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Table of contents N Content p 1 introduction 3 2 Investment strategies and identify the factors that influence investment decisions in organizations 4 3  Regulatory and operational factors that influence investment decisions 4 4  How to determine the company's strategy for investment decisions? 5 5  A set of models that can influence investment strategy and decisions 6 1

6 It is one of the models that can influence the strategy and investment decisions 8 7  Allow time for strategy 8 8  Diversification of assets 8 9  Follow up the performance of the investment portfolio 9 10 Evaluating and evaluating the financial strategies of different organizations 10 11  The financial strategy of the corporate sector and various companies 10 12  The financial strategy for both Almarai and Savola 11 13  Government financial strategies, charitable organizations and the private sector 13 14 Analysis of the impact of foreign exchange risks on organizations 15 15  Explain how the foreign exchange market operates and how this can influence business and regulatory decisions. 15 15  Analysis of the impact of foreign exchange risks on organizations 16 17  Foreign exchange markets and their impact on the restructuring of companies 18 18 Identify and critique systems employed to plan and control working capital 19 19  Evaluate the importance of working capital to organisations and understand the systems and methods used to manage working capital. 19 20  Identify the risks where working capital management is not applied and the reasons why systems to monitor working capital management fail. 20 21  Critique the systems and methods used to plan working capital. 21 22 Assess and decide upon appropriate strategies for restructuring 23 23 Critically assess the finance options available to corporations when looking to restructure their business including merger and acquisition strategies. 23 24 Identify the risks involved in pursing different financial options in pursuit of corporate re-structuring. 24 25 Critique the success of a range of organisations that have pursued different re-structuring options. 25 26 Reviewer 26 Introduction Many investors, who enjoy responsibility and awareness, are currently looking forward to more than just investing their capital for the purposes of achieving a material return on their money only, but they are keen that the way they allocate their invested money contribute to achieving and enhancing sustainability for the environment and society, and they are making their serious effort to combine their goals Financial and ethical values, which is referred to as sustainable investing or socially rewarding investing. 2

One global study showed that 1% of global capital markets shift towards sustainable investment is sufficient to cover the current annual financing gap of $2.5 trillion to achieve the United Nations Sustainable Development Goals. Sustainable investing can be practiced in almost all asset classes, including cash, stocks, bonds and even alternative investments, and Islamic financial instruments are easily compatible with this type of investment. Depending on their priorities and areas of interest or focus, investors may call this type of investment, such as “value-based investing”, “impact investing”, “ethical investing”, “social investment” and “green investment. Investment strategies and identify the factors that influence investment decisions in organizations 1) Regulatory and operational factors that influence investment decisions  Most investment decisions require large funding, which may affect the life of the project.  The expected return usually extends for long periods of time.  This requires forecasting the expected revenues and costs for a long period, as the investment decision includes allocating a certain amount of economic resources currently available with the aim of creating new production capacities or an increase in Existing production capacities or maintaining them in the hope of obtaining a return that extends over a long period of time. 3

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Taking the investment decision also leads to allocating a large part of the company’s funds to purchasing specialized fixed assets for a long period of time. The company is in the case of expansion or replacement with fixed costs that result in raising the break-even volume to a higher level than the usual level for a long period of time. (Fater, 2010) It is worth noting that taking an investment decision in a particular project impedes the investment of its funds in other investment alternatives that could have been invested in other areas available to allocate those funds according to its investment decision. The factors affecting the investment decision are:  Economic conditions  Risk and uncertainty  Timing of the investment decision  Alternative Opportunities  Taxes  Funding sources  Working capital  cash flow  Behavior of competitors  Changes in the price level  Production mode  Management philosophy  Market analysis and sales forecasting according to measuring the gap between supply and demand in the market 2) How to determine the company's strategy for investment decisions? It is well known that investing in the stock market depends on the knowledge and skill gained from the experience that constitutes the personality of the investor. Investing in the capital markets is like any investment in any commercial or industrial activity in terms of knowledge. The secrets of this sector, or a person cannot succeed in managing a restaurant if he does not know the secrets of kitchen, supply and supply management, and so the stock market cannot succeed without experience and knowledge except by luck, which is something that can be bet on unless you are a gambler, but what makes the turnout for Investing in the stock markets is high and enjoys a large number of investors is easy to enter and start, as it does not require any permits from any party, no labor or large capital, and all this is done within one day and now it is “online” as well. (Al-Zubaidi, 2013) 4

