1 financial management and cash flow. 2 base of enterprise´s financing each activity in the company...
TRANSCRIPT
1
Financial Management
and
Cash Flow
2
Base of enterprise´s financingBase of enterprise´s financing
Each activity in the company has its two sides:
material (substantial, property) – flow of machines, raw materials, material, finished products; which can be divided into the activities of supply, production and sale,
monetary (financial) – flow of revenues and expenses; each activity has to be safed by the financial sources (money).
Material and monetary flows have to be in relative harmony.
3
Relation between material and Relation between material and monetary flows in the companymonetary flows in the company
monetary expenses
4
Missions of Financial ManagementMissions of Financial Management
1) Obtaining of capital for current and exceptional
enterprise´s needs and deciding of its structure and
changes in this structure (obtaining of credits,
emission of shares or obligations) → it deals with the
right side of the balance sheet – liabilites
2) Deciding about allocation of capital – to finance the
current firm activities, to finance development of new
product or to invest to buildings, lands, machines or
shares (or another securities) → it deals with the left
side of the balance sheet - assets
5
Missions of Financial ManagementMissions of Financial Management
3) Deciding about profit division
(reinvestments, dividends)
4) Making predictions, planning, noting, analyzing,
monitoring and managing of enterprise´s economic
activity with the aim to ensure its financial stability
6
Factors influencing the Factors influencing the enterprise´s financingenterprise´s financing
1) Time factor – monetary unit paid off or accepted in
various time moments has the different value.
2) Risk factor – financial manager chooses only one from
the possible versions, he can´t be assured of this
version´s results, because the version with higher risk in
principle brings also higher profit and vice versa –
version with lower risk brings usually lower profit.
7
Types of financial decisionsTypes of financial decisions
1) Tactical (operative) decisions – they require small monetary amounts, otherwise they don´t change the existing enterprise´s activity (e.g. purchase of material or ordinary machines).
2) Strategic decisions – they require a lot of money and they bring the big changes in enterprise´s activity. It is possible to divide them into:
strategic long-term investment decisions, strategic long-term financial decisions.
8
Sorts of enterprise´s financingSorts of enterprise´s financing
1) According to the origin of capital:
a) internal financing,b) external financing.
2) According to the time (when the capital is at disposal):
a) long-term financing,b) short-term financing.
3) According to the regularity of financing:
a) current financing,b) exceptional financing.
9
1. Enterprise´s financing according to the origin of capital
financing
internal
external
-from profit (self-financing)
-from long-term reserves
from own sources - shares- obligations
from external sources - credits- bonds- leasing- factoring
10
1.a) Internal financing1.a) Internal financing
The source of this capital is enterprise
economic activity; its economic result is profit
and depreciations.
11
1.b) External financing1.b) External financing
- this capital comes from the outside of the enterprise –
either from owners of the company (deposits, shares,
emission of shares) → financing from own sources (own
capital), or from creditors (bonds, credits, leasing) →
financing from external sources (external capital)
Next sources of external financing are:
factoring – surrender of demands by specialized firm, innovated financial tools – futures, swaps, options.
12
2.a) Long-term financing2.a) Long-term financing
The source of this capital is usually an own
capital and long-term external capital
(e. g. long-term bank credits).
13
2.b) Short-term financing2.b) Short-term financing
The sources of this capital are short-term bank
credits, supplier credits, accounts payable
towards employees, state, etc.
14
3.a) Current financing3.a) Current financing
= spending money on current enterprise´s running,
i. e. purchase of material, fuel, energy; payments of wages; rent; transport; taxes and other short-term debts
- it is related, above all, to current assets – the summary of them is called Gross working capital
15
3.b) Exceptional financing3.b) Exceptional financing
Financing connected with:
a) foundation of the enterprise
b) enlargement of the enterprise and its activities
c) joining or rescuing of the enterprise
d) liquidation of the enterprise
16
Financing of current assetsFinancing of current assets
Financing and management of working capital
Main tasks:
to determine the necessary (optimal) level of each current item
and level of their total sum,
to determine in which way the current assets will be financed
Gross working capital = value of all current assets in the firm
Net working capital = current assets – short-term external capital
17
Net working capitalNet working capital
AKTIVA PASIVA
Čistý pracovní kapitál
stálá aktiva
oběžná aktiva
vlastní kapitál
dlouhodobé dluhy
krátkodobé dluhy
dlouhodobý kapitál
krátkodobýkapitál
Long-term assets
Current assets
ASSETS LIABILITIES
Net working capital
Internal capital
Long-term debts
Short-term debts
Long-term capital
Short-termcapital
18
Principles of enterprise´s equity Principles of enterprise´s equity financingfinancing
1) Long-term assets – financing by internal (own) capital and long-term external capital
2) Current assets – financing by both long-term and short-term external capital
3) Net working capital (NWC) – it is an excess of current assets above the short-term debts,
-it is financed by long-term financial sources,
-NWC is at the firm´s disposal for its business activity, so it is important it to be in liquid form.
