TFL Vsebine / Revija SIR*IUS

Cash Flow Statement - never take disclosed cash flows for granted

Finančna kriza nas je grobo opozorila, da ni dovolj, da gospodarska družba izkazuje pozitiven poslovni izid, pomembno je tudi, da ga zna pretvoriti v pozitiven denarni tok. Pomen prikaza denarnih tokov se zato nenehno povečuje, saj ne le v laični, pač pa tudi strokovni javnosti prevladuje prepričanje, da denarnega toka praktično ni mogoče ponarediti, kar pa žal ne drži. V prispevku so zato najprej prikazane zakonske zahteve glede priprave izkaza denarnih tokov v Sloveniji z navedbo najpogostejših zmot na tem področju. Sledi prikaz uporabe podatkov iz izkaza denarnih tokov v računovodski analizi z opozorili na možne načine prirejanja vrednosti v tem izkazu. Prispevek zaključujemo s predstavitvijo