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.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/51845 |
| Date | 03 1900 |
| Creators | Hauman, Louis |
| Contributors | Hamman, W. D., Stellenbosch University. Faculty of Economic & Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | af_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 105 p. |
| Rights | Stellenbosch University |
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