19
Optimal level of current assetsOptimal level of current assets
Optimal level ≠ minimal level of current assets
Optimal level of current assets assures the standard (normal) enterprise´s running with the lowest total costs.
It is possible to determine the optimal level of current assets by Turnover money cycle.
Turnover money cycle – time between payment for purchased material and receiving money from customers for our sold products = it is a time when the enterprise´s funds are bounded in current assets.
20
Methods of current assets Methods of current assets financingfinancing
One part of current assets is bounded in the company for a long time (e. g. insurance stores) → permanent bounded current assets, whereas the second part of current assets is bounded in the company for a shorter time and it fluctuates (e. g. stores for a season)→ fluctuated current assets (temporary assets).
According to the access of managers to the permanent bounded current assets´ financing we distinguish three accesses of working capital financing:
moderate access, aggressive access, conservative access.
21
a) Ma) Moderate access
it harmonizes the lifetime of assets with lifetime of liabilities.
permanent assets (long-term assets + permanent bounded current assets) are financed by long-term sources (internal (own) capital, long-term external capital).
fluctuated current assets are financed by short-term debts.
22
Graphic display Graphic display of Moderate accessof Moderate access
kolísajícíoběžná aktiva
trvaláaktiva
přechodná oběžná aktiva
trvalá výše oběžných aktiv
čas
aktiva(Kč)
stálá aktiva
krátkodobéfinancování
vlastní kapitálplus
dlouhodobý cizí kapitál
Fluctuated current assets
Permanent assets
Assets(CZK)
Temporarycurrent assets
Permanent level of current assets
Long-termassets
Short-term financing
Internal (own) capital
+ long-term
external capital
23
b) Aggressive accessb) Aggressive access
for financing of permanent bounded current assets it uses short-term capital (e. g. short-term credits)
Advantages of short-term debts:
it is usually cheaper, it is possible to obtain it more easily, it is possible to obtain it more quickly.
24
Graphic display Graphic display of of Aggressive accessAggressive access
kolísajícíoběžná aktiva
trvaláaktiva
přechodná oběžná aktiva
čas
aktiva(Kč)
stálá aktiva
krátkodobéfinancování
vlastní kapitálplus
dlouhodobý cizí kapitál
trvalá výše oběžných aktiv
Assets(CZK)
Fluctuated current assets
Permanent assets
Temporarycurrent assets
Permanent level of current assets
Long-termassets
Short-term financing
Internal (own) capital
+ long-term
external capital
25
c) c) Conservative access
it uses long-term capital not only for financing of permanent assets, but also for financing of fluctuated (temporary) current assets
short-term capital is used only for financing of top (peak) fluctuated current assets
it is an expensive way of financing, but the risk here is at minimum level
26
Graphic display Graphic display of of Conservative access
Assets(CZK)
Fluctuated current assets
Permanent assets
Temporarycurrent assets
Permanent level of current assets
Long-termassets
Short-term financing
Internal (own) capital
+ long-term
external capital
27
Cash flowCash flow
= change of the financial means (increase and decrease) for a given period in connection with the business activity of the enterprise
28
Cash flow managementCash flow management
Cash incomes- sale for cash- colleciton of reciavebles- loans, credits- contributions of partners in cash
Cash outcomes- payments of invoices- payments of wages- purchase of machines- placení daní- repayment of credits- payment of dividends
CASH FLOW
- payments of taxes
29
Cash flowCash flow
Why is it important to monitor cash flow?
1) Profit is only the information from accounting, it does not represent real money (cash).
2) costs ≠ expenses (cash output)
benefits ≠ cash revenues.