With this great demand, inquiries from investors who do not have the skill and experience are increasing about the optimal strategy to invest in the market, and the answer is simply (in my view) that there is no single optimal strategy that can be applied at all times in the market and for each person, money markets are characterized by dynamism, volatility and change according to circumstances. The surrounding environment and the psychology of traders and according to the economic situation, for example, when the economy is in a state of strong growth and clarity for the future, investment managers will build their strategies on focusing and not completely on growth companies, because of the expectation that these companies that have clear plans for growth will benefit from the expected growth of the economy, therefore it is expected To achieve higher performance and therefore a return than defense companies, for example, and on the contrary, managers and investors tend to defense companies “which are companies that are characterized by the stability of their operations and revenues with the presence of cash dividends” more than growth companies when economic growth declines or in a recession or in a state Uncertainty and uncertainty about the future. This is an example of variation in the application of strategies and about one variable or influence, which is the economic situation, while there are other strategies with fluctuating feelings and psychology of traders and a tendency to speculation, or due to the expectation of exceptional growth for a particular sector and thus the investor’s strategy changes, and there are strategies, methods and schools as well for evaluation, among which are the most popular flows Future cash or value method - Warren Buffett method - or dividends or earnings multiples, book value and many more without going into the details of each one. All of what was mentioned was for the purpose of showing how much investing in the financial markets needs knowledge and experience that will reveal to the investor the best method and strategy for him, especially understanding that what works for one person may not fit another person. Whoever is interested in achieving the return in less than a year, and there are those who are interested in the existence of semi- annual cash distributions, and others who are not interested in the distributions as much as achieving a higher price after a period, this is other than sectorial preferences, there are those who do not want to invest in banks, and there are those who do not want to invest in agricultural companies. (Al-Shawara, 2012) Or legitimate preferences and others, then we can never talk about a unified magic strategy for all and for all times. The investor must find the strategy that suits him and can adhere to it with a 5

reasonable degree of flexibility in changing with changing economic conditions as I mentioned previously. 3) A set of models that can influence investment strategy and decisions When an investor decides to invest in stocks or investment funds, he can choose among the shares of many companies listed in the financial markets, These available investments usually present different levels of risk, and varying levels of returns. And because the options available to the investor are many and varied greatly and amount to dozens of stocks and investment funds - the possibility of success for the investor is greater if he has a specific strategy for choosing and choosing between these investments. Rather, his situation might be better if he adopted several strategies, each of which corresponds to a different economic circumstance. For example , an investor may use one strategy when the interest rate is high, and another when the interest rate is low, Any general investment strategy has several requirements, the first of which is related to how the investor must allocate his invested assets to the different investment categories, such as stocks, precious metals, or real estate. The strategy should include controls for the purchase of investments and others for the periods in which the investor wishes to keep these investments. Finally, the investor should determine in his strategy the appropriate level of risk in each of these investments. The investor can, based on the nature of his personality, determine from among several investment strategies which one is more compatible with his personality, circumstances and investment objectives. (Al-Zubaidi, 2013) For example, a strategy might include an approach focused on acquiring growth stocks (stocks whose capitalizations are growing),He may adopt another strategy that seeks to preserve the capital, and focus on investments with lower risks. Regardless of the strategy the investor chooses, it must be compatible with his investment goals, such as retirement, buying a home, doing a business, paying for graduate studies...etc. For example , if the investor is in his twenties, and is investing to secure a pension for himself, he may resort, due to his young age, to an open investment strategy that accepts a higher level of risk. But if he is in his fifties, and is investing for the same purpose, his strategy may be more conservative 6

