill and other intangible assets. Goodwill is an amount that represents the difference between the purchase price of a company and the value of its assets minus liabilities. Goodwill is created by a number of factors including good reputation, customer appeal, and general acceptance of the business. All successful companies have some amount of goodwill, but it can be reported on the balance sheet only if it is acquired in a purchase transaction. The creation of goodwill has implications for future accounting periods - in future years the assets must be amortized. The proponents of corporate social responsibility argue that being a socially conscience player in society will yield for business entities long-run profits. The corporate involvement in social causes will create goodwill, which simply makes good business sense.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
gross profit
A measure of a company''s profit on sales calculated as net sales minus the cost of goods or services sold. total income less the cost of merchandise sold and the expense of doing business.
매출 이익: 순매출액에서 매출원가를 차감한 이익 , 매출총이익: 매출원가와 영업비용보다 적은 총 소득금액.
Operating income: gross profit less cost of goods sold (COGS) and other operating expenses. Operating income is listed first followed by the other components of net income; this reflects the importance of gross profit (sales ? cost of goods sold). The income statement reflects income (loss) from continuing operations, and from discontinued operations, extraordinary items, and cumulative accounting change items as part of the net income. Gross profit reflects how well the purchasing and production elements are performing. Gross profits provide the resources to cover all the other costs and expenses of the company. The greater and more stable the gross profit margin, the greater potential there is for profitability. In order to find out the gross margin, we divide gross profit by revenue. So, American Airlines’ gross profit margin in the second quarter of 2001 is 78%.
매출총이익율을 알기 위해서 우리는 매출총이익을 매출로 나누어야 합니다. 그래서, American Airlines의 매출총이익율은 2001년 2분기에 78%입니다.
interest and other debt expense
The cost of borrowing funds
이자 비용: 차입금에 대한 비용
Interest and other debt expense: interest expense represents interest costs on a company’s borrowings. Interest expense is considered a fixed charge; companies must meet their interest and the current portion of long-term debt obligations to maintain good credit.
매출총이익율을 알기 위해서 우리는 매출총이익을 매출로 나누어야 합니다. 그래서, American Airlines의 매출총이익율은 2001년 2분기에 78%입니다.
inventories
inventory can be either raw materials, finished items already available for sale, or goods in the process of being manufactured. Inventory is recorded as an asset on a company''s balance sheet.
재고자산: 원재료, 판매가 가능한 완성제품, 또는 생산중에 있는 제품을 말하는 것으로 대차대조표상의 자산항목에 기록된다.
the 10-K presents all the information found in the annual report in addition to required schedules concerning condensed financial information, bad debts and other valuation accounts, property, plant, and equipment and accumulated depreciation, mortgage loans, warranties, inventories, and advertising. Inventories : includes items that will be sold in the normal course of business, items that are in the process of production, and items which are used in the production of goods or services for sale. The inventory account may include three types of inventory: finished goods inventory ? products ready for sale; work-in-process inventory ? products in various stages of production; raw material and supplies inventory ? items that will enter directly or indirectly into the production of finished goods.
일반적으로 14-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
leverage
A measure of a company''s dependency on debt. A company with large quantities of debt is said to be highly leveraged. A term that refers to the capacity to influence or control.
차입정도: 회사의 차입금 의존도를 나타내는 지표. ''leveraged'' 되었다는 표현은 차입금을 가지고 있음을 의미한다. 영향 및 통제의 능력을 이르는 단어
The high leverage means a greater chance of financial distress for the company if the investment fails. And that creates valuable information, which, in turn, allows us to leverage our relationships with both suppliers and customers.
일반적으로 14-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
liquidation
The process of selling off the assets of a business, paying any outstanding debts, and then distributing any remaining cash to the owners
청산: 회사의 자산을 처분하고 부채를 상환한후 남은 현금을 주주에게 분배하는 과정
The two most important ones are Chapter 7, which deals with the liquidation of a firm and Chapter 11, which deals with the reorganization of the firm. Common stock is the basic, normal, voting stock issued by a corporation. It is subordinate to preferred stock for dividend and liquidation considerations. The components of owners’ equity are listed in order of preference in case of liquidation: preferred stock is listed before common stock.
일반적으로 14-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
market price per common share - high/low
The high/low closing price per common share on the exchange during a year
한 해동안 최고/최저 주식 시장 가격
Market price per common share ? high/low: the high/low closing price per common share during the year.
일반적으로 14-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
minority interest
The percentage ownership in the net assets of a subsidiary held by investors other than the parent company.
소수주주지분: 자회사의 지분중 모회사가 소유한 부분을 제외한 나머지 지분율
The Company’s management reviews operating companies income to evaluate segment performance and allocate resources. Operating companies income for the reportable segments excludes general corporate expenses, minority interest and amortization of goodwill.
일반적으로 14-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
net asset
Total assets minus total liabilities; equal total owners'' equity
순자산: 총자산에서 총부채를 차감한 금액. 총자본
Revenues are earned from the sale of goods or services and defined as inflows of net assets (increases in assets or reductions of liabilities) from ongoing operations.
일반적으로 14-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
net book value
The original cost of an asset less any accumulated depreciation (depreciation or amortization) taken to date
순장부가액: 자산의 취득가액에서 현재까지의 누적 감가상각액 혹은 상각액을 차감한 금액
Long-lived tangible assets used in the company’s operations. Land is reported at its original cost and is not depreciated owing to an indefinite life assumption. Other long-lived assets are reported at their net book value (their original cost less their related accumulated depreciation).
일반적으로 14-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
net earnings
net income; the difference between the aggregate revenues and aggregate expenses of an enterprise for a give accounting period; when aggregate expenses exceed aggregate revenues, the term net loss is used.
당기순이익: 회사의 회계기간 중 총수입에서 총비용을 차감한 금액. 총비용이 총수입을 초과하는 경우 당기순손실이라 한다
I see that our net earnings are down by twenty percent from the previous year. Net earnings: otherwise referred to as net income or net profit. As the bottom line on the income statement, net income represents the earnings of a firm after total revenues and expenses have been matched. Net income is used to feed the retained earnings account, from which dividends may be paid or funds are reinvested in the company.
일반적으로 14-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
net worth
Total assets minus total liabilities, or the value of owners'' equity; also known as the book value of an enterprise. Total assets minus total liabilities of an individual or company.
순자산: 총자산에서 총부채를 차감한 금액. 총자본. 회사의 총 장부가액
Stockholders’ equity is a combination of the owners’ investment and the total earnings retained from the beginning of the business. The statement of stockholders’ equity reports how net income and the distribution of dividends have affected the financial position of the company. Stockholders’ equity is also called net worth. Stockholders’ equity is also called net worth. A common valuation measure of the company’s equity is a book value, which is the net worth of the company.
회사 자본에 대한 통상적 가치평가는 장부가로 이는 회사의 순자산이다.
non-operating income
Income that is generated from a company''s non-core business area.
영업외 이익: 주영업분야가 아닌 부분에서 발생한 이익
By far, the most important source would be net sales, to which would be added such non-operating income sources as interest income or equity in earnings of affiliates.
회사 자본에 대한 통상적 가치평가는 장부가로 이는 회사의 순자산이다.
number of common shares outstanding at year end
The total number of common shares owned by stockholders at year end, excluding treasury stocks owned by a company
총유통발행주식수: 년도말 시장에서 유통되고 있는 주식의 총수, 자기주식은 제외
Number of common shares outstanding at year end (millions): the total number of common shares owned by stockholders at year end, December 31, 2000.
회사 자본에 대한 통상적 가치평가는 장부가로 이는 회사의 순자산이다.
number of employees
The number of employees of a company at year end
총 종업원 수
Number of employees: the number of employees of the Company at year end, December 31, 2000.
회사 자본에 대한 통상적 가치평가는 장부가로 이는 회사의 순자산이다.
one-time items
A loss or gain that is both unusual in nature and infrequent in occurrence.
특별 항목: 경상적이지 않고 빈번하게 일어나지 않는 손실 혹은 이익.
Underlying results reflect the results of our business operations, excluding significant one-time items for employee separation programs, write-downs of property, plant and equipment, sales made in advance of the century date change and gains on sales of businesses.
회사 자본에 대한 통상적 가치평가는 장부가로 이는 회사의 순자산이다.
ongoing operations
A business area in which a company involves currently, i.e. an opposite concept of discountined operations.
현재 영업분야: 회사가 현재 영위하고 있는 사업분야, 중단한 사업분야와 반대되는 개념
Operating revenues: revenues are earned from the sale of goods or services and defined as inflows of net assets (increases in assets or reductions of liabilities) from ongoing operations. Inflows of net assets, such as an increase in cash or receivables and/or a decrease in liabilities such as deferred or unearned revenue from ongoing operations.
회사 자본에 대한 통상적 가치평가는 장부가로 이는 회사의 순자산이다.
operating income
Gross profit (see above) less operating expenses (see c5-a-06)
영업이익: 매출 이익에서 영업비용을 차감하고 남은 금액
Operating income: gross profit less cost of goods sold (COGS) and other operating expenses. Growth in operating income was 0.3% during 2000, well below the 10-year compound annual growth rate of 7.6% and a significant drop from the 20.2% growth that McDonald''s’s experienced in 1999. All intercompany revenues and expenses are eliminated in computing revenues and operating income. Operating income, net sales minus cost of goods sold and other operating expenses, only increased by $10 million dollars in 2000, less than 1.0%, due to decreasing Company-operated margins in 2000 from 17.7% in 1999 to 16.9% in 2000, and a 7% increase in consolidated selling, general & administrative expenses in 2000. Operating Income ? gross sales less cost of goods sold (COGS) and other operating expenses.
회사 자본에 대한 통상적 가치평가는 장부가로 이는 회사의 순자산이다.
operating revenues
Revenue; the inflow of assets, the reduction in liabilities, or both, from transactions involving an enterprise''s principal business activity (for example, sales of products or services)
매출: 기업의 주요 영업활동과 관련하여 이루어진 거래로 부터 얻어지는 자산의 증가, 부채의 감소 혹은 둘 모두
Our operating revenues can easily satisfy our current debt obligations. Operating Revenues are earned from the sale of goods or services and defined as inflows of net assets (increases in assets or reductions of liabilities) from ongoing operations. Revenues are normally reported on the income statement when the goods or services are sold to the customer who has paid for them or promised to pay for them in the future. Operating revenues for 2000 increased by $1.8 billion (2.2%) over 1999, due primarily to an increase in revenues from the Company''s domestic tobacco operations.
회사 자본에 대한 통상적 가치평가는 장부가로 이는 회사의 순자산이다.
option
Stock option; a right to buy a set quantity of capital stock in the future at a prespecified price. right to buy or sell property that is granted in exchange for an agreed upon sum. If the right is not exercised after a specified period, the option expires and the option buyer forfeits the money.
주식매수선택권: 미래에 미리 정해진 금액으로 주식을 살수 있는 권리. 발행자는 반드시 해당주식의 발행인일 필요가 없다. 옵션: 특정 금액을 지불하고서 획득한 자산 구입또는 처분 권리. 이 권리가 특정 기간이 경과할 때까지 행사되지 않을 경우, 옵션은 만료되며, 옵션 구입자는 지불한 금액의 손실을 감수한다.
Weighted average shares (millions) ? Diluted: The weighted average number of common shares is the number of shares outstanding during the year weighted by the portion of each year they were outstanding. The number is used in the numerator of the formula to calculate diluted EPS and includes incremental shares from conversions of restricted stock and stock rights and stock options. option is a derivative in that its value depends on the price of the underlying stocks.
옵션은 그 가치가 옵션기초자산인 주식의 주가에 영향을 받는 파생상품이다.
payout ratio
Dividend payout ratio; a measure of the percentage of net income paid out to shareholders a dividends. Calculated as cash dividends divided by net income
배당성향: 당기순이익 중 배당금으로 지급하는 금액의 정도
= 현금 배당금액/당기순이익
Growth firms generally have low dividend payout ratios since they retain earnings to finance future growth, while established firms tend to have higher payout ratios. In addition, a firm’s payout ratio (combined with its financing policy) can lead to different growth rates in EPS. Firms with low dividend payout ratios will show higher growth than firms with high payout ratios.
옵션은 그 가치가 옵션기초자산인 주식의 주가에 영향을 받는 파생상품이다.
pretax profit margin
A measure of a company''s ability to generate pretax earnings from a given level of revenues; calculated as pretax earnings divided by net sales. The excess (or insufficiency) of operating revenues over operating expenses; a measure of a company''s ability to generate profits from a given level of revenues; calculated as earnings before tax divided by net sales; also known as the return on sales ratio
세전이익율: 특정 매출액에서 회사가 세전이익을 낼 수 있는 능력을 판단하는 정도.
= 세전이익/순매출액 세전순이익율: 특정 매출액에서 회사가 이익을 낼 수 있는 능력을 판단하는 정도. 매출이익율이라고 하기도 함.
= 세전이익/순매출액
The common size statement also offers users profitability ratios including: gross profit margin (gross profit/sales), operating profit margin (operating income/sales), pretax profit margin (earnings before income taxes/sales), and the net profit margin(net earnings/sales) Pre-tax profit margin: the rate of profit on sales before provisions for income taxes (earnings before income taxes/sales).
옵션은 그 가치가 옵션기초자산인 주식의 주가에 영향을 받는 파생상품이다.
price/earnings ratio at year end-basic
A market-based measure of the investment potential of a security, calculated as the market price per share divided by the (basic) earnings per share; also known as P/E multiple
P/E 비율: 주식의 투자 잠재력을 판단하는 지표로 주당 시장가격을 주당순이익으로 나누어 계산한다. P/E배수라고도 한다
Price/earnings ratio at year end ? Basic: the P/E ratio shows the relationship between a company’s basic earnings per share and its market price per share.
옵션은 그 가치가 옵션기초자산인 주식의 주가에 영향을 받는 파생상품이다.
profit margin
profits divided by total operating revenue. The net profit margin and the gross profit margin refelct the firm''s ability to produce a good or service at a high or low cost. The excess (or insufficiency) of operating revenues over operating expenses; a measure of a company''s ability to generate profits from a given level of revenues; calculated as net income after tax divided by net sales; also known as the return on sales ratio.
1. a good measure of a company''s efficiency, this essentially tells you how much the company makes off sales after expenses are paid. Generally, the higher the profit margin, the more efficient the company.
2. net profit after taxes divided by sales for a given 12-month period, expressed as a percentage.
이윤: 수익을 총운영수입으로 나눈 수치. 순이익률과 매출 이익률은 회사가 제품을 얼마나 높은, 또는 낮은 원가로 생산하는 지를 알 수 있는 지표가 된다. 순이익율: 특정 매출액에서 회사가 이익을 낼 수 있는 능력을 판단하는 정도. 매출이익율이라고 하기도 함.
= 당기순이익/순매출액 1. 이윤폭: 회사의 효율성을 측정하는 좋은 방법으로 회사의 비용을 지급한 후 얻은 이익이 얼마인지를 나타내며 이윤폭이 클수록 회사는 많은 수익을 남긴다.
2. 매출이익률: 12개월동안 발생한 세금을 매출액으로 나누어 백분율로 표시한 순이익.
This approach takes the product costs of the product, adds in the foreign market marketing costs, and lastly adds the desired profit margin. Total revenue and its growth pattern, operating income and net income and their growth patterns, cost structure in relation to profit margin, and earnings per share will get attention from investors. However, investors should review income statements along with other financial statements such as balance sheet and cash flow statement to see a complete picture of the financial health and investment opportunity in a company. Different products or product lines carry different profit margins. Most companies practice only basic marketing when their markets contain many customers and their unit profit margins are small.
이 접근법은 생산비용에 해외 마케팅비용을 더하고, 마지막으로 적당한 수익마진을 더하는 것을 말합니다. 시장에 수많은 소비자들이 있고 고객당 이익수준이 적은 경우에 대부분의 기업들은 기본적인 마케팅만을 수행합니다. 오늘날 가장 좋은 관계 마케팅은 기술에 의해 좌지우지됩니다.
property, plant and equipment, net (PP&E)
The noncurrent assets of a company, principally used in the revenue-producing operations of the enterprise; usually presented as the acquisition cost less accumulated depreciation (net)
부동산, 공장 및 설비: 기업의 주로 수익창출 영업활동에 쓰이는 고정자산, 주로 취득원가에서 감가상각충당금을 차감하여 표현한다 (순고정자산)
Property, plant and equipment, net (consumer products): Long-lived tangible assets used in the company’s operations. Land is reported at its original cost and is not depreciated owing to an indefinite life assumption. Other long-lived assets are reported at their net book value (their original cost less their related accumulated depreciation).
이 접근법은 생산비용에 해외 마케팅비용을 더하고, 마지막으로 적당한 수익마진을 더하는 것을 말합니다. 시장에 수많은 소비자들이 있고 고객당 이익수준이 적은 경우에 대부분의 기업들은 기본적인 마케팅만을 수행합니다. 오늘날 가장 좋은 관계 마케팅은 기술에 의해 좌지우지됩니다.
provision for income taxes
The tax expense and related cash or payable entry represents tax levies by federal, state, local and foreign governments on a company''s earnings
소득세 기장: 회사의 이익에 대해 연방, 주, 지역, 외국 정부등이 부과하는 세금 비용과 관련된 계정을 기장하는 것
Provision for income taxes: the tax entry represents tax levies by federal, state, local and foreign governments on a company’s earnings. The deduction of a company’s provision for income taxes from pretax income results in net income. Pre-tax earnings and provision for income taxes consisted of the following for the years ended December 31, 2000, 1999 and 1998:
이 접근법은 생산비용에 해외 마케팅비용을 더하고, 마지막으로 적당한 수익마진을 더하는 것을 말합니다. 시장에 수많은 소비자들이 있고 고객당 이익수준이 적은 경우에 대부분의 기업들은 기본적인 마케팅만을 수행합니다. 오늘날 가장 좋은 관계 마케팅은 기술에 의해 좌지우지됩니다.
receivable
Account Receivables: money owed by customers.
상품, 원재료 등을 구입하여 물품은 손에 넣었으나 아직 대금을 지불하 지 않은 금액
We''ve found ways to speed up our days receivables to 19 days. At the same time, we’ve stretched our days payables to 60 days.
우리 운전우리는 외상 매출금 회수일자를 20일로 줄이고 외상매입금 지급일자를 60일로 늘릴수 있는 방법을 알아냈습니다.
retained earnings
the percentage of net earnings not paid out in dividends but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. This is sometimes referred to as the retention ratio. Those earnings of an enterprise that have been retained in the enterprise (have not been paid out as dividends) for future corporate use
사내유보 (이익잉여금): 기업이 당기에 처분해야 할 이익을 모두 배당이나 임원상여금 등으로 사외에 유출하지 않고 그 일정부분을 각종의 적립금 또는 준비금으로 사내에 유보시키는 것으로 사내유보는 기업이 설비를 확장하거나 안정배당을 하기 위하여 자기자본을 저축하는 것을 말하며 보유율이라고도 부른다.
- 사내유보가 많은 회사일수록 주당순자산가치가 높아지며 무상증자 실시여력은 물론 기업의 경쟁력과 수익성을 강화시키는 효과가 있다. 이익잉여금: 배당의 형태로 지급되지 않고 회사의 미래 사용을 위해서 회사내에 유보한 순이익
The statement of stockholders’ equity or retained earnings reports how net income and the distribution of dividends affected the financial position of the company during the accounting period. Net income is used to feed the retained earnings account, from which dividends may be paid or funds are reinvested in the company. Retained Earnings are the cumulative earnings of a company that have not been distributed to its owners as dividends, but have been reinvested in the company. Retained earnings do not represent ready cash.
이익잉여금 처분계산서는 회계기간동안 기업의 재무상태에 영향을 미치는 순이익의 변동이나 배당의 지급내역을 보고합니다. 소유주지분은 이러한 두 가지 원천으로 변동합니다.
sales
a. Activities involved in selling goods or services. b. Gross receipts. A legal term suggesting that the title to an asset has passed from a seller to a buyer
판매, 수입: 상품 및 서비스를 판매하는 활동, 총수입 매출: 판매자로부터 취득자에게로 자산의 법적 명의가 이전됐음을 의미하는 법적 용어
Mark, I''ve seen how you''ve helped many companies price their products based on their cost of goods sold or sales. Companies of all sizes in various business sectors practice corporate social responsibility. The benefits of social responsibility include improved financial performance, reduced operating costs, enhanced brand image, increased sales, and customer loyalty. Underlying results reflect the results of our business operations, excluding significant one-time items for employee separation programs, write-downs of property, plant and equipment, sales made in advance of the century date change and gains on sales of businesses. Sales ? as a rule all sales increases are good, but some are qualitatively better than others. Volume growth is quite obviously the best contributor. Price increases, especially those above the general level of inflation, have their limits, as does sales expansion from acquisitions.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
separation program
When restructuring or spinning off a company''s business, a company may ask employees to leave or transfer them to spun off business
회사가 구조조정을 하거나 사업부분을 분리할 때, 종업원에게 퇴사를 권고 하거나 분리되는 부분으로의 전출을 시키는 일련의 과정
Underlying results reflect the results of our business operations, excluding significant one-time items for employee separation programs, write-downs of property, plant and equipment, sales made in advance of the century date change and gains on sales of businesses.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
stock option
A right to buy a set quantity of capital stock in the future at a prespecified price
주식매수선택권: 미래에 미리 정해진 금액으로 주식을 살수 있는 권리. 발행자는 반드시 해당주식의 발행인일 필요가 없다.
Weighted average shares (millions) ? Diluted: The weighted average number of common shares is the number of shares outstanding during the year weighted by the portion of each year they were outstanding. The number is used in the numerator of the formula to calculate diluted EPS and includes incremental shares from conversions of restricted stock and stock rights and stock options.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
stock right
Stock warrant; a certificate issued by a company that carries the right or privilege to buy a set quantity of capital stock in the future at a prespecified price
신주인수권: 회사가 발행하는 권리증서로 미래에 미리 정해진 금액으로 혹은 유리하게 주식을 살수 있는 권리
Weighted average shares (millions) ? Diluted: The weighted average number of common shares is the number of shares outstanding during the year weighted by the portion of each year they were outstanding. The number is used in the numerator of the formula to calculate diluted EPS and includes incremental shares from conversions of restricted stock and stock rights and stock options.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
stockholders' equity
1. Total assets minus total liabilities of an individual or company. For a company, also called owner''s equity or shareholders'' equity or net assets.
2. Claims of an owner against the assets of his or her business.
자본금: 1. 개인 또는 기업의 총자산에서 총부채를 차감한 금액을 말하며 기업에서는 순자산액으로 부르기도 한다.
2. 기업자산에 대한 주주의 권리, 주장, 또는 청구권.
Assets that are financed by creditors create liabilities, while assets that are financed by owners create owners’ equity. As defined by the basic accounting equation, a company’s assets must always equal its liabilities and stockholders’ equity. Stockholders’ equity: is a combination of the owners’ investment and the total earnings retained from the beginning of the business. The statement of stockholders’ equity reports how net income and the distribution of dividends have affected the financial position of the company.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
summary of operations
A part of an annual report summarizing results of principal business activities in numbers
영업 활동 요약: 사업보고서의 한 부분으로 주요 영업활동에 대한 결과를 수치로 요약해 놓은 것
The Summary of Operations for Philip Morris lists a number of financial figures for the five year period from 1996 to 2000 including the following:
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
third-party financing
Business that a company involves such as arranging a financial contract for two parties, e.g. lender and borrower, to get a fee
금융업: 수수료를 받을 목적으로 양자간의 (채권자와 채무자) 금융계약을 성사시키는 영업
The subsidiaries manufacture and sell a number of consumer products including cigarettes, food, and beer. Philip Morris Capital Corporation, another subsidiary, invests in leveraged and direct finance leases, tax-oriented financing transactions, and third-party financing.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
total assets
the entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business. Assets can include cash, stock, inventories, property rights, and goodwill. Assets are items of economic value owned by the corporation. A term that refers to a company''s physical possessions or property
(대차대조표상의)자산(자산항목): 대차대조표상에 나타나는 유형, 무형자산, 그리고 개인 또는 기업의 부채를 보상하는데 적용되는 자산에 대한 클레임 등을 포함한 모든 자산으로써 현금, 증권, 재고자산, 재산권, 그리고 영업권등이 포함된다. 자산의 항목으로는 현금, 유가증권, 외상매출금, 재고자산, 사무용비품, 집, 차, 그리고 기타자산등이 포함되며 이러한 자산은 대차대조표상에 부채, 보통주, 우선주 그리고 사내유보의 합계와 일치한다. 자산: 기업이 소유한 경제적 가치를 구성하는 항목들. (개인회사의) 재산, 자산
Total assets: everything of value that a company owns or is due, e.g., receivables, that can be measured; includes all current and non-current assets.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
total deferred income taxes
The portion of a company''s income tax expense not currently payable that is postponed because of differences in the accounting policies adopted for financial statement purposes versus those policies used for tax reporting purposes
이연법인세: 회사 소득세 중 납부가 지연된 세금. 재무제표 작성의 목적과 세금 납부의 목적으로 채택된 회계방법 간 차이로 인해 발생한다.
Total deferred income taxes: a deferred tax liability is a balance sheet amount related to the difference in tax expense and taxes payable that is expected to result in future cash outflow. The income tax expense recognized on the financial statements includes taxes payable, determined by taxable income and the tax rate, and deferred income tax expense. Deferred tax assets and liabilities arise from temporary differences that result from different accounting methods and estimates for book and tax purposes.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
total long-term debt
An amount borrowed from creditors, such as banks, and to be repaid after more than one year
장기 차입금: 은행과 같은 채권자로부터 빌려온 금액으로 1년 이후에 만기가 도래
Total long-term debt: a long-term liability that represents borrowed funds, usually subject to a formal loan agreement with interest payable. Long-term debt is due for payment after one year and usually over the course of several years. The current portion of long-term debt is classified as a current liability and is due and payable during the next fiscal year.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
trade receivable
Accounts receivable; amounts due to a company from customers who purchased goods or services on credit
외상매출채권: 외상으로 제공한 서비스나 제품의 대가로 받을 금액
The Company’s increases in 1999 year-end inventories and trade receivables caused by preemptive CDC contingency plans resulted in incremental cash outflows during 1999 of approximately $300 million
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
warrant
1. a statement of fact or opinion about a company''s financial condition.