3) The enterprise has to have sufficient level of cash (money) for paying invoices for material, energy, wages, loans, taxes etc. → cash expenses.
4) Main sources of cash flow are sales for cash, cashing receivables, loans from bank, etc.
30
Methods of Cash flowMethods of Cash flow
1) Direct method
2) Indirect method
31
1. Direct method1. Direct method
This method, although less popular, is favored by This method, although less popular, is favored by many financial managers because it reports the many financial managers because it reports the source of cash inflows and outflows directly, without source of cash inflows and outflows directly, without the potentially confusing adjustments to net income. the potentially confusing adjustments to net income.
Instead of starting with a reported net income, the Instead of starting with a reported net income, the direct method analyzes the various types of direct method analyzes the various types of operating activities and calculates the total cash operating activities and calculates the total cash flow created by each one. flow created by each one.
Before beginning the direct method, all accrual Before beginning the direct method, all accrual accounts must be first converted to a cash figure. accounts must be first converted to a cash figure.
32
Payment calendarPayment calendar
- it is a simple tool of operative cash flow management - it is a table of expected revenues and expenses in the short time
- it is made for a week, a decade or a month before
- the principle of monitoring money in the payment calendar results from this formula:
FSM = OSM + R – EFSM – final score of money,OSM – opening score of money,R – cash revenues,E – cash expenses.
33
Example of Payment calendar:Example of Payment calendar:
Item PeriodItem Period weekweek decadedecade monthmonth quarterquarter
1. Opening score of money
(OSM)
2. Expected 2. Expected cash revenues for a for a given period (R)given period (R)
3. Expected cash expenses for a 3. Expected cash expenses for a given period (E)given period (E)
4. Total (1 + 2 - 3)4. Total (1 + 2 - 3)
5. Balancing items (+, -)5. Balancing items (+, -)
6. Final score of money (FSM)6. Final score of money (FSM)
34
Tasks of Payment calendar:Tasks of Payment calendar:
1) To forgo to payment problems of the enterprise
2) To foresee a shortage or a surplus of money → balancing items.
3) To keep the level of money in the certain limits – too low score of money may threaten liquidity of the enterprise and vice versa - too high score of money decreases profitability of the enterprise. A factor, which can put the needs of money into balance, may be a purchase and a sale of short-term securities.
35
Development of money score Development of money score in the enterprisein the enterprise
70
60
50
40
30
20
10
5 10 15 20 25 30
čas (dny, týdny, dekády)
výše
pen
ěžní
ch p
rost
ředk
ů (t
is.
Kč)
dolní hranicepeněžních prostředků
horní hranicepeněžních prostředků
požadovaný stavpeněžních prostředků
nákup c. p. za 30 tis. Kč
prodej c. p. za 20 tis. Kč
Leve
l of m
oney
(th
ousa
nd C
ZK
)
Purchase of securities for 30 000 CZK
Upper limit of money
Lower limit of money
Required score of money
Sale of securities for 20 000 CZK
Time (days, weeks, decades)
36
Cash Flow Statements are broken down into three Cash Flow Statements are broken down into three sections: sections:
Operating activities Operating activities Investing activities Investing activities Financing activitiesFinancing activities
2. Indirect method2. Indirect method
37
Categories of indirect cash flowCategories of indirect cash flow
Operating activities (all transactions and events that Operating activities (all transactions and events that normally enter into the determination of operating normally enter into the determination of operating income) include cash receipts from selling goods or income) include cash receipts from selling goods or providing servicesproviding services..
Operating activities also include your cash payments Operating activities also include your cash payments such as inventory, wages, taxes, such as inventory, wages, taxes, rent, etc.rent, etc.
The net amount of cash provided (or used) by The net amount of cash provided (or used) by operating activities is the key figure on a statement of operating activities is the key figure on a statement of cash flows. cash flows.
a) Operating activitiesa) Operating activities
38
Categories of indirect cash flowCategories of indirect cash flow
a) Operating activitiesa) Operating activities
Cash receipts include:Cash receipts include: Sale of goods or servicesSale of goods or services Interest revenueInterest revenue
Cash payments include:Cash payments include: Inventory purchasesInventory purchases WagesWages TaxesTaxes Other (rent, etc.) Other (rent, etc.)
