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inancial Analysis Tools and Techniques, a business-focused revision of Erich Helfert's perennial college bestseller Techniques of Financial Analysis, is a quick, easy read for nonfinancial managers and an excellent refresher and reference for finance professionals. This practical, hands-on guide
AM FL Y TE Team-Fly® hel78340_FM.qxd 9/27/01 10:56 AM Page i COMMENTS ABOUT ERICH A HELFERT AND THIS BOOK “Erich Helfert’s book is a bona fide treasury for executives, managers, and entrepreneurs who need to understand financial management I have used and recommended this great work in both corporate and university programs for more than ten years Erich Helfert possesses unique abilities to make clear the arcane that frequently enshrouds topics of financial management.” Allen B Barnes Past Provost IBM Advanced Business Institute (formerly Director of Executive Education, UCLA) “Erich Helfert’s book is a candidate for every consultant-to-management’s bookshelf The underlying agenda is financial management as it pertains to effective resource allocation decisions Framed in a dynamic model of the Business System, the beauty of Helfert’s presentation lies in its treatment of subsystems that differentiate between investment, operations and financing decisions, but which are also integrated into the overall managerial fabric.” Stanley Press CMC Book review September 2000 C2M Consulting to Management Journal “Erich Helfert possesses a rare ability to make financial concepts understandable to individuals who lack a financial background As a result we had Dr Helfert conduct shareholder value creation classes for all senior managers and create a shareholder value course for all other salaried and hourly employees The results of these efforts exceeded our high expectations.” L Pendleton Siegel Chairman and Chief Executive Officer Potlatch Corporation “Erich Helfert has played an instrumental role in teaching HP managers of both financial and non-financial backgrounds in our long-standing Functional Management Program His excellent financial overviews and simplified models effectively broaden our managers’ understanding and ownership of their fiscal responsibility to HP and our shareholders.” Robert P Wayman Executive Vice President and Chief Financial Officer Hewlett-Packard Company “Dr Helfert’s book and his teachings go a long way toward removing the mystery from the financial workings of an enterprise His approach allows managers from all areas of the business to understand how their decisions impact shareholder value.” Stephen E Frank President and Chief Operating Officer Southern California Edison “Erich Helfert has contributed to the development of financial skills of TRW managers through his case study preparation and presentations, his book Techniques of Financial Analysis, and his instruction He continues to be included as a highly rated faculty member in TRW’s management development programs.” Peter S Hellman Past President and Chief Operating Officer TRW Inc This page intentionally left blank hel78340_FM.qxd 9/27/01 10:56 AM Page iii FINANCIAL ANALYSIS: TOOLS AND TECHNIQUES A Guide for Managers ERICH A HELFERT, D.B.A McGraw-Hill New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto abc McGraw-Hill Copyright © 2001 by The McGraw-Hill Companies All rights reserved Manufactured in the United States of America Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher 0-07-139541-5 The material in this eBook also appears in the print version of this title: 0-07-137834-0 All trademarks are trademarks of their respective owners Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark Where such designations appear in this book, they have been printed with initial caps McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212) 904-4069 TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc (“McGraw-Hill”) and its licensors reserve all rights in and to the work Use of this work is subject to these terms Except as permitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not decompile, disassemble, reverse engineer, reproduce, modify, create derivative works based upon, transmit, distribute, disseminate, sell, publish or sublicense the work or any part of it without McGrawHill’s prior consent You may use the work for your own noncommercial and personal use; any other use of the work is strictly prohibited Your right to use the work may be terminated if you fail to comply with these terms THE WORK IS PROVIDED “AS IS” McGRAW-HILL AND ITS LICENSORS MAKE NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF OR RESULTS TO BE OBTAINED FROM USING THE WORK, INCLUDING ANY INFORMATION THAT CAN BE ACCESSED THROUGH THE WORK VIA HYPERLINK OR OTHERWISE, AND EXPRESSLY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE McGraw-Hill and its licensors not warrant or guarantee that the functions contained in the work will meet your requirements or that its operation will be uninterrupted or error free Neither McGraw-Hill nor its licensors shall be liable to you or anyone else for any inaccuracy, error or omission, regardless of cause, in the work or for any damages resulting therefrom McGraw-Hill has no responsibility for the content of any information accessed through the work Under no circumstances shall McGraw-Hill and/or its licensors be liable for any indirect, incidental, special, punitive, consequential or similar damages that result from the use of or inability to use the work, even if any of them has been advised of the possibility of such damages This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise DOI: 10.1036/0071395415 hel78340_FM.qxd 9/27/01 10:56 AM Page v To Anne This page intentionally left blank hel78340_FM.qxd 9/27/01 10:56 AM Page vii ABOUT THE AUTHOR Erich A Helfert is an internationally recognized management consultant in corporate finance, strategic planning, and executive education in financial/economic decision making and shareholder value creation He gained his professional experience from a combination of distinguished business and academic careers Dr Helfert was vice president, corporate planning, at Crown Zellerbach Corporation, a major integrated paper and forest products company Prior to his 20-year corporate career, he served on the faculty of the Harvard Graduate School of Business for eight years, teaching finance and managerial economics in the MBA program, and consulting in management development and strategy with major companies A native of the Sudetenland, formerly Austria, he received his BS from the University of Nevada and earned both an MBA (with high distinction) and a DBA (as a Ford Foundation Fellow) at the Harvard Business School Dr Helfert writes and lectures extensively in his field, and his books and articles have been published in the United States and abroad His first literary work, Valley of the Shadow, a factual historical novel about his experiences in central Europe at the end of World War II, was published recently Dr Helfert is cofounder, chairman and CEO of Modernsoft, Inc., San Mateo, California, developers of Financial Genome, an advanced knowledge-based financial analysis and business modeling software, which is complementary to Financial Analysis: Tools and Techniques vii Copyright 2001 The McGraw-Hill Companies, Inc Click Here for Terms of Use This page intentionally left blank hel78340_FM.qxd 9/27/01 10:56 AM Page ix CONTENTS Preface xvii Introduction xxi Chapter The Challenge of Financial/Economic Decision-making Lessons for the Millennium The New Economy Some Key Questions The Basics Never Change The Economic Manager Understanding Business Economics Appropriate Economic Tools The Practice of Financial/Economic Analysis 10 Day to Day Decisions and Operational Planning 10 Supporting Strategy Development 11 Performance Assessment and Incentives 12 Valuation and Investor Communications 14 The Value Creating Company 15 Relevant Decision Information 15 Economic Incentives 17 Total Systems Management 18 Chapter A Systems Context for Financial Management 21 A Dynamic Perspective of Business 22 Decision Context 22 The Business System 26 Investment Decisions 29 Operating Decisions 31 Financing Decisions 33 Interrelationship of Strategy and Value Creation 36 ix Copyright 2001 The McGraw-Hill Companies, Inc Click Here for Terms of Use ... This page intentionally left blank hel78340_FM.qxd 9/27/01 10:56 AM Page iii FINANCIAL ANALYSIS: TOOLS AND TECHNIQUES A Guide for Managers ERICH A HELFERT, D.B .A McGraw- Hill New York Chicago San... examples are presented in this readily accessible format to ease the mechanical aspects of analysis An entirely new feature is the optional availability of the advanced, knowledge-based financial analysis. .. of Financial Genome, an advanced knowledge-based financial analysis and business modeling software, which is complementary to Financial Analysis: Tools and Techniques vii Copyright 2001 The McGraw- Hill