Claudiu Albulescu - UPT 2C11_Financial management in... · Break-even point ??? What volume of...
Transcript of Claudiu Albulescu - UPT 2C11_Financial management in... · Break-even point ??? What volume of...
2C11
Business economics and entrepreneurship
Claudiu Albulescu
Lecture 3: Financial management in construction companies (30/04/2014)
European Erasmus Mundus Master Course
Sustainable Constructions
under Natural Hazards and Catastrophic Events 520121-1-2011-1-CZ-ERA MUNDUS-EMMC
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Lectures
L1 Trends and challenges for the construction industry
L2 Business strategies and business development in construction companies
L3 Financial management in construction companies
L4 Project management – generalities
L5 Project management – support activities
L6 Project management systems applied in constructions
L7 Entrepreneurship issues
L8 Standard contracts in civil engineering
L9 Risk management in construction company
L10 Summary and discussion of the exam questions
Applications
A1 General presentation of the case study (WTP – Hunedoara)
A2 Financial analysis and management in construction company (WTP – Hunedoara)
A3 Cash flow analysis (WTP – Hunedoara)
A4 Visit – WTP Hunedoara
A5 Project’s presentation
LIST OF LECTURES
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
OBJECTIVES
- Student is familiar with the basic economic concept used in the construction
industry
- Student understands the role and the structure of the main financial
statements
- Student can use common financial ratios and interpret them
- Student can make a cash flow analysis based on projected expenditures and
revenues
- Student is familiar with the tasks performed by a financial manager
L3 FINANCIAL MANAGEMENT IN
CONSTRUCTION COMPANIES
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
I. BASIC ECONOMIC CONCEPTS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
II. FINANCIAL STATEMENTS
• Income statement
• Balance sheet
III. FINANCIAL RATIOS
• Activity ratios (Sales dynamics, Inventories dynamics, Total asset turnover ratio)
• Debt ratios (Total Liabilities/Total Assets)
• Profitability ratios (ROE, ROA)
• Liquidity ratios (Quick ratio, Current ratio)
• Investment ratios (IRR, NPV, ROI)
IV. CASH FLOW ANALYIS
V. FINANCIAL MANAGEMENT: TASKS
L3 FINANCIAL MANAGEMENT IN
CONSTRUCTION COMPANIES
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Expenditures
- Represent the amounts of money that support the activity of a company. Are the
monetary expression of the production factors consumption.
- Examples:
• Operating expenses: Staff costs (wages, social contributions, taxes, etc.),
Capital costs (equipment, plants, technologies, materials etc.), Land,
Administration, Rent.
• Financial expenses (interests, provisions, etc.)
• Unexpected expenses (penalties, loses due to natural causes).
- Their inclusion in one or another category depends on the accounting system
(European continental, Anglo-Saxon system, etc.).
- A complete list with expenditures is found in the Income statement
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Costs
- Accountants use the term of expenditures, economists employ the term costs
- The production cost include only those expenses items generated by the production (Q)
process
- Categories of costs:
• Fixed (indirect) and variables (direct) costs
A. Indirect costs are independent of output. These remain constant throughout the
relevant range, on short-term (depreciation, rent, managers wages, administration,
interests)
B. Direct costs vary with output. Generally variable costs increase at a constant rate
relative to labor and capital. Variable costs may include employees wages, utilities,
materials used in production, etc.
• Total and unit costs (each of them are fixed and variables)
A. Total costs, including direct and indirect components are the costs related to the entire
production volume (i.e. for 10 steel beams)
B. Unit costs (direct and indirect component) are the costs per unit (i.e. for 1 steel beam)
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Costs
Total costs (C) and output volume (Q)
C = FC + VC (Total costs = Fixed costs + Variable costs)
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
Q
C
0
FC
VC
C
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Break-even point
??? What volume of production or of the turnover is necessary in order to obtain
profit?
!!! The profit is not generated automatically after the start of a business (the fixed costs are high
while the output volume is reduced)!
- The break-even point corresponds to the output level (Qbep) where the firm starts to
obtein profit (in this point, the profit is zero).
I. BASIC ECONOMIC CONCEPTS
Lecture 3: Financial management in construction companies Q
C
0
FC
VC
C
T
bep
Qbep
Loss
Profit
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
I. BASIC ECONOMIC CONCEPTS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
II. FINANCIAL STATEMENTS
• Income statement
• Balance sheet
III. FINANCIAL RATIOS
• Activity ratios (Sales dynamics, Inventories dynamics, Total asset turnover ratio)
• Debt ratios (Total Liabilities/Total Assets)
• Profitability ratios (ROE, ROA)
• Liquidity ratios (Quick ratio, Current ratio)
• Investment ratios (IRR, NPV, ROI)
IV. CASH FLOW ANALYIS
V. FINANCIAL MANAGEMENT: TASKS
L3 FINANCIAL MANAGEMENT IN
CONSTRUCTION COMPANIES
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
II. FINANCIAL STATEMENTS
• Income statement
• Balance sheet
II. FINANCIAL STATEMENTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Income statement
DEF: An income statement (profit
and loss account) shows the
company’s revenues and expenses
during a particular period.
