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'n Konsepsuele evaluasie van kontantvloeistateHauman, Louis 03 1900 (has links)
Thesis (MBA)--Stellenbosch Universiteit, 2000. / ENGLISH ABSTRACT: The important changes in real interest rates, deregulation, amalgamation and the change
of enterprise form from co-operatives to companies, require a new approach towards the
utilisation and management of capital in the agricultural business. The economic
environment has changed from a situation where management used nearly uncontrolled
amounts of capital to get turnover, towards a capital scarce situation where capital is
applied with caution and where profits are required. This new approach calls for focus on
working capital. This study proposes a conceptual approach to the evaluation of the
management of cash.
The concept of a STREAM / WELL of cash, as used by Hamman (1999) at the Business
School of the University of Stellenbosch, is described. The cash flow statements of some
co-operatives have been standardised to produce comparable figures for income from
operating -, investment- and financing activities. The STREAM / WELL approach with a
graphic presentation of income from operating -, investment - and financing activities are
used to demonstrate the usefulness thereof.
The conclusion is made that profit margins are too low in this kind of business because of
a lower than needed mark-up. The working capital cycle is too long in most of the
businesses, which indicates that too much working capital is used to generate the income.
Lastly, the growth in turnover is as a determinant factor for working capital, too
unpredictable and uncontrolled because of inherent qualities of this business
environment. The risk in this market, because of climate and uncontrollable factors, is not
calculated but indications are that this risk is high. / AFRIKAANSE OPSOMMING: Die ingrypende verandering van reële rentekoerse, deregulering, amalgamasies en
omskakeling van koöperasies na maatskappye, verg nuwe benaderings tot die bestuur en
aanwending van kapitaal in die landbou. Vanuit 'n omgewing waar omsette nagejaag is
met feitlik onbeperkte toegang tot fondse, het die landbouondernemings se benadering
verander na ondernemings met beperkte kapitaal wat oordeelkundig aangewend moet
word en bevredigende opbrengste moet lewer. Hierdie tendens noodsaak 'n gefokusde
benadering tot die bestuur van bedryfskapitaal. Die studie stel 'n konsepsuele benadering
voor om ondernemings se bestuur van kontant, soos gerapporteer in kontantvloeistate, te
evalueer.
Die konsep van 'n STROOM / PUT benadering, soos jare lank deur Hamman (1999)
gebruik om die begrippe te verduidelik aan die Bestuurskool van die Universiteit van
Stellenbosch, word omskryf. Die kontantvloeistate van 'n aantal landbouondernemings is
gestandaardiseer om vergelykende opbrengste uit bedryfs-, investerings- en
finansieringsaktiwiteite te bereken. Die STROOM / PUT benadering word saam met 'n
grafiese voorstelling van die bydraes uit bedryfs-, investerings- en
finansieringsaktiwiteite gebruik om die aanwending daarvan te demonstreer.
Daar word tot die slotsom gekom dat winsgewendheid te laag is in ondernemings van dié
aard hoofsaaklik omdat winsgrense te laag is. Oor die algemeen is die bedryfskapitaalsiklus
te lank, wat daarop dui dat te veel bedryfskapitaal aangewend word om die
opbrengs te genereer. Laastens is die groei in omset, as bepaler van die vraag na
bedryfskapitaal, ongekontroleerd en wisselvallig as gevolg van die inherente eienskappe
van die landbou sakeomgewing. Die risiko opgesluit in dié markomgewing wat grootliks
deur klimaat en ander onbeheerbare faktore beïnvloed word, word nie bereken nie, maar
die studie dui op besondere hoë risiko's van dié aard.
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Die indeks-verskil tussen die netto wins na belasting en kontantvloei uit bedryfsaktiwiteite as aanduiding van finansiele probleme by genoteerde industriele maatskappyeSteyn, Barbara Wilhelmina 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: Both the income statement and the cash flow statement of a company provide useful
information to the user of financial statements. The net profit after tax in the income
statement and the cash from operating activities in the cash flow statement have
basically the same transactions as source, however they still differ, because of timing
differences between the accrual of income and expenses and the cash receipts or
payments thereof, as well as the inclusion of items in the net profit after tax that
rather forms part of cash flow from investment activities.