39
Categories of indirect cash flowCategories of indirect cash flow
b) Investing activitiesb) Investing activities
Investing activities include transactions and Investing activities include transactions and events involving the purchase and sale of events involving the purchase and sale of long- long- term term securities, land, buildings, equipment, and securities, land, buildings, equipment, and other assets not generally held for resale. It also other assets not generally held for resale. It also covers the making and collecting of loans. covers the making and collecting of loans.
Investing activities are not classified as Investing activities are not classified as operating activities because they have an operating activities because they have an indirect relationship to the central, ongoing indirect relationship to the central, ongoing operation of your business (usually the sale of operation of your business (usually the sale of goods or services). goods or services).
40
Categories of indirect cash flowCategories of indirect cash flow
b) Investing activitiesb) Investing activities
Cash receipts include:Cash receipts include: Sale of plant assetsSale of plant assets Sale of a business segmentSale of a business segment etc.etc.
Cash payments include:Cash payments include: Purchase of plant assetsPurchase of plant assets Loans to other entitiesLoans to other entities etc.etc.
41
Categories of indirect cash flowCategories of indirect cash flow
c) Financing activitiesc) Financing activities
All financing activities deal with the flow of cash to All financing activities deal with the flow of cash to or from the business owners (equity financing) or from the business owners (equity financing) and creditors (debt financing). and creditors (debt financing).
For example, cash proceeds from issuing capital For example, cash proceeds from issuing capital stock or bonds would be classified under stock or bonds would be classified under financing activities. financing activities.
Likewise, payments to repurchase stock (treasury Likewise, payments to repurchase stock (treasury stock) or to retire bonds and the payment of stock) or to retire bonds and the payment of dividends are financing activities as well. dividends are financing activities as well.
42
Categories of indirect cash flowCategories of indirect cash flow
c) Financing activitiesc) Financing activities
Cash receipts include:Cash receipts include: IssuIssuiinngg of own stock (shares) of own stock (shares) BorrowingBorrowingss (bonds, notes, mortgages, etc.) (bonds, notes, mortgages, etc.)
Cash payments include:Cash payments include: Dividends to stockholdersDividends to stockholders Repurchasing business' own stock (treasury stock) Repurchasing business' own stock (treasury stock) etc.etc.
43
Utilization of Cash flow:Utilization of Cash flow:
in financial analyse for classification of financial stability of the enterprise and causes of money score´s changes
by short-term planning of cash revenues and expenses
by medium-term and long-term formation of financial enterprise´s perspectives
by classificaton of financial effectiveness of investment versions
one of the form of determination the enterprise´s market value base (discounted cash flow)
44
Example – Payment Calendar:Example – Payment Calendar:1.1. 2.2. 3.3. 4.4. 5.5.
Opening score of money (OSM) 500500
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 7001 700 1 8001 800 1 6001 600
2. Sale for chash2. Sale for chash 100100 100100 7070 5050 100100
Total revenues (1+2)Total revenues (1+2) 1 7001 700
1. Payments to suppliers1. Payments to suppliers 1 3001 300 1 2001 200 1 7001 700 1 9001 900 1 5001 500
2. Taxes2. Taxes 00 1 5001 500 00 00 00
3. Wages to employees3. Wages to employees 00 00 00 00 1 3001 300
4. Payments of credits4. Payments of credits 100100 00 00 00 00
Total expenses (1+4)Total expenses (1+4) 1 4001 400
Difference of revenues and expensesDifference of revenues and expenses 300300
Balancing items (+, -)Balancing items (+, -) 00
Final score of money (FSM)Final score of money (FSM) 800800
45
Example – Payment Calendar:Example – Payment Calendar:1.1. 2.2. 3.3. 4.4. 5.5.
Opening score of money (OSM) 500500 800800
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 7001 700 1 8001 800 1 6001 600
2. Sale for chash2. Sale for chash 100100 100100 7070 5050 100100
Total revenues (1+2)Total revenues (1+2) 1 7001 700 2 1002 100
1. Payments to suppliers1. Payments to suppliers 1 3001 300 1 2001 200 1 7001 700 1 9001 900 1 5001 500
2. Taxes2. Taxes 00 1 5001 500 00 00 00
3. Wages to employees3. Wages to employees 00 00 00 00 1 3001 300
4. Payments of credits4. Payments of credits 100100 00 00 00 00
Total expenses (1+4)Total expenses (1+4) 1 4001 400 2 7002 700
Difference of revenues and expensesDifference of revenues and expenses +300+300 -600-600
Balancing items (+, -)Balancing items (+, -) 00 00
Final score of money (FSM)Final score of money (FSM) 800800 200200
46
Example – Payment Calendar:Example – Payment Calendar:1.1. 2.2. 3.3. 4.4. 5.5.
