CFO说 第3期

Bilfinge集团财务总监 Joachim Müller

“We won’t buy restructuring cases and we always try to retain the management. Both the integration agenda and the set up of the team responsible for implementi ng it are ready by the ti me of the buyout. Well organized， we set out to work immediately aft er closing and start by setti ng up a steering committ ee. The project lead must come from the operati ng business itself. In additi on， the committ ee includes a commercial manager from Bilfinger， and a professional IT manager with relevant experience is kept in the loop. It’s important that we have access to the necessary fi gures from the outset. We allow ourselves about 3 months to integrate a new enti ty into group reporti ng， and full integrati on can take up to a year.”

Bilfinger是德国最大的民用和工业工程公司。集团财务总监Joachim Müller在谈到收购目标时表示，“我们不会收购正在经历重组的公司而且总是试图保留公司原来的管理结构。”对于并购后的整合，Joachim Müller 认为，“收购之前必须建立完整的合并议程和负责实施的团队，收盘后组织良好的指导委员会，项目领导必须亲自参与操作。此外该委员会包括一位Bilfinger的商业经理，决策圈内还要有一名具有相关经验的专业IT经理。我们必须从一开始就获得必要的数字，这是非常重要的。我们用大概三个月时间将一个新的实体整合进集团报表而完整的集成则需要一年时间。”

Helion Advisors CFO Natarajan. R

Helion Advisors is a venture capital fi rm.“I think the company should have simple fi nancial discipline， which will ensure healthy cash fl ow. This is advice at a macro level. Depending upon the stage of the company and the sector in which it operates， various structures can be put in place to monitor healthy cash fl ow for each company. For example， if it is a consumer business， it is easy to track cash collecti on on a daily basis and your focus should be on inventory. Ideally， you may like to negoti ate the supplier credit period and very low inventory in such a way that there is a negative working capital business here. If it is a services business， then try to negotiate some advance from the customers， if possible. If not， do a more frequent billing to get cash faster.”

Helion Advisors是一家风险投资公司，其CFO Natarajan. R在接受采访时说，“我认为公司应该有简单的财务纪律，以保持现金流的健康。这只是宏观层面的建议，公司发展阶段不一及在行业中地位不同，因此对于每个公司来说，可采用不同的方法来监控现金流是否健康。例如，如果是消费者业务，跟踪每天的实收栏是很容易的，关注的焦点应该是库存。理想情况下你可能倾向于通过与供应商进行信用期谈判来减少库存，通过这种方式使营运资本为负。如果是服务业，尽可能让客户预付如果不成就缩短发账单周期以更快得到现金。”

CSX Corporation CFO Fredrik Eliasson

"In today’s economy， companies need to prepare for and respond appropriately to change faster than ever，" Eliasson said. "Being fl exible has helped enable success for CSX in an increasingly interconnected and dynamic business environment."

Eliasson also focused on the need for a balanced capital structure， sharing CSX’s approach， which balances capital investment， dividend payouts and share repurchases. "This balance strengthens the nation’s freight rail infrastructure， keeps our credit profile strong， and maximizes both the short and long term benefits for the company，" he said. Empowering the team to make decisions is key to staying nimble， said Eliasson. "CSX has conti nued to adapt to the changing business environment by driving strong producti vity improvements and proacti vely adjusti ng resources， all while maintaining high service levels，" he noted.

CSX是全球唯一的集铁路、集装箱运输和后勤服务于一体的集团。“公司必须随时准备应对比以往更加多变的经济环境。” 公司CFO Eliasson表示，“灵活性使CSX在互联程度更高和更具活力的商业环境中得以成功。” Eliasson表达了对平衡的资本结构的关注，并分享了CSX公司平衡资本投资、派息和股票回购的方法。“这种平衡增强了国家的货运铁路基础设施，使我们的信用状况更强劲，公司的短期和长期利益同时最大化。” Eliasson指出，“授权团队决策是保持灵活敏捷的关键。CSX公司通过改进生产率，积极主动调整资源，适应不断变化的业务环境，同时保持较高的业务水平。”