A growth in turnover usually coincides with an increase in non-cash working capital.
When the company is expanding at too high a rate, too much of his cash resources
are taken up by the increase in non-cash working capital and that could lead to cash
flow problems. This trend can be plotted on a graph, with a growing net profit after tax
and a decline in the cash flow from operating activities. The two lines move away
from each other when there is a significant difference between the net profit after tax
and the cash flow from operating activities.
This study tries to measure the angle between the two lines where they reach the
danger zone. Users of financial statements will be able to use this as an indicator of
companies that are going to be in cash flow trouble over the next period.
In order to measure this angle when the company reaches the danger zone, 365
listed industrial companies were studied. The net profit after tax and the cash flow
from operating activities were both transformed into an index, with cash flow relative
to net profit. The difference between the index strings was calculated. This study only
focuses on companies with an index-difference where the cash flow from operating
activities is smaller than the net profit after tax.
An index-difference of -2 was identified as the possible danger zone. In order to
substantiate this figure, companies with an index-difference of -2 or larger negative
that still were listed at the time of the study were examined to find the reason for the
difference. Items that do not form part of the cash flow from operating activities
cannot be used in the calculation of the index-difference, because it will generate a permanent difference between the net profit after tax and the cash from operating
activities. Companies that have a huge negative index-difference only because of
such items are not in the danger zone.
33 companies with an index-difference of -2 or more negative were identified. Focus
was placed on the thirteen companies that did not have losses and that were still
listed at the time of the study. Six of these companies were removed from the danger
list after the individual examination, because of other reasons for the difference rather
than an increase in non-cash working capital. That leaves seven companies that are
shown by this study to be in danger to get into serious cash flow trouble in the
foreseeable future. A few additional companies were examined which led to another
six companies being placed on the danger list.
Only time will tell whether these companies do get into serious financial difficulty. If
so, the index-difference can be calculated as an indicator of the point when a
company, regardless of a strong growth in turnover, and sometimes because thereof,
does not generate enough cash from operating activities to finance the growth in
non-cash working capital. Unless the company has a holding company that is willing
to pour more cash into the company, or unless the company can do a successful
rights issue, it will find itself in the position where it cannot finance the expansion and
also cannot obtain more additional funding. / AFRIKAANSE OPSOMMING: Beide die inkomstestaat en kontantvloeistaat van 'n maatskappy verskaf nuttige
inligting aan gebruikers van finansiële state. Die netto wins na belasting uit die
inkomstestaat en die kontantvloei uit bedryfsaktiwiteite uit die kontantvloeistaat het
basies dieselfde transaksies as bron, maar verskil tog, hoofsaaklik vanweë tydverskil
in die erkenning van die toevalling van inkomste en uitgawes en die
kontantontvangstes en -betalings daarvan, asook vanweë die insluiting van items in
die netto wins na belasting wat eerder deel vorm van die kontantvloei uit
investeringsaktiwiteite.
Wanneer die maatskappy 'n groei in omset toon, gaan dit gewoonlik gepaard met 'n
toename in nie-kontant bedryfskapitaal. Wanneer die maatskappy te vinnig groei,
word te veel van sy kontantbronne vasgevang in die verhoogde nie-kontant
bedryfskapitaal en dit kan lei tot kontantvloeiprobleme. Hierdie tendens kan op 'n
grafiek uitgebeeld word met 'n stygende netto wins na belasting, terwyl die
kontantvloei uit bedryfsaktiwiteite daal. Wanneer daar 'n aansienlike verskil tussen
die netto wins na belasting en die kontantvloei uit bedryfsaktiwiteite is, beweeg die
twee lyne uit mekaar.
Dié studie poog om die grootte van die hoek tussen die twee lyne wanneer die
gevaarsone bereik word, te bepaal. Dit kan dan deur gebruikers van die finansiële
state as 'n aanduiding gebruik word om te voorspel watter maatskappye oor die
volgende tydperk kontantvloeiprobleme sal hê.