Opening score of money (OSM) 500500 800800 200200
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 7001 700 1 8001 800 1 6001 600
2. Sale for chash2. Sale for chash 100100 100100 7070 5050 100100
Total revenues (1+2)Total revenues (1+2) 1 7001 700 2 1002 100 1 7701 770
1. Payments to suppliers1. Payments to suppliers 1 3001 300 1 2001 200 1 7001 700 1 9001 900 1 5001 500
2. Taxes2. Taxes 00 1 5001 500 00 00 00
3. Wages to employees3. Wages to employees 00 00 00 00 1 3001 300
4. Payments of credits4. Payments of credits 100100 00 00 00 00
Total expenses (1+4)Total expenses (1+4) 1 4001 400 2 7002 700 1 7001 700
Difference of revenues and expensesDifference of revenues and expenses +300+300 -600-600 +70+70
Balancing items (+, -)Balancing items (+, -) 00 00 00
Final score of money (FSM)Final score of money (FSM) 800800 200200 270270
47
Example – Payment Calendar:Example – Payment Calendar:1.1. 2.2. 3.3. 4.4. 5.5.
Opening score of money (OSM) 500500 800800 200200 270270
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 7001 700 1 8001 800 1 6001 600
2. Sale for chash2. Sale for chash 100100 100100 7070 5050 100100
Total revenues (1+2)Total revenues (1+2) 1 7001 700 2 1002 100 1 7701 770 1 8501 850
1. Payments to suppliers1. Payments to suppliers 1 3001 300 1 2001 200 1 7001 700 1 9001 900 1 5001 500
2. Taxes2. Taxes 00 1 5001 500 00 00 00
3. Wages to employees3. Wages to employees 00 00 00 00 1 3001 300
4. Payments of credits4. Payments of credits 100100 00 00 00 00
Total expenses (1+4)Total expenses (1+4) 1 4001 400 2 7002 700 1 7001 700 1 9001 900
Difference of revenues and expensesDifference of revenues and expenses +300+300 -600-600 +70+70 -50-50
Balancing items (+, -)Balancing items (+, -) 00 00 00 00
Final score of money (FSM)Final score of money (FSM) 800800 200200 270270 220220
48
Example – Payment Calendar:Example – Payment Calendar:1.1. 2.2. 3.3. 4.4. 5.5.
Opening score of money (OSM) 500500 800800 200200 270270 220220
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 7001 700 1 8001 800 1 6001 600
2. Sale for chash2. Sale for chash 100100 100100 7070 5050 100100
Total revenues (1+2)Total revenues (1+2) 1 7001 700 2 1002 100 1 7701 770 1 8501 850 1 7001 700
1. Payments to suppliers1. Payments to suppliers 1 3001 300 1 2001 200 1 7001 700 1 9001 900 1 5001 500
2. Taxes2. Taxes 00 1 5001 500 00 00 00
3. Wages to employees3. Wages to employees 00 00 00 00 1 3001 300
4. Payments of credits4. Payments of credits 100100 00 00 00 00
Total expenses (1+4)Total expenses (1+4) 1 4001 400 2 7002 700 1 7001 700 1 9001 900 2 8002 800
Difference of revenues and expensesDifference of revenues and expenses +300+300 -600-600 +70+70 -50-50 -1100-1100
Balancing items (+, -)Balancing items (+, -) 00 00 00 00 880880
Final score of money (FSM)Final score of money (FSM) 800800 200200 270270 220220 00
49
Example – Payment Calendar:Example – Payment Calendar:5.5. 6.6. 7.7. 8.8. 9.9.
