The Anglo American Platinum Converter Plant produces a copper-nickel sulphide converter matte which is slow-cooled in ingots over several days. During the process, the formation of alloy platelets, containing the majority of the PGM’s and Au, occurs. The alloy forms a magnetic fraction in the bulk matte which can be liberated when the matte is crushed and milled. The alloy platelets are then separated via a magnetic separation process in the Magnetic Concentration plant. The quality of the converter matte is dependent on the reaction and cast temperatures, bulk matte composition and cooling rate of each ingot, which define the microstructure of the slow-cooled matte that is produced as the final product of the ACP process. The current mould size used in the ACP slow-cool aisle is ~10 tonnes (maximum 14.84t), designed for 2 full ingots to be poured from every tap from a full ladle with a capacity of ~20t. This is the ideal situation, however, during normal plant operation ladles develop a build-up of material on the inside (or skull) that reduces the ladle active volume. This results in a large number of half ingots being produced, and, given the smaller ingot size, suboptimal cooling conditions arise and subsequently poor quality Waterval Converter Matte (WCM) is produced because of rapid cooling. In an attempt to match the converter blow size, the ladle size and the slow-cool mould size in future, a larger mould size of 15 ton was specifically constructed to determine if the smelter converted matte can be cast into the larger mould size. Therefore a larger size ingot of 15t with a maximum capacity of 20.6t was also used as part of the trials in order to determine if cooling rates in the larger sized ingot necessitated longer cooling times, and would therefore negatively affect the platinum pipeline and working inventory. The data obtained from these trials were then used to develop and validate a CFD model, specifically developed to simulate the cooling process. From the heat loss data it was calculated that the bulk of the heat lost from the ingots is through the top surface. After the first 12 hours of cooling, approximately 89% of the heat lost from the ingot is via the top surface and this increases to 96% after 24 hours. It can therefore be concluded that the cooling rates of the ingots can be easily manipulated by changing the thermal insulation of the lid that is placed over the ingot after casting. / Dissertation (MEng)--University of Pretoria, 2013. / gm2014 / Materials Science and Metallurgical Engineering / unrestricted

Sammanfattning Inom de flesta företag finns möjligheter att påverka rörelsekapitalet genom Working Capital Management. Detta kan även förkortas WCM, vilket enligt Deloof (2003) kan definieras som arbetet med att styra företagets rörelsekapital. De flesta företag har dessutom avsevärda summor uppbundna i rörelsekapitalet, vilket medför att WCM har en betydande roll på företagets lönsamhet. I strävan efter att nå ett optimalt rörelsekapital finns det dock risk att företagen drabbas av negativa effekter. Syfte: Denna studie syftar till att undersöka effekterna av WCM och hur dessa effekter påverkas utifrån hanteringen av WCM. Metod: Studien består av en kvantitativ enkätundersökning riktad till svenska tillverkande företag. Analys: Att frigöra kapital beskrivs som det främsta motivet för att genomföra WCM. Det framgår också att initiativ till beslut om en minskning av rörelsekapitalet är centraliserade och det är sällsynt att initiativ startar i den operativa verksamheten. Det sker däremot en nära samverkan i processen av en minskning av rörelsekapitalet mellan de som initierar WCM och den operativa verksamheten. Studien visar att de flesta företag inte upplever några negativa effekter av WCM. De negativa effekter som uppmärksammas inträffar främst i produktionen och gentemot kunder. Slutsats: Svenska tillverkande företag anser att WCM är en högt prioriterad fråga. De beslut som fattas inom WCM medför att ju längre bort från verksamheten besluten tas desto fler negativa effekter medför detta. I arbetet med WCM förekommer en hög grad av samverkan. Det har även framkommit att ökad samverkan mellan ledning och den operativa verksamheten minskar negativa effekter i samband med WCM. Nyckelord: WCM, Working Capital Management, rörelsekapital, rörelsekapitalbindning, samverkan, beslut, negativa effekter / Abstract Most companies are able to influence the working capital through use of Working Capital Management (WCM). According to Deloof (2003), WCM can be defined as the process of controlling a company’s working capital. Since many companies have substantial sums tied up in the working capital, WCM can have a significant role in the company’s profitability. In the pursuit of finding an optimal working capital, there is a risk that companies will experience negative effects.  Purpose: The purpose of this study is to investigate the effects of WCM and how these effects are influenced by how the WCM is managed within the company. Methodology: The study consists of a quantitative survey directed to Swedish manufacturing companies. Analysis: Releasing capital is put forward as the main motive for WCM. It also appears that the initiative for decisions regarding reduction of working capital tend to be centralized, since these initiatives rarely start in the business operations. There is however a close interaction in the process of a reduction in working capital between those who initiate WCM and the operations. The majority of companies within this study do not experience any negative effects of WCM, but when it occurs it is mainly within the production processes or in customer relations. Conclusion: Swedish manufacturing companies believe that WCM is of high priority. This study indicates that negative effects will occur increasingly if decision-making is centralized. Working with WCM requires a high degree of collaboration as the results of this study also points out that through increased interaction between management and operations, negative effects associated with WCM can be reduced. Keywords: WCM, Working Capital Management, working capital, collaboration, decisions and negative effects

