2009/2010 1 Session 1 Addendum : Focus on WC & WCR Strategic and financial stakes of media and communication companies.

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Presentation transcript:

2009/ Session 1 Addendum : Focus on WC & WCR Strategic and financial stakes of media and communication companies

2009/ Session 1 – The Firm and its accounting and financial translation Bilan traditionnel (pr é sentation simplifi é e - apr è s affectation des r é sultats) Capitaux propres + Dividendes à verser + Dettes bancaires et financi è res à caract è re stable =Ressources stables000 -Immobilisations nettes =Fonds de roulement fonctionnel (A)000 Stocks +Encours clients -Encours fournisseurs +Besoin en fonds de roulement hors exploitation =Besoin en fonds de roulement (B)000 Tr é sorerie (A-B) Ressources en tr é sorerie -Placements financiers =Disponible000

2009/ Session 1 – The Firm and its accounting and financial translation Suppliers delivery and invoice Suppliers payment Suppliers credit Launch of production Raw materials kept in inventories End of production Production cycleFinished goods kept in inventories Customers delivery and invoice Customers payment Customers credit Total Assets = 440 Total Liabilities= 440

2009/ Session 1 – The Firm and its accounting and financial translation AssetsLiabilities Long term resources = Equity + LT debt 200 Long term use = Intangible, Tangible, Financial Assets 180 Working Capital = 20 Current liabilities = payables 120 Current assets = Inventories Customers 150 Working Capital Requirements = 130 Other assets 10 Other liabilities 10 ST Debt = 110 Total Assets = 440 Total Liabilities= 440 In this company : -LT resources overfinance long term use by 20 (200 – 180) : the WC is positive -This resource partially finances the WCR - The WCR is positive amounts to 130 ( – 120) : the operating cycle generates a need in financing of The WCR is mostly financed by ST debt (110) and by WR (20).

2009/ Session 1 – The Firm and its accounting and financial translation In this company : -LT resources overfinance long term use by 20 (200 – 180) : the WC is positive -This resource partially finances the WCR - The WCR is positive amounts to 130 ( – 120) : the operating cycle generates a need in financing of The WCR is mostly financed by ST debt (110) and by WR (20). In this company (Carrefour) - The WCR is negative In 2008 : – = The cycle suppliers – customers – inventories is generating some cash, as Carrefour benefits from a strong supplier credit, whereas it has low inventories (no production process,..) and has clients paying cash.