The thesis describes the effects of physical cash pooling implementation in a multinational company. The aim is to establish a general methodological framework for evaluating the costs and benefits of physical cash concentration. The basis is a theoretical overview of the cash concentration, which includes the definition of the main concepts and the methodical procedure for the implementation of this liquidity management tool in the company. In the empirical part there is a concrete application of the methodical procedure, internal and external environment analysis, as well as discussion of the effects of cash pooling implementation. The final chapter sets out a general assessment framework for the costs and benefits of physical cash pooling.

This master thesis deals with issues that are focused on the consolidated financial statemenst and the financial situation of the group of companies. The primary goal of the thesis is evaluate the financial situacion of selected group of companies on the basic of financial analysis. From analysis are suggests proposals improvements to the financial situation of the group including individual companies, that have some weaknesses which follow from analysis. The financial analysis is realize over the period 2013 – 2016.

Zugl.: Köln, Universiẗat, Diss., 2008.

Master’s thesis deals with the consolidation of financial statements and analysis of financial condition of group subjected to consolidated financial statements. Fundamental thesis goal is an assesment of financial position selected group of companies by methods of financial analysis and specialized models. It leads to finding potential weaknesses and creation of proposals leading to eliminate discovered weaknesses and improving the financial situation of group.

Stora koncerner med verksamhet i flera företag och inte sällan i flera länder kan gynnas av att styra hela koncernens ekonomi från en gemensam enhet. Moderbolaget har olika stor insyn i dotterbolagens verksamheter beroende på koncernens storlek och organisationsstruktur och därmed kan centralisering av likviditetsstyrningen ske på olika sätt. Syftet med uppsatsen är att ur ett ledarskapsperspektiv studera hur centraliserad likviditetsstyrning utförs samt hur det kan påverka koncerner. För att uppnå syftet har kvalitativa intervjuer genomförts med ekonomicheferna i fyra koncerner. Studien har därmed gjorts ur ett ledarskapsperspektiv och personliga intervjuer har gjorts för att få en djupare förståelse för hur koncernerna väljer att centralisera sin likviditetsstyrning samt vilken påverkan det har. Koncernerna som intervjuats har i hög grad centraliserad likviditetsstyrning och de viktigaste besluten fattas i huvudsak från en och samma enhet, resultatet av intervjuerna visar att centraliserad likviditetsstyrning skapar ökad översikt och kontroll. Ekonomicheferna anser sig ha god insyn i dotterbolagens verksamheter och kan därmed fatta de beslut som är de bästa för koncernen.  För att få en ökad förståelse för hur cash pooling kan användas som instrument för att centralisera likviditetsstyrningen intervjuades även två banker. Cash pooling ger en översiktlig bild över koncernens likviditet genom interna överföringar mellan konton med intern ränta. Därmed används det befintliga kapitalet på ett effektivt sätt innan externa lån behöver tas. Tre av koncernerna använder sig av cash pooling och de anser att det skapar en överskådlighet över koncernens likviditet samt en ökad effektivitet eftersom antalet externa banklån reduceras. Bankerna är eniga och menar att cash pooling skapar en samlad bild över koncernens likviditet. Utöver cash pooling tar studien även upp begrepp som centralisering, cash management och treasury management, vilka även de kan ses som sätt att effektivisera likviditetsstyrningen i en koncern. / Business groups with companies active in several countries can benefit from managing the entire group’s economy from one single entity. The parent company’s transparency of its subsidiaries is depending on the size and the organizational structure of the concern. Therefore, centralization of the liquidity can be done in several ways. The purpose of the study aims to clarify how centralization of the liquidity can be performed and what consequences it gives the concern. The study has been conducted through the leaders’ perspectives of the business groups. Interviews have been carried out with the financial chiefs of four business groups, in order to get a deeper knowledge of how the liquidity is centralized and what effects it brings. The business groups have in a great extent centralized their liquidity to one entity where the most important decisions are made. The financial chiefs consider themselves to have the right knowledge to make decisions with the concern’s best interest in mind. To get a deeper knowledge about centralization of liquidity from the perspectives of the banks, and also to get awareness of cash pooling and how it is used, the decision of interviewing two banks as well, was made. Cash pooling is an instrument for optimizing the liquidity within business groups and thereby enabling an effective management of cash, and reducing the need for external borrowings. Three out of the four concerns interviewed are users of cash pooling and they all consider it an effective instrument that creates transparency and control over the liquidity. The banks agree and say that it gives a more composed picture of the liquidity of the concern, which simplifies the contact with the bank. In addition to cash pooling, the study also discusses cash management and treasury management. In conclusion, it is clear to say that there are considerable advantages, such as a greater transparency and control, when a corporate group is centralizing its liquidity. It also creates legitimacy against banks.

