Working Capital Management
|
|
- Loraine Hutchinson
- 8 years ago
- Views:
Transcription
1 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 (2nd ICCC) Zagreb, Sheraton Zagreb Hotel Zagreb, 5. November 2014 Internationaler Controller Verein e.v. November 5 th 2014 Page 1
2 The ICV s Working Capital Management Task Force Founded in 2009 in Bonn (Germany) the first ever institutional connection between theory and practice via the participation of representatives from academia and practitioners Development of a basic understanding of working capital management and its value drivers What role does the controller play in working capital management? Discussion and exchange of information on examples of best practices in working capital management Topic Leadership provided by the ICV cross-country Internationaler Controller Verein e.v. November 5 th 2014 Page 2
3 Working Capital Management Scope WCM objectives of companies? Best practice in WCM reporting? WCM status quo in practice: organization, methods, tools Role of supply chain management in WCM? Limits of WCM? Positive/ negative measures? Inventories Undiscovered potential in WCM (delivery times, scrapping, etc.)? Sector-specific differences? Possibilities to control the life cycle by company/ sectors/ business cycle? Roll of controlling/ controller in WCM? Best practices In payables, inventories, service levels, receivables Divisional-/ company-wide win-win situations? Different WCM at different strategic positioning? Working Capital Management (WCM) Payables Substantive questions about WCM Receivables Definition of working capital? Key metrics? Organizational foundation of WCM -> successful for the long run? Effects of globalization on WCM? Effects (liquidity/ profitability) on financial performance? Drivers? Which aspects of WCM are impacted by trade-offs between income statement and balance sheet? Framework for successful WCM? Main problems in practice? Is top management aware of the importance of WCM? Leverage effects? Effects of the financial and economic crisis on WCM and the role of the controller? Role of IT in WCM? Internationaler Controller Verein e.v. November 5 th 2014 Page 3
4 Members of the WCM Task Force from If you are interested in participating, please feel free to contact me at Internationaler Controller Verein e.v. November 5 th 2014 Page 4
5 Internationaler Controller Verein e.v. November 5 th 2014 Page 5
6 Fundamentally, working capital management (WCM) focuses on five items in the balance sheet Other receivables 1 Trade receivables Reduction Net Working Capital Otherpayables 2 Prepayments to suppliers Trade payables 4 3 Inventories Increase Customer prepayments 5 Assets Liabilities and Equity Internationaler Controller Verein e.v. November 5 th 2014 Page 6
7 There are several ways to optimize a company s financial performance Focus Measures (examples) Profit Stabilize or increase revenue Lower cost of materials Reduce staff expense Decrease other operating expense Optimizing financial performance Liquidity Working Capital Capital structure Optimize inventories Optimize receivables management Optimize payment terms Lower debt Reduce cost of capital Optimize equity contributions Balance sheet structure Optimize investments (expand capacity, implement technological innovations) Conduct disinvestments Internationaler Controller Verein e.v. November 5 th 2014 Page 7
8 Effects of Working Capital Management Better credit ratings Easier access to capital and better conditions thanks to improved credit rating Higher enterprise value More free cash flow, lower WACC Lower operating working-capital costs Lower non-capital carrying costs (inventory write-downs, insurance, etc.) Lower cost of capital Reduced cost of capital through lower use of capital Lower use of capital Higher capital productivity through use of less capital Released liquidity (internal financing) More cash flow through shorter tie-up of capital, lower financing need Source: Losbichler (2010) Internationaler Controller Verein e.v. November 5 th 2014 Page 8
9 The C2C-cycle shows the tie-up of capital in days Delivery of raw materials and invoice Payment of raw-materials invoice Actual receipt of payment Purchase raw materials DPO days payables outstanding Cash-to-Cash-Cycle length of capital tie-up C2C = DIH + DSO - DPO Customer places order Production starts Production ends Delivery + invoicing Expected receipt of payment Customer pays invoice Storage period raw materials Production throughput Storage period finished goods DIH days inventory held DSO days sales outstanding C2C = DIH+DSO-DPO DIH = Inventories* 365 Cost of sales DSO = Receivables*365 Sales DPO = Payables*365 Cost of sales Source: Losbichler (2011) Internationaler Controller Verein e.v. November 5 th 2014 Page 9
10 Definition of WCM based on the ICV Working capital comprises in detail: The current assets tied up in operating activities Whose positions do not earn interest and which Therefore must be financed with interest-bearing capital This narrow, operating definition of working capital management can be expanded for each individual company But when doing so, care must be taken to ensure that the additional positions to be included: Are material and related to operations Are controllable by management Are not interest-bearing Release liquidity and Are short-term in nature (up to 12 months) Internationaler Controller Verein e.v. November 5 th 2014 Page 10