Ten einde die grootte van die hoek te meet waar die maatskappy die gevaarsone
binne beweeg is 365 genoteerde industriële maatskappye se data bestudeer. Die
netto wins na belasting en die kontantvloei uit bedryfsaktiwiteite is beide as 'n indeks
uitgedruk, laasgenoemde relatief tot eersgenoemde. Die verskil tussen die twee
indeks-reekse is bereken, naamlik die indeks-verskil. Die studie is slegs gefokus op
maatskappye met 'n indeks-verskil waar die kontantvloei uit bedryfsaktiwitete kleiner
is as die netto wins na belasting. 'n Indeks-verskil van -2 is geïdentifiseer as die moontlike gevaarsone. Ten einde
hierdie syfer te steun is die maatskappye wat ten tye van die navorsing steeds
genoteer is en 'n indeks-verskil van -2 of groter negatief het, individueel ondersoek
om die rede vir die indeks-verskil vas te stel. Items wat op 'n ander plek in die
kontantvloeistaat as in die bedryfsaktiwiteite hanteer word, kan nie in ag geneem
word in die berekening van die indeks-verskil nie, aangesien dit 'n permanente
afwyking tussen die netto wins na belasting en kontant uit bedryfsaktiwiteite sal
veroorsaak. Maatskappye wat dus bloot as gevolg van sodanige items 'n groot
negatiewe indeks-verskil het, val nie in die gevaarsone nie.
33 maatskappye is geïdentifiseer met 'n indeks-verskilvan -2 of groter negatief. Daar
is gefokus op die dertien maatskappye wat nie verliese gely het nie en steeds ten tye
van die afhandeling van die studie genoteer was. Ses van hierdie maatskappye is
tydens die individuele ondersoek van die gevaarlys gehaal aangesien daar ander
redes vir die groot indeks-verskil was as 'n toename in nie-kontant bedryfskapitaal.
Dit laat dan sewe maatskappye wat deur dié studie aangedui word as om moontlik
finansiële probleme op te tel binne die afsienbare toekoms. 'n Paar addisionele
maatskappye is ondersoek, waarna 'n verdere ses op die gevaarlys geplaas is.
Slegs die tyd sal leer of die betrokke maatskappye wel in 'n finansiële verknorsing
beland. Indien wel, kan hierdie indeks-verskil bereken word en as 'n aanduiding
gebruik word van die punt wanneer 'n maatskappy, in baie gevalle ten spyte van
goeie groei in omset, maar dan ook juis as gevolg daarvan, nie genoeg kontant uit
bedryfsaktiwiteite genereer om die groei in nie-kontant bedryfskapitaal te finansier
nie. Tensy die maatskappy 'n houermaatskappy het wat bereid is om nog kontant te
stort in die maatskappy, of tensy die maatskappy 'n suksesvolle regte-uitgifte kan
maak, vind hy homself in die posisie dat hy nie die uitbreiding kan finansier nie en dat
hy ook nie meer addisionele finansiering kan bekom nie.
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Ontleding van die intertemporale en kruissektorale verdelingseienskappe van kontantvloeiverhoudings vir nywerheidsmaatskappye : resultate van die Johannesburgse Effektebeurs (1975-1993)Groenewald, Jakobus Johannes 03 1900 (has links)
Thesis (MBA)--Universiteit van Stellenbosch, 1995. / ENGLISH ABSTRACT: Traditional financial ratios are used by different analysts to predict and
evaluate various elements of a company. However, such ratios all suffer from
the basic limitation of accrual-based accounting, hence the perception that
cash flow ratios may be more suitable and possibly even more appropriate to
evaluate companies. Most of these applications employ parametric statistical
procedures of which the validity partly depends on the underlying
distributional properties of the ratio involved.