Studiens syfte är att undersöka expressiv fonologisk förmåga hos barn i åldrarna 3;5-4;9 år som följer en atypisk tal- och språkutveckling och jämföra den med en åldersmatchad kontrollgrupp.  Ytterligare ett syfte är att undersöka huruvida det föreligger ett samband mellan expressiv fonologisk förmåga och impressiv lexikal förmåga. Elva barn med konstaterade uttalssvårigheter rekryterades från logopedmottagningar och språkförskolor i Stockholm och i Östergötland. Barnen testades i en för dem välkänd miljö med bedömningsmaterialet LINUS. Barnens svar audioinspelades och transkriberades och utifrån transkriptionerna gjordes en analys med utgångspunkt från icke-linjär fonologi samt beräkning av Percentage Phonemes Correct och Word Complexity Measure. Resultatet jämfördes sedan med kontrollgruppen. Åtta av barnen i studiegruppen testades även med PPVT-IV för att undersöka eventuella samband mellan expressiv fonologisk förmåga och impressiv lexikal förmåga. Resultatet visade att barnen i de båda grupperna uppvisade uttalsavvikelser från vuxet målordsuttal på ord-, stavelse och segmentnivå, stavelsenivån var den nivå där flest avvikelser förekom i båda grupperna, men att avvikelserna förekom i högre grad hos barnen i studiegruppen. På stavelse- och segmentnivå kunde signifikanta skillnader ses men inte på ordnivå mellan grupperna. På stavelsenivå förekom klusterreduktioner i större utsträckning än uteslutning av enskilda segment för båda grupperna. På segmentnivå uppvisade barnen i studiegruppen problem med samtliga särdrag (sätt, plats och ton), till skillnad från barnen i kontrollgruppen som endast uppvisade problem med särdraget plats. Barnen i studiegruppen fick lägre värden på såväl PPC och WCM. En signifikant skillnad sågs mellan PPC och WCM i studiegruppen men inte i kontrollgruppen. Inget samband mellan expressiv fonologisk förmåga och impressiv lexikal förmåga kunde påvisas i följande studie. Studiens resultat indikerar att det är viktigt att ta hänsyn till alla fonologiska nivåer vid en bedömning och resultatet motiverar att ett icke-linjärt perspektiv kan vara till fördel vid planering av intervention. Då stavelsenivån ger upphov till störst svårigheter är det viktigt att ta hänsyn till detta vid fonologisk intervention. Studiens resultat kan ligga till grund för hur en icke-linjär analys kan användas inom klinisk verksamhet. / The aim of the study is to investigate the expressive phonological ability in children aged 3;5-4;9 following an atypical speech and language development and make a comparison to an age-matched control group following a typical speech and language development. A further purpose is to investigate whether there is a relation between expressive phonological ability and receptive lexical ability. Eleven children with speech sound difficulties were recruited from Speech-Language Pathology clinics and preschool language units in Stockholm and Östergötland. The children were tested in a familiar environment, with the swedish phonological assessment material LINUS. The children's responses were audio-recorded and transcribed and based on the transcriptions, a non-linear phonology analysis and calculations of Percentage Phonemes Correct and Word Complexity Measure were made. The results were then compared to the control group. Eight of the children were also tested with PPVT-IV to investigate a possible correlation between expressive phonological ability and receptive lexical ability. The results showed that the children in both groups had deviations at word-, syllable- and segmental levels, the syllable level appeared to be the most affected level in both groups, but that the deviations were more frequent in the study group. The differences on syllable- and segmental levels were significant, whereas the difference at word level was not significant between the groups. At the level of syllable, cluster reductions occurred to a greater extent than the exclusion of individual segments for both groups. At the segmental level, the study group showed problems with all features (manner, place and tone), whereas the children in the control group only had problems with the feature place. The study group had lower PPC and WCM than the control group. A significant difference was seen between PPC and WCM in the study group but not in the control group. No correlation between expressive phonological ability and receptive lexical ability was found. The results of the study indicate that it’s important to address all phonological levels in assessment and motivate that a non-linear approach could be beneficial as basis for planning of treatment. Since the syllable-level is the most affected it is important to address it in intervention. The report could serve as a guide for clinicians when applying a non-linear analysis.

