CFO說

Wincanton CFO，Adrian Colman

Given the breadth of Wincantons business and customer segments， finance plays a key role in meeting volume demand for its fleet， whether by using its own fleet or finding sub-contractors to pick up the slack. “The big three asset pools are people， property and vehicles. We share resources across multiple contracts and have an efficiency programme around driver behaviour， reducing damage to fleet and MPG impact，” he explains. “The focus has been on generating free cash to reduce debt and keep payments down. “It was over-leveraged； there was too much bank debt and pseudo-debt. The balance of company value to the proportion of debt is more sustainable，” he says. “The focus has been on generating free cash to reduce debt and keep payments down.”

英國Wincanton是歐洲首屈一指提供先進供應鏈方案及設計的物流公司。鑒于Wincanton的業務范圍之廣、客戶細分之準確，無論是使用自己的船隊或是尋找分包商，財務在滿足艦隊需求方面發揮了關鍵作用。CFO Adrian Colman 解釋說，“我們的三大資產是人員、固定資產和交通工具。我們要將資源分配到多個合同的執行， 對司機的活動有專門的效率方案，以減少船隊的損壞和增加每加侖行駛的英里數。” Wincanton曾經負債過高，銀行債務和假賬過多。“只有保持價值和債務比例平衡才能可持續發展。因此，我們曾一度關注增加自由現金量來減少債務和應付賬款。”

Merlin Entertainments CFO， Andrew Carr

Merlin has a strategy its executive team and backers are happy with. Thats about creating value in the long term， and it means not being sucked into short-term thinking by the markets， according to Carr.“You have to continually remind yourself not to get caught up in the trap of worrying too much about the short-term bumps in the road， which inevitably happen，” he says.“Everyone wants to interpret absolutely everything that occurs in a business and extrapolate it based on short-term information. The market lives and breathes by determining whether you are a share that they want to buy or sell； its never about a share they want to hold because people only make commissions when shares are being traded.”

世界第二大主題公園運營商梅林娛樂（Merlin Entertainments）制定了一項令執行團隊和支持者都滿意的戰略。那就是關注長遠的價值創造，不卷入市場的短期思維。CFO Andrew Carr強調，“你需要不斷提醒自己不要陷入對短期挫折的擔憂之中。這種擔憂很容易產生，因為每個人都想基于短期信息對商業中發生的一切進行理解和推斷。市場就是靠判斷要買進還是賣出股票來維持運轉；而不是長時間持有一只股票，因為只有交易發生才能產生傭金。”

Schroders FD，Kevin Parry

Parry is a “fan” of mark-to-market. He does raise concerns， citing pensions accounting， where problems can take “decades to sort out” but companies have to resolve deficits in timescales that “are unrealistic”. “The message is right， but blame the application for the outcome，” he says. “Theres some room for better thought processes.”

作為國際知名資產管理集團施羅德（Schroders）的CFO， Kevin Parry是盯市會計準則的忠實擁護者；同時，他也表達了自己的擔憂，稱養老金會計問題可以用 “幾十年的時間來解決”，但解決公司的虧損問題沒有明確的時間表。“有時候所有的信息都是正確的，但結果往往取決于如何將信息運用于實踐。因此，一個充分的思考過程是非常必要的。”