Class: FinModeling::ReformulatedIncomeStatement

Inherits:
Object
  • Object
show all
Defined in:
lib/finmodeling/reformulated_income_statement.rb

Direct Known Subclasses

ForecastedReformulatedIncomeStatement

Instance Attribute Summary collapse

Class Method Summary collapse

Instance Method Summary collapse

Constructor Details

#initialize(period, net_income_summary, comprehensive_income_summary, tax_rate = 0.35) ⇒ ReformulatedIncomeStatement

FIXME: clarify naming. This is effective tax rate? marginal? statutory?



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 6

def initialize(period, net_income_summary, comprehensive_income_summary, tax_rate=0.35) # FIXME: clarify naming. This is effective tax rate? marginal? statutory?
  @period   = period
  @tax_rate = tax_rate
 
  @operating_revenues = net_income_summary.filter_by_type(:or  )
  @cost_of_revenues   = net_income_summary.filter_by_type(:cogs)
  @operating_expenses = net_income_summary.filter_by_type(:oe  )
  @oibt      = net_income_summary.filter_by_type(:oibt     )
  @fibt      = net_income_summary.filter_by_type(:fibt     )
  @tax       = net_income_summary.filter_by_type(:tax      )
  @ooiat     = net_income_summary.filter_by_type(:ooiat    )
  @ooiat_nci = net_income_summary.filter_by_type(:ooiat_nci)
  @fiat      = net_income_summary.filter_by_type(:fiat     )

  # If there is a CI statement:
  #   Strip O-NCI-OCI out of the NI calculation (***)
  #   Double-check that the NI portion of the CI calculation matches (NI minus O-NCI-OCI)
  #   Add OOCI + 1/2 of the UNKOCI in as an OOIAT
  #   Add FOCI + 1/2 of the UNKOCI in as a FIAT
  if comprehensive_income_summary
    @ooiat.rows += comprehensive_income_summary.filter_by_type(:ooci).rows
    @ooiat.rows += comprehensive_income_summary.filter_by_type(:ooci_nci).rows
    @fiat.rows  += comprehensive_income_summary.filter_by_type(:foci).rows
    comprehensive_income_summary.filter_by_type(:unkoci).rows.each do |row|
      row.vals = row.vals.map{ |val| val / 2.0 }
      @ooiat.rows << row
      @fiat.rows << row
    end
  end

  @fibt_tax_effect = (@fibt.total * @tax_rate).round.to_f
  @nfi = @fibt.total + -@fibt_tax_effect + @fiat.total

  @oibt_tax_effect = (@oibt.total * @tax_rate).round.to_f

  @gm = @operating_revenues.total + @cost_of_revenues.total
  @oisbt = @gm + @operating_expenses.total

  @oisat = @oisbt + @tax.total + @fibt_tax_effect + @oibt_tax_effect

  @oi = @oisat + @oibt.total - @oibt_tax_effect + @ooiat.total

  @ci = @nfi + @oi
end

Instance Attribute Details

#cost_of_revenues ⇒ Object

Returns the value of attribute cost_of_revenues.



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 4

def cost_of_revenues
  @cost_of_revenues
end

#operating_expenses ⇒ Object

Returns the value of attribute operating_expenses.



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 4

def operating_expenses
  @operating_expenses
end

#operating_revenues ⇒ Object

Returns the value of attribute operating_revenues.



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 4

def operating_revenues
  @operating_revenues
end

#period ⇒ Object

Returns the value of attribute period.



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 3

def period
  @period
end

Class Method Details

.empty_analysis ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 159

def self.empty_analysis
  analysis = CalculationSummary.new
  analysis.title = ""
  analysis.rows = []

  analysis.header_row = CalculationHeader.new(:key => "",    :vals => ["Unknown..."])

  analysis.rows << CalculationRow.new(:key => "Revenue ($MM)",  :vals => [nil])
  if Config.income_detail_enabled?
    analysis.rows << CalculationRow.new(:key => "COGS ($MM)",   :vals => [nil])
    analysis.rows << CalculationRow.new(:key => "GM ($MM)",     :vals => [nil])
    analysis.rows << CalculationRow.new(:key => "OE ($MM)",     :vals => [nil])
    analysis.rows << CalculationRow.new(:key => "OISBT ($MM)",  :vals => [nil])
  end
  analysis.rows << CalculationRow.new(:key => "Core OI ($MM)",  :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "OI ($MM)",       :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "FI ($MM)",       :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "NI ($MM)",       :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "Gross Margin",   :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "Sales PM",       :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "Operating PM",   :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "FI / Sales",     :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "NI / Sales",     :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "Sales / NOA",    :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "FI / NFA",       :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "Revenue Growth", :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "Core OI Growth", :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "OI Growth",      :vals => [nil])
  analysis.rows << CalculationRow.new(:key => "ReOI ($MM)",     :vals => [nil])

  return analysis
end

.forecast_next(period, policy, last_re_bs, last_re_is) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 239

def self.forecast_next(period, policy, last_re_bs, last_re_is)
  operating_revenues = policy.revenue_on(period.value["end_date"])
  income_from_sales_after_tax = operating_revenues * policy.sales_pm_on(period.value["end_date"])
  net_financing_income = last_re_bs.net_financial_assets.total * Ratio.new(policy.fi_over_nfa_on(period.value["end_date"])).yearly_to_quarterly
  comprehensive_income = income_from_sales_after_tax + net_financing_income