Rörelsekapitalhantering (WCM) är en viktig del i små och medelstora företags (SMF) i syfte att generera nytt kapital samt effektivisera verksamheten. Företagen i Sverige består till större delen av SMF vilket gör det viktigt att undersöka hur företagen hanterar sitt kapital. Syftet för studien var att studera WCM i form av CCC och WCR med företagsspecifika, branschspecifikaoch makrospecifika faktorer. Detta testades i en OLS-modell med studiens beroende variabler CCC och WCR mot de oberoende variablerna lönsamhet, tillväxtmöjligheter, storlek, kassaflöde och branschtillhörighet. Studien undersökte även hur en finanskris påverkar rörelsekapitalet i form av ett t2-test. Denna studie innefattade 4240 företag under perioden 2008 till 2015 där 2008 till 2009 beskrivs som krisperiod. Resultatet för studien visar ett positivt signifikant samband mellan CCC och kassaflöde samt ett negativt signifikant samband medlönsamhet, storlek och branschtillhörighet. Vidare påvisar studien ett positivt signifikant samband mellan WCR och lönsamhet samt storlek medans tillväxtmöjligheter, kassaflöde och branschtillhörighet har negativt signifikant samband med WCR. Företagen har en längre CCC samt en högre WCR under krisperioder. / Working capital management (WCM) is an important part of small and medium-sized enterprises (SMEs) in order to generate new capital and streamline operations. The companies that consist in Sweden is to the majority SMEs, which makes it important to investigate how companies handle their capital. The purpose of the study was to analyse WCM thru CCC and WCR with company-specific, industry-specific and macro-specific factors. This was tested in an OLS model with this studies dependent variables CCC and WCR against the independent variables profitability, growth opportunities, size, cash flow and industry affiliation. The study also examined how a financial crisis affects working capital with a t2 test. This study included 4240 companies in the period 2008 to 2015, where 2008 to 2009 is described as a crisis period. The result for the study shows a positive significant correlation between CCC and cash flow, as well as a negatively significant correlation with profitability, size and industry affiliation. Furthermore, the study shows a positive significant correlation between WCR and profitability, and the size of the growth potential, cash flow and industry affiliationare negatively significant in relation to the WCR. The companies have a longer CCC and a higher WCR during crisis periods.

Der BIM-Standard hat in den letzten Jahren viel Bewegung in die Softwarelandschaft gebracht. Der Wunsch und die Notwendigkeit, Daten aus der EMC Landschaft mit den digitalen Daten der Planung und dem aktuellen Progress auf den Baustellen zu verbinden, stellt hier einen besonderen Motor dar. Die digitale Bauakte – nur ein Traum? Unternehmen unterschiedlichster Größe und Ausrichtung begleiten durch Ihre Tätigkeiten einen Neu- bzw. Umbau von der Idee bis zur Realisierung. Die Lösungsansätze bzw. Lösungen der Digitalisierung in den verschiedensten Ausprägungen, Tiefen und Teilbereichen existieren. Eine Lösung, die von den KMUs bis hin zu den Konzernen genutzt wird, haben wir aus dem Blickwinkel der Planer, Betreiber und Montageunternehmen im industriellen Anlagenbauumfeld (Industrie- und Produktionsanlagen aller Art) nicht gefunden. Die Lösung von inactio und ESZETT schaut aus zwei unterschiedlichen Blickwinkeln auf die Kunden. Die Abbildung 1 reißt das Spannungsfeld ein wenig an. inactio/eebos begleitet Ihre Kunden im Umfeld von onbase, SAP und digitalen Archiven. ESZETT kommt mit ihren Erfahrungen der Planungswelten, VR-Systemen und dem WCM-System bee aus der Planungs- und Montagebegleitung. Der Wunsch, mit einer kleinen Lösung zu beginnen (KMU), die bei den einzelnen Unternehmen für ihre Belange genutzt werden kann, hin zu der Vernetzung und der Möglichkeit des Einbindens dieser ‚Inseln‘ in einem Gesamtprojekt mit allen technischen Möglichkeiten und Verknüpfungen, soll kein Traum bleiben. [...]

