After studying Chapter 8, you

should be able to:

 Explain how the definition of "working capital" – obrtni kapital
- differs between financial analysts and accountants
 Understand the two fundamental decision issues in working
capital management – dve osnovne odluke - and the trade-
offs involved in making these decisions
 Discuss how to determine the optimal level of current assets
 Describe the relationship between profitability,
profitability liquidity,
liquidity and
risk in the management of working capital
 Explain how to classify working capital according to its
“components” and according to “time” (i.e., either permanent or
temporary) - klasifikacija
 Describe the hedging (maturity matching) approach to
financing and the advantages/disadvantages of short- versus
long-term financing
 Explain how the financial manager combines the current asset
decision with the liability structure decision
 Overview of Working
Capital Management
 Working Capital Concepts
 Working Capital Issues
 Financing Current Assets: Short-
Term and Long-Term Mix
 Combining Liability Structure and
Current Asset Decisions
 Working Capital Concepts
Net Working Capital
NETO OBRTNI KAPITAL
Current Assets - Current Liabilities
Tekuća aktiva – Tekuća pasiva

Gross Working Capital

BRUTO OBRTNI KAPITAL
The firm’s investment in current assets

Working Capital Management

The administration of the firm’s current assets and the financing needed to
support current assets
 Significance of Working
Capital Management
 U tipičnoj proizvodnoj kompaniji, tekuća aktiva često čini više
od polovine ukupne aktive (imovine)
 Kod malih preduzeća tekuće obaveze čine jedan od
najdominantnijih izvora eksternog finansiranja
 Suviše visok nivo tekuće aktive može imati za rezultat nizak
nivo profitabilnosti meren kroz prinos na investicije - Return
on Investment (ROI)
 Zahtevaju kontinuelno, svakodnevno upravljanje i nadzor
(Requires continuous, day-to-day managerial supervision)
 Upravljanje obrtnim kapitalom utiče na rizik, prinos i cene
akcija kompanije (Working capital management affects the
company’s risk, return, and share price)
 KONCEPT OBRTNOG KAPITALA

2 OSNOVNA PITANJA U UPRAVLJANJU

OBRTNIM KAPITALOM
1) Optimalan nivo investicija u tekuću aktivu
2) Odgovarajuća kombinacija kratkoročnog i
dugoročnog finansiranja
Trade-off (kompromis) izmedju profitabilnosti i rizika
– Manje investiranje u tekuću aktivu vodi ka
većoj profitabilnosti ali i većem riziku
 Working Capital Issues

Optimal Amount (Level) of Current Assets

Assumptions
 50,000 maximum Policy A

ASSET LEVEL ($)

units of production Policy B
 Continuous Policy C
production
 Three different
Current Assets
policies for current
asset levels are
possible 0 25,000 50,000
OUTPUT (units)
 Impact on Liquidity
Optimal Amount (Level) of Current Assets
Liquidity Analysis
Policy Liquidity
Policy A
A High

ASSET LEVEL ($)

B Average Policy B
C Low Policy C
Greater current asset levels
generate more liquidity; all Current Assets
other factors held constant
Veći nivo tekuće aktive
generiše veću likvidnost
(ostali faktori konstantni) 0 25,000 50,000
OUTPUT (units)
 Impact on
Expected Profitability
Optimal Amount (Level) of Current Assets

Return on Investment =
Policy A
Net Profit

ASSET LEVEL ($)

Total Assets Policy B

Let Current Assets = Policy C

(Cash + Rec. + Inv.)
Current Assets
Return on Investment =
Net Profit
Current + Fixed Assets
0 25,000 50,000
OUTPUT (units)
 Impact on
Expected Profitability
Optimal Amount (Level) of Current Assets

Profitability Analysis
Policy A
Policy Profitability

ASSET LEVEL ($)

A Low Policy B

B Average Policy C

C High
As current asset levels Current Assets
decline, total assets will
decline and the ROI will rise
– Niži nivo tekuće aktive, 0 25,000 50,000
viši nivo profitabilnosti OUTPUT (units)
 Impact on Risk
Optimal Amount (Level) of Current Assets

