Advisory. Perfect Timing Norway Working Capital Survey. December 2015
|
|
|
- Elfrieda Arnold
- 7 years ago
- Views:
Transcription
1 Advisory Perfect Timing 2015 Norway Working Capital Survey
2 Contents Summary What is working capital? Geographic analysis Size analysis Sector analysis Management analysis How we can support you Detailed sector analysis Sample appendix 2
3 Summary
4 Norwegian companies have an untapped potential for cash release by improving their working capital levels Norwegian companies have had two consecutive years of working capital improvement, and are even one year ahead of the global trend Norwegian companies are suffering from an imbalance between debtors and creditors, strictly opposite of global figures. This suggests a potential in harmonizing terms DSO 45,2 DPO 27,6 The companies in our analysis have the potential to generate cash equivalent to 7% of their revenue by improving their performance and reaching their own sector s upper 7% of revenue 80% of those who have taken action to improve their operative working capital have experienced improved liquidity 4
5 What is working capital?
6 Working capital is the capital tied up in the business to finance its day-to-day operations DWC = DSO + DIO - DPO DAYS WORKING CAPITAL DAYS OF SALES OUTSTANDING DAYS INVENTORY ON HAND DAYS PAYABLES OUTSTANDING DWC is a measure that represents how many days of sales that are tied up to finance dayto-day operations DSO measures how long it takes to receive payments from customers DIO is a way to measure how long it takes to turn the inventory into sales DPO measures how long it takes a company to pay its suppliers 6
7 Good working capital management can release cash for growth, dividends and refinancing Invest in future growth Pay off debt Unlocking cash within the company is much cheaper than alternatives from investors or banks Good working capital management can release cash and give you the opportunity to invest in future growth Paying dividends will keep the stakeholders satisfied, and the necessary cash could be released through working capital Alternatively, the company can use the cash to pay down debt, which can initially lead to better credit ratings and then lower debt costs and increased profitability Pay dividends to stakeholders 7
8 There are four factors explaining a firm s working capital level 8
9 Geographic analysis
10 2014 represented the first improvement in global working capital following recent years deterioration Global DWC 40,9 41,1 41,3 41,3 40,1 After four years with consecutive DWC deterioration, 2014 showed an improvement. This was mainly due to improvements in DSO and DIO, but a deterioration in DPO diminished the improvement to some extent Global DSO Global DIO Global DPO 52,2 52,8 52,5 53,2 52,4 58,6 59,1 56,8 57,7 57,4 45,3 45,5 44,3 44,5 43, Source: s 2015 Annual Global Working Capital Survey 10
11 There are large regional differences in working capital performance Cultural characteristics are reflected in the differences in days working capital across regions of the globe Middle East s relative poor performance is largely due to having the absolute highest DSO Australasia s top performance stems from a beneficial spread between a relatively low DSO and significantly larger DPO, combined with the second lowest DIO among the regions The majority of regions have continued a strong focus on improving inventories. USA/Canada are enjoying a consistently low DIO, while Africa has the highest DIO following a notable deterioration over the last five years Western Economies are the only regions where DPO has deteriorated in the last five years 11
12 Norwegian companies have had an improvement in DWC, one year prior to the global trend DWC in Norway 48,5 48,6 49,2 50,7 48,9 48,1 Average DWC-levels deteriorated from , but started to improve in 2013, one year earlier than the global trend. In 2014 Norwegian companies are at their best average DWCperformance in 5 years. Both DSO and DIO have improved, while DPO has deteriorated consistently since 2011 DSO in Norway DIO in Norway DPO in Norway 46,3 47,0 46,9 47,0 32,9 33,1 45,6 45,2 31,2 31,4 31,4 30,5 29,0 29,8 30,7 29,3 28,1 27,6 12
13 Norwegian companies working capital is suffering from an imbalance between debtors and creditors The big difference between DSO and DPO is noticeable, as it suggests that companies get paid by their customers much later than they pay their own suppliers This can indicate that Norwegian companies tie up unnecessarily large amounts of cash in sales outstanding, while they are benefitting their suppliers by paying them early The imbalance suggests that Norwegian companies would benefit from harmonizing their terms DSO 45,2 DPO 27,6 13
14 Size analysis
15 Small companies have significantly higher Days Working Capital than large corporations We see a significant difference between large, medium and small companies' working capital, with large companies as top performers Small companies reduced the gap in 2013, but an improvement for large companies in 2014 widened the gap again. Large companies have in average 12 days lower days working capital than small companies Despite different yearly development the last five years, working capital levels are almost at the same level in 2014 as in 2009 independent of size Small Medium Large Size is defined through revenue as follows: Small = MNOK Medium = MNOK Large = > MNOK