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. It is one of the models that can influence the strategy and investment decisions 1) Allow time for strategy Once the investor has finished defining his strategy in distributing assets, he must give this strategy time to work and bear fruit, as the investor's commitment to his plans is an important element for its success. It may be desirable for the investor to maintain his chosen asset allocation strategy for the entire economic cycle, bearing in mind the need to retain some flexibility for change when good investment opportunities become available. 2) Diversification of assets Diversification, like asset allocation, is an important part of managing an investment portfolio. Diversification and distribution of assets have similar objectives and strategies, namely: distributing money to different sectors, and reducing investment risks. While asset allocation applies to spreading capital in a variety of investment assets, such as stocks or cash, diversification means buying a number of investments within one asset class. If stocks, for example, represent part of your investments, you must diversify your stocks or your investment funds to be able to achieve sufficient diversification. Diversification helps to keep the guesswork out of investment decisions, and when the investor decides that the time is right to rebalance the portfolio, there are several ways to do that, and all of them may achieve the purpose. But the investor may prefer one over the other. (Al-Shawara, 2012) To rebalance the portfolio, the investor can:  Selling part of the type of investment asset whose value has increased significantly, and reinvesting its profits in another asset that has not risen yet.  Changing the way in which the new investment funds added to the portfolio are distributed, by placing them in other types of assets whose prices are still below their fair values, until the investor reaches the distribution that suits him.  Raising the capital of the investment portfolio, and allocating the increase to fully invest in assets that are still below their fair values.  Risk factors 7

There are many factors that cause investment risk, the most common of which is volatility. Investment prices may fluctuate from the highest to the lowest level without warning, meaning that the price may fall below the price paid by the buyer. The problem of volatility is further complicated by the fact that it is not predictable, nor can it have any effects on investments. 3) Follow up the performance of the investment portfolio Monitoring the performance of the investment portfolio is important because it helps to make the necessary changes to the portfolio, If, for example, certain stocks reduce the performance of the investor’s portfolio or cause additional risks to the portfolio that are greater than the investor can bear, then he can dispose of them and invest in others. Likewise, if the investment portfolio does not achieve the minimum return that the investor wanted, he can then partially or completely redistribute his investment assets, or even increase the capital of his portfolio. It is customary for most investors to review their investment portfolios once a year. The rules for the investor's follow-up to his investment portfolio begin with his follow-up of the investment returns of each group of companies belonging to a particular sector and comparing their returns with the returns of the index of that sector, and then he determines the average return for the entire portfolio. (Fater, 2010) Evaluating and evaluating the financial strategies of different organizations 1) The financial strategy of the corporate sector and various companies Interested in financial strategy. Primary is a sufficient and regular basic guarantee of funds that meet the present and future requirements of the business. 8

Financial strategy deals with it with other factors. In short, it deals with financial transactions with availability of sources, uses and management of transactions. It has an alignment of financial management, critical goals and a good computer. Interested in financial strategy. Primary is a sufficient and regular basic guarantee of funds that meet the present and future requirements of the business. Financial strategy deals with it with other factors. In short, it deals with financial transactions with availability of sources, uses and management of transactions. It has an alignment of financial management, critical goals and a good computer. Whereas, the financial strategy works to maximize the financial value of the company. Financial strategy can save cost. In a financial study, it is the realization of the equity ratio of the terms of ownership. Studies show a single batch rise. Also to the diversification strategy initially mainly on the financial strategy. (Bayoumi, 2015) 1) Financial performance appraisal The financial position of the company at a particular point in time can be ass ``essed from the financial statements. The data can be used for some financial ratios metrics. These percentages are based on sales. These ratios standardize the financial information. It can be changed in the financial position. These ratios can indicate the situation or steps to reduce the risk. 2) Financial forecast Financial forecasting is used to estimate the future financial needs of a company. Based on these forecasts, different budgets can be prepared. Based on these budgets, schedules for different securities and activities can be customized. These budgets and expenses are sales to salespeople and Americans. It can provide scientific fact 3) Capital Structure Planning Capital Structure Decisions Capital. This is measured from the debt- to-equity ratio ,This fragrance of hunting and equity capital of the desire to take more risks. Capital financial stability. 2) The financial strategy for both Almarai and Savola 9

