FINANCIEEL MANAGEMENT
INHOUDSOPGAVE
1. investeringsanalyse .......................................................................................................................................................... 3
1.1 inleidende begrippen ................................................................................................................................................................ 3
investeren ................................................................................................................................................................................... 3
1.2 investeringsanalyse............................................................................................................................................................. 3
1) methode van de terugverdientijd ................................................................................................................................... 3
2) methode van de netto contante waarde ........................................................................................................................ 4
3) methode van de interne rendementsgraad = IRR .......................................................................................................... 4
2. financieringsbronnen ........................................................................................................................................................ 6
2.1 early stage financing................................................................................................................................................................. 6
1) win win lening ................................................................................................................................................................. 6
2) taks shelter ..................................................................................................................................................................... 6
3) startlening ....................................................................................................................................................................... 6
4) crowdfunding .................................................................................................................................................................. 7
5) micro kredieten/ micro financiering ............................................................................................................................... 7
2.2 belastingkrediet vs belanstingvermindering ............................................................................................................................. 7
2.3 bankfinanciering ....................................................................................................................................................................... 8
1) korte termijn........................................................................................................................................................................... 8
2) lange termijn .......................................................................................................................................................................... 8
2.4 factoring ................................................................................................................................................................................... 9
1) 3 verschillende diensten ................................................................................................................................................. 9
2) factoringmaatschappijen .............................................................................................................................................. 10
3) voordelen ...................................................................................................................................................................... 10
4) nadelen ......................................................................................................................................................................... 10
5) voor wie? ...................................................................................................................................................................... 11
2.5 venture capital/ business angels =private equity ................................................................................................................... 11
1) venture capital .............................................................................................................................................................. 11
2) business angel ............................................................................................................................................................... 11
2.6 Samenvatting .......................................................................................................................................................................... 11
3. samenstelling van balans en resultatenrekening ..............................................................................................................12
4. kostprijscalculatie ............................................................................................................................................................13
4.1 introductie ........................................................................................................................................................................ 13
4.2 kosten indelingen .............................................................................................................................................................. 13
1) Kosten indelen naar soort............................................................................................................................................. 13
2) Kosten indelen naar gevoeligheid voor verandering in bedrijfsdrukte......................................................................... 13
3) Kosten indelen naar toewijsbaarheid ........................................................................................................................... 14
4) Kosten indelen naar productiekosten en niet productiekosten ................................................................................... 14
4.3 kostprijsberekening........................................................................................................................................................... 14
1) definities ....................................................................................................................................................................... 14
1
, 2) kostprijsberekening overeenkomstig het tijdsaspect vanaf p 181 ............................................................................... 14
3) nut kostprijsberekening ................................................................................................................................................ 15
4) capaciteitsdefinities ...................................................................................................................................................... 16
4.4 kostprijscalculatie ............................................................................................................................................................. 16
1) job order costing ........................................................................................................................................................... 16
2) process costing ............................................................................................................................................................. 16