2. an agreement between a buyer and a seller of goods or services, detailing the conditions under which the seller will make repairs or fix problems without cost to the buyer. Stock warrant; a certificate issued by a company that carries the right or privilege to buy a set quantity of capital stock in the future at a prespecified price
1. 기업의 재정상태에 관한 사실 또는 의견을 기록한 증서.
2. 제품 또는 서비스의 구매자와 판매자 간의 협정으로 제품의 손상이 있을 경우 판매자는 구매자의 비용 부담없이 훼손된 부분에 대해서 고쳐줄 것을 설명하고 있다. 신주인수권: 회사가 발행하는 권리증서로 미래에 미리 정해진 금액으로 혹은 유리하게 주식을 살수 있는 권리
In general, the 10-K presents all the information found in the annual report in addition to required schedules concerning condensed financial information, bad debts and other valuation accounts, property, plant, and equipment and accumulated depreciation, mortgage loans, warranties, inventories, and advertising. A complex capital structure contains potentially dilutive securities such as options, warrants, or convertible securities that decreases EPS if they were exercised or converted to common stock.
일반적으로 10-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
weighted average shares-basic
The weighted average number of common shares is the number of shares outstanding during the year weighted by the portion of each year they were outstanding
가중평균주식수: 한 해동안 주식이 시중에 유통되고 있었던 만큼 가중치를 부여하여 계산한 보통주의 평균 유통 발행 주식수
Weighted average shares (millions) ? Basic: The weighted average number of common shares is the number of shares outstanding during the year weighted by the portion of each year they were outstanding. The number is used in the numerator of the formula to calculate basic EPS.
일반적으로 10-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
weighted average shares-diluted
The weighted average number of common shares is the number of shares outstanding during the year weighted by the portion of each year they were outstanding, including incremental shares from conversions of restricted stock and stock rights and stock options.
희석 가중평균주식수: 한 해동안 주식이 시중에 유통되고 있었던 만큼 가중치를 부여하여 계산한 보통주의 평균 유통 발행 주식수에 주식인수권이나 매입권등의 전환을 포함한 주식수
Weighted average shares (millions) ? Diluted: The weighted average number of common shares is the number of shares outstanding during the year weighted by the portion of each year they were outstanding. The number is used in the numerator of the formula to calculate diluted EPS and includes incremental shares from conversions of restricted stock and stock rights and stock options.
일반적으로 10-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
wholly-owned subsidiaries
A legal entity (a subsidiary) of which a parent company owns 100% of ownership
지분을 100% 소유한 자회사
Philip Morris Companies Inc. is a holding company with wholly-owned subsidiaries Philip Morris Incorporated, Philip Morris International Inc., Kraft Foods Inc., Miller Brewing Company, and as of December 11, 2000, Nabisco.
일반적으로 10-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
write-down
An accounting treatment reducing the value of assets
일시적 상각: 자산의 가치를 낮추는 회계처리방식
Underlying results reflect the results of our business operations, excluding significant one-time items for employee separation programs, write-downs of property, plant and equipment, sales made in advance of the century date change and gains on sales of businesses
일반적으로 10-K는 연차보고서에 포함된 모든 정보와 축약된 재무정보와 부실채무에 관한 상환일정, 다른 평가계정, 유형자산, 공장과 설비, 감가상각비, 담보차입금, 보증채무, 재고자산과 광고선전비 등에 관한 정보를 제시합니다.
Criteria
A standard or a norm used for measurement.
판단비판의) 표준, 규범, 척도, 기준 ((of, for))
It is true that different businesses have very different criteria for selecting facility location and the decision should be made on a case-by-case basis.
Purchasing Clout
A term that refers to having influence or power over the acquisition of goods.
재화의 확보에 대해 영향력이나 힘을 미칠 수 있는 것을 이르는 말
While they may not have the same purchasing clout, and while they may not place massive orders to manufacturers, they have the same needs for a consistent, easy-to-maintain set of computer systems, purchased cost-effectively.
Ronald McDonald House Charities
A not-for profit organization funded by McDonald''s for charity
로날드 맥도날드 하우스 체리티: 자선을 위해 맥도날드사의 기부로 설립된 비영리 단체
Ronald McDonald Houses are built near hospitals. Children needing medical treatment, and their families, are provided a “home away from home” here. The organization also gives money to other charities that support children’s causes.
annual report
audited document required by the SEC and sent to a public company''s or mutual fund''s shareholders at the end of each fiscal year, reporting the financial results for the year (including the balance sheet and income statement) and commenting on the outlook. The financial report card that communicates both financial and non-financial information to shareholders and others.
연차보고서: SEC( 증권거래위원회) 의 요구에 의해 매 사업년도 말에 상장회사 및 뮤추얼 펀드 주주들에게 당해 사업년도의 경영성과 및 재무상태(대차대조표, 손익계산서를 포함)와 미래전망에 관한 기업내용을 보고하는 감사 보고서를 말한다. 재정적 그리고 비재정적 정보를 주주 및 기타 사람들에게 제공하는 재무제표
The SEC requires that the four basic financial statements, the balance sheet, income statement, the statement of stockholder’s equity, and the cash flow statement are included in a company’s annual report. Annual reports communicate what a company has accomplished during the past twelve months, and what it hopes to accomplish in the upcoming year, including any turnaround plans of the management. The auditor will often review interim reports and unaudited portions of the annual report as well. Companies with publicly traded securities are required by the SEC to provide a discussion of earnings and other items in the annual report. To help put forth a positive image, many companies such as McDonald''s also spend a considerable amount of time discussing social responsibility in the annual report. We have been looking at a basic format of annual reports for the last three lessons, and now you need to understand why an annual report is audited. The Annual Report was submitted to the company''s shareholders for their review.
SEC는 연차보고서에 이들의 명부와 기업 이사회, 대표이사의 명칭을 포함하도록 요구하고 있습니다. 연차보고서는 기업이 과거 12개월동안 무슨 성과를 달성했는지, 그리고 사업전환계획을 포함하여 미래에 어떤 성과를 달성하고자 하는지 등을 전달합니다. 또한 감사인은 중간감사를 실시하며, 연차보고서의 감사받지 아니한 부분까지 검토합니다 우리는 지난 3시간동안 연차보고서의 기본 형태에 대해 살펴보았습니다. 그리고 이제 여러분은 연차보고서가 왜 감사대상인지 이해할 필요가 있습니다.
benchmark
To have something which can be used as a standard by which other things are judged or measured. Something which can be used as a standard by which other things are judged or measured . To measure (a rival''s product) according to specified standards in order to compare it with and improve one''s own product.
벤치마크: 판단하거나 평가할때 기준이 될만한 것 벤치마크: 경쟁사나 시장 선도회사 제품, 전략등을 비교 자사의 관련분야를 개선시키려는 것
Benchmarking won’t be used to weed out the low performers A company’s wish to be a market leader and socially responsible corporation are important goals; however, without target growth rates for sales, earnings, return on equity, etc. these goals are hard to quantify. It is important to establish benchmarks; therefore, a mission statement should contain tangible objectives. They positioned Yahoo as a media company, and benchmarked other media companies as prime competitors .
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
brand image
Customers'' perception attached to an individual or a group of products'' name, or product itself
브랜드 이미지
Companies of all sizes in various business sectors practice corporate social responsibility. The benefits of social responsibility include improved financial performance, reduced operating costs, enhanced brand image, increased sales, and customer loyalty.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
charitable contributions
Money or other resources given up for a charity purpose
자선 기부금
Issues of social responsibility arise in the areas of product safety, the environment, investment, advertising, campaigns, underpaid foreign workers, and charitable contributions.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
corporate benchmark
Something which can be used as a standard by which other things are judged or measured
벤치마크: 판단하거나 평가할때 기준이 될만한 것
Corporate benchmark: A company that you can compare your company’s performance to.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
corporate message
Operational overview: a part of annual report is designed to portray a favorable image of the company rather than inform them about financial performance with use of prose, photographs, and graphics. It provides information about the company''s market, its products, and the size of its operations.
회사 개괄: 사업보고서를 구성하는 한 부분으로 재무정보를 제공하기 보다는 회사에 대한 좋은 인상을 주기 위해 영업에 대한 서술, 사진, 그림 등으로 구성된다. 회사의 시장, 제품, 영업의 크기 등에 관한 정보를 제공한다.
The corporate message or operational overview is public-relations oriented and designed to impress readers rather than inform them about financial performance. To help put forth a positive image, many companies such as McDonald''s also spend a considerable amount of time discussing social responsibility in the annual report. Although the emphasis may fall on photographs, charts, and an optimistic narrative the material is informative nonetheless. The corporate message and operational overview is the easiest component of the annual report for inexperienced readers to understand. As a business review, it covers the sales and marketing of products and services, financial highlights, trends, recent developments, future objectives, and social concerns and responsibilities; this section is usually the largest portion of the annual report.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
corporate social responsibility
the principle that businesses should contribute to the welfare of society and not only maximize profits.
회사가 얻은 이익에서만 한정하지 않고 사회복지사업에도 공헌해야 한다는 원리.
Corporate social responsibility gives companies an opportunity to improve their relationships with workers, consumers, investors, and society.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
customer loyalty
A degree of customers'' dependency on a product
고객의 충성도
Companies of all sizes in various business sectors practice corporate social responsibility. The benefits of social responsibility include improved financial performance, reduced operating costs, enhanced brand image, increased sales, and customer loyalty.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
financial performance
A business result expressed in numbers
재무적 성과
Companies of all sizes in various business sectors practice corporate social responsibility. The benefits of social responsibility include improved financial performance, reduced operating costs, enhanced brand image, increased sales, and customer loyalty.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
goodwill
An intangible asset representing the excess of the purchase price of acquired net assets over their fair market value.
1. kind feelings towards or between people and /or willingness to take action that will bring advantage to the others
2. an intangible asset representing the excess of the purchase price of acquired net assets over their fair market value.
영업권: 무형자산의 하나로 인수하는 순자산의 장부가치와 공정 시장가격의 차이 1. 좋은 감정 혹은 한 편으로 이익을 주는 행동을 취하게 동기
2. 영업권: 무형자산의 하나로 인수하는 순자산의 장부가치와 공정 시장가격의 차이
The Company’s management reviews operating companies income to evaluate segment performance and allocate resources. Operating companies income for the reportable segments excludes general corporate expenses, minority interest and amortization of goodwill. Current assets such as cash, marketable securities, and accounts receivable are listed above non-current assets such as property, plant and equipment, goodwill and other intangible assets. Goodwill is an amount that represents the difference between the purchase price of a company and the value of its assets minus liabilities. Goodwill is created by a number of factors including good reputation, customer appeal, and general acceptance of the business. All successful companies have some amount of goodwill, but it can be reported on the balance sheet only if it is acquired in a purchase transaction. The creation of goodwill has implications for future accounting periods - in future years the assets must be amortized. The proponents of corporate social responsibility argue that being a socially conscience player in society will yield for business entities long-run profits. The corporate involvement in social causes will create goodwill, which simply makes good business sense.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
government regulation
Rules, or laws required by government. A government agency who enforces laws or rules
정부 규제, 정부 규제 기관
Corporate social responsibility will limit government regulation. By taking a more proactive role in addressing society’s problems, corporations create a climate of trust and respect that has the effect of reducing government regulation. An attitude of mutual respect and trust is well received by all of a company’s stakeholders: customers, employees, suppliers, government regulators, and residents of the community who might be future customers, employees, or investors.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
limited liability
The legal duty to pay back debts only up to the limit of the money owned by a company
제한적 채무 혹은 책임: 빌린 돈의 일정 한계까지만 갚을 의무
Society allows for the creation of corporations and gives them special rights, including a grant on limited liability in exchange for which corporations owe a responsibility to society.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
long-run profits
Money gained by business in a long period of time.
장기적인 이익
The proponents of corporate social responsibility argue that being a socially conscience player in society will yield for business entities long-run profits.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
mission statement
Words stating a goal that a company''s intends to achieve .
목표 선언문
The content of annual reports varies from company to company, but generally a company will begin with a profile, mission statement, and highlights. Some companies express their goals and objectives in a mission statement, although most do not offer an explicit strategy and simply aspire to be a market leader.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
not-for-profit organization
An organization that is not run in order to make a profit, i.e. non-profit organization. E.g. Charity
비영리조직: 영리 추구를 목적으로 하지 않는 조직, 예를 들어 자선단체
Ronald McDonald House Charities - a not-for profit organization funded by McDonald’s Ronald McDonald Houses are built near hospitals. Children needing medical treatment, and their families, are provided a “home away from home” here. The organization also gives money to other charities that support children’s causes.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
operating cost
Expenses incurred in carrying out the operations of a business, for example, selling expenses.
영업 비용: 정상 영업활동을 수행함으로써 발생하는 비용, 예를 들어 판매비
Companies of all sizes in various business sectors practice corporate social responsibility. The benefits of social responsibility include improved financial performance, reduced operating costs, enhanced brand image, increased sales, and customer loyalty.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
patron
A person who uses a particular shop, hotel, etc. regularly
단골
Corporate social responsibility makes the community feel better - that a “patron” is among them, it makes the company employees feel good about their employer, which in turn can improve productivity and reduce employee turnover.
그들은 야후를 미디어 기업으로 포지셔닝하고 다른 미디어 기업들을 경쟁자로 벤치마킹하였습니다.
sales
a. Activities involved in selling goods or services. b. Gross receipts. A legal term suggesting that the title to an asset has passed from a seller to a buyer
판매, 수입: 상품 및 서비스를 판매하는 활동, 총수입 매출: 판매자로부터 취득자에게로 자산의 법적 명의가 이전됐음을 의미하는 법적 용어
Mark, I''ve seen how you''ve helped many companies price their products based on their cost of goods sold or sales. Companies of all sizes in various business sectors practice corporate social responsibility. The benefits of social responsibility include improved financial performance, reduced operating costs, enhanced brand image, increased sales, and customer loyalty. Underlying results reflect the results of our business operations, excluding significant one-time items for employee separation programs, write-downs of property, plant and equipment, sales made in advance of the century date change and gains on sales of businesses. Sales ? as a rule all sales increases are good, but some are qualitatively better than others. Volume growth is quite obviously the best contributor. Price increases, especially those above the general level of inflation, have their limits, as does sales expansion from acquisitions.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
shareholders
sometimes called a stockholder, this is any person, company, or other institution that owns at least 1 share in a company. owner of one or more shares of stock in a corporation.
주주: 주식을 1주 이상소유하고 있는 자로서 주식회사의 구성원인 사원을 말한다.
The board of directors is elected by the shareholders to represent their interests. Annual report preparers concentrate on the report’s packaging in order to capture the attention of the average shareholder that may only briefly glance at a company’s annual report. By buying stocks, you become a shareholder in a company and you can vote in shareholders meetings. Corporate finance studies how companies can use its capital efficiently to generate cash flow and enhance shareholder value. I could cost us $300 million in profits in just China alone, and I''m sure our shareholders will not be crazy about our missing such an opportunity. It is the chairman’s best opportunity to communicate with shareholders. The DCF model gives us the enterprise value by discounting expected free cash flow for both debt holders and shareholders. Free cash flow is the cash flow from a company’s operation and investment that belongs to debt holders and shareholders. The equity value calculated by Bill is the piece that belongs to the shareholders. For instance, profit after tax is attributable exclusively to shareholders because debt holders generally have no claim over after tax profits, assuming they received the required interest payments. Debt holders and shareholders alike invest in a company in the hope of receiving cash flow from the company in the future, and that is why we need to forecast future cash flow in order to value the company. A dividend is a payment declared by a company''s board of directors and given to its shareholders. Reading the letter to shareholders and the corporate message, which is filled with photos and feel-good material about McDonald''s will give readers a good background of the company.
이사회는 주주들이 자신의 이해을 나타내기 위해서 선출합니다. 모든 채권이 지급되고 난 후, 남아있는 금액이 주식소유자, 즉 기업주주에게 귀속됩니다. 기업재무는 기업이 현금흐름을 창출하고 주주의 가치를 극대화하도록 기업자본을 어떻게 효율적으로 사용하는지 연구합니다. 중국에서만 3억불의 수익을 놓치게 되는 셈입니다. 이런 기회를 놓치면 우리 주주들이 좋아할리 없죠. 이 것은 경영자가 주주와 의사소통할 수 있는 가장 좋은 기회입니다. 현금흐름할인법은 채권자와 주주 모두에 대한 기대현금흐름을 할인하므로 기업가치에 대한 정보를 제공합니다. 자유현금흐름은 회사의 사업운영과 투자결과로 채권자와 주주들에게 지급될 현금흐름이다. 정확합니다. Bill의 의해서 계산된 주식가치는 주주에게 귀속되는 것만이어야 합니다. 예를 들어, 세후 순이익은 부채소유자가 요구된 이자지급을 받은 후 세후 이익에 대한 청구권을 갖고 있지 않기 때문에 배타적으로 주주에게 귀속됩니다. 채권자와 주주는 유사하게 미래에 투자기업으로부터 자금을 회수할 것으로 기대하고 자금을 제공하며, 이 것이 기업가치를 평가하기 위해 미래 현금흐름을 예측하는 이유입니다. 배당은 기업의 이사회가 선언하여 주주에게 지급하는 금액입니다. 문서나McDonald에 대한 사진과 좋은 기록으로 가득채운 기업 메시지를 읽는 것은 이용자에게 기업의 좋은 인상을 제공합니다.
social responsibility
the principle that businesses should contribute to the welfare of society and not only maximize profits. The concept that a business is accountable for its impact on other social members. It is a commitment to act responsibly and improve the quality of life of the work force and their families as well as of the local community and society at large.
회사가 얻은 이익에서만 한정하지 않고 사회복지사업에도 공헌해야 한다는 원리. 사회적 책임: 회사가 영위하는 사업이 다른 사회 구성원에 미치는 영향에 책임이 있음을 강조하는 개념. 종업원과 그 가족, 지역사회, 나아가 사회 전반의 삶의 질을 향상시키고 책임있게 행동할 것을 약속하는 것
Usually there is a whole section on social responsibility. Social Responsibility Section: The goal of this section is to portray a favorable image of the company, as such it is designed to impress and is public- relations oriented.
대체로 기업의 사회적 책임에 대한 전반적인 내용이 그 곳에 있습니다.
social responsibility policies and initiatives
A company''s policies and initiatives to accomplish its social responsibility
사회적 책임에 대한 정책, 발의
Companies differ in corporate social responsibility policies and initiatives. The company’s size, sector, and management all influence its efforts. Some companies may only focus on the environment, while others may integrate socially responsible practices into all aspects of operations. Companies may receive either encouragement or pressure from a number of sources including customers, employees, communities, and activist organizations
대체로 기업의 사회적 책임에 대한 전반적인 내용이 그 곳에 있습니다.
stakeholder
A person that holds any type of an interest, i.e. stake in a company. E.g. shareholders, bondholders, customers, employees, management, etc. One who has a share or an interest, as in an enterprise.
이해관계자: 어떤 종류이건 회사에 이해관계를 가진자. 예를 들어 주주, 채권자, 고객, 종업원,경영진 등 투자자, 주주
As any good citizen, a company should be concerned with local community matters and with social responsibility. An attitude of mutual respect and trust is well received by all of a company’s stakeholders: customers, employees, suppliers, government regulators, and residents of the community who might be future customers, employees, or investors. Stakeholder is one who has an interest in an enterprise
주주란 기업의 이익참여를 하는 사람입니다.
tangible benefits
value of tangible assets which have physical forms such as land, building, and machinery and equipment. Anything that brings help, advantage, or profit in a real term
유형적 이익: 토지, 건물 , 그리고 기계장치와 같은 유형자산의 가치를 말한다. 가시적 혹은 확실한 이익
For consumers, intangible benefits are even more significant than tangible benefits. Company annual reports illustrate a trend towards increasing interest in social responsibility. The public’s perception of socially responsible behavior influences the ethical decisions that businesses make. Socially responsible business practices have the potential to translate into improved financial performance or other tangible benefits
고객의 입장에서 무형적 이익은 유형적 이익 보다 더욱 중요합니다.
target growth rate
A planned or preset rate to grow
목표 성장률
A company''s wish to be a market leader and socially responsible corporation are important goals; however, without target growth rates for sales, earnings, return on equity, etc. these goals are hard to quantify. It is important to establish benchmarks; therefore, a mission statement should contain tangible objectives.
고객의 입장에서 무형적 이익은 유형적 이익 보다 더욱 중요합니다.
turnover (meaning No.1)
1. the rate at which workers leave a company or organization and new workers are employed to take their places
2. revenue; the amount of business done in a particular period, measured in money, usually used in Europe
1. 턴오버: 회사의 종업원이 퇴사하고 그 자리를 메꾸기 위해서 새 종업원을 채용하는 빈도
2. 매출: 주로 유럽에서 사용됨
Corporate social responsibility makes the community feel better - that a “patron” is among them, it makes the company employees feel good about their employer, which in turn can improve productivity and reduce employee turnover
고객의 입장에서 무형적 이익은 유형적 이익 보다 더욱 중요합니다.
underpaid foreign workers
Foreign employees who is paid under a minimum wage
최소임금 이하로 임금을 지급받는 외국인 종업원, 근로자
Issues of social responsibility arise in the areas of product safety, the environment, investment, advertising, campaigns, underpaid foreign workers, and charitable contributions.
고객의 입장에서 무형적 이익은 유형적 이익 보다 더욱 중요합니다.
work force
Employees
회사 종업원, 근로자
Corporate social responsibility is the concept that a business is accountable for its impact on others. It is a commitment to act responsibly and improve the quality of life of the work force and their families as well as of the local community and society at large.
고객의 입장에서 무형적 이익은 유형적 이익 보다 더욱 중요합니다.
Free Cash Flow
operating cash flow (net income plus amortization and depreciation) minus capital expenditures and dividends. A measure of a company''s cash flows from operations that are available to finance such discretionary corporate activities as the acquisition of another company, the early retirement of debt or equity, or some form of capital asset expansion.
운용현금흐름(당기순이익+ 감가상각) 에 자본지출과 배당을 차감한 것. 영업활동으로 인한 현금흐름으로 회사의 재량에 따라 다른 회사를 인수하거나 부채, 자본의 조기 상환, 자산 취득 등의 용도로 사용가능한 금액. 여유자금가설= 당기순이익+감가상각+할부변제금-변동운용자본-자본지출
It is a common practice to discount expected Free Cash Flow, post tax which is the cash flow adjusted for non-cash items such as depreciation and amortization, changes in working capital and capital expenditure. Capital expenditures totaled $5.7 billion over the past three years, resulting in $2.8 billion of free cash flow. Free cash flow is used by McDonald''s to repurchase shares and pay dividends. Free cash flow is the cash flow generated from a company’s operation and investment that belongs to debt holder and shareholders.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 여유현금흐름은 기업의 영업과 투자로 인해 발생한 현금으로 기말에 주주와 채권자에게 분배가능한 금액입니다.
MD&A
comments on results of operations, trends in sales and expense categories, capital resources and liquidity including cash flow trends, and management''s outlook.
영업결과, 매출과 비용별 추세, 현금흐름 추세를 포함한 자본과 유동성, 경영자의 전망 등의 의견을 진술하는 것.
Disclosures in interim financial statements to update
MD&A disclosures. Management’s Discussion & Analysis (MD&A), Cash and cash equivalents, page 30: Cash and cash equivalents were $937 million and $5.1 billion at December 31, 2000 and 1999, respectively, the decrease being largely attributable to the use of available cash to fund the acquisition of Nabisco.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 여유현금흐름은 기업의 영업과 투자로 인해 발생한 현금으로 기말에 주주와 채권자에게 분배가능한 금액입니다.
Moody's
A financial institution which provides credit rating services
무디스: 신용평가 서비스를 제공하는 회사
The reader will find information about the company’s debt, available credit lines, ability to obtain financing, and credit ratings from agencies such as Moody’s or Standard & Poor’s.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 여유현금흐름은 기업의 영업과 투자로 인해 발생한 현금으로 기말에 주주와 채권자에게 분배가능한 금액입니다.
Return on assets (ROA)
A measure of profitability that assesses the relative effectiveness of a company in using available resources (i.e. assets) to generate net income. Calculated as net income divided by average total assets (beginning and ending of a year) defined as the ratio of earning before interest and tax to assets, or the ratio of EBIT to assets.
자산이익률: 수익성을 판단하는 하나의 지표로, 당기순이익을 창출하는데 사용된 총자산의 효율성을 측정한다.
=당기순이익/ {(기초 총자산+기말 총자산)/2} 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
Besides providing a quick overview of the current year’s financial performance, the section provides an opportunity to review financial trends. The section typically provides comparable data for sales, income from continuing operations, income per share from continuing operations, long-term debt, ratios (return on assets, return on equity, and working capital), number of shares outstanding, and the market price per share. For profitability ratios, we learned net profit margin and return on assets, both of which give us a sense of how profitable a company is. McDonald''s MD&A also includes a discussion of the Company’s return on assets and return on equity. Return on Assets is defined as the ratio of earning before interest and tax to assets, or the ratio of EBIT to assets.
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
Return on equity (ROE)
A measure of profitability that assesses the relative effectiveness of a company in using the assets provided by the owners to generate net income. Calculated as net income divided by average owners'' equity (beginning and ending of a year)
자기자본 이익률: 수익성을 판단하는 하나의 지표로, 당기순이익을 창출하는데 사용된 자기자본의 효율성을 측정한다.