 Decreasing cash reduces

the firm’s ability to meet its Policy A

ASSET LEVEL ($)

financial obligations - More
Policy B
risk!
 Stricter credit policies Policy C
reduce receivables and
possibly lose sales and Current Assets
customers - More risk!
 Lower inventory levels
increase stockouts and
0 25,000 50,000
lost sales - More risk! OUTPUT (units)
 Impact on Risk
Optimal Amount (Level) of Current Assets

Risk Analysis
Policy Risk Policy A

ASSET LEVEL ($)

A Low Policy B
B Average
Policy C
C High

Risk increases as the level Current Assets

of current assets are
reduced – Rizik raste
paralelno sa smanjenjem
nivoa tekuće aktive 0 25,000 50,000
OUTPUT (units)
 Summary of the Optimal
Amount of Current Assets
SUMMARY OF OPTIMAL CURRENT ASSET ANALYSIS
Policy Liquidity Profitability Risk
A High Low Low
B Average Average Average
C Low High High

1. Profitability varies inversely with liquidity – Kretanje

profitabilnosti i likvidnosti je inverzno – Rast nivoa
likvidnosti umanjuje profitabilnost i obrnutno
2. Profitability moves together with risk (risk and return go hand
in hand!) – Profitabilnost je u direktnoj srazmeri sa
nivoom rizika – Veća profitabilnost – veći rizik i obrnuto
 Classifications of Working
Capital
 Components – Komponente – Šta čini
obrtni kapital?
 Cash, marketable securities, receivables, and
inventory – Novac, utržive hartije od vrednosti,
potraživanja i zalihe
 Time – Prema vremenu
 Permanent – Trajni – nivo tekuće aktive kojim preduzeće
treba da ispuni svoje minimalne dugoročne obaveze
 Temporary – Povremeni – zavisi od sezonskih potreba
 Permanent – Trajni
Working Capital
The amount of current assets required to
meet a firm’s long-term minimum needs –
Nivo tekuće aktive kojim se zadovoljavaju
minimalne duguročne potrebe
DOLLAR AMOUNT

Permanent current assets

TIME
 Temporary – Povremeni
Working Capital
The amount of current assets that varies with
seasonal requirements – Nivo tekuće aktive
koji varira u zavisnosti od sezonskih uticaja

Temporary current assets

DOLLAR AMOUNT

Permanent current assets

TIME
 Financing Current Assets: Short-
Term and Long-Term Mix

Spontaneous Financing – Spontano finansiranje:

Trade credit, and other payables and accruals, that
arise spontaneously in the firm’s day-to-day
operations – Trgovački krediti, ostala dugovanja i
obračunati rashodi koji se spontano javljaju tokom
svakodnevnih aktivnosti
Finansiranje tekuće aktive zahteva kombinaciju kraktoročnih i
dugoročnih izvora
Spontano finansiranje – glava XI – kratkoročno finansiranje
Kako finansirati tekuću aktivu nakon oduzimanja spontanog
finansiranja?
 Hedging (or Maturity Matching)
Approach
1 od načina – hedžing – uklapanje dospeća – metod finansiranja kod koga za
svaku pojedinačnu aktivu postoji odgovarajuća suprotna pozicija u finansijskom
instrumentu približno istog roka dospeća – Kratkoročne obaveze finansirane
kratkoročnim dugom, fiksna aktiva – dugoročnim izvorima
Short-term financing
DOLLAR AMOUNT

