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After studying Chapter 8, you should be able to:
Explain how the definition of "working capital" – obrtni kapital – obrtni kapital - - differs between financial analysts and accountants
Understand the two fundamental decision issues in working capital management – dve osnovne odluke dve osnovne odluke - and the trade-offs involved in making these decisions
Discuss how to determine the optimal leveloptimal level of current assets Describe the relationship between profitabilityprofitability, liquidityliquidity, and
riskrisk in the management of working capital Explain how to classify working capital according to its
“components” and according to “time” (i.e., either permanent or temporary) - klasifikacijaklasifikacija
Describe the hedging (maturity matching) approach to financing and the advantages/disadvantages of short- versus long-term financing
Explain how the financial manager combines the current asset decision with the liability structure decision
Overview of Working Capital Management
Working Capital Concepts Working Capital Issues Financing Current Assets: Short-
Term and Long-Term Mix Combining Liability Structure and
Current Asset Decisions
Working Capital Concepts
Net Working CapitalNet Working Capital
NETO OBRTNI KAPITALNETO OBRTNI KAPITALCurrent Assets - Current LiabilitiesCurrent Assets - Current Liabilities
Tekuća aktiva – Tekuća pasivaTekuća aktiva – Tekuća pasiva
Gross Working CapitalGross Working Capital
BRUTO OBRTNI KAPITALBRUTO OBRTNI KAPITALThe firm’s investment in current assetsThe firm’s investment in current assets
Working Capital ManagementWorking Capital ManagementThe administration of the firm’s current assets and the financing needed to The administration of the firm’s current assets and the financing needed to
support current assetssupport current assets
Significance of Working Capital Management
U tipičnoj proizvodnoj kompaniji, tekuća aktiva često čini više od polovine ukupne aktive (imovine)
Kod malih preduzeća tekuće obaveze čine jedan od najdominantnijih izvora eksternog finansiranja
Suviše visok nivo tekuće aktive može imati za rezultat nizak nivo profitabilnosti meren kroz prinos na investicije - Return on Investment (ROI)
Zahtevaju kontinuelno, svakodnevno upravljanje i nadzor (Requires continuous, day-to-day managerial supervision)
Upravljanje obrtnim kapitalom utiče na rizik, prinos i cene akcija kompanije (Working capital management affects the company’s risk, return, and share price)
KONCEPT OBRTNOG KAPITALA2 OSNOVNA PITANJA U UPRAVLJANJU 2 OSNOVNA PITANJA U UPRAVLJANJU
OBRTNIM KAPITALOMOBRTNIM KAPITALOM
1) Optimalan nivo investicija u tekuću aktivu
2) Odgovarajuća kombinacija kratkoročnog i dugoročnog finansiranja
Trade-off (kompromis) izmedju profitabilnosti i rizika – Manje investiranje u tekuću aktivu vodi ka
većoj profitabilnosti ali i većem riziku
Working Capital Issues
AssumptionsAssumptions 50,000 maximum
units of production Continuous
production Three different
policies for current asset levels are possible
Optimal Amount (Level) of Current AssetsOptimal Amount (Level) of Current Assets
0 25,000 50,000OUTPUT (units)
AS
SE
T L
EV
EL
($)
Current Assets
Policy CPolicy C
Policy APolicy A
Policy BPolicy B
Impact on Liquidity
Liquidity AnalysisLiquidity AnalysisPolicy Liquidity AA HighHigh BB AverageAverage CC LowLow
Greater current asset levels generate more liquidity; all other factors held constant
Veći nivo tekuće aktive Veći nivo tekuće aktive generiše veću likvidnost generiše veću likvidnost (ostali faktori konstantni)(ostali faktori konstantni)
Optimal Amount (Level) of Current AssetsOptimal Amount (Level) of Current Assets
0 25,000 50,000OUTPUT (units)
AS
SE
T L
EV
EL
($)
Current Assets
Policy CPolicy C
Policy APolicy A
Policy BPolicy B
Impact on Expected Profitability
Return on Investment =Return on Investment =
Net ProfitTotal AssetsTotal Assets
Let Current AssetsCurrent Assets = (Cash + Rec. + Inv.)
Return on Investment =Return on Investment =
Net ProfitCurrent Current + Fixed AssetsFixed Assets
Optimal Amount (Level) of Current AssetsOptimal Amount (Level) of Current Assets
0 25,000 50,000OUTPUT (units)
AS
SE
T L
EV
EL
($)
Current Assets
Policy CPolicy C
Policy APolicy A
Policy BPolicy B
Impact on Expected Profitability
Profitability AnalysisProfitability AnalysisPolicy Profitability AA LowLow BB AverageAverage CC HighHigh
As current asset levels decline, total assets will
decline and the ROI will rise – Niži nivo tekuće aktive, Niži nivo tekuće aktive, viši nivo profitabilnostiviši nivo profitabilnosti
Optimal Amount (Level) of Current AssetsOptimal Amount (Level) of Current Assets
0 25,000 50,000OUTPUT (units)
AS
SE
T L
EV
EL
($)
Current Assets
Policy CPolicy C
Policy APolicy A
Policy BPolicy B
Impact on Risk
Decreasing cash reduces the firm’s ability to meet its financial obligations - More More risk!risk!