=당기순이익/ {(기초 총자기자본+기말 총자기자본)/2}
Besides providing a quick overview of the current year’s financial performance, the section provides an opportunity to review financial trends. The section typically provides comparable data for sales, income from continuing operations, income per share from continuing operations, long-term debt, ratios (return on assets, return on equity, and working capital), number of shares outstanding, and the market price per share. McDonald''s MD&A also includes a discussion of the Company’s return on assets and return on equity
효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 자산수익율(투자수익율)은 이자 법인세 차감전 영업이익을 자산으로 나눈 비율입니다.
SEC
a federal agency that is responsible for maintaining the high quality of financial reporting to the capital markets. It was established in 1934 following the stock market crash of 1927 and the Great Depression.
증권관리위원회: 자본시장의 재무기록의 높은 질을 유지하는데 책임을 지는 연방기관이다. 1927년 주식시장붕괴(대공황) 이후 1934년에 설립되었다.
Today, we’ll analyze management discussion and analysis of the financial statement. To provide investors with better qualitative information, SEC requires companies to reveal this kind of analysis. Both the SEC and the AICPA recognize FASB Statements as authoritative, so there is only one set of generally accepted accounting principles used to construct financial statements in the US.
SEC 와AICPA 모두 FASB보고서를 공식적으로 인정하고 있으며, 따라서 미국에서 재무제표를 작성하기 위해서 사용되는 일반적으로 인정된 회계기준은 단 한가지 기준이 있습니다.
Standard & Poor's
A financial institution which provides credit rating services
스탠다드 앤 푸어스: 신용평가 서비스를 제공하는 회사
The reader will find information about the company’s debt, available credit lines, ability to obtain financing, and credit ratings from agencies such as Moody’s or Standard & Poor’s.
SEC 와AICPA 모두 FASB보고서를 공식적으로 인정하고 있으며, 따라서 미국에서 재무제표를 작성하기 위해서 사용되는 일반적으로 인정된 회계기준은 단 한가지 기준이 있습니다.
affiliated company
A company in which an investor-company holds an equity investment in excess of 20% of the voting capital stock
관계회사 혹은 제휴회사: (모회사의 입장에서)20% 이상의 지분을 가진 회사
Systemwide sales, which include sales by all restaurants even those operated by franchisees or affiliates, exceeded $40 billion in 2000, a 7% increase in constant currencies (excluding the effect of foreign currency translation)
SEC 와AICPA 모두 FASB보고서를 공식적으로 인정하고 있으며, 따라서 미국에서 재무제표를 작성하기 위해서 사용되는 일반적으로 인정된 회계기준은 단 한가지 기준이 있습니다.
annual report
audited document required by the SEC and sent to a public company''s or mutual fund''s shareholders at the end of each fiscal year, reporting the financial results for the year (including the balance sheet and income statement) and commenting on the outlook. The financial report card that communicates both financial and non-financial information to shareholders and others.
연차보고서: SEC( 증권거래위원회) 의 요구에 의해 매 사업년도 말에 상장회사 및 뮤추얼 펀드 주주들에게 당해 사업년도의 경영성과 및 재무상태(대차대조표, 손익계산서를 포함)와 미래전망에 관한 기업내용을 보고하는 감사 보고서를 말한다. 재정적 그리고 비재정적 정보를 주주 및 기타 사람들에게 제공하는 재무제표
The SEC requires that the four basic financial statements, the balance sheet, income statement, the statement of stockholder’s equity, and the cash flow statement are included in a company’s annual report. Annual reports communicate what a company has accomplished during the past twelve months, and what it hopes to accomplish in the upcoming year, including any turnaround plans of the management. The auditor will often review interim reports and unaudited portions of the annual report as well. Companies with publicly traded securities are required by the SEC to provide a discussion of earnings and other items in the annual report. To help put forth a positive image, many companies such as McDonald''s also spend a considerable amount of time discussing social responsibility in the annual report. We have been looking at a basic format of annual reports for the last three lessons, and now you need to understand why an annual report is audited. The Annual Report was submitted to the company''s shareholders for their review.
SEC는 연차보고서에 이들의 명부와 기업 이사회, 대표이사의 명칭을 포함하도록 요구하고 있습니다. 연차보고서는 기업이 과거 12개월동안 무슨 성과를 달성했는지, 그리고 사업전환계획을 포함하여 미래에 어떤 성과를 달성하고자 하는지 등을 전달합니다. 또한 감사인은 중간감사를 실시하며, 연차보고서의 감사받지 아니한 부분까지 검토합니다 우리는 지난 3시간동안 연차보고서의 기본 형태에 대해 살펴보았습니다. 그리고 이제 여러분은 연차보고서가 왜 감사대상인지 이해할 필요가 있습니다.
brand recognition
A degree that customers, either existing or potential, identify the goods or services of one seller of group of sellers to differentiate them from those of competitors.
상품명 인지도: 현재 혹은 잠재 고객이 회사의 제품 혹은 서비스를 다른 경쟁자의 제품과 차별화하여 인지하고 있는 정도
In his review, the CFO discusses why he believes McDonald''s is a good investment and highlights the company’s growth opportunities, brand recognition, competitive strengths, social responsibility, cash flow, use of capital, and financial performance.
SEC는 연차보고서에 이들의 명부와 기업 이사회, 대표이사의 명칭을 포함하도록 요구하고 있습니다. 연차보고서는 기업이 과거 12개월동안 무슨 성과를 달성했는지, 그리고 사업전환계획을 포함하여 미래에 어떤 성과를 달성하고자 하는지 등을 전달합니다. 또한 감사인은 중간감사를 실시하며, 연차보고서의 감사받지 아니한 부분까지 검토합니다 우리는 지난 3시간동안 연차보고서의 기본 형태에 대해 살펴보았습니다. 그리고 이제 여러분은 연차보고서가 왜 감사대상인지 이해할 필요가 있습니다.
capital expenditure
An expenditure for the purchase of a noncurrent asset, usually property, plant, or equipment
자본적 지출: 여러 지출 항목 중 고정자산을 사기 위한 것
We haven''t increased our capital expenditures. Last year, we made $5.8 billion on research and development, $6 billion on capital expenditures and $1.5 billion on acquisitions. McDonald''s strong cash flow, totaling $8.5 billion over the past three years, is used to invest in capital expenditures to grow the business by adding restaurants and investing in sales-building initiatives. It is a common practice to discount expected Free Cash Flow, post tax which is the cash flow adjusted for non-cash items such as depreciation and amortization, changes in working capital and capital expenditure. Capital expenditures: the outlay of money used to either acquire or improve capital assets such as property, plant and equipment. The next step is forecasting working capital and capital expenditures.
일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다 역사적 성장율 이용법은 미래 성장의 예측변수로 역사적 성장을 이용합니다. 이 방법을 전형적으로 이용하여 기업의 미래 매출과 자본적 지출을 예측합니다..
capital resources
also called equity , ownership interest possessed by shareholders in a corporation.
자기자본: 회사의 주주들이 소유하고 있는 이권으로 에쿼티라고도 한다.
The SEC requires management’s discussion and analysis, MD&A. MD&A comments on results of operations, trends in sales and expense categories, capital resources and liquidity including cash flow trends, and management’s outlook. The MD&A section of McDonald''s annual report is titled the Year in Review. This section includes a financial review, discussion of the company’s business, its operating results, cash flows, financial position and capital resources, and other matters. Management comments on three major aspects of the company’s financial position: results of operations and management’s outlook based on known trends in sales and expenses, capital resources, and liquidity including trends in cash flow.
SEC는 MD&A라는 경영분석을 요구하고 있습니다. MD&A는 영업결과, 매출과 비용그룹의 추세, 현금흐름 추세를 포함한 자본과 유동성, 경영자의 전망 등을 언급합니다. MD&A 는 과거 영업결과에 관한 정보를 제공하고, 기업이 직면하고 있는 위험을 포함한 핵심요인을 다루며, 회계원칙의 변화나 기업인수, 각 사업부의 성과를 전달합니다.
cash flow statement
a summary of a company''s cash inflows and outflows over a given period of time. integrates the information on the balance sheet and income statement to describe where a company''s cash came from and where it went during a period by reporting cash receipts and outflows classified as operating, investing and financing activitie.
현금흐름표: 주어진 기간동안 기업의 현금흐름을 요약한 것. 현금흐름표: 기업의 현금이 어디로 부터 유입되고 어디로 유출되는지를 설명해 놓은 대차대조표와 손익계산서 상의 정보를 통합한 것으로 일정기간 동안 발생한 현금 영수증과 현금 유출을 운영, 투자 그리고 재무활동 별로 분류하여 기록한 보고서를 말한다.
The SEC requires that the four basic financial statements, the balance sheet, income statement, the statement of stockholder’s equity, and the cash flow statement are included in a company’s annual report. Three statements: balance sheet, income statement, and cash flow statements should be provided along with adequate and fair analysis so that the information can help investors make a sound decision regarding a company. The Cash Flow Statement: Integrates the information on the balance sheet and income statement to describe where a company’s cash came from and where it went during a period by reporting cash receipts and outflows classified as operating, investing and fin. Cash flow statements should be used to analyze liquidity; discuss operating, financing, and investing cash flows; and discuss transactions or events with material liquidity implications.
SEC는 네 가지 기본적인 재무제표, 즉, 대차대조표, 손익계산서, 이익잉여금 처분계산서, 현금흐름표가 기업 연차보고서에 포함되도록 요구하고 있습니다. 세가지 재무보고서: 대차대자표, 손익계산서, 그리고 현금흐름표는 투자자들이 기업에 관한 올바른 판단을 할 수 있도록 적절하고 공정한 분석을 통해 제공되어야 합니다. 현금흐름표는 영업활동과 투자활동, 그리고 재무활동으로 인하여 발생한 현금유입과 유출을 보고함으로서 회계기간동안 기업의 현금이 어떻게 조달되고, 어떻게 사용되는지 기록하여, 대차대조표와 손익계산서의 정보를 통합하는 기능을 갖고 있습니다.
commercial paper
Unsecured debts issued by companies and maturing within nine months
기업(상업) 어음: 9개월이내 만기가 도래하는 회사가 발생하는 보증없는 채권
McDonald''s uses cash from operations for capital expenditures, share repurchases, dividends and debt repayments. If necessary, commercial paper and line of credit agreements are available to meet short-term funding needs. Cash equivalents are short-term, highly liquid investments that are readily convertible into cash and present insignificant interest rate risks. Examples include treasury bills (short-term debt issued by the government), commercial paper (short-term debt issued by corporations), and money market funds. Approximately $18.7 billion of these facilities were unused at December 31, 2000. Certain of these facilities, used to support commercial paper borrowings, are available for acquisitions and other corporate purposes and require the maintenance of a fixed charges coverage ratio.
SEC는 네 가지 기본적인 재무제표, 즉, 대차대조표, 손익계산서, 이익잉여금 처분계산서, 현금흐름표가 기업 연차보고서에 포함되도록 요구하고 있습니다. 세가지 재무보고서: 대차대자표, 손익계산서, 그리고 현금흐름표는 투자자들이 기업에 관한 올바른 판단을 할 수 있도록 적절하고 공정한 분석을 통해 제공되어야 합니다. 현금흐름표는 영업활동과 투자활동, 그리고 재무활동으로 인하여 발생한 현금유입과 유출을 보고함으로서 회계기간동안 기업의 현금이 어떻게 조달되고, 어떻게 사용되는지 기록하여, 대차대조표와 손익계산서의 정보를 통합하는 기능을 갖고 있습니다.
common equity
A portion of total equity that carries the right to vote on corporate issues
보통주 자본: 총자본을 구성하는 한 항목으로 회사의 안건에 의결권을 가짐
In 2000, McDonald''s return on average assets (operating income / average assets = return on average assets) decreased 0.7%, from 16.6% in 1999 to 15.9% in 2000, due to poor performance in emerging markets and the Company’s investment in Other Brands restaurants. However, its return on average common equity increased 0.8% due to a reduction in average common equity.
SEC는 네 가지 기본적인 재무제표, 즉, 대차대조표, 손익계산서, 이익잉여금 처분계산서, 현금흐름표가 기업 연차보고서에 포함되도록 요구하고 있습니다. 세가지 재무보고서: 대차대자표, 손익계산서, 그리고 현금흐름표는 투자자들이 기업에 관한 올바른 판단을 할 수 있도록 적절하고 공정한 분석을 통해 제공되어야 합니다. 현금흐름표는 영업활동과 투자활동, 그리고 재무활동으로 인하여 발생한 현금유입과 유출을 보고함으로서 회계기간동안 기업의 현금이 어떻게 조달되고, 어떻게 사용되는지 기록하여, 대차대조표와 손익계산서의 정보를 통합하는 기능을 갖고 있습니다.
cost of goods sold
The total cost of buying raw materials, and paying for all the factors that go into producing finished goods.
매출원가: 원자재 및 완제품을 생산하는데 소요되는 모든 비용을 총 합산한 총 비용.
Mark, I''ve seen how you''ve helped many companies price their products based on their cost of goods sold or sales. Operating income, net sales minus cost of goods sold and other operating expenses, only increased by $10 million dollars in 2000, less than 1.0%, due to decreasing Company-operated margins in 2000 from 17.7% in 1999 to 16.9% in 2000, and a 7% increase in consolidated selling, general & administrative expenses in 2000.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
credit (meaning No.2)
1. An entry on the right side of an account
2. Line of credit: an agreement with a bank by which an organization obtains authorization for short-term borrowings up to a specified amount
1. 대변(기장): 계정의 우측에 기장하는 것
2. 신용대출 : 일정 한도의 금액까지 단기 차입을 약정하는 은행과의 계약
Discussions about cash flow and liquidity are directed at the Company’s ability to have sufficient cash flow from operations and available credit to meet operational obligations.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
credit rating
A procedure for rating a borrower on the basis of the risk of default.
신용평가: 상환불능 위험을 위주로 채무자의 신용을 평가하는 과정
Since 1982, Moody’s has rated McDonald''s debt as Aa2, and Standard & Poor’s has rated the company’s debt at AA - both very high credit ratings
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
extraordinary item
A loss or gain that is both unusual in nature and infrequent in occurrence.
특별 항목: 경상적이지 않고 빈번하게 일어나지 않는 손실 혹은 이익.
Under GAAP, an extraordinary item must be highlighted in a separate line on the income statement, after taxes.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
fixed rate
Interest rate that is fixed by an agreement with a bank for a life of borrowing
확정이자율: 정해진 기간동안 변하지 않는 이자율
McDonald''s uses interest rate exchange agreements to decrease interest expense by converting debt from fixed to floating rates and floating to fixed rates when it is advantageous.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
floating rate
Interest rate that varies with the short-term interest rate, e.g. LIBOR (Lodon interbank offered rate)
변동이자율: 미리 정해진 단기 이자율에 의거하여 변하는 이자율
McDonald''s uses interest rate exchange agreements to decrease interest expense by converting debt from fixed to floating rates and floating to fixed rates when it is advantageous.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
forward-looking data
Information which can be foreseeable by a company
미래 정보: 회사가 예측가능한 미래에 대한 정보
Prospective information and the discussion of significant effects of known trends, events, and uncertainties should include discussion of decline in market share or impact of inventory obsolescence. Firms may opt to disclose forward-looking data used to anticipate trends or events.
Mark, 저는 당신이 많은 회사들에게 그들의 원가와 수입을 바탕으로 제품의 가격책정을 도와주었다는 것을 알고 있습니다.
franchisee
one that is granted a franchise, as to market a company''s goods or services in a certain local area.
총판권을 받는 사람: 특정 지역에서 기업의 제품과 서비스를 매개하도록 총판권을 부여받은 사람.
For example, automobile dealers or franchisees in the same region might complain about their competition undercutting them in price or producing poor quality goods, respectively.
예를 들면, 자동차 중개업자나 동일 지역의 프랜차이즈는 가격을 할인하거나 상대적으로 저질의 제품을 공급하는 등의 경쟁에 대해 불만을 표시할 것입니다.
geographic segment
geographic market segment: a geographically divided area to market a company''s product
지리적 세분 시장: 회사가 제품을 판매하는 시장을 지리적으로 구분해 놓은 것
Sales are also discussed in terms of geographic segment and average annual sales by new and existing restaurants.
예를 들면, 자동차 중개업자나 동일 지역의 프랜차이즈는 가격을 할인하거나 상대적으로 저질의 제품을 공급하는 등의 경쟁에 대해 불만을 표시할 것입니다.
interim financial statements
Financial statements prepared on a monthly or quarterly basis; usually unaudited.
중간 재무제표: 매월 혹은 분기별로 작성된 재무제표. 주로 감사를 받지 않은것.
Disclosures in interim financial statements to update MD&A disclosures.
예를 들면, 자동차 중개업자나 동일 지역의 프랜차이즈는 가격을 할인하거나 상대적으로 저질의 제품을 공급하는 등의 경쟁에 대해 불만을 표시할 것입니다.
inventory obsolescence
Inventory which can be no longer used or is completely out of date with a certain reason, e.g. can not keep up with current technology
진부화된 재고자산: 구기술을 채택하고 있다거나 하는 이유로 더 이상 사용할 수 없거나 오래된 재고자산
Most companies maintain inventory control systems to help them monitor changing market values and inventory obsolescence.
예를 들면, 자동차 중개업자나 동일 지역의 프랜차이즈는 가격을 할인하거나 상대적으로 저질의 제품을 공급하는 등의 경쟁에 대해 불만을 표시할 것입니다.
line of credit
The quality of being likely to repay debts and being trusted in money matters.
신용: 채무를 이행할 가능성 혹은 돈과 관련하여 믿을 수 있는 정도
McDonald''s uses cash from operations for capital expenditures, share repurchases, dividends and debt repayments. If necessary, commercial paper and line of credit agreements are available to meet short-term funding needs
예를 들면, 자동차 중개업자나 동일 지역의 프랜차이즈는 가격을 할인하거나 상대적으로 저질의 제품을 공급하는 등의 경쟁에 대해 불만을 표시할 것입니다.
liquidity
The company''s ability to convert assets into cash for the purpose of paying bills. A measure of a company''s cash position relative to currently maruting obligations. The ability to sell an asset and convert it into cash, at a price close to its true value, in a short period of time. the ability of an asset to be easily and cheaply converted into cash. The most liquid asset is cash itself.
유동성: 회사가 가지고 있는 자산을 현금화할 수 있는 능력. 현재, 혹은 1년 이내 만기가 될 지급의무와 비교할수있는 회사의 현금 상황을 의미. 단기간내에 실제가치에 가깝게 자산을 판매하거나 현금으로 전환할 수있는 능력. 자산을 손실없이, 용이하게 현금으로 전환될 수 있는 자산의 성격을 말하는 것으로 현금은 가장 유동성이 높은 자산이다.
I’m concerned about the future liquidity of the bonds. How do I know that I will be able to sell them at a reasonable price? The SEC requires management’s discussion and analysis, MD&A. MD&A comments on results of operations, trends in sales and expense categories, capital resources and liquidity including cash flow trends, and management’s outlook. Liquidity and capital resources: cash flow statements should be used to analyze liquidity; discuss operating, financing, and investing cash flows; and discuss transactions or events with material liquidity implications. Typically assets are listed in descending order based on their liquidity and liabilities are listed in the order of priority for payment. The major types of ratios include efficiency, profitability, liquidity, and leverage ratios. IT managers are always faced with the challenge of balancing a firm’s quest for transparency with the firm’s equally important emphasis on “liquidity.” Liquidity is the ability of an asset to be easily and cheaply converted into cash. The most liquid asset is cash itself.
재무비율의 주요 형태는 효율성비율, 수익성비율, 유동성비율, 그리고 레버리지 비율이 있습니다. 유동성은 현금으로 적은 비용으로, 용이하게 전환될 수 있는 자산의 성격을 나타냅니다. 가장 유동성이 높은 자산이 현금입니다.
market share
The percentage of total industry sales that a particular company controls. percentage of industry sales of a particular company or product. percentage of sales a company captures for a particular product line. the amount of a particular type of goods or services sold by a company when compared with the total amount of such goods etc. sold. Usually expressed by percentage.
시장점유율: 특정 생산라인에서 한 기업이 차지하고 있는 매상 또는 판매비율. 회사가 판매한 제품 혹은 제공한 서비스의 양을 전체 시장에서 판매된 제품 등과 비교하여 비율로 표시한 것
The reason we need to consider this shift is that we have been losing our market share to Toyota. Market share and growth are important objectives from Korean partner''s viewpoint. But before you start thinking that we are basing all pricing decisions on human psychology, we should let you know that the international pricing policy includes corporate objectives such as profit margins, return on investment and market share in the pricing decision. Yes, Mark. In your pricing decision, I''ve noticed that you''ve been very good about incorporating profit margins, return on investment, and market share. The reason we need to consider this shift is that we have been losing our market share to Toyota. We believe that an on-line presence would definitely improve our company’s market share. But before you start thinking that we are basing all pricing decisions on human psychology, we should let you know that the international pricing policy includes corporate objectives such as profit margins, return on investment and market share in the pricing decision. Prospective information and the discussion of significant effects of known trends, events, and uncertainties should include discussion of decline in market share or impact of inventory obsolescence. From exhibit 11, we can see that PlayStation’s market share stopped growing in 1998 in the three most important markets: the United States, Europe, and Japan. They have 67% market share, and the best game console in the world.
이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 그래요, Mark. 당신의 가격결정과정을 볼 때 이윤, 투자환원, 그리고 시장 점유율 등을 통합해서 고려하는데 아주 능숙했어요. 이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 첨부자료11를 보면 PlayStation의 시장점유율이 3개의 주요시장 즉 미국, 유럽, 일본에서 1998년에 성장을 멈추기 시작하였습니다. 그들은 67%의 시장점유율과 세계에서 가장 좋은 게임 콘솔을 보유하고 있습니다.
material effect
An accounting principle that stipulates that when revenues are reported, the expenses incurred to generate those revenues should be reported in the same accounting period
수익비용 대응의 법칙: 수익을 발생시키기 위해 발생한 비용은 그 수익을 인식하는 같은 회계년도에 인식하여야 한다는 회계 원칙
Discussion of discontinued operations, extraordinary items, and other “unusual or infrequent” events with material effects on the company’s operations and financial condition.
이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 그래요, Mark. 당신의 가격결정과정을 볼 때 이윤, 투자환원, 그리고 시장 점유율 등을 통합해서 고려하는데 아주 능숙했어요. 이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 첨부자료11를 보면 PlayStation의 시장점유율이 3개의 주요시장 즉 미국, 유럽, 일본에서 1998년에 성장을 멈추기 시작하였습니다. 그들은 67%의 시장점유율과 세계에서 가장 좋은 게임 콘솔을 보유하고 있습니다.
materiality principle
An accounting principle underlying the preparation of financial statement; stipulates that only those transactions that might influence the decisions of a reasonable person should be disclosed in detail in the financial statements. All other information may be presented in summary format.
중요성의 원칙: 재무재표를 작성함에 있어서적용되는 원칙으로, 일반의 건전한 상식을 가진 사람이 내리는 결정에 영향을 줄만한 거래에 한해서는 재무제표에 상세한 내역을 기록해야 함을 규정한 것 . 이외의 정보에 대해서는 개략적인 형태로 공시해도 된다.
Discussion of discontinued operations, extraordinary items, and other “unusual or infrequent” events with material effects on the company’s operations and financial condition.
이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 그래요, Mark. 당신의 가격결정과정을 볼 때 이윤, 투자환원, 그리고 시장 점유율 등을 통합해서 고려하는데 아주 능숙했어요. 이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 첨부자료11를 보면 PlayStation의 시장점유율이 3개의 주요시장 즉 미국, 유럽, 일본에서 1998년에 성장을 멈추기 시작하였습니다. 그들은 67%의 시장점유율과 세계에서 가장 좋은 게임 콘솔을 보유하고 있습니다.
operating expense
Expenses incurred in carrying out the operations of a business, for example, selling expenses.
영업 비용: 정상 영업활동을 수행함으로써 발생하는 비용, 예를 들어 판매비
Our gross margin will be 40% each year. Our depreciation and amortization expense will be 12% of sales. Operating expenses will be 24% of sales each year. Operating income, net sales minus cost of goods sold and other operating expenses, only increased by $10 million dollars in 2000, less than 1.0%, due to decreasing Company-operated margins in 2000 from 17.7% in 1999 to 16.9% in 2000, and a 7% increase in consolidated selling, general & administrative expenses in 2000. Operating Expenses ? Expenses incurred in the course of ordinary activities of an entity; frequently, a classification including only SG&A (Selling, General, and Administrative expense), thereby excluding cost of goods sold, interest, and income tax expenses.
이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 그래요, Mark. 당신의 가격결정과정을 볼 때 이윤, 투자환원, 그리고 시장 점유율 등을 통합해서 고려하는데 아주 능숙했어요. 이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 첨부자료11를 보면 PlayStation의 시장점유율이 3개의 주요시장 즉 미국, 유럽, 일본에서 1998년에 성장을 멈추기 시작하였습니다. 그들은 67%의 시장점유율과 세계에서 가장 좋은 게임 콘솔을 보유하고 있습니다.
operating income
Gross profit (see above) less operating expenses (see c5-a-06)
영업이익: 매출 이익에서 영업비용을 차감하고 남은 금액
Operating income: gross profit less cost of goods sold (COGS) and other operating expenses. Growth in operating income was 0.3% during 2000, well below the 10-year compound annual growth rate of 7.6% and a significant drop from the 20.2% growth that McDonald''s’s experienced in 1999. All intercompany revenues and expenses are eliminated in computing revenues and operating income. Operating income, net sales minus cost of goods sold and other operating expenses, only increased by $10 million dollars in 2000, less than 1.0%, due to decreasing Company-operated margins in 2000 from 17.7% in 1999 to 16.9% in 2000, and a 7% increase in consolidated selling, general & administrative expenses in 2000. Operating Income ? gross sales less cost of goods sold (COGS) and other operating expenses.
