The company's cash position. Stock market technologies: Broker trading system. A single cash position is convenient because

1. Statement of cash flows: compilation and disclosure of information in accordance with IFRS
   Net cash position at the beginning of the period 100 - -3,576,767 -3,576,767 -3,576,767 -3,576,767 -2,576,031 Net cash position at the end of the period 110 -3,197,010 -1,901,247 -2,153,272
2. Improving the IFRS financial reporting model
   If an organization has unclean financial obligations and the net financial assets from which it receives net financial income, then the calculation of free cash flow from the position financial activities produced as follows
3. Valuation of shares and value of commercial organizations based on a new financial reporting model
   Other components of net operating assets 441,152,463,387,486,556,510,884,526 210,541,997 558,256 Net operating assets 6,636,832 7,537,208 7,914,068 8,076,091 ... Forecast of free cash flow from an operating perspective Operating income 1,790 839 846 830 389 871
4. The balance of the solvency of the enterprise and the liquidity of its financial resources
   LDP's liquid cash flow or change in net lending position is an indication of an excess or deficit
5. Anti-crisis management as a tool for financial stabilization of an enterprise
   From these positions, the objects of observation can be such indicators as net cash flow, the market value of the enterprise, the level of concentration financial transactions in high-risk areas, the capital structure ... It is based on the following key indicators of the company's net profit, sales proceeds and equity capital In the event that ... SWOT analyzes are usually presented graphically based on a comprehensive study of the influence of the main factors using their classification by such signs as strong and weak positions of the enterprise, opportunities and directions for their development, threats that impede the development of the enterprise. In general, all methods
6. The specifics of the assessment of receivables and payables of the enterprise
   Maturity accounts receivable less than the maturity date of the accounts payable, debtors' debts turn into cash at shorter time intervals than those after which the company needs cash to pay debts to creditors on time, which to some extent eliminates the need to attract ... Despite the fact that the company has a negative net credit position in all three periods, the final gain is observed since the gain of the enterprise from creditor
7. Two contours of interests in a company's financial health policy
   Ratios Note that we are talking about the liquidity of the balance sheet and not the company, and certainly not about the position of the owner The first block of indicators can also include the calculation of the net assets of the methodology of which ... This includes the debt payback indicator, the ratio of debt and annual net benefits of profit or cash Interest Coverage Ratio ICR Interest Coverage Ratio TIE Times Interest Earned share of short-term
8. Evaluation of the information content of domestic and foreign methods of factor analysis of the “net profit” indicator to justify the dividend policy of a joint-stock company
   In P Kurnosova, see line 1 of Table 8 is underestimated does not reflect a real deterioration in the position of the organization over time, since an imaginary decrease in net profit of only 19.71% occurs
9. Monitoring of financial balance as a component of economic security
   Note that the term liquidity is ambiguous, it is considered in a broad and narrow sense, distinguishing between the following definitions liquidity of a company a broad concept - balance of cash flows criterion Net cash flow NCF > 0 current structural liquidity - consistency current assets and current ... K1 DS FV ZKk To diagnose liquidity, you can use the following recommendations coefficient current liquidity firms gross does not reflect the degree of liquidity of individual positions of working capital is compared with the industry average If the deviation is significant, it is necessary to find out the reasons or the industry
10. On the ratio and algorithms for calculating indicators of own working capital and net working capital
    It makes sense to abandon the calculation of own working capital, since for business entities the total size and share of own capital in the formation of total assets are important, and it is not so important in what assets it is located in fixed assets, cash receivables, etc. If own and borrowed resources have joined a single flow, then very... If own borrowed resources have merged into a single stream, then it is very difficult to distinguish them by separate positions of the balance sheet asset 8. To assess financial stability and solvency in the short term, it is advisable to calculate the net
11. "Imaginary" liabilities taken into account when calculating the net assets of the organization
    This position is due to the following provisions 1 in accordance with the CAAP, cash or property transferred to the owners ... CAAP cash or property transferred to the owners, shareholders or founders is not an asset of the organization and, accordingly, leads to a decrease in net assets 2 It can be concluded that the property or cash funds received from owners shareholders
12. 
    From these positions, a promising goal investment activity companies consists in the excess of investment income over the invested investment capital... From these positions, the long-term goal of the investment activity of companies is to exceed investment income over invested investment capital, which in the long run will ensure an increase in net discounted cash income in the context of dynamism and uncertainty in the market environment.
13. Financial potential of an enterprise: concept, essence, methods of measurement
    Thus, from the standpoint of the totality of all income and cash receipts from outside, the financial potential of an enterprise can be measured by absolute ... It is a certain set of interrelated elements, for example, a subsystem for the formation and distribution of income, expenses, net profit, a system for mobilizing funds from the capital market, etc., forming a stable unity
14. Formation of the financial policy of the organization, taking into account the stages of the life cycle
    The dispersion of the values ​​of the named performance indicators of the organization allows to identify its position on the life cycle To assess the development of the organization I V Ivashkovskaya and D O Yangel 6 ... economic profit percentage of investments and dividend payments
15. Management of financial flows in holding structures
    As a result, the provision of the charter on the possibility of the general meeting of shareholders taking a decision on non-payment of dividends if the company has no net profit does not indicate an obligation general meeting make a decision on the payment of dividends when it ... A similar position is formulated in the ruling of the Supreme Arbitration Court of the Russian Federation dated December 27, 2007 No. 17122 07 in case No. A40-52516 ... It should be noted that violation of the deadline for paying declared dividends and or paying them not in full are the basis for collecting interest from the company for the use of other people's funds for the period of delay. This conclusion was made in the Resolution of the Plenum of the Supreme Arbitration Court of the Russian Federation of 18
16. Reflection of information on financial assets in financial statements in accordance with IFRS
    It is also permitted to use mid-market prices as a basis for determining fair value for offset risk positions and to apply the bid or ask price of the net open position The price of the last transaction may be fair value if information about the current ones is not available ... The valuation technique includes information, if available, about the latest market transactions between well-informed willing to make such transactions independent of each other, references to the current fair value another largely identical tool is the analysis of discounted cash flows and a pricing model, for example, an option pricing model
17. Improvement of accounting and analytical support for cash flow management
    