This study project is an evaluation of the underlying distributional
properties of forty seven cash flow ratios based on the published annual
results of 350 industrial companies, listed on the Johannesburg Stock Exchange
for the period 1975 to 1993. As an initial test, the results of the ratios
were subject to the null-hypothesis of normality as reflected by the p-values
of the chi - square and Kolmogorov-Smirnov tests respectively . Secondly, the
study project attempted to give an indication of the underlying distributional
properties by comparing the average with the median of the various cash flow
ratios.
The first evaluation was done for each ratio. after the data was aggregated,
for both the various divisions and over all the financial periods to evaluate
what is referred to as the sector as a whole. The results of this evaluation
clearly indicate that the underlying distributional properties are definitely
not normally distributed. However, the lack of normality may be founded in
either the lack of homogeneity between the various divisions. or due to the
aggregation of the various financial periods .
A second evaluation was done on the individual ratios for each financial
period. Although the different years lead to slightly different results it
is still apparent that the null-hypothesis of normality for the majority of
ratios are being rejected, especially consistent results to this effect were
found for the period 1988 to 1993.
A third and final evaluation was done on all the different ratios for the
individual divisions. Again the results for the different divisions vary,
but once again it ;s apparent that the null-hypothesis of normality is being
rejected for the vast majority of the ratios . In this regard the results of
specifically divisions industrial holding (15), food (25), engineering (28)
and electronics (29) are particularly consistent.
The lack of normality in the sector analysis may indicate the presence of
specific division relevant characteristics, while the results of the intertemporal
evaluation indicate that the distributional properties approximate
normality by aggregation over time . The analysis also proves beyond any doubt
that irrespective of whether disaggregation is done over either financial
periods or between the different divisions, ratios 02, 03, 06, 15, 16 and 17
are positive skewely distributed . Accordingly, ratios 13 and 27 are negative
skewely distributed .
If one has to advise a researcher or practitioner to whom an underlying normal
distribution of a cash flow ratio is important, one would probably advise in
the first instance to disaggregate over time, as a second app roach to
disaggregate over divisions, but never to treat the industrial sector as a
pooled sample. / AFRIKAANSE OPSOMMING: Tradisionele finansiele verhoudings word deur verskeie markontleders vir
verskillende voorspellings aangewend . Aangesien die verhoudings almal
onderworpe is aan die beperking van opgelope rekeningkundige waarde word
kontantvloeiverhoudings voorgehou as 'n nuttiger en moontlik selfs
doeltreffender metode om ondernemings te evalueer. In die meeste van die
toepassings word parametriese statistiese prosedures gebruik, waarvan die
geldigheid gedeeltelik berus op die onderliggende verdelingseienskappe van die
verhoudings.
Die werkstuk is 'n studie van die onderliggende verde' ingseienskappe van
sewe-en-veertig kontantvloeiverhoudings S005 jaarliks vir die tydperke 1975
tot 1993 gepubliseer is in die finansie1e verslae van 350 maatskappye wat
genoteer is in die nywerheidsektor van die Johannesburgse Effektebeurs. In
die verband is die resultate van die verhoudings eerstens onderwerp aan die
nulhipotese van normaliteit deur dit te evalueer aan die hand van die p-waarde
van sowel die chi-kwadraat- as Kolmogorov-Smirnovtoetse. Vervolgens dui die
werkstuk die onderliggende verdeling aan, deur die gemiddeld en mediaan van
die kontantvloeiverhoudings te vergelyk.
Vir die eerste evaluasie is alle verhoudings oar jie verskillende finansiele
tydperke en van die verskillende afdelings saamgevoeg am die sektor in die
geheel te eva1ueer. Vol gens die evaluasie is die onderliggende verde1ing van
die verhoudings nie normaal nie. Oit mag moontlik logies verklaar word deur
die heterogeniteit van die verskil1ende afde1ings, of weens die samevoeging
van die resultate oar verskillende finansiele tydperke.
