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McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved.
Financial Forecasting
4
Chapter Outline
Financial forecasting in a firm’s strategic growth.
Three financial statements.
Percent-of-sales method.
Various methods to determine the amount of new funds required in advance.
Factors that affect cash flow.
Financial Forecasting
Ability to plan ahead and make necessary changes before actual events occur.
Outcome of a firm through external events might be a function of both:
Risk-taking desires.
Ability to hedge against risk with planning.
No growth or a decline – not the primary cause of shortage of funds.
A comprehensive financing plan must be developed for a significant growth.
Constructing Pro Forma Statements
A systems approach to develop pro forma statements consists of:
Constructing it based on:
Sales projections
Production plans
Translating it into a cash budget.
Assimilating all materials into a pro forma balance sheet.
Development of Pro Forma Statements
Pro Forma Income Statement
Provides a projection on the anticipation of profits over a subsequent period.
Establish a sales projection.
Determine a production schedule and the associated use of new material, direct labor, and overhead to arrive at a gross profit.
Compute other expenses.
Determine profit by completing the actual pro forma statement.
Establish a Sales Projection
Lets assume Goldman Corporation has two primary products: wheels and casters.
Stock of Beginning Inventory
Number of units produced will depend on beginning inventory.
Determine a Production Schedule and the Gross Profit
To determine the production requirements:
Units
+ Projected sales
+ Desired ending inventory
– Beginning inventory
= …
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