18. Ways to reproduce and improve the efficiency of the use of fixed assets of the enterprise
    Under the direct method, net cash flow from operating activities is defined as the difference between income secured by real cash inflow ... Use direct method allows you to assess the structure of cash flows from the standpoint of their stability and the possibility of repetition in the future, since specific sources of income are known and
19. On the normative values ​​of the coefficients in the formation of the rating assessment of the financial and economic state of the enterprise
    As for the third position in determining the list of specific coefficients for specific groups, as a result of a sufficiently long time ... Cal Possibility of repaying the most urgent and short-term obligations at the expense of cash and financial investments A1 P1 P2 Financial stability ratios Ratio of borrowed and... Return on total assets in terms of net profit Ra Efficiency in the use of total assets Pch Ba Return on equity in terms of net profit
20. Principles of optimization of the capital structure of an agricultural enterprise
    The cost of equity is determined from the position of lost profits, i.e., from the point of view of alternative options for the allocation of funds when own funds... But since this money is invested in own enterprise then their price is the net profit per unit invested

Lex van der Wilen, Willem van Alphen, Just Bergen
Phillip Lindow, Vasily Chekulaev Chapter from the book "Organization of international money management"
Publishing house "Olimp-Business"

In different holdings, shared service centers were given different financial functions. Sometimes holding companies prefer to continue to perform part of the work on the implementation of payment transactions. For example, they can receive invoices directly from vendors and then forward them to an incoming and outgoing payment center. Sometimes it is more convenient to organize the collection of outstanding receivables at the local level.