Stricter credit policies reduce receivables and possibly lose sales and customers - More risk!More risk!
Lower inventory levels increase stockouts and lost sales - More risk!More risk!
Optimal Amount (Level) of Current AssetsOptimal Amount (Level) of Current Assets
0 25,000 50,000OUTPUT (units)
AS
SE
T L
EV
EL
($)
Current Assets
Policy CPolicy C
Policy APolicy A
Policy BPolicy B
Impact on Risk
Risk AnalysisRisk AnalysisPolicy Risk AA LowLow BB AverageAverage CC HighHigh
Risk increases as the level of current assets are
reduced – Rizik raste Rizik raste paralelno sa smanjenjem paralelno sa smanjenjem
nivoa tekuće aktivenivoa tekuće aktive
Optimal Amount (Level) of Current AssetsOptimal Amount (Level) of Current Assets
0 25,000 50,000OUTPUT (units)
AS
SE
T L
EV
EL
($)
Current Assets
Policy CPolicy C
Policy APolicy A
Policy BPolicy B
Summary of the Optimal Amount of Current AssetsSUMMARY OF OPTIMAL CURRENT ASSET ANALYSISSUMMARY OF OPTIMAL CURRENT ASSET ANALYSIS
Policy LiquidityLiquidity ProfitabilityProfitability RiskRisk
AA High High LowLow Low Low
BB AverageAverage Average Average Average Average
CC Low Low High High High High
1. Profitability varies inversely with liquidity1. Profitability varies inversely with liquidity – – Kretanje Kretanje profitabilnosti i likvidnosti je inverzno – Rast nivoa profitabilnosti i likvidnosti je inverzno – Rast nivoa likvidnosti umanjuje profitabilnost i obrnutnolikvidnosti umanjuje profitabilnost i obrnutno
2. Profitability moves together with risk2. Profitability moves together with risk (risk and return go hand (risk and return go hand in hand!)in hand!) – – Profitabilnost je u direktnoj srazmeri sa Profitabilnost je u direktnoj srazmeri sa nivoom rizika – Veća profitabilnost – veći rizik i obrnutonivoom rizika – Veća profitabilnost – veći rizik i obrnuto
Classifications of Working Capital
TimeTime – Prema vremenu – Prema vremenu Permanent – Trajni Trajni – nivo tekuće aktive kojim preduzeće
treba da ispuni svoje minimalne dugoročne obaveze Temporary – Povremeni Povremeni – zavisi od sezonskih potreba
ComponentsComponents – Komponente – Šta čini – Komponente – Šta čini obrtni kapital?obrtni kapital? Cash, marketable securities, receivables, and
inventory – Novac, utržive hartije od vrednosti, potraživanja i zalihe
Permanent – Trajni Working Capital
The amount of current assets required to The amount of current assets required to meet a firm’s long-term minimum needsmeet a firm’s long-term minimum needs – –
Nivo tekuće aktive kojim se zadovoljavaju Nivo tekuće aktive kojim se zadovoljavaju minimalne duguročne potrebeminimalne duguročne potrebe
Permanent current assetsPermanent current assets
TIME
DO
LL
AR
AM
OU
NT
Temporary – Povremeni Working Capital
The amount of current assets that varies with The amount of current assets that varies with seasonal requirementsseasonal requirements – Nivo tekuće aktive – Nivo tekuće aktive koji varira u zavisnosti od sezonskih uticajakoji varira u zavisnosti od sezonskih uticaja
Permanent current assetsPermanent current assets
TIME
DO
LL
AR
AM
OU
NT Temporary current assetsTemporary current assets
Financing Current Assets: Short-Term and Long-Term Mix
Spontaneous Financing – Spontaneous Financing – Spontano finansiranjeSpontano finansiranje: : Trade credit, and other payables and accruals, that Trade credit, and other payables and accruals, that arise spontaneously in the firm’s day-to-day arise spontaneously in the firm’s day-to-day operationsoperations – Trgovački krediti, ostala dugovanja i – Trgovački krediti, ostala dugovanja i obračunati rashodi koji se spontano javljaju tokom obračunati rashodi koji se spontano javljaju tokom svakodnevnih aktivnostisvakodnevnih aktivnostiFinansiranje tekuće aktive zahteva kombinaciju kraktoročnih i dugoročnih izvora
Spontano finansiranje – glava XI – kratkoročno finansiranje
Kako finansirati tekuću aktivu nakon oduzimanja spontanog finansiranja?
