TFL Vsebine / Revija Poslovodno računovodstvo

Tudi poslovno uspešni blagovni producenti so se v zadnjih nekaj letih po nastopu finančne krize in gospodarske recesije v letu 2008 znašli v izjemno težavnih likvidnostnih razmerah. V realnem sektorju gospodarstva posluje še vedno nekaj velikih podjetij, ki so poslovno uspešna, čeprav je kriza poslabšala njihove poslovne rezultate (manjši dobiček, nižja vrednost delnice), med katerimi pa so tudi taka, ki se soočajo z likvidnostnimi težavami. Med blagovnimi producenti so srednja in mala podjetja, ki so dobičkonosna in imajo razmeroma visok donos kot posledico v preteklosti sprejetih preudarnih poslovnih in investicijskih odločitev. Na žalost pa so se mnoga izmed njih kljub poslovni uspešnosti, merjeni ali z dobičkonosnostjo prodaje ali z dodano vrednostjo na zaposlenega ali pa z donosnostjo kapitala, ujela v likvidnostno past. V obeh primerih gre za svojevrsten paradoks, ki ga lahko označimo ''dobičkonosna, a nelikvidna podjetja'' (profit rich and cash poor). V svojem prispevku se avtor ukvarja prav s tem fenomenom. Razloge za zaostrene likvidnostne razmere poslovno uspešnih blagovnih producentov bi lahko pripisali zaostrenim pogojem na finančnih trgih, kjer še vedno prevladuje nezaupanje finančnih institucij in njihova zadržanost pri kreditiranju blagovnih producentov (kreditni krč), splošnemu pomanjkanju kapitala, še posebej pri obstoječih lastnikih, ki niso zmožni rekapitalizirati svojih podjetij (lastniški krč), do tujih potencialnih investitorjev pa so zadržani in odklonilni, nadalje pretirani zadolženosti gospodarskih subjektov (kapitalska neustreznost in visok finančni vzvod) in splošni finančni nedisciplini, to je nespoštovanju zakonsko določenih in pogodbeno dogovorjenih plačilnih rokov. Lahko bi še naštevali razloge, kot so na primer kriza vrednot (neupoštevanje moralno etičnih načel finančnega kodeksa v poslovanju med blagovnimi producenti) in drugi. V tem prispevku se avtor osredini na finančno področje poslovanja uspešnih, dobičkonosnih gospodarskih subj

Since last few years after the financial crisis and economic recession have occured in 2008 and escalated in 2009, also profitable commodity producers have found themselves in the extremly severe liquidity situation. In the real economic sector there are still some big on- going companies, who are still profitable, although the crisis has deteriorated their business results (smaller profit, lower values of shares). However, quite a few among them are facing liquidity problems. Among the commoditiy producers, there are also some SMEs, who are profitable, who have relatively high return as being a result of the past reasonable business and investment decisions. Unfortunately, many of them in spite of their profitability measured either by sales profit margin or by value added per employee or by return on equity have been caughed in the liquidity trap. In both cases we deal with a special paradox, which can be denoted as »profitable and illiquid companies« (profit rich and cash poor). In his paper the author deals exactly with this phenomenon. The reasons for the severe liquidity situation of the successful commodity producers can be attributed to the severe conditions in the financial markets, where untrust of the creditors still prevails, as well as their restraints as far as lending money to the commodity producers (credit crunch). One of the reason is general lack of capital, especially with the existing owners of the companies, who are not in the position to make share capital increase (equity crunch), and who exercise restraints and are rejectable toward the new potential investors. An extremely high indebtness of the companies in the real economic sector (their equity inadequacy and high financial leverage) contributes significantly to such a severe liquidity situation. A general financial indiscipline can also be added as an important reason (disrespect for legal and agreed payment terms). The enumuration of other reasons can go on, as an example the crisis of