OUTSOURCING

Centralizing certain cash management functions can bring significant savings to a company. However, at a certain point, the possibilities of saving through internal centralization are exhausted. In this case, further cost reduction can only be achieved by outsourcing a number of functions. Currently, services for the implementation of payment transactions are offered by various market participants, including financial consulting agencies, accounting firms and banks.

More mid-sized companies are outsourcing part of their cash management functions to focus on their core business. In some situations, outsourcing can significantly reduce overhead costs. Still, many companies are reluctant to take advantage of this opportunity, especially if they have already spent a lot of effort and money on creating their own shared service center. In addition, many companies believe that direct management of the company's cash flow provides an opportunity to keep abreast of its pulse. After all, a change in cash flows can be the first sign of future trouble.

Advantages and disadvantages of centralization

The benefits of centralization include:

• concentration of knowledge and experience, allowing to achieve better results with fewer staff and reduce the likelihood of error;
• linking (if possible) financial positions and cash flows, leading to increased profitability and lower costs;
• centralized procurement of financial services, allowing you to receive volume discounts;
• tighter control over the implementation of treasury policy.

The disadvantages of centralization are:

• deterioration of knowledge of local conditions;
• protest on the ground against the redistribution of powers;
• decrease in the attention of the holding companies to the tasks of centralized cash management;
• the complexity of the management information system (MIS); and the need for enterprise resource planning (EPR) systems.

In general, the advantages of centralization outweigh its disadvantages.

Geographic structure of the treasury service

TNCs with offices around the world often open regional treasury centers in the three main time zones - Asian, European and American.

These regional treasury centers handle the treasury operations of all subsidiaries located in the corresponding time zone. Regional treasury centers are often not located in the same country as the holding company, but nevertheless they are its most important divisions.

Regional centers are usually located in countries with favorable financial and investment climate. In Europe, they can be found in cities such as Brussels, Amsterdam, Dublin, Zurich and London, which are called "financial centers". Figure 3 shows the diagram organizational structure a European TNC with regional treasury centers.

Figure 3. Structure of a European holding with treasury centers

Allocation of expenses and income related to treasury operations

In case of centralization of all or some of the treasury functions, it is necessary to determine who will bear the risk associated with their implementation and how the resulting costs and income will be distributed between the centralized treasury and the holding companies. Depending on whether the centralized treasury is a profit center or a cost center, two options are possible here.

PROFIT CENTER

If the Treasury is a profit center, then it has its own goal in relation to profit. To achieve it, the Treasury has the right to take financial positions that are not related to the positions of the holding companies. Whether treasury discounts or markups can be applied depends on the transfer pricing rules adopted. These discounts and markups must, of course, be based on the opinion of the tax departments.

COST CENTER

If the treasury department does not have its own profit goal, then it is called a cost center. In some cases, the Treasury is required to immediately hedge all positions held by holding companies (defensive strategy). In other cases, the Treasury is allowed to delay the necessary hedging trade or leave some positions open (offensive strategy). In the latter case, the treasury department is sometimes referred to as a service center.

Task separation

Having clearly outlined the tasks of the treasury department as a whole, it is necessary to precisely define the tasks of various services within this department. The day-to-day work of a corporate treasury consists of managing cash balances, determining positions, closing financial contracts. This performs the following functions:

For control purposes, the tasks of the different services should be separated as clearly as possible. One of the most important organizational risk factors is an insufficiently clear distribution of responsibilities, rights and functions. Therefore, it is necessary to give completely unambiguous answers to the questions: who and what is allowed to do, and who is not; who is required to do what; finally, who is obliged to control, authorize and verify?

It is especially important to distribute responsibilities between the front office and the back office. The closing officer should never control the final payments. Figure 4 illustrates the distribution of functions within the treasury department.

Figure 4. Sequence of operations during a treasury transaction

Sometimes companies create a special department between the front office and the back office, which is called the mid office. The mid-office takes over a number of tasks from other departments: its main responsibilities include reporting on positions, performance and risks.