11 Ranges within the definition of working capital Most comprehensive definition WC = current assets - current liabilities Most narrow definition WC = inventories + trade receivables - trade payables Assets Liabilities and equity Assets Liabilities and equity Non-current assets Equity Non-current assets Equity Current assets Non-current liabilities Current assets Non-current liabilities Inventories Current liabilities Inventories Current liabilities Trade receivables Trade payables Trade receivables Trade payables Other receivables and assets Tax and other provisions Other receivables and assets Tax and other provisions Securities and equity interests Current liabilities to banks Securities and equity interests Current liabilities to banks Cash and cash equivalents Other liabilities Cash and cash equivalents Other liabilities Deferred items Deferred items Deferred items Deferred items Source: Losbichler (2012) Internationaler Controller Verein e.v. November 5 th 2014 Page 11
12 Components of WCM the definition of working capital can individually be extended Item Inventories, operating supplies Raw materials and operating supplies X Work in progress, incomplete services X Finished goods X Prepayments made X + Receivables and other assets Trade receivables X Component of working capital Yes No Potentially Receivables from affiliated companies If operational, non-interest-bearing and controllable Receivables from companies in which a participating interest is held If operational, non-interest-bearing and controllable Other assets If operational, non-interest-bearing and controllable Investments in affiliated companies X Other securities X Cash on hand, bank balances and checks X Deferred items X Unbilled, but rendered services X - Current liabilities Provisions If operational, non-interest-bearing and controllable Tax provisions X Other provisions X Liabilities X Current portion of bonds payable X Current liabilities to banks X Prepayments received for orders X Trade payables X Liabilities from honoring bills of exchange & preparing own bills of exchange For purchases of goods Liabilities to affiliated companies If operational, non-interest-bearing and controllable Liabilities to companies in which a participating interest is held If operational, non-interest-bearing and controllable Other liabilities, including tax payables X Deferred items X Liabilities for received but not-yet-invoiced services X Internationaler Controller Verein e.v. November 5 th 2014 Page 12
13 From Cash-Cycle KPI to Management Processes Value Target Purchase to Pay (payables) - DPO + Forecast to Fulfill (inventories/raw materials) - DIH Order to Cash (receivables) - DSO Delivery / Invoice Goods Receipt Maturity Date Payment Delivery / Invoice Maturity Date Payment Time Source: h & z Unternehmensberatung AG / Peter Rueffer(2008) Internationaler Controller Verein e.v. November 5 th 2014 Page 13
14 Potentials for Working Capital optimization can be identified throughout the entire process flow Accounts Receivable Sales, credit & order processing Contract management & invoicing Terms of trade Dispute management & collection Payment application Master data Contract administration & archiving Target conditions Proactive customer contacts (before due date) Payment forms Risk assessment Profitability Credit terms Dunning procedures & timelines Cash application Credit approval & credit limits Billing triggers and invoice issuance Term extensions & approval Escalation & repayment agreements Offset, reciprocal agreements Credit risk monitoring & portfolio management Service level parameters Hidden credit days Legal steps Unjustified discounts Quote process Invoice accuracy & approval Financing, Securities & INCO terms Dispute resolution Order entry Processing specific invoices, e.g. compensation deposits Premiums & rebates Dispute root cause eradication Strategic positioning & sales channels Unbilled goods & services Customer segmentation & service levels Credit note process & management Workflow design & technology Guidelines & process documentation Goal setting & reporting Internal & external communication Cash culture Source: EY (2013) Internationaler Controller Verein e.v. November 5 th 2014 Page 14
15 Potentials for Working Capital optimization can be identified throughout the entire process flow Accounts Payable Purchase order & fulfilment Invoice receipt & processing Terms of trade Payment timeliness Cash paid Sourcing, procurement strategy & channels Billing triggers & events Payment terms Dispute management Payment timeliness Spend forecasting & budget setting Invoice processing Payment key date Early payments Payment frequency & method Supplier selection & spend consolidation Invoice receipt Payment discounts Partial payments Offset, reciprocal agreements Contract management Invoice matching and discrepancy management CapEx milestones Credit notes & discounts Authorization & cash management Requisition & approval process Accruals Management of supplier groups or segments Duplicate payment recovery Cash flow forecasting Arrival of orders & service System vs. contract terms Standard contracts & tenders Master data Workflow design & technology Guidelines & process documentation Goal setting & reporting Internal & external communication Cash culture Source: EY (2013) Internationaler Controller Verein e.v. November 5 th 2014 Page 15
