Financieel management
Inhoud
H1: Financieringslandschap........................................................................................................3
H2: Financieel management – basisconcepten..........................................................................3
VOORRAADROTATIE................................................................................................................4
KLANTENKREDIET....................................................................................................................4
LEVERANCIERSKREDIET...........................................................................................................5
DE THESAURIE.........................................................................................................................5
RENDABILITEITSCOËFFICIËNTEN.............................................................................................5
RESULTATEN EN OMZET.........................................................................................................5
RESULTATEN EN HET TOTAAL VAN DE ACTIVA...................................................................5
NETTOBEDRIJFSRESULTAAT....................................................................................................6
BEDRIJFSCASHFLOW...............................................................................................................6
NETTORESULTAAT...................................................................................................................6
RESULTATEN EN DE EIGEN MIDDELEN................................................................................7
FALINGSPREDICTIEMODELLEN................................................................................................7
1. RENDABILITEIT EN LIQUIDITEIT....................................................................................7
2. DE ALARMPEILEN.........................................................................................................7
3. MODEL VAN ALTMAN..................................................................................................8
4. MODEL VAN DE NATIONALE BANK VAN BELGIË (cry)..................................................8
EVALUATIEMETHODES VOOR INVESTERINGEN......................................................................9
H3: Waardering van de onderneming......................................................................................10
TRADITIONELE/ORGANISCHE BENADERING.........................................................................10
1. Het gecorrigeerd eigenvermogen (GNV)....................................................................10
2. DCF (Discounted cashflow) methode (RW = Rendementswaarde)............................10
3. De objectieve waarde.................................................................................................10
4. De comparables (3 opties)..........................................................................................11
ANORGANISCHE BENADERING.............................................................................................11
1. Comparables...............................................................................................................11
2. Optiebenadering.........................................................................................................11
3. De residuele waarde (uitgestelde DCF-methode of VC methode)..............................11
H4: Kredietfinanciering: kredieten en risico’s...........................................................................13
