The Responsible Manager's Journal
Volume 1, Numéro 1, Pages 12-17
2023-11-30
Evaluation Of A Cash Pooling System And Analysis Of It’s Impact On A Company’s Financial Performance: Case Study Of Djezzy / Veon.
Authors : Mokhtari Sid-ahmed . Khaldi Walid . Larbi Bey Ishak . Sahnoun Zine El Abidine Bilel .
Abstract
Since the 1980s, the economic world has undergone unprecedented change, marked by exponential growth in global investment and the implementation of complex financial structures. Against this backdrop, efficient cash management has become a major issue for companies, particularly for groups with geographically dispersed subsidiaries. This paper explores the concept of centralized cash management within a group and the implementation of a cash pooling system. This approach makes it possible to consolidate cash flows from different group entities in order to optimize overall financial management. The main objective of this work is to analyze the advantages and challenges associated with cash pooling, and to examine the various aspects of implementing a cash pooling system. We will examine the theoretical underpinnings of cash pooling and the main cash pooling mechanisms, focusing on legal, operational, and financial aspects. In this context, our study will also address the key factors to be taken into account when designing and implementing an effective cash pooling system. We will explore regulatory, tax and risk management considerations, as well as the potential advantages and disadvantages for different group entities. In addition, we will look at best practices and case studies to illustrate how some companies have successfully implemented a successful cash pooling system, and the lessons that can be learned from them.
Keywords
Finance; Treasury; Subsidiary; Centralization; Cash pooling
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