이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 그래요, Mark. 당신의 가격결정과정을 볼 때 이윤, 투자환원, 그리고 시장 점유율 등을 통합해서 고려하는데 아주 능숙했어요. 이러한 변화를 고려하는 이유는 우리회사가 도요다에게 시장 점유율을 빼앗기고 있기 때문입니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 첨부자료11를 보면 PlayStation의 시장점유율이 3개의 주요시장 즉 미국, 유럽, 일본에서 1998년에 성장을 멈추기 시작하였습니다. 그들은 67%의 시장점유율과 세계에서 가장 좋은 게임 콘솔을 보유하고 있습니다.
production capacity
the amount that a factory can produce under the current facility, equipment, work force, etc. The speed and ability of a company to manufacture finished goods.
생산능력: 현재 설비, 기계, 노동력을 이용하여 생산할수 있는 양. 최종 제품을 생산하는 속도와 능력
Other factors affecting revenues and expenses are also discussed in the MD&A section of the annual report. Additional discussion may include gains on the sale of business segments, new products and distribution systems, production capacity, R&D, interest expense, provisions for income taxes, and any other income and expense items. The goal of operations management is to fully utilize a company’s production capacity and achieve maximum output.
생산관리의 목표는 한 기업의 생산능력을 충분히 활용하고 극대화하는 것입니다.
restriction
the act of keeping within limits of size or number or to a certain limit
제한: 크기나 숫자를 범위 내에 혹은 어떤 범위까지 막는 것
Disclosure of a segment’s disproportionate need for cash flows, disproportionate contribution to revenues or profits, or restrictions on funds flow between segments
생산관리의 목표는 한 기업의 생산능력을 충분히 활용하고 극대화하는 것입니다.
royalty
A payment made to the right holder (e.g. a right to use technology to make products) out of the money made from selling those products
특허권 사용료, 기술 사용료: 특정 기술이나 상표권등 기타의 권리를 사용하면서 지급하는 대가
Total revenues include sales by Company-operated restaurants and fees from franchisees and affiliates for rent, service fees, and royalties
생산관리의 목표는 한 기업의 생산능력을 충분히 활용하고 극대화하는 것입니다.
segment's disproportionate
too much or too little in relation to a certain area or part (segment)
어떤 부분에 대한 부적절한 배분 (많거나 적거나)
Disclosure of a segment’s disproportionate need for cash flows, disproportionate contribution to revenues or profits, or restrictions on funds flow between segments
생산관리의 목표는 한 기업의 생산능력을 충분히 활용하고 극대화하는 것입니다.
shelf registration
A procedure that allows a company to file one registration statement covering several issues of the same security
한번의 등록, 혹은 공시로 같은 종류의 유가증권을 여러번 발행할 수 있게 하는 절차
The Company and its subsidiaries had $1.9 billion available from line of credit agreements and $561 million under shelf registrations for future debt issuance at year end 2000. As such, the Company does not foresee difficulty with respect to obtaining either financing or refinancing, if necessary.
생산관리의 목표는 한 기업의 생산능력을 충분히 활용하고 극대화하는 것입니다.
subsidiary
A company in which an investor company (the parent) holds an equity investment in excess of 50% of the voting stock of the investee company. company of which more than 50% of the voting shares are owned by another company, called the parent company. A supplementary or secondary company owned by a much larger firm.
자회사: (모회사의 입장에서) 50% 이상의 지분을 가진 회사. 관계회사 혹은 제휴회사: 보다 큰 회사가 소유한 종속적 관계의 회사
It is common for companies to open subsidiaries or affiliates in other countries. The Company and its subsidiaries had $1.9 billion available from line of credit agreements and $561 million under shelf registrations for future debt issuance at year end 2000. As such, the Company does not foresee difficulty with respect to obtaining either financing or refinancing, if necessary. In the past, companies such as Samsung have tried to bail out unprofitable subsidiaries. This led to serious problems from the parent company. This is a particularly important project given that four of our subsidiaries are continually seeking funding from the parent company. The Chinese have refused our bid to open a subsidiary in Shanghai. It is a majority-owned subsidiary of Wal-Mart Stores, Inc. aimed to further develop the company''s e-commerce and Internet business.
중국은 우리가 샹하이에 계열사를 세우겠다는 요청을 거절했습니다.
systemwide sales
Sales revenue generated by pre-structured entities, e.g. wholly-owned entities, franchisees, and affiliates
정해진 구조에 따라, 예를 들어 100% 자회사, 총판 관계의 회사, 관계회사 등, 발생한 매출
Systemwide sales, which include sales by all restaurants even those operated by franchisees or affiliates, exceeded $40 billion in 2000, a 7% increase in constant currencies (excluding the effect of foreign currency translation).
중국은 우리가 샹하이에 계열사를 세우겠다는 요청을 거절했습니다.
total capitalization
The composition of a company''s long-term financing, specifically, owners'' equity and long-term debt
총자본: 회사의 총장기 자본, 주로 주주자본과 장기 부채의 합을 의미
Debt highlights, including the weighted-average annual interest rate of total debt, foreign currency-denominated debt as a percent of total debt, and total debt as a percentage of total capitalization are presented in a table for comparison from 1998 to 2000
중국은 우리가 샹하이에 계열사를 세우겠다는 요청을 거절했습니다.
Lesson 5 Letter to Shareholders
The Letter to Shareholders: a general overview of the company's performance and its vision.
The Letter to Shareholders, also known as the Chairman's Report, offers an introduction to the annual report from the Chairman of the Board and Chief Executive Officer. The Letter to Shareholders, also known as the Chairman's Report, offers an introduction to the annual report from the Chairman of the Board and Chief Executive Officer.
The letter presents a general overview of the annual report and gives readers an idea of the company's practices while highlighting trends. The content of the letter varies, but it is usually two or three pages in length and briefly discusses many topics, including financial results, major developments, product markets, management's philosophy, and community involvement.
Every annual report has a letter to shareholders. Although they often put a positive spin on the past year the way they are written will give readers an idea of what the chairman thinks are important issues to discuss with shareholders.
The letter may also convey investor expectations and whether management feels they have been met. Some companies keep the letter short, 1-2 pages in length, regardless of the year's performance, while other larger companies such as McDonald's may have letters of 3-4 pages in length. Not all CEOs write the annual letter to shareholders that bears their signature. In some cases professional writers are employed to draft the letter.
As such, many consider the annual letter to shareholders more of a public-relations piece filled with half-truths instead of a reliable information source. However some, such as Warren Buffet, the CEO of Berkshire Hathaway, are well known for informal, highly informative letters that attempt to give investors the information they need.
Most letters will be positive and upbeat, therefore readers should be aware of marketing messages and watch for signs of negative issues.
Readers should be alert for a clear turnaround plan to address any past failures. Vague strategies to increase shareholder value or cash flow are not especially informative. Reviewing past annual reports will help readers determine if past strategies were successfully executed. Readers should pay attention to how the CEO communicates in the annual letter to shareholders.
The CEO may be vague about the facts or make unrealistic statements, for example, saying that the past year was good when sales fell and income from continuing operations decreased. Therefore readers should be skeptical, read between the lines, and pay attention to what is avoided in the letter in order to gain insight into how a company is performing.
CEOs of well-performing companies usually expect continued gains and their letters convey this, while CEOs of under- performing companies may avoid discussing either gains or losses. Candid, objective discussion of a company's performance and future prospects is valuable to investors. Yet some revelations can send warning signals to investors. Repeated mention of the challenges a company faces in the annual letter to shareholders is considered a warning sign to many investors. Another term, restructuring, also warrants a closer look. Although the language surrounding it generally implies that the negative effects are behind the company, there can be lingering effects to earnings and cash flow.
Purpose of audit report- determine if the financial statements conform to GAAP
A company's board of directors employs an independent certified public accountant to determine if its financial statements conform to generally accepted accounting principles, known as GAAP.
The role of accounting firms such as Pricewaterhouse Coopers, KPMG, Ernst & Young, Deloitte & Touche, and Arthur Anderson,
referred to as "The Big 5," is to offer an independent unbiased opinion on the financial information they have audited.
Although an auditor's report is not an endorsement or an indication that a company is a good investment, reading it is still a priority.
A company's financial statements provide essential information about its financial health.
A clean audit gives credibility to the financial statements that management has prepared, and gives users confidence that the information is reliable.
Companies with publicly traded stock are required by the SEC to file audited financial statements on a regular basis.
The independent auditor examines the company's accounting and internal control systems, confirms assets and liabilities, and generally tries to be confident that there are no material errors in the financial statements.
The auditor will often review interim reports and unaudited portions of the annual report as well.
Generally accepted auditing standards are the rules for conducting audits of financial statements, and tell auditors what they must do in their audits to determine whether the financial statements comply with GAAP.
The purpose of an audit is to add credibility to the financial statements presented by management.
An audit involves an examination of the financial reports prepared by management to ensure that they fairly represent what they claim and conform to GAAP.
When performing an audit the auditor examines transactions such as the collection, classification, and assembly of financial data found in the financial reports.
However, due to the vast number of transactions of large companies, every transaction is not examined.
The SEC requires audits by independent auditors in an effort to protect the investing public.
Financial statements need to be reliable for users to have confidence in them; therefore, auditors must conform to ethical and professional standards.
If an auditing firm is found to be negligent when conducting an audit, it can harm the firm's reputation and possibly expose the firm to lawsuits for damage claims.
The role of FASB to set accounting standards that apply to the financial statements.Audit committees, typically composed of outside directors, hire auditors and respond to their concerns in order to provide an additional buffer between the auditors and management.
The auditor is independent of management, and serves the shareholders and other users of the financial statements such as regulators.
The Financial Accounting Standards Board (or FASB in short) sets accounting standards that apply to the information found in financial statements.
Both the SEC and the American Institute of Certified Public Accounts (or AICPA) recognize FASB Statements as authoritative,
so there is only one set of generally accepted accounting principles used to construct financial statements in the US.
The FASB realizes that due to differences in company operations there must be some flexibility among appropriate generally accepted accounting principles.
The flexibility allows managers to choose accounting standards that best reflect company practices; however, this flexibility can allow companies to appear healthier than they are.
Therefore, the FASB requires footnotes to financial statements to tell which accounting principals were used.
The following list of generally accepted accounting principals shows some of the options companies have when choosing accounting principals.
The basic concepts and assumptions used when preparing financial statements include conservatism, historical cost, materiality, and revenue recognition.
Information regarding the choices that management has made can be found in the footnotes to the financial review.
3) Revenue Recognition
The revenue principal states that revenues are recognized when the product or service is delivered at the point of sale, the earnings process is nearly complete, an exchange has taken place, and collection is probable.
Take a look at the explanation on the screen.
수익인식기준은 재화나 용역이 판매되어 인도될 때, 수익과정이 거의 완결될 때, 교환이 발생했을 때, 그리고 회수가능성이 확실할 때 수익을 인식한다는 것을 말합니다. 화면의 설명을 보십시오.
1. Recognized at time goods sold ? Accrual method, revenues that have been earned by the end of the current accounting period, but will not be collected until a future accounting period
2. As cash is collected ? The installment and cost-recovery methods can be used to recognize franchise revenues when revenue is collectible over an extended period.
- The installment method recognizes revenue on the basis of cash collection after the delivery of goods.
- Cost-recovery-first requires that all cash receipts be first accounted for as a recovery of costs. Only after all costs are recovered can profit be recognized under this method.
3. Percentage of completion method ? is a method used for long-term construction projects where revenue is not recognized at the point of sale. The estimates of progress towards completion, revenues, and costs must be reasonably dependable.
4) 3 different ways to account inventory: LIFO, FIFO, and Weighted average.
Accountants have developed three major methods for inventory costing.
Some companies use one method for certain inventories, and another for different inventories.
How cost is determined will influence the profit on these items and the numbers in the financial statements.
1. LIFO?
The LIFO method values inventory on a last-in, first-out method, assuming that the most recently acquired units are sold first.
2. FIFO?
The FIFO method values inventory on a first-in, first-out method, assuming that the oldest units are the first units sold.
3. Weighted Average?
This method values inventory by multiplying the per unit costs of the beginning inventory and of each purchase by the respective number of units, then the total amount is divided by the total number of units available for sale.
A company may prefer to use one method over another depending on their needs and the type of product sold.
For example, FIFO is easy to use and it disallows manipulation of income.
LIFO is argued as being better than other methods because it leads to the best matching of cost and revenue and is beneficial tax-wise during inflationary times; however, LIFO permits income manipulation.
Weighted average is the middle-of-the-road method.
A fourth method used mostly for large single items, such as automobiles, is specific identification, which matches actual cost to an identifiable unit of inventory.3 methods to account depreciation: Straight Line, Accelerated, and Modified Accelerated Cost Recovery System.Depreciation is the accounting procedure that allocates the cost of a fixed asset over its estimated useful life. Plant and equipment is depreciated, but land is not. Three methods are used. Read the following screen:감가상각이란 고정자산(공장이나 설비는 가능하지만, 토지는 대상이 아님)의 추정기간동안에 걸쳐 자산의 원가를 배분하는 회계절차입니다. 여기에는 세 가지 방법이 있습니다. 다음 화면을 보십시오Three methods used for Depreciation:
a. Straight line ? The straight-line method allocates the cost of an operational asset in equal periodic amounts over its useful life.
b. Accelerated ? Method used mostly for tax-reporting purposes that results in lowering a company's earnings and subsequently its income tax.
c. Modified accelerated cost recovery system (MACRS) ? Depreciation method that is used for federal income tax reporting, but not for financial reporting, MACRS method utilizes rapid depreciation which is usually much shorter than an asset's estimated life.Audit Report Wording
• Audit Report
• Introductory Paragraph
• Scope Paragraph
• Opinion Paragraph
The wording of the auditor's report is governed by auditing standards set by the American Institute of Certified Public Accountants.
The words and phrases found in the introductory paragraph, scope paragraph, and opinion paragraph communicate the auditor's responsibility.
7) Audit Report Wording
• Audit Report
• Introductory Paragraph
• Scope Paragraph
• Opinion Paragraph
The introductory paragraph indicates that the company, not the auditor, is responsible for preparing the financial statements.
The role of the auditor is to express an opinion about the financial statements and the related notes of the company.
However, additional information found in a company's annual report such as the letter to shareholders, management's discussion and analysis, and information about stock prices is not audited.
8) Audit Report Wording
• Audit Report
• Introductory Paragraph
• Scope Paragraph
• Opinion Paragraph
The scope paragraph indicates what the auditor has done.
Let me take an example:
- The audit is conducted to obtain reasonable assurance that the financial statements are free of material misstatement, but this is not a guarantee.
- The audit examines evidence supporting the amounts and disclosures in the financial statements on a test basis.
It does not review each transaction and amount found in the financial statements.
The auditor assesses the accounting policies used and any significant estimates made by management to search for material misstatements.
A misstatement is deemed material based upon the size of the company and the nature of the misstatement and whether or not it has the capacity to influence decisions.
범위문단은 감사인이 수행한 범위를 나타냅니다.
예를 들어,
- 감사는 재무제표가 중대하게 잘못 표시되어 있지 않다는 합리적인 확신을 얻도록 수행되어야 하며, 그렇다고 이 것이 그 내용을 보장하지 않습니다.
- 감사는 검사를 통하여 재무제표상의 금액과 공시내용을 확인시켜 줄 증거를 조사해야 합니다.
감사는 중대한 오류를 발견하기 위하여
경영자에 의하여 제시된 중대한 회계 추정치와 회계정책을 평가해야 합니다.
오류는 회사 규모에 따른 중요성 기준과 오류의 성격, 그리고 이 오류금액이 의사결정에 영향을 미칠 수 있는지 여부에 따라 결정됩니다.
9) Audit Report Wording
• Audit Report
• Introductory Paragraph
• Scope Paragraph
• Opinion Paragraph
The opinion paragraph is the most important part of the auditor's report.
Although the auditor expresses an informed opinion, it is not a guarantee of securities' value, for example. The goal of the auditor is to determine whether the company's financial statements are fairly stated and conform to GAAP.
Companies want to receive an unqualified or clean audit, but qualified opinions, adverse opinions, and a disclaimer of opinion are also given.
의견문단은 감사보고서 내용 중 가장 중요한 부분입니다. 감사인이 공식적인 의견을 표명한다 할지라도, 감사인이 기업 가치에 대해 보장하거나 보증하는 것은 아닙니다. 감사인의 목적은 기업의 재무제표가 적정하게 표시되어 있고, GAAP에 따라 적정하게 회계처리했는지 여부를 판단하는데에 있습니다. 모든 기업은 적정의견을 원하지만, 경우에 따라서 한정의견이나, 부적정 의견, 또는 의견거절이 나올 수 있습니다
10) Going concern qualification
A going concern qualification is serious. It conveys doubt that the company can continue to stay in business, due to either recurring losses or a capital deficiency.
The details regarding the going concern will be found in the notes to the financial section. The other two categories suggest significant issues, but may not threaten the company's existence. When there are material uncertainties, the standard three-paragraph audit report will have an additional fourth paragraph to express the uncertainty. An explanatory paragraph is included at the auditor's discretion based on the probability and magnitude of a material loss.
If the loss is probable and it can be estimated, it is generally reflected in the financials of the company.A change of accounting firms is another warning sign that must be investigated. Although accounting firms may be dismissed for poor performance or expensive billing, they are also dismissed for disagreeing with management's financial procedures or controls.
계속기업 가정의 의문은 상당히 중요합니다. 이 것은 기업이 회복할 수 없는 손실이나 자본 잠식으로 인하여 계속적으로 사업을 영위할 수 없다는 의문을 전달합니다. 계속기업가정에 대한 상세 내용은 재무제표 주석에 표시됩니다. 기업 존속여부에는 위협이 되지 않지만, 중요한 이슈가 되는 다른 두 가지 범주가 있습니다.
중요한 불확실성이 있으면, 적정의견 표명 표준 감사보고서는 불확실성을 언급하는 네 번째 문구를 삽입해야 합니다. 이 특기사항 문구는 중대한 손실에 대한 감사인의 확률과 범위가 포함합니다. 만일 손실발생이 거의 확정적이고 그 금액을 추정할 수 있다면, 이 불확실성은 재무제표내에 반영되어야 합니다. 감사인의 변경은 조사되어야 할 또 다른 주의 사항입니다. 감사인이 비싼 수수료를 청구하거나 감사7 절차를 제대로 수행하지 않아서 교체되는 경우도 있지만, 경영자의 재무절차나 통제에 대한 의견불일치로 인하여 교체되는 경우도 있습니다.
Board of Directors(B of D)
individuals elected by stockholders to establish corporate management policies. A board of directors makes decisions on major company issues and how much and when dividends will be paid to stockholders.
이사회: 주주들의 의해 선정된 기관으로 주요한 회사의 업무집행에 관한 의사결정이나 주주들의 배당지급을 결정한다.
A member of McDonald''s’s board of directors since he joined the Company in 1982 as executive vice president and chief financial officer, Jack Greenberg has been the chairman and chief executive officer of McDonald''s’s since May 1999. The McDonald''s Board of Directors is comprised of eleven outside directors, four directors from within the Company, and one honorary director. For example, how can shareholders make sure that top management as well as the board of directors of the company work hard to increase company profit, as opposed to slacking off . A dividend is a payment declared by a company''s board of directors and given to its shareholders. He has been a member of the McDonald''s board of directors since he joined the company in 1982 as executive vice president and chief financial officer. A company’s board of directors employs an independent certified public accountant to determine if its financial statements conform to generally accepted accounting principles, known as GAAP.
대표이사 겸 최고경영자인 Jack M. Greenberg가 작성한 주주보고서. 1982년 부사장겸 재무담당이사로 입사한 이사회 임원, Jack Greenberg는 1999년 5월부터 McDonald의 대표이사겸 최고경영자로 재직하고 있습니다. McDonald의 이사회는 11명의 사외이사와 4명의 사내이사, 그리고 한명의 명예이사로 구성되어 있습니다. 예를 들어, 주주들은 기업이사회나 최고경영층이 느슨하지 않게 기업이익을 증대시키기 위해 노력하는지 어떻게 확신할 수 있습니까? 배당은 기업의 이사회가 선언하여 주주에게 지급하는 금액입니다. 그는 부사장과 재무담당 이사로 1982년 입사한 이래로 McDonald의 이사회 임원으로 재직해 왔습니다. 기업 이사회는 자신의 재무제표가 GAAP 이라는 일반적으로 인정된 회계기준에 따라 작성되었음을 나타내기 위해서 독립된 공인회계사를 선임합니다.
GAAP
Generally Accepted Accounting Principles: The common set of accounting principles, standards and procedures.
회계사가 기업의 재무상태을 기록하고 평가하는데 사용되는 회계 원리와 기준, 그리고 절차.
The primary purpose of auditing is to determine whether a company’s financial reports are consistent with GAAP (Generally Accepted Accounting Principles). The auditor is satisfied that the statements were prepared in accordance with GAAP and the accounting principles chosen and estimates are reasonable. A company’s board of directors employs an independent certified public accountant to determine if its financial statements conform to generally accepted accounting principles, known as GAAP. Corporate shareholder annual reports are required to contain three financial statements prepared in accordance with generally accepted accounting principles, GAAP: the balance sheet, the income statement, and the statement of cash flows.
감사의 주의 목적은 기업의 재무보고가 GAAP의 기준에 따라 작성되었는지 그 여부를 확인하기 위한 것 입니다. 감사인은 재무제표가 GAAP에 따라 작성되었고, 선택된 회계원칙과 추정치가 합리적이라고 판단할 경우 만족한 의견을 내놓습니다. 기업 이사회는 자신의 재무제표가 GAAP 이라는 일반적으로 인정된 회계기준에 따라 작성되었음을 나타내기 위해서 독립된 공인회계사를 선임합니다.
Management's Report
responsible for the preparation, integrity and fair presentation of the consolidated financial statements and financial comments appearing in this annual report.
경영자 확인서: 경영자는 연차보고서에 나타나는 연결재무제표나 개별재무제표를 정확하게 준비하고, 통합하고, 공정하도록 제시하는 것.
Management’s Report: ? Management is responsible for the preparation, integrity and fair presentation of the consolidated financial statements and financial comments appearing in this annual report.
경영자 확인서- 경영자는 연차보고서에 나타나는 연결재무제표나 개별재무제표를 정확하게 준비하고, 통합하고, 공정하게 제시할 의무가 있습니다.
Statement of Stockholders' Equity
otherwise known as retained earnings, this reports how net income and the distribution of dividends affected the financial position of the company during the accounting period.
자본변동표: 사내유보와는 달리 이 보고서는 회계기간동안 순이익과 배당이 기업의 재정상태에 어떻게 영향이 미치는지를 나타낸 것이다.
The statement of stockholders’ equity or retained earnings reports how net income and the distribution of dividends affected the financial position of the company during the accounting period. Statement of Shareholder’s Equity ? indicates the value of shareholder investment in McDonald''s.
자본변동표는 이익잉여금과는 달리 회계기간동안 순이익과 배당이 기업의 재정상태에 어떻게 영향이 미치는지를 나타낸 것이다. 연결 이익잉여금 처분계산서- 이 것은 맥도날드사에 투자한 주주의 가치를 나타냅니다.
accounting principles
Fundamental concepts used when preparing financial statements include conservatism, historical cost, materiality, and revenue recognition.
회계원칙: 재무제표 작성시 적용되는 것으로 보수주의, 역사적 원가주의, 중요성, 수익인식의 원칙을 포함한다.
In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of McDonald''s Corporation at December 31, 2000 and 1999, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2000, in conformity with accounting principles generally accepted in the U.S. Therefore, the FASB requires footnotes to financial statements to tell which accounting principals were used. A company’s board of directors employs an independent certified public accountant to determine if its financial statements conform to generally accepted accounting principles, known as GAAP. Corporate shareholder annual reports are required to contain three financial statements prepared in accordance with generally accepted accounting principles, GAAP: the balance sheet, the income statement, and the statement of cash flows.
본 감사인의 의견으로는 상기 재무제표는 McDonald의 2000년 12월 31일과 1999년 12월 33일 현재의 재무상태와 동일로 종료되는 양 회계연도의 경영성과 그리고 이익잉여금의 변동과 현금흐름의 내용을 기업회계기준에 따라 중요성의 관점에서 적정하게 표시하고 있습니다일반적으로 인정된 회계기준의 다음 목록은 기업이 회계기준을 적용할 때 선택할 수 있는 몇 가지 선택권을 보여줍니다. 기업 이사회는 자신의 재무제표가 GAAP 이라는 일반적으로 인정된 회계기준에 따라 작성되었음을 나타내기 위해서 독립된 공인회계사를 선임합니다.
affiliate
Affiliated company: a company in which an investor-company holds an equity investment in excess of 20% of the voting capital stock see affiliated company
관계회사 혹은 제휴회사: (모회사의 입장에서)20% 이상의 지분을 가진 회사
It is common for companies to open subsidiaries or affiliates in other countries. Thank you, everyone, for attending my second affiliate management meeting. We’ve instituted a new affiliate financing team that pays close attention to subsidiary performance. The Company operates in the food service industry. Substantially all revenues result from the sale of menu products at restaurants operated by the Company, franchisees or affiliates Systemwide sales, which include sales by all restaurants even those operated by franchisees or affiliates, exceeded $40 billion in 2000, a 7% increase in constant currencies (excluding the effect of foreign currency translation).