  ForecastedReformulatedIncomeStatement.new(period, operating_revenues, 
                                            income_from_sales_after_tax,
                                            net_financing_income, comprehensive_income)
end

Instance Method Details

#-(ris2) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 51

def -(ris2)
  net_income_summary = NetIncomeSummaryFromDifferences.new(self, ris2)
  return ReformulatedIncomeStatement.new(@period, net_income_summary, nil, @tax_rate)
end

#analysis(re_bs, prev_re_is, prev_re_bs, expected_rate_of_return) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 192

def analysis(re_bs, prev_re_is, prev_re_bs, expected_rate_of_return)
  analysis = CalculationSummary.new
  analysis.title = ""
  analysis.rows = []
  
  if re_bs.nil?
    analysis.header_row = CalculationHeader.new(:key => "",   :vals => ["Unknown..."])
  else
    analysis.header_row = CalculationHeader.new(:key => "",   :vals => [re_bs.period.to_pretty_s])
  end
  
  analysis.rows << CalculationRow.new(:key => "Revenue ($MM)",   :vals => [@operating_revenues.total.to_nearest_million])
  if Config.income_detail_enabled?
    analysis.rows << CalculationRow.new(:key => "COGS ($MM)",    :vals => [@cost_of_revenues.total.to_nearest_million])
    analysis.rows << CalculationRow.new(:key => "GM ($MM)",      :vals => [@gm.to_nearest_million])
    analysis.rows << CalculationRow.new(:key => "OE ($MM)",      :vals => [@operating_expenses.total.to_nearest_million])
    analysis.rows << CalculationRow.new(:key => "OISBT ($MM)",   :vals => [income_from_sales_before_tax.total.to_nearest_million])
  end
  analysis.rows << CalculationRow.new(:key => "Core OI ($MM)",   :vals => [income_from_sales_after_tax.total.to_nearest_million])
  analysis.rows << CalculationRow.new(:key => "OI ($MM)",        :vals => [operating_income_after_tax.total.to_nearest_million])
  analysis.rows << CalculationRow.new(:key => "FI ($MM)",        :vals => [net_financing_income.total.to_nearest_million])
  analysis.rows << CalculationRow.new(:key => "NI ($MM)",        :vals => [comprehensive_income.total.to_nearest_million])
  analysis.rows << CalculationRow.new(:key => "Gross Margin",    :vals => [gross_margin])
  analysis.rows << CalculationRow.new(:key => "Sales PM",        :vals => [sales_profit_margin])
  analysis.rows << CalculationRow.new(:key => "Operating PM",    :vals => [operating_profit_margin])
  analysis.rows << CalculationRow.new(:key => "FI / Sales",      :vals => [fi_over_sales])
  analysis.rows << CalculationRow.new(:key => "NI / Sales",      :vals => [ni_over_sales])

  if !prev_re_bs.nil? && !prev_re_is.nil?
    analysis.rows << CalculationRow.new(:key => "Sales / NOA",   :vals => [sales_over_noa(prev_re_bs)])
    analysis.rows << CalculationRow.new(:key => "FI / NFA",      :vals => [fi_over_nfa(   prev_re_bs)])
    analysis.rows << CalculationRow.new(:key => "Revenue Growth",:vals => [revenue_growth(prev_re_is)])
    analysis.rows << CalculationRow.new(:key => "Core OI Growth",:vals => [core_oi_growth(prev_re_is)])
    analysis.rows << CalculationRow.new(:key => "OI Growth",     :vals => [oi_growth(     prev_re_is)])
    analysis.rows << CalculationRow.new(:key => "ReOI ($MM)",    :vals => [re_oi(prev_re_bs, expected_rate_of_return).to_nearest_million])
  else
    analysis.rows << CalculationRow.new(:key => "Sales / NOA",   :vals => [nil])
    analysis.rows << CalculationRow.new(:key => "FI / NFA",      :vals => [nil])
    analysis.rows << CalculationRow.new(:key => "Revenue Growth",:vals => [nil])
    analysis.rows << CalculationRow.new(:key => "Core OI Growth",:vals => [nil])
    analysis.rows << CalculationRow.new(:key => "OI Growth",     :vals => [nil])
    analysis.rows << CalculationRow.new(:key => "ReOI ($MM)",    :vals => [nil])
  end
  
  return analysis
end

#comprehensive_income ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 101

def comprehensive_income
  cs = FinModeling::CalculationSummary.new
  cs.title = "Comprehensive income (CI)"
  cs.rows = [ CalculationRow.new(:key => "Operating income, after tax (OI)", :vals => [@oi] ),
              CalculationRow.new(:key => "Net financing income, after tax (NFI)", :vals => [@nfi] ) ]
  return cs
end