3) activity based costing.................................................................................................................................................... 16
4) kostenplaatsmethode of responsibilty accounting....................................................................................................... 17
5. break-even analyse en verkoopprijsbepaling ...................................................................................................................18
5.1 break-even analyse ........................................................................................................................................................... 18
1) definities en belang ...................................................................................................................................................... 18
2) berekening .................................................................................................................................................................... 18
3) uitbreiding definities..................................................................................................................................................... 18
5.2 verkoopprijsbepaling ........................................................................................................................................................ 19
1) inleiding ........................................................................................................................................................................ 19
2) verkoopprijsbepaling: micro-economisch..................................................................................................................... 19
3) verkoopprijsbepaling: strategisch management benadering/ marketing .................................................................... 19
4) verkoopprijsbepaling: gebaseerd op de kostprijs ......................................................................................................... 19
6. kasplanning (liquiditeitsbudge) ........................................................................................................................................21
7. corporate finance en ratio-analyse ..................................................................................................................................21
7.1 LIQUIDITEIT : current ratio en quick ratio ......................................................................................................................... 21
1) current ratio .................................................................................................................................................................. 21
2) quick ratio ..................................................................................................................................................................... 21
7.2 liquiditeit: rotatie van voorraad, handelsvorderingen en handelsschulden ...................................................................... 22
1) voorraadrotatie............................................................................................................................................................. 22
2) aantal dagen voorraad .................................................................................................................................................. 22
3) aantal dagen klantenkrediet ......................................................................................................................................... 22
4) aantal dagen leverancierskrediet ................................................................................................................................. 23
7.3 liquiditeit: te financieren periode (TFP) ............................................................................................................................. 23
7.4 werkkapitaalbeheer .......................................................................................................................................................... 24
1) Gezonde financiële structuur........................................................................................................................................ 24
2) Nettobedrijfskapitaal .................................................................................................................................................... 24
3) nettobedrijfskapitaal: beheer ....................................................................................................................................... 24
4) behoefte aan nettobedrijfskapitaal: Exploitatiecyclus ................................................................................................. 24
5) nettokaspositie ............................................................................................................................................................. 25
7.5 solvabiliteit........................................................................................................................................................................ 25
1) ratio’s ............................................................................................................................................................................ 25
2) kapitaalstructuur .......................................................................................................................................................... 26
7.6 rendabiliteit ...................................................................................................................................................................... 26
8 cashflow ...............................................................................................................................................................................27
stap 1 cashflow uit operationele activiteiten................................................................................................................................ 27
stap 2 cashflow uit investeringsactiviteiten.................................................................................................................................. 27
vrije kasstroom ............................................................................................................................................................................. 28
stap 3 cashflow uit financieringsactiviteiten ................................................................................................................................ 28
2
, 1. INVESTERINGSANALYSE
1.1 INLEIDENDE BEGRIPPEN
INVESTEREN
• Enge zin: aanschaffen van duurzame productiemiddelen
• Ruime zin: vastleggen van vermogen in vaste en vlottende activa
Vastliggende investeringen:
• Materiële activa bv gebouw, materieel, vervoermiddel
• Immateriële activa bv notariskost, oprichtingskosten
• Financiële activa bv huurwaarborg
Investeringen in bedrijfs- of werkkapitaal
• Goederen en voorraden
• Klantentegoed
• BTW te goed
Soorten investeringen en investeringsbehoeften
• Vervangingsinvestering: vervangen bestaande kapitaalgoederen
• Uitbreidingsinvestering: vergroten de kapitaalgoederenvoorraad/ productiecapaciteit
1.2 INVESTERINGSANALYSE
Is er een investeringsproject aanvaardbaar? Hoe bepalen we de rangorde als meerdere investeringsprojecten aanvaardbaar
blijken?
ð Nood aan “rentabiliteitscriteria”
ð Nood aan “beoordelingsmethodes”
1) METHODE VAN DE TERUGVERDIENTIJD
Terugverdientijdmethode = Pay-back methode
= het aantal jaar waarin de initiële investering terugverdiend wordt uit de netto-ontvangstenstroom (cashflow) voortvloeiend uit
de investering
Hoe vlugger de onderneming de initiële investeringsuitgave heeft terugverdiend (met kasstromen voortvloeiend uit de
investering) des te beter. De investering met de snelste terugverdientijd krijgt de voorkeur
Hoe de terugverdientijd berekenen?
