Working capital management in the value chain of automotive industry

The objective of this Master’s thesis is to examine working capital management in the automotive industry in years 2006-2008. The study is conducted by the analysis of financial statements. The sample consists of 65 companies that represent different stages in the value chain of automotive industry beginning from raw material suppliers and ending to car dealers. Working capital management is studied by the cash conversion cycle (CCC). The results show that the average CCC of the value chain is 67 days. Car manufacturers had the longest CCC, 106 days, whereas the CCC of oil companies was the shortest, 22 days. The findings suggest that the cycle time of working capital usually follows the cycle time of inventories, since the changes in cycle times of accounts receivable and payable compensate each other. Improvements in working capital management could be achieved by sharing more accurate information in the chain for example about inventory levels and order points of customer. It could also be discussed within the automotive industry, if the long credit periods, which tie up working capital, are really needed. New technologies enable faster payments, which would reduce the cash conversion cycles, improve the profitability of companies, and increase the competitiveness of the value chain. Working capital should not be reduced at the expense of value chain partners, because nowadays the competition is rather between the value chains than between the companies. Similar research design is applied earlier to study working capital management in the value chain of pulp and paper industry. Even if the industries and the structures of the chains differ from each other, results were surprisingly similar. In future research, working capital management in other industries’ value chains could still be studied and compared to previous studies. ICT industry, for example, could be an interesting object.

Mening genom (kristen) metal

Kirja-arvio

Atomic level phenomena on transition metal surfaces

In this study we discuss the atomic level phenomena on transition metal surfaces. Transition metals are widely used as catalysts in industry. Therefore, reactions occuring on transition metal surfaces have large industrial intrest. This study addresses problems in very small size and time scales, which is an important part in the overall understanding of these phenomena. The publications of this study can be roughly divided into two categories: The adsorption of an O2 molecule to a surface, and surface structures of preadsorbed atoms. These two categories complement each other, because in the realistic case there are always some preadsorbed atoms at the catalytically active surfaces. However, all transition metals have an active d-band, and this study is also a study of the in uence of the active d-band on other atoms. At the rst part of this study we discuss the adsorption and dissociation of an O2 molecule on a clean stepped palladium surface and a smooth palladium surface precovered with sulphur and oxygen atoms. We show how the reactivity of the surface against the oxygen molecule varies due to the geometry of the surface and preadsorbed atoms. We also show how the molecular orbitals of the oxygen molecule evolve when it approaches the di erent sites on the surface. In the second part we discuss the surface structures of transition metal surfaces. We study the structures that are intresting on account of the Rashba e ect and charge density waves. We also study the adsorption of suphur on a gold surface, and surface structures of it. In this study we use ab-initio based density functional theory methods to simulate the results. We also compare the results of our methods to the results obtained with the Low-Energy-Electron-Difraction method.

Suorakulmaisten palonrajoittimien valmistettavuuden kehittäminen

Palonrajoittimet ovat tuotteita, jotka estävät tulen ja savun leviämisen palo-osastosta toiseen ja mahdollistavat ihmisten turvallisen ulospääsyn palotilanteessa. Tämän diplomityön tavoitteena oli vähentää suorakulmaisten palonrajoittimien valmistuskustannuksia niiden valmistettavuutta kehittämällä. Työn teoriaosassa käsitellään valmistettavuutta ja kokoonpantavuutta kehittäviä menetelmiä DFM:ää (Design for Manufacturability) ja DFA:ta (Design for Assembly) sekä palonrajoittimien ja ohutlevytuotteiden erityispiirteitä. Käytännön osuudessa esitellään tutkimusta varten valmistetut kolme kehitettävää palonrajoitinta, joita vertaillaan myös kilpaileviin tuotteisiin. Tuotteista analysoidaan osamääriä, materiaalikustannuksia ja työaikoja. Palonrajoittimien ongelmakohtia olivat muun muassa liittäminen ja kokoonpantavuus. Työssä esitetään keinoja palonrajoitinten valmistusystävälliseen suunnitteluun ja uusi moduloitu tuoteperhemalli, jolla vähennetään varsinkin valmistuksesta aiheutuvia kiinteitä kustannuksia. Lisäksi työssä esitetään alustava runkoratkaisumalli uudelle tuoteperheelle.