This thesis deals with selected aspects of financial management of transnational corporations and describes the impact of foreign exchange risk on these companies. The theoretic part of this thesis explains terms like cash pooling, netting and concerns the issue of transfer prices. Furthermore the principles of foreign exchange risk, transaction, economic and translation exposure are defined with focus on financial derivatives that serve as instruments for managing and hedging the risk. The practical part depicts the case study, in which the theoretical knowledge has been applied to a chosen international company.

The master´s thesis assesses the way of cash management in an international company focused on cash pooling and netting. On the basis of an analysis of current situation and with respect to impact of cash management there is offered proposal for netting implementation in the selected company.

The diploma thesis review issues of cash pooling and its application to the company with global presence. It deals with both the advantages and disadvantages of real and notional cash pooling and further focuses on the legal framework of cash pooling in Czech Republic, Germany and the Slovak Republic. The main aim is to bring forward the suitable pooling structures for the needs of the chosen company, evaluate them according to the goals set up by the management and withdraw the optimal solution.

在企業國際化的過程中，組織與管理方式的設計上，應以全球之觀點出發，以追求企業之永續經營。企業總部所發展出來之組織文化、管理流程、資訊應用等，是企業是否能成為一成功國際化企業之必要條件。 本研究採用個案訪問及資料收集之方式，探討本土企業在國際化歷程中，就財務資金調度管理之相關議題來歸納分析出本土企業現行做法之問題，並以國外成功的跨國企業為例來找出可行之參考方案。 因此，本研究透過介紹6個本土企業其資金管理之現況，歸納本土企業在國際化過程中會遭遇之問題。然後看一家正邁向國際化之本土企業，根據其國際化之歷程來看其資金管理上之演進及即將面臨的跨國管理所可能遇到之衝突。 接著以成熟的全球管理企業為例，看其國際化演進過程來瞭解在各階段所遇到之議題，以及現行所演繹出來的資金管理方法。我們並介紹其在外匯及銀行(現金池)之實際操作及與資訊整合之運用，以提供本土企業之一項財務資金管理之選擇參考。 最後我們將整理根據R集團之經驗所歸納出在國際化歷程中會面臨之課題，並依據文獻及實例來提出可行之參考建議。 / For a local company transform into a globalization enterprise, it should be focus on organization structures and managerial concept to pursue business continuity from a global perspective. The organization credo shall develop its organizational culture, management process, and application of information, which are the vital elements for being globalization. This research uses case study and information collection to study how local companies transform as global enterprise. We bring up the issue from Treasury Management point of view to analyze the problem that local companies may encounter during the evolution of globalization. In the meantime, with reference one successful transactional companies, we will find out some workable solutions. Hence, we sum up the problems what a local company could encounter as to become a transactional company, we will firstly analysis the current status for six local companies. Base on the problem we select, we will make the same comparison to one well-known company in Taiwan to observe the revolution of its management in terms of Treasury issue and the conflicts it would meet possibly. Next we will use an example of a mature global company to understand how they perform its Treasury Management as a global enterprise and how they deal with the relevant issues as we identified in our study. We also introduce its operations in the areas of foreign exchange, cash pooling as well as the integration of information to offer a workable solutions to our local company. Finally, we will generalize the challenges that a global enterprise would encounter as our example - R group and try our best to offer relevant suggestions according to literatures and real cases.

The basic idea of this diploma thesis is to look into one the area of financing czech company, which is member of french holding, with aim to introduce to public the important financial tool in the area of cash management including assessment of the accounting, tax and law aspects associated with it.