16 Potentials for Working Capital optimization can be identified throughout the entire process flow Inventory Product range management Forecasting & Demand Planning Sales order processing & Customer service Materials planning, Purchasing & Replenishment Manufacturing Scheduling, Execution Inventory Management Logistics, Returns & Finished goods warehousing Product data maintenance Access to customer demand forecast Delivery conditions, Frequency & Order quantities Replenishment method Capacity planning & management Inventory record accuracy Warehouse structure & location Inventory classification Forecasting process & tools Customer service level definition & achievement Supplier contract terms & Order parameters Production planning & scheduling Inventory mix management & Safety/Target stock Warehouse management Product & inventory categorization Forecast accuracy Lead-time Management Supplier performance monitoring Manufacturing process efficiency Inventory vs. Service trade-off management, MTS vs. MTO Dispatch mode & Delivery routing Product & inventory category maintenance Scheduled orders Order processing Purchasing timing, JIT & Postponement Batch size SLOB & Clearance process Logistics Product life cycle management Supplier access to forecast & True demand info Order fulfillment MRP standing data quality Capacity & bottleneck management Management of spares & repairs Returns management Supplier assessment & rating Workflow design & technology Guidelines & process documentation Goal setting & reporting Internal & external communication Cash culture Source: EY (2013) Internationaler Controller Verein e.v. November 5 th 2014 Page 16
17 Typical responsibilities of the WCM components, with highly diverse interests along the value chain How are the responsibilities currently organized in your company? N = 99 Payables Raw materials Responsible for Work in progress Finished goods Receivables No responsibility Purchasing Production Functions Logistics Sales Other Size of the circle = number of times mentioned Source: Horvath & Partners (2013) Internationaler Controller Verein e.v. November 5 th 2014 Page 17
18 Focus of WCM: harmonizing the divergent interests and priorities of the functions and business units... Department Traditional departmental objective Departmental desire Negative consequences on working capital Sales Maximize revenue Wide variety Readily deliverable Attractive payment terms for customers Large inventory of finished goods Long collection periods for receivables Production Minimize production costs High machine utilization Large lots Limited variety Supply security Large inventory of work in progress and finished goods Purchasing Reduce purchase prices Large order quantities High supply security Rapid payments to suppliers High raw materials inventories Low supplier payables Source: based on Losbichler / Mahmoodi (2012) Internationaler Controller Verein e.v. November 5 th 2014 Page 18
19 Approaches to optimizing Working Capital areas for optimization extend across the entire value chain Order processing Demand planning Returns Procurement planning Inventory planning Credit note process Debtor management Production planning Returns consolidation Operational Input logistics Receivables management Supply chain master planning Automatized processes Areas for Action Inventories Production Work in progress Payables Storage Finished goods Working capital cycle Returns Strategic Product development Product portfolio management Customer strategy/management Sales strategy/management Supply chain strategy Purchasing strategy Internationaler Controller Verein e.v. November 5 th 2014 Page 19
20 Working Capital Management Summary Determine clearly defined responsibilities for project as well as long term implementation! Integrate KPIs for working capital management into your existing financial reports KPIs on working capital management should be integrated into the incentive-management target agreements "You never walk alone : The optimal structure of working capital does not stop at the boundaries of the own company; it requires a view beyond the company In the long run, working capital management can only be successful if the actions are taken not only rigorously but lived for the long term Understanding the potential for conflict and the associated processes facilitates finding a solution that will help achieve objectives. Improve liquidity, add to returns and strengthen the balance sheet in order to boost the overall competitive profile of the company! Internationaler Controller Verein e.v. November 5 th 2014 Page 20
21 Outlook Thank You for Your Attention! Internationaler Controller Verein e.v. November 5 th 2014 Page 21