II. FINANCIAL STATEMENTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Income statement
Resume
II. FINANCIAL STATEMENTS
Lecture 3: Financial management in construction companies
Revenues
Expenses
PROFIT
Revenues
Expenses
LOSS
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
II. FINANCIAL STATEMENTS
• Income statement
• Balance sheet
II. FINANCIAL STATEMENTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Balance sheet
DEF: A balance sheet
summarizes an organization or
individual's assets, equity and
liabilities at a specific point in
time.
II. FINANCIAL STATEMENTS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Balance sheet
II. FINANCIAL STATEMENTS
Lecture 3: Financial management in construction companies
Balance sheet
2011 2012 2013
Gross fixed assets 1,330,832 1,244,003 1,127,678
Depreciation 0 10,198 58,834
NET FIXED ASSETS 1,330,832 1,233,804 1,068,844
Inventories 24,069 12,018 30,659
Accounts receivable 799,092 945,112 1,079,979
Other current assets 38 33 510
Cash in hand 24,757 21,320 23,563
CURRENT ASSETS 847,956 978,483 1,134,711
TOTAL ASSETS 2,178,788 2,212,287 2,203,554
Fixed Assets & Contributions 756,036 740,381 855,748
Retained earnings 538,999 409,664 -62,520
EQUITY 1,295,035 1,150,045 793,228
Investment grants 0 0 210,073
Loans 0 0 0
Bank overdraft 0 0 0
Accounts payable 883,753 1,062,242 1,200,252
Other current liabilities 0 0 0
LIABILITIES 883,753 1,062,242 1,410,325
TOTAL EQUITY AND LIABILITIES 2,178,788 2,212,287 2,203,554
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Balance sheet
Resume
II. FINANCIAL STATEMENTS
Lecture 3: Financial management in construction companies
Balance sheet
Assets Liabilities and Owners' Equity
Show which is the wealth of the company (the patrimony, the value).
Represents a snapshot of a company's technical condition.
Show where the money came from (owners or loans).
Represents a snapshot of a company's financial condition.
Perfect equality
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
I. BASIC ECONOMIC CONCEPTS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
II. FINANCIAL STATEMENTS
• Income statement
• Balance sheet
III. FINANCIAL RATIOS
• Activity ratios (Sales dynamics, Inventories dynamics, Total asset turnover ratio)
• Debt ratios (Total Liabilities/Total Assets)
• Profitability ratios (ROE, ROA)
• Liquidity ratios (Quick ratio, Current ratio)
• Investment ratios (IRR, NPV, ROI)
IV. CASH FLOW ANALYIS
V. FINANCIAL MANAGEMENT: TASKS
L3 FINANCIAL MANAGEMENT IN
CONSTRUCTION COMPANIES
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
FINANCIAL RATIOS
• Activity ratios (Sales dynamics, Inventories dynamics, Total asset turnover
ratio)
• Debt ratios (Total Liabilities/Total Assets)
• Profitability ratios (ROE, ROA)
• Liquidity ratios (Quick ratio, Current ratio)
• Investment ratios (IRR, NPV, ROI)
III. FINANCIAL RATIOS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
III. FINANCIAL RATIOS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
III. FINANCIAL RATIOS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
FINANCIAL RATIOS
• Investment ratios – used in business plans, feasibility studies,
etc.(investment opportunities)
!!! The feasibility study would be completed prior to the business plan. The feasibility study helps
determine whether an idea or business is a viable option and is usually made when we have a
construction objective (economic and technical parts).
IRR - internal rate of return (measure and compare the profitability of
investments). IRR the discount rate (interest rate – 5%) at which the present
value of all future cash flow is equal to the initial investment (NPV=0)
III. FINANCIAL RATIOS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
FINANCIAL RATIOS
• Investment ratios
NPV – Net present value of a time series of cash flows, both incoming and
outgoing, is defined as the sum of the present values of the individual cash flows
of the same entity (NPV is an indicator of how much value an investment or
project adds to the firm; value added in NPV >0)
ROI - Return on investment - is used to measure, per period, rates of return on
money invested in an economic entity in order to decide whether or not to
undertake an investment. It is also used as indicator to compare different project
investments within a project portfolio.
III. FINANCIAL RATIOS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
I. BASIC ECONOMIC CONCEPTS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
II. FINANCIAL STATEMENTS
• Income statement
• Balance sheet
III. FINANCIAL RATIOS
• Activity ratios (Sales dynamics, Inventories dynamics, Total asset turnover ratio)
• Debt ratios (Total Liabilities/Total Assets)
• Profitability ratios (ROE, ROA)
• Liquidity ratios (Quick ratio, Current ratio)
• Investment ratios (IRR, NPV, ROI)
IV. CASH FLOW ANALYIS
V. FINANCIAL MANAGEMENT: TASKS
L3 FINANCIAL MANAGEMENT IN
CONSTRUCTION COMPANIES
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
CASH FLOW
DEF: Is the movement of money into or out of a business or investment project.