Current assets

Long-term financing
Fixed assets

TIME
 Hedging (or Maturity
Matching) Approach
 Dugoročni izvori – za finansiranje fiksne aktive i
nesezonskog dela tekuće aktive - Fixed assets and the
non-seasonal portion of current assets are financed
with long-term debt and equity (long-term profitability of
assets to cover the long-term financing costs of the
firm)
 Kratkoročni izvori – sezonske potrebe - Seasonal
needs are financed with short-term loans (under normal
operations sufficient cash flow is expected to cover the
short-term financing cost)
 Self-Liquidating Nature of
Short-Term Loans
 ANATOMIJA LIKVIDIRANJA KRATKOROČNOG DUGA
 Ukoliko se koriste kratkoročni izvori finansiranja važno
pitanje iz kojih izvora mogu da se vrate
 Sezonske potrebe uslovljene povećanjem kupovina zaliha
iznad nekog prosečnog nivoa
 Povećanje zaliha se koristi za zadovoljavanje rastuće tražnje
za gotovim proizvodima
 Dolazi do rasta prodaje
 Izdate fakture počinju da se naplaćuju i prikuplja se gotovina
 Tako sakupljena gotovina se koristi za otplatu sezonskog
kratkoročnog duga i pokriće troškova dugoročnog
finansiranja
 Risks vs. Costs Trade-Off
(Conservative Approach)
 Postoje 2 pristupa finansiranju tekućih obaveza – zavise od
pristupa i odnosa prema riziku i troškovima (profitabilnosti)
 1) KONZERVATIVNI PRISTUP – bazira na tome da se
manji iznos finansira spontano iz kratkoročnih izvora
 Prednosti dugoročnog finansiranja
 Manja briga o refinansiranju kraktoročnih obaveza
 Manja neizvesnost u pogledu budućih troškova kamata
 Rizici dugoročnog finansiranja
 Pozajmljivanje više sredstava nego što je neophodno
 Pozajmljivanje po viših ukupnim troškovima kapitala (najčešće)
 Rezultat
 CFO prihvata manji očekviani profit u razmenu za preduzimanje manjeg
ukupnog rizika
Risks vs. Costs Trade-Off
(Conservative Approach)
Firm can reduce risks associated with short-term borrowing by using a
larger proportion of long-term financing

Short-term financing
DOLLAR AMOUNT

Current assets

Long-term financing
Fixed assets

TIME
 Comparison with an
Aggressive Approach
 2) AGRESIVNI PRISTUP – bazira na tome da se veći
iznos finansira spontano iz kratkoročnih izvora
 Prednosti kratkoročnog finansiranja
 Finansiranje dugoročnih potreba nižim troškovima
 Pozajmljivanje samo onoliko sredstava koliko je
potrebno
 Rizici kratkoročnog finansiranja
 Refinansiranje kratkoročnih obaveza u budućnosti
 Neizvesnost u pogledu kamatnih troškova – koliko će
iznositi troškovi refinansiranja
 Rezultat
 CFO prihvata veći očekivani profit u razmenu za
veći preduzeti rizik
Risks vs. Costs Trade-Off
(Aggressive Approach)
Firm increases risks associated with short-term borrowing by using a
larger proportion of short-term financing

Short-term financing
DOLLAR AMOUNT

Current assets

Long-term financing
Fixed assets

TIME
ODNOS KRATKOROČNOG PREMA
DUGUROČNOM FINANSIRANJU
DOSPEĆE IZVORA
FINANSIRANJA
KRATKOROČNI DUGOROČNI
DOSPEĆE
AKTIVE

KRATKOROČNA Umeren Nizak

(Povremena)
Povremena Rizik-Profitibilnost Rizik-profitabilnost

DUGOROČNA Visok Umeren

(Trajna) Rizik-profitabilnost Rizik-Profitibilnost
Trajna
KOMBINOVANJE ODLUKA O TEKUĆOJ
AKTIVI I STRUKTURI PASIVE

 Pitanje održavanja nivoa tekuće aktive i izbora

metoda finansiranja te aktive mogu biti nezavisni
 Politika održavanja visokog nivoa tekuće aktive
trebalo bi da podrazumeva više korišćenje
agresivnog metod finansiranja tekuće aktive
 Konzervativni metod finansiranja (all-equity)
dozvoljava agresivnu politiku “niskog” nivoa tekuće
aktive
 Odluke zavise od sklonosti riziku i profitabilnosti!!!