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
More informationBest 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
More informationLiquidity: 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
More informationStrategies 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
More informationThe Benefits of Accounts Payable Integration in Electronic Invoice Presentment and Payment
The Benefits of Accounts Payable Integration in Electronic Invoice Presentment and Payment How to Use this Presentation This presentation will be invaluable to those who seek to articulate the benefits
More informationHolistic 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
More informationOBIEE 11g Pre-Built Dashboards from Oracle Courtesy: Oracle OBIEE 11g Deployment on Vision Demo Data FINANCIALS
FINANCIALS General Ledger The General Ledger module provides insight into key financial areas of performance, including balance sheet, cash flow, budget vs. actual, working capital, liquidity. Dashboard
More information5 BUSINESS ACCOUNTING STANDARD CASH FLOW STATEMENT I. GENERAL PROVISIONS II. KEY DEFINITIONS
APPROVED by Resolution No. 1 of 18 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 5 BUSINESS ACCOUNTING STANDARD CASH FLOW STATEMENT
More informationUnderstanding Financial Information for Bankruptcy Lawyers 13-Week Cash Flow Projections
Understanding Financial Information for Bankruptcy Lawyers 13-Week Cash Flow Projections What Are TWCF Projections? One of the most important areas for any business and its management team to deeply understand
More informationThe 1st CFO Summit in the Republic of Serbia Cash Flow Reducing Spending
The 1st CFO Summit in the Republic of Serbia Cash Flow Reducing Spending May 31, 2012 Financially constrained companies are responding to crisis conditions by taking action in the obvious areas Easy-to-Implement
More informationManaging Cash Flow: Practical ways to Improving Cash Flow & Optimise Funding
Managing Cash Flow: Practical ways to Improving Cash Flow & Optimise Funding A Practical Guide to understanding Effective Financial Management Module 6 Brendan Binchy CEO ROCG Europe W: www.europe.rocg.com
More informationIf 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
More informationAdvanced Working Capital Management
Advanced Working Capital Management 2005 Ken Parkinson Treasury Info. Services tisconsulting.com Session #507 1 What is Working Capital Management? Focus on the short term in real time Primary and secondary
More informationWorking 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)
More informationCitigroup Global Transaction Services
Citigroup Global Transaction Services Cash Management Trade Services and Finance Securities and Fund Services Uncovering the Hidden Value in Accounts Receivables Olivia Xu Director, NA Trade Sales Kate
More informationLiquidity and Funding Resources
112 Allianz Group Annual Report Liquidity and Funding Resources Organization The liquidity management of the Allianz Group is based on policies and guidelines approved by the Board of Management of Allianz
More informationJD EDWARDS ENTERPRISEONE PROCUREMENT MANAGEMENT
JD EDWARDS ENTERPRISEONE PROCUREMENT MANAGEMENT Integrate and streamline all procurement processes. Simplify supplier analysis and bidding. Eliminate unnecessary transactions. The Issue: Strategic Procurement
More informationWorking 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
More informationConsiderations. Change your viewpoint. Understand and pursue The Primary Metrics
Considerations Change your viewpoint o After response time compression in your manufacturing/operating platform o You re no longer a manufacturing company that happens to manage inventory..you re an inventory
More informationPart of the Deloitte working capital series. Make your working capital work for you. Strategies for optimizing your accounts payable
Part of the Deloitte working capital series Make your working capital work for you Strategies for optimizing your accounts payable The Deloitte working capital series Strategies for optimizing your accounts
More informationStudy Unit 6. Managing Current Assets
Study Unit 6 Managing Current Assets SU- 6.1 Working Capital What is working capital and types of capital policies What all is included in working capital? Net working capital = What is used to acquire
More informationNotes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements
[Translation: Please note that the following purports to be a translation from the Japanese original Notice of Convocation of the Annual General Meeting of Shareholders 2013 of Chugai Pharmaceutical Co.,
More informationStrategies 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
More informationCutting-Edge Concepts in Inventory Management
Cutting-Edge Concepts in Inventory Management Just-In-Time (JIT) and Accurate Response have quickly become popular approaches due to the dramatic improvements on profitability. Due to the reduction in
More informationTopic 4 Working Capital Management. 1. Concept of Working Capital 2. Measuring Working Capital and Net Working Capital. 4.