Opening score of money (OSM) 220220 00
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 9001 900 500500 1 3001 300
2. Sale for chash2. Sale for chash 100100 100100 100100 7070 5050
Total revenues (1+2)Total revenues (1+2) 1 7001 700 2 1002 100
1. Payments to suppliers1. Payments to suppliers 1 5001 500 1 1001 100 700700 950950 1 4001 400
2. Taxes2. Taxes 00 00 00 00 00
3. Wages to employees3. Wages to employees 1 3001 300 00 00 00 00
4. Payments of credits4. Payments of credits 00 200200 200200 200200 200200
Total expenses (1+4)Total expenses (1+4) 2 8002 800 1 3001 300
Difference of revenues and expensesDifference of revenues and expenses -1100-1100 +800+800
Balancing items (+, -)Balancing items (+, -) 880880 00
Final score of money (FSM)Final score of money (FSM) 00 800800
50
Example – Payment Calendar:Example – Payment Calendar:5.5. 6.6. 7.7. 8.8. 9.9.
Opening score of money (OSM) 220220 00 800800
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 9001 900 500500 1 3001 300
2. Sale for chash2. Sale for chash 100100 100100 100100 7070 5050
Total revenues (1+2)Total revenues (1+2) 1 7001 700 2 1002 100 2 0002 000
1. Payments to suppliers1. Payments to suppliers 1 5001 500 1 1001 100 700700 950950 1 4001 400
2. Taxes2. Taxes 00 00 00 00 00
3. Wages to employees3. Wages to employees 1 3001 300 00 00 00 00
4. Payments of credits4. Payments of credits 00 200200 200200 200200 200200
Total expenses (1+4)Total expenses (1+4) 2 8002 800 1 3001 300 900900
Difference of revenues and expensesDifference of revenues and expenses -1100-1100 +800+800 +1 100+1 100
Balancing items (+, -)Balancing items (+, -) 880880 00 00
Final score of money (FSM)Final score of money (FSM) 00 800800 1 9001 900
51
Example – Payment Calendar:Example – Payment Calendar:5.5. 6.6. 7.7. 8.8. 9.9.
Opening score of money (OSM) 220220 00 800800 1 9001 900
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 9001 900 500500 1 3001 300
2. Sale for chash2. Sale for chash 100100 100100 100100 7070 5050
Total revenues (1+2)Total revenues (1+2) 1 7001 700 2 1002 100 2 0002 000 570570
1. Payments to suppliers1. Payments to suppliers 1 5001 500 1 1001 100 700700 950950 1 4001 400
2. Taxes2. Taxes 00 00 00 00 00
3. Wages to employees3. Wages to employees 1 3001 300 00 00 00 00
4. Payments of credits4. Payments of credits 00 200200 200200 200200 200200
Total expenses (1+4)Total expenses (1+4) 2 8002 800 1 3001 300 900900 1 1501 150
Difference of revenues and expensesDifference of revenues and expenses -1100-1100 +800+800 +1 100+1 100 -580-580
Balancing items (+, -)Balancing items (+, -) 880880 00 00 - 1000- 1000
Final score of money (FSM)Final score of money (FSM) 00 800800 1 9001 900 320320
52
Example – Payment Calendar:Example – Payment Calendar:5.5. 6.6. 7.7. 8.8. 9.9.
Opening score of money (OSM) 220220 00 800800 1 9001 900 320320
1. Collection of demands1. Collection of demands 1 6001 600 2 0002 000 1 9001 900 500500 1 3001 300
2. Sale for chash2. Sale for chash 100100 100100 100100 7070 5050
Total revenues (1+2)Total revenues (1+2) 1 7001 700 2 1002 100 2 0002 000 570570 1 3501 350
1. Payments to suppliers1. Payments to suppliers 1 5001 500 1 1001 100 700700 950950 1 4001 400
2. Taxes2. Taxes 00 00 00 00 00
3. Wages to employees3. Wages to employees 1 3001 300 00 00 00 00
4. Payments of credits4. Payments of credits 00 200200 200200 200200 200200
Total expenses (1+4)Total expenses (1+4) 2 8002 800 1 3001 300 900900 1 1501 150 1 6001 600
Difference of revenues and expensesDifference of revenues and expenses -1100-1100 +800+800 +1 100+1 100 -580-580 -250-250
Balancing items (+, -)Balancing items (+, -) 880880 00 00 - 1000- 1000 00
Final score of money (FSM)Final score of money (FSM) 00 800800 1 9001 900 320320 7070