Knowledge is Power The Business Mindset The nitty gritty of understanding your cash flow CCIQ Webinar 28 October 2015

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1 Knowledge is Power The Business Mindset The nitty gritty of understanding your cash flow CCIQ Webinar 28 October 2015

2 Webinar Presenter Jason Krenske Partner at Ulton Jason has worked with many businesses over his professional career and has an understanding that each comes with its own set of challenges. Each business that Jason has worked with always has a story to tell in the numbers. Jason s expertise is understanding the numbers and showing business owners the financial improvement that can be made when changes are applied to fundamental business drivers. These exercises often influence business strategy and create successful and sustainable businesses. Jason has over 20 years experience and has a passion in developing solutions that improve and maximise the profit that can be achieved within a business. This helps maximise the chances of business owners achieving their life goals and retiring when they want to on their terms.

3 Setting the Scene Why do an enormous amount of businesses fail? Loss of purpose / passion Failure to recognise changes in the business environment Poor decision making

4 I have profit but no cash... why? Profit does not equal cash? Non-cash items on the P&L Sales & purchases on credit Investment in Inventory or WIP

5 I have profit but no cash... why? Profit does not equal cash? ATO Compliance (GST / PAYGW etc) Principal Repayments on Debt Investment in Fixed Assets

6 Example Profit & Loss ABC Pty Ltd Profit & Loss (Projected) July June 2016 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 15 - Jun 16 Sales Sales 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60, ,000 Total Sales 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60, ,000 Direct Costs Stock 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30, ,000 Total Direct Costs 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30, ,000 Sales Gross Profit 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30, ,000 Sales Gross Profit % 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% Overheads Costs ,000 Costs ,400 Wages 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12, ,000 Total Overheads 12,700 12,700 12,700 12,700 12,700 12,700 12,700 12,700 12,700 12,700 12,700 12, ,400 OPERATING PROFIT 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17, ,600 EBITDA 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17, ,600 Depreciation Fixed Asset 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 25,000 Total Depreciation 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 2,083 25,000 EBIT 15,217 15,217 15,217 15,217 15,217 15,217 15,217 15,217 15,217 15,217 15,217 15, ,600 Interest Expense Loans Loan 1 1,375 1,321 1,267 1,212 1,157 1,102 1, ,871 Total Loans 1,375 1,321 1,267 1,212 1,157 1,102 1, ,871 Total Interest Expense 1,375 1,321 1,267 1,212 1,157 1,102 1, ,871 Profit before Income Tax 13,842 13,896 13,950 14,005 14,060 14,115 14,170 14,226 14,282 14,338 14,395 14, ,729

7 Example Cash Flow ABC Pty Ltd Cash Flow (Projected) July June 2016 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 15 - Jun 16 Cash Inflow Sales ,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66, ,000 Loans Received Loan 1 275, ,000 Total Loans Received 275, ,000 Total Cash Inflows 275, ,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66, ,000 Cash Outflow Costs Costs ,050 Costs ,640 Total Costs ,690 Inventory Purchases Stock 0 115,500 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33, ,500 Total Inventory Purchases 0 115,500 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33, ,500 Wages Generally Reporting Wages 9,600 9,600 9,600 16,800 9,600 9,600 9,600 16,800 9,600 16,800 9,600 9, ,800 Total Wages 9,600 9,600 9,600 16,800 9,600 9,600 9,600 16,800 9,600 16,800 9,600 9, ,800 GST Paid (11,210) , , ,370 Non-Current Asset Purchases Fixed Asset 262, ,500 Total Non-Current Asset Purchases 262, ,500 Loan Repayments Made Loan 1 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12, ,258 Total Loan Repayments Made 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12,188 12, ,258 Total Cash Outflows 284, ,058 55,558 51,548 55,558 55,558 55,558 71,548 55,558 71,548 55,558 55,558 1,006,118 Net Cash Inflow/(Outflow) (9,508) (138,058) 10,442 14,452 10,442 10,442 10,442 (5,548) 10,442 (5,548) 10,442 10,442 (71,118) Opening Bank 10, (137,566) (127,125) (112,673) (102,231) (91,789) (81,347) (86,895) (76,454) (82,002) (71,560) 10,000 Net Cash Movement (9,508) (138,058) 10,442 14,452 10,442 10,442 10,442 (5,548) 10,442 (5,548) 10,442 10,442 (71,118) Closing Bank 492 (137,566) (127,125) (112,673) (102,231) (91,789) (81,347) (86,895) (76,454) (82,002) (71,560) (61,118) (61,118)

8 Application of Funds? Jul 15 - Jun 16 Profit and Loss EBIT 182,600 Plus Depreciation 25,000 Total Profit and Loss 207,600 Working Capital Movements GST 8,790 Accounts Receivable (132,000) Accounts Payable Generally Invoiced 33,550 PAYG 7,200 Total Accounts Payable 40,750 Inventories Stock (75,000) Total Inventories (75,000) Total Working Capital Movements (157,460) Cash flow From Operations 50,140 Investing Activities Asset Purchases (250,000) Total Investing Activities (250,000) Cash flow From Investing (250,000) Net Cash flow Before Financing (199,860) Financing and Other Loans Issued 275,000 Loan Repayments Loan 1 (146,258) Total Loan Repayments (146,258) Total Financing and Other 128,742 Cash flow From Financing 128,742 Net Cash Inflow/(Outflow) (71,118) Opening Bank 10,000 Net Cash Movement (71,118) Closing Bank (61,118)

9 Common cash flow mistakes Inadequate GP% to cover fixed costs Poor credit policies/customer checks High overhead/discretionary spending Not managing stock/slow moving items Inadequate supplier management

10 Actions to improve common mistakes Model Gross Profit drivers Debtor Management Credit Checks Debtor management systems Mobile payment technologies Debt collection agencies Model Overhead/Discretionary spending Use Inventory Management Systems Talk to suppliers - get the best terms possible

11 Practical Example Strategy 1 Make 1 point change in each area. Net Cash Flow $ EBIT $ Current Result -71, ,729 Impact Area Current Parameters Change Price Increase % 720, % 5,880 7,200 Volume Increase % 360, % 1,938 3,600 COGS Reduction % 360, % 3,943 3,600 Overheads Reduction % 177, % 1,774 1,774 Reduction in Debtors Days 60 1 Day 1,973 Reduction in Stock Days 76 1 Day 986 Increase in Creditors Days 41 1 Day 986 Overall Impact 17,480 16,174 Adjusted Position -53, ,903

12 Practical Example Strategy 2 Target zero cash required Net Cash Flow $ EBIT $ Current Result -71, ,729 Impact Area Current Parameters Change Price Increase % 720, % 29,400 36,000 Volume Increase % 360, % -1,938-3,600 COGS Reduction % 360, % 9,856 9,000 Overheads Reduction % 177, % -10,644-10,644 Reduction in Debtors Days ,589 Reduction in Stock Days ,795 Increase in Creditors Days Overall Impact 71,058 30,756 Adjusted Position ,485

13 Your call to Action! (a) Understand your specific financial management circumstances. (b) Work out what high level area(s), if changed, will deliver the best results. (c) Consider using more detailed predictive models or forecasts to set detailed targets. (d) Implement the changes and monitor results regularly. (e) Make changes where and when required.

14 Questions Do you have any questions? Please send through your questions for Jason by typing these into the question box.

15 Thank you Phone us for more information on anything you have heard in today s presentation and please join us for the next webinar on Wednesday 2 December. Jason Krenske Partner T: E: 62 Woondooma Street, Bundaberg 4670

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