Topic 4 Working Capital Management 1. Concept of Working Capital 2. Measuring Working Capital and Net Working Capital 3. Optimization i i of Working Capital 4. Applications 80 Learning objectives This
More informationAhlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT
Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 I N T E R I M R E P O R T for the first six months of the 2006/07 financial year (December 1, 2006 to May 31, 2007) BUSINESS DEVELOPMENT IN THE FIRST
More informationCash is King. cash flow is less likely to be affected
Reading 27: Understanding Cash Flow Statements Relevance of Cash Flow The primary purpose of the statement of cash flows (SCF) is to provide: Info about a firm s cash receipts & cash payments during an
More informationArticle - Working Capital Management By Bernard Vallely FCCA MBA Examiner Professional 1 Managerial Finance & Professional 2 Financial Management
Article - Working Capital Management By Bernard Vallely FCCA MBA Examiner Professional 1 Managerial Finance & Professional 2 Financial Management Working Capital An organisation s working capital refers
More informationContent. Chapter 1 Supply Chain Management An Overview 3. Chapter 2 Supply Chain Integration 17. Chapter 3 Demand Forecasting in a Supply Chain 28
Content Part I: Principles of Supply Chain Management Chapter 1 Supply Chain Management An Overview 3 Part II: Supply Chain Planning & Design Chapter 2 Supply Chain Integration 17 Chapter 3 Demand Forecasting
More informationResidual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.
87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company
More informationSAP BUSINESSOBJECTS SUPPLY CHAIN PERFORMANCE MANAGEMENT IMPROVING SUPPLY CHAIN EFFECTIVENESS
SAP Solution in Detail SAP BusinessObjects Enterprise Performance Management Solutions SAP BUSINESSOBJECTS SUPPLY CHAIN PERFORMANCE MANAGEMENT IMPROVING SUPPLY CHAIN EFFECTIVENESS The SAP BusinessObjects
More informationMSD Supply Chain Programme Strategy Workshop
MSD Supply Chain Programme Strategy Workshop Day 2 APPENDIX Accenture Development Partnerships Benchmarking MSD s Current Operating Supply Chain Capability 1.0 Planning 2.0 Procurement 3.0 Delivery 4.0
More informationAccounts Payable Business Case. The Benefits of Accounts Payable Integration with PayCargo
Accounts Payable Business Case The Benefits of Accounts Payable Integration with PayCargo How to Use this Presentation This presentation will be invaluable to those who seek to articulate the benefits
More informationC&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper
C&I LOAN EVALUATION & UNDERWRITING A Whitepaper C&I Lending Commercial and Industrial, or C&I Lending, has long been a cornerstone product for many successful banking institutions. Also known as working
More information33 Financial risk management and supplementary disclosures regarding financial instruments
33 Financial risk management and supplementary disclosures regarding financial instruments Swisscom is exposed to various financial risks resulting from its operating and financial activities. The most
More information! "#$ %&!& "& ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& "#$ ) &!&.
! "#!""#$%$#$#$"& $'"()*+,$-).,/ 012! "#$ %&!& "& '!(&)!*&%+,-).//0 -#$#3-4' &,'1$1# $!-!(.//0)& +01+///2 *&& - 3+4 &*!&-.,,5///2!(.//+ &!(!-6%(!(.//.$(!(.//0)& 01,///2 //+2% &*!&- 5,0///2 //32%!(.//+
More informationSupply Chain Finance Overview. January 2013
1 Supply Chain Finance Overview January 2013 What s in a Name? What is Supply Chain Finance? What does it really mean? Financial Times: Supply chain finance allows a supplier to sell its invoices to a
More information講 師 : 周 世 玉 Shihyu Chou
講 師 : 周 世 玉 Shihyu Chou Logistics involves the following activities: sourcing and purchasing inputs, managing inventory, maintaining warehouses, and arranging transportation and delivery. There are three
More informationDisclaimer. This document has been prepared by Tele Columbus AG (the "Company") solely for informational purposes.