1
HOEVEEL EV/VV: DE OPTIMALE KAPITAALSTRUCTUUR........................................................13
, Tandwiel en hefboom (= gearing and leverage)...............................................................13
WELKE KREDIETVORMEN......................................................................................................13
Financieringsbeslissing......................................................................................................13
Korting voor contante betaling.........................................................................................13
Bankenkredieten KT..........................................................................................................13
Bankenkredieten LT..........................................................................................................14
RISICOANALYSE.....................................................................................................................14
Model................................................................................................................................14
H5: Mezzanine..........................................................................................................................15
H6: Formeel risicokapitaal........................................................................................................15
H7: Informeel risicokapitaal – Business Angels (BA)................................................................15
H8: Lovemoney and crowdfunding...........................................................................................15
WINWINLENING................................................................................................................15
H9: Beurs als financieringsinstrument – de uitgifte van aandelen...........................................15
Marktkapitalisatie.............................................................................................................15
Financiering via de beurs.................................................Fout! Bladwijzer niet gedefinieerd.
Waarde voorkeurrecht......................................................................................................16
Beurswaarde en intrinsieke waarde van een bedrijf......Fout! Bladwijzer niet gedefinieerd.
H10: De Bazel-akkoorden..........................................................................................................16
2
, H1: Financieringslandschap
𝐿𝑎𝑛𝑔𝑒𝑡𝑒𝑟𝑚𝑖𝑗𝑛𝑘𝑟𝑒𝑑𝑖𝑒𝑡𝑒𝑛
𝑉𝑒𝑟𝑡𝑟𝑜𝑢𝑤𝑒𝑛𝑠𝑟𝑎𝑡𝑖𝑜 = 𝑇𝑜𝑡𝑎𝑙𝑒 𝑘𝑟𝑒𝑑𝑖𝑒𝑡𝑒𝑛
𝑀𝑎𝑟𝑘𝑡𝑘𝑎𝑝𝑖𝑡𝑎𝑙𝑖𝑠𝑎𝑡𝑖𝑒
𝑅𝑎𝑡𝑖𝑜 (𝑎𝑓ℎ𝑎𝑛𝑘𝑒𝑙𝑖𝑗𝑘ℎ𝑒𝑖𝑑 𝑡𝑜𝑣 𝑏𝑎𝑛𝑘) =
𝐵𝑎𝑛𝑘𝑓𝑖𝑛𝑎𝑛𝑐𝑖𝑒𝑟𝑖𝑛𝑔
In EU < 1 en in VS > 2
𝐸𝑉
𝑅𝑎𝑡𝑖𝑜 𝑣𝑎𝑛 𝑓𝑖𝑛𝑎𝑛𝑐𝑖ë𝑙𝑒 𝑎𝑢𝑡𝑜𝑛𝑜𝑚𝑖𝑒 =
𝐵𝑎𝑙𝑎𝑛𝑠𝑡𝑜𝑡𝑎𝑎𝑙
H2: Financieel management – basisconcepten
𝑃𝑒𝑟𝑚𝑎𝑛𝑒𝑛𝑡 𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙 = 𝐸𝑉 + 𝑉𝑉𝐿𝑇
𝐸𝑉
𝐴𝑙𝑔𝑒𝑚𝑒𝑛𝑒 𝑠𝑜𝑙𝑣𝑎𝑏𝑖𝑙𝑖𝑡𝑒𝑖𝑡𝑠𝑐𝑜ë𝑓𝑓𝑖𝑐𝑖ë𝑛𝑡 =
𝐵𝑎𝑙𝑎𝑛𝑠𝑡𝑜𝑡𝑎𝑎𝑙
𝐸𝑉
𝐹𝑖𝑛𝑎𝑛𝑐𝑖ë𝑙𝑒 𝑜𝑛𝑎𝑓ℎ𝑎𝑛𝑘𝑒𝑙𝑖𝑗𝑘ℎ𝑒𝑖𝑑𝑠𝑐𝑜ë𝑓𝑓𝑖𝑐𝑖ë𝑛𝑡 𝑜𝑝 𝐿𝑇 = 𝑃𝑒𝑟𝑚𝑎𝑛𝑒𝑛𝑡 𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙
𝑁𝑒𝑡𝑡𝑜 𝑐𝑎𝑠ℎ𝑓𝑙𝑜𝑤
𝑇𝑒𝑟𝑢𝑔𝑏𝑒𝑡𝑎𝑙𝑖𝑛𝑔𝑠𝑐𝑎𝑝𝑎𝑐𝑖𝑡𝑒𝑖𝑡 𝑠𝑐ℎ𝑢𝑙𝑑𝑒𝑛 𝑜𝑝 𝐿𝑇 = 𝑛𝑒𝑡𝑡𝑜𝑤𝑖𝑛𝑠𝑡+𝑎𝑓𝑠𝑐ℎ𝑟.+𝑣𝑜𝑜𝑟𝑧.
𝑆𝑐ℎ𝑢𝑙𝑑𝑒𝑛>1 𝑗𝑎𝑎𝑟
= 𝑠𝑐ℎ𝑢𝑙𝑑𝑒𝑛 >1 𝑗𝑎𝑎𝑟
𝑁𝑒𝑡𝑡𝑜 𝑐𝑎𝑠ℎ𝑓𝑙𝑜𝑤
𝑇𝑒𝑟𝑢𝑔𝑏𝑒𝑡𝑎𝑙𝑖𝑛𝑔𝑠𝑐𝑎𝑝. 𝑠𝑐ℎ𝑢𝑙𝑑 𝑜𝑝 𝐾𝑇 = 𝑛𝑒𝑡𝑡𝑜𝑤𝑖𝑛𝑠𝑡+𝑎𝑓𝑠𝑐ℎ+𝑣𝑜𝑜𝑟𝑧.
𝑆𝑐ℎ𝑢𝑙𝑑𝑒𝑛<1 𝑗𝑎𝑎𝑟 = 𝑠𝑐ℎ𝑢𝑙𝑑𝑒𝑛<1j+𝑣𝑒𝑟𝑣𝑎𝑙𝑙𝑒𝑛𝑑𝑒 𝑠𝑐ℎ𝑢𝑙𝑑𝑒𝑛>1𝑗
𝑁𝑒𝑡𝑡𝑜 𝑣𝑎𝑠𝑡𝑒 𝑎𝑐𝑡𝑖𝑣𝑎
𝐶𝑜ë𝑓𝑓𝑖𝑐𝑖ë𝑛𝑡 𝑣𝑎𝑛 𝑑𝑒 𝑣𝑎𝑠𝑡𝑒 𝑎𝑐𝑡𝑖𝑣𝑎 =
𝑇𝑜𝑡𝑎𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑎
𝐵𝑒𝑑𝑟𝑖𝑗𝑓𝑠𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙 = (1) 𝑃𝑒𝑟𝑚𝑎𝑛𝑒𝑛𝑡 𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙 − netto 𝑉𝐴 = (2) 𝑉𝐿𝐴 − 𝑉𝑉𝐾𝑇
Moet > 0 zijn!