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First: Almarai's financial strategy The company said in a statement to "Tadawul" that the size of the capital investment program for this plan in the targeted period is 21 billion riyals. She added that this investment program will be financed from the company's own resources and operational cash flows, which will cover part of the funding needed for this program, in addition to benefiting from other available funding sources such as banks, the Saudi Industrial Development Fund, the Agricultural Development Fund and Sukuk programs. In its statement today, the company indicated that this plan confirms Almarai's vision to make its products the preferred choice for the consumer through its leadership in the target markets and its provision of distinct foods and drinks that meet his needs. She pointed out that one of the objectives of this plan is to continue achieving sustainable growth in all major operating sectors and geographical areas, in order to double the consolidated sales and improve financial performance. (Bayoumi, 2015) She explained that the Board of Directors is confident of achieving these ambitious goals, God willing, through specific strategies and action plans for the main operating sectors (dairy, juices and bakeries) and promising operating sectors (poultry and baby food products), in addition to the operational operations of the joint venture in Egypt and Jordan (International Dairy Company). and juices( The investment program aims to replace part of the current assets and raise production capacities and capacities in farms, manufacturing facilities, distribution, transportation and geographical spread. It also aims to enhance the possibilities of innovation, innovation and product development. Second, the financial strategy of Savola 1) Investments in the food sector Savola invests its capital in the food sector and has spread its operations in a number of countries in the region for nearly four decades. During this period, Savola Foods succeeded in establishing a strong presence in nearly 50 countries thanks to a diversified portfolio of brands operating under a direct-to-consumer distribution model. Savola also invests in a number of the largest food companies in the Kingdom, including Almarai and Herfy. (Al-Shawara, 2012) 2) Investments in the retail sector 10

Savola's retail sector is owned by Panda Retail; Which is one of the most important and leading companies in the Savola Group. She is responsible for the investments the Group manages in the retail sector, and its significant contributions to our profits and consolidated ownership. Panda Retail's total sales reached 13.5 billion Saudi riyals in 2020 3) Other Investments In addition to the investments we manage in the food and retail sectors, we seek to grow the company's capital with the help of our investment portfolio, which includes investments not under the management of Savola. Savola's largest investments, according to its financial statements for the year 2020, are concentrated in Almarai Company (of which we own 34.52% of its shares), Herfy Food Services Company (49%) and Kinan International Real Estate Development Company (29.9%). 3)Government financial strategies, charitable organizations and the private sector First: Financial strategy for charitable organizations When we talk about financial strategy, the first thing that jumps to mind is the endowment. Well the endowment is important, but it is not all that the concept of financial strategy in the charitable sector means! Even with owning endowments, the charitable organization faces two major challenges, the first of which is that it works for the benefit of societies with growing needs, and the second is that it lives in a competitive sector in which the old and the new seek their share of the pie. The importance of talking about the financial strategy lies in the fact that the majority of charitable organizations depend on external financial support sources such as governments, donor institutions and merchants, and these sources, despite their generosity, are uncertain in the long run. Financial Sustainability is defined as the financial situation in which the charitable organization is able to continue to achieve its charitable mission in the long term, hence the importance of the financial strategy as a condition for the survival of the charitable organization itself and its ability to bring about the desired change in the target on the ground. The life and life of the charitable organization. (Fater, 2010) Although the financial strategy is a condition for the sustainability of the charitable organization in general, the charitable organization is required to balance between achieving financial solvency and achieving the charitable message, and this is really one of the challenges for the charitable organization, as the preoccupation with 11

strengthening the financial position of the organization should not be at the expense of achieving the charitable message for which it was founded' organization and vice versa. Therefore, the leaders and executives of charitable organizations are called to adopt a strategic model that integrates the efficiency of the financial and capital performance of their organizations. And the importance of the concept of financial strategy, but in fact it is just a result of the charitable organization’s possession of what is called financial capacity, and the concept of financial capacity includes the charitable organization’s possession of tools that give it the ability to expand opportunities and deal with unexpected risks while managing its usual operations. The financial capacity has several internal and external manifestations, and one of the signs of internal financial capacity is that the organization owns sources of income generation, such as endowments, investments, selling goods and services, membership, and others. A sign of external financial capacity is that the sources of support for the organization are diverse. As one indicator of the financial health of the charity, 60 percent of a charity's budget should come from at least five different sources, experts say. Financial ability extends beyond the aforementioned financial tools to non-financial tools, including the charitable organization's possession of Marketing Knowhow, as the financial strategy and marketing cannot be separated. In order for a charitable organization to be able to attract, retain and grow generous donors into supporters, it must possess a high level of knowledge and marketing capacity. (Fater, 2010) 12