본 감사인의 의견으로는 상기 재무제표는 McDonald의 2000년 12월 31일과 1999년 12월 33일 현재의 재무상태와 동일로 종료되는 양 회계연도의 경영성과 그리고 이익잉여금의 변동과 현금흐름의 내용을 기업회계기준에 따라 중요성의 관점에서 적정하게 표시하고 있습니다일반적으로 인정된 회계기준의 다음 목록은 기업이 회계기준을 적용할 때 선택할 수 있는 몇 가지 선택권을 보여줍니다. 기업 이사회는 자신의 재무제표가 GAAP 이라는 일반적으로 인정된 회계기준에 따라 작성되었음을 나타내기 위해서 독립된 공인회계사를 선임합니다.
annual report
audited document required by the SEC and sent to a public company''s or mutual fund''s shareholders at the end of each fiscal year, reporting the financial results for the year (including the balance sheet and income statement) and commenting on the outlook. The financial report card that communicates both financial and non-financial information to shareholders and others.
연차보고서: SEC( 증권거래위원회) 의 요구에 의해 매 사업년도 말에 상장회사 및 뮤추얼 펀드 주주들에게 당해 사업년도의 경영성과 및 재무상태(대차대조표, 손익계산서를 포함)와 미래전망에 관한 기업내용을 보고하는 감사 보고서를 말한다. 재정적 그리고 비재정적 정보를 주주 및 기타 사람들에게 제공하는 재무제표
The SEC requires that the four basic financial statements, the balance sheet, income statement, the statement of stockholder’s equity, and the cash flow statement are included in a company’s annual report. Annual reports communicate what a company has accomplished during the past twelve months, and what it hopes to accomplish in the upcoming year, including any turnaround plans of the management. The auditor will often review interim reports and unaudited portions of the annual report as well. Companies with publicly traded securities are required by the SEC to provide a discussion of earnings and other items in the annual report. To help put forth a positive image, many companies such as McDonald''s also spend a considerable amount of time discussing social responsibility in the annual report. We have been looking at a basic format of annual reports for the last three lessons, and now you need to understand why an annual report is audited. The Annual Report was submitted to the company''s shareholders for their review.
SEC는 연차보고서에 이들의 명부와 기업 이사회, 대표이사의 명칭을 포함하도록 요구하고 있습니다. 연차보고서는 기업이 과거 12개월동안 무슨 성과를 달성했는지, 그리고 사업전환계획을 포함하여 미래에 어떤 성과를 달성하고자 하는지 등을 전달합니다. 또한 감사인은 중간감사를 실시하며, 연차보고서의 감사받지 아니한 부분까지 검토합니다 우리는 지난 3시간동안 연차보고서의 기본 형태에 대해 살펴보았습니다. 그리고 이제 여러분은 연차보고서가 왜 감사대상인지 이해할 필요가 있습니다.
cash flow
the pattern of income and expenditures, as of a company or person, and the resulting availability of cash. The amount of cash a company generates and uses during a period.
현금흐름: 기업 또는 개인의 수입과 지출의 흐름으로 현금의 입수가능성을 수반한다. 현금흐름((감가 상각비를 가산한 순이익)); 현금 유출입, 현금 자금
Management must also ensure that cash flow is sufficient to sustain operations and meet obligations such as payroll. Vague strategies to increase shareholder value or cash flow are not especially informative. In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of McDonald''s Corporation at December 31, 2000 and 1999, and the consolidated results of its operations and its cash flows for each of . Vague strategies to increase shareholder value or cash flow are not especially informative. Another term, restructuring, also warrants a closer look, even though the language surrounding it generally implies that the negative effects are behind the company, there can be lingering effects to earnings and cash flow. The point is, too much inventory will likely create cash flow problems for the company. Corporate finance studies how companies can use its capital efficiently to generate cash flow and enhance shareholder value. Corporate finance studies how companies can use its capital efficiently to generate cash flow and enhance shareholder value. The basic idea behind the DCF method is to forecast the future free cash flow generate by the company, and then discount it by the appropriate discount rate to reflect the time value of money. For example, if a company’s free cash flow is $100 in the 10th year, and we assume it will grow at 10% every year forever. Today we will talk about the basics of forecasting cash flows, which is an important step for the Discount Cash Flow method. So, in our second five-lesson block, we gradually progressed our discussions from overview of different valuation methods to forecasting cash flows to DCF valuation to multiples valuation. The key to understanding how options work is to understand option pay-offs, or what cash flows they generate.
경영자는 또한 영업활동을 유지하고, 급여와 같은 부채를 상환할 수 있는 현금흐름을 만들어야 합니다. 현금흐름을 증대시키는 애매한 전략은 특별히 의미있는 정보가 되지 않습니다. 현금흐름을 증대시키는 애매한 전략은 특별히 의미있는 정보가 되지 않습니다. 본 감사인의 의견으로는 상기 재무제표는 McDonald의 2000년 12월 31일과 1999년 12월 32일 현재의 재무상태와 동일로 종료되는 양 회계연도의 경영성과 그리고 이익잉여금의 변동과 현금흐름의 내용을 기업회계기준에 따라 중요성의 관점에서 적정하게 표시하고 있습니다. 주주가치나 현금흐름을 증대시키는 애매한 전략은 특별히 의미있는 정보가 되지 않습니다. 또 다른 용어인 리스트럭쳐링 (구조조정) 역시 그 단어 주위에 언급된 내용이 일반적으로 이익과 현금흐름을 이연시킬수 있는 등의 기업에 부정적인 영향이 있음을 암시하며, 따라서 restructuring과 같은 단어가 등장하면 좀 더 경영상황에 대해 자세히 살펴볼 것을 경고합니다. 기업재무 : 기업재무는 기업이 영업운영에 필요한 자본배분, 충분한 현금흐름 창출, 궁극적인 주주가치 극대화 달성방법에 대한 연구입니다. 기업재무는 기업이 현금흐름을 창출하고 주주의
가치를 극대화하도록 기업자본을 어떻게 효율적으로 사용하는지 연구합니다. DCF법 뒤에 있는 기본사고는 기업이 창출할 미래 현금흐름을 예측하여 화폐의 시간가치를 반영한 적정한 할인율을 사용하여 현금흐름을 할인하는 것입니다. 예를 들어, 기업의 현금흐름이 10년째에 100달러이고, 우리가 매년 성장율이 영구히10%라고 가정한다고 합시다. 오늘 우리는 현금흐름의 기본적인 예측방법에 대해 논의하겠습니다. 두 번째 6수업동안 우리는 다양한 가치평가법의 개관부터 DCF법에 의한 현금흐름 예측과 배수평가법으로 우리의 토론을 확장하였습니다. 옵션이 어떻게 이용되는지 이해하는 핵심은 옵션 상환구조 또는 이들이 발생시키는 현금흐름을 이해하는 것입니다.
financial statement
the four basic financial statements required by SEC: the balance sheet, income statement, the statement of stockholder''s equity, and the cash flow statement are included in a company''s annual report.
재무제표: SEC요구하는 4가지의 기본적인 재무제표로 대차대조표, 손익계산서, 자본금변동표 그리고 현금흐름표를 말한다. 이러한 재무제표는 연차보고서에 포함된다.
Annual Report: A company’s report of its qualitative and quantitative performance. The quantitative analysis includes the company’s financial statements: balance sheet, income statement, and the statement of cash flows. In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of McDonald''s Corporation at December 31, 2000 and 1999, and the consolidated results of its operations and its cash flows for each of . Financial analysis begins with the financial status discussion based on your company’s financial statements (income statements, balance sheets, statement of cash flows), financial analysis of reports, and other information sources. In our third lesson we will focus on using various ratios to analyze financial statements. Did you identify working capital items on American''s financial statements? The controller is responsible for preparing financial statements, managing the company’s internal accounting, and taking care of tax issues.
본 감사인의 의견으로는 상기 재무제표는 McDonald의 2000년 12월 31일과 1999년 12월 31일 현재의 재무상태와 동일로 종료되는 양 회계연도의 경영성과 그리고 이익잉여금의 변동과 현금흐름의 내용을 기업회계기준에 따라 중요성의 관점에서 적정하게 표시하고 있습니다.세번째 수업에서 우리는 재무제표 분석을 위한 다양한 비율사용에 초점을 맞추겠습니다. 여러분은American Airlines의 재무제표에서 운전자본항목을 구분할 수 있습니까? 컨트롤러는 재무제표 준비와 기업 내부통제 관리, 세무적 문제점 검토에 관한 책임을 지고 있습니다.
franchise arrangements
a form of business organization in which a firm which already has a successful product or service (the franchisor) enters into a continuing contractual relationship with other businesses (franchisees) operating under the franchisor''s trade name and usuall
프랜차이즈 거래(독점거래법): 성공적인 제품과 서비스를 이미 소유하고 있는 회사(총판권을 주는 사람)가 다른회사(총판권을 받는 사람)에게 상호를 이용하고 지도를 받을 수 있도록 연속적인 계약관계를 맺는 것으로 프랜차이지(총판권을 받는사람)는 이러한 거래를 대가로 프랜차이저(총판권을 주는 사람)에게 수수료를 지급한다.
Individual franchise arrangements generally include a lease and a license and provide for payment of initial fees, as well as continuing rent and service fees to the Company, based upon a percent of sales with minimum rent payments.
개별 프렌차이즈 계약은 일반적으로 최초수수료 지급으로 리스와 라이센스사용을 허용하고, 최소기본 임차비용에 추가적인 매출연동 서비스수수료로 추가적인 임차가 가능하도록 협약되어 있습니다
marketshare
the amount of a particular type of goods or services sold by a company when compared with the total amount of such goods etc. sold. Usually expressed by percentage.
시장 점유율: 회사가 판매한 제품 혹은 제공한 서비스의 양을 전체 시장에서 판매된 제품 등과 비교하여 비율로 표시한 것
Does the report shed light on the competition, market position and market share, provide a well-organized breakdown of operations, results and prospects?
보고서에는 경쟁력, 시장의 위치, 그리고 시장점유율을 잘 반영하고, 기업운영, 결과 그리고 사업 전망이 잘 정리되어 제공되고 있습니까?
minimum rent payment
Under on operating lease agreement, a fixed amount required to be paid. A lessor may charge an additional amount of rent based on sales generated in the premise.
운용리스계약 하에서, 계약에 따라 정해진 확정된 임차료. 매출에 따라서 이 금액 이외에 추가로 (또한 계약에 따라) 임차료를 낼 수도 있다
Individual franchise arrangements generally include a lease and a license and provide for payment of initial fees, as well as continuing rent and service fees to the Company, based upon a percent of sales with minimum rent payment.
보고서에는 경쟁력, 시장의 위치, 그리고 시장점유율을 잘 반영하고, 기업운영, 결과 그리고 사업 전망이 잘 정리되어 제공되고 있습니까?
operating income
Gross profit (see above) less operating expenses (see c5-a-06)
영업이익: 매출 이익에서 영업비용을 차감하고 남은 금액
Operating income: gross profit less cost of goods sold (COGS) and other operating expenses. Growth in operating income was 0.3% during 2000, well below the 10-year compound annual growth rate of 7.6% and a significant drop from the 20.2% growth that McDonald''s’s experienced in 1999. All intercompany revenues and expenses are eliminated in computing revenues and operating income. Operating income, net sales minus cost of goods sold and other operating expenses, only increased by $10 million dollars in 2000, less than 1.0%, due to decreasing Company-operated margins in 2000 from 17.7% in 1999 to 16.9% in 2000, and a 7% increase in consolidated selling, general & administrative expenses in 2000. Operating Income ? gross sales less cost of goods sold (COGS) and other operating expenses.
보고서에는 경쟁력, 시장의 위치, 그리고 시장점유율을 잘 반영하고, 기업운영, 결과 그리고 사업 전망이 잘 정리되어 제공되고 있습니까?
shareholders
sometimes called a stockholder, this is any person, company, or other institution that owns at least 1 share in a company. owner of one or more shares of stock in a corporation.
주주: 주식을 1주 이상소유하고 있는 자로서 주식회사의 구성원인 사원을 말한다.
The board of directors is elected by the shareholders to represent their interests. Annual report preparers concentrate on the report’s packaging in order to capture the attention of the average shareholder that may only briefly glance at a company’s annual report. By buying stocks, you become a shareholder in a company and you can vote in shareholders meetings. Corporate finance studies how companies can use its capital efficiently to generate cash flow and enhance shareholder value. I could cost us $300 million in profits in just China alone, and I''m sure our shareholders will not be crazy about our missing such an opportunity. It is the chairman’s best opportunity to communicate with shareholders. The DCF model gives us the enterprise value by discounting expected free cash flow for both debt holders and shareholders. Free cash flow is the cash flow from a company’s operation and investment that belongs to debt holders and shareholders. The equity value calculated by Bill is the piece that belongs to the shareholders. For instance, profit after tax is attributable exclusively to shareholders because debt holders generally have no claim over after tax profits, assuming they received the required interest payments. Debt holders and shareholders alike invest in a company in the hope of receiving cash flow from the company in the future, and that is why we need to forecast future cash flow in order to value the company. A dividend is a payment declared by a company''s board of directors and given to its shareholders. Reading the letter to shareholders and the corporate message, which is filled with photos and feel-good material about McDonald''s will give readers a good background of the company.
이사회는 주주들이 자신의 이해을 나타내기 위해서 선출합니다. 모든 채권이 지급되고 난 후, 남아있는 금액이 주식소유자, 즉 기업주주에게 귀속됩니다. 기업재무는 기업이 현금흐름을 창출하고 주주의 가치를 극대화하도록 기업자본을 어떻게 효율적으로 사용하는지 연구합니다. 중국에서만 3억불의 수익을 놓치게 되는 셈입니다. 이런 기회를 놓치면 우리 주주들이 좋아할리 없죠. 이 것은 경영자가 주주와 의사소통할 수 있는 가장 좋은 기회입니다. 현금흐름할인법은 채권자와 주주 모두에 대한 기대현금흐름을 할인하므로 기업가치에 대한 정보를 제공합니다. 자유현금흐름은 회사의 사업운영과 투자결과로 채권자와 주주들에게 지급될 현금흐름이다. 정확합니다. Bill의 의해서 계산된 주식가치는 주주에게 귀속되는 것만이어야 합니다. 예를 들어, 세후 순이익은 부채소유자가 요구된 이자지급을 받은 후 세후 이익에 대한 청구권을 갖고 있지 않기 때문에 배타적으로 주주에게 귀속됩니다. 채권자와 주주는 유사하게 미래에 투자기업으로부터 자금을 회수할 것으로 기대하고 자금을 제공하며, 이 것이 기업가치를 평가하기 위해 미래 현금흐름을 예측하는 이유입니다. 배당은 기업의 이사회가 선언하여 주주에게 지급하는 금액입니다. 문서나McDonald에 대한 사진과 좋은 기록으로 가득채운 기업 메시지를 읽는 것은 이용자에게 기업의 좋은 인상을 제공합니다.
shareholders' meeting
a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the board of directors and hear reports on the company''s business situation.
보통 주주총회를 말하는 것으로 이사의 선임과 해임, 사업보고에 관한 승인, 결의하기 위한 것이다. (단, 소기업에서는 적은 참석율을 보임.)
The information is used to evaluate a company and guide investors when voting at the shareholders’ meeting. By buying stocks, you become a shareholder in a company and you can vote in shareholders meetings.
이 정보는 기업을 평가하고 주주총회에서 주주가 어떤 결정을 내릴지 인도해주는 역할을 합니다. 모든 채권이 지급되고 난 후, 남아있는 금액이 주식소유자, 즉 기업주주에게 귀속됩니다.
stock exchanges
formal organizations, approved and regulated by the Securities and Exchange Commission (SEC), that are made up of members who use the facilities to exchange certain common stocks. The two major national stock exchanges are the New York Stock Exchange (NYSE)
증권거래소: 증권거래위원회에 의해 설립된 중추적 기관으로서 증권회사의 회원제로 구성되어 있으며, 크게 뉴욕증권거래소(NYSE)와 미국 증권거래소(ASE or AMEX)가 있다
On which stock exchanges is McDonald''s listed?
McDonald가 증권거래소에 등록되어 있습니까?
Balance sheet(B/S)
Reports the financial position of a company at a specific point of time. The types and dollar amounts of assets (what a company owns), liabilities (what it owes), and owners'' equity (the shareholders'' claims on the resources of the business after total l An organized outline of the company''s assets, liabilities, and equities.
대차대조표: 특정시점에서 기업의 재무상태를 보고하는 것으로 달러로 표시된 자산(기업이 소유하고 있는것)과 부채(기업이 갚아야 하는 것), 그리고 자본 (총자산에서 총부채를 차감한 기업의 자원에 대한 주주의 청구권)이 대차대조표상에 기록된다.
The financial health of a company is reflected on the balance sheet by management’s ability to keep asset and liability levels proportionate to each other. Financial statement analysis means examining the financial statements of the company, like the balance sheet, the income statement, and the statement of cash flows, and calculating ratios. Three statements: balance sheet, income statement, and cash flow statements should be provided along with adequate and fair analysis so that the information can help investors make a sound decision regarding a company. Corporate shareholder annual reports are required to contain three financial statements prepared in accordance with generally accepted accounting principles, GAAP: the balance sheet, the income statement, and the statement of cash flows. We have to take a close look at its income statement and balance sheet. American Airlines balance sheet, on exhibit 3 of the case, shows current assets and current liabilities. A common valuation measure of the company’s equity is book value, which is the net worth of the company as shown on the balance sheet. The CFO wanted to see the balance sheet, income statement, and statement of cash flow of the newly-acquired company. Standardize the template for financial managers to report their subsidiaries’ balance sheets, income statements, and statements of cash flows Financial analysis begins with the financial status discussion based on your company’s financial statements (income statements, balance sheets, statement of cash flows), financial analysis of reports, and other information sources.
각각의 적정한 자산과 부채 수준을 유지할 수 있는 경영자의 능력을 반영한 대차대조표에 표시됩니다. 재무제표 분석이란 대차대조표나 손익계산서, 현금흐름표와 같은 기업의 재무제표를 검사하고, 이 비율을 계산하는 것을 뜻합니다. 세가지 재무분석표: 대차대조표, 손익계산서, 그리고 현금흐름표는 투자가들이 회사에 대해서 올바른 판단을 내리는데 도움을 주기 위해 적절하고 공정한 분석을 함으로써 작성되어야 합니다. 우리는 손익계산서와 대차대조표를 세밀히 보아야 합니다. 결국, 이러한 구매는 ABC회사의 대차대조표에 매입채무로 표시됩니다. 일반적인 주식평가수단은 대차대조표에서 보여지는 기업의 순자산가치인 장부가치입니다.
Board of Directors(B of D)
individuals elected by stockholders to establish corporate management policies. A board of directors makes decisions on major company issues and how much and when dividends will be paid to stockholders.
이사회: 주주들의 의해 선정된 기관으로 주요한 회사의 업무집행에 관한 의사결정이나 주주들의 배당지급을 결정한다.
A member of McDonald''s’s board of directors since he joined the Company in 1982 as executive vice president and chief financial officer, Jack Greenberg has been the chairman and chief executive officer of McDonald''s’s since May 1999. The McDonald''s Board of Directors is comprised of eleven outside directors, four directors from within the Company, and one honorary director. For example, how can shareholders make sure that top management as well as the board of directors of the company work hard to increase company profit, as opposed to slacking off . A dividend is a payment declared by a company''s board of directors and given to its shareholders. He has been a member of the McDonald''s board of directors since he joined the company in 1982 as executive vice president and chief financial officer. A company’s board of directors employs an independent certified public accountant to determine if its financial statements conform to generally accepted accounting principles, known as GAAP.
대표이사 겸 최고경영자인 Jack M. Greenberg가 작성한 주주보고서. 1982년 부사장겸 재무담당이사로 입사한 이사회 임원, Jack Greenberg는 1999년 5월부터 McDonald의 대표이사겸 최고경영자로 재직하고 있습니다. McDonald의 이사회는 11명의 사외이사와 4명의 사내이사, 그리고 한명의 명예이사로 구성되어 있습니다. 예를 들어, 주주들은 기업이사회나 최고경영층이 느슨하지 않게 기업이익을 증대시키기 위해 노력하는지 어떻게 확신할 수 있습니까? 배당은 기업의 이사회가 선언하여 주주에게 지급하는 금액입니다. 그는 부사장과 재무담당 이사로 1982년 입사한 이래로 McDonald의 이사회 임원으로 재직해 왔습니다. 기업 이사회는 자신의 재무제표가 GAAP 이라는 일반적으로 인정된 회계기준에 따라 작성되었음을 나타내기 위해서 독립된 공인회계사를 선임합니다.
Chief Financial Officer(CFO)
this is the senior manager whose responsibility it is to oversee the financial activities of an entire company. This includes signing checks, monitoring cash flow, and financial planning. The executive officer in charge of the financial or monetary aspects of an organization.
재무담당 최고 책임자: 수표결재, 현금흐름의 통제, 그리고 재무계획 등 기업의 재무활동을 감독하는데 최고 책임을 지는자를 말한다.
A member of McDonald''s’s board of directors since he joined the Company in 1982 as executive vice president and chief financial officer, Jack Greenberg has been the chairman and chief executive officer of McDonald''s’s since May 2000. The corporation’s senior mangers such as the CEO, CFO, and vice presidents are in charge of strategic decisions. Chief Financial Officer, commonly known as the CFO, oversees both the treasurer’s and the controller’s work.
대표이사 겸 최고경영자인 Jack M. Greenberg가 작성한 주주보고서. 1982년 부사장겸 재무담당이사로 입사한 이사회 임원, Jack Greenberg는 1999년 6월부터 McDonald의 대표이사겸 최고경영자로 재직하고 있습니다. 재무담당이사는 treasurer와 컨트롤러의 직무를 감독합니다.
FIFO( first-in, first-out method)
values inventory on a first-in, first-out method, assuming that the oldest units are the first units sold.
선입선출법: 먼저 매입한 재고가 먼저 팔린다고 가정하여, 먼저 매입한 재고를 재고자산으로 평가하는 방법.
For example, FIFO is easy to use and it disallows manipulation of income. The LIFO method values inventory on a Last-in, First-out method, assuming that the most recently acquired units are sold first. LIFO is more conservative than FIFO, which values inventory on a First-in, First-out method and assumes that the oldest units are the first units sold. Inventory can be accounted for using either FIFO or LIFO. The LIFO method values inventory on a Last-in, First-out method, assuming that the most recently acquired units are sold first. LIFO is more conservative than FIFO, which values inventory on a First-in, First-out method and assumes that the oldest units are the first units sold.
예를들어, 선입선출법은 사용하기 편하고, 이익조작을 할 수 없습니다.
Inventory
the value of a firm''s raw materials, work in process, supplies used in operations, and finished goods.
1. can be either raw materials, finished items already available for sale, or goods in the process of being manufactured. Inventory is recorded as an asset on a company''s balance sheet.
2. the process of making such a list, report, or record. The stock of any item or resource used in an organization. It can be any tangible item that can be used to create the product. the value of a firm''s raw materials, work in process, supplies used in operations, and finished goods. inventory can be either raw materials, finished items already available for sale, or goods in the process of being manufactured. Inventory is recorded as an asset on a company''s balance sheet
재고자산: 기업의 원재료, 재공품, 공급자가 제공한 부품, 완제품의 가치. 제품판매가 가능한 원료나 완제품 또는 제조과정에 있는 제품으로 대차대조표상의 자산항목에 기록된다.
2. 재고조사: 제품의 품질을 조사, 기록, 목록표를 만드는 과정.
Current assets consist primarily of inventory, accounts receivable, and cash equivalents. The percentage of sales method makes a lot of sense here since the main components of working capital, which are inventory, accounts receivables, and accounts payable, are directly proportional to sales. In case of structural ties, the company may supply customers with special equipment or computer linkages that help customers manage their orders, payroll, inventory, and so on. Let’s try to analyze what McDonald’s managers do to make their process of keeping inventory efficient. Inventory is the value of a firm’s raw materials, work in process, supplies used in operations, and finished goods. Footnotes provide additional information on items such as fixed assets, inventory, income taxes, pensions, debt, contingencies, marketable securities, significant customers, related party sales, export sales, retirement plans, and off-balance sheet obliga. Inventories include items that will be sold in the normal course of business, items that are in the process of production, and items which are used in the production of goods or services for sale. The inventory account may include three types of inventory:
유동자산은 재고자산, 매출채권, 현금등가물 등으로 구성되어 있습니다. 재고자산이나 매출채권, 매입채무 등의 운전자본의 주요 구성요소들은 매출의 직접적인 비율관계에 있으므로, 매출액비율법을 사용하는 것이 타당합니다. 구조적인 연대감을 조성하기 위해 기업은 소비자들이 주문, 지불명세서, 재고 등을 관리할 수 있도록 특수 장비나 컴퓨터 링크장치를 제공합니다. 재고자산은 기업의 원재료, 재공품, 생산에 필요한 부품, 완제품의 가치입니다. 주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채.
LIFO
Last-in, first-out; an inventory cost-flow method that assigns the last cost value in finished goods inventory to the first unit sold and thus to cost of goods sold.
후입선출법: 최근 매입한 재고가 먼저 팔린다고 가정하여, 최근 매입한 재고를 먼저 매출원가로 할당하는 재고자산 평가방법
The LIFO method values inventory on a Last-in, First-out method, assuming that the most recently acquired units are sold first. LIFO is more conservative than FIFO, which values inventory on a First-in, First-out method and assumes that the oldest units are the first units sold. Inventories are carried at cost, unless their utility is no longer as great as their cost, in which case the lower-of-cost-or-market rule requires that the carrying value of the inventory be written down below cost. The last-in, first-out (“LIFO”) method is used to cost substantially all domestic inventories. The cost of other inventories is principally determined by the average cost method. It is a generally recognized industry practice to classify leaf tobacco inventory as a current asset although part of such inventory, because of the duration of the aging process, ordinarily would not be utilized within one year.