1) Bepaal het terug te verdienen investeringsbedrag (bv aankoopprijs, vrachtkosten)
2) Bepaal de jaarlijkse kasstroom (cashflow) die de investering zal genereren = nettowinst + niet kaskosten
3) Bereken het aantal jaar nodig om het investeringsbedrag terug te verdienen
Formule bij gelijkmatige kasstromen:
(Initiële investeringsuitgave – restwaarde)/ jaarlijkse cashflow uit investeringen
3
INHOUDSOPGAVE
1. investeringsanalyse .......................................................................................................................................................... 3
1.1 inleidende begrippen ................................................................................................................................................................ 3
investeren ................................................................................................................................................................................... 3
1.2 investeringsanalyse............................................................................................................................................................. 3
1) methode van de terugverdientijd ................................................................................................................................... 3
2) methode van de netto contante waarde ........................................................................................................................ 4
3) methode van de interne rendementsgraad = IRR .......................................................................................................... 4
2. financieringsbronnen ........................................................................................................................................................ 6
2.1 early stage financing................................................................................................................................................................. 6
1) win win lening ................................................................................................................................................................. 6
2) taks shelter ..................................................................................................................................................................... 6
3) startlening ....................................................................................................................................................................... 6
4) crowdfunding .................................................................................................................................................................. 7
5) micro kredieten/ micro financiering ............................................................................................................................... 7
2.2 belastingkrediet vs belanstingvermindering ............................................................................................................................. 7
2.3 bankfinanciering ....................................................................................................................................................................... 8
1) korte termijn........................................................................................................................................................................... 8
2) lange termijn .......................................................................................................................................................................... 8
2.4 factoring ................................................................................................................................................................................... 9
1) 3 verschillende diensten ................................................................................................................................................. 9
2) factoringmaatschappijen .............................................................................................................................................. 10
3) voordelen ...................................................................................................................................................................... 10
4) nadelen ......................................................................................................................................................................... 10
5) voor wie? ...................................................................................................................................................................... 11
2.5 venture capital/ business angels =private equity ................................................................................................................... 11
1) venture capital .............................................................................................................................................................. 11
2) business angel ............................................................................................................................................................... 11
2.6 Samenvatting .......................................................................................................................................................................... 11
3. samenstelling van balans en resultatenrekening ..............................................................................................................12
4. kostprijscalculatie ............................................................................................................................................................13
4.1 introductie ........................................................................................................................................................................ 13
4.2 kosten indelingen .............................................................................................................................................................. 13
1) Kosten indelen naar soort............................................................................................................................................. 13
2) Kosten indelen naar gevoeligheid voor verandering in bedrijfsdrukte......................................................................... 13
3) Kosten indelen naar toewijsbaarheid ........................................................................................................................... 14
4) Kosten indelen naar productiekosten en niet productiekosten ................................................................................... 14
4.3 kostprijsberekening........................................................................................................................................................... 14
1) definities ....................................................................................................................................................................... 14
1
, 2) kostprijsberekening overeenkomstig het tijdsaspect vanaf p 181 ............................................................................... 14
3) nut kostprijsberekening ................................................................................................................................................ 15
4) capaciteitsdefinities ...................................................................................................................................................... 16
4.4 kostprijscalculatie ............................................................................................................................................................. 16
1) job order costing ........................................................................................................................................................... 16
2) process costing ............................................................................................................................................................. 16