Tweedens is die onderskeie finans;ele tydperke afsonder1ik ont1eed . A1 het
die resultate van die onderskeie termyne effens verskil, is dit duidelik dat
die nulhipotese van normaliteit by die oorgrotte meerderheid van verhoud ings
beslis verwerp moet word. Dit is interessant dat in die resu1tate van
spesifiek 1988 tot 1993 die hipotese absoluut konsekwent verwerp word.
laastens is die verhoudings afsonderlik vir elk van die onderskeie afdelings
ontleed. Weereens het die resultate van die onderskeie afdelings verskil,
maar dit was oak weer duidelik dat die oor9rote meerderheid van verhoudings
die nulhipotese van normaliteit verwerp . In die verband was veral die
resultate van die afdelings nywerheids beherend (15), voedsel (25).
ingenieurswese (28) en elektronika (29) merkwaardig konsekwent.
Die gebrek aan normaliteit tussen die verskillende afdelings mag maontlik
aantoon dat sekere eienskappe, eie aan die afdeling, die verdelingseienskappe
beinvloed . Die resultate van die intertemporale studie toon beslis dat
normaliteit benaderd word indien verhoudings oar tyd saamgevaeg word. Wat die
ontleding ook bo alle twyfel bewys is dat die verhoudings 02, 03, 06, 15, 16
en 17 vir die sektor as 'n geheel, die intertemporale- en die
kruissektorale-ontledings konsekwent onderliggend positief skeef verdee1 is.
Verhoudings 13 en 27 is egter onderliggend negatief skeef verdeel.
Aanbevelings rakende die onderliggende verdeling van kontantvloeiverhoudings
is beslis om eerstens verskillende finansiele tydperke te onderskei en
tweedens die verskillende afdelings. maar beslis om nie die nywerheidsektor
as 'n geheel te evalueer nie.
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Additions to the present USB database : income statements (1990-2000) : an exploratory studyGasnolar, Jasmina 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The study involves an examination of the current situation of the responsibility of
companies listed on the Johannesburg Stock Exchange on the disclosure requirements of
the accounting standards. In 1995, Statement AC 108 'Inventories' was introduced and it
deals with the definition and disclosure of cost of sales. In 1997, Statement AC 306 was
introduced and deals with the scope, calculation and disclosure of headline earnings per
share (HEPS).
The research shows that since the disclosing requirements of Statements 108 and 306
(cost of sales and HEPS) were published, there has been a significant effect on the nature
of disclosure of these items by listed South African companies.
In addition, income statement items (not yet part of the USB database) were identified and
will be loaded onto the USB database of income statements of industrial companies listed
on the JSE. These items are:
~ Cost of sales,
~ Gross profit,
~ Gross profit percentage, and
~ HEPS.
A large sample of four hundred companies' financial statements over an eleven year
period (1990 - 2000) was reviewed, and the data regarding sales, cost of sales, EPS,
HEPS, exceptional items, abnormal items and extraordinary items were recorded on a
spreadsheet model. Regarding cost of sales, the gross profit and gross profit percentage were calculated, and
the arithmetic and weighted means were calculated.
The data was analysed against the disclosure requirements and it was found that thirty
percent of the companies on the USB's database reports cost of sales as an item on the
income statement (without disclosing the item as specified above in "notes to the income
statement)". Seventy percent reports cost of sales as a note underoperating profit in the
income statement. First in, first out (FIFO) is the method of inventory valuation that is
clearly the dominant method used by listed companies in South Africa.
An analysis of the HEPS of the listed companies revealed a similar trend and the majority
of companies disclosing HEPS do so as per the requirements set out in Statement AC
306. / AFRIKAANSE OPSOMMING: Hierdie studie behels 'n ondersoek na die huidige situasie van maatskappye wat genoteer
is op die Johanneburg Effektebeurs se verantwoordelikheid ten opsigte van bekendmaking
van rekeningkundige standaarde. Gedurende 1995 is Standpunt RE 108 gepubliseer en
dit handel oor die defineëring en openbaarmaking van koste van verkope. Gedurende
1997, is Standpunt RE 306 bekendgestel en handel oor die omvang, berekening en
bekendmaking van wesensverdienste per aandeel.