𝐵𝑒𝑑𝑟𝑖𝑗𝑓𝑠𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙
𝑉𝑒𝑖𝑙𝑖𝑔ℎ𝑒𝑖𝑑𝑠𝑚𝑎𝑟𝑔𝑒 =
𝑉𝑉𝐾𝑇 𝑉𝐿𝐴 − 𝑉𝑉𝐾𝑇 (in %)
= 𝑉𝑉𝐾𝑇
Inhoud
H1: Financieringslandschap........................................................................................................3
H2: Financieel management – basisconcepten..........................................................................3
VOORRAADROTATIE................................................................................................................4
KLANTENKREDIET....................................................................................................................4
LEVERANCIERSKREDIET...........................................................................................................5
DE THESAURIE.........................................................................................................................5
RENDABILITEITSCOËFFICIËNTEN.............................................................................................5
RESULTATEN EN OMZET.........................................................................................................5
RESULTATEN EN HET TOTAAL VAN DE ACTIVA...................................................................5
NETTOBEDRIJFSRESULTAAT....................................................................................................6
BEDRIJFSCASHFLOW...............................................................................................................6
NETTORESULTAAT...................................................................................................................6
RESULTATEN EN DE EIGEN MIDDELEN................................................................................7
FALINGSPREDICTIEMODELLEN................................................................................................7
1. RENDABILITEIT EN LIQUIDITEIT....................................................................................7
2. DE ALARMPEILEN.........................................................................................................7
3. MODEL VAN ALTMAN..................................................................................................8
4. MODEL VAN DE NATIONALE BANK VAN BELGIË (cry)..................................................8
EVALUATIEMETHODES VOOR INVESTERINGEN......................................................................9
H3: Waardering van de onderneming......................................................................................10
TRADITIONELE/ORGANISCHE BENADERING.........................................................................10
1. Het gecorrigeerd eigenvermogen (GNV)....................................................................10
2. DCF (Discounted cashflow) methode (RW = Rendementswaarde)............................10
3. De objectieve waarde.................................................................................................10
4. De comparables (3 opties)..........................................................................................11
ANORGANISCHE BENADERING.............................................................................................11
1. Comparables...............................................................................................................11
2. Optiebenadering.........................................................................................................11
3. De residuele waarde (uitgestelde DCF-methode of VC methode)..............................11
