Capital requirement planning

Kapitalbedarfsplanung wird auch langfristige Finanz- oder Bilanz-(struktur-)Planung genannt. Ihre Aufgabe im Rahmen der Financial planning ist die Vorausschätzung des langfristigen Kapitalbedarfs, die Initiierung der Aufnahme von langfristigen Fremd- und Eigenmitteln und die Schaffung einer Bilanzstruktur, die potenziellen Kreditgebern fristenkongruente Finanzierung und damit Bonität signalisiert und diese zur problemlosen, kostengünstigen Mittelvergabe bewegt.
The forecast horizon is generally five years, but shorter (up to two years) and longer periods can also be planned. Due to its great importance, capital requirement planning is a central management task. Executing activities are carried out by the treasurer, while the decisions are made partly by the chief financial officer, partly also collectively by the management. As the last link in strategic corporate planning, capital requirement planning has to process the long-term forecast business development and investment plans as given. Many stock corporations strive for a stable dividend payment as part of their profit appropriation policy.

In these cases, the distribution is also a planning date. In times of scarce fundraising, the finance department of investment planning can also make specifications on maximum capital commitment period, necessary collateral potential, minimum returns, etc., which are used as a basis for the selection of projects. Together with the existing assets and capital stocks, budgeted balance sheets are then drawn up. Depending on the development of the planning system, different demanding solutions can be pursued.
Einfach, aber auch grob ist die Aufstellung einer Bewegungsbilanz, in der die Mittelverwendung in Form von Zunahme der Aktiva (z.B. Investition) sowie Abnahme der Passiva (z.B. Kreditrückzahlung) und die Mittelherkunft als Passivmehrung (z.B. Eigenkapital-Zuführung) und Aktivminderung (z.B. Divestment) einander gegenübergestellt werden. Aufwendiger und genauer wird die Vorgehensweise bei Kapitalflussrechnungen, die aus vorhergesagten Kontenumsätzen die Bilanzänderungen ableiten und dabei wichtige Positionen zu Fonds zusammenfassen.

From the results of the passive part of the planning, the financing gaps can be seen, which are then examined with the help of the simulation of different coverage variants for costs and feasibility as well as their effects on balance sheet structures. On the one hand, the result of the capital requirement planning can be a rigid action plan in which financing measures are fixed in terms of amount and time.

Additionally or alternatively, a flexible catalog of activities is to be defined depending on realized (balance sheet) developments, which then requires continuous control of the company activities for the control of measures. For example, the issue (issue policy) of a bond can be made dependent on the business development of the coming year and the stock market climate in order to reduce the cost of capital. The capital requirement planning makes specifications for shorter-term partial invoices, in particular the liquidity planning, which ensure that the planned balance sheet structure is also on schedule and with congruent deadlines in the medium term.

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