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Net Working Capital

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■ As at analysis date GCP’s current Days Receivables Outstanding and Days Payables Outstanding figures were more than 60 days. Nevertheless, GCP’s policy requires it to maintain DRO and DPO at less than 30 days (turnover ratio of 12)

■ Management confirmed that GCP is working with debtors and that this situation has arisen because of GCP’s entry into the market (providing of extra contract benefits to the customers)


 

Working Capital items
  FA group Turnover ratio Days Outstanding Industry average
Inventory     3.72
Accounts receivables     7.26
Accounts payables 8 45 8.11

Source: KPMG analysis


■ For the purpose of cash-flow forecasting, the required working capital was calculated based on the assumption that DRO= DPO= 45 days and DIO = 120 days.

■ These working capital assumptions are close to industry average at the Analysis date

– Days Inventory Outstanding: 97 days

– Days Receivables Outstanding: 50 days

– Days Payables Outstanding: 44 days

■ Considering all of these points, turnover ratios that were assumed during analysis are presented in the table to right

 

Net Working Capital
AZN'000 H2 2014                                
Phase 1
Inventory 3,166 8,197 8,509 8,859 9,253 9,456 9,626 9,818 10,023 10,242 10,484 10,750 11,033 11,342 11,669 12,026 12,402
Accounts Receivables 3,442 10,114 9,829 9,822 9,544 9,805 10,033 10,289 10,562 10,853 11,175 11,531 11,917 12,349 12,824 13,294 13,705
Accounts Payables 1,187 3,074 3,191 3,322 3,470 3,546 3,610 3,682 3,759 3,841 3,931 4,031 4,137 4,253 4,376 4,510 4,651
Total Phase 1 5,421 15,237 15,147 15,358 15,326 15,715 16,050 16,426 16,827 17,254 17,727 18,250 18,812 19,437 20,117 20,809 21,457
Phase 2
Inventory - - - 12,112 17,588 17,950 18,249 18,589 18,953 19,343 19,778 20,261 20,776 21,343 21,945 22,607 23,309
Accounts Receivables - - - 14,758 20,415 21,008 21,486 22,024 22,598 23,208 23,887 24,636 25,446 26,355 27,353 28,343 29,222
Accounts Payables - - - 4,542 6,595 6,731 6,843 6,971 7,107 7,253 7,417 7,598 7,791 8,004 8,230 8,478 8,741
Total Phase 2 - - - 22,328 31,407 32,226 32,892 33,642 34,443 35,297 36,248 37,299 38,431 39,694 41,068 42,472 43,790
Total NWC 5,421 15,237 15,147 37,687 46,734 47,942 48,942 50,067 51,270 52,551 53,975 55,549 57,243 59,131 61,186 63,282 65,247

 

Source: KPMG analysis


Financial projections


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