FINANČNÍ ŘÍZENÍ A KAPITÁLOVÉ INVESTOVÁNÍ VE STAVEBNÍ FIRMĚ PŘEDNÁŠKA CASH FLOW STAVEBNÍ FIRMY A ROLE STAVEBNÍCH PROJEKTŮ V JEHO ŘÍZENÍ Aleš Tomek, FSv.

FINANČNÍ ŘÍZENÍ A KAPITÁLOVÉ INVESTOVÁNÍ VE

STAVEBNÍ FIRMĚ

• PŘEDNÁŠKA• CASH FLOW STAVEBNÍ FIRMY A ROLE

STAVEBNÍCH PROJEKTŮ V JEHO ŘÍZENÍ

• Aleš Tomek, FSv ČVUT 2007/2008

Rozhodující hnací prvky pozitivního CF

• CASH DRIVER #1: SALES GROWTH. The most basic cash driver is the sales-growth rate—typically measured as the percentage change in sale volume from the previous period. Sales growth is one of the first things that lenders, managers and professional financial analysts look at when evaluating business performance. The reason is straightforward: Sales volume tends to drive practically everything else. Other things being equal, significant changes in sales volume will have major ripple effects through the company’s balance sheet, income statement and, especially, its cash-flow statement.

A.Tomek:Finanční řízení 2

• CASH DRIVER #2: GROSS MARGIN. Gross margin is what remains from sales after you have covered your direct product or service costs. Gross margin is measured and expressed as a percent of sales to help demonstrate more clearly how many cents out of each sales dollar are available to pay for everything else in the business. All operating, financing and tax costs as well as any return to owners of the business will come out of the gross margin.

• CASH DRIVER #3: SELLING, GENERAL & ADMINISTRATIVE EXPENSE (SG&A).This is commonly thought of as your overhead in manufacturing and merchandising businesses. In a service business, where there is often no gross margin per se, SG&A alsoincludes those costs associated with providing the service that is your reason for being. SG&A is generally best expressed as a percent of sales to reveal directly how many cents out of each sales dollar are taken by normal operating expenses.


• CASH DRIVERS #4, 5 AND 6: ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE, AND INVENTORY.

Rather than thinking about each of these items as a percentage of sales, as with the preceding drivers,we normally find it most helpful to think about these trading accounts in relation to time. The term is days’ worth—so many days’ worth of annual sales tied up in accounts receivable from your customers, so many days’ worth of annual cost of goods sold expenses tied up in your inventory investment, so many days’ worth of annual cost of goods sold financed by your suppliers through accounts payable. These days measures also have the benefit of simultaneously telling how long it typically takes for three important things to happen: How long it takes to collect on a sale (accounts-receivable days), how long the average item sits in inventory before sale (inventory days) and how long we typically have benefit of a supplier’s product or service before actually paying for it (accounts-payable days).


• CASH DRIVER #7: CAPITAL EXPENDITURES. • What does it take in the way of new investment in the infrastructure of

your business to keep it healthy and growing? That’s the capital expenditures Capex) issue. It is usually helpful to measure this cash driver both in absolute terms—that is, in dollars—and also in relative terms linking it to sales growth. The best relative measure have found is capital-expenditure dollars expressed as a percent of the dollar growth in sales during the same period. It takes more in the way of fixed assets to support higher levels of sales, and so we want to express that reality in a relational way. If somehow we could know the relative levels of the seven cash drivers for any good sample of companies, we can predict their CF very well.

• The cash drivers apply not just to large companies but to all organizations,especially businesses, of virtually any size. In the small enterprise with a handful of employees and sales of up to a few million dollars, the draw that the owners take may reasonably be considered an eighth cash driver.






UDRŽITELNÝ ROZVOJ FIRMY

■ its efficiency of asset use in creating sales remains unchanged;

■ its efficiency in operations, financing and taxation leaves net profit margins unchanged; and

■ the percentage of earnings paid out as dividends remains

unchanged.

In other words, a sustainable growth rate is one that maintains balanced steady-state growth without creating either a cash shortage or a cash surplus. The cash balances or money supply of the firm remain in the same proportion to sales,assets and expenses.


ŘÍZENÍ UDRŽITELNÉHO ROZVOJEGrowing faster than allowed by the sustainable rate will require more cash than the

steady-state scenario can generate. That extra cash has to come from somewhere, and the options (as we have already seen) are limited to:

■ reducing the percentage of profit paid out in dividends, thus conserving cash;

■ borrowing proportionally more than in the past—that is, increasing the debt-to-equity ratio, thereby providing cash;

■ increasing net margins by reducing unit costs, getting more economies of scale on overhead expenses, or getting price increases that stick—all cash generators; and

■ improving asset efficiency—that is, increasing assets at a rate slower than sales growth. This, too, yields positive cash flows.

The sustainable-growth formula is surprisingly simple:

Net income ÷ (Net worth – Net income) = Sustainable growth

Např. $508,200. ÷ ($3,388,000 – $508,200) = 17.6%


you can increase your sustainable growth rate if you:

■ put proportionally more debt on your balance sheet without undue costs;

■ cut operating-cost ratios, tax rates, or interest rates on debt;

■ raise prices without incurring either offsetting cost increases or drops in sales volume;

■ cut the percentage of earnings paid out in dividends; or

■ squeeze proportionally more sales out of your present asset base.


FINANČNÍ ŘÍZENÍ A KAPITÁLOVÉ INVESTOVÁNÍ VE STAVEBNÍ FIRMĚ PŘEDNÁŠKA CASH FLOW STAVEBNÍ FIRMY A ROLE STAVEBNÍCH PROJEKTŮ V JEHO ŘÍZENÍ Aleš Tomek, FSv.

Documents

sales growth

sales volume

percent of sales

sales dollar

percentage of sales

days worth of annual

payable days

sale accountsreceivable