3) activity based costing.................................................................................................................................................... 16
4) kostenplaatsmethode of responsibilty accounting....................................................................................................... 17
5. break-even analyse en verkoopprijsbepaling ...................................................................................................................18
5.1 break-even analyse ........................................................................................................................................................... 18
1) definities en belang ...................................................................................................................................................... 18
2) berekening .................................................................................................................................................................... 18
3) uitbreiding definities..................................................................................................................................................... 18
5.2 verkoopprijsbepaling ........................................................................................................................................................ 19
1) inleiding ........................................................................................................................................................................ 19
2) verkoopprijsbepaling: micro-economisch..................................................................................................................... 19
3) verkoopprijsbepaling: strategisch management benadering/ marketing .................................................................... 19
4) verkoopprijsbepaling: gebaseerd op de kostprijs ......................................................................................................... 19
6. kasplanning (liquiditeitsbudge) ........................................................................................................................................21
7. corporate finance en ratio-analyse ..................................................................................................................................21
7.1 LIQUIDITEIT : current ratio en quick ratio ......................................................................................................................... 21
1) current ratio .................................................................................................................................................................. 21
2) quick ratio ..................................................................................................................................................................... 21
7.2 liquiditeit: rotatie van voorraad, handelsvorderingen en handelsschulden ...................................................................... 22
1) voorraadrotatie............................................................................................................................................................. 22
2) aantal dagen voorraad .................................................................................................................................................. 22
3) aantal dagen klantenkrediet ......................................................................................................................................... 22
4) aantal dagen leverancierskrediet ................................................................................................................................. 23
7.3 liquiditeit: te financieren periode (TFP) ............................................................................................................................. 23
7.4 werkkapitaalbeheer .......................................................................................................................................................... 24
1) Gezonde financiële structuur........................................................................................................................................ 24
2) Nettobedrijfskapitaal .................................................................................................................................................... 24
3) nettobedrijfskapitaal: beheer ....................................................................................................................................... 24
4) behoefte aan nettobedrijfskapitaal: Exploitatiecyclus ................................................................................................. 24
5) nettokaspositie ............................................................................................................................................................. 25
7.5 solvabiliteit........................................................................................................................................................................ 25
1) ratio’s ............................................................................................................................................................................ 25
2) kapitaalstructuur .......................................................................................................................................................... 26
7.6 rendabiliteit ...................................................................................................................................................................... 26
8 cashflow ...............................................................................................................................................................................27
stap 1 cashflow uit operationele activiteiten................................................................................................................................ 27
stap 2 cashflow uit investeringsactiviteiten.................................................................................................................................. 27
vrije kasstroom ............................................................................................................................................................................. 28
stap 3 cashflow uit financieringsactiviteiten ................................................................................................................................ 28
2
, 1. INVESTERINGSANALYSE
1.1 INLEIDENDE BEGRIPPEN
INVESTEREN
• Enge zin: aanschaffen van duurzame productiemiddelen
• Ruime zin: vastleggen van vermogen in vaste en vlottende activa
Vastliggende investeringen:
• Materiële activa bv gebouw, materieel, vervoermiddel
• Immateriële activa bv notariskost, oprichtingskosten
• Financiële activa bv huurwaarborg
Investeringen in bedrijfs- of werkkapitaal
• Goederen en voorraden
• Klantentegoed
• BTW te goed
Soorten investeringen en investeringsbehoeften
• Vervangingsinvestering: vervangen bestaande kapitaalgoederen
• Uitbreidingsinvestering: vergroten de kapitaalgoederenvoorraad/ productiecapaciteit
1.2 INVESTERINGSANALYSE
Is er een investeringsproject aanvaardbaar? Hoe bepalen we de rangorde als meerdere investeringsprojecten aanvaardbaar
blijken?
ð Nood aan “rentabiliteitscriteria”
ð Nood aan “beoordelingsmethodes”
1) METHODE VAN DE TERUGVERDIENTIJD
Terugverdientijdmethode = Pay-back methode
= het aantal jaar waarin de initiële investering terugverdiend wordt uit de netto-ontvangstenstroom (cashflow) voortvloeiend uit
de investering
Hoe vlugger de onderneming de initiële investeringsuitgave heeft terugverdiend (met kasstromen voortvloeiend uit de
investering) des te beter. De investering met de snelste terugverdientijd krijgt de voorkeur
Hoe de terugverdientijd berekenen?
1) Bepaal het terug te verdienen investeringsbedrag (bv aankoopprijs, vrachtkosten)
2) Bepaal de jaarlijkse kasstroom (cashflow) die de investering zal genereren = nettowinst + niet kaskosten
3) Bereken het aantal jaar nodig om het investeringsbedrag terug te verdienen
Formule bij gelijkmatige kasstromen:
(Initiële investeringsuitgave – restwaarde)/ jaarlijkse cashflow uit investeringen
3