16 Larger companies have better DSO and DIO, while smaller companies have better DPO Average DSO Average DIO Average DPO Small Medium Large Small Medium Large Small Medium Large Large companies have a better DSO than medium- and small sized companies This can be an indication of bigger companies having a better bargaining power when dealing with customers Small companies in general have a larger DIO than medium- and large companies However, the DIO trend for all sizes have been improving over the last three years Small companies are better at DPO than both large and medium sized companies However, this gap has tightened the last few years 16
17 By improving to the sector's top performing, companies could release on average 7% of revenue 7 % On average the companies defined as large could potentially release cash equivalent to 7% of their revenue 7 % of revenue 9 % On average the companies defined as medium could potentially release cash equivalent to 9% of their revenue 291 bnok in total, the companies in our survey could potentially generate 291 billion NOK by improving to their own sector s best 9 % On average the companies defined as small could potentially release cash equivalent to 9% of their revenue 17
18 An average company in the industrial manufacturing sector could potentially release 52 MNOK DWC 60 days 27 days DWC 33 days 52 MNOK in cash - = + Todays performance for an average performing company Improvement to match the best in the sector New net working capital and released cash Input to illustration Basis for calculation Average performing company Sector: Industrial manufacturing Revenue: 700 MNOK Company level: DWC 60 NWC = DWC 365 * Revenue Q1 level in sector: DWC 33 18
19 Sector analysis
20 Days working capital varies considerably both between and within sectors Working capital levels varies significantly among different sectors. In the Norwegian survey Communication has the lowest DWC level while Fisheries has the highest level On global level Pharmaceuticals & life sciences has the highest DWC while Hospitality and leisure has the lowest DWC There is a significant difference between top and bottom performers within all the sectors in both surveys 20
21 Management analysis
22 There are four internal factors driving the working capital performance Payment terms Full understanding and transparency of all terms in place, and matched with size and nature of contract Culture and management Accountability and responsibility for working capital management, and top managers involved from a monitoring perspective Monitoring Analysis of operational data to measure terms, policies and procedure compliance and have relevant working capital management KPIs to ensure traceability of operational performance Internal processes Understanding of each end to end process and individual process steps continuously challenged aiming to reduce working capital and maximise cash flow impact 22
23 We have used a survey to better understand Norwegian companies working capital management The result of the survey consists of 144 respondents All companies have a minimum revenue of 100 MNOK 22% of the respondents have revenues above 1000 MNOK 78% of the respondents are CFOs of their respective companies 23
24 85% of the respondents have taken action to improve their working capital 52% Increased supplier payment terms 33% Reduced internal billing time of the companies have tried to improve their working capital 85% 33% Reduced customer credit time 65% Reduced inventory stock 24
25 80% of those who have taken action experienced improved liquidity To a large extent 27% To some extent 51% of the companies have tried to improve their working capital To a small extent 2% No improvement 20% 25
26 Focus on payables is lower than receivables and inventory in a monitoring perspective 74% 67% 42% % formal reporting Only 42% of the companies in our survey report on payables The focus on inventory and receivables seems to be higher, a bit more than two thirds report on both Receivables Inventory Payables 26
27 Reporting frequency is considerably higher on receivables than on payables and inventory 49% 14% 18% % reporting daily or weekly 49% report on receivables on a daily or weekly basis, mainly related to their dunning processes It is more common to report on inventory and payables on a monthly basis Receivables Inventory Payables 27
28 How we can support you
29 How we can support you 1 Complete 2 Perform 3 Develop 4 Assist a working capital benchmarking exercise to compare performance against peers and identify potential improvement opportunities a diagnostic review to identify quick wins and longer-term working capital improvement opportunities detailed action plans for implementation to generate cash and make sustainable improvements the realisation of sustainable working capital reduction by implementing robust, efficient and collaborative processes Addressing the key factors: Identification, harmonization and improvement of commercial terms Process optimization throughout the end-to-end working capital cycles Process compliance and monitoring Creating and embedding a cash culture within the organization, optimizing the trade-offs between cash, cost and service 29
30 Examples of areas where could help you to release cash from tied up working capital Accounts receivable Credit risk policies Aligned and optimised customer terms Billing timeliness and quality Contract and milestone management Prioritised and proactive collection procedures Systems-based dispute resolution Dispute root cause elimination Accounts payable Centre Led procurement Consolidated spending Aligned and optimised supplier terms Supply Chain Finance Purchasing channels (to avoid contract leakage) Payment method and frequency Early payment prevention Inventory Lean and agile supply chain strategies Global coordination Forecasting techniques Production planning Accurate tracking of inventory quantities Differentiated inventory levels for different goods Balanced cash, cost and service 30
