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2 The optimal length of the cycle depends on the industry. Calculating the cash operating cycle Section 3 1 Av. P WIP Cost of production × 365 = days (c) Raw material Raw material Raw material purchases × 365 = days Payables (credit) purchases × 365 = (days) Av. 3 By comparing the cash operating cycle from one period to the next or one company to another it should be possible to identify potential deficiencies. 4 4: WORKING CAPITAL Lecture example 2 Technique demonstration The table below gives information extracted from the annual accounts of Management plc for the past year.
Business Context MAN, the German transport-related engineering group, achieved a return on capital employed of 18% in the first quarter of the 2006, and announced that in an attempt to improve still further it was exploring acquisitions and expanding internationally into India & Poland. 1 7: INVESTMENT DECISION Overview Maximisation of shareholder wealth Investment decision Financing decision Investment decision This can be assessed by payback period and ROCE. Neither technique is adequate for making an investment decision & needs to be supplemented by techniques covered in the next chapter.
It works as follows: (a) A safety stock (lower limit) of cash is decided upon. (b) A statistical calculation is completed taking into account the variation in cash flow to agree an allowable range or spread of cash flow fluctuations. (c) Using this spread, an upper limit of cash balances is agreed. (d) The cash balance is managed to ensure that the balance at any point in time is kept between the lower and upper limits. 6 6: WORKING CAPITAL FINANCE Cash Balance Upper Limit Return Point Lower Limit Time Cash balance increased ie sell securities or transfer funds from a deposit account Cash balance reduced ie buy securities / transfer funds to a deposit account The difference between the upper & the lower limits is called the spread, calculated as (formula given) Spread = 1 3 transactio n cost variance of cash flows × ⎛ ⎞3 3⎜ × ⎟ interest rate ⎝4 ⎠ Lecture example 3 Exam standard question for 8 marks If a company must maintain a minimum cash balance of £8,000, and the variance of its daily cash flows is £4m (ie std deviation £2,000).