A shift in focus from growing revenues towards managing working capital could be observed in many companies in the recession that followed the financial crisis of 2008. This thesis therefore investigates the relation between working capital management (WCM) and revenue growth by examining 36 Swedish companies within the IT & Telecom, Wholesale, and Manufacturing industries. The results show that there currently is a general gap between the perceived and actual performance regarding WCM and the effects on revenue growth. The studied companies report a belief that no trade-off between WCM and revenue growth exists. However, the actual performance in the studied industries indicates that increases in revenues often are not justifiable in proportion to the increases in net working capital (NWC). The study also shows that responsibility for WCM and implementation of WCM decisions are to a high extent assigned to a centralized organizational level. Recommendations derived from this study are that while companies need a centralized responsibility for WCM decisions, the responsibility also needs to be decentralized for successful implementation. Furthermore, the NWC development in relation to revenue growth needs to be continually monitored.

ABSTRACT Title: Working Capital Management in Telecommunication sector: A case study of VGC telecoms Author: Gbenga Segun Akinwande Supervisor: Anders Hederstierna Department: School of Management, Blekinge Institute of Technology Course: Master’s thesis in business administration, 15 credits (ECTS). Background and Problem Discussion: The efficient management of working capital is very vital for a business survival. This is premised on the fact having too much working capital signifies inefficiency, whereas too little cash at hand signifies that the survival of business is shaky. Purpose: The purpose of this research is to study the working capital management in the small and medium scale businesses, using VGC Telecoms Company as a case study, so as to establish factors influencing working capital performance; examine how cash management, inventory management and trade credit management affects working capital management; company effectiveness in converting working capital to ready money; how working capital management impacts on the problem of slow development and to offer recommendations on possible ways of improving working capital management Method: Literatures bordering on different areas of working capital management were reviewed. Thus, this research employed qualitative and quantitative analysis; and semi- structured questions were drafted based on the issues raised from the review of various literatures. In addition, materials from journal articles, textbooks, working papers and industry practitioners are put into consideration. The use of internet and e-mails to send out questions were explored where appropriate. Analysis on the company’s financial statement was carried out in order to verify my findings. Theory: In this research, the theory section looks at various concepts that come up when analyzing the consequences of working capital management for company value and the factors that influence a company’s working capital management performance. I have therefore chosen the most common concept for the theory section. I have also tried to create a theoretical understanding for the company’s sensitivity to a workable WCM policy Analysis: In the analysis of the research findings, I employed qualitative approach to the data analysis whereby the impacts of the poor WCM on the company were discussed in depth. Conclusion: The findings corroborate the postulation of Weston et al that a company’s investment in working capital is a substantial percentage of its total investment. In case of VGC Telecoms, it is as high as 65 percent. An inefficient and ineffective management of this investment will result in slow pace of development and ultimately to the business failure. The performances of the company in the different spheres of working capital management were scored as follows:- • Cash management – 65.4 percent • Inventory management - 78.6 percent • Trade credit management and financing decisions - 60.0 percent This is an average performance of 68 percent. That is, the company’s performance is above average. This is a good performance. The financial statements as interpreted reinforce the validity of this result. The liquidity ratios are high; the collection period is short; and the cash cycle is not quite expansive. This makes it possible to sustain sufficient cash flow for the smooth running of the business. The management of working capital impacts on liquidity, investment portfolio and profitability. All these three factors are decisive in the growth or failure of a business. Hence, good performances in working capital management affects these decisive factors favourably and thus, contribute to growth and success of the business.

