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Extra resources for A Practical Guide to Corporate Finance: Breaking the Financial Ice
I got it lined up in my sights! So I grab the bottle of Jack and fill your glass up to the brim and mine just half-full. What d’ya say? I’d say you’re a pal, Clyde! Right, but now here’s the trick (he tosses back his drink). While you’re raving about what a swell guy I am, I drink quickly and I refill my glass before you’ve even touched yours. Don’t you fret, Clyde, I’m gonna catch up ... 31 Clyde: Wilbur: Clyde: Wilbur: Don’t bet on it. What the ROCE equation says is that a half-filled glass that you drink twice as fast is the same as a large glass that you drink slowly.
At the same time, we see that the company is playing the same game with its suppliers, though to a lesser degree. Unpaid current liabilities amounted to 50 days of sales and now they are up to 58 days. This is an improvement, but these eight days ‘saved’ do not offset the 38 days lost to customers. Ultimately, the change in NWC can be explained by the changes in the timing of these three components. 26 The course of action that we might recommend to the company’s managers derives directly from these observations: keep an eye on inventory levels, try to speed up customer payments and see if the company can negotiate better payment deadlines with suppliers.
7M. 1 DIALOGUE Rosencrantz: Guildenstern: Rosencrantz: Guildenstern: There’s one thing I don’t understand: to calculate cash flow we wanted to remove the depreciation/amortization and provisions from the income statement and yet here we’re adding them to the net earnings ... That’s precisely why I said ‘add back the depreciation/amortization and provisions’. 3M of depreciation/amortization and provisions. 3M will be to cancel out the depreciation/amortization and provisions. By doing that we arrive at the cash flow, which is therefore a monetary indicator that is independent of depreciation/amortization and provisions.