Die navorsing toon dat sedert Standpunte 108 en 306 (koste van verkope en wesensverdienste
per aandeel) gepubliseer is, daar 'n aansienlike effek op die aard van
bekendmaking van hierdie items deur genoteerde Suid Afrikaanse maatskappye is.
Verder is inkomstestaat items (wat nog nie deel van die USB databasis is nie)
geidentifiseer en sal op die USB databasis van inkomstestate van industriële maatskappye
genoteer op JEB geplaas word. Hierdie items is:
~ Koste van verkope,
~ Bruto wins,
~ Bruto wins persentasie, en
~ Wesensverdienste per aandeel.
'n Groot steekproef van 400 maatskappye se finansiële state oor 'n 11 jaar tydperk
(1990 - 2000) is nagegaan, en die inligting aangaande verkope, koste van verkope,
verdienste per aandeel, wesensverdienste per aandeel, abnormale en uitsonderlike items
is opgeneem in 'n sigblad model.
Wat die koste van verkope betref, is die bruto wins en bruto wins persentasie bereken, en
die gewone sowel as die geweegde gemiddeldes is bereken.
Die data is geanaliseer teen die bekendmaking vereistes en daar is gevind dat ongeveer
dertig persent van die maatskappye op die USB se databasis rapporteer koste van
verkope as 'n item op die inkomstestaat. Sewentig persent rapporteer koste van verkope
as 'n nota onder bedryfswins in die inkomstestaat. Eerste in, eerste uit (EIEU) is duidelik
die vooraadwaardasie wat die meeste gebruik word deur genoteerde maatskappye in
Suid Afrika.
'n Analise van die wesensverdienste per aandeel van die genoteerde maatskappye dui 'n
soortgelyke tendens en die meerderheid van maatskappye wat wesensverdienste per
aandeel verklaar, doen so volgens die vereistes soos neergelê in Standpunt RE 306.
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An empirical analysis of the value added statements of 65 companies for the period 1977-2000Geldenhuys, Barend Petrus 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2004 / ENGLISH ABSTRACT: Value added is the wealth that a reporting entity has been able to create by its own and
its employees' efforts. A Value Added Statement (VAS) reports on how this value added
is shared between employees, providers of capital, the state and reinvestment. In order
to put wealth created by an organization in proper perspective, the users of VAS should
be able to compare the results in a statement of an entity over a given period of time to
evaluate trends and should furthermore be able to compare the statements of various
companies in order to determine the relative performance of a company in the creation
of wealth.
Little empirical work has been done on Value Added Statements in South Africa
resulting in a lack of standards or benchmarks against which to judge/compare the
value-added data and ratios of different entities. The aim of this study was to contribute
towards creating a data bank, which ultimately will be used in setting industry standards.
This study was limited to 65 companies, which published Value Added Statements for
five or more consecutive years and disclosed the number of employees during the
period 1977 to 2000.
The research is of an exploratory nature and it was decided to focus on the following
aspects of a Value Added Statement in order to calculate standards or benchmarks:
(a) Common size Value Added Statements.
(b) Compound growth rates for the different elements of a Value Added Statement.
(c) Annual growth rates of sales/employee, salaries and wages/employee and valueadded/
employee.
Certain trends were identified. / AFRIKAANSE OPSOMMING: Toegevoegde waarde is die rykdom wat 'n verslaggewende eenheid skep deur eie en
werknemers se pogings. Toegevoegdewaardestate (TWS) doen verslag oor hoe hierdie
toegevoegde waarde gedeel word tussen die werknemers, kapitaalvoorsieners, die staat
en herinvestering. Ten einde die rykdom wat deur 'n organisasie geskep is in toepaslike
perspektief te sien, moet die gebruikers van TWS hierdie resultate, kan vergelyk oor 'n
gegewe tydperk ten einde tendensie-ontledings te kan doen. Verder moet die
gebruikers van TWS 'n vergelyking kan maak tussen die state van verskillende
maatskappye om sodoende die relatiewe prestasie in die skepping van rykdom te
evalueer.