31 Detailed sector analysis
32 Automotive Key figures for 2014 NWC is on average 14% of revenue EBITDA is on average 3% of revenue DWC worst Median DWC best DWC DSO DIO DPO 51,6 53,7 51,1 19,5 19,2 56,1 57,0 54,2 20,9 21,7 23,8 21,6 20,8 19,7 49,7 48,1 47,7 18,1 18,3 17,7 17,7 51,1 51,7 49,7 The figures above are calculated as an average for the sector 32
33 Chemicals Key figures for 2014 NWC is on average 20% of revenue EBITDA is on average 14% of revenue DWC worst Median DWC best DWC DSO DIO DPO 66,3 72,3 61,1 71,3 73,1 59,6 48,1 52,6 48,0 46,0 51,8 43,1 51,2 55,0 51,1 64,0 58,0 47,6 33,0 35,4 37,9 38,8 36,7 31,1 The figures above are calculated as an average for the sector 33
34 Engineering & construction Key figures for 2014 NWC is on average 17% of revenue EBITDA is on average 8% of revenue DWC worst Median DWC best DWC DSO DIO DPO 58,9 60,7 60,3 62,6 60,8 59,3 71,6 73,1 73,2 73,8 70,2 72,9 20,5 22,3 23,8 24,5 24,4 23,0 33,2 34,7 36,7 35,7 33,7 36,6 The figures above are calculated as an average for the sector 34
35 Energy, utilities & mining Key figures for 2014 NWC is on average 8% of revenue EBITDA is on average 27% of revenue DWC worst Median DWC best DWC DSO DIO DPO 27,0 30,3 24,9 30,9 27,4 27,7 53,8 57,8 47,6 56,2 47,7 50,3 5,4 4,8 5,0 5,9 4,9 5,0 32,2 32,3 27,6 31,3 25,2 27,6 The figures above are calculated as an average for the sector 35
36 Fisheries Key figures for 2014 NWC is on average 31% of revenue EBITDA is on average 30% of revenue DWC worst Median DWC best DWC DSO DIO DPO 133,8 107,1 124,8 122,7 112,1 106,9 40,6 40,1 32,9 34,9 41,7 36,8 124,8 99,6 123,0 123,6 99,7 97,1 31,5 32,6 31,0 35,7 29,2 27,1 The figures above are calculated as an average for the sector 36
37 Industrial manufacturing Key figures for 2014 NWC is on average 18% of revenue EBITDA is on average 7% of revenue DWC worst Median DWC best DWC DSO DIO DPO 64,7 66,0 65,5 67,7 66,0 68,3 49,2 52,3 52,0 51,6 51,9 49,8 44,0 44,1 46,2 47,1 43,9 47,2 28,5 30,4 32,7 31,0 29,8 28,6 The figures above are calculated as an average for the sector 37
38 Oil & Gas Key figures for 2014 NWC is on average 7% of revenue EBITDA is on average 15% of revenue DWC worst Median DWC best DWC DSO DIO DPO 28,5 17,1 18,1 19,1 25,1 26,1 42,6 28,4 37,9 34,0 33,8 38,0 7,5 10,0 7,7 7,8 6,8 8,4 21,5 21,3 27,5 22,7 15,4 20,3 The figures above are calculated as an average for the sector 38
39 Pharmaceuticals & life sciences Key figures for 2014 NWC is on average 19% of revenue EBITDA is on average 21% of revenue DWC worst Median DWC best DWC DSO DIO DPO 76,5 73,6 90,8 59,9 69,0 83,7 40,3 42,1 57,9 38,1 44,0 55,8 52,1 55,9 50,5 47,9 60,9 19,6 20,6 23,0 20,2 17,0 21,2 29,6 The figures above are calculated as an average for the sector 39
40 Retail & consumer Key figures for 2014 NWC is on average 12% of revenue EBITDA is on average 5% of revenue DWC worst Median DWC best DWC DSO DIO DPO 43,1 44,4 43,8 43,6 42,5 38,2 38,5 39,9 38,8 38,3 34,6 35,3 34,2 34,5 30,1 30,0 30,8 29,2 29,2 41,2 37,1 33,1 33,1 27,7 The figures above are calculated as an average for the sector 40
41 Technology Key figures for 2014 NWC is on average 11% of revenue EBITDA is on average 12% of revenue DWC worst Median DWC best DWC DSO DIO DPO 47,4 46,0 48,7 68,9 67,0 70,0 6,9 6,1 4,8 5,7 5,2 5,3 28,4 27,0 23,6 27,0 25,6 25,6 42,0 41,5 41,7 60,8 62,0 62,0 The figures above are calculated as an average for the sector 41
42 Transportation & logistics Key figures for 2014 NWC is on average 6% of revenue EBITDA is on average 23% of revenue DWC worst Median DWC best DWC DSO DIO DPO 24,2 20,0 20,4 22,8 21,1 21,2 48,8 46,0 46,3 44,0 3,6 4,3 4,0 3,5 3,4 2,9 28,2 30,3 29,9 24,7 23,5 23,0 41,2 41,3 The figures above are calculated as an average for the sector 42
43 Communications Key figures for 2014 NWC is on average 4% of revenue EBITDA is on average 18% of revenue DWC worst Median DWC best DWC DSO DIO DPO 16,5 20,9 22,8 29,1 15,9 19,4 52,5 49,8 56,7 58,2 47,4 49,5 2,8 2,3 2,1 2,9 3,0 2,5 38,9 31,2 36,0 32,0 34,4 32,5 The figures above are calculated as an average for the sector 43
44 Entertainment & media Key figures for 2014 NWC is on average 9% of revenue EBITDA is on average 10% of revenue DWC worst Median DWC best DWC DSO DIO DPO 35,8 39,3 37,4 36,7 34,1 36,4 43,3 48,5 46,6 44,8 43,7 45,1 10,5 11,2 9,7 10,0 8,9 7,9 18,0 20,5 19,0 18,2 18,6 16,6 The figures above are calculated as an average for the sector 44
45 Sample appendix
46 Basis of calculations and limitations Metric NWC % (Net working capital %) DSO (Days Sales Outstanding DIO (Days Inventory Outstanding) DPO (Days Payables Outstanding) EBITDA Margin (Earnings before interest, taxes, depreciation and amortisation) NWC % measures working capital requirements relative to the size of the company. DSO is a measure of the average number of days that a company takes to collect cash after the sale of goods or services have been delivered. DIO gives an idea of how long it takes for a company to convert its inventory into sales. Generally, the lower (shorter) the DIO, the better. DPO is an indicator of how long a company takes to pay its trade creditors. EBITDA Margin is an indicator of a company's profitability level as a proportion of its revenue. Basis of calculation (Accounts Receivable + Inventories - Accounts Payable) / Sales Accounts Receivable / Sales x 365 Inventories / Sales x 365 Accounts Payable / Sales x 365 EBITDA / Sales Limitations Companies in this survey have been assigned to Norway based on the location of their headquarters. Although a significant part of their sales and purchases are likely to be in Norway, some activities may be overseas and therefore the numbers can reflect payment terms and behaviour in other countries As the research is based on publicly available information, all figures are financial year-end figures. Due to the disproportionate efforts to improve working capital performance towards year-end, the real underlying working capital requirement within reporting periods might be higher Companies with KPI s (DSO, DIO, DPO and DWC) higher than 500 have been removed before the calculations 46