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Analysis of the impact of foreign exchange risks on organizations 1) Explain how the foreign exchange market operates and how this can influence business and regulatory decisions. The place in which the exchange of various international currencies takes place is considered buying and selling, and the exchange market is not like other financial or commercial markets, as it is not specified in a specific place that brings together the seller and the buyer. Rooms) in banks operating in various financial centers such as: New York, London, Tokyo, Frankfurt, Singapore, Hong Kong, San Francisco, Sydney, Zurich, Toronto, Brussels, Bahrain, Hong Kong ... etc., and acts as a network that tends to unify the field international economic. Dealing rooms in banks are equipped with information devices such as Reuter Monitor, Dow Jones, etc., which display on their screens the immediate changes that occur in the rates of different currencies and interest rates on deposits in free currencies for different periods over a period of 24 hours. The dealing between banks in the field of foreign exchange takes place either for their own account: when they cover their exposed positions in foreign currencies or in their attempts to achieve profits from speculative operations in foreign exchange, or they participate in the market as intermediary institutions between their exporting and importing clients. (Bayoumi, 2015) The conversion ratio between currencies carried out by banks is a metaphor for the relative rates of currencies and is often known as exchange rates or exchange rates (Cours de change, taux de change). These rates fluctuate from day to day (au jour le jour) according to changes in the supply and demand of currencies, and traditionally a distinction is made between bilatéraux and effective exchange rates. 1) Bilateral or dual exchange rate: It is the rate of currency A in relation to currency B. If it is said, for example, that the US dollar is equal to 105.70 Japanese yen (11/25/1999), this means showing the state of the double spot exchange rate of the US dollar in relation to the Japanese yen. 13

2) Effective exchange rate: for currency A is a weighted average (Moyenne pondérée) of the bilateral or dual exchange rates of A for the currencies of the countries with which the issuing country of currency A has trade relations, and the weighting rates, at the weighted average rate are related to the relative shares of bilateral trade in trade the total international profile of the country concerned. (Al-Shawara, 2012) 3) It is possible to move from the actual exchange rate to the real effective exchange rate, the latter being the actual exchange rate corrected after taking into account the balance of inflation rates with the same trading partners. 2) Analysis of the impact of foreign exchange risks on organizations Transactions in foreign currencies put you at the mercy of fluctuations in exchange rates. If the volatility is in a certain direction, you can reap the gains. Either if the volatility is in the other direction, your profits will be greatly affected. There are six ways to manage foreign exchange risk For each item, state the amount it is currently worth according to the exchange rate between your local currency and the foreign currency. You can use these numbers to create different scenarios and test how volatility can help or hurt your profits. For example, what would happen if your local currency suddenly fell by 20 percent against the other currencies you are exposed to? Can your cash flow continue. 1) Request payment in your local currency This would place the burden on your customers to bear the risk of fluctuations in the exchange rate. Although it is a simple solution, it can make it difficult to do business if competitors are willing to offer customers less risky transactions in their local currency. 2) Prioritize instant payments Setting payment terms to a shorter term can reduce the amount of time you are exposed to the currency market. Your goal should also be to bridge the gap between agreeing deals with consumers, customers, and suppliers and settling transactions for those deals. (Al-Alawi, 2018) 3) Raising the price further to take into account possible fluctuations 14

