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Working capital management report 2013

Dernière édition de l'étude EY - All Tied Up publiée chaque année sur la gestion du besoin en fonds de roulement (BFR) des entreprises.

Laurent Leloup
Laurent Leloup
Cette étude analyse la performance du BFR de près de 4.000 entreprises réparties aux Etats-Unis, en Asie, en Australie, en Nouvelle Zélande, au Canada, en Europe, en Inde, au Japon et en Amérique du sud sur la période 2011 / 2012.

Voici quelques éléments clés de cette étude :

- Aux États-Unis, 58% des entreprises étudiées montrent une détérioration de leur performance cash tandis que 59% des entreprises Européennes marquent quant à elles une amélioration de leurs résultats.

- Au total, près de 1,3 milliards de $ sont inutilement mobilisés auprès des 2000 des plus grandes entreprises américaines et européennes étudiées, ce qui représente près de 7% de leurs ventes combinées.

- De fait, les résultats de l'enquête EY suggèrent que la plupart entreprises étudiées ont d'énormes possibilités d'amélioration dans de nombreux aspects de leur gestion du BFR. L'étude montre également des inégalité entre les différents secteurs étudiés. En Europe, le secteur des semi-conducteurs a particullièrement soufffert (le C2C* a augmenté de 16%) tandis que le secteur de l'Agro-alimentaire s'est particulièrement amélioré (le C2C s'est réduit de 13%).

- Concernant la France, le C2C des entreprises étudiées s'améliore de 6% sur la période 2011 / 2012 pour atteindre 39 jours à fin 2012, une performance en ligne avec la moyenne européenne, devant l'Allemagne (49 jours de C2C) et derrière la Grande Bretagne (30 jours de C2C).

* C2C = Cash to Cash, soit le nombre de jours de CA immobilisé dans le BFR

Voici le communiqué en anglais :

Diverging working capital trends between the US and Europe

US$1.3 trillion still unnecessarily tied up in working capital among leading US and European companies.

The results for companies’ working capital (WC) performance in 2012 show diverging trends between the US and Europe, with cash-to-cash (C2C) increasing by 2% in the US from its level of 2011, while dropping by 4% in Europe over the same period. For the US, these headline results almost wiped out the gains achieved in the previous year. In contrast, Europe reported significantly improved WC performance after a stable outcome the year before, according to All tied up 2013, EY’s annual working capital management survey, released today.

This year’s survey focuses on the WC performance of the top 2,000 companies in the US and Europe. It also provides insights into the WC performance of another 2,000 companies in seven other regions and countries. In addition, it sets out the findings of a review comparing the WC performance of small and medium-sized enterprises (SMEs) with that of large companies.

US and Europe
For the US, the deterioration in WC performance in 2012 resulted from poor results in both inventory and receivables (days sales outstanding (DIO) and days sales outstanding (DSO) were up 3% and 1%, respectively), partly offset by a better showing in payables (days payable outstanding (DPO) was up 2%). For Europe, the stronger WC performance was driven by progress in both receivables and inventory (DSO and DIO were down 4% and 2%, respectively), partly offset by a poor showing in payables (DPO was down 3%).

Compared with 2011, sales growth slowed to 3% in the US and 6% in Europe in 2012. But while sales in the US grew at a similar rate in the final quarter of the year compared with the full year 2012, Europe saw a significant decline in sales growth toward the end of the year, as much of the region fell back into recession.

Benjamin Madjar, EY Executive Director says: “For Europe, this trend means that much of the reported WC improvement appears to have come from much lower sales and therefore purchases in the last months of the year, resulting in reduced balances of both receivables and payables.”

“However, many companies in both regions have also continued to pursue new initiatives in the area of WC, especially with regard to lean manufacturing, billing and cash collection, spend consolidation, low-cost country sourcing, renegotiation of payment terms, and supply chain efficiency.”

Performance by sector
In 2012, there were wide divergences in the WC performance of various industries across and within regions, partly reflecting the impact of contrasting economic growth patterns and changes in exchange rates during the year.
Automotive suppliers in the US reported significantly higher C2C, while their European peers still managed to reduce C2C. Among non-cyclical industries, pharmaceutical companies in the US reported higher C2C, while those in Europe posted lower C2C. For the oil and gas industry, changes in exchange rates between the US dollar and the euro played a significant part in explaining the variations in WC performance between the two regions.

European country performance comparisons
Of the seven main sub-regions and countries in Europe, the UK was the only one reporting worse WC results in 2012 compared with 2011. Its C2C increased by 4%, wiping out the entire gain registered in the year before when the country significantly outperformed its peers. In contrast, France (6% drop in C2C), Germany (4% drop), Benelux (6% drop) and Nordic (7% drop) countries managed to report a solid improvement in WC performance.

Improving working capital management – US$1.3t still tied up
The wide variations in WC performance between different companies in each regional industry point to significant potential for improvement — with up to US$1.3t of cash unnecessarily tied up in WC of the leading 2,000 US and European companies. The report’s “cash potential” analysis reveals that the opportunity is distributed across the various types of WC components, with 35% coming from each of receivables and payables and 30% from inventory.

Other regions and countries
Companies in other regions and countries scored poorly in 2012, with overall C2C increasing by 3% (and by 4% excluding the oil & gas and metals and mining industries). Last year’s weak WC performance was due to poor results in receivables and inventories, partly offset by a better showing in payables.
In 2012, five regions and countries out of seven posted a deterioration in WC performance. Only two regions (Australia and New Zealand, and Latin America) reported better results.

SMEs and large companies
SMEs further narrowed the WC gap with large companies in 2012, meaning that the WC gap between both sub-groups have been tightening since 2005.
Benjamin Madjar says: “SMEs still display much larger C2C than their larger counterparts. Analysis shows that scale provides large companies with the ability to negotiate favorable payment terms with customers and suppliers.”

Benjamin Madjar concludes: “Now’s the time for companies to challenge their working capital performance and seek effective strategies to free up excess cash from the balance sheet to reduce net debt, fund growth or business transformation or even return value to shareholders.

“Many companies only really focus on working capital metrics at key reporting periods such as quarter and year-end and miss out on huge potential cash gains by getting into a monthly or even weekly rhythm.”

Download the survey below (PDF 24 pages)
all_tied_up_2013.pdf All Tied Up 2013.pdf  (5.05 Mo)

Inscrivez-vous dès maintenant au WORKING CAPITAL DAY, la matinée du BFR, du 26 novembre prochain.

Mercredi 17 Juillet 2013

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