Atomikerroskasvatuksen soveltaminen kemiantekniikassa

Tässä kirjallisuustyössä tutkittiin atomikerroskasvatuksen (ALD) soveltamista kemiantekniikassa. Työn alussa kerrottiin atomikerroskasvatuksesta, sen toimintaperiaatteista ja prosessitekniikasta. Tämän jälkeen tutkittiin viittä eri kemiantekniikan sovellusta, jotka olivat polymeerien pinnoittaminen, heterogeenisten katalyyttien syntetisointi, membraanien modifiointi, korroosionesto ja kaasunilmaisimet. ALD on ohutkalvotekniikka, jolla voidaan valmistaa nanometrin tai jopa Ångströmin (1 Å = 0.1 nm) tarkkuudella epäorgaanisia materiaalikerroksia, jotka yleensä ovat metallioksideja, kuten alumiinioksidi. ALD perustuu kaasu-kiintoainereaktioihin, joissa kaasumaiset kemialliset prekursorit reagoivat vuorotellen kasvualustan kanssa. Tyypilliset prekursorit ovat metalliligandi ja vesi, joka on yleisin hapen lähde ALD-reaktioissa. ALD−reaktiot suoritetaan yleensä matalassa paineessa (100−200 Pa) ja korkeassa lämpötilassa (200–400 °C) suljetussa reaktorikammiossa. ALD-prosesseissa voidaan hyödyntää myös plasmaa alentamaan reaktiolämpötiloja. Plasman avulla prekursoreista luodaan hyvin reaktiivisia radikaaleja, jotka voivat reagoida jopa huoneenlämmössä. Lämpöherkkiä polymeerejä voidaan pinnoittaa ohutkalvoilla, joilla voidaan lisätä esimerkiksi pakkausmateriaalien suojaa happea ja vesihöyryä vastaan. ALD:llä voidaan syntetisoida tarkasti nanomittakaavan heterogeenisiä katalyyttejä, joilla on korkea dispersio tukimateriaalin pinnalla. ALD:n avulla voidaan säästää katalyyttimateriaalia menettämättä katalyytin aktiivisuutta, mikä on tärkeää monien katalyyttisovellusten taloudellisuuden kannalta, esimerkiksi polttokennot. ALD soveltuu hyvin membraanien modifiointiin, koska kaasumaiset prekursorit leviävät tasaisesti membraanin huokosiin. Membraanien pinnoittamisella pyritään vaikuttamaan, selektiivisyyteen, hydrofiilisyyteen, liuotinkestävyyteen, huokoskokoon ja sen jakaumaan. Lisäksi membraaneja voidaan pinnoittaa katalyyttisillä ohutkalvoilla, mikä on tärkeää nanoreaktoreiden kehityksen kannalta. ALD:llä voidaan pinnoittaa esimerkiksi terästä, ja vähentää täten teräksen korroosiota. Puolijohtavia metallioksideja voidaan käyttää kaasunilmaisimina, joiden valmistuksessa ALD:n tarkkuudesta on suurta hyötyä.

Development of simple and efficient synthetic strategies for production of fine chemicals of pharmaceutical relevance : metal-mediated allylation combined with applied catalysis

Den snart 200 år gamla vetenskapsgrenen organisk synteskemi har starkt bidragit till moderna samhällens välfärd. Ett av flaggskeppen för den organiska synteskemin är utvecklingen och produktionen av nya läkemedel och speciellt de aktiva substanserna däri. Därmed är det viktigt att utveckla nya syntesmetoder, som kan tillämpas vid framställningen av farmaceutiskt relevanta målstrukturer. I detta sammanhang är den ultimata målsättningen dock inte endast en lyckad syntes av målmolekylen, utan det är allt viktigare att utveckla syntesrutter som uppfyller kriterierna för den hållbara utvecklingen. Ett av de centralaste verktygen som en organisk kemist har till förfogande i detta sammanhang är katalys, eller mera specifikt möjligheten att tillämpa olika katalytiska reaktioner vid framställning av komplexa målstrukturer. De motsvarande industriella processerna karakteriseras av hög effektivitet och minimerad avfallsproduktion, vilket naturligtvis gynnar den kemiska industrin samtidigt som de negativa miljöeffekterna minskas avsevärt. I denna doktorsavhandling har nya syntesrutter för produktion av finkemikalier med farmaceutisk relevans utvecklats genom att kombinera förhållandevis enkla transformationer till nya reaktionssekvenser. Alla reaktionssekvenser som diskuteras i denna avhandling påbörjades med en metallförmedlad allylering av utvalda aldehyder eller aldiminer. De erhållna produkterna innehållende en kol-koldubbelbindning med en närliggande hydroxyl- eller aminogrupp modifierades sedan vidare genom att tillämpa välkända katalytiska reaktioner. Alla syntetiserade molekyler som presenteras i denna avhandling karakteriseras som finkemikalier med hög potential vid farmaceutiska tillämpningar. Utöver detta tillämpades en mängd olika katalytiska reaktioner framgångsrikt vid syntes av dessa molekyler, vilket i sin tur förstärker betydelsen för de katalytiska verktygen i organiska kemins verktygslåda.