If a customer's currency fluctuations are 3 percent annually relative to your currency, you can be charged an additional 3 percent fee in that country. This may not work if volatility becomes more than 3 percent or if the market does not support this increase, but other than that, it can help you manage risk. (Al-Shawara, 2012) 4) Take into account important risk metrics The following are the most common tools for measuring foreign exchange risk:  Value at Risk (VaR) - an estimate of how much you could lose or gain under normal currency market conditions during a specified period.  Cash Flow At Risk (CFaR) - How the future cash flow may change during a specified period as a result of fluctuations in the foreign exchange market.  Earnings at Risk (EaR) - how much your revenue can change over a specified period based on past earnings numbers. The longer the time period, the higher the foreign exchange risk.  These accounts are worth considering if a large proportion of your business depends on imports, exports or foreign investment.  Fixed rate locking  There are financial products that you can use to set an exchange rate so that you know exactly the value of the transaction when you make it.  The forward contract for the purchase of currencies locks in the exchange rate of a future transaction, thus protecting against any unfavorable fluctuations. However, if the rates fluctuate in such a way that you will save or make money, you must stick to the rate you have agreed with your bank. (Al-Zubaidi, 2013)  3) Foreign exchange markets and their impact on the restructuring of companies Yes, foreign exchange markets may affect the financing and then affect the restructuring of the company. Applying to Almarai Company, we find: Assets acquired to collect contractual cash flows and sell financial assets, in which the assets' cash flows represent payments of principal and interest only, are measured at fair value through other comprehensive income. Changes in carrying value are recognized through other comprehensive income, except for impairment gains or losses, interest income and foreign exchange gains and losses, which are recognized in the consolidated statement of income. Upon initial recognition of investments in equity instruments that are not held for trading, the group has the right to finally elect to 15

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account for these investments in equity instruments at fair value through other comprehensive income. Upon derecognition of the financial asset, the cumulative gain or loss previously recognized in other comprehensive income, is reclassified from equity to the consolidated statement of income, and is recognized within other profit/(loss). The interest income from these financial assets is also included in finance income using the effective interest rate method. Foreign exchange gains and losses are included in other income/expenses. (Al-Ansari, 2016) Any related transaction costs are recognized in the consolidated statement of profit or loss as incurred. Fair values are obtained by reference to quoted market prices, discounted cash flow models and pricing models, as applicable. After initial recognition, any change in fair value is recognized on the basis of hedge accounting, and the group identifies its derivatives as hedging instruments in qualifying hedge relationships to manage exposures to interest rate, foreign exchange and commodity price risks, including exposures arising from highly probable prospect transactions and firm commitments. . In order to manage certain risks, the Group applies hedge accounting for transactions that meet specified criteria. Select and criticize cash used in planning and control over the working capital 1) Assess the importance of working capital to organizations and understanding of systems and methods used for capital management. The term-term among many accountants is a total of traded assets, To cover its short-term and long-term obligations and also explains their strategy in the operation and employment of their investments and shareholders and this through the statement of the difference between traded assets and liabilities traded to indicate the net capital. As a year whenever its assets are traded than their trading their obligations whenever their ability to pay its commitments is greater and the net working capital is influenced by the company's investment policy. Balanced with medium risks so that a balance between its traded and traded assets or a low risk province, which has a significant surplus in liquidity and net capital of a positive factor at high and impact on swap between risks, return and profitability.  It is the benefit of working capital 16

 The ability of the establishment through which to fulfill its obligations during the fiscal year.  The ability of the facility to manage its process.  refers to liquidity at the facility.  Good working capital management protects the establishment of risk and places the facility in the central region. It considers the cornerstone of the financial administration for contributing companies. It helps them develop and grow the economic activities. The worker capital helps contribute to excess profit and from its position on the market among other companies. (Al-Ansari, 2016) 2) Determining the risks where the working capital management is not applied and reasons to make systems to monitor the working capital. Corporate finance is a branch of funding branches dealing with financial decisions taken by businesses, and analysis tools used in the industry of these decisions. The main objective of corporate finance is to enhance the value of the company and its financial impact management. Although it differs from financial management, which deals with the financial decisions of all companies, not specific company, the concepts of key corporate finance can be applied to the problems of all its own financial companies. The material can be divided into two parts: long-term decisions and methods, short-term decisions and methods. Investment resolutions capital is long-term options through investment returns, and the resolution is either financing this investment with capital or debt, or distributed to shareholders in a profit. On the other hand, short-term decisions can be under the title "Working Capital Management". This issue deals with a short-term balance of existing assets and liabilities. The focus is on liquidity management, inventory lists, borrowing and short-term lending (such as credit customer conditions. Corporate financing conditions and companies are associated with investment banking services. The main role of the Bank's investment is in the evaluation of the financial needs of the company and gots capital which is commensurate with those needs. 17

