3 Statement Model

A three-statement model is a dynamically integrated财务模型由linking together a company's three primary statements. This is one of the most important models as it serves as a base for other complex models such as the杠杆收购（LBO）模型or theDiscounted Cash Flow (DCF) Model。

It uses the numbers from the company's historical financial statements as base inputs, makes some assumptions about the company's operations in the future, and forecasts the figures in thethree statements基于这些输入和假设。

该模型的目的是预测公司的财务状况如何，如果做出某些决定或将来某些假设实现。

在this article, we will explain what the three statements are, what a three-statement model is, and how to build it.

这三个财务报表是什么？

The three financial statements are theincome statement， 这资产负债表， 和thecash flow statement。这些语句中的每一个中的信息都链接到其他两个语句中的信息。

• 收入证明：

损益表介绍了给定期间（例如一年或四分之一）公司的收益和盈利能力。它也被称为“运营声明”或“损益表”或“ P＆L帐户”。它通常是使用应计会计系统准备的。它从第一行的收入开始，并扣除了各种直接和间接支出后，到达了公司的net income。通常，这是分析师或投资者首先要评估企业绩效的地方。

• 资产负债表：

也称为“财务状况声明”，该公司的资产负债表illustrates itsfinancial position at a particular point in time. Unlike the income statement, it is not drawn for a period. Instead, it shows the company's sources of funds and its utilization of those funds at a particular point in time. The total funds raised from various sources (i.e., capital and liabilities) must always match the utilization of those funds (i.e., assets).

它在一个时期结束时显示资本，负债和资产的帐户余额，以便用户可以评估这些余额与以前时期的变化。损益表的净收益（亏损）添加在（从中减去）留存收益，，，，which is part of equity/capital.

• Cash flow statement:

It is also known as "statement of cash flows" or "funds flow statement." Like the income statement, the cash flow statement is prepared for a period. However, unlike the income statement, it is prepared using会计现金系统。由于损益表是使用的the accrual system，它没有告诉我们现金如何进出业务。

The purpose of the cash flow statement is to tell us about the inflows and outflows of cash over a period. It breaks down the inflows and outflows into three categories:cash flow from operating activities，，，，投资活动， 和financing activities。The net cash flows for the period must equal the difference in the opening and the closing cash balances.

The three statements are vital to gaining a complete understanding of a company's performance. First, the income statement provides an insight into income and expenses. The balance sheet focuses on managing capital. Finally, the cash flow statement illustrates how cash is generated and invested.

表现最佳的公司在这三个声明的所有组成部分中都有效率 - 其运营，资本分配和现金管理。由于这三个陈述的相互联系，这些领域的效率都很重要。

财务报表中的数据用于进行进一步的分析并创建预测以帮助为未来做出决策。用户还可以根据分析来创建Pro Forma财务报表，以查看各种选择如何影响财务报表。

什么是三statement模型？

A three-statement model takes a company's financial statements – the balance sheet, the income statement, and the cash flow statement – and combines them into a single dynamically linked财务模型。Its purpose is to project what the financial statements may look like if the company makes certain decisions, given certain assumptions. Since the statements are dynamically linked in a 3-statement model, changes in one statement are automatically reflected in the other two statements.

这是其他更复杂的基础b0b体育app下载 are constructed, such as discounted cash flow (DCF) models,leveraged buyout models， 和merger models, among numerous others. Most of what might seem to be complicated in a three-statement model are basic mathematics. Building and understanding the model becomes easier if the model developers and the users are familiar with the fundamental relationships among the three statements.

此外,虽然只使用简单的金融模型one of these statements (the income statement or the cash flow statement), they often fail to show the entire picture. The main benefit of using as comprehensive a financial model as the three-statement model is that users can use tools likewhat-if analysisandscenario analysisand get a bird's eye view of how various decisions can affect the financial statements. This is crucial to making informed decisions.

The following video gives a brief overview of why the three statements are so important and why building financial models is a core skill in any high-paying job in finance.

How to build a three-statement model?

为了汇总三个统计的财务模型，我们从损益表和资产负债表开始。首先，我们从上一个阶段的实际数字开始。然后，我们继续根据一些计算的模型驱动程序（假设）来构建预测。建立了预测的损益表和资产负债表后，我们创建了现金流量表。在这些步骤之后，我们致力于链接这三个语句。

The steps to build a three-statement model are listed in detail below. Although you will be all set to construct a three-statement model with these steps, we firmly believe that a more hands-on approach will help you better understand the topic. Hence, our finance experts have created a three-statementmodel template for youto experiment with.

