2011年ACCA考试《F9财务管理》辅导讲义（38）

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2011年ACCA考试《F9财务管理》辅导讲义（38）

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4. The optimum level of working capital

As a guide many text books suggest that to be safe an organisation requires a 2:1 ratio of current assets to current liabilities. That is for every £1 of current liabilities, £2 of current assets is required to ensure that the organisation does not run into cash flow problems. However, this is much too simplistic, and the required level of working capital will vary from industry to industry. We can illustrate this point with reference to Table 2 which shows a breakdown of the working capital for three public limited companies (plc) operating in different industrial sectors. The figures are taken from recently published annual reports.

Each of our plcs is profitable and is considered successful in its field. However, it is apparent from Table 2 that only Manchester United plc meets the 'suggested' current ratio of 2:1. Indeed Tesco appears to be in real trouble with only 35 pence of current assets and 13 pence of 'quick' assets for every £1 of current liabilities. Worse still, if we consider the ratio of cash to current liabilities, Tesco has only one pence of cash coverage for every £1 of current liabilities suggesting severe liquidity problems. Yet Tesco is the largest supermarket chain in the UK with over 600 stores and an annual profit on ordinary activities before taxation in excess of £800 million.

Airtours also falls well short of the suggested current ratio of 2:1, although its quick assets ratio of 1:1 is satisfactory. These figures illustrate that the 2:1 ratio is inappropriate, and the amount of working capital required by an organisation will vary depending upon the nature of its business and the industry in which it operates.

Let us consider the figures shown in Table 2 in more detail starting with Tesco.

Although Tesco's level of working capital appears low, let us look at the nature of its business. Each day throughout the UK and Europe, millions of customers will purchase their groceries from Tesco paying for their goods in cash before they leave the store.

Most items sold by Tesco have a shelf life of only a few days. As market leader Tesco can rely on regular deliveries of stock from suppliers at fairly short notice. In addition the use of forecasting techniques will enable managers to reliably predict daily sales levels. All of these factors enable Tesco to operate with relatively low levels of stock.

Since almost all sales are on a cash rather than credit basis, the level of debtors is also low. In addition, the company is able to invest surplus cash balances in short-term investments (usually on the money markets), hence maximising the return to its investors.

Turning our attention to current liabilities, Tesco will purchase most of its stock on credit resulting in trade creditors in its 1998 annual accounts of £826million. Indeed most stock will have been sold and realised a profit before Tesco even pays its suppliers. Few organisations are in such a fortuitous position. Other creditors will include corporation tax and dividends, amounts which Tesco will know with certainty when they are to be paid.

We can see that due to the nature of its business, and in particular an abundance of cash sales, few debtors, low levels of stock, and most purchases being for credit, cash flow is not likely to be a problem, and hence Tesco is able to operate with negative working capital.

If we turn our attention to Airtours, customers will usually pay for their holidays well in advance of departure ensuring that cash flow is not a problem whilst also minimising the incidence of bad debts. Unlike Tesco, Airtours sales are seasonal with most cash being received during the period January to June. However, expenses will be incurred throughout the year and careful planning is necessary to ensure that Airtours is able to meet its current liabilities as they fall due.

Being a tour operator, stock levels are relatively low. Debtors mostly comprise amounts paid in advance in respect of hotel accommodation and balances owing from customers for holidays. Whilst creditors compromise amounts owing for accommodation and advance payments made by customers.

We can see from Table 2 that like Tesco, Airtours can operate with a lower current ratio than the suggested 2:1, however due to the seasonal nature of its business, sound budgeting and forecasting is essential to ensure that liabilities can be met even during the close season.

Turning to Manchester United we can see little evidence of any working capital problems at 31 July 1997, with the company having a current ratio of 2:1. In addition the company has 79 pence of cash for every £1 of current liabilities. This is not surprising if we consider the nature of Manchester United�s business. During the period August to May cash flow is not likely to be a problem since almost every week over 50,000 fans will crowd into Old Trafford to watch their team play. Many of these fans pay for their seats in advance, purchasing a season ticket before the season commences. In addition the club will receive cash from sponsors, television companies and the sale of merchandise. However, as with Airtours, business is seasonal and careful planning is necessary to ensure that all liabilties are met as they fall due.

A review of the club�s working capital at 31 July shows that stock and debtors are relatively small, with the majority of working capital comprising short-term investments and cash, reflecting the cash received from season ticket sales.

From our review of Table 2 we can see that the optimum level of working capital will vary depending upon the industry in which an organisation operates and the nature of its transactions.

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