유동자산은 재고자산, 매출채권, 현금등가물 등으로 구성되어 있습니다. 재고자산이나 매출채권, 매입채무 등의 운전자본의 주요 구성요소들은 매출의 직접적인 비율관계에 있으므로, 매출액비율법을 사용하는 것이 타당합니다. 구조적인 연대감을 조성하기 위해 기업은 소비자들이 주문, 지불명세서, 재고 등을 관리할 수 있도록 특수 장비나 컴퓨터 링크장치를 제공합니다. 재고자산은 기업의 원재료, 재공품, 생산에 필요한 부품, 완제품의 가치입니다. 주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채.
Securities and Exchange Commission(SEC)
a federal agency that is responsible for maintaining the high quality of financial reporting to the capital markets. It was established in 1934 following the stock market crash of 1927 and the Great Depression. Securities and Exchange Commission: A government commission created by Congress to regulate the securities markets and protect investors. It also monitors the corporate takeovers in the United States. It is composed of five commissioners appointed by the
증권관리위원회: 자본시장의 재무기록의 높은 질을 유지하는데 책임을 지는 연방기관이다. 1927년 주식시장붕괴(대공황) 이후 1934년에 설립되었다.
미국증권거래 위원회:미국의 유가증권 및 금융에 관한 특정한 연방법을 집행하는 독립적이며 중립적인 정부의 준사법기관이다. 동 위원회는 자본시장의 질서확립과 규제를 위해 증권거래법에 의해 설립되었다. SEC 위원은 5 명으로 대통령이 임명하고 상원의 승인을 거친다. 주 기능은 증권에 관한 한 어떤 기관보다도 우월한 지위에서 강력한 권리를 가지고 자본시장관리를 일원화하고 증권 및 금융과 관련된 특정한 제 법규를 집행하고 감독하는 것이다. 또한 상장증권의 등
Publicly held companies with $10 million or more in assets and 500 or more shareholders are required by the Securities and Exchange Commission (SEC) to file annual reports in order to keep investors informed and provide an annual assessment of a company’s performance. The SEC requires that the four basic financial statements, the balance sheet, income statement, the statement of stockholder’s equity, and the cash flow statement are included in a company’s annual report.
SEC는 자산이 천만달러 이상이고 주주가 500명 이상인 상장기업에게 투자자가 정보를 제공받고, 기업의 연간 성과를 담고 있는 연차보고서를 철하도록 요구하고 있습니다. SEC는 네 가지 기본적인 재무제표, 즉, 대차대조표, 손익계산서, 이익잉여금 처분계산서, 현금흐름표가 기업 연차보고서에 포함되도록 요구하고 있습니다.
Statement of Stockholders' Equity
otherwise known as retained earnings, this reports how net income and the distribution of dividends affected the financial position of the company during the accounting period.
자본변동표: 사내유보와는 달리 이 보고서는 회계기간동안 순이익과 배당이 기업의 재정상태에 어떻게 영향이 미치는지를 나타낸 것이다.
The statement of stockholders’ equity or retained earnings reports how net income and the distribution of dividends affected the financial position of the company during the accounting period. Statement of Shareholder’s Equity ? indicates the value of shareholder investment in McDonald''s.
자본변동표는 이익잉여금과는 달리 회계기간동안 순이익과 배당이 기업의 재정상태에 어떻게 영향이 미치는지를 나타낸 것이다. 연결 이익잉여금 처분계산서- 이 것은 맥도날드사에 투자한 주주의 가치를 나타냅니다.
accelerated depreciation
a method of depreciation which allowed faster write-offs than the straight line method, but was replaced by ACRS which became mandatory in 1980.
가속감가상각: 감가상각의 방법으로 정액법 보다는 빨리 상각되지만 1980년에 의무적으로 실시된 ACRS(accelaerated cost recovery system)로 바뀌었다.
Accelerated depreciation is more conservative than the straight-line method. Accelerated ? method used mostly for tax-reporting purposes that results in lowering a company''s earnings and subsequently its income tax . The use of the accelerated depreciation for taxes will result in lower taxable income in the early years of a depreciable asset''s life versus book income that uses the straight-line method of depreciation.
가속상각법은 자산의 초기년도에 더 많은 감가상각비용을 발생시킵니다.
accounting period
The time period, usually a quarter or one year, to which accounting reports are related.
회계기간: 보통 분기나 1년으로 회계 보고를 하는 기간
A company''s fiscal year is its business year, usually a 12-month accounting period that may or may not correspond to the calendar year. The statement of stockholders'' equity or retained earnings reports how net income and the distribution of dividends affected the financial position of the company during the accounting period.
기업의 회계년도란 그 기업의 사업년도 12개월의 회계기간을 말하는 것으로 달력년도(역년)에 규제받지 않는다. 이익잉여금 처분계산서는 회계기간동안 기업의 재무상태에 영향을 미치는 순이익의 변동이나 배당의 지급내역을 보고합니다. 소유주지분은 이러한 두가지 원천으로 변동합니다.
annual report
audited document required by the SEC and sent to a public company''s or mutual fund''s shareholders at the end of each fiscal year, reporting the financial results for the year (including the balance sheet and income statement) and commenting on the outlook. The financial report card that communicates both financial and non-financial information to shareholders and others.
연차보고서: SEC( 증권거래위원회) 의 요구에 의해 매 사업년도 말에 상장회사 및 뮤추얼 펀드 주주들에게 당해 사업년도의 경영성과 및 재무상태(대차대조표, 손익계산서를 포함)와 미래전망에 관한 기업내용을 보고하는 감사 보고서를 말한다. 재정적 그리고 비재정적 정보를 주주 및 기타 사람들에게 제공하는 재무제표
The SEC requires that the four basic financial statements, the balance sheet, income statement, the statement of stockholder’s equity, and the cash flow statement are included in a company’s annual report. Annual reports communicate what a company has accomplished during the past twelve months, and what it hopes to accomplish in the upcoming year, including any turnaround plans of the management. The auditor will often review interim reports and unaudited portions of the annual report as well. Companies with publicly traded securities are required by the SEC to provide a discussion of earnings and other items in the annual report. To help put forth a positive image, many companies such as McDonald''s also spend a considerable amount of time discussing social responsibility in the annual report. We have been looking at a basic format of annual reports for the last three lessons, and now you need to understand why an annual report is audited. The Annual Report was submitted to the company''s shareholders for their review.
SEC는 연차보고서에 이들의 명부와 기업 이사회, 대표이사의 명칭을 포함하도록 요구하고 있습니다. 연차보고서는 기업이 과거 12개월동안 무슨 성과를 달성했는지, 그리고 사업전환계획을 포함하여 미래에 어떤 성과를 달성하고자 하는지 등을 전달합니다. 또한 감사인은 중간감사를 실시하며, 연차보고서의 감사받지 아니한 부분까지 검토합니다 우리는 지난 3시간동안 연차보고서의 기본 형태에 대해 살펴보았습니다. 그리고 이제 여러분은 연차보고서가 왜 감사대상인지 이해할 필요가 있습니다.
annual stockholder's meeting
the company gathering, usually held at the end of each fiscal year, at which the previous year and the outlook for the future are discussed and directors are elected by shareholders.
정기주주총회: 매 회계연도 말에 주주들이 모여 개최하는 것으로 전 년도 영업성과를 논의하며 미래를 전망하고 이사회를 선임하기 위한 것이다.
The section covers basic investor information; the location of corporate headquarters, the general trend of the stock price, the stock symbol and exchange listings, dividend history, and the location and time of the next annual stockholder’s meeting.
이 부분은 기본적인 투자자 정보를 나타냅니다: 기업본점 주소, 주식가격의 일반추세, 주식형태와 교환 목록, 과거 배당 전례, 차기 주주총회 장소와 일정. 배당금 재투자와 자사주 매입계획과 관련된 다른 일반주주에 대한 제공정보도 이 곳에서 표시될 수 있습니다.
assets
the entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business. Assets can include cash, stock, inventories, property rights, and goodwill. Assets are items of economic value owned by the corporation. A term that refers to a company''s physical possessions or property
(대차대조표상의)자산(자산항목): 대차대조표상에 나타나는 유형, 무형자산, 그리고 개인 또는 기업의 부채를 보상하는데 적용되는 자산에 대한 클레임 등을 포함한 모든 자산으로써 현금, 증권, 재고자산, 재산권, 그리고 영업권등이 포함된다. 자산의 항목으로는 현금, 유가증권, 외상매출금, 재고자산, 사무용비품, 집, 차, 그리고 기타자산등이 포함되며 이러한 자산은 대차대조표상에 부채, 보통주, 우선주 그리고 사내유보의 합계와 일치한다. 자산: 기업이 소유한 경제적 가치를 구성하는 항목들. (개인회사의) 재산, 자산
The types and dollar amounts of assets (what a company owns), liabilities (what it owes), and owners’ equity (the shareholders’ claims on the resources of the business after total liabilities are deducted from total assets) are reported on the balance she. In this lesson we learned about the Philip Morris balance sheet. We discussed the various components of the balance sheet including assets, liabilities, and stockholders’ equity sections. The independent auditor examines the company’s accounting and internal control systems, confirms assets and liabilities, and generally tries to be confident that there are no material errors in the financial statements. Assets are the economic resources of the company. Assets are probable, measurable, future economic benefits that the company holds the rights to. Assets are acquired through current or past transactions. To begin, we need to first understand the concept of assets on the company’s balance sheet. Operations resources are the company’s assets that help turn the original inputs into desired outputs.
자산(기업 소유 자원), 부채(자원에 대한 부채), 소유주 지분(총자산에서 총부채를 차감하고 남은 기업자원에 대한 주주의 청구권)의 계정과 금액이 대차대조표에 표시됩니다. 독립된 감사인은 기업의 회계와 내부통제제도를 조사하고, 자산과 부채를 확인하며, 재무제표에 중대한 오류가 없다는 확신을 주려 노력합니다. 먼저, 우리는 기업 대차대조표에 있는 자산의 개념을 이해해야 합니다.
cash and equivalent
cash equivalent: bank deposits, usually in the form of certificates of deposit, whose withdrawal may be restricted but whose maturity is expected in the current accounting period
현금등가물: 은행예금, 주로 양도성예금증서의 형식을 취하며, 출금이 제한될 수도 있으나 만기가 현 회계기간에 도래함
Cash and equivalents increased 0.5% from December 31, 1999 to December 31, 2000
자산(기업 소유 자원), 부채(자원에 대한 부채), 소유주 지분(총자산에서 총부채를 차감하고 남은 기업자원에 대한 주주의 청구권)의 계정과 금액이 대차대조표에 표시됩니다. 독립된 감사인은 기업의 회계와 내부통제제도를 조사하고, 자산과 부채를 확인하며, 재무제표에 중대한 오류가 없다는 확신을 주려 노력합니다. 먼저, 우리는 기업 대차대조표에 있는 자산의 개념을 이해해야 합니다.
cash balance
the difference in the cash balance between the ending and beginning balance sheet.
현금잔액: 대차대조표의 기초현금과 기말현금 차이
This bottom-line number should equal the difference in the cash balance between the ending and beginning balance sheet.
이 밑줄 친 숫자가 기초현금과 기말현금 차이와 동일해야 합니다.
cash flow
the pattern of income and expenditures, as of a company or person, and the resulting availability of cash. The amount of cash a company generates and uses during a period.
현금흐름: 기업 또는 개인의 수입과 지출의 흐름으로 현금의 입수가능성을 수반한다. 현금흐름((감가 상각비를 가산한 순이익)); 현금 유출입, 현금 자금
Management must also ensure that cash flow is sufficient to sustain operations and meet obligations such as payroll. Vague strategies to increase shareholder value or cash flow are not especially informative. In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of McDonald''s Corporation at December 31, 2000 and 1999, and the consolidated results of its operations and its cash flows for each of . Vague strategies to increase shareholder value or cash flow are not especially informative. Another term, restructuring, also warrants a closer look, even though the language surrounding it generally implies that the negative effects are behind the company, there can be lingering effects to earnings and cash flow. The point is, too much inventory will likely create cash flow problems for the company. Corporate finance studies how companies can use its capital efficiently to generate cash flow and enhance shareholder value. Corporate finance studies how companies can use its capital efficiently to generate cash flow and enhance shareholder value. The basic idea behind the DCF method is to forecast the future free cash flow generate by the company, and then discount it by the appropriate discount rate to reflect the time value of money. For example, if a company’s free cash flow is $100 in the 10th year, and we assume it will grow at 10% every year forever. Today we will talk about the basics of forecasting cash flows, which is an important step for the Discount Cash Flow method. So, in our second five-lesson block, we gradually progressed our discussions from overview of different valuation methods to forecasting cash flows to DCF valuation to multiples valuation. The key to understanding how options work is to understand option pay-offs, or what cash flows they generate.
경영자는 또한 영업활동을 유지하고, 급여와 같은 부채를 상환할 수 있는 현금흐름을 만들어야 합니다. 현금흐름을 증대시키는 애매한 전략은 특별히 의미있는 정보가 되지 않습니다. 현금흐름을 증대시키는 애매한 전략은 특별히 의미있는 정보가 되지 않습니다. 본 감사인의 의견으로는 상기 재무제표는 McDonald의 2000년 12월 31일과 1999년 12월 32일 현재의 재무상태와 동일로 종료되는 양 회계연도의 경영성과 그리고 이익잉여금의 변동과 현금흐름의 내용을 기업회계기준에 따라 중요성의 관점에서 적정하게 표시하고 있습니다. 주주가치나 현금흐름을 증대시키는 애매한 전략은 특별히 의미있는 정보가 되지 않습니다. 또 다른 용어인 리스트럭쳐링 (구조조정) 역시 그 단어 주위에 언급된 내용이 일반적으로 이익과 현금흐름을 이연시킬수 있는 등의 기업에 부정적인 영향이 있음을 암시하며, 따라서 restructuring과 같은 단어가 등장하면 좀 더 경영상황에 대해 자세히 살펴볼 것을 경고합니다. 기업재무 : 기업재무는 기업이 영업운영에 필요한 자본배분, 충분한 현금흐름 창출, 궁극적인 주주가치 극대화 달성방법에 대한 연구입니다. 기업재무는 기업이 현금흐름을 창출하고 주주의
가치를 극대화하도록 기업자본을 어떻게 효율적으로 사용하는지 연구합니다. DCF법 뒤에 있는 기본사고는 기업이 창출할 미래 현금흐름을 예측하여 화폐의 시간가치를 반영한 적정한 할인율을 사용하여 현금흐름을 할인하는 것입니다. 예를 들어, 기업의 현금흐름이 10년째에 100달러이고, 우리가 매년 성장율이 영구히10%라고 가정한다고 합시다. 오늘 우리는 현금흐름의 기본적인 예측방법에 대해 논의하겠습니다. 두 번째 6수업동안 우리는 다양한 가치평가법의 개관부터 DCF법에 의한 현금흐름 예측과 배수평가법으로 우리의 토론을 확장하였습니다. 옵션이 어떻게 이용되는지 이해하는 핵심은 옵션 상환구조 또는 이들이 발생시키는 현금흐름을 이해하는 것입니다.
cash flow statement
a summary of a company''s cash inflows and outflows over a given period of time. integrates the information on the balance sheet and income statement to describe where a company''s cash came from and where it went during a period by reporting cash receipts and outflows classified as operating, investing and financing activitie.
현금흐름표: 주어진 기간동안 기업의 현금흐름을 요약한 것. 현금흐름표: 기업의 현금이 어디로 부터 유입되고 어디로 유출되는지를 설명해 놓은 대차대조표와 손익계산서 상의 정보를 통합한 것으로 일정기간 동안 발생한 현금 영수증과 현금 유출을 운영, 투자 그리고 재무활동 별로 분류하여 기록한 보고서를 말한다.
The SEC requires that the four basic financial statements, the balance sheet, income statement, the statement of stockholder’s equity, and the cash flow statement are included in a company’s annual report. Three statements: balance sheet, income statement, and cash flow statements should be provided along with adequate and fair analysis so that the information can help investors make a sound decision regarding a company. The Cash Flow Statement: Integrates the information on the balance sheet and income statement to describe where a company’s cash came from and where it went during a period by reporting cash receipts and outflows classified as operating, investing and fin. Cash flow statements should be used to analyze liquidity; discuss operating, financing, and investing cash flows; and discuss transactions or events with material liquidity implications.
SEC는 네 가지 기본적인 재무제표, 즉, 대차대조표, 손익계산서, 이익잉여금 처분계산서, 현금흐름표가 기업 연차보고서에 포함되도록 요구하고 있습니다. 세가지 재무보고서: 대차대자표, 손익계산서, 그리고 현금흐름표는 투자자들이 기업에 관한 올바른 판단을 할 수 있도록 적절하고 공정한 분석을 통해 제공되어야 합니다. 현금흐름표는 영업활동과 투자활동, 그리고 재무활동으로 인하여 발생한 현금유입과 유출을 보고함으로서 회계기간동안 기업의 현금이 어떻게 조달되고, 어떻게 사용되는지 기록하여, 대차대조표와 손익계산서의 정보를 통합하는 기능을 갖고 있습니다.
common share
common stock: a form of capital stock that usually carries the right to vote on corporate issues
보통주: 회사의 안건에 대해 의결권을 가지는 주식 증서
As reported in the Consolidated Operating Results, net income per common share increased 5%, significantly different than the 10% increase that excludes the effect of foreign currency translation mentioned in the Performance 2000 highlights.
SEC는 네 가지 기본적인 재무제표, 즉, 대차대조표, 손익계산서, 이익잉여금 처분계산서, 현금흐름표가 기업 연차보고서에 포함되도록 요구하고 있습니다. 세가지 재무보고서: 대차대자표, 손익계산서, 그리고 현금흐름표는 투자자들이 기업에 관한 올바른 판단을 할 수 있도록 적절하고 공정한 분석을 통해 제공되어야 합니다. 현금흐름표는 영업활동과 투자활동, 그리고 재무활동으로 인하여 발생한 현금유입과 유출을 보고함으로서 회계기간동안 기업의 현금이 어떻게 조달되고, 어떻게 사용되는지 기록하여, 대차대조표와 손익계산서의 정보를 통합하는 기능을 갖고 있습니다.
consolidated
to unite into one system or whole; combine
통합[합병] 정리된; 연결된.
When the term “consolidated” appears in the title of the financials it means that the combined activities of a number of separate legal entities are being reported as one economic unit.
재무제표에 “연결”이라는 용어가 나오면, 이 것은 법적으로 구분된 기업들의 결합된 활동이 하나의 경제적 실질로 보고된다는 것을 뜻합니다.
consolidated statement
the report of the assets, liabilities, and other finacial items, regarding two or more entities as one
연결재무제표: 2 개 이상의 복수기업집단을 단일 조직체로 간주하여 자산, 부채, 그리고 기타 재무계정들을 작성하는 재무제표.
Reporting consolidated statements is considered to be more meaningful than presenting separate financial statements for a number of different entities.
만일 여러 개의 기업들이 있다면, 연결재무제표가 각각의 개별재무제표보다 더 의미있다고 간주됩니다
constant currencies
financial performance numbers that exclude foreign currency translation effects.
외화변동 가격을 제외한 재정운용가.
McDonald''s Performance 2000 highlights states that earnings per share increased 10% in constant currencies.
McDonald의 2000년 성과 보고서는 주당순이익이 고정환율로서 10%상승했다고 보고합니다.
contingencies
An asset or liability that may arise in the future if certain events occur
우발자산 혹은 부채: 특정 사건이 발생함으로 인해 생겨날 수 있는 자산 혹은 부채
Footnotes provide additional information on items such as fixed assets, inventory, income taxes, pensions, debt, contingencies, marketable securities, significant customers, related party sales, export sales, retirement plans, and off-balance sheet obliga. Contingencies, Note 15. page 50: Legal proceedings covering a wide range of matters are pending or threatened in various United States and foreign jurisdictions against the Company, its subsidiaries and affiliates, including PM Inc., PM International and their respective indemnities.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채.
current asset
Those resources of an enterprise, such as cash, inventory, or prepaid expenses, whose consumption of use is expected to occur within the current operating cycle. cash, accounts receivable, inventory, and other assets that are likely to be converted into cash, sold, exchanged or expensed in the normal course of business, usually within a year.
유동자산: 현금, 재고자산, 선급금 등이 그 예로 현 영업활동 주기안에 소비될 것으로 예상되는 자원 . 현금, 외상매입금, 재고자산, 그리고 기타자산 등이 판매되거나 교환, 또는 정상적인 영업활동으로 소비되어 1년 이내에 현금으로 전환할 수 있는 자산을 말한다.
Accounting policies that are specific to an industry, but may differ from general practice. For example, Philip Morris classifies leaf tobacco inventories as current assets even though the products will not be sold and converted into cash for several years. Current Assets are cash and cash equivalents and any other assets that will be liquidated (converted to cash) or consumed during the next twelve months or the firm’s operating cycle, whichever is longer. One of the most common liquidity ratios is Current Ratio, which is defined as the ratio of current assets to current liabilities. For liquidity ratio, we learned current ratio, which shows a company’s ability to convert its current assets into cash and cover its current liabilities. The current assets of a company are all assets that could be converted to cash in less than one year. Current assets consist primarily of inventory, accounts receivable, and cash equivalents.
가장 일반적인 유동성비율 중에 하나가 유동비율이고, 이 비율은 유동자산을 유동부채로 나누어서 계산한 비율입니다. 효율성비율을 파악하기 위해서, 우리는 재고자산회전율과 자산회전율을 배웠는데, 이 두가지의 비율은 기업자산을 매출로 전환하는 기업의 영업효율성을 측정합니다. 기업의 유동자산은 2년이내에 현금으로 전환될 수 있는 자산들입니다. 유동자산은 재고자산, 매출채권, 현금등가물 등으로 구성되어 있습니다.
debt
an amount of money owed from one person or firm to another.
부채: 기업이 출자자 이외의 제３자로부터 빌린 자금으로 타인자본이라고도 한다.
Footnotes provide additional information on items such as fixed assets, inventory, income taxes, pensions, debt, contingencies, marketable securities, significant customers, related party sales, export sales, retirement plans, and off-balance sheet obliga.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채.
depreciation
an expense recorded to reduce the value of a long-term tangible asset. Since it is a non-cash expense, it increases free cash flow while decreasing the amount of a company''s reported earnings. the accounting procedure that allocates the cost of a fixed asset over its estimated useful life (plant and equipment is depreciated, but land is not).
감가상각: 고정자산의 가치감소를 비용으로 회수하는 절차로써 현금유동성이 없는 이유로 기업의 수익력이 감소하는 동시에 자유로운 현금 흐름의 증가를 가져온다. 고정자산(공장이나 설비는 가능하지만, 토지는 대상이 아님)의 추정기간동안에 걸쳐 이 자산의 원가를 배분하는 회계절차.
The Summary of Significant Accounting Policies will disclose the methods used to account for inventory, depreciation, income and expense recognition, intangible assets, pensions, stock plans and income taxes. Our gross margin will be 40% each year. Our depreciation and amortization expense will be 12% of sales. Operating expenses will be 24% of sales each year. Depreciation method that is used for federal income tax reporting, but not for financial reporting, MACRS method utilizes rapid depreciation which is usually much shorter than an asset’s estimated life. Depreciation: the accounting procedure that allocates the cost of fixed assets such as property, plant and equipment (but not land) over the estimated useful life of the asset. Deferred tax assets and liabilities arise from temporary differences that result from different accounting methods and estimates for book and tax purposes. Deferred income tax liabilities are recorded when taxable income is lower than book income due to the rapid depreciation of assets for tax purposes. Depreciation is an expense related to the anticipated useful life of assets. It may be computed based on either expected years of service or use, for example hours of operation. It is a common practice to discount expected Free Cash Flow, post tax which is the cash flow adjusted for non-cash items such as depreciation and amortization, changes in working capital and capital expenditure. It involves two basic steps: first, forecast sales, costs, working capital and capital expenditures; second, calculate future free cash flows using the formula: net income plus depreciation and amortization minus the change in working capital minus capital expenditures. You also need to add-back depreciation and amortization. Commonly used indicators to value company as a whole include: P to Revenue ratio, Price to EBITDA ratio, which is earnings before interest, tax, depreciation and amortization, and Price to EBIT ratio, which is earnings before interest and tax.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
earnings per share
A standardized measure of performance calculated as net income, which is subtracted by dividends on preferred stock, divided by the weighted-average number of common shares outstanding during an accounting period
= (Net Income - Dividends on Preferred Stock / Average Outstanding Shares ) This indicates the net income (after preferred dividends) per share of common stock. A common corporate performance statistic, the calculation of EPS is governed and mandated by GAAP.
주당순이익: 주당 할당되는 이익으로 다음과 같이 계산된다. EPS = 당기순이익- 우선주배당금/가중평균주식수
- 여기서, 가중평균주식수는 우선주를 차감한 수를 말함. 이는 보통주당 순이익(우선주배당후)을 말한다. 일반기업의 성과통계치 그리고 주당순이익은 일반적으로 인정된 회계 원칙에 의해 규정된다.
Looking ahead, our financial goals are to continue growing earnings per share, to increase return on investment and to grow shareholder value at a rate that investors expect and deserve.” Although the goals are mentioned, neither specific plans, nor a specific growth rate or return on investments are discussed. When you read income statements, profitability and operational health should be assessed. Total revenue and its growth pattern, operating income and net income and their growth patterns, cost structure in relation to profit margin, and earnings per share will get attention from investors. The Earnings per Share of the company went down for the second straight year.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 재무보고용이 아닌 세무보고용인 이 감가상각방법은 자산의 추정내용연수보다 훨씬 더 짧은 기간을 적용하여 초기에 많이 상각하는 방법입니다. 일반적인 방법은 감각상각비와 같은 비현금항목, 운전자본과 자본적지출의 변동 등으로 조정된 세후 기대현금흐름을 할인하는 것입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 역사적 자료를 사용하여, 여러분은 매출의 비율로 마케팅비용을 계산해야 합니다. 기업가치평가에 일반적으로 사용되는 지수는 주가 매출액비율, 주가EBITDA(이는 이자, 세금, 감가상가 및 감모상각비 차감전 순영업이익을 나타냄)비율, 주가 EBIT(이자 법인세 차감전 영업이익)비율이 있습니다.
expense
money spent by a firm to continue its ongoing operations.