Download WSO's free three-statement model template below along with otherb0b体育app下载 呢此模板允许您创建自己的3 statementmodel for a company – specifically, the balance sheet, income statement, and statement of cash flows. The template is plug-and-play, and you can enter your numbers or formulas to auto-populate output numbers. The template also includes other tabs for other elements of a financial model.

Here we explain the steps to building a three-statement model. Before starting to build a 3-statement model, please ensure that the Iterations setting isdisabled in Excel。它是在模型中处理不可避免的循环（当计算的输出也是其输入时）。

在Excel的Windows版本上，用户可以转到文件>选项>公式并取消选择“启用迭代计算”复选框，而Mac用户可以转到首选项>计算，然后禁用“使用迭代计算”选项。请查看Microsoft的这篇文章removing or allowing a circular reference。

1. Input historical data:

First and foremost, input the actual numbers for the statement of operations and the statement of financial position. This task becomes easier if the data can be downloaded or copied from another source. Please note the tips below, which can make the process easier.

• 强烈建议使用一些格式来确保遵循最佳实践b0b体育app下载 。它使我们的眼睛很容易遵循数据。在WSO's guide to the best practices，，，，we recommend following the widely used color palette – blue for hard-coded inputs and assumptions, black for formulas and referencing in the same sheet, green for formulas and referencing to other sheets, and red for external links to other files.
• Use comments where necessary. They are generally inserted in the cell to the side of the relevant line item and are italicized.
• 如果可能的话，请使用快捷方式。最常用的功能之一是总和。用户可以在数字列表下按“ alt + =”以计算其总和。
• Ensure that the input is correctly entered. Users can run "balance checks" to verify the net income figure andwhether the balance sheet索尔。请记住基本方程：权益（资本） +责任=资产。

With the advent of Python and other programming languages in financial modeling, the use of股票APIto retrieve data quickly is becoming increasingly common.

2. Analyze historical data:

Historical data is analyzed by evaluating trends, computing ratios, and statistical information. Model drivers are based on the results of these analyses. Generally used metrics include:

• Year-on-year (YoY) growth rates for revenue,gross profit，，，，operating profit orearnings before interest and taxes (EBIT)和净利润。
• Margins and ratios that affect them, like direct costs, financing costs, and non-cash expenses (depreciationand摊销）。
• 资产负债表比率目前的比例，应收账款，库存营业额，账款日，操作周期，以及cash conversion cycle。此外，用户还可以计算与公司的比率资本结构。

3.确定模型驱动程序：

模型驱动程序（假设）进一步指导预测。它们是根据历史数据的分析结果建立的。

For example, users may use the ratios calculated in the previous step or assume how they might change in the coming years. Here are a few examples of critical assumptions that are generally used:

• Revenue growth rate. If a company's revenue has been growing at high rates in recent years, it may grow at declining rates going forward due to increase in competition.
• Costs and margins. It is reasonable to assume that a company will achieve economies of scale as it grows, so direct costs might decline, leading to improved gross margins. In addition, with increased revenues and reduced direct costs, the company may be able to allocate an increasing sum for research and development (R&D) expenses each year.
• 其他间接支出可能是销售额的百分比。尽管通常使用复杂的计算预测资本支出（资本支出）要求，但用户可以将固定百分比的销售额作为简单的估计值。除非预期税法变更，否则通常预计将来将适用历史有效税率。

4. Projecting income statement:

Once the inputs are in place and assumptions are determined, users have all they need to begin forecasting. The entire forecasting exercise starts with the income statement, starting from the sales and down to theEBITDA。Although we have the inputs and the assumptions at this stage, building the income statement still requires supporting schedules for line items such as depreciation, taxes, and interest expense.

但是，净融资成本（利息费用）在此阶段与损益表无关，而是最终与损益表有关。这是因为融资成本与其他两个陈述有关，因此在此阶段将其纳入损益表中的融合必将在模型中产生循环。

5.预测资本资产和融资活动：

Next, users must build supporting schedules to forecast metrics related to capital assets. The closing balance for capital assets can be calculated by a simple formula which is Opening balance + Capital expenditures – Depreciation. There are multiple ways to account for depreciation, i.e., straight-line method, declining balance method, etc.

