ULOGA RIZNICE U EFIKASNOSTI POSLOVANJA KORPORACIJE

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ULOGA RIZNICE U EFIKASNOSTI POSLOVANJA KORPORACIJE

• Dr. sc. LJUBO JURCIC
• EKONOMSKI FAKULTET ZAGREB

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RIZNICA

• Odgovorna
• Za upravljanje gotovinom i vrijednosnim papirima
• Za planiranje strukture kapitala
• Za trgovinu dionica i obveznica
• Za pokrice kamatnog, deviznog, likvidnog i drugih
  rizika u financijskom poslovanju

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RIZNICA

• Nadgleda
• Upravljanje kreditima
• Upravljanje zalihama
• Planiranje dugorocnih investicija (capital
  budgeting)
• Ucestvuje u izradi strateškog plana

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RIZNICA

• Uzima od poduzeca koja imaju višak i posuduje
  poduzecima u grupi koji imaju manjak novcanih
  sredstava
• Višak novca plasira na novcanom tržištu
• Posuduje novac na financijskom tržištu sukladno
  strategiji poslovanja

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FINANCIJSKI SEKTOR U KORPORACIJI
Vice-President/Manufactur
Vice-President/Sales
Vice-President/Finance

1. Manages Directly Cash and Marketable Securities
2. Plans the Firms Capital Structure.

Treasurer
Controler
Credit Manager
Inventory Manager
Director of Capital Budgeting
Cost Accounting
Financial Accounting
Tax Department
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Ukupna proizvodnja, prosjecni i granicni prinos
Godišnje proizvodnje Q
Q
Input X 1
Q / X1 ?Q/?X1
PP
Input X !
GP
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Ukupna proizvodnja, prosjecni i granicni prinos
Q
Vrijednost godišnje proizvodnje
b
Kolicina inputa X1
b
PP Q/X1, GP ?Q /?X1
PP
Kolicina inputa X1
GP
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KONTOLING I FINANCIJE
1. R D
Q / X 1 GP1
K O N T R O L I N G
F I N A N C I J E
2.PRIPREMA PROIZVODNJE
Q / X2 GP2
3. NABAVA
Q / X3 GP3
4. a) PROIZVODNJA b) PROIZVODNJA
Q / X4 GP4
Q / X5 GP5
5. MARKETING
6. PRODAJA
Q / X6 GP6
7. SERVIS NAKON PRODAJE
Q / X7 GP7
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KONTOLING I FINANCIJE
1. R D
K O N T R O L I N G
F I NANCIJSKO
FINANCIJSKO
F I N A N C I J E
R I Z N I C A
2.PRIPREMA PROIZVODNJE
TRŽIŠTE
TRŽIŠTE
3. NABAVA
4. a) PROIZVODNJA b) PROIZVODNJA
5. MARKETING
6. PRODAJA
7. SERVIS NAKON PRODAJE
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OPTIMALIZACIJA ULAGANJA

• Optimalna se kombinacija ulaganja u proizvodne
  inpute (ili djelatnosti) ostvaruje onda i samo
  onda kad je odnos granicnog prinosa (proizvoda)
  pojedinog inputa (faktora) i njegove cijene
  jednak za sve inpute.. . . . .

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OPTIMALIZACIJA ULAGANJA
?Q / X1
?Q / X2
?Q / X3
?Q / Xn



PX1
PX2
PXn
PX2
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TOKOVI GOTOVINE CASH FLOWS
FINANCIJSKO TRŽIŠTE
(F) Prihodi od emitiranih vrijednosnica
Investiranje poduzeca u imovinu
Kratkorocno kreditiranje
Dividende i otplate kredita
(C) Zadržana dobit
Dugorocno kreditiranje
Kratkotrajna imovina Dugotrajna imovina
(B) Novcani tok iz poduzeca
Tržište vrijednosnica
(E)
(A)
Ukupna vrijednost imovine
Država (D)
Ukupna vrijednost poduzeca za investitore na
novcanom tržištu
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BRUTO VRIJEDNOST PROIZVODNJE
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ECONOMIC VALUE ADDED - EVA
Economic Value Added is determined by subtracting
a capital charge for the business assets from the
operating profit (NOPAT net operating profit
after tax). The cost of capital accounts for both
the cost of equity and the cost of debt.
NOPAT before financing interest and after tax 14
Economic Value Added (EVA) 4
Capital charge 10 Business assets 100 Cost of
capital 10
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Elimination and avoidance of unproductive assets
(Asset Management) For the increase of the GWB
the increase of the turnover ratio of the
assets employed is an important factor the
actions of improvement focus on the major
asset-categories fixed assets, inventories,
receivables and payables

• Actions of improvements
• Reductions of employed fixed assets
• Cost reductions in mechanical
• engineering
• Reductions of production steps
• Increase of the productivity
• of the capital
• Reduction of inventories (Total Supply
• Chain-Process)
• Reduction of receivables (Order to
• Cash-Process)
• Increase of payables
• (Purchase to Pay-Process)

Intangible Assets
Fixed Assets
Fixed Assets
Financial Assets
Net- Current Assets
Inventories
Turnover-ratio Turnover/Assets
Receivables
Total assets
Inventories Receivables Payables
Fixed assets
Payables
Net-current assets
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The main drivers of theECONOMIC VALUE ADDED - EVA
A long-term success of increasing the EVA can
only be achieved by employing all three main
drivers

NOPAT
Cost of capital
Business assets
EVA
Business assets
Increase return on business already employed
Growth through investment in projects with a
positive business value
Elimination of unproductive assets
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5 ACTION POINTS HELP IN REDUCING WORKING CAPITAL

• 1. DIFERRENTIATION
• 2. STANDARDIZATION
• 3. ELIMINATION
• 4. INTEGRATION
• 5. CONTROLLING

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UMJESTO ZAKLJUCKA

• Uspjeh korporacije ovisi o
• Cash management
• Credit management
• Assets management