비용: 기업이 사업운영을 유지하기 위해 소비된 금액.
The Income Statement: Reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increas Expenses ? As a noun, a decrease in owner’s equity accompanying the decrease in net assets caused by selling goods or rendering services or by the passage of time; a “gone” (net) assets; an expired cost. Measure expense as the cost of the (net) assets used.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다.
financial ratio
the result of dividing one financial statement item by another. Ratios help analysts interpret financial statements by focusing on specific relationships.
재무비율: 재무제표상의 하나의 계정항목을 다른 항목과 비교한 비율을 말한다. 재무분석가는 이러한 비율의 관계에 초점을 두어 재무제표를 해석한다.
As a financial manager, you need to closely examine four key financial ratios in order to monitor the progress of your company. Financial ratios can be used to analyze what influences a company’s earnings and cash flows in order to evaluate management performance in relation to profitability, efficiency, and risk.
재무비율은 기업의 수익성, 효율성, 위험과 관련하여 경영성과를 평가하기 위하여 기업의 이익과 현금흐름에 영향을 미치는 사항을 분석하는데 이용됩니다.
financial ratios
the result of dividing one financial statement item by another. Ratios help analysts interpret financial statements by focusing on specific relationships.
재무비율: 재무제표상의 하나의 계정항목을 다른 항목과 비교한 비율을 말한다. 재무분석가는 이러한 비율의 관계에 초점을 두어 재무제표를 해석한다.
Financial ratios can be used to analyze what influences a company’s earnings and cash flows in order to evaluate management performance in relation to profitability, efficiency, and risk. Last time, we discussed American Airlines financial ratios. And a good understanding of how to use financial ratios is important to understand how a company’s strategy, operation and finance fit together.
재무비율은 기업의 수익성, 효율성, 위험과 관련하여 경영성과를 평가하기 위하여 기업의 이익과 현금흐름에 영향을 미치는 사항을 분석하는데 이용됩니다. 지난 시간 우리는American Airlines의 재무비율을 논의했습니다. 오늘 우리 논의의 핵심은 재무비율입니다.
financial statement
the four basic financial statements required by SEC: the balance sheet, income statement, the statement of stockholder''s equity, and the cash flow statement are included in a company''s annual report.
재무제표: SEC요구하는 4가지의 기본적인 재무제표로 대차대조표, 손익계산서, 자본금변동표 그리고 현금흐름표를 말한다. 이러한 재무제표는 연차보고서에 포함된다.
Annual Report: A company’s report of its qualitative and quantitative performance. The quantitative analysis includes the company’s financial statements: balance sheet, income statement, and the statement of cash flows. In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of McDonald''s Corporation at December 31, 2000 and 1999, and the consolidated results of its operations and its cash flows for each of . Financial analysis begins with the financial status discussion based on your company’s financial statements (income statements, balance sheets, statement of cash flows), financial analysis of reports, and other information sources. In our third lesson we will focus on using various ratios to analyze financial statements. Did you identify working capital items on American''s financial statements? The controller is responsible for preparing financial statements, managing the company’s internal accounting, and taking care of tax issues.
본 감사인의 의견으로는 상기 재무제표는 McDonald의 2000년 12월 31일과 1999년 12월 31일 현재의 재무상태와 동일로 종료되는 양 회계연도의 경영성과 그리고 이익잉여금의 변동과 현금흐름의 내용을 기업회계기준에 따라 중요성의 관점에서 적정하게 표시하고 있습니다.세번째 수업에서 우리는 재무제표 분석을 위한 다양한 비율사용에 초점을 맞추겠습니다. 여러분은American Airlines의 재무제표에서 운전자본항목을 구분할 수 있습니까? 컨트롤러는 재무제표 준비와 기업 내부통제 관리, 세무적 문제점 검토에 관한 책임을 지고 있습니다.
fiscal year
an accounting period of 365 days (366 in leap years), but not necessarily starting on January; Any 12-month period that a company uses for accounting purposes.
회계년도: 365(윤년 366일) 회계연도를 말하는 것으로 12개월 기간동안 기업은 회계목적을 달성하며 반드시 1월에 시작해야 한다는 규정은 없다.
- 세입, 세출을 구분•정리하여 수지상황을 명확히 하고 그 실적을 평가하여 예산정책의 효과를 분석하기 위하여 설정된 인위적인 제도
A company''s fiscal year is its business year, usually a 12-month accounting period that may or may not correspond to the calendar year. An annual report is a formal report of a company''s performance during the fiscal year.
기업의 회계년도란 그 기업의 사업년도 12개월의 회계기간을 말하는 것으로 달력년도에 규정받지 않는다. 연차보고서 (annual report) 는 회계기간동안 기업의 성과를 보고하는 공식적인 보고서입니다.
fixed assets
a long-term, tangible asset held for business use and not expected to be converted to cash in the current or upcoming fiscal year, such as manufacturing equipment, real estate, and furniture. also called plant. A subcategory of noncurrent assets; usually represented by property, plant, and equipment
고정자산: 공장설비, 부동산, 그리고 가구 등과 같이 당기, 차기에도 현금으로 전환할 가능성이 없고 오랜 기간동안 고정적으로 사용되는 유형자산. 유형자산: 고정자산중의 하나로 주로 부동산, 공장, 설비를 의미한다
Footnotes provide additional information on items such as fixed assets, inventory, income taxes, pensions, debt, contingencies, marketable securities, significant customers, related party sales, export sales, retirement plans, and off-balance sheet obliga. Depreciation is the accounting procedure that allocates the cost of a fixed asset over its estimated useful life (plant and equipment is depreciated, but land is not). The accumulated depreciation expense related to the fixed assets is presented on the balance sheet.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채. 감가상각이란 고정자산(공장이나 설비는 가능하지만, 토지는 대상이 아님)의 추정기간동안에 걸쳐 이 자산의 원가를 배분하는 회계절차입니다
footnote
Written information by management designed to supplement the numerical data presented in a company''s financial statement . footnotes augment information provided in the annual report. The notes provide information that is necessary to have a complete understanding of a company''s balance sheet, income statement, and statement of cash flows.
주석: 회사의 재무제표에 숫자로 표현된 데이터를 보충하는 경영진이 덧붙인 상세설명. 사업보고서 밑에 주석을 첨부하여 보다 많은 정보를 제공하기 위한 것으로 기업의 대차대조표, 손익계산서, 그리고 현금흐름표를 완벽히 이해하는데 꼭 필요한 정보를 제공한다.
SEC regulations require the inclusion of summarized financial data, management’s discussion and analysis, the basic financial statements, footnotes, auditor’s report, stock price information, summaries of unaudited quarterly financial data, and a listing of directors and officers of the company. Footnotes allow users to improve assessments regarding the amounts, timing and uncertainty of reported items by providing information about accounting methods and assumptions used by management to develop the financial statements.
주석은 경영자가 재무제표를 만들기 위해서 사용한 회계처리 방법이나 가정에 대한 정보를 제공함으로서 보고된 항목의 금액, 시기, 불확실성에 관하여 이용자의 평가를 향상시키도록 도와줍니다.
foreign currency
money of another country from one''s own.
외화: 외국의 화폐.
When referencing the MD&A section readers find that constant currency excludes the effect of foreign currency translation on reported results, therefore these statements do not account for the negative impact of the Euro.
MD&A를 참조할 때, 이용자들은 고정환율이 보고서상의 외국환율 환산효과를 배제시키며, 따라서 이 보고서들이 유로의 부정적인 효과를 고려하지 않고 있다는 사실을 알게됩니다.
gains and losses
an increase or decrease in an amount of net income from transactions.
손익: 거래로 인해 발생한 순이익의 증가와 감소
The Income Statement: Reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increas
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다.
income statement
reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increases or decreases in net. reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increases or decreases in net . An organized outline where the sales, costs, and profits of the company are presented in details. a financial statement that gives operating results for a specific period
손익계산서: 일정기간동안 기업의 운영성과를 기록한 보고서로써 제품생산 또는 서비스 제공으로 인해 발생한 영업수익과 영업비용, 거래로 인해 발생한 자산수익의 증가와 감소에 따른 손익, 그리고 당기 순이익을 나타낸다.
Standardize the template for financial managers to report their subsidiaries’ balance sheets, income statements, and statements of cash flows. Financial analysis begins with the financial status discussion based on your company’s financial statements (income statements, balance sheets, statement of cash flows), financial analysis of reports, and other information sources. Three statements: balance sheet, income statement, and cash flow statements should be provided along with adequate and fair analysis so that the information can help investors make a sound decision regarding a company. Financial statement analysis means examining the financial statements of the company, like the balance sheet, the income statement, and the statement of cash flows, and calculating ratios. The income statement measures management’s ability to generate revenue and control expenses to earn a profit. Corporate shareholder annual reports are required to contain three financial statements prepared in accordance with generally accepted accounting principles, GAAP: the balance sheet, the income statement, and the statement of cash flows. The company has its own income statement, and what is going on with other companies is not exactly their business. The CFO wanted to see the balance sheet, income statement, and statement of cash flow of the newly-acquired company. Financial Management should provide projections for a two-year period which reflect your expected income statements and balance sheets
세가지 재무보고서: 대차대자표, 손익계산서, 그리고 현금흐름표는 투자자들이 기업에 관한 올바른 판단을 할 수 있도록 적절하고 공정한 분석을 통해 제공되어야 합니다. 손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다. 경로는 효율성과 제어가능성을 고려해서 선택되어져야 합니다. 재무 분야는 당신 회사의 향후 2년간의 추정 손익 계산서와 대차대조표를 포함해야 합니다.
income taxes
a tax on any money earned during a fiscal year, usually filed on a yearly basis. Taxes that must be paid to taxing authorities during the next twelve months
소득세: 보통 1년을 기준으로한 회계년도에 발생한 소득에 대해 과세되는 조세.
- 개인의 소득을 과세표준으로 하여 부과하는 직접국세를 말하며 국민경제적 입장에서 보면 소득세는 가계에 귀속된 분배소득에 대하여 과세되는 조세이다. 법인세
Footnotes provide additional information on items such as fixed assets, inventory, income taxes, pensions, debt, contingencies, marketable securities, significant customers, related party sales, export sales, retirement plans, and off-balance sheet obliga. Personal income tax is a tax collected on the income of an individual. In the U.S., the personal income tax is progressive, meaning that those with higher incomes pay taxes at higher rates than those with lower incomes. In the US, the personal income tax rate can go as high as 40%. One of the key factors affecting a company’s dividend policy is the tax implication for the company’s shareholders, because dividend payment is taxed at the personal income tax rate, which is usually higher than the capital gains tax rate for share repurchase. Income taxes ? taxes that must be paid to taxing authorities during the next twelve months. Income tax is usually a major expense in the income statement. The deduction of a company’s provision for income taxes from pretax income results in net income. The tax entry represents levies on a company’s earnings by federal, state, local, and foreign governments.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채. 소득세는 개인 소득에 부과되는 세금입니다. 미국에서, 소득세는 누진세인데, 이 것은 더 높은 소득자가 낮은 소득자보다 더 높은 세율로 세금을 지불해야 한다는 것을 의미합니다. 기업의 배당정책에 영향을 미치는 핵심요인 중에 하나는 기업 주주에 대한 세금효과입니다. 왜냐하면, 배당은 개인 소득세율로 부과되는데, 이 것은 주식 재매입에 대한 자본이득세율보다 더 높습니다.
intangible assets
an asset that is not physical in nature such as franchises, trademarks, goodwill, management and technical expertise, and patents. Assets that don''t have a physical presence and cannot be perceived. Some examples of intangible assets are goodwill, reputation, and brand name.
무형자산: 총판권, 상표권, 영업권, 경영자와 전문가의 지식 또는 의견, 그리고 특허권과 같은 실질적인 형태를 갖지 않는 자산.
The Summary of Significant Accounting Policies will disclose the methods used to account for inventory, depreciation, income and expense recognition, intangible assets, pensions, stock plans and income taxes. Intellectual property - all the intangible assets that the company possesses. Some examples are patents, trade secrets and employees’ knowledge and expertise. Nike is a company that is rich in both tangible assets and intangible assets.
중요한 회계정책의 요약은 재고자산, 감가상각비, 수익과 비용 인식기준, 무형자산, 연금, 자기주식 처분계획, 법인세계산에 대한 방법을 공시합니다. 회사가 소유하고있는 모든 무형자산으로 특허권, 거래비밀정보, 그리고 종업원의 지식 또는 전문성을 그 예로 들 수 있다.
net assets
Total assets minus total liabilities; equal total owners'' equity
순자산: 총자산에서 총부채를 차감한 금액. 총자본
Net income is the excess of total revenues over total expenses. Revenues ? The owner’s equity increase accompanying the net assets increase caused by selling goods or rendering services
순이익은 총수익에서 총비용을 차감한 초과분입니다.
net income
The difference between the aggregate revenues and aggregate expenses of an enterprise for a give accounting period; when aggregate expenses exceed aggregate revenues, the term net loss is used. The company''s total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses.
당기순이익: 회사의 회계기간 중 총수입에서 총비용을 차감한 금액. 총비용이 총수입을 초과하는 경우 당기순손실이라 한다. 기업의 매출에서 영업및 이자 비용, 감가상각비등을 공제한 뒤의 금액
The Income Statement: Reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increas Good, we''ll start with that. I want you to project net sales, costs, expenses, and net income out to ten years. Revenues, expenses, and any gains or losses are presented on the income statement to arrive at net income. Net income is defined as the excess of total revenues over total expenses. Equity includes a company’s accumulated net income as well as stocks. Stocks represent ownership interest in a corporation. It involves two basic steps: first, forecast sales, costs, working capital and capital expenditures; second, calculate future free cash flows using the formula: net income plus depreciation and amortization minus the change in working capital minus capital expenditures. one of the major targets was to achieve $1 billion in net income by 2000. Such a specific goal guided people where they should go.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다. 지분은 기업의 누적 당기순이익과 주식 등을 포함합니다. 주식은 소유주의 이자와 같은 개념입니다. 예측기법은 두 기본단계로 구성됩니다. 첫번째 단계는 매출, 비용, 운전자본, 자본적 지출의 예측이고, 두번째 단계는 공식 (당기순이익+감가상각비+감모상각비-순운전자본변동-자본적 지출) 을 이용하여 미래 현금흐름을 계산 입니다. 주요한 목표중의 하나는 2000년까지 순이익 10억불을 달성하는 것이었는데 그러한 구체적인 목표는 회사의 직원들로 하여금 그들이 어떤 노력을 해야 하는지 알리는 역할을 하였습니다.
off-balance sheet
reports money a company raises, which does not appear on the balance sheet, unlike loans, debt, or equity which do appear on the balance sheet, such as joint ventures, R&D(Research and Development) partnerships, and operating leases.
오프 밸런스 거래표: 대출금,부채, 지분과는 달리 대차대조표에 나타나지 않는 장부외 거래를 따로 기업하여 보고하는 것으로 연구개발제휴(R&D), 운용리스등이 대표적인 예이다.
Footnotes provide additional information on items such as fixed assets, inventory, income taxes, pensions, debt, contingencies, marketable securities, significant customers, related party sales, export sales, retirement plans, and off-balance sheet obliga. “Off-balance-sheet” financing are obligations that are not recognized on the financial statements. The review of supplementary information found in the footnotes is necessary to effectively interpret financial statements.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채.
operating cost and expense
Expenses incurred in carrying out the operations of a business, for example, selling expenses.
영업 비용: 정상 영업활동을 수행함으로써 발생하는 비용, 예를 들어 판매비
Total operating costs and expenses grew 9.8% from December 31, 1999 to December 31, 2000. Selling, general & administrative expenses are discussed in the MD&A section, but total operating costs and expenses are not.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채.
operating income
Gross profit (see above) less operating expenses (see c5-a-06)
영업이익: 매출 이익에서 영업비용을 차감하고 남은 금액
Operating income: gross profit less cost of goods sold (COGS) and other operating expenses. Growth in operating income was 0.3% during 2000, well below the 10-year compound annual growth rate of 7.6% and a significant drop from the 20.2% growth that McDonald''s’s experienced in 1999. All intercompany revenues and expenses are eliminated in computing revenues and operating income. Operating income, net sales minus cost of goods sold and other operating expenses, only increased by $10 million dollars in 2000, less than 1.0%, due to decreasing Company-operated margins in 2000 from 17.7% in 1999 to 16.9% in 2000, and a 7% increase in consolidated selling, general & administrative expenses in 2000. Operating Income ? gross sales less cost of goods sold (COGS) and other operating expenses.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채.
operational asset
same as current assets, called liquid because assets can be quickly converted into cash.
운용자산: 유동자산이라고도 하며, 1년 이내에 현금화 할 수 있는 자산을 말한다.
The straight-line method allocates the cost of an operational asset in equal periodic amounts over its useful life.
정액법은 자산의 사용기간동안 동일한 금액을 영업활동의 비용으로 분배합니다.
owners' equity
1. Total assets minus total liabilities of an individual or company. For a company, also called owner''s equity or shareholders'' equity or net assets.
2. Claims of an owner against the assets of his or her business.
자본금: 1. 개인 또는 기업의 총자산에서 총부채를 차감한 금액을 말하며 기업에서는 순자산액으로 부르기도 한다.
2. 기업자산에 대한 주주의 권리, 주장, 또는 청구권.
The types and dollar amounts of assets (what a company owns), liabilities (what it owes), and owners’ equity (the shareholders’ claims on the resources of the business after total liabilities are deducted from total assets) are reported on the balance she Owners’ equity represents stockholders’ claims on the resources of the business. The three elements reported on the balance sheet are ? assets, liabilities, and owners’ equity. Owners’ equity represents stockholders’ claims on the resources of the business. It is a combination of the owners’ investment in the company and the total earnings of the business that have been retained. Owners’ equity is the balance remaining after total liabilities are subtracted from total assets. Owners’ equity follows total liabilities in the balance sheet. The components of owners’ equity are listed in order of preference in case of liquidation: preferred stock is listed before common stock. Expenses ? As a noun, a decrease in owner’s equity accompanying the decrease in net assets caused by selling goods or rendering services or by the passage of time; a “gone” (net) assets; an expired cost. Measure expense as the cost of the (net) assets used.
자산(기업 소유 자원), 부채(자원에 대한 부채), 소유주 지분(총자산에서 총부채를 차감하고 남은 기업자원에 대한 주주의 청구권)의 계정과 금액이 대차대조표에 표시됩니다.
pension
a sum of money paid regularly as a retirement benefit or by way of patronage.
연금:국가나 단체가 법이나 계약에 따라 개인에게 일정 기간 또는 죽을 때까지 해마다 정기적으로 주는 금액.
Footnotes provide additional information on items such as fixed assets, inventory, income taxes, pensions, debt, contingencies, marketable securities, significant customers, related party sales, export sales, retirement plans, and off-balance sheet obliga.
주석은 다음과 같은 항목에 대하여 추가적인 정보를 제공합니다: 고정자산, 재고자산, 법인세, 연금, 부채, 우발상황, 시장성 유가증권, 중요한 고객, 특수관계자 거래, 수출, 퇴직규정, 부외부채.
retained earnings
the percentage of net earnings not paid out in dividends but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. This is sometimes referred to as the retention ratio. Those earnings of an enterprise that have been retained in the enterprise (have not been paid out as dividends) for future corporate use
사내유보 (이익잉여금): 기업이 당기에 처분해야 할 이익을 모두 배당이나 임원상여금 등으로 사외에 유출하지 않고 그 일정부분을 각종의 적립금 또는 준비금으로 사내에 유보시키는 것으로 사내유보는 기업이 설비를 확장하거나 안정배당을 하기 위하여 자기자본을 저축하는 것을 말하며 보유율이라고도 부른다.
- 사내유보가 많은 회사일수록 주당순자산가치가 높아지며 무상증자 실시여력은 물론 기업의 경쟁력과 수익성을 강화시키는 효과가 있다. 이익잉여금: 배당의 형태로 지급되지 않고 회사의 미래 사용을 위해서 회사내에 유보한 순이익
The statement of stockholders’ equity or retained earnings reports how net income and the distribution of dividends affected the financial position of the company during the accounting period. Net income is used to feed the retained earnings account, from which dividends may be paid or funds are reinvested in the company. Retained Earnings are the cumulative earnings of a company that have not been distributed to its owners as dividends, but have been reinvested in the company. Retained earnings do not represent ready cash.
이익잉여금 처분계산서는 회계기간동안 기업의 재무상태에 영향을 미치는 순이익의 변동이나 배당의 지급내역을 보고합니다. 소유주지분은 이러한 두 가지 원천으로 변동합니다.
return on investment
amount earned on a company''s total capital. Calculated by dividing total capital by earnings before interest, taxes and dividends. Book income as a proportion of net book value. Profit generated by a property, such as rents, etc. Usually stated with the profit as a percentage of the total amount invested.
투자 수익(매출대비 이익률):회사의 총 자본 대비 수익 비율. 이자, 세금 및 배당금을 제하기 전의 수익을 총 자본으로 나눈 수치. 투자이익율: 순장부가액 대비 장부상 순이익
Yes, Mark. In your pricing decision, I''ve noticed that you''ve been very good about incorporating profit margins, return on investment, and market share. Looking ahead, our financial goals are to continue growing earnings per share, to increase return on investment and to grow shareholder value at a rate that investors expect and deserve.” Although the goals are mentioned, neither specific plans, nor a specific growth rate or return on investments are discussed. VCs normally look for three to five year investment horizon and forty percent return on their investment. But before you start thinking that we are basing all pricing decisions on human psychology, we should let you know that the international pricing policy includes corporate objectives such as profit margins, return on investment and market share in the pricing decision. Specific plans are not mentioned in the McDonald''s letter, but goals to grow earnings per share, increase return on investment, and grow shareholder value are mentioned
그래요, Mark. 당신의 가격결정과정을 볼 때 이윤, 투자환원, 그리고 시장 점유율 등을 통합해서 고려하는데 아주 능숙했어요. 벤처캐피탈들은 3년에서 5년동안의 투자기간과 40퍼센트의 투자수익율을 목표로 합니다. 그러나 모든 가격결정이 사람의 심리적인 면에 의지해서 이루어진다고 생각하기 전에, 국제 가격결정 정책은 이윤, 투자환원 등의 기업목표를 포괄하고 있다는 점을 알아야 합니다. 개별 계획은McDonald의 보고서에서 언급되지 않으며, 주당순이익의 향상이나, 투자수익율의 증진, 주주가치의 증가 등의 목적이 언급됩니다.
revenues
The inflow of assets, the reduction in liabilities, or both, from transactions involving an enterprise''s principal business activity (for example, sales of products or services) also known commonly as sales
매출: 기업의 주요 영업활동과 관련하여 이루어진 거래로 부터 얻어지는 자산의 증가, 부채의 감소 혹은 둘 모두
The Income Statement: Reports the operating performance of a company for a period by presenting revenues (inflows from delivering or producing goods and rendering services), expenses (outflows from delivering or producing goods), gains and losses (increas $10 million is a small price to pay for enlarging our markets and increasing our revenues by over $50 million. Revenues ? The owner’s equity increase accompanying the net assets increase caused by selling goods or rendering services. Revenues ? inflows or enhancement of assets of an entity or settlements of its liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations. In this case, even if the retailers get very upset with HP and refuse to sell HP products, it will not be a problem since the website will generate higher revenues, especially if one considers there is no need to pay the middle man.
손익계산서는 당기 수익(재화를 생산하여 인도하거나, 용역을 제공하여 얻은 유입액), 비용(재화를 생산하거나 인도함으로서 발생하는 유출액), 이익과 손실(거래로 인하여 발생한 순자산의 증가나 감소), 그리고 순이익을 통하여 일정기간동안의 기업의 영업성과를 보고합니다. 이 사례에서 소매상들이 HP의 처사에 매우 분노하고 HP 제품 판매를 거부하더라도 웹사이트가 더 많은 이익을 창출하고 있기 때문에 별 문제가 되지 않습니다. 특히 중간상에게 돈을 지불할 필요가 없다고 생각한다면 더욱 그렇습니다.
shareholders
sometimes called a stockholder, this is any person, company, or other institution that owns at least 1 share in a company. owner of one or more shares of stock in a corporation.
주주: 주식을 1주 이상소유하고 있는 자로서 주식회사의 구성원인 사원을 말한다.
The board of directors is elected by the shareholders to represent their interests. Annual report preparers concentrate on the report’s packaging in order to capture the attention of the average shareholder that may only briefly glance at a company’s annual report. By buying stocks, you become a shareholder in a company and you can vote in shareholders meetings. Corporate finance studies how companies can use its capital efficiently to generate cash flow and enhance shareholder value. I could cost us $300 million in profits in just China alone, and I''m sure our shareholders will not be crazy about our missing such an opportunity. It is the chairman’s best opportunity to communicate with shareholders. The DCF model gives us the enterprise value by discounting expected free cash flow for both debt holders and shareholders. Free cash flow is the cash flow from a company’s operation and investment that belongs to debt holders and shareholders. The equity value calculated by Bill is the piece that belongs to the shareholders. For instance, profit after tax is attributable exclusively to shareholders because debt holders generally have no claim over after tax profits, assuming they received the required interest payments. Debt holders and shareholders alike invest in a company in the hope of receiving cash flow from the company in the future, and that is why we need to forecast future cash flow in order to value the company. A dividend is a payment declared by a company''s board of directors and given to its shareholders. Reading the letter to shareholders and the corporate message, which is filled with photos and feel-good material about McDonald''s will give readers a good background of the company.