Feasibility study of metal to polymer hybrid joining

The increasing demand for lightweight components has led to a huge exploitation of non-metallic materials such as polymers, fibers and elastomers in industrial and manufacturing processes. Recent trends towards cost effectiveness, weight reduction and production flexibility in industrial production and manufacturing processes has led to a growing interest in hybrid components where two or more dissimilar materials coexist to achieving specifically optimized characteristics. The importance of this research is to serve as a bridge to understanding the theories behind various joining techniques and the adaptation of the process for metal to polymer hybrid joints. Moreso, it helps companies to select the most productive and yet economical joining process for realization of lightweight metal to polymer hybrid components. This thesis is a literature review analyzing various materials that has been published on various joining methods for metal to polymer hybrid joints on the feasibility and eventual realization of the joint between these dissimilar materials. This study is aimed at theoretically evaluating the feasibility of joining processes between metal and plastic components by exploiting exhaustively joining and welding sources.

Sorption of metal ions to wood, pulp and bark materials

Ett huvudmål med denna avhandling var att erhålla ny information om växelverkan mellan metalljoner i vattenfas och träbaserade material såsom olika pappersmassor, ved och bark. Material av gran, tall och björk har studerats. En ny känslig kolonnkromatografisk metod utvecklades för bestämning av affinitetsordningar för 17 olika metalljoner. Av dessa bands trevärt järn och de mycket toxiska tungmetallerna bly, koppar och kadmium starkast till de studerade materialen. Växelverkan i dessa tvåfas system sker som jonbyte, huvudsakligen via komplexbildning av metalljoner till funktionella grupper i den fasta fasen. Vattenfasens pH är den viktigaste parametern som bestämmer totala halten av metalljoner som binds till materialen. Resultatet i denna avhandling kan delvis betraktas som grundforskning. En ny kunskap om metalljoners förekomst och kemiska reaktioner i dessa system är även av stor ekonomisk och ekologisk, betydelse, när man strävar till allt mera slutna system i moderna massafabriker. Avhandlingen visar också att trädbark har stor potential för biosorption av tungmetaller t.ex. från avfallsvatten. Trädbark har nästan lika stor bindningskapacitet som dyra syntetiska jonbytare.

Advanced welding technologies used for arctic metal structures

Rapid depletion of easy-to-access fossil fuel, predominantly, oil and gas resources has now necessitated increase in need to develop new oil and gas sources in ever more remote and hostile environments. This is necessary in order to explore more oil and gas resources to meet rapidly rising long-term energy demand in the world, both at present and in the nearest future. Arctic is one of these harsh environments, where enormous oil and gas resources are available, containing about 20% of the world total oil and gas, but the environmental conditions are very harsh and hostile. However, virtually all the facilities required for the exploration and development of this new energy source are constructed with metals as well as their alloys and are predominantly joined together by welding processes and technologies. Meanwhile, due to entirely different environment from the usual moderate temperate region, conventional welding technologies, common metals and their alloys cannot be applied as this Arctic environment demand metals structures with very high toughness and strength properties under extremely low temperature. This is due to the fact that metals transit from ductility to brittleness as the temperature moves toward extreme negative values. Hence, this research work investigates and presents the advanced welding technologies applicable to Arctic metal structures which can give satisfactory weldments under active Arctic service conditions. .