47 Sampled companies by sector and years Sector Automotive Chemicals Communications Energy, utilities & mining Engineering & construction Entertainment & media Fisheries Industrial manufacturing Oil & Gas Pharmaceuticals & life sciences Retail & consumer Technology Transportation & logistics Total all sectors *Lower number of companies in 2014 due to late financial releasement date at time of analysis 51
48 DWC by sector and years Sector Average Automotive 49,7 48,1 51,6 53,7 51,1 47,7 50,4 Chemicals 66,3 72,3 61,1 71,3 73,1 59,6 68,1 Communications 16,5 20,9 22,8 29,1 15,9 19,4 20,9 Energy, utilities & mining 27,0 30,3 24,9 30,9 27,4 27,7 28,1 Engineering & construction 58,9 60,7 60,3 62,6 60,8 59,3 60,5 Entertainment & media 35,8 39,3 37,4 36,7 34,1 36,4 36,6 Fisheries 133,8 107,1 124,8 122,7 112,1 106,9 118,6 Industrial manufacturing 64,7 66,0 65,5 67,7 66,0 68,3 66,3 Oil & Gas 28,5 17,1 18,1 19,1 25,1 26,1 22,3 Pharmaceuticals & life sciences 76,5 73,6 90,8 59,9 69,0 83,7 74,6 Retail & consumer 41,2 43,1 44,4 43,8 43,6 42,5 43,2 Technology 47,4 46,0 42,0 48,7 41,5 41,7 44,6 Transportation & logistics 24,2 20,0 20,4 22,8 21,1 21,2 21,6 Average all sectors 48,5 48,6 49,2 50,7 48,9 48,1 49,1 50
49 DSO by sector and years Sector Average Automotive 19,5 18,1 19,2 18,3 17,7 17,7 18,4 Chemicals 48,1 52,6 48,0 46,0 51,8 43,1 48,8 Communications 52,5 49,8 56,7 58,2 47,4 49,5 52,4 Energy, utilities & mining 53,8 57,8 47,6 56,2 47,7 50,3 52,3 Engineering & construction 71,6 73,1 73,2 73,8 70,2 72,9 72,4 Entertainment & media 43,3 48,5 46,6 44,8 43,7 45,1 45,4 Fisheries 40,6 40,1 32,9 34,9 41,7 36,8 37,9 Industrial manufacturing 49,2 52,3 52,0 51,6 51,9 49,8 51,2 Oil & Gas 42,6 28,4 37,9 34,0 33,8 38,0 35,8 Pharmaceuticals & life sciences 40,3 42,1 57,9 29,6 38,1 44,0 41,4 Retail & consumer 38,2 38,5 39,9 38,8 38,3 37,1 38,6 Technology 68,9 67,0 60,8 70,0 62,0 62,0 65,2 Transportation & logistics 48,8 46,0 46,3 44,0 41,2 41,3 44,7 Average all sectors 46,3 47,0 46,9 47,0 45,6 45,2 46,4 47
50 DIO by sector and years Sector Average Automotive 51,1 51,7 56,1 57,0 54,2 49,7 53,5 Chemicals 51,2 55,0 51,1 64,0 58,0 47,6 55,3 Communications 2,8 2,3 2,1 2,9 3,0 2,5 2,6 Energy, utilities & mining 5,4 4,8 5,0 5,9 4,9 5,0 5,2 Engineering & construction 20,5 22,3 23,8 24,5 24,4 23,0 23,2 Entertainment & media 10,5 11,2 9,7 10,0 8,9 7,9 9,8 Fisheries 124,8 99,6 123,0 123,6 99,7 97,1 112,2 Industrial manufacturing 44,0 44,1 46,2 47,1 43,9 47,2 45,3 Oil & Gas 7,5 10,0 7,7 7,8 6,8 8,4 8,0 Pharmaceuticals & life sciences 55,8 52,1 55,9 50,5 47,9 60,9 53,4 Retail & consumer 33,1 34,6 35,3 34,2 34,5 33,1 34,2 Technology 6,9 6,1 4,8 5,7 5,2 5,3 5,7 Transportation & logistics 3,6 4,3 4,0 3,5 3,4 2,9 3,6 Average all sectors 31,2 31,4 32,9 33,1 31,4 30,5 31,8 48
51 DPO by sector and years Sector Average Automotive 20,9 21,7 23,8 21,6 20,8 19,7 21,5 Chemicals 33,0 35,4 37,9 38,8 36,7 31,1 36,0 Communications 38,9 31,2 36,0 32,0 34,4 32,5 34,2 Energy, utilities & mining 32,2 32,3 27,6 31,3 25,2 27,6 29,4 Engineering & construction 33,2 34,7 36,7 35,7 33,7 36,6 35,0 Entertainment & media 18,0 20,5 19,0 18,2 18,6 16,6 18,6 Fisheries 31,5 32,6 31,0 35,7 29,2 27,1 31,5 Industrial manufacturing 28,5 30,4 32,7 31,0 29,8 28,6 30,3 Oil & Gas 21,5 21,3 27,5 22,7 15,4 20,3 21,5 Pharmaceuticals & life sciences 19,6 20,6 23,0 20,2 17,0 21,2 20,1 Retail & consumer 30,1 30,0 30,8 29,2 29,2 27,7 29,6 Technology 28,4 27,0 23,6 27,0 25,6 25,6 26,2 Transportation & logistics 28,2 30,3 29,9 24,7 23,5 23,0 26,7 Average all sectors 29,0 29,8 30,7 29,3 28,1 27,6 29,2 49
52 To discuss working capital opportunities with us, please get in touch Thomas Waage Manager Jørn Juliussen Partner
Cash for Growth Working Capital in the Nordics
2014 Cash for Growth Working Capital in the Nordics Contents Executive summary 3 Working capital performance across the Nordics 4 Understanding the drivers 5 A comparison with Europe 6 Performance within
December 2014. Cash for Growth Working Capital in the Consumer Goods Sector
December 2014 Cash for Growth Working Capital in the Consumer Goods Sector Foreword Welcome to PwC s Working Capital Survey of the Consumer goods sector. Working capital is the lifeblood of every company
pwc.com/workingcapitalsurvey Bridging the Gap 2015 Annual Benelux Working Capital Survey
pwc.com/workingcapitalsurvey Bridging the Gap 2015 Annual Benelux Working Capital Survey Contents Executive summary What is driving working capital? 1. Industry 2. Geography 3. Size 4. Financial performance
December 2014. Cash for Growth Working Capital in the Retail Sector
December 2014 Cash for Growth Working Capital in the Retail Sector Foreword Welcome to PwC s Working Capital Survey of the retail sector. Working capital is the lifeblood of every company and a barometer
pwc.com/workingcapitalsurvey Bridging the Gap 2015 Annual Global Working Capital Survey
pwc.com/workingcapitalsurvey Bridging the Gap 2015 Annual Global Working Capital Survey 2 Bridging the Gap Contents Executive summary What is driving working capital? 1. Industry 2. Geography 3. Size 4.
