欢迎来到天天文库
浏览记录
ID:11301474
大小:357.50 KB
页数:37页
时间:2018-07-11
《ge内部高层培训资料(现金流管理)cash_is_the_king_&_quality_of_earning》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、PrivilegedandConfidentialTotalCashGenerated&QualityOfEarningsCashReallyIstheNextBigInitiativeinThisCompany,andIt’sanInitiativeWithConsequence,BecauseWeCannotGetItWrong(Immelt)NumbersAreImportant,butManagingIsAbouttheBusinessesandNotEarnings. FollowtheCashFlow(Welch)NetIncomeIsanArt.Cash
2、IsCountable(Welch)CashFlowIsWidelyPerceivedtoBetheHardestNumberintheFinancialStatementtoMonkeyWith.IfCashIsGrowingataComparableRatetoNetIncome,It'saSignThattheNetIncomeNumberHasn'tBeenFudged(BusinessWeek)“NoOperatingLeaderHasaClueWhatTheirCashIs;OnlytheFinanceManagerKnows.”(Immelt)WhyTh
3、eFocusOnCashNetIncomeTheCashModelWorkingCapital(ShortTermAssets,Liabilities)…AccountsReceivableInventoryAccountsPayableProgressCollectionsOtherAssets&Liabilities…DeferredCharges(e.g.MSA)CapitalizedEngineeringReserves,WarrantiesTotalCashGeneratedInTheEnd,NetIncomeShouldEqualCash…Anything
4、LessIsPoorQualityOfEarnings-P&E,SoftwareSpend+Depreciation&AmortizationReinvestmentRatioLessThan1.0WorkingCapitalGoal…Minimize(Zero!)WorkingCapitalWorkingCapital=CurrentAssetsAccountsReceivable+Inventory-CurrentLiabilitiesAccountsPayable+ProgressCollectionsWhenWeGROWAnAsset,WeAreUSINGCa
5、shWhenWeREDUCEAnAsset,WeAreGENERATINGCashWhenWeGROWALiability,WeAreGENERATINGCashWhenWeREDUCEALiability,WeAreUSINGCashImpactOnCashWorkingCapitalExampleReceiveA$2MMOrderInventory=$1.5MMMarginOnTheDeal=$0.5MMNoProgressCollections30DayPayableTerms30DayCollectionsTermsKeyBusiness
6、Processes…TheWorkingCapitalBusinessModelReceiveOrderAccountsReceivableAccountsPayableInventoryProgressCollectionsSourceUse…AndWorkingCapitalImpactCurrentAssetsCurrentLiabilitiesImpactOnCashCashCounter:AccountMovementKeyBusinessProcesses…TheWorkingCapitalBusinessModelReceiveOrderBuyMater
7、ialMnf’gBuildInventoryGeneratePayableAccountsReceivableAccountsPayableInventoryProgressCollectionsSourceUseAccountMovement…AndWorkingCapitalImpactCurrentAssetsCurrentLiabilitiesImpactOnCashCashCounter:-1.5+1.5=0KeyBusinessProcesses…TheWorkingCapitalBusinessModelReceiveOrderBuyM
此文档下载收益归作者所有