#core_oi_growth(prev) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 144

def core_oi_growth(prev)
  rate = (income_from_sales_after_tax.total - prev.income_from_sales_after_tax.total) / prev.income_from_sales_after_tax.total
  return annualize_rate(prev, rate)
end

#fi_over_nfa(reformed_bal_sheet) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 134

def fi_over_nfa(reformed_bal_sheet)
  ratio = net_financing_income.total / reformed_bal_sheet.net_financial_assets.total
  Ratio.new(ratio).annualize(from_days=@period.days, to_days=365.0)
end

#fi_over_sales ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 121

def fi_over_sales
  net_financing_income.total / operating_revenues.total
end

#gross_margin ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 109

def gross_margin
  gross_revenue.total / operating_revenues.total
end

#gross_revenue ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 56

def gross_revenue
  cs = FinModeling::CalculationSummary.new
  cs.title = "Gross Revenue"
  cs.rows = [ CalculationRow.new(:key => "Operating Revenues (OR)",   :vals => [@operating_revenues.total] ),
              CalculationRow.new(:key => "Cost of Goods Sold (COGS)", :vals => [@cost_of_revenues.total] ) ]
  return cs
end

#income_from_sales_after_tax ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 72

def income_from_sales_after_tax
  cs = FinModeling::CalculationSummary.new
  cs.title = "Operating Income from sales, after tax (OISAT)"
  cs.rows = [ CalculationRow.new(:key => "Operating income from sales (before tax)", :vals => [@oisbt] ),
              CalculationRow.new(:key => "Reported taxes", :vals => [@tax.total] ),
              CalculationRow.new(:key => "Taxes on net financing income", :vals => [@fibt_tax_effect] ),
              CalculationRow.new(:key => "Taxes on other operating income", :vals => [@oibt_tax_effect] ) ]
  return cs
end

#income_from_sales_before_tax ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 64

def income_from_sales_before_tax
  cs = FinModeling::CalculationSummary.new
  cs.title = "Operating Income from sales, before tax (OISBT)"
  cs.rows = [ CalculationRow.new(:key => "Gross Margin (GM)", :vals => [@gm] ),
              CalculationRow.new(:key => "Operating Expense (OE)", :vals => [@operating_expenses.total] ) ]
  return cs
end

#net_financing_income ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 92

def net_financing_income
  cs = FinModeling::CalculationSummary.new
  cs.title = "Net financing income, after tax (NFI)"
  cs.rows = [ CalculationRow.new(:key => "Financing income, before tax (FIBT)", :vals => [@fibt.total] ),
              CalculationRow.new(:key => "Tax effect (FIBT_TAX_EFFECT)", :vals => [-@fibt_tax_effect] ),
              CalculationRow.new(:key => "Financing income, after tax (FIAT)", :vals => [@fiat.total] ) ]
  return cs
end

#ni_over_sales ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 125

def ni_over_sales
  comprehensive_income.total / operating_revenues.total
end

#oi_growth(prev) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 149

def oi_growth(prev)
  rate = (operating_income_after_tax.total - prev.operating_income_after_tax.total) / prev.operating_income_after_tax.total
  return annualize_rate(prev, rate)
end

#operating_income_after_tax ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 82

def operating_income_after_tax
  cs = FinModeling::CalculationSummary.new
  cs.title = "Operating income, after tax (OI)"
  cs.rows = [ CalculationRow.new(:key => "Operating income after sales, after tax (OISAT)", :vals => [@oisat] ),
              CalculationRow.new(:key => "Other operating income, before tax (OIBT)", :vals => [@oibt.total] ),
              CalculationRow.new(:key => "Tax on other operating income", :vals => [-@oibt_tax_effect] ),
              CalculationRow.new(:key => "Other operating income, after tax (OOIAT)", :vals => [@ooiat.total] ) ]
  return cs
end

#operating_profit_margin ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 117

def operating_profit_margin
  operating_income_after_tax.total / operating_revenues.total
end

#re_oi(prev_bal_sheet, expected_rate_of_return) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 154

def re_oi(prev_bal_sheet, expected_rate_of_return)
  e_ror = deannualize_rate(prev_bal_sheet, expected_rate_of_return)
  return (operating_income_after_tax.total - (e_ror * prev_bal_sheet.net_operating_assets.total))
end

#revenue_growth(prev) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 139

def revenue_growth(prev)
  rate = (operating_revenues.total - prev.operating_revenues.total) / prev.operating_revenues.total
  return annualize_rate(prev, rate)
end

#sales_over_noa(reformed_bal_sheet) ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 129

def sales_over_noa(reformed_bal_sheet)
  ratio = operating_revenues.total / reformed_bal_sheet.net_operating_assets.total
  Ratio.new(ratio).annualize(from_days=@period.days, to_days=365.0)
end

#sales_profit_margin ⇒ Object 



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# File 'lib/finmodeling/reformulated_income_statement.rb', line 113

def sales_profit_margin
  income_from_sales_after_tax.total / operating_revenues.total
end