Disclaimer This document has been prepared by Tele Columbus AG (the "Company") solely for informational purposes. This presentation may contain forward-looking statements. These statements are based on
More informationSTATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION. BALANCE SHEET As of
STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION BALANCE SHEET As of ASSETS CURRENT ASSETS Cash and Cash Equivalents Cash - Restricted Accounts Receivable - Trade Accounts Receivable
More informationNEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS
NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A
More informationHARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013
HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS
More informationConsolidated and Non-Consolidated Financial Statements
May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,
More informationWORKING CAPITAL & CASH MANAGEMENT
WORKING CAPITAL & CASH MANAGEMENT STRATEGIES TO PROTECT THE FINANCIAL POSITION OF YOUR BUSINESS PRESENTATION BY HM Nhende 1 Overview of the Presentation Definition of Working Capital Components of Working
More informationWESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS. (in millions; unaudited) ASSETS
CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) ASSETS Apr. 1, July 3, 2016 2015 Current assets: Cash and cash equivalents $ 5,887 $ 5,024 Short-term investments 146 262 Accounts receivable,
More informationInnovate and streamline your business with SAP Mobile Solutions Vlad Stanescu Mobility Business Development Manger SAP Central and Eastern Europe
Innovate and streamline your business with SAP Mobile Solutions Vlad Stanescu Mobility Business Development Manger SAP Central and Eastern Europe 2013 SAP AG or an SAP affiliate company. All rights reserved.
More informationLEADing Practice Financial Scorecard Measurements
LEADing Practice Financial Scorecard Measurements Scorecard Area Finance & Accounting Scorecard Group Accounting ratios Balance sheet Scorecard Performance Measurement Deferred revenue as % of total revenue
More informationProactive Collections and Dispute Management with SAP Software
SAP Brief SAP ERP Financials SAP Collections and Dispute Management Objectives Proactive Collections and Dispute Management with SAP Software Reducing risk exposure while enhancing cash flow Reducing risk
More informationStatement of Cash Flows
STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.
More informationA Strategic Perspective of Accounts Receivable Management. Date: May 23, 2010 1
A Strategic Perspective of Accounts Receivable Management Date: May 23, 2010 1 Discussion Agenda Introduction Bottom Line Objectives Strategy Quote to Cash Process Field Tested Tactics Case Studies: Successes
More informationCCM Enterprise Business Management Software - Functional Schema
CCM Enterprise Business Management Software - Functional Schema Sales Progressing Business Development SALES SALES Products Planning Supplies Supplies Accounting Operations Stock System Administration
More informationBusiness Ratios and Formulas. A Comprehensive Guide. 3rd Edition. Wiley Corporate F&A
Brochure More information from http://www.researchandmarkets.com/reports/2213049/ Business Ratios and Formulas. A Comprehensive Guide. 3rd Edition. Wiley Corporate F&A Description: A complete appraisal
More informationConcepts in Enterprise Resource Planning. 2 nd Edition. Business Functions, Processes, and Data Requirements
Concepts in Enterprise Resource Planning 2 nd Edition Business Functions, Processes, and Data Requirements Chapter Objectives Name a business's main areas of operation. Differentiate a business process
More informationThe structure of interest-bearing financial instruments at nominal values is as follows:
The structure of interest-bearing financial instruments at nominal values is as follows: In CHF million 31.12.2013 31.12.2012 Fixed interest-bearing financial liabilities 6,498 6,472 Variable interest-bearing
More informationInternational Accounting Standard 7 Statement of cash flows *
International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability
More informationAPPENDIX Business Description Current Position of Company Financing Request
APPENDIX SAMPLE BUSINESS PLAN Introduction Business Description A brief description of your business; product type, industry and target market and competitive position as compared to your rivals Current
More informationSuruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231
Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 A view of financial and non financial elements as may be presented in set of financial statements. Content Page [010000] Filing
More informationIndian Accounting Standard (Ind AS) 7 Statement of Cash Flows
Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF
More informationContents. List of figures List of tables. Abbreviations
Contents List of figures List of tables Preface Abbreviations xv xxi xxiii xxix PART 1 CONCEPTS OF LOGISTICS AND DISTRIBUTION 1 Introduction to logistics and distribution 3 Introduction 3 Definitions 4
More informationKuehne + Nagel International AG Analyst Conference Call Q1 results 2015. April 14, 2015 (CET 14.00) Schindellegi, Switzerland
Kuehne + Nagel International AG Analyst Conference Call Q1 results 2015 (CET 14.00) Schindellegi, Switzerland Forward-looking statements This presentation contains forward-looking statements. Such statements
More informationMicrosoft Dynamics GP 2013. Packaging of Functionality & Product Capabilities in Microsoft Dynamics GP 2013
Microsoft Dynamics GP 2013 Packaging of Functionality & Product Capabilities in Microsoft Dynamics GP 2013 Date: November, 2012 Contents Become a Dynamic Business with Microsoft Dynamics GP 3 How to Buy
More informationChapter 18 Working Capital Management
Chapter 18 Working Capital Management Slide Contents Learning Objectives Principles Used in This Chapter 1. Working Capital Management and the Risk- Return Tradeoff 2. Working Capital Policy 3. Operating
More informationCash 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
More informationERP Areas and Modules / Trading
ERP Areas and Modules / Trading These modules reflect the multi national character of the SoftBASE Business Suite. They support multiple languages, currencies, and adapt easily to cultural differences.