Purpose: to determine problems with a business's liquidity (risk) and to determine a
project's rate of return or value.
Importance of cash management in construction
- Construction projects have inherent cash management problems
- One of the major problems is the range in the cost of projects, which can vary
- Large cash outflows take place during periods when cash inflows do not
- Cash management problems are often multiplied by other factors like: Sensitivity to
current economic trends; Lack of sufficient bank credit facilities; Low industry
profitability; Inadequate tax planning; Wrong pricing strategy.
IV. CASH FLOW ANALYIS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
CASH FLOW
Cash Flow Analysis:
- The goal in measuring project cash flow is to accelerate receipts so that there is a
positive cash flow from each contract (receive payments from the owner before the
cash payments to subcontractors, material suppliers, employees, and others)
- The cash flow analysis should be based on time periods (e.g., monthly, yearly) for
each contract or for each segment or activity of each contract in process (the
purpose is to identify the cash needs).
- To complete the cash-forecasting function, the projected cash flow from jobs in
process should be combined with non-job-related cash flows (general and
administrative expenses, interest, fixed assets expenditures, taxes, etc.).
- Cash flow analysis include all components which generate cash movements
(inwards and outwards).
IV. CASH FLOW ANALYIS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
CASH FLOW
IV. CASH FLOW ANALYIS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
CASH FLOW – construction (1)
IV. CASH FLOW ANALYIS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
CASH FLOW – construction (2)
IV. CASH FLOW ANALYIS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
CASH FLOW - general
IV. CASH FLOW ANALYIS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
CASH FLOW – tips
- Billing practices and the controlling of job expenditures are two important areas
that further enhance a contractor's cash flow
- Billing practices are related to: (1) comparison between number of days until
paying the suppliers and number of days until receiving payments from customers;
(2) retention by the owner, which is usually 10% of the progress billing of a portion
of the cash due on the contract (performance security)
- Factors that should be considered by the contractor when negotiating billing terms
in the contract with the owner include the following:
• Payment schedule
• Weekly billing procedures (when contracts are field-labor intensive)
• Payment for materials stored on-site prior to installation
• Contract closeout and punch-list procedures
• Rights to submit claims (approved and unapproved)
• Eliminating or minimizing retention provisions
IV. CASH FLOW ANALYIS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
I. BASIC ECONOMIC CONCEPTS
• Expenditures
• Costs
• Prices & Revenues
• Profit
• Break-even point
II. FINANCIAL STATEMENTS
• Income statement
• Balance sheet
III. FINANCIAL RATIOS
• Activity ratios (Sales dynamics, Inventories dynamics, Total asset turnover ratio)
• Debt ratios (Total Liabilities/Total Assets)
• Profitability ratios (ROE, ROA)
• Liquidity ratios (Quick ratio, Current ratio)
• Investment ratios (IRR, NPV, ROI)
IV. CASH FLOW ANALYIS
V. FINANCIAL MANAGEMENT: TASKS
L3 FINANCIAL MANAGEMENT IN
CONSTRUCTION COMPANIES
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
TOPICS
Goals
Financial Manager Tasks
Key balance sheet accounts
V. FINANCIAL MANAGEMENT: TASKS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Goals
- DEF: Financial management is the process of planning decisions in order to
maximize the owners' wealth.
- Financial managers have a major role in:
• cash management,
• in the acquisition of funds ,
• in all aspects of raising and allocating financial capital, taking into account the
trade-off between risk and return.
- Company goals usually include:
• stockholder wealth maximization
• profit maximization
• managerial reward maximization
• social responsibility
!!! The traditional goal frequently stressed by economists-profit maximization is
not sufficient for most construction companies today.
V. FINANCIAL MANAGEMENT: TASKS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Goals
V. FINANCIAL MANAGEMENT: TASKS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Financial Manager Tasks
- Financial managers need accounting and financial information to carry out their
responsibilities.
- Tasks
V. FINANCIAL MANAGEMENT: TASKS
Lecture 3: Financial management in construction companies
Accounting Payroll
Reporting financial information Maintaining banking relationships
Interpreting financial data Investing funds
Budgeting Obtain financing
Controlling operations Investor relations
Preparing taxes Managing cash
Managing assets Disbursing dividends
Internal auditing Deciding on the financing mix
Reporting to authorities Managing pension funds
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Financial Manager Tasks
V. FINANCIAL MANAGEMENT: TASKS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Financial Manager Tasks (!!! In large companies, the tasks are split)
V. FINANCIAL MANAGEMENT: TASKS
Lecture 3: Financial management in construction companies
L10 – B.2 – Mechanical properties of cast iron, mild iron and steel at historical structures
European Erasmus Mundus Master Course
Sustainable Constructions under Natural
Hazards and Catastrophic Events
Key balance sheet accounts (necessary to manage the cash)
V. FINANCIAL MANAGEMENT: TASKS
Lecture 3: Financial management in construction companies
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