Hedging (or Maturity Matching) Approach
1 od načina – hedžing – uklapanje dospećahedžing – uklapanje dospeća – metod finansiranja kod koga za svaku pojedinačnu aktivu postoji odgovarajuća suprotna pozicija u finansijskom
instrumentu približno istog roka dospeća – Kratkoročne obaveze finansirane kratkoročnim dugom, fiksna aktiva – dugoročnim izvorima
TIME
DO
LL
AR
AM
OU
NT
Long-term financingFixed assetsFixed assets
Current assetsCurrent assets
Short-term financing
Hedging (or Maturity Matching) Approach
Dugoročni izvoriDugoročni izvori – za finansiranje fiksne aktive i nesezonskog dela tekuće aktive - Fixed assets and the non-seasonal portion of current assets are financed with long-term debt and equity (long-term profitability of assets to cover the long-term financing costs of the firm)
Kratkoročni izvoriKratkoročni izvori – sezonske potrebe - Seasonal needs are financed with short-term loans (under normal operations sufficient cash flow is expected to cover the short-term financing cost)
Self-Liquidating Nature of Short-Term Loans
ANATOMIJA LIKVIDIRANJA KRATKOROČNOG DUGAANATOMIJA LIKVIDIRANJA KRATKOROČNOG DUGA Ukoliko se koriste kratkoročni izvori finansiranja važno
pitanje iz kojih izvora mogu da se vrate Sezonske potrebe uslovljene povećanjem kupovina zaliha
iznad nekog prosečnog nivoa Povećanje zaliha se koristi za zadovoljavanje rastuće tražnje
za gotovim proizvodima Dolazi do rasta prodaje Izdate fakture počinju da se naplaćuju i prikuplja se gotovina Tako sakupljena gotovina se koristi za otplatu sezonskog
kratkoročnog duga i pokriće troškova dugoročnog finansiranja
Risks vs. Costs Trade-Off (Conservative Approach) Postoje 2 pristupa finansiranju tekućih obaveza – zavise od pristupa i odnosa prema riziku i troškovima (profitabilnosti)
1) KONZERVATIVNI PRISTUP1) KONZERVATIVNI PRISTUP – bazira na tome da se manji iznos finansira spontano iz kratkoročnih izvora
Prednosti dugoročnog finansiranjaPrednosti dugoročnog finansiranja Manja briga o refinansiranju kraktoročnih obaveza Manja neizvesnost u pogledu budućih troškova kamata
Rizici dugoročnog finansiranjaRizici dugoročnog finansiranja Pozajmljivanje više sredstava nego što je neophodno Pozajmljivanje po viših ukupnim troškovima kapitala (najčešće)
ReRezultatzultat CFO prihvata manji očekviani profitmanji očekviani profit u razmenu za preduzimanje manjeg manjeg
ukupnog rizikaukupnog rizika
Risks vs. Costs Trade-Off (Conservative Approach)Firm can reduce risks associated with short-term borrowing by using a
larger proportion of long-term financing
TIME
DO
LL
AR
AM
OU
NT
Long-term financingFixed assetsFixed assets
Current assetsCurrent assets
Short-term financingShort-term financing
Comparison with an Aggressive Approach
2) AGRESIVNI PRISTUP2) AGRESIVNI PRISTUP – bazira na tome da se veći iznos finansira spontano iz kratkoročnih izvora
Prednosti kratkoročnog finansiranjaPrednosti kratkoročnog finansiranja Finansiranje dugoročnih potreba nižim troškovima Pozajmljivanje samo onoliko sredstava koliko je
potrebno Rizici kratkoročnog finansiranjaRizici kratkoročnog finansiranja
Refinansiranje kratkoročnih obaveza u budućnosti Neizvesnost u pogledu kamatnih troškova – koliko će
iznositi troškovi refinansiranja ReRezultatzultat
CFO prihvata veći očekivani profitveći očekivani profit u razmenu za veći preduzeti rizikveći preduzeti rizik
Firm increases risks associated with short-term borrowing by using a larger proportion of short-term financing
TIME
DO
LL
AR
AM
OU
NT
Long-term financingFixed assetsFixed assets
Current assetsCurrent assets
Short-term financing
Risks vs. Costs Trade-Off Risks vs. Costs Trade-Off (Aggressive Approach)(Aggressive Approach)
ODNOS KRATKOROČNOG PREMA DUGUROČNOM FINANSIRANJU
DOSPEĆE IZVORAFINANSIRANJA
DOSPEĆEAKTIVE
KRATKOROČNI DUGOROČNI
NizakRizik-profitabilnost
UmerenRizik-Profitibilnost
UmerenRizik-Profitibilnost
VisokRizik-profitabilnost
KRATKOROČNA(PovremenaPovremena)
DUGOROČNA(TrajnaTrajna)
KOMBINOVANJE ODLUKA O TEKUĆOJ AKTIVI I STRUKTURI PASIVE
Pitanje održavanja nivoa tekuće aktive nivoa tekuće aktive i izbora izbora mmetodetodaa finan finansiranja te aktivesiranja te aktive mogu biti nezavisninezavisni
PolitikaPolitika održavanja visokog nivoa tekuće aktive trebalo bi da podrazumeva više korišćenje agresivagresivnognog metod finansiranja tekuće aktive
Konzervativni Konzervativni metod finansiranja (all-equity) dozvoljava agresivagresivnunu poli politikutiku “niskog” nivoa tekuće aktive
Odluke zavise od sklonosti riziku i profitabilnosti!!!