Treasury control

Treasury deals with two main types of risk: operational and positional. The first arises from the shortcomings of the organization itself. Examples are imperfect working methods, system errors, human error and fraud. Positional risks are explained by the presence of so-called open positions, which expose the company to currency risk. To minimize these risks, the company must take certain measures.

Restrictions

To facilitate risk management, a system of restrictions should be introduced. It is necessary to specify exactly which transactions are allowed, with which counterparties and for what maximum amount. The conclusion of transactions that do not fit into this framework requires obtaining a special permit. The system of restrictions applies to:

• tools used;
• possible counterparties;
• countries and currencies;
• officials, groups and (or) departments.

TOOLS

Most companies place limits on some of the instruments a treasurer can use to cover positions. For example, many companies prohibit the use of derivative financial instruments (derivatives). Derivatives are financial products, the value of which depends on the value of other financial products.

CONTRACTORS

The company must also specify which parties the treasurer is allowed to deal with. Often, a maximum amount is set for a particular counterparty. This means that the total value of all transactions with this counterparty must not exceed a certain maximum.

COUNTRIES AND CURRENCIES

Very often, when spending trading operations, Treasury is required to comply with country and currency restrictions. Usually, in addition to the currency of the country of origin, these transactions can be concluded in the currency of OECD countries (i.e. most developed countries) and in the currencies of major trading partners outside the OECD area.

OFFICERS AND DEPARTMENTS

The company must determine what transactions each officer is allowed to conduct, as well as the maximum amounts involved in these transactions. These amounts are called "transaction limits". The Company must also determine for each employee (including the treasurer) whether they are authorized to make or approve external transactions, such as outgoing payment transfers, foreign exchange, money market or derivative transactions, and if so, for each amount. Each operation must have its own initiator and its own person authorizing its implementation.

Internal and positional control

Since treasury operations are associated with two main types of risk, two types of control should exist in the company - internal and positional.

INTERNAL CONTROL

Internal control is the control over the operational risks of the treasury carried out by an internal auditor or controller. Internal control includes retrospective checks to ensure that all contracts and settlements have been entered into in accordance with applicable requirements and restrictions. In this regard, the internal auditor checks the following points:

• powers (who has the right to sign and for what amount is maximum);
• authorization (who and what should be approved in advance);
• compliance with restrictions;
• compliance with procedures.

POSITION CONTROL

Positional control aims to monitor the value of existing contracts. The treasurer is responsible for this. In this regard, the treasurer calculates short-term and long-term profit (loss) for each open position and for all positions together. To do this, he needs fairly frequent (at least once a day) reports on all open positions. This information allows the treasurer to take timely action in case of unbalanced positions. In emergency situations, report data must be updated several times a day.

Treasury systems

The modern corporate treasurer needs a good Information system. In addition to the remote service system provided by the bank, it must have a treasury information system that reflects all the company's cash flows. The most important functions of such a system are:

• collection of information about transactions;
• preparation of reports;
• information support for decision making.

To provide reliable information, the treasury system must import it from other systems (for example, remote banking service and Accounts Receivable/Payable, payroll, etc.), as well as from information providers such as Reuters and Bloomberg. Most systems, among other things, are directly connected to the main accounting system enterprises. Therefore, the reporting generated by the treasury system must comply with the accounting standards adopted by the company.

Figure 5 shows the main sources of data used by the treasury system, its main functions, and the purpose of the information it generates.

Figure 5. Data used and generated by the treasury system. Functions of the treasury system

Collection of information about transactions

Today, data on most transactions are entered into the treasury system by traders themselves, and the actual execution of transactions becomes possible only after their approval by the back office. This module contains information about all restrictions and selected counterparties, which allows you to avoid such unnecessary risk as the risk of fraud.

Reporting preparation

The treasury information system can be used to evaluate the results of all treasury management activities. This system should periodically provide information on interest income and the results of foreign exchange transactions. In addition, it allows you to evaluate income from deposits or other financial investment, as well as financing costs and compare these figures with the market average. The goal is to determine how optimal the actions of the corporate treasurer were. Similarly, one can evaluate the effectiveness of foreign exchange transactions.