Users must also build thedebt schedule确定融资成本支付和本金还款。我们可以使用这个简单的公式来达到关闭数字：主体中的开放余额 +（ - ）增加（减少）。利息可以以各种方式计算，即基于债务的结算余额，开头余额或两者的平均值。使用平均水平是理想的选择，因为全年可能会有主要还款。为了进行更密集的计算，用户可以完全建立单独的支持时间表，以完全融资成本。

6.投射资产负债表：

资产负债表更难建造。它可以在此阶段没有现金，股权和债务而没有建造。这些订单项将稍后从现金流量报表中得出。

对于其他项目，使用近年来的平均比率（根据假设进行或不进行调整）来确定预测期间的关闭余额。这些比率可能包括应付账款的天数，库存天数，应收帐款日等。

For instance, days payable may be computed for each of the recent years as average accounts payable ÷cost of goods sold(COGS) which can there be used to calculate the average of days accounts payable for the recent years. This number may be adjusted before it is used in the forecasted statements if necessary.

For example, to predict accounts payables for the coming years, use this formula: (adjusted) days accounts payable x expected COGS ÷ 365 days. Here are a few tips to help users at this stage.

• Unless users are expectingM&Atransactions,善意应该没有变化。
• Determining the assumptions first makes building the model and the error checking process easy.
• The Trace Precedents tool in Excel can be beneficial in checking whether the formulas have been entered using the correct dependencies.

7. Building cash flow statement:

有了部分完整的资产负债表和损益表，用户可以继续创建现金流量。现金流语句中有三个部分，每个部分都必须通过将行项目链接到模型中已经计算出来的部分来完成。

We start with the net earnings for the period and make all the adjustments necessary to convert it from the accrual system to the cash system of accounting to determine the cash flows from operating activities. We also adjust for items that might belong in investing or financing activities.

Here are some critical adjustments required to be made to net earnings to ascertain the cash flows from operating, investing, and financing activities.

• 折旧和摊销是从收入中扣除的非现金费用以计算净收益。因此，这些和其他非现金成本必须添加回净收入。
• 流动资产的增加意味着现金利用，需要从运营活动中扣除。相反，流动资产的减少意味着流动性增加，因为这些资产不再绑架现金。相反的适用于流动负债 - 增加是由于不使用现金来偿还，而减少是由于利用现金来支付它们。
• Debt-related items like issuances and repayments can be derived from thedebt schedule。While preparing the balance sheet, expected stock issuances and buybacks must also have been factored in beforehand. These are financing activities and will not affect cash flows from operating and investing activities.
• The net cash flows for the period are calculated as the sum of cash flows from operating, investing, and financing activities.

在此阶段，用户将完成预测这三个财务报表的内容。

8. Linking the statements:

这是结论阶段建立三个声明model. A few items in the balance sheet were intentionally left out. Users can now build on them andlink the three statements。

• Debt:Prior long-term debt is adjusted for expected issuances and repayments. It is worth noting that long-term debt becomes short-term debt as it nears its expected repayment.
• 公平：将股东权益计算为 - 开放余额 +预期发行或回购（来自现金流量表） +净收入（来自损益表） - 股息（来自现金流量表）。
• 现金：The closing balance for cash is calculated as - Opening balance + Net cash flow for the period.

一旦计算了这些项目，它们将插入资产负债表中。请确保余额检查不表示任何错误。

9.净利息费用：

The puzzle is almost complete. The interest expense (or income) is the single item left to be plugged. Plugging in the net finance costs in the income statement will change the net earnings, further impacting the balance sheet through retained earnings and the cash flow statement through cash flow from operating activities.

Thus, financing costs affect all three statements, and this produces circularity. It is also known as iterative calculation. Excel (or other spreadsheet software) runs different numbers through the calculations to find the values which satisfy each of such analyses.

As the final piece of the puzzle, Iterations must be enabled in Excel. On the Windows version of Excel, users can go to File > Options > Formulas and select the "Enable iterative calculation" checkbox. Users with the Mac version of Excel can go to Preferences > Calculation and enable "Use iterative calculation." The net earnings figure should get updated in the income statement now, which should flow into the other two statements.

在上述步骤的末尾，您的三台模型应准备好帮助您做出更明智的决定。

Check this page out for another3个语句模型示例。