This master’s thesis deals with the determination of conditions and the proposal of appropriate instruments within the World Class Manufacturing system (WCM), mainly its pillars Professional Maintenance (PM), in order to remove, with the assistance of subsequent analysis, all the waste which occurs in the enterprise and consequently to appropriately optimise the activities of staff, especially the specialized engineers.

The theoretical and practical importance of working capital management (Sharma & Kumar, 2011) and its strong link with the firm’s financial stability (Wang et al., 2020, p. 2; Kamel 2015, p. 35) make it one of the most important functional areas of corporate finance. Although literature and the corporate world recognize corporate sustainability mainly through corporate social responsibility (CSR), ESG emerged in the recent past and quickly made its strong footfall as an indicator of corporate sustainability. Literature is evident that studies have mainly focused on studying both working capital management (WCM) and corporate sustainability in relation to firm financial performance (FFP), while scant research has assessed the relationship between WCM and corporate sustainability (Barros et al., 2022, p. 1). The primary purpose of this study is to examine the relationship between corporate sustainability and WCM in the Swedish market to fill this gap in the literature and contribute to the existing body of knowledge on the subject matter through its findings, especially with reference to the use of ESG rating scores.  The relationship was examined through the quantitative approach. Sample data was comprised of 418 firm-year observations retrieved from Refinitiv Eikon on 38 firms listed on Nasdaq Stockholm between 2010-2020. ESG rating scores were used to measure corporate sustainability, while two proxy measures; cash conversion cycle (CCC) and working capital requirements (WCR) were for WCM. Stata software was used to find the results of the study by running the pertinent regression models using robust standard errors. Various statistical tests were performed to satisfy all the OLS classical assumptions. The empirical results of our study revealed mixed findings. The findings connected to CCC indicated no statistically significant relationship between ESG scores and CCC which allowed us to conclude that sustainable firms in Sweden do not operate with a shorter CCC (or cash cycle). The findings connected to WCR indicated a significant negative relationship of WCR with the environmental and social score, however no relationship with ESG and governance scores. These results allowed us to conclude that sustainable firms in Sweden are able to operate with WCR (or cash requirements), however, these effects entirely come from the environmental and social pillars, which indirectly implies more sustainable firms can operate with lower levels of debt than their counterparts. Since we found no significant effect from the ESG scores for both CCC and WCR, our findings were partially in line with the shareholder theory, the stakeholders’ theory, and the legitimacy theory we used as theoretical references in our study. The overall findings of our study allow us to suggest sustainable firms in Sweden reconsider their working capital policy decisions to achieve working capital efficiency (a shorter cash cycle) while staying aligned with their sustainability goals.

M. Tech. (Department of Cost and Management Accounting, Faculty of Management Sciences), Vaal University of Technology. / Working capital management is an important aspect in the business in order to meet its daily activities. Permanent working capital, temporary working capital, gross working capital and net working capital are four types of working capital. The construction industry, as compared to any other industry, plays an important role in the economic growth of the country. The construction industry is regarded as the largest employer in the labour market and appropriate management of liquidity is essential. Construction contracts are divided into lump sum contracts, unit price contracts and cost plus a fee contracts and have the following role players: employer, employer’s representative, professional team, contractor, sub-contractor and adjudicator. This study analysed the relationship between working capital management and financial performance of JSE listed construction companies during the period 2009-2019. Annual financial statements, which included statement of financial position and statement of financial performance of all listed construction companies during the period 2009-2019 were extracted from the external database (IRESS) to obtain the data needed for statistical analysis. This study used a quantitative research method to analyse the relationship between working capital management and financial performance. Multiple linear regression and correlation analysis were used in this study with inventory conversion period (ICP), average collection period (ACP) and average payment period (APP) as independent variables and return on assets (ROA), return on equity (ROE) and gross operating profit (GOP) as dependent variables, in order to analyse the relationship between working capital management and financial performance of JSE-listed construction companies during the period 2009-2019. Results of this study indicated that working capital management has little or no influence on the financial performance of JSE-listed construction companies, therefore, this indicates that listed construction companies in South Africa need to manage their working capital properly by putting some new policies in place on their accounts payables and receivables, in order to have a relationship between working capital management and financial performance.