In Suid-Afrika is min proefondervindelike navorsing gedoen oor TWS, met die gevolg dat
daar 'n gebrek aan standaarde of beginpunte is waarteen die toegevoegde waarde data
en verhoudings van verskillende maatskappye gemeet kan word. Die doel van
hierdie studie is om by te dra tot die databank wat uiteindelik gebruik sal word in die
daarstelling van bedryfstandaarde.
Die studie is beperk tot 65 maatskappye wat TWS vir 'n tydperk van vyf of meer
opeenvolgende jare gepubliseer het asook die hoeveelheid werknemers vir die tydperk
1977 tot 2000 bekend gemaak het.
Die navorsing is ondersoekend van aard en daar is gefokus op die volgende aspekte in
die daarstelling van standaarde en beginpunte in 'n Toegevoegdewaardestaat:
(a) Gemene grootte Toegevoegdewaardestate.
(b) Saamgestelde groeikoers vir die verskillende komponente van TWS.
(c) Jaarlikse groeikoers in toegevoegde waarde, verkope/werknemers, toegevoegde
waarde/werknemers en salarisse en lone/werknemers.
Sekere tendensies is geidentifiseer.
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Die gebruik van die kontantvloeistaat as hulpmiddel in die voorspelling van finansiele mislukkingSchreuder, Johannes Wahl 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1997. / ENGLISH ABSTRACT: This study project comprises an analysis of the Cash Flow Statements of a number of
delisted companies for the years in which the companies were listed on the
Johannesburg Stock Exchange. The trends in the cash flow infonnation for the years
prior to delisting is summarised in order to detennine whether the Cash Flow
Statement can be utilised as an aid in the prediction of financial failure.
The validity of the foUowing hypothesis is tested against the results of the study: If the
cash flow from operations of a company is very low or negative for two years, the
company will be delisted, except if an issue of shares can be done.
From a sample of 46 companies, the following was derived: 16 companies encountered
cash flow problems and tried to delay delisting by issuing shares. 19 companies
encountered cash flow problems, but did not try to delay delisting through tbe issue of
shares. 11 companies were delisted for reasons other than cash flow problems.
The fmal conclusion is tbat the Cash Flow Statement can be utilised as an aid in the
prediction of fmancial failure, but compliance to tbe bypotbesis does not necessarily
mean tbat failure is inevitable. / AFRIKAANSE OPSOMMING: Hierdie werkstuk behels 'n ontleding van die Kontantvloeistate van 'n aantal
gedenoteerde maatskappye vir die jare waarin die maatskappye genoteer was op die
Jobannesburgse Effektebeurs. Die tendense wat waargeneem word in die kontantvloei
oor 'n aantal jare tot en met denotering word saamgevat ten einde vas te stel of die
Kontantvloeistaat gebruik kan word as hulpmiddel in die voorspelling van finansiele
mislukking.
Die volgende hipotesestelling word gemaak en dan getoets aan die hand van die
resultate van die studie: Indien die kontantvloei uit bedrywighede van 'n maatskappy
vir twee jaar baie laag of negatief is, sal die maatskappy denoteer behalwe as 'n
uitgifte van aandele gemaak kan word.
Uit 'n steekproef van 46 maatskappye is die volgende afgelei: 16 maatskappye het
kontantvloeiprobleme ondervind en het deurgaans denotering probeer vertraag deur
aandele-uitgifte te maak. 19 Maatskappye het kontantvloeiprobleme ondervind maar
het die aandele-uitgifte gebruik om denotering te vertraag. 11 maatskappye is
gedenoteer weens redes anders as kontantvloeiprobleme.
Die uiteindelike gevolgtrekking is dat die Kontantvloeistaat wel kan dien as
bulpmiddel in die voorspelling van finansiele mislukking, maar voldoening aan die
hipotese beteken nie noodwendig dat mislukking onvermydelik is nie.
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Die ontleding van 39 maatskappye se kontantvloei situasie oor tyd met behulp van kontantvloeistateCoetzee, D. B. (Dirk Badenhorst) 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1997. / ENGLISH ABSTRACT: In this study it is attempted to determine whether delisting of companies on the
Johannesburg Stock Exchange is preceded by certain cash flow patterns.
