Optimization of the company's cash flow

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FUND NET WORKING CAPITAL / STOCKS Depending on whether the net funds more or less covers stocks, the enterprise funds more or less feasible and available values using its short-term debts. Some bankers use the following rating: - 100% fine - 66 50% pretty much mediocre - 33% dangerous - 0% winding-up situation The Ratio of the Financial Autonomy: The objective is to find to what extent the company is dependent on its creditors. The structure of liabilities and the importance of self-sufficiency are good indicators of solvency of the company. Debt, said, must balance risk and profitability. The Ratio: EQUITY / LIABILITIES Commonly referred to as 'financial autonomy ratio' is even better that it is higher. The lack of equity is often the source of cash flow for the company. Bankers require traditionally as: EQUITY / CAPITAL It is not, in principle, less than 50%. Indeed, at the bottom of this threshold, they consider the company as vulnerable as too dependent on third parties. On the contrary, a high value indicates the existence of a potential debt. Sometimes used to express the same idea, the ratio: To 1 below, the solvency of the firm is compromised. EQUITY - DEBT TO MEDIUM AND LONG TERM But it is not enough to maintain a certain ratio between equity capital and borrowed; It must at the same time that the resources released by the operation to deal normally with loads of debt. In this regard, the ratio: CASH / CURRENT LIABILITIES Measures the power of the company to "ignore" its creditors. Similarly, the ratio MEDIUM AND LONG TERM FINANCIAL DEBTS / CASH FLOW Gives the number of exercises necessary to repay financial liabilities through operating resources, ceteris paribus. The previous ratios may be complete by: TURNOVER / TOTAL LIABILITIES That provides another approach of the solvency of the company and by: Page 34 of 124
RESULTS + FINANCIAL INTERESTS / FINANCIAL INTERESTS Which allows to calculate the capacity of the firm to face, each fiscal year, and the consequences of its policy of debt. A nearby ratio of above: NET RESULTS + FINANCIAL EXPENSES (MT AND LT) / EQUITY + DEBT (MT AND LT) Evaluates the weight of debt which can compromise the profitability but also the solvency of the company. Finally, include the ratio: NET DEBT - TURNOVER INCLUSIVE OF TAX That shows if the company uses all the possibilities of credit which it can benefit. In particular, the contractor may deem it is found to be short of cash, he has managed to take advantage of its ability to borrow for its bankers Fund which he missed. 1.3- THE GENERAL SOLVENCY RATIO. It is expressed by the relation: ASSETS TOTAL / TOTAL DEBT And joined the concept of "net position". It is above all an indicator of liquidation that interests especially the banker. 2 - THE SO-CALLED "LIQUIDITY RATIOS» (FINANCIAL SECURITY IN THE SHORT TERM). The liquidity of a company shall be understood as its ability to fulfil in a timely manner, its commitments in the short term using its operating resources. We will not return to the said ratio "of General liquidity", or "working capital fund", already cited: ASSETS OF ROLLING / BEARING ASSETS Short-term liabilities contains elements of variable liquidity. Thus stocks are considered much less liquid than receivables; also uses the said ratio "of cash": VALUES ACHIEVABLE AND AVAILABLE - SHORT TERM DEBTS That excludes the operation values. Less than 1, it indicates the possibility of future Cash-Flow difficulties. This ratio can be improved if we know the calendar of deadlines: AVAILABLE + REALIZABLE VALUES ON N DAYS / PAYMENTS ON (N) DAYS It takes the name of "ratio of cash at maturity. It is much more significant than the first. However the scope of these last three ratios is very limited because of their static nature. Indeed, they cannot account for the commitments to be born. In addition, the structure of the operating cycle affects the value of such ratios: for example the ratio of cash to a supermarket will be weak without this indicates cash difficulties. Finally, their evolution over time will be not more interesting insofar as the balance sheet is a snapshot of the operating cycle. Page 35 of 124
Page 1 and 2: Page 1 of 124
Page 3 and 4: The Optimization of the Cash-Treasu
Page 5 and 6: FOREWORD Nor obtaining the diploma
Page 9 and 10: This project research is dedicated
Page 11 and 12: LIST OF ACRONYMS AND ABBREVIATION
Page 13 and 14: Figure n°1: Determination of the o
Page 15 and 16: TABLE OF CONTENTS Foreword ........
Page 17 and 18: SECOND PART: THE PRACTICE OF THE CA
Page 19 and 20: ABSTRACT Inside a world full of ban
Page 21 and 22: In addition, the monetary risk is a
Page 23 and 24: A good financial situation is chara
Page 25 and 26: Experience and observation prove th
Page 27 and 28: Whereas part of stocks was practica
Page 29 and 30: C = ax² + bx + c When the demand a
Page 31 and 32: The “Stocks” flow time: Average
Page 33: It indicates to what extent the rea
Page 37 and 38: ANNUAL SALES H.T / NET FIXED ASSETS
Page 39 and 40: 4 - LIMITS THE PREDICTIVE VALUE OF
Page 41 and 42: This opposition led to the establis
Page 43 and 44: It will similarly be to calculate t
Page 45 and 46: However, this document synthesizes
Page 47 and 48: The cash has then for each day (or
Page 49 and 50: (b) SHORT-TERM DATA: Beyond the ver
Page 51 and 52: These three presentations are well
Page 53 and 54: Manage cash consists, in the tradit
Page 55 and 56: Anyway many authors have developed
Page 57 and 58: Either they consist on interest or
Page 59 and 60: (a) Economies of scale in the deten
Page 61 and 62: Type of Risk Analyze the Risk Evalu
Page 63 and 64: They may have originated an investm
Page 65 and 66: I. PRESENTATION OF THE ANALYSIS MOD
Page 67 and 68: II. DATA COLLECTION TOOLS For what
Page 69 and 70: Part II: The Practice of the Cash-
Page 73 and 74: 8. Development: Currently, this dep
Page 75 and 76: B. Dynamical competition While the
Page 77 and 78: 1.2 - The existence and the importa
Page 79 and 80: December - 2014 0,00 DH 1 599 918,6
Page 81 and 82: (a) Four sources of costs can be id
Page 83 and 84: 20 000 000,00 DH Figure n°5: INFLO
Page 85 and 86:
Therefore; when the company realize
Page 87 and 88:
implementing rules are poorly known
Page 89 and 90:
Regardless of the method chosen, it
Page 91 and 92:
date, but whose amount is known (e.
Page 93 and 94:
30% of the Turnover in the fifth pe
Page 95 and 96:
OVERDRAFT’S COSTS = [33.000.000 D
Page 97 and 98:
3 ° - The Customer-Loan Control Co
Page 99 and 100:
Profitability is the guarantee of t
Page 101 and 102:
(b) The Positive Effect. Swelling o
Page 103 and 104:
2.2 - The influence of investment o
Page 105 and 106:
There are thus two sets of 12 month
Page 107 and 108:
S = The starting stock (possibly) +
Page 109 and 110:
This chart is reserved to make clea
Page 111 and 112:
operation wasn’t beneficial enoug
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50% is paid to the supplier 14 days
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Figure n°18: Daly Balance of IWACO
Page 117 and 118:
Regarding the previous chapters, an
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THE CONCLUSION Page 119 of 124
Page 121 and 122:
Investment and its financing, Trai
Page 123 and 124:
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