CFO说

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.”

英国Wincanton是欧洲首屈一指提供先进供应链方案及设计的物流公司。鉴于Wincanton的业务范围之广、客户细分之准确，无论是使用自己的船队或是寻找分包商，财务在满足舰队需求方面发挥了关键作用。CFO Adrian Colman 解释说，“我们的三大资产是人员、固定资产和交通工具。我们要将资源分配到多个合同的执行， 对司机的活动有专门的效率方案，以减少船队的损坏和增加每加仑行驶的英里数。” Wincanton曾经负债过高，银行债务和假账过多。“只有保持价值和债务比例平衡才能可持续发展。因此，我们曾一度关注增加自由现金量来减少债务和应付账款。”

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.”

世界第二大主题公园运营商梅林娱乐（Merlin Entertainments）制定了一项令执行团队和支持者都满意的战略。那就是关注长远的价值创造，不卷入市场的短期思维。CFO Andrew Carr强调，“你需要不断提醒自己不要陷入对短期挫折的担忧之中。这种担忧很容易产生，因为每个人都想基于短期信息对商业中发生的一切进行理解和推断。市场就是靠判断要买进还是卖出股票来维持运转；而不是长时间持有一只股票，因为只有交易发生才能产生佣金。”

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.”

作为国际知名资产管理集团施罗德（Schroders）的CFO， Kevin Parry是盯市会计准则的忠实拥护者；同时，他也表达了自己的担忧，称养老金会计问题可以用 “几十年的时间来解决”，但解决公司的亏损问题没有明确的时间表。“有时候所有的信息都是正确的，但结果往往取决于如何将信息运用于实践。因此，一个充分的思考过程是非常必要的。”