H4: Kredietfinanciering: kredieten en risico’s...........................................................................13
1
HOEVEEL EV/VV: DE OPTIMALE KAPITAALSTRUCTUUR........................................................13
, Tandwiel en hefboom (= gearing and leverage)...............................................................13
WELKE KREDIETVORMEN......................................................................................................13
Financieringsbeslissing......................................................................................................13
Korting voor contante betaling.........................................................................................13
Bankenkredieten KT..........................................................................................................13
Bankenkredieten LT..........................................................................................................14
RISICOANALYSE.....................................................................................................................14
Model................................................................................................................................14
H5: Mezzanine..........................................................................................................................15
H6: Formeel risicokapitaal........................................................................................................15
H7: Informeel risicokapitaal – Business Angels (BA)................................................................15
H8: Lovemoney and crowdfunding...........................................................................................15
WINWINLENING................................................................................................................15
H9: Beurs als financieringsinstrument – de uitgifte van aandelen...........................................15
Marktkapitalisatie.............................................................................................................15
Financiering via de beurs.................................................Fout! Bladwijzer niet gedefinieerd.
Waarde voorkeurrecht......................................................................................................16
Beurswaarde en intrinsieke waarde van een bedrijf......Fout! Bladwijzer niet gedefinieerd.
H10: De Bazel-akkoorden..........................................................................................................16
2
, H1: Financieringslandschap
𝐿𝑎𝑛𝑔𝑒𝑡𝑒𝑟𝑚𝑖𝑗𝑛𝑘𝑟𝑒𝑑𝑖𝑒𝑡𝑒𝑛
𝑉𝑒𝑟𝑡𝑟𝑜𝑢𝑤𝑒𝑛𝑠𝑟𝑎𝑡𝑖𝑜 = 𝑇𝑜𝑡𝑎𝑙𝑒 𝑘𝑟𝑒𝑑𝑖𝑒𝑡𝑒𝑛
𝑀𝑎𝑟𝑘𝑡𝑘𝑎𝑝𝑖𝑡𝑎𝑙𝑖𝑠𝑎𝑡𝑖𝑒
𝑅𝑎𝑡𝑖𝑜 (𝑎𝑓ℎ𝑎𝑛𝑘𝑒𝑙𝑖𝑗𝑘ℎ𝑒𝑖𝑑 𝑡𝑜𝑣 𝑏𝑎𝑛𝑘) =
𝐵𝑎𝑛𝑘𝑓𝑖𝑛𝑎𝑛𝑐𝑖𝑒𝑟𝑖𝑛𝑔
In EU < 1 en in VS > 2
𝐸𝑉
𝑅𝑎𝑡𝑖𝑜 𝑣𝑎𝑛 𝑓𝑖𝑛𝑎𝑛𝑐𝑖ë𝑙𝑒 𝑎𝑢𝑡𝑜𝑛𝑜𝑚𝑖𝑒 =
𝐵𝑎𝑙𝑎𝑛𝑠𝑡𝑜𝑡𝑎𝑎𝑙
H2: Financieel management – basisconcepten
𝑃𝑒𝑟𝑚𝑎𝑛𝑒𝑛𝑡 𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙 = 𝐸𝑉 + 𝑉𝑉𝐿𝑇
𝐸𝑉
𝐴𝑙𝑔𝑒𝑚𝑒𝑛𝑒 𝑠𝑜𝑙𝑣𝑎𝑏𝑖𝑙𝑖𝑡𝑒𝑖𝑡𝑠𝑐𝑜ë𝑓𝑓𝑖𝑐𝑖ë𝑛𝑡 =
𝐵𝑎𝑙𝑎𝑛𝑠𝑡𝑜𝑡𝑎𝑎𝑙
𝐸𝑉
𝐹𝑖𝑛𝑎𝑛𝑐𝑖ë𝑙𝑒 𝑜𝑛𝑎𝑓ℎ𝑎𝑛𝑘𝑒𝑙𝑖𝑗𝑘ℎ𝑒𝑖𝑑𝑠𝑐𝑜ë𝑓𝑓𝑖𝑐𝑖ë𝑛𝑡 𝑜𝑝 𝐿𝑇 = 𝑃𝑒𝑟𝑚𝑎𝑛𝑒𝑛𝑡 𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙
𝑁𝑒𝑡𝑡𝑜 𝑐𝑎𝑠ℎ𝑓𝑙𝑜𝑤
𝑇𝑒𝑟𝑢𝑔𝑏𝑒𝑡𝑎𝑙𝑖𝑛𝑔𝑠𝑐𝑎𝑝𝑎𝑐𝑖𝑡𝑒𝑖𝑡 𝑠𝑐ℎ𝑢𝑙𝑑𝑒𝑛 𝑜𝑝 𝐿𝑇 = 𝑛𝑒𝑡𝑡𝑜𝑤𝑖𝑛𝑠𝑡+𝑎𝑓𝑠𝑐ℎ𝑟.+𝑣𝑜𝑜𝑟𝑧.
𝑆𝑐ℎ𝑢𝑙𝑑𝑒𝑛>1 𝑗𝑎𝑎𝑟
= 𝑠𝑐ℎ𝑢𝑙𝑑𝑒𝑛 >1 𝑗𝑎𝑎𝑟
𝑁𝑒𝑡𝑡𝑜 𝑐𝑎𝑠ℎ𝑓𝑙𝑜𝑤
𝑇𝑒𝑟𝑢𝑔𝑏𝑒𝑡𝑎𝑙𝑖𝑛𝑔𝑠𝑐𝑎𝑝. 𝑠𝑐ℎ𝑢𝑙𝑑 𝑜𝑝 𝐾𝑇 = 𝑛𝑒𝑡𝑡𝑜𝑤𝑖𝑛𝑠𝑡+𝑎𝑓𝑠𝑐ℎ+𝑣𝑜𝑜𝑟𝑧.
𝑆𝑐ℎ𝑢𝑙𝑑𝑒𝑛<1 𝑗𝑎𝑎𝑟 = 𝑠𝑐ℎ𝑢𝑙𝑑𝑒𝑛<1j+𝑣𝑒𝑟𝑣𝑎𝑙𝑙𝑒𝑛𝑑𝑒 𝑠𝑐ℎ𝑢𝑙𝑑𝑒𝑛>1𝑗
𝑁𝑒𝑡𝑡𝑜 𝑣𝑎𝑠𝑡𝑒 𝑎𝑐𝑡𝑖𝑣𝑎
𝐶𝑜ë𝑓𝑓𝑖𝑐𝑖ë𝑛𝑡 𝑣𝑎𝑛 𝑑𝑒 𝑣𝑎𝑠𝑡𝑒 𝑎𝑐𝑡𝑖𝑣𝑎 =
𝑇𝑜𝑡𝑎𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑎
𝐵𝑒𝑑𝑟𝑖𝑗𝑓𝑠𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙 = (1) 𝑃𝑒𝑟𝑚𝑎𝑛𝑒𝑛𝑡 𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙 − netto 𝑉𝐴 = (2) 𝑉𝐿𝐴 − 𝑉𝑉𝐾𝑇
Moet > 0 zijn!
𝐵𝑒𝑑𝑟𝑖𝑗𝑓𝑠𝑘𝑎𝑝𝑖𝑡𝑎𝑎𝑙
𝑉𝑒𝑖𝑙𝑖𝑔ℎ𝑒𝑖𝑑𝑠𝑚𝑎𝑟𝑔𝑒 =
𝑉𝑉𝐾𝑇 𝑉𝐿𝐴 − 𝑉𝑉𝐾𝑇 (in %)
= 𝑉𝑉𝐾𝑇