More informationMake 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.
More informationConstruction Economics & Finance. Module 6. Lecture-1
Construction Economics & Finance Module 6 Lecture-1 Financial management: Financial management involves planning, allocation and control of financial resources of a company. Financial management is essential
More informationMaterials Management Terms in SAP
Materials Management Terms in SAP 1. ABC Classification 2. Framework Order 3. Goods Receipt 4. Invoice Verification 5. Material Group 6. Material Master Record 7. MRP 8. Outline Agreement 9. Plant 10.
More information9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle
9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle 9.1 Current Assets and 9.1.1 Cash A firm should maintain as little cash as possible, because cash is a nonproductive asset. It earns no
More informationmsd medical stores department Operations and Sales Planning (O&SP) Process Document
msd medical stores department Operations and Sales Planning (O&SP) Process Document August 31, 2011 Table of Contents 1. Background... 3 1.1. Objectives... 3 1.2. Guiding Principles... 3 1.3. Leading Practice...
More informationCOMPONENTS OF THE STATEMENT OF CASH FLOWS
ILLUSTRATION 24-1 OPERATING, INVESTING, AND FINANCING ACTIVITIES COMPONENTS OF THE STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES + Sales and Service Revenue Received Cost of Sales Paid Selling
More informationA contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000
CHART OF ACCOUNTS A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000 series and ending in 43000). This
More informationChapter 3 4 Logistics - Postal and courier services
Lifelong Learning Programme Leonardo da Vinci Chapter 3 4 Logistics - Postal and courier services COUrier Routing through Innovative Emulation Learning program Lifelong Learning Programme Leonardo da Vinci
More informationConsolidated balance sheet
Consolidated balance sheet Non current assets 31/12/2009 31/12/2008 (*) 01/01/2008 (*) Property, plant and equipment 1,352 1,350 1,144 Investment property 7 11 11 Fixed assets held under concessions 13,089
More informationBest-Run Dealer Business Management
Solution in Detail Automotive Executive Summary Contact Us Best-Run Dealer Business Next Generation of Retail Auto Dealers Auto Retail Transformation Customer Centricity Today s auto dealers consistently
More informationCASH MANAGEMENT & FINANCING CHOICES THE DEBT MARKET
CASH MANAGEMENT & FINANCING CHOICES THE DEBT MARKET Lesson 6&7 Castellanza, 21 st October 4 th November2015 LESSON5: EXAMPLEN 2 Compute the cash source / cash use prospect and the cash flow statement of
More informationEUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015
EUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015 Results highlights and business update 1 ACCELERATING GROWTH THROUGH TARGETED INVESTMENTS Strong Growth revenue accelerates
More informationNOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. Actuarial Gains and Losses, Group Plans and Disclosures
08 TCL Multimedia Technology Holdings Limited INTERIM RESULTS NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of preparation The Directors are responsible for the preparation of the Group
More informationSEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) June 28, ASSETS Current assets: Cash and cash equivalents $ 2,259 $ 1,708 Short-term investments 47 480 Restricted cash and investments 4 101 Accounts
More informationSTATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS
C H A P T E R 1 0 STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS I N T R O D U C T I O N Historically, profit-oriented businesses have used the accrual basis of accounting in which the income statement,
More informationSri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows
Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS
More informationAppendix C: Examples of Common Accounting and Bookkeeping Procedures
Appendix C: Examples of Common Accounting and Bookkeeping Procedures In this Appendix the use of the term monthly means on a regular cycle, based on the needs of your district. Some of the sample accounting
More informationELA Standards of Competence on the Supervisory/Operational Management Level
