{"id":500306,"date":"2011-07-03T20:14:55","date_gmt":"2011-07-03T17:14:55","guid":{"rendered":"http:\/\/localhost\/wordpress\/?p=500306"},"modified":"2011-07-03T20:14:55","modified_gmt":"2011-07-03T17:14:55","slug":"%d8%a7%d9%84%d9%84%d9%87-%d9%8a%d9%81%d8%b1%d8%ac%d9%87%d8%a7-%d8%b9%d9%84%d9%89-%d8%a7%d9%84%d9%84%d9%8a-%d9%8a%d9%81%d8%b1%d8%ac%d9%87%d8%a7-%d8%b9%d9%84%d9%8a","status":"publish","type":"post","link":"https:\/\/www.satfrequencies.com\/girls\/%d8%a7%d9%84%d9%84%d9%87-%d9%8a%d9%81%d8%b1%d8%ac%d9%87%d8%a7-%d8%b9%d9%84%d9%89-%d8%a7%d9%84%d9%84%d9%8a-%d9%8a%d9%81%d8%b1%d8%ac%d9%87%d8%a7-%d8%b9%d9%84%d9%8a\/","title":{"rendered":"\u0627\u0644\u0644\u0647 \u064a\u0641\u0631\u062c\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0644\u064a \u064a\u0641\u0631\u062c\u0647\u0627 \u0639\u0644\u064a"},"content":{"rendered":"
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Question 3<\/font><\/u><\/b><\/p>\n

Discuss some strategies that a firm can use to manage its net float level. Why would these strategies be of importance with respect to the operation of the firm?<\/font><\/font>
(a)<\/font> What are some of the risks involved for a firm investing surplus funds?<\/font><\/font>
(b)<\/font> Discuss some of the main reasons why a firm may hold surplus cash funds.<\/font><\/font><\/p>\n

Question 4<\/font><\/u><\/b><\/p>\n

Using the article from Shares<\/i>, discuss why a firm might be considered \u2018risky\u2019 if its cash flow falls below a certain level. What does the cash flow level of a firm tell us about its overall cash\/liquidity management<\/font><\/font><\/p>\n

Make sure the cash flows<\/b><\/font><\/u><\/b><\/p>\n

Author: Paul Saliba and Dr Merv Lincoln, Paul Saliba and Dr Merv Lincoln, Lincoln Indicators (Lincoln – Intelligent Share Market Solutions<\/a>)
\nDate: 01\/06\/2002
\nWords: 696<\/font><\/b><\/font><\/p>\n

You can judge a company’s risk by looking at its working capital management. <\/font><\/b>
To determine the financial health of a company we have highlighted that it is necessary to conduct ratio analysis. There are a number of ratios that determine the financial viability of a company. <\/font><\/b>
In previous Shares articles, Stockdoctor highlighted CFBCL (cashflow before tax to current liabilities), the margin of safety to meet short-term commitments from cash flow; TLTAI (total liabilities to total tangible assets), the relationship between how much shareholders fund the business as against that funded by lenders and creditors; and RPTAI (retained profits to total assets less intangible assets), the level of funding from retained profits. These are key determinants to the financial health of companies. <\/font><\/b>
Another ratio important for assessment of the financial health of a company measures the working capital management of the business and management of inventories and\/or debtors. Working capital refers to the funds required for the day-to-day operations of a business. If this is poorly managed the company has a higher risk for failure. <\/font><\/b>
As has been highlighted previously, looking at any one ratio alone can be misleading because ratios can give conflicting messages, so it is vitally important to be aware that profitability (CFBCL), gearing ratios (TLTAI) and funding from retained profit (RPTAI) hold greater importance in the measuring of financial health. However, when looking at companies, it is also important that inventories are turned over and that debt is collected so that the company does not have funds unnecessarily tied up. <\/font><\/b>
Based on the models developed by Lincoln Indicators, we use a ratio of current assets to total assets less intangible assets (CATAI) to measure working capital management. CATAI = current assets ? (total assets – intangible assets) <\/font><\/b>
The target is to have this ratio below 0.71, so current assets should constitute 70 per cent or less of the total asset base. This ratio reflects the structure of the assets and our target is an indication of a healthy level for this ratio. <\/font><\/b>
Failing to meet the target means that a high priority should be placed on collection of outstanding debtors and on inventory turnover. <\/font><\/b>
If we take a look at specific examples, we will find unhealthy companies with good CATAI ratios and healthy companies with poor CATAI ratios. However, based on the latest reporting period, 81 per cent of all financially healthy companies achieved the CATAI target, and for marginal and distressed companies only 57 per cent achieve the CATAI target. <\/font><\/b>
If we look at Bristile, (BRS) the company has $90.5 million in current assets, $381.9 million in total assets and $36 million in intangible assets. If we divide the difference between total assets and intangible assets into the $345.9 million in current assets, we get a CATAI of 0.26, well below our target of 0.71. Therefore, we would expect that, depending on what the company’s gearing, profitability and profit retention ratios indicate, this would improve the overall level of financial health of BRS. Overall, Bristile is financially strong and while this is largely due to very healthy CFBCL, TLTAI and RPTAI ratios, it is affected by a healthy CATAI ratio. <\/font><\/b>
Skilled Engineering (SKE) is an example of a company where a poor CATAI ratio reduces the company’s overall health. With $93.5 million in current assets, $142 million in total assets and $26.8 million in intangible assets, using our formula we get a CATAI of 0.81 – outside our target maximum of 0.71. This has the effect of making the company’s financial health worse than it otherwise would be. As Bristile’s overall health is largely determined by CFBCL, TLTAI and RPTAI ratios, Skilled Engineering’s marginal financial position is also effected by the CATAI ratio. <\/font><\/b>
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\n<\/font><\/b>\n <\/div>\n","protected":false},"excerpt":{"rendered":"

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