Element speciation and behaviour in metal-rich Boreal river and estuarine systems using ultrafiltration and chemical modelling

The bioavailability of metals and their potential for environmental pollution depends not simply on total concentrations, but is to a great extent determined by their chemical form. Consequently, knowledge of aqueous metal species is essential in investigating potential metal toxicity and mobility. The overall aim of this thesis is, thus, to determine the species of major and trace elements and the size distribution among the different forms (e.g. ions, molecules and mineral particles) in selected metal-enriched Boreal river and estuarine systems by utilising filtration techniques and geochemical modelling. On the basis of the spatial physicochemical patterns found, the fractionation and complexation processes of elements (mainly related to input of humic matter and pH-change) were examined. Dissolved (<1 kDa), colloidal (1 kDa-0.45 μm) and particulate (>0.45 μm) size fractions of sulfate, organic carbon (OC) and 44 metals/metalloids were investigated in the extremely acidic Vörå River system and its estuary in W Finland, and in four river systems in SW Finland (Sirppujoki, Laajoki, Mynäjoki and Paimionjoki), largely affected by soil erosion and acid sulfate (AS) soils. In addition, geochemical modelling was used to predict the formation of free ions and complexes in these investigated waters. One of the most important findings of this study is that the very large amounts of metals known to be released from AS soils (including Al, Ca, Cd, Co, Cu, Mg, Mn, Na, Ni, Si, U and the lanthanoids) occur and can prevail mainly in toxic forms throughout acidic river systems; as free ions and/or sulfate-complexes. This has serious effects on the biota and especially dissolved Al is expected to have acute effects on fish and other organisms, but also other potentially toxic dissolved elements (e.g. Cd, Cu, Mn and Ni) can have fatal effects on the biota in these environments. In upstream areas that are generally relatively forested (higher pH and contents of OC) fewer bioavailable elements (including Al, Cu, Ni and U) may be found due to complexation with the more abundantly occurring colloidal OC. In the rivers in SW Finland total metal concentrations were relatively high, but most of the elements occurred largely in a colloidal or particulate form and even elements expected to be very soluble (Ca, K, Mg, Na and Sr) occurred to a large extent in colloidal form. According to geochemical modelling, these patterns may only to a limited extent be explained by in-stream metal complexation/adsorption. Instead there were strong indications that the high metal concentrations and dominant solid fractions were largely caused by erosion of metal bearing phyllosilicates. A strong influence of AS soils, known to exist in the catchment, could be clearly distinguished in the Sirppujoki River as it had very high concentrations of a metal sequence typical of AS soils in a dissolved form (Ba, Br, Ca, Cd, Co, K, Mg, Mn, Na, Ni, Rb and Sr). In the Paimionjoki River, metal concentrations (including Ba, Cs, Fe, Hf, Pb, Rb, Si, Th, Ti, Tl and V; not typical of AS soils in the area) were high, but it was found that the main cause of this was erosion of metal bearing phyllosilicates and thus these metals occurred dominantly in less toxic colloidal and particulate fractions. In the two nearby rivers (Laajoki and Mynäjoki) there was influence of AS soils, but it was largely masked by eroded phyllosilicates. Consequently, rivers draining clay plains sensitive to erosion, like those in SW Finland, have generally high background metal concentrations due to erosion. Thus, relying on only semi-dissolved (<0.45 μm) concentrations obtained in routine monitoring, or geochemical modelling based on such data, can lead to a great overestimation of the water toxicity in this environment. The potentially toxic elements that are of concern in AS soil areas will ultimately be precipitated in the recipient estuary or sea, where the acidic metalrich river water will gradually be diluted/neutralised with brackish seawater. Along such a rising pH gradient Al, Cu and U will precipitate first together with organic matter closest to the river mouth. Manganese is relatively persistent in solution and, thus, precipitates further down the estuary as Mn oxides together with elements such as Ba, Cd, Co, Cu and Ni. Iron oxides, on the contrary, are not important scavengers of metals in the estuary, they are predicted to be associated only with As and PO4.

Working capital management in the small and medium-sized enterprises Case: Project-based business environment in Flowrox Oy

This Master´s thesis illustrates how growing a business ties up the company´s working capital and what the cost of committed capital. In order to manage a company´s working capital in rapid business growth phase, the thesis suggests that by monitoring and managing the operating and cash conversion cycles of customers´ projects, a company can find ways to secure the required amount of capital. The research method of this thesis was based on literature reviews and case study research. The theoretical review presents the concepts of working capital and provides the background for understanding how to improve working capital management. The company in subject is a global small and medium-sized enterprise that manufactures pumps and valves for demanding process conditions. The company is expanding, which creates lots of challenges. This thesis concentrates to the company´s working capital management and its efficiency through the supply chain and value chain perspective. The main elements of working capital management are inventory management, accounts receivable management and accounts payable management. Prepayments also play a significant role, particularly in project-based businesses. Developing companies´ working capital management requires knowledge from different kind of key operations´ in the company, like purchasing, production, sales, logistics and financing. The perspective to develop and describe working capital management is an operational. After literature reviews the thesis present pilot projects that formed the basis of a model to monitor working capital in the case company. Based on analysis and pilot projects, the thesis introduces a rough model for monitoring capital commitments in short time period. With the model the company can more efficiently monitor and manage their customer projects.