The information generated by the treasury systems also includes data, essential for the management of the company, about the current and future cash positions, as well as interest rate and currency positions.

Information support for decision making: risk management

In most TNCs, the treasurer plays a major role in managing the risks of the company. Experience of treasurers in the field of risk management - counterparty, currency, changes interest rate, as well as their knowledge of cost estimation methods and risk measurement methods, enable them to do this job well. As the task of risk management becomes more and more important for the treasurer, it is necessary that the treasury system helps him evaluate open positions by interest rate and by currency.

The most important concepts of risk management are:

• duration;
• value at risk (value-at-risk, VaR);
• stress testing.

Duration allows you to express sensitivity to changes in the interest rate of, say, a portfolio of loans, and is defined as a relative change market value as a result of minor changes in interest rates. Using duration, you can, for example, calculate the decrease in the value of a portfolio in the event of a 1% increase in interest rates. For completeness, we note that the duration of the entire portfolio is approximately equal to the weighted average of the durations of its components.

In professional securities trading, changes in interest rates are expressed in basis points (1 basis point = 0.01%). A decrease in the value of a portfolio due to a 1 basis point increase in the interest rate is called the basis point value (BPV).

VALUE AT RISK

To assess the risks of any portfolio allows the analysis of the value at risk (VaR). In this analysis, the risk of a position or portfolio as a whole reflects a single indicator. The VaR method is based on probability calculation and shows the maximum loss, which is unlikely to be exceeded. This loss is called the value at risk of the portfolio. The VaR method is based on a model whose main determinants are the volatilities of market variables, i.e. risk parameters. The volatilities of the risk parameters are used to calculate how much the market value of a portfolio can change from the current market value. Thus, the VaR model allows you to determine the possible results of changes in the current value of the portfolio. To calculate the value of a portfolio of loans at risk, the estimated change in the market interest rate is multiplied by the duration.

But which of the possible outcomes is the value at risk, or "potential loss"? To answer this question, all possible outcomes obtained using this model are arranged in a certain order - from the largest possible losses and then through all the smaller losses and larger profits to the most big profit. As it will soon become clear, analysts are interested in this case exclusively possible losses. After all, it is with them that the risk is associated, and the VaR method is a risk analysis tool. Then a certain level is chosen: say, 95% of observations. Thus, we can detect losses exceeded only 5% of the time.

Example

The company has a portfolio of loans, estimated at 3 billion dollars. USA, with a duration of 4.8. There is a 95 percent chance that the maximum interest rate change will be 20 basis points.

The value of such a portfolio of loans at risk will be:

3 billion dollars × 4.8 × 0.20 = $28.8 million

The VaR method can be used for more than just calculating a negative change in market value. It can also be used to calculate the negative change in interest income or loan losses. However, the principle remains the same.

VaR is a reliable indicator of possible losses under normal market conditions, i.e. the VaR method gives a loss figure that will not be exceeded in 95% of cases. However, it does not show what will happen in one of the remaining 5% of cases and what losses the company will incur in this case.

STRESS TESTING

Under normal conditions, VaR is a convenient tool for assessing the risk of a portfolio. However, as we have seen, it is not suitable for emergencies. That is why an additional method is needed to get more information about the risks in case of an emergency situation in the market. This additional method is called stress testing.

Stress testing is the general name for a whole group of methods. Their main principle is the analysis of portfolio risks in the conditions of marginal price or interest rate changes. Stress testing determines whether a company will survive in the event of a market cataclysm. Most often, a stress test is conducted as a scenario analysis. The treasurer must make certain assumptions about which emergencies may take place in the market. However, these proposed changes market conditions should not be insignificant, as in this case, stress testing would give almost the same results as the VaR analysis. At the same time, the test parameters should not be too high, so as not to make the chosen scenario implausible and improbable. In other words, the treasurer is required to choose realistic, unfavorable scenarios that the board of directors could take seriously.