Working capital optimization
Working capital optimization Simon Rockcliffe Ernst & Young Background Methodology and approach Canadian Financial Executives Research Foundation (CFERF) Methodology: FEI Executive Survey (November 2012)
www.pwc.com/workingcapitalsurvey Bridging the Gap 2015 Annual Global Working Capital Survey of the Oil & Gas sector
www.pwc.com/workingcapitalsurvey Bridging the Gap 2015 Annual Global Working Capital Survey of the Oil & Gas sector Contents Foreword Executive summary Exploration & production Oil field services How we
Working Capital Analysis
Working Capital Analysis Keep cash flowing with the working capital calculator This module helps you assess the effectiveness of your working capital cycle and its impact on cash flow. Working capital
Strategies for optimizing your cash management
Part of the Deloitte working capital series Make your working capital work for you Strategies for optimizing your cash management The Deloitte working capital series Strategies for optimizing your accounts
Cash for Growth PwC Annual Global Working Capital Survey
2014 Cash for Growth PwC Annual Global Working Capital Survey Contents Foreword 3 Executive summary 5 Global working capital trends 6 A look at sector performance 14 The need for investment 16 Working
Working Capital Management
Dr. Hendrik Vater, CFO DHL Supply Chain Southern Europe Working Capital Management The ICV s Guideline to Optimize Inventories, Receivables and Payables 2nd International Controller Conference in Croatia
Make Your Working Capital Work
Make Your Working Capital Work Unlocking the value through improving processes Working capital is the amount of daily operating liquidity available with a firm i.e. for day to day operations of the firm.
Working capital management 2009 - a survey of Nordic companies
Report Working capital management 2009 - a survey of Nordic companies Prepared by Danske Bank and Ernst & Young Introduction The financial crisis and the recession that took speed through the autumn of
Supply Chain Finance Program for capital efficiency optimization at Siemens Siemens AG 2015. All rights reserved. siemens.com
, March 18 th, 2015 Supply Chain Finance Program for capital efficiency optimization at Siemens Siemens` Global presence Close to customers all over the world 10.9 115,000 69 Revenue (in billions of )
Managing working capital in the new economic environment
IBM Global Business Services Financial Management Managing working capital in the new economic environment Challenging times The problem is acknowledged throughout the world: in difficult economic times,
Freeing cash flow in your business
Working Capital Management Freeing cash flow in your business pwc.com.au/privateclients Executive summary Your company is growing. Sales are skyrocketing, you re taking on new people and you re looking
www.pwc.nl Procurement Transformation: Towards Sourcing & Procurement Excellence
www.pwc.nl Procurement Transformation: Towards Sourcing & Procurement Excellence PwC firms provide Industry-focused Assurance, Tax and Advisory services to enhance value for their clients. More than 161.000
Strategic Financial Supply Chain Management For Value Creation
Strategic Financial Supply Chain Management For Value Creation Mohammed Hanif Ajari Professor for Practice Institution of Business Administration Karachi A Bit of History: 1930 1950 Bank Robber Slick
Sage 300 Distribution
Sage 300 Distribution Win new markets, satisfy your customers, deliver high-quality products and services and steer your business in the right direction with Sage 300 Distribution! In this ever increasing
Liquidity: Squeezing the Most out of Your Working Capital. Milan, February 8th
Liquidity: Squeezing the Most out of Your Working Capital Milan, February 8th Days Cash released from working capital generates value Improved cash flow is important in any economic environment Net working
Working capital The 64 billion question
Working capital The 64 billion question Deloitte 212 Working Capital Performance Study May 212 Contents Working capital: The 64 billion question 1 The level of excess working capital increased in 2 UK
The Profit WIN Numbers Jim Silverman Automotive Training Institute
The Profit WIN Numbers Jim Silverman Automotive Training Institute Today's Agenda Determine how much money you need to make Pay your bills now Have enough for later Learn how to keep score Fix your accounting
Agenda Optimizing Working Capital September 24, 2014
Agenda Optimizing Working Capital September 24, 2014 Speakers Cassio Calil International Corporate Client Banking, J.P. Morgan Setting the Scene Calil manages the International Corporate Client Banking
Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014
Investor Day 2014 Group Financial Outlook and Strategy Mark Langer, CFO Paris, November 19, 2014 HUGO BOSS 19-Nov-14 2 Agenda Review of past financial performance Current trading update Financial implications
Options Are Good. A Treasury Perspective on Driving Value from Payments. Jody L. Lutz Senior Vice President PNC Treasury Consulting Group
Options Are Good A Treasury Perspective on Driving Value from Payments Presented to: April 20, 2015 Jody L. Lutz Senior Vice President PNC Treasury Consulting Group (412) 768-2364 Jody.Lutz@pnc.com Traditional
Holistic Supply Chain Management A Focused Approach to Supply Chain Management through the Lens of Working Capital Management
Holistic Supply Chain Management A Focused Approach to Supply Chain Management through the Lens of Working Capital Management A GT Nexus White Paper Executive Summary There is a renewal of interest in
The Contract Scorecard
ARCHITECT ENGAGE OPERATE REGENERATE The Contract Scorecard Module 8 of the outsourcingtoolset outsourcingtoolset.com Contents 1 ABOUT THE OUTSOURCING TOOLSET AND THIS MODULE...1 1.1 THE OUTSOURCING TOOLSET...1
Sparebanken Hedmark Financial result Third quarter 2015
Sparebanken Hedmark Financial result Third quarter 2015 Sparebanken Hedmark Third quarter 2015 Stable development and falling unemployment rate in Hedmark - Hedmark and Oppland are two of the country`s
Evaluation of Supply Chain Management Systems Regarding Discrete Manufacturing Applications
Evaluation of Supply Chain Management Systems Regarding Discrete Manufacturing Applications Prof. Dr.-Ing. Klaus Thaler FHTW Berlin, Treskowallee 8, D-10318 Berlin, Germany e-mail: k.thaler@fhtw-berlin.de
BTS CP Business Best Practice Process Design. Carola Feind-Just Head Consumer Products MEE Business Transformation Services