The role of advance payments in working capital management and profitability

The objective of this thesis is to study the role of received advance payments in working capital management by creating a new measurement and to study the relationship between advance payments and profitability. The study has been conducted using narrative literature review and quantitative research methods. The research was made analyzing 108 companies listed in Helsinki Stock Exchange. The results indicate that 68 % of the studied companies are receiving advance payments and the average cycle time for received advance payments is 13 days. A new key figure is created to include received advance payments into the calculation of working capital. Received advance payments shorten the working capital cycle, by 13 days, when they are used in the calculation. The role of advance payments is not as significant as the role of receivables and inventories but advance payments may have a larger role than payables if the company is receiving noticeable amounts of advance payments. There are three branches where companies are receiving more advance payments than average companies. The branches are project business and ICT and publishing sectors. There is a negative correlation between profitability and advance payments based on the results of this study.

Krigaren och transvestiten : gestaltningar av mörker och maskuliniteter i finländsk black metal

Avhandlingen undersöker gestaltningar av mörker och maskuliniteter i den finländska black metal-scenen. Normativa hegemoniska och normbrytande subversiva gestaltningar av maskuliniteter bland de mest aktiva anhängarna av den finländska black metal-scenen undersöks som uttryck för återkommande, kulturella mönster. Mönstren analyseras med hjälp av teorier om hegemonisk maskulinitet, heteronormativitet, genusperformativitet, subversivitet och protestmaskulinitet. Queerteori och (kritisk) mansforskning som har sina ursprung i feministisk forskning utgör avhandlingens teoretiska underlag. Begreppen stil och ideologi aktualiseras i en diskussion kring hur mörker, ett begrepp som är av centralt värde inom den finländska black metal-scenen, kan förstås och uttryckas av scenmedlemmarna. Mörkret, som ofta ideologimässigt består av antikristliga element, inom den finländska scenen i regel förknippade med satanism, uttrycks genom låttexter, det visuella och det musikaliska, vilka tillsammans utgör black metal-stilen.

Sähkögeneraattoriosien hitsauksen tuottavuuden kehittäminen

Hitsauksen tuottavuuteen vaikuttavat hitsausmäärä, käytetyt prosessit ja laatu. Työn teoriaosuudessa tutustutaan hitsauksen tuottavuuteen sekä suunnittelullisesta että valmistuksellisesta näkökulmasta. Hitsauksen laadulliset asiat, kuten laatustandardit ja vaatimukset käydään läpi keskittyen standardin SFS-EN ISO 3834 kattaviin laatuvaatimuksiin. Rikkomaton ja rikkova aineenkoetus ja yleisimmät hitsausvirheet esitetään yleisellä tasolla. Hitsausprosesseista esitetään MIG/MAG- ja MAG-täytelankahitsauksen sekä pulssihitsauksen perusteet. Tässä diplomityössä tutkitaan pulssihitsauksen soveltuvuutta sähkögeneraattorin staattoripaketin eripariliitoksen hitsaukseen ja kykyä parantaa sekä tuottavuutta että laatua. Tutkimus perustuu koehitsauksiin ja niiden perusteella tehtyihin johtopäätöksiin. Lisäksi pohditaan sisätuulettimien hitsauksen kehittämistä ja annetaan kehitysehdotus valmistusprosessista. Koehitsauksien perusteella pulssihitsaus on hyvä prosessiparannus staattoripakettien hitsaukseen. Kohdistettu valokaari ja alhaisempi lämmöntuonti verrattuna perinteiseen MAG-hitsaukseen sekä hitsauksen yksinkertaisuus tuovat etuja eripariliitoksen hitsauksen laatuun. Kustannuslaskelmien myötä hitsausprosessin muutoksen odotetaan tuovan kustannussäästöjä. Hitsauslaadun parantuessa ja jälkityöstön määrän vähentyessä hitsausprosessin muutos on kannattava.