Information was collected by summarising the Source and Application of Funds
statements and Cash Flow statements of companies into a spreadsheet model.
The cash flows of companies were then presented graphically over time with the
intent to derive possible patterns. It was also attempted to assess the impact of
depreciation on the cash flow situation, as well as the possible reasons for share
Issues.
Although the sample may be too small for definite conclusions, it seems as if
certain cash flow patterns preceded delisting and that share issues are related to
investing activities. Depreciation does not seem to have a substantial effect on
the cash flow situation. / AFRIKAANSE OPSOMMING: In hierdie studie word daar gepoog om vas te steI of denotering van maatskappye
op die Johannesburgse Effektebeurs voorafgegaan word deur sekere kontantvloei
patrone.
Inligting is versarneI deur maatskappye se Bron en Aanwending van Fondse state
en Kontantvloeistate in 'n sigbladmodeI saarn te vat.
Die kontantvloeie van maatskappye is dan grafies voorgesteI oor tyd ten einde
moontlike patrone af te lei. Daar is ook gepoog om die impak van
waardevermindering op die kontantvloei situasie te bepaaI, asook die moontlike
redes vir aandeeluitgifte.
AlhoeweI die monster moontlik te klein is vir definitiewe afleidings wil dit tog
voorkom of sekere kontantvloei patrone denotering voorafgaan en dat aandeeluitgifte
verband hou met investeringsaktiwiteite. Dit blyk dat waardevermindering
nie 'n wesenlike rol in die kontantvloei situasie speel nie.
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Využití controllingu v podniku / Application of Management Control System in a CompanyKratochvílová, Marcela January 2015 (has links)
This diploma thesis deals with the controlling in Skanska, a.s. More in particular, it focuses on the forming of the financial plan for the years 2014-2018 in this company. The theoretical part delimits the basic terminology connected with controlling and company planning. The analytical part consists of the analysis of the current state of the company. The final part of the thesis comprises the elaborated financial plan for the individual years.
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Cash flows analysis with reference to direct and indirect method and value - added reporting of industrial commpanies listed on the Johannesburg Stock ExchangeMashalaba, T. L. 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2000. / The investing public seeks to have knowledge on the future and anticipated
enterprise performance. The starting point for gathering such information is
presented in the enterprise financial statements. Secondary data presented by the
Business School of the University of Stellenbosch was used. The study focused on
finding out the magnitude of reporting cash flows from operating activities using the
indirect or direct methods. The study also checked the frequency of reporting value
- added statements, and took a forecast view on what the reporting nature is
expected to look like in the next financial year-end.
The database used in the study included 655 listed and delisted industrial companies
in the Johannesburg Stock Exchangeover the ten-year period starting from January
1990 through to December 1999. It is noted that the South African Institute of
Chartered Accountants, as stated in Statement AC 118, encourages enterprises to
report cash flows from operating activities using the direct method. This is because
the direct method provides information which may be useful in estimating future
cash flows and which is not available under the indirect method.
The study noted the rate at which newly listed enterprises report their initial cash
flow statements, and the rate at which enterprises listed before 1996 are changing from reporting using the indirect method to the direct method. The results showed
that at present South African enterprises are reporting cash flows from operating
activities at a higher rate that in other notable Western Countries subscribing to the
doctrines of the International Accounting Standards Committee (IASC). The number
of enterprises presenting value - added statements has shown an increase, though
reporting value - added statements is not yet statutory. For the forecasting exercise
part of the study, Brown's linear double exponential smoothing technique was
applied.
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Hodnocení výkonnosti podniku / Company Performance AssessmentNavrátilová, Petra January 2015 (has links)
This master´s thesis is focus on financial analysis and assess performance of the comapny Siemens Industrial Turbomachinery from 2010 to 2013. In the practical part of thesis is performed analysis of the company and financial analysis and a comparison of its results with two competing companies. The aim of this master´s thesis is suggestions to improve and to conserve company performance.
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