BTS CP Business Best Practice Process Design Carola Feind-Just Head Consumer Products MEE Business Transformation Services SAP CP Business Best-Practices are the pre-defined reference content for defining,
PRESS RELEASE. Indesit Company s Board of Directors examines the results for 2 nd quarter 2012 and approves the 1 st half management report
PRESS RELEASE Indesit Company s Board of Directors examines the results for 2 nd quarter and approves the 1 st half management report Growth in 2 nd quarter revenues and market share. Operating margin
The Hierarchy of Supply Chain Metrics: Diagnosing Your Supply Chain Health
The Hierarchy of Supply Chain Metrics: Diagnosing Your Supply Chain Health Wednesday, February 18, 2004 Debra Hofman The Bottom Line: Companies can assess their supply chain health using just three key
Interpretation of Financial Statements
Interpretation of Financial Statements Author Noel O Brien, Formation 2 Accounting Framework Examiner. An important component of most introductory financial accounting programmes is the analysis and interpretation
Company Overview Presentation
Company Overview Presentation December 2012 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any shares or other securities
CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)
Financial Ratios and Quality Indicators
Financial Ratios and Quality Indicators From U.S. Small Business Administration Online Women's Business Center If you monitor the ratios on a regular basis you'll gain insight into how effectively you
Location of the job: CFO Revenue Assurance
JOB PROFILE Title of position: Manager: Revenue Assurance Operations Number of subordinates: 5-10 Location of the job: CFO Revenue Assurance Level: 3 Position Code: Time span: 2-3 years Key Performance
Working Capital Management
Dr. Hendrik Vater, CFO DHL Supply Chain Southern Europe Working Capital Management Current Trends and Success Factors in Working Capital Management Results of the ICV Practice Group Working Capital Management
Six top tips for travel managers to create savings in 2015
Six top tips for travel managers to create savings in 2015 E-Guide 2 Introduction Savings remain a key focal point for Travel Managers in 2015 and through regular reviews and analysis, using management
Uses and Limitations of Ratio Analysis
Uses and Limitations of Ratio Analysis Balkrishna Parab ACS, AICWA balkrishnaparab@jbims.edu F inancial statement analysis involves comparing the firm s performance with that of other firms in the same
Strategies for optimizing your inventory management
Part of the Deloitte working capital series Make your working capital work for you Strategies for optimizing your inventory management The Deloitte working capital series Strategies for optimizing your
B2B Payments New World
The Essentials of Procure-to-Pay Pay Patrick S. Lyons Vice President, Spend & Payment Solutions BMO Financial Group B2B Payments New World Trend: Payment Strategies now include all three Payments (ACH,
Sage 300 Finance. Sage 300 Finance. Industry Solution. Generic to all Industries and Organisations. Target. Business Processes. Business Challenges
Sage 300 Finance Ensure you stay competitive in today s global economy with Sage 300 Finance! We offer you far more than simple financial accountability and compliance. Allow your business to evolve with
STRATEGY UPDATE 2 MARCH 2016
STRATEGY UPDATE 2 MARCH 2016 Portfolio Focus on Attractive Growth and Margin Opportunities André Lacroix, CEO Intertek Group plc, is today announcing a strategic update outlining the Group s plan to deliver
What sets breakthrough innovators apart PwC s Global Innovation Survey 2013: US Summary
What sets breakthrough innovators apart PwC s Global Innovation Survey 2013: US Summary www.pwc.com/innovationsurvey 60% $250b The top innovators in our study plan to grow by more than 60 percent over
EDB Business Partner ASA FIRST QUARTER 2005 INTERIM REPORT
- 1 - EDB Business Partner ASA FIRST QUARTER 2005 INTERIM REPORT Growth in revenues and profit as a consequence of acquisitions Successful integration of acquired businesses and subsequent cost reductions
Best Practice Working Capital
Best Practice Working Capital Introduction to bpworkingcapital & Services MacArthur Discussion Group 7 th April 2010 About bpworkingcapital Specialists in Best Practice Working Capital Improvement Focus
FOURTH QUARTER 2015. Financials. Safe Zephyrus is scheduled to commence a contract in Norway early Q3 2016.
FOURTH QUARTER 2015 Financials (Figures in brackets refer to the corresponding period of 2014) Full year 2015 Operating profit for 2015 amounted to USD 167 million (USD 248.3 million) and utilisation of
How To Finance A Business
SUPPLY CHAIN FINANCE Promoting Sales Growth through Innovative Financing Zurich 19 October 2015 Agenda Presentation 30 min Panel Discussion 30 min Q&A with the Audience 30 min - 2 - Introduction of Panelists
mysap ERP FINANCIALS SOLUTION OVERVIEW
mysap ERP FINANCIALS SOLUTION OVERVIEW EFFECTIVE FINANCIAL MANAGEMENT ... IS KEY TO BUSINESS SUCCESS mysap ERP FINANCIALS YOUR BUSINESS, YOUR FUTURE, YOUR SUCCESS mysap ERP is the world s most complete
EDB Business Partner ASA FOURTH QUARTER 2003 INTERIM REPORT
- 1 - EDB Business Partner ASA FOURTH QUARTER 2003 INTERIM REPORT Summary The EDB group reports its best quarterly earnings since the fourth quarter of 2001 All business areas report improved operating
Why Virtual Bookkeeping Will Save your Small Business
Why Virtual Bookkeeping Will Save your Small Business Virtual bookkeeping services are scary. They will not work. It s a common misconception of those who have not tried yet the various online accounting
Working Capital Analytics Overview. SAP Business Suite Application Innovation March 2015
Working Capital Analytics Overview SAP Business Suite Application Innovation March 2015 Abstract As of Smart Financials 1.0 SP02 SAP delivers Working Capital Analytics DSO Analysis Working Capital Analytics
If your company had an extra $41 million, what would you do with it? For every $1 billion in revenue,
CASH ADVANTAGE Put Working Capital Back to Work There s never been a better time to reduce working capital requirements to speed financing and invest in future growth. By Lisa Higgins If your company had
The Orchid Advisors Webinar Series Presents: Cash Management & Working Capital Opportunities
Orchid Advisors The Orchid Advisors Webinar Series Presents: Cash Management & Working Capital Opportunities September 18, 2014 Compliance Ecosystem Transformation Compliance Technology & Data Analytics
12 ways to improve working capital, today.
