FINANČNÍ ŘÍZENÍ A KAPITÁLOVÉ INVESTOVÁNÍ VE STAVEBNÍ FIRMĚ

1. 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

2. Rozhodující hnací prvky pozitivního CF • CASH DRIVER #1: SALES GROWTH. The most basic cash driver is thesales-growth rate—typically measured as the percentagechange in sale volume from the previous period. Sales growth isone of the first things that lenders, managers and professionalfinancial analysts look at when evaluating business performance.The reason is straightforward: Sales volume tends todrive practically everything else. Other things being equal, significantchanges in sales volume will have major ripple effectsthrough the company’s balance sheet, income statement and, especially, its cash-flow statement. A.Tomek:Finanční řízení

3. CASH DRIVER #2: GROSS MARGIN. Gross margin is what remainsfrom sales after you have covered your direct product or servicecosts. Gross margin is measured and expressed as a percentof sales to help demonstrate more clearly how many centsout of each sales dollar are available to pay for everything elsein the business. All operating, financing and tax costs as well asany 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 inmanufacturingand 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 isyour reason for being. SG&A is generally best expressed as apercent of sales to reveal directly how many cents out of eachsales dollar are taken by normal operating expenses. A.Tomek:Finanční řízení

4. CASH DRIVERS #4, 5 AND 6: ACCOUNTS RECEIVABLE, ACCOUNTSPAYABLE, AND INVENTORY. Rather than thinking about each ofthese items as a percentage of sales, as with the preceding drivers,we normally find it most helpful to think about thesetrading accounts in relation to time. The term is days’ worth—so many days’ worth of annual sales tied up in accountsreceivable from your customers, so many days’ worth ofannual cost of goods sold expenses tied up in your inventoryinvestment, so many days’ worth of annual cost of goods soldfinanced by your suppliers through accounts payable. Thesedays measures also have the benefit of simultaneously tellinghow long it typically takes for three important things to happen:How long it takes to collect on a sale (accounts-receivabledays), how long the average item sits in inventory before sale(inventory days) and how long we typically have benefit of asupplier’s product or service before actually paying for it (accounts-payable days). A.Tomek:Finanční řízení

5. CASH DRIVER #7: CAPITAL EXPENDITURES. • What does it take in theway of new investment in the infrastructure of your business tokeep it healthy and growing? That’s the capital expendituresCapex) issue. It is usually helpful to measure this cash driverboth 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 percentof the dollar growth in sales during the same period. Ittakes more in the way of fixed assets to support higher levels ofsales, and so we want to express that reality in a relational way.If somehow we could know the relative levels of the sevencash drivers for any good sample of companies, we can predict their CF very well. • The cash drivers apply not just tolarge companies but to all organizations,especially businesses, of virtually anysize. In the small enterprise with ahandful of employees and sales of up toa few million dollars, the draw that theowners take may reasonably be considered an eighth cash driver. A.Tomek:Finanční řízení

6. A.Tomek:Finanční řízení

7. A.Tomek:Finanční řízení

8. A.Tomek:Finanční řízení

9. A.Tomek:Finanční řízení

10. 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 maintainsbalanced steady-state growth without creating either acash shortage or a cash surplus. The cash balances or moneysupply of the firm remain in the same proportion to sales,assets and expenses. A.Tomek:Finanční řízení

11. ŘÍZENÍ UDRŽITELNÉHO ROZVOJE Growing faster than allowed by the sustainable rate will requiremore cash than the steady-state scenario can generate. Thatextra cash has to come from somewhere, and the options (as wehave 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, increasingthe debt-to-equity ratio, thereby providing cash; ■ increasing net margins by reducing unit costs, getting moreeconomies of scale on overhead expenses, or getting priceincreases that stick—all cash generators; and ■ improving asset efficiency—that is, increasing assets at a rateslower 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% A.Tomek:Finanční řízení

12. 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. A.Tomek:Finanční řízení