This area is associated with corporate funding in two ways. First, the company's exposure to risks directly from funding and investment resolutions. Second, these decisions aim to enhance or maintain the company's value. All large companies include risk management teams, and small companies also practice risk management unofficially. Derivatives are the most commonly used tools in financial risk management. This is because derivatives are expensive in construction and monitoring. The most effective financial risk management means is an impact on derivatives, which are usually available in strong financial markets. These tools include options, futures, and cruelty. (Fater, 2010) 3) Criticism of systems and methods used for working capital planning. Decisions relating to the workplace and short-term funding are referred to as working capital management and include the management of the relationship between short-term company assets and short-term responsibilities. Therefore, corporate funding aims to enhance the value of the company. In the long term, investment decisions are promoted by capital value through investments with appropriate positive net value. These investments affect cash flow and capital cost. The working capital management aims to ensure the company's ability to work, in addition to sufficient cash liquidity to pay long and short-term debt and operational expenses. The company value is enhanced when the return on capital exceeds the value of capital cost. Decision making standards Working capital is the amount of capital available to the organization. This means that working capital is the difference between cash resources or which can be converted into money (traded assets) and cash needs (current debt), Thus, the decisions associated with capital are short-term decisions. Capital resolutions are different from investment decisions in terms of time and profits. (This is in addition to other considerations such as enterprise risk management and return targets that remain as they are, although there are some restrictions, such as those imposed by loans of conventions. The working capital management decisions are then made according to the same bases on which long-term decisions. The working capital management applies different standards in decision- 18

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making: (1) cash / liquidity flow, and (2) profitability / return on capital (and the most important cash flow. Cash conversion cycle is more common measurement methods. This is the time difference between cash payment for raw materials and collected funds from sales. The cash transfer cycle reflects the company's ability to convert its resources into cash. (Al-Alawi, 2018) This is because this figure shows the time of the company's capital to be unavailable for any other activities, so management is usually aimed at achieving a little net account. (There is another measure called total operating cycles, which is the same money transfer cycle, but does not take into account the delay period of creditors). In this context, the return on capital (ROC) is more profitable measurement methods. The result is shown as a percentage identified through the company's income for 12 months, by working capital; The return on shareholders (REE) also shows this result of the company's shareholders. Thus, the value of the company is enhanced when the return on capital exceeds the cost of capital. The ROC measures are therefore a useful administrative tool because they reach short-term policy and long-term policy in decision-making. (Bayoumi, 2015) 19

Evaluation and identification of appropriate strategies for restructuring 1) Dangerous assessment of available funding options for companies when looking to restructure their business, including integration and acquisition strategies  HR Strategies Training and Development Strategies These strategies include:  Train employees to take on new roles.  Providing current employees with development opportunities to prepare them for future jobs in the organization.  Training and development needs can be met in a number of ways, this may include sending an employee to take courses or certification, or it may be accomplished through on-the-job training.  Many training and development needs can be met through cost-effective technologies. Recruitment Strategies These strategies are: Recruiting new employees with skills and capabilities that the organization will need in the future Consider all options available to strategically promote vacant positions and encourage suitable candidates to apply. Every time you hire, you should look at the requirements from a strategic perspective. For example, if an organization has many supervisors who are nearing retirement age, your hiring strategy should include hiring employees who have the potential to take on a supervisory role in the near future. (Al-Zubaidi, 2013)  Outsourcing Strategies In these strategies, the organization: Many organizations look outside their pool of employees and contract for certain skills. This is particularly useful for accomplishing specific, specialized tasks that do not require continuous full-time work. Some organizations outsource their human resource activities or project work. For example , the payroll may be conducted by an outside organization rather than an employee, a short-term project may be undertaken with a consultant, or specific expertise such as legal advice may be purchased from an outside source. Collaboration Strategies The strategic HR planning process may lead to the application of indirect strategies that bypass your organization by collaborating with other organizations to deal with specific skill shortages.  Examples of collaboration include: 20