FINANCE & ACCOUNTING 12 ways to improve working capital, today. Bradley Palmer Assistant Vice President, Sales and Business Development Accounts Receivable (AR) performance has been deteriorating for two-thirds
High Performance Business Study. 2014 results
High Performance Business Study 2014 results About the study Accenture s High Performance Business (HPB) study aims at understanding which companies are top performers and what makes them great. Each quarter
Working Capital: never been better What the top performing companies are doing differently
www.pwc.co.uk/workingcapital Working Capital: never been better What the top performing companies are doing differently European Working Capital Annual Review 2012 Contents Introduction 4 Key findings
RESEARCH REPORT WINTER 2012
In collaboration with RESEARCH REPORT WINTER 2012 FINDINGS FROM THE 2011 SUSTAINABILITY & INNOVATION GLOBAL EXECUTIVE STUDY AND RESEARCH PROJECT The Survey Questions and Responses Access the full online
Brief History of Square Pharmaceuticals & Liquidity Ratios
Brief History of Square Pharmaceuticals & Liquidity Ratios BRIEF HISTORY Square Pharmaceuticals Ltd. is a renowned company in Bangladesh. It is a flagship company in the pharmaceutical industry which has
Strategic Solutions that Make Your Work Easier. Projects Made Easier Decisions Made Easier Business Made Easier
Strategic Solutions that Make Your Work Easier Projects Made Easier Decisions Made Easier Business Made Easier Have You Outgrown Your Systems? Buyers Say the Partner and the Product are More Important
connected excellence in all we do Turnaround Management
connected excellence in all we do Turnaround Management Turnaround Delivery Team Function and Responsibility Purpose of the function is to facilitate effective turnarounds by maximising work done during
Solar Equity story. Our three value drivers are growth, EBITA margin and net working capital
Solar Equity story Our three value drivers are growth, EBITA margin and net working capital Investor presentation - agenda 1 The results we achieved in Q4 2015 and FY 2015 2 Outlook 2016 and dividends
Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935
For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com CLOUD
BUSINESS TOOLS. Preparing Agricultural Financial Statements. How do financial statements prove useful?
Preparing Agricultural Financial Statements Thoroughly understanding your business financial performance is critical for success in today s increasingly competitive agricultural, forestry and fisheries
Management Excellence Framework: Record to Report
An Oracle Thought Leadership White Paper August 2009 Management Excellence Framework: Record to Report Introduction Management Excellence Framework... 3 Record to Report... 5 Step by Step... 6 Key Metrics...
1Q 2016 Highlights Total volume (kmt) Adjusted EBITDA (EUR/Millions) Adjusted EPS (EUR) 1Q16 1Q15 Y-o-Y Comparison 277.8 252.9 9.9% 54.0 53.9 0.1% 0.28 0.33-15.2% Strong volume gains from both Specialty
Predictive and Prescriptive Analytics An Example: Advanced Sales & Operations Planning
Arnold Mark Wells 12 April 2015 Predictive and Prescriptive Analytics An Example: Advanced Sales & Operations Planning 2 Good Decisions Are Integrated Decisions Requires an understanding of inter-related
Oceaneering Reports First Quarter 2016 Results
PRESS RELEASE Oceaneering Reports First Quarter 2016 Results April 25, 2016 Houston, Texas Oceaneering International, Inc. ( Oceaneering or the Company ) (NYSE:OII) today reported net income of $25.1 million,
May 2015. Atradius Payment Practices Barometer. International survey of B2B payment behaviour Survey results for Eastern Europe
May 2015 Atradius Payment Practices Barometer International survey of B2B payment behaviour Survey results for Eastern Europe Survey design for Eastern Europe SURVEY DESIGN SURVEY RESULTS STATISTICAL APPENDIX
SUPPLY CHAIN MANAGEMENT: A BOARDROOM IMPERATIVE AN FTI CONSULTING BRIEFING PAPER
SUPPLY CHAIN MANAGEMENT: A BOARDROOM IMPERATIVE AN FTI CONSULTING BRIEFING PAPER IN THE HEADLINES AMAZON In December 204, hundreds of Amazon workers in Germany went on strike, just as pre-christmas sales
Aerospace and Airlines
OverviewOverview\Wright Industry Averages - Overview Wright Industry Averages: Aerospace and Airlines (Europe) Prepared May 16, 2011 Background Wright Industry Averages are a compilation of data derived
Fernando A. González. EVP Finance and Administration, CFO. February 14, 2013. www.cemex.com
Fernando A. González EVP Finance and Administration, CFO February 14, 2013 www.cemex.com Forward looking information This presentation contains certain forward-looking statements and information relating
CSI Publications. The State of Business Model Innovation in Norway. By: Tina Saebi and Krysta Alexa Singh. Theme 1: Business Model Innovation
CSI Publications Theme 1: Business Model Innovation The State of Business Model Innovation in Norway By: Tina Saebi and Krysta Alexa Singh Table of Contents 1 1. The Study 3 2. Low Degree of Business Model
Income Measurement and Profitability Analysis
PROFITABILITY ANALYSIS The following financial statements for Spencer Company will be used to demonstrate the calculation of the various ratios in profitability analysis. Spencer Company Comparative Balance
FOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE For media inquiries, contact: Eric Armstrong, Citrix Systems, Inc. (954) 267-2977 or eric.armstrong@citrix.com For investor inquiries, contact: Eduardo Fleites, Citrix Systems, Inc.
Ratios from the Statement of Financial Position
For The Year Ended 31 March 2007 Ratios from the Statement of Financial Position Profitability Ratios Return on Sales Ratio (%) This is the difference between what a business takes in and what it spends
Corporate Governance Service Business Plan 2011-2016. Modernising Services
Corporate Governance Service Business Plan 2011-2016 Modernising Services Index 1. Executive Summary 3 2. Vision and Strategy 4 3. Service Overview 3.1 What Services do we and Will we Deliver? 5 3.2 How
Profit is affected by seasonal variations and ramp up of new employees. EBITDA of NOK 1 (-2) million and 0.5% (-2.7%) margin in the third quarter.
