When a company tells us in one of its regular announcements that it's making good profits, we assume it's doing well.

每當公司於例會宣布收益良好的時候，我們便會認定這家公司經營的還不錯。

Unfortunately, it may not be that simple.

但很不幸地，這件事可沒那麼簡單。

The company may be pulling the wool over our eyes.

我們很有可能都被公司蒙在了鼓裏。

It may even be about to go belly up.

事實上，公司說不定已經搖搖欲墜了。

Most people think that profits are what a company has left over after meeting its expenses.

多數人認為利潤是扣除成本後的盈餘。

For a can of fizzy drink, this would be the retail price minus the cost of buying it at wholesale, and less any overheads, such as paying staff.

以一罐汽水來說，它的利潤就是零售價減去批發價。還要減去營運成本，像是工資。

Thank you.

謝謝您。

Profits come in different varieties just like fizzy drinks.

利潤就跟汽水一樣，種類繁多。

But sometimes they can leave investors feeling decidedly flat.

但有時候，利潤會讓投資者感到無所適從。

Understanding why companies emphasize different measures at different times gives us clues as to what they're really thinking.

瞭解為什麼公司要隨時間變換計算措施，就能瞭解公司到底葫蘆裡賣的是什麼藥。

Profits before tax is the measure often quoted by FT journalists.

金融時報的記者常說的利潤，指的是稅前利潤。

Sometimes to the irritation of big companies.

這種利潤常讓大企業感到懊惱。

A simple definition is sales minus operating costs and interest payments, plus a share of returns from partner companies.

簡單來說，稅前利潤就是企業的營業收入扣除成本和利息，再加上一部分來自於合夥企業的收益。

Operating profits are seen as an even more straightforward measure.

營業利潤則是更直接了當的計算法。

On the face of it, these are nothing more than sales minus operating costs.

表面上，營業利潤就只是營業收入減去營業成本。

But even this is a little more complicated.

但這背後有許多複雜的因素。

First, sales may include money that the company hasn't received yet.

第一，營業收入可能還包括公司尚未入帳的金額。

Second, businesses have to deduct something for assets that are wearing out, like machinery, even if there's no cash cost.

再者，公司還得算進資本折舊，像是耗損的機器，即便並沒有算在現金成本裡面。

As a result, companies and investors prefer a measure with a dreadful acronym.

因此，公司和投資者會偏向使用另一種不太好的計算措施，簡稱 Ebitda。

This is Ebitda, which stands for earnings before interest, tax, depreciation and amortization.

意指為扣除利息、稅項、折舊、攤銷後的利潤。

Businesses also make up their own definitions of profits.

公司也常常自己定義計算利潤的方式。

The more convoluted these are, the less reliable they tend to be.

越複雜的計算機制，通常就越不可信。

Usually someone is trying to hide something.

通常會這樣做是因為有人在試圖掩蓋實際情況。

A company with simple operation that's doing well, is more likely to highlight a statutory measure like profits before tax than a rival that's doing badly.

一家運作透明、營運良好的公司，相較於另一家營運不佳的公司，更會去強調如稅前利潤等法定的計算措施。

No discussion of profits and losses will be complete without a mention of kitchen sinking.

既然談到了利潤和虧損，就不不提到「廚房水槽清除法」。

When a new boss comes in to run a large corporation and clear up a mess left by the previous one, they may write off the value of assets such as liabilities and subsidiaries by quite large amounts.

每當新任執行長來接管大公司的營運並收拾前任的爛攤子時，他們可能會大量註銷掉過去的資產金額，像是公司負債和子公司營業額。

They may include everything up to, and including, the kitchen sink.

他們會盡一切努力，想把不必要的東西都清除掉，包括廚房水槽。

Those write downs might have no cash cost, but the shares might fall anyway.

那些被註銷的資產金額雖然不含現金成本，但股票值仍會下跌。

They then have scope to rebound more steeply if profits recovered, assisted perhaps by write backs of value.

如果公司利潤回本，他們或許就能藉著撥回資產金額，在股市急速反彈。

The write backs in turn could boost the bonus of the chief executive.

被撥回的款項就能大大提高執行長的紅利。

Accountants don't have many zingers, so it's worth quoting one of their few snappy lines: "Sales are vanity, profits are sanity, but cash is reality."

會計師很少口出妙語，難得說出一句，當然要洗耳恭聽： 「收益不切實際，利潤過於理性，不如保錢為先。」

It's meant to discourage companies going hell for leather for sales.

這句話的意旨是為了讓公司不要只是卯足全力拼營收數據而已。

The message is that bosses should prioritize cash receipts over profits too, which as we've seen can be pretty unreliable.

它也在告誡企業主應注重現金流而非利潤。畢竟正如我們所見，利潤有時並沒有那麼可靠。

Jonathan Gutherie, Financial Times, London.

金融時報記者 Jonathan Gutherie ，倫敦報導。