 Work with other organizations to prepare future leaders by participating in the development of promising individuals.  Sharing training costs for groups of employees.  Allow employees to visit other organizations to gain skills. Restructuring Strategies If your assessment indicates a skill surplus, there are a variety of options open to help improve.  These strategies include:  Reducing the number of employees.  Regrouping tasks to create well-designed jobs. (Bayoumi, 2015) 2) Identify the risks involved in pursing different financial options in pursuit of corporate re-structuring. Financial excesses happen when planners can't see the whole picture. For example, it may seem that eliminating an entire organization is the best solution to reduce cost. But when the full details come out including severance payments, equipment and hardware packages, and other costs, the initial plan can be more expensive than the organization can afford. This means that alternative plans must be sought, and that without full cost transparency, organizations are at risk of significant financial overruns. Also, ill-advised administrative processes can expose organizations to financial risks. In the absence of a technical solution to manage reorganizations and restructurings, organizations are throwing people into the huge tasks of documenting, tracking, and communicating. But people are not perfect. The high volume of details and long hours quickly swallow up resources, leading to errors. A small mistake, such as an incorrect date, can result in thousands of dollars in overpayments or costly delays. It is not acceptable for employees to continue to receive their salaries after separation because the systems have not been properly updated. Also, the delay in paying salaries increases the cost. In the end, all this translates into wasted money. The financial risks of restructuring are numerous. To mitigate these risks, better leaders use a system that provides complete transparency at every stage of the process. As at any stage, the system can save the expected costs and progress towards the next plan, and provide a sensitive view of the factors that can affect the cost, such as adopting a series of optional procedures, benefits for affected employees, and dealing with groups away from risk. To effectively manage financial risk, decision makers need a complete view at the end, from objectives to outreach services. Only then can a complete reorganization or restructuring be managed proactively. (Al-Shawara, 2012) 3) Critique the success of a range of organisations that have pursued different re-structuring options : The dairy herd of Almarai in 2014 included 85,46 dairy cows - an increase of 7,391 cows. The year witnessed the establishment of a 21

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dairy farm that accommodates 7,500 dairy cows and opens the way for further expansion of the herd numbers. The administrative structure of Almarai poultry farms was unified, and broiler production recorded a growth of 9.33%. Over the years, Almarai's company structure witnessed a rapid development, during which it moved from its work through separate business units to a more harmonious interactive style. The current organizational structure achieves greater harmony across all levels, from the lowest to the highest, and in the various departments. Achieving this step was one of the most important goals of the company due to the importance of exchanging experiences and the open door policy in helping To establish a culture of dialogue and interactive participation, simple initiatives such as these make everyone feel more respect for others in the company. Almarai employs employees of forty different nationalities, which means that nurturing cultural diversity through teamwork helps us all gain a deeper understanding of subtle cultural differences. Almarai also has a better organizational structure than before, which makes turning innovation into reality more efficient and easier. At the same time, we enjoy the presence of community spirit among all employees, which enables us to work smarter and thus supports achieving the best business results. (Fater, 2010)  Reviewer 1) Available on https://www.almarai.com 2) Available on https://www.savola.com 3) Osama Abdel-Khaleq Al-Ansari (2016): Fundamentals of Finance , Cairo, Department of Business Administration, Faculty of Commerce, Cairo University 4) Rafiq bin Younis Al-Alawi (2018): Islamic Finance , Kingdom of Saudi Arabia, Dar Al-Fikr Al-Arabi for printing, publishing and distribution, first edition. 5) Hosny Bayoumi(2015) : Fundamentals of Finance and Investment , Cairo, first edition, Dar Al-Shorouk for Publishing and Distribution 6) Faisal Mahmoud Al-Shawara(2012): Principles of Financial Management , Beirut, Dar Al-Asim, for publication and distribution, first edition, 2012. 7) Hamza Mahmoud Al-Zubaidi (2013): Fundamentals of Financial Management , Alexandria, University Education House, first edition 8) John Blair Fater (2010) : Financial and Actuarial Mathematics , King Saud University, Department of Administrative Sciences 22

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