2 /16 Highlights Q3 The growth continues in the third quarter with strong growth in number of employees and low turnover rate. Profit is affected by seasonal variations and ramp up of new employees. Cancellation
Working Capital Improvement through Supplier Finance
Working Capital Improvement through Supplier Finance It s Not Just for Large Corporates Sean Corrigan Senior Vice President Head of Strategic Trade Solutions Wells Fargo International Trade Services 2015
NEW MODELS FOR SCF THOMAS FAKHOURI BASWARE FINANCING SERVICES
NEW MODELS FOR SCF THOMAS FAKHOURI BASWARE FINANCING SERVICES SUPPLY CHAIN FINANCE THE WORKING CAPITAL OPPORTUNITY Today s supply chain finance solutions typically: Offer access to advantageous financing
LEAD LOGISTICS PARTNER
Lead Logistics Partner LEAD LOGISTICS PARTNER visit www.dhl.com/supplychain Delivering supply chain transformation that drives a competitive advantage. 2 Understanding supply chain dynamics Understanding
C A L C U L A T I O N A N D A D J U S T M E N T O F P U R C H A S E P R I C E I N M & A T R A N S A C - T I O N S
C A L C U L A T I O N A N D A D J U S T M E N T O F P U R C H A S E P R I C E I N M & A T R A N S A C - T I O N S Introduction Provisions on the calculation and adjustment of purchase prices are among
Paying the Price of Inaction? Why Original Equipment Manufacturers Must Reinvent Competitive Parts Pricing
Paying the Price of Inaction? Why Original Equipment Manufacturers Must Reinvent Competitive Parts Pricing Original Equipment Manufacturers know that things must change In the spare parts market, overpriced
The CFO s motivation...
The CFO s motivation... What do you consider to be the key financial priorities for your organization for the year ahead? Strategic Priorities 35% 48% 45% 43% 72% Improving operational efficiency Optimising
Manufacturing Industry KPIs that Matter
Manufacturing Companies Run Better on NetSuite. Manufacturing Industry KPIs that Matter Sponsored by Results from Businesses Like Yours Business Visibility 360 o Visibility & Actionable Insight Increased
Your Strategic Outsourcing Partner
A Stone Forest Company Your Strategic Outsourcing Partner Finance & Accounting BPO Contract Accounting Services Recruitment Services Singapore China Malaysia Globally Connected International WE PROCESS
Increase Revenues with Channel Sales Management
Increase Revenues with Channel Sales Management Executive Summary Why is it so difficult to grow revenue, identify emerging customers and partners, and expand into new markets through the indirect sales
Commodity Price Risk Management (CPRM) - Trends and Challenges for Corporates
Advisory Commodity Price Risk Management (CPRM) - Trends and Challenges for Corporates May 2014 Agenda Industry Challenges CPRM A Business Case CPRM Maturity Model CPRM Trends What Should Companies Do?
INTERIM REPORT SIX MONTHS ENDED 31 DECEMBER 2015
INTERIM REPORT SIX MONTHS ENDED 31 DECEMBER 2015 (Released 16 February 2016) There are forward-looking statements included in this document. As forward-looking statements are predictive in nature, they
Aalberts Industries increases earnings per share +10%
Aalberts Industries increases earnings per share +10% Langbroek, 26 February 2015 Highlights o Revenue EUR 2,201 million, increase +8% (organic +3.1%) o Operating profit (EBITA) +10% to EUR 247 million;
UNLOCKING MAJOR COST SAVINGS ON OIL & GAS PROJECTS
UNLOCKING MAJOR COST SAVINGS ON OIL & GAS S $ RESPONDING TO A LOW-PRICE OIL ENVIRONMENT THE BENEFITS OF EARLY INVOLVEMENT: In our experience early involvement on a project is key when it comes to securing
Pharma working capital performance highly variable
April 2014 Pharma working capital performance highly variable 41 Billion in Excess Working Capital We last completed this survey in 2012. We expected that there would be a broad improvement across the
Student loan repayments
Report by the Comptroller and Auditor General Department for Business, Innovation & Skills Student loan repayments HC 818 SESSION 2013-14 28 NOVEMBER 2013 4 Key facts Student loan repayments Key facts
Strategic Supply Chain Management The five disciplines for top performance. Food & Consumer Products of Canada Webinar Toronto, February 24, 2014
Strategic Supply Chain Management The five disciplines for top performance Food & Consumer Products of Canada Webinar Toronto, February 24, 2014 Section 1 Why is strategic supply chain management important?
REPORT FOR RESOLUTION. SUBJECT: Treasury Management Annual Report 2009-10
REPORT FOR RESOLUTION COMMITTEE: Council DATE: 14th July 2010 SUBJECT: Treasury Management Annual Report 2009-10 REPORT OF: City Treasurer PURPOSE OF REPORT: To report the Treasury Management activities
NATIONAL SURVEY OF HOME EQUITY LOANS
NATIONAL SURVEY OF HOME EQUITY LOANS Richard T. Curtin Director, Surveys of Consumers Survey Research Center The October 1998 WP51 The 1988, 1994, and 1997 National Surveys of Home Equity Loans were sponsored
Capital Markets Day 2012 DHL Supply Chain. Bruce A. Edwards London, 24 May 2012
Capital Markets Day 2012 DHL Supply Chain Bruce A. Edwards London, 24 May 2012 What we said in the past... Capital Markets Day 2009 Capital Markets Day 2010 Continued to improve our financial metrics to
Q1/2010 Report for the 1st quarter of 2010
Q1/2010 Report for the 1st quarter of 2010 CONTENTS The quarter in brief 3 Highlights Key figures Financial review Outlook for 2010 Business areas Software 5 BPO, Accounting and Payroll 6 Procurement and
An IFSA guide to understanding managed investments
Getting the edge with managed funds An IFSA guide to understanding managed investments MAY 2007 >> PAGE 1 OF 6 Over nine million Australians have over $1 trillion invested in managed investments. This