ELA Standards of Competence on the Supervisory/Operational Management Level 2.0 Basic Supply Chain Concepts 2.0.01 Explain the scope and role of component activities within the supply chain 2.0.02 Map
More informationThe 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
More informationZAMIL INDUSTRIAL INVESTMENT COMPANY (SAUDI JOINT STOCK COMPANY)
ZAMIL INDUSTRIAL INVESTMENT COMPANY INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND AUDITORS REPORT (LIMITED REVIEW) FOR THE THREE MONTHS AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, NOTES TO THE INTERIM
More informationStrategic Framework to Analyze Supply Chains
Strategic Framework to Analyze Supply Chains 1 Andy Guo A Strategic Framework for Supply Chain Design, Planning, and Operation Part I: Understand the supply chain Part II: Supply chain performance Part
More informationCAVENDI MANAGEMENT INSIGHT INTRODUCTION TO WORKING CAPITAL
CAVENDI MANAGEMENT INSIGHT INTRODUCTION TO WORKING CAPITAL This paper is an introduction to working capital management and aims at providing the reader with a detailed guide to effective management of
More informationFreeing 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
More informationConsolidated Financial Results for Fiscal Year 2013 (April 1, 2013 March 31, 2014)
Consolidated Financial Results for Fiscal Year 2013 (April 1, 2013 March 31, 2014) 28/4/2014 Name of registrant: ShinMaywa Industries, Ltd. Stock Exchange Listed: Tokyo Code number: 7224 (URL: http://www.shinmaywa.co.jp
More informationStreamlining the Order-to-Cash process
Streamlining the Order-to-Cash process Realizing the potential of the Demand Driven Supply Chain through Order-to-Cash Optimization Introduction Consumer products companies face increasing challenges around
More informationAutomating Procure to Pay to Improve Liquidity (and Boost Your Bottom Line) Page 1
cash management and liquidity series Automating Procure to Pay to Improve Liquidity (and Boost Your Bottom Line) Potential inefficiencies in Accounts Payable Dramatically reducing payment costs A roadmap
More information18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS
APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS
More informationConsolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016
Consolidated Results for the First Quarter of the Fiscal Year Ending March 20, 2016 [Japan GAAP] July 21, 2015 Listed company name: YASKAWA Electric Corporation http://www.yaskawa.co.jp/en/ Representative:
More informationInterim report as at 31 March 2014. Unit sales, revenue and profit increase Dividend increases to 2.90 per share Stock split ratio of two-for-one
Interim report as at 31 March 2014 Unit sales, revenue and profit increase Dividend increases to 2.90 per share Stock split ratio of two-for-one Fielmann Aktiengesellschaft Group interim report as at 31
More informationSunGard Capital Corp. SunGard Capital Corp. II SunGard Data Systems Inc.
United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period
More informationCourse 4: Managing Cash Flow
Excellence in Financial Management Course 4: Managing Cash Flow Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides an introduction to cash flow management. This course is recommended for 2
More informationAccounting information systems and business process : part 1
King Saud University College of Administrative Science Department of Accounting Accounting information systems and business process : part 1 Chapter 4 Prepared By: Eman Al-Aqeel Professor : Dr: Suliman
More informationWhen Treasury Meets Trade Trade finance as a key working capital optimization tool.
FEBRUARY 2012 When Treasury Meets Trade Trade finance as a key working capital optimization tool. Chris Bozek, Managing Director, Head of Global Trade and Supply Chain Products, Bank of America Merrill
More informationInterim report as at 30 September 2014
Interim report as at 30 September 2014 Fielmann increases unit sales, revenue and profit Result registers significant growth in the 3 rd quarter of 2014 Fielmann trains more than 2,900 opticians Fielmann
More informationConsolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors
Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements March 31, 2015 Contents Report of Independent
More information20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES
More information