이사회는 주주들이 자신의 이해을 나타내기 위해서 선출합니다. 모든 채권이 지급되고 난 후, 남아있는 금액이 주식소유자, 즉 기업주주에게 귀속됩니다. 기업재무는 기업이 현금흐름을 창출하고 주주의 가치를 극대화하도록 기업자본을 어떻게 효율적으로 사용하는지 연구합니다. 중국에서만 3억불의 수익을 놓치게 되는 셈입니다. 이런 기회를 놓치면 우리 주주들이 좋아할리 없죠. 이 것은 경영자가 주주와 의사소통할 수 있는 가장 좋은 기회입니다. 현금흐름할인법은 채권자와 주주 모두에 대한 기대현금흐름을 할인하므로 기업가치에 대한 정보를 제공합니다. 자유현금흐름은 회사의 사업운영과 투자결과로 채권자와 주주들에게 지급될 현금흐름이다. 정확합니다. Bill의 의해서 계산된 주식가치는 주주에게 귀속되는 것만이어야 합니다. 예를 들어, 세후 순이익은 부채소유자가 요구된 이자지급을 받은 후 세후 이익에 대한 청구권을 갖고 있지 않기 때문에 배타적으로 주주에게 귀속됩니다. 채권자와 주주는 유사하게 미래에 투자기업으로부터 자금을 회수할 것으로 기대하고 자금을 제공하며, 이 것이 기업가치를 평가하기 위해 미래 현금흐름을 예측하는 이유입니다. 배당은 기업의 이사회가 선언하여 주주에게 지급하는 금액입니다. 문서나McDonald에 대한 사진과 좋은 기록으로 가득채운 기업 메시지를 읽는 것은 이용자에게 기업의 좋은 인상을 제공합니다.
straight-line method
allocates the cost of an operational asset in equal periodic amounts over its useful life.
정액법: 고정자산의 사용기간 동안 일정액의 감가상각비를 계상하는 방법.
The straight-line method allocates the cost of an operational asset in equal periodic amounts over its useful life. In consideration of the long histories of these brands, goodwill and other intangible assets associated with them are amortized on the straight-line method over 40 years. The use of the accelerated depreciation for taxes will result in lower taxable income in the early years of a depreciable asset’s life versus book income that uses the straight-line method of depreciation. Straight line ? The straight-line method allocates the cost of an operational asset in equal periodic amounts over its useful life
정액법은 자산의 사용기간동안 동일한 금액을 영업활동의 비용으로 분배합니다. 정액법- 정액법은 자산을 운영기간에 걸쳐 동일한 금액으로 배분하는 방법입니다
total liabilities
The dollar value of an enterprise''s obligations to repay monies loaned to it, to pay for goods or services received by it, or to fulfill commitments made by it
부채: 회사가 빌린 돈에 갚을 의무, 제공받은 재화나 용역에 대한 대가를 지급할 의무, 약속을 이행할 의무 등에 대한 금전적 가치
The types and dollar amounts of assets (what a company owns), liabilities (what it owes), and owners’ equity (the shareholders’ claims on the resources of the business after total liabilities are deducted from total assets) are reported on the balance she
자산(기업 소유 자원), 부채(자원에 대한 부채), 소유주 지분(총자산에서 총부채를 차감하고 남은 기업자원에 대한 주주의 청구권)의 계정과 금액이 대차대조표에 표시됩니다.
Lesson 1 Annual Report Overview 1
1)
An annual report is a formal report of a company's performance during the fiscal year. Public companies produce annual reports to communicate with people and institutions that own the company as well as customers and potential investors.
Thousands of publicly held companies spend billions of dollars a year to produce millions of copies of annual reports. The annual report is a practical way for users to become informed about a company's financial health and performance.
The corporate annual report is a defining document for many companies. Its preparation is an enormous and costly undertaking that can last up to a year.
A good annual report is easy to understand, appeals to a broad readership, and provides candid disclosure. It is the chairman's best opportunity to communicate with shareholders. The annual report process begins when associates meet to discuss the structure and cost per page of the annual report.Most of the effort will be spent on the front of the annual report, trying to convey an image about what the company is.
2) Information contained in an annual report includes:
1. the company's economic condition and management policies;
2. financial review;
3. management's discussion; and
4. analysis.
Annual reports can be thought of as financial report cards that detail a company's economic condition and management policies.
Companies use annual reports to communicate both financial and non-financial information to shareholders and others.
Audited financial statements, related footnotes, and supplementary data are presented in annual reports to disclose a company's business activity.
Although the financial review and management's discussion and analysis are the core of the report, glossy photographs of products, facilities, and smiling workers make annual reports an effective marketing tool.
The development and design of an annual report is taken seriously; photography and slick graphics give annual reports a glossy appeal to encourage readership.
Averaging approximately forty pages in length, an annual report is nothing more than a glorified financial statement, with the important information concentrated in a few key sections.
3) Evolution of the Securities and Exchange Commission (SEC) and its governance over companies' accounting practices
Publicly held companies with $10 million or more in assets and 500 or more shareholders are required by the Securities and Exchange Commission (SEC) to file annual reports in order to keep investors informed and provide an annual assessment of a company's performance.
Before the stock market crash of 1929 there was little federal regulation of securities markets. However, following the Great Crash of 1929 Congress passed the Securities Act of 1933 and the Securities and Exchange Act of 1934. Congress established the Securities and Exchange Commission to enforce the Securities Act of 1933 and to restore public confidence in capital markets by providing structure and government oversight. The laws can be summarized as follows:
The Securities Act of 1933, referred to as the "truth in securities" law, requires that companies offering securities for public sale provide investors with financial and other significant information. The Act prohibits deceit and fraud in the sale of securities; brokers, dealers, and exchanges must treat investors fairly and honestly.
• With the Securities and Exchange Act of 1934, Congress established the Securities and Exchange Commission. The Act gives the SEC broad authority to register, regulate, and oversee all aspects of the securities industry, including disciplinary powers, and enables the SEC to require periodic reporting by publicly traded companies.
4)The objective of the SEC to protect investors and maintain trust of the financial market
The objective of the SEC is to protect investors and maintain the integrity of securities markets. The value of stocks, bonds, and other securities is not guaranteed, therefore investors must research their investments carefully.
The concept that all investors should have access to basic facts about a company is central to the laws and regulations that govern the securities industry. The SEC requires publicly held companies to disclose financial and other information.
It is designed to provide investors with the knowledge necessary to enable them to determine if a company is worth investing in.
Timely, comprehensive, and accurate information is necessary for informed investing. Corporations are required to comply with regulations regarding the disclosure of information on a continuing and periodic basis.
The Division of Corporation Finance of the SEC reviews annual reports to shareholders and other documents that publicly held companies are required to file with the SEC. The staff reviews annual reports to determine if companies are meeting disclosure requirements. The requirements mandate that publicly held companies must make all information available that would be relevant to an investor's decision to buy, sell, or hold shares in a company.
5)Minimum disclosure standards for the annual report of public companies
The SEC sets minimum disclosure standards for the annual reports of public companies. SEC regulations require the inclusion of the following: summarized financial data, management's discussion and analysis, the basic financial statements, footnotes, auditor's report, stock price information, summaries of unaudited quarterly financial data, and a listing of directors and officers of the company. Public companies must file annual reports on Form 10-K with the SEC within 90 days of the fiscal year-end.Edgar, the archival database of the SEC, is publicly available on the Internet and contains all SEC filings such as 10-Ks, but it does not contain annual reports since they are not filed electronically with the SEC.
Form 10-K is electronically filed with the SEC and contains detailed financial statements and financial footnotes that may not be presented in annual reports to shareholders.
Although the 10-K does not contain charts, photos, or graphics, it does contain more information than the typical annual report. It must include information on business activity, industry segments, property, legal proceedings, management discussion and analysis and changes or disagreements with auditors. Also included are financial statements and footnotes, as well as investee financial statements and parent company financial statements when applicable. Compensation for directors and executive officers including stock options and information regarding related party transactions must also be included
6) The 10-K report:
1. includes a more detailed report on the company that includes the annual report,
2. Is required by the SEC regulation
In general, the 10-K presents all the information found in the annual report. That is in addition to required schedules concerning condensed financial information, bad debts and other valuation accounts, property, plant, and equipment and accumulated depreciation, mortgage loans, warranties, inventories, and advertising.
The annual report is briefer and easier to read than the 10-K, with graphs and photos to gives the document a more polished look and offers a good starting point for researchers.
Although some companies either send copies of the 10-K with the annual report or include it as part of the annual report, the SEC requires companies to indicate that the 10-K is available free of charge upon request.
Most annual reports contain nine identifiable sections: the annual letter to shareholders, the corporate message or operational overview, financial summary, management discussion and analysis, financial section, footnotes, list of directors and officers, report of independent accountants, stockholder information. However, not all reports will have the same type or degree of information and the order varies. Diverse corporate activity leads to differences in annual reports, aside from SEC requirements. Also, the information contained in annual reports is subject to management's discretion. For example, companies such as Philip Morris that have several business lines have complex operations and may provide a company matrix to describe each business segment.
7) Letters from management and directors to Shareholders
Every annual report contains a letter to shareholders from the chairman of the board of directors or the chief executive officer that summarizes the company's business. The letters are typically filled with propaganda, but their underlying tone will give readers a valuable first impression of the company and its management.
From the letter, readers will get a feel for what the chairman thinks he should tell shareholders regarding the company's financial performance, sales and profitability, business philosophy and management style.
The letter may also discuss changing conditions that might impact the company's business, successes and failures during the preceding year and plans for the future.
Most letters will be positive and upbeat, therefore readers should be aware of marketing messages and watch for signs of negative issues. Readers should be alert for a clear turnaround plan to address any past failures. Vague strategies to increase shareholder value or cash flow are not especially informative. Reviewing past annual reports will help readers determine if past strategies were successfully executed.
8) Corporate Message and operational overview
The corporate message and operational overview is the easiest component of the annual report for inexperienced readers to understand.
As a business review, it covers the sales and marketing of products and services, financial highlights, trends, recent developments, future objectives, and social concerns and responsibilities.
This section is usually the largest portion of the annual report. As a marketing opportunity, the overview is straightforward and has a public relations orientation, using photographs to reflect a positive image of the company and augment the discussion of its operations, corporate culture, and mission. Larger companies with several business lines can be complicated to understand. Some companies such as Philip Morris provide a matrix that describes each business segment's products and markets and highlights key financial data.
9) Financial Summary
This is a summary of a company's financial position and performance over a five- or ten-year period.Besides providing a quick overview of the current year's financial performance, the section provides an opportunity to review financial trends.
The section typically provides comparable data for sales, income from continuing operations, income per share for continuing operations and long-term debt.
The section also provides ratios, such as return on assets, return on equity, working capital, number of shares outstanding, and the market price per share.The information found in the financial summary is chosen to portray the company's financial health and performance in the best way possible. Therefore, to have an accurate idea of what the information represents readers must investigate its source.Many of the figures presented may be true, yet may not be truly representative of the entire picture.
For example, sales increase could result from costly expansion and acquisitions or greater volume in the preexisting business base. Although the figure is a factual representation, readers must know how the number was generated and what it represents to have an accurate idea of a company's performance.
In addition, to determine performance trends readers should consider data over a three to five year time span. A comparison of two back-to-back years may be misleading; a bad year followed by a mediocre year will make a company's performance appear better than it was.
10) The management's discussion and analysis (MD&A): a component of the SEC's disclosure requirement
The SEC requires management's discussion and analysis or MD&A. MD&A comments on results of operations, trends in sales and expense categories, capital resources and liquidity including cash flow trends, and management's outlook. MD&A provides information regarding past operating results and discusses key elements including risks the company faces, changes in accounting practices, acquisitions, and business segment performance among other things. All right. I'll stop my lecture now.
South Korea to Guarantee Some Foreign Debt
By CHOE SANG-HUN
SEOUL — In an effort to shore up domestic banks and keep its markets from sinking further, South Korea announced Sunday that it would guarantee up to $100 billion in foreign debt held by its banks and would pump $30 billion more into the banking sector.
“The government has decided to join in global coordinated efforts to stabilize financial markets,” Kang Man-soo, minister of strategy and finance, said at a news conference after a series of emergency financial meetings. “And we will continue to provide pre-emptive, decisive and sufficient measures to this end.”
Mr. Kang was joined by the two other top South Korean economic officials, Lee Seong-tae, the Bank of Korea governor, and Jun Kwang-woo, head of the South Korean Financial Services Commission.
In a country still gripped by the memory of the Asian financial crisis in the late 1990s, the government has sought to assure the public that there would be no repeat of that financial disaster. It has said that South Korea has more than enough foreign currency reserves, totaling $240 billion, to ride out the liquidity crisis.
But concern has grown as countries like Iceland and Ukraine have begun asking for emergency financing from the International Monetary Fund, and South Korea began to look vulnerable.
Its currency, the won, has lost 30 percent of its value against the dollar this year. With borrowing costs soaring, South Korean banks have scrambled to secure the dollars needed to repay maturing foreign-currency loans. The guarantee on foreign debt comes after the credit rating agency Standard & Poor’s said last week that it might cut the ratings of the largest South Korean lenders. Another rating agency, Moody’s Investors Service, said last week that the nation had “one of the few banking systems in Asia where domestic deposits are insufficient to fund loans.”
The banks’ attempts to hoard cash worsened the liquidity pressures on export-driven South Korean businesses, which have been reeling from the global economic slowdown. In recent weeks, the government has urged major exporters like Samsung and Hyundai to sell some of their huge dollar reserves, promising that falling oil prices would help bring the country’s current account back into positive figures later this year.
Under the measures announced Sunday, the government will offer a three-year guarantee on foreign debt taken on by South Korean banks from Monday to June 30, 2009.
It will also provide the banking industry with the equivalent of $30 billion in dollar liquidity by using its foreign-exchange reserves.
In an effort to stabilize the stock market, the government promised tax benefits to long-term investors in stocks and bonds, including an exemption from taxes on dividends.
“When people believe that their economy is bound for a long-term recession, you cannot explain to them why they should make long-term stock investments,” said Lee Han-woo, who sells stock investment plans for a Korean brokerage firm.
South Korea to Give Banks $100 Billion In Loan Guarantees
Move Aims to Boost Market, Currency
By Blaine Harden
Washington Post Foreign Service
Monday, October 20, 2008; A10
TOKYO, Oct. 20 -- To shore up a tumbling stock market and a troubled currency, South Korea announced Sunday that it would guarantee $100 billion in foreign debt and supply $30 billion to banks and exporters in urgent need of dollars.
Amid a global financial crisis, South Korea has emerged as among the most vulnerable major economies in Asia, despite plenty of foreign reserves in its central bank and booming exports to China, India and the Middle East.
The credit-rating agency Standard & Poor's placed five major South Korean banks on a watch list last week, citing their problems in finding dollars to repay foreign currency loans. President Lee Myung-bak has pleaded with citizens to stop hoarding dollars and "refrain from greedily pursuing private interests."
Finance and central bank officials in Seoul had resisted the kind of sweeping guarantees to banks and financial institutions that have been offered in the United States, Europe and elsewhere in Asia. They had insisted that the fundamentals of their country's economy were strong and said the foreign media were exaggerating financial problems.
On Sunday, though, the government conceded that fear has trumped fundamentals. South Korea's currency, the won, is down 30 percent against the dollar this year, making it the biggest loser among major world currencies. The stock market has fallen 38 percent. Panicky foreign investors have pulled more than half their holdings out of South Korean stocks.
"As other major economies start providing guarantees to interbank loans, the Korean government will take similar measures to avoid placing domestic banks at a comparative disadvantage in terms of overseas funding and to allay fears in the financial markets," a government statement said.
The central bank will guarantee, up to $100 billion, foreign-currency loans made by domestic banks from Monday through June, the government said. It estimated the banks owe about $80 billion in loans that come due before the end of June.
The Bank of Korea has about $240 billion in foreign exchange reserves and will make $30 billion available to local banks that have grown increasingly desperate to find dollars to repay foreign currency-denominated loans, the government announced.
The loan guarantees require approval from the parliament. Until then, the government said, the Korea Development Bank or Korea Eximbank will cover the new commitments.
Currency traders approved Monday morning of the government efforts, pushing up the price of the won as much as 22 percent against the dollar.
To prop up the stock market and investment firms, the government said it "will provide tax incentives for long-term holdings of funds." And to help small and medium-size businesses, many of which have failed to find credit in recent months, the government said it would make an investment that should release about $10 billion in loans.
Unlike many other countries, however, South Korea has decided not to increase the ceiling on bank deposits guaranteed by the government.
South Korea's problems with raising dollars grew steadily more alarming this year, even as its exports boomed. Exports are up 28 percent this year, according to the finance ministry.
The problem has been finding enough dollars to pay for the soaring cost of imported oil, coal and food, as well as to service foreign-currency loans.
Making matters worse, some of South Korea's major exporters began hoarding their dollar earnings, keeping the money to buy supplies for their factories and speculating that the value of the currency would rise. Thousands of citizens followed suit, hoarding dollars at home and watching the currency's value soar against the won.
As the global credit crunch tightened in late summer, South Korean banks could not obtain dollars from major international banks that have operations in Seoul. These banks were struggling as well amid the credit crisis in the United States and Europe.
The South Korean economy has been growing at a relatively brisk rate of about 4.5 percent the past five years. But forecasters say a global recession and a slowdown in exports will be a major brake on growth in the next year.
Household debt in South Korea, at 153 percent of disposable income, is considerably higher than elsewhere in Asia. About a fifth of the average Korean's paycheck goes toward interest on debt. Some analysts say a recession, with rising unemployment and a fall in income, could burst South Korea's debt bubble, as occurred during the 1997 Asian financial crisis.
The government said Sunday that the country's "real economy and its financial sector are sound." But the decision to guarantee bank loans and invigorate businesses with easier credit suggests otherwise.
"These measures will help soothe anxiety of the financial market," the government statement said.
In another response to the global financial crisis, the Dutch government will invest $13.4 billion in the banking and insurance company ING Group to boost its capital position, the Associated Press reported Sunday.
The government's stake would be about 8.5 percent, but the investment is temporary. The government will name two members to ING's supervisory board.
Dozens of builders, shipbuilders may face revamp
SEOUL, Dec. 25 (Yonhap) -- At least 40 domestic builders and shipbuilders classified as non-viable are expected to face restructuring following a government announcement that unhealthy firms will be revamped starting in January, financial sources said on Thursday.
On Tuesday, the Financial Supervisory Service (FSS), the country's financial watchdog, said the government will seek to overhaul the two sectors to prevent non-viable firms from collapsing, as their insolvency would weigh heavily on the local economy.
A slowing economy has resulted in a huge number of unsold apartments, and many cash-strapped small and mid-sized construction firms are struggling to service debts taken out during the 2005-2006 housing boom.
South Korean shipyards, which secured record orders in recent years due to strong demand, are also feeling the pinch as the slumping economy and a sharp decline in new orders, along with foreign exchange losses, are eroding their profitability. Some smaller players are facing a severe liquidity squeeze.
According to sources, given cash flows, operating profits and the debt ratio, at least 40 construction firms and smaller shipbuilders could be classified as candidates for the restructuring.
Market watchers said local automakers, chipmakers and petrochemical firms may become the next targets for the overhaul.
Kim Jong-chang, governor of the FSS, said that if problems facing carmakers and chipmakers become serious, the financial watchdog will consider providing funds as well as restructuring the sectors.
"We are strengthening monitoring of the sectors that could face financial troubles," an official at a local bank said. "If banks beef up credit risk assessment for them, more firms could be weeded out."
Local carmakers are coping with a continuing decline in sales at home and overseas as consumers are cutting back on spending on big-ticket items in the face of a credit crunch and the deepening economic slowdown.
China's Shanghai Automotive Industry Corp., the parent firm of Ssangyong Motor Co., warned that it will pull out of from the troubled carmaker if Ssangyong's labor union resists a restructuring plan.
(LEAD) POSCO sells bonds worth 50 bln yen
SEOUL, Dec. 25 (Yonhap) -- POSCO, the world's fourth-largest steelmaker, said Thursday that it has raised 50 billion yen (US$553 million) by selling bonds in the Japanese currency to fund the takeover of a Brazilian ore mining firm and imports of raw materials.
The privately placed samurai bonds will mature in three years and carry an interest rate of 1.6 percentage point above the Yen Tibor, or the Japanese inter-bank interest rate, POSCO said.
A Samurai bond is a yen-denominated bond floated in Japan by non-Japanese firms.
The proceeds will be used to buy a stake in the Brazilian ore miner, Namisa, and settle import bills, the company said.
In October, POSCO decided to spend about $500 million to purchase a 6.48 percent stake in Namisa in an effort to secure a stable supply line of iron ore, a key raw material for making steel.
A company official said the successful bond sale, which comes amid an international funding squeeze, reflects POSCO's high credibility in the international financial market.
LGE forecast to top Samsung in Q4 operating profit
SEOUL, Dec. 25 (Yonhap) -- LG Electronics Inc. is expected to overtake bigger rival Samsung Electronics Co. in fourth-quarter operating profit for the first time in seven years, a market research firm said Thursday.
According to financial information provider FnGuide Inc., LG Electronics is expected to post 206.8 billion won (US$158 million) in operating profit for the October-December period, while Samsung Electronics is forecast to record an operating loss of 147.2 billion won.
LG Electronics said that if the market forecasts hit the mark, it will the first time since the fourth quarter of 2001 that its quarterly operating profit has exceeded that of Samsung Electronics.
Market watchers attributed LG's expected better performance to Samsung's struggling chip segment, which has seen its operating profit margin sink amid falling prices stemming from an oversupply.
LG's solid performance in the handset and home electronics markets is also responsible, they said.
Smaller firms' biz outlook hits record low
SEOUL, Dec. 25 (Yonhap) -- Smaller local firms' business outlooks for January worsened to a record low as a deepening economic slump is expected to dent exports and domestic demand, a survey showed Thursday.
The small business health index (SBHI), a gauge of the firms' business sentiment for the future, came in at 60.1 for January, compared with 65 the previous month, according to the Korea Federation of Small and Medium Business. The figure is the lowest level since April 2000 when the agency began to compile related data.
A reading of below 100 means pessimists outnumber optimists. The survey of 1,418 companies was conducted from Dec. 11-18.
The index for export outlooks reached 62.2 for January, down from 66.5 the previous month, while the index for domestic sales declined to 59.5 from 64.1, it added.
The South Korean economy expanded 0.5 percent in the third quarter from three months earlier, the weakest growth in four years, as exports lost steam amid sluggish domestic demand.
The government is aiming to achieve economic growth of around 3 percent in 2009 by expanding fiscal spending. But the Bank of Korea, the central bank, predicted that Asia's fourth-largest economy will grow just 2 percent next year, down from an estimated 3.7 percent advance for this year.
S. Korean economy forecast to grow 1.8 pct in 2009
SEOUL, Dec. 25 (Yonhap) -- The South Korean economy is expected to grow 1.8 percent in 2009 due to slumping exports and weak domestic demand, a private think tank said Thursday, halving its earlier growth forecast of 3.6 percent.
In its latest report on the economy, LG Economic Research Institute said the nation's gross domestic product is likely to gain 0.3 percent in the first half of next year and 3.2 percent in the second half.
"Next year's economic growth rate will likely hover in the upper 1-percent range despite the government's massive stimulus package," it said.
Without the government's pump-priming measures, which will translate into 35.6 trillion won (US$27.1 billion), the economy could contract next year, it said, adding the steps will likely help boost the growth rate by 1.01 percentage point.
The think tank's growth prediction is lower than estimates made by the government and the central bank.
Last week, the Ministry of Strategy and Finance predicted the economy will likely grow 3 percent next year. Early this month, the Bank of Korea projected the economy to expand 2 percent.
According to the institute, exports -- the main growth engine of Asia's fourth-largest economy -- are expected to fall 7.3 percent in 2009 from this year, with imports likely to drop 10.9 percent on-year. The country is forecast to post a current account surplus of $7.6 billion in the coming year.
Growth of private consumption is projected to decline to 0.9 percent in 2009 from this year's 1.2 percent, and corporate spending will likely decrease 5 percent.
The nation's consumer inflation rate is estimated to reach 2.3 percent in 2009, with the won-dollar exchange rate likely to hover around 1,100 won, the think tank said.
Activists to resume flying anti-N. Korea leaflets
SEOUL, Dec. 25 (Yonhap) -- Spurning a government request, a conservative South Korean civic group said Thursday it will resume sending anti-communist leaflets across the inter-Korean border in January, a move likely to be seen by Pyongyang as highly provocative.
The activists, many of whom are North Korean defectors or family members of South Koreans abducted by the North, had been regularly flying balloons across the border carrying leaflets that denounce Pyongyang's regime.
"Neither the North nor the South Korean government appear willing to actively solve the issue of South Korean abductees," said Choi Seong-yong, head of civic group called Families of Abducted and Detained in North Korea. "The government no longer has the right to ask us to discontinue flying the leaflets."
Most groups temporarily suspended leafleting activities earlier this month after South Korea's ruling Grand National Party asked them to stop for the sake of inter-Korean relations, which have gradually soured since the inauguration of conservative South Korean President Lee Myung-bak.
Lee has taken a hardline approach towards Pyongyang, a reversal from the policies of engagement pushed by his liberal predecessors.
In reaction to Seoul's unwillingness to stop the leafleting, Pyongyang expelled hundreds of South Koreans from a joint industrial complex in the border city of Kaesong in the on Dec. 1, further straining inter-Korean ties.
About 300,000 leaflets have been printed and are ready to be sent out early next month, Choi said.
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