Usually, a back-office is understood as a unit whose responsibilities include internal accounting of operations performed by a company (bank).

Front-office (front-office) - departments and services of the company (bank), directly involved in the conclusion of transactions.

We have already determined Ford's net cash position ($8.35 billion) by subtracting long-term debt from the cash position. Cash position in billions of dollars should certainly attract the attention of the investor. And that's why.

From 1982 to 1988, Ford's shares rose from $4 to $38, including the split. During this time, I bought five million shares, my profit from them at a price

$38 was huge. On the other hand, the chorus of Wall Street analysts has for two years now been announcing that Ford stock is overvalued. Many consultants have argued that this cyclical car company has sung its swan song and is on the brink of failure. I even tried several times to sell its shares.

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However, the company's annual report told me that Ford had accumulated $16.30 in net cash per share. In other words, for every share I held, there was a $16.30 paper bonus, which was a hidden cashback.

The bonus changed everything. It turned out that I was buying the car company not at $38 a share, as it was then, but at $21.70 ($38 minus $16.30). Analysts had expected Ford's auto business to generate $7 per share. Then at $38 per share, the P/E would be 5.4. and at a price of $21.70 - 3.1. The second P/E value is attractive for both cyclical and non-cyclical companies. If Ford was a lousy company and its latest cars were disgusting, I probably wouldn't be impressed. However, Ford is a great company and its latest cars and trucks buyers liked.

The cash position kept me from selling Ford shares. After I made this decision, they went up in price by another 40%.

I was also aware (anyone could have read about it on the fifth page annual report, in its glossy, easy-to-read part) that in 1987 the group financial companies Ford - Ford Credit, First Nationwide, U.S. Leasing and others - brought in 1.66 dollars per share. Ford Credit, at $1.33 a share, "has posted thirteen consecutive years of earnings growth."

Using a typical financial company P/E ratio of 10, these subsidiaries are valued at 10 times $1.66 per share, to $16.60 per share.

Thus, at current price$38 in Ford shares, you get $16.30 in net cash and $16.60 in financial company value, and the car business costs you $5.10 per share overall. In addition, the expected profit of the automobile business itself was to be $7 per share. The question is, is investing in Ford risky? At $5.10, Ford's stock was a real bargain, even though it's up nearly 10 times since 1982.

Another company with a significant cash position is Boeing. In early 1987, its shares were selling for a little over $40, but with $27 in net cash, its shares were worth $15. cash position and a record high volume of commercial orders.

Of course, the cash position does not always make a difference. More often it is not enough to give it Special attention. Schlumberger, for example, has a large cash position, but on a per-share basis, it becomes less than impressive. Bristol-Myers' cash position of $1.6 billion with only $200 million in long-term debt looks impressive. However, with 280 million shares outstanding, a net cash position of $1.4 billion adds up to only $5 per share. Such an amount at a share price of $40 means little. Now if the stock were trading at 15.

Be that as it may, in the course of research, it never hurts for an investor to check the company's cash position (as well as the value of the interconnected business). Who knows, you may be lucky enough to stumble upon a company like Ford.

Speaking of Ford, what is she going to do with her money? While the company builds up its cash position, speculation about its possible use may affect the stock price. Ford raises dividends and buys back its own shares intensively, but the company still has billions left. Some fear that Ford will throw them away for takeovers, but so far the company has been pursuing a low-key policy in this area.

Ford owns a savings and loan company and controls Hertz Rent-A-Car with partners. For Hughes Aerospace, Oka offered a low price and therefore lost. Acquisition of TRW can bring tangible synergy: it is the world's largest manufacturer of automotive parts and components, which is present in the related electronics market. What's more, TRW could become the world's largest airbag manufacturer. If Ford buys Merrill Lynch or Lockheed (which has been rumored), will it add to the long list of players in diversification?

In the trading system - the value of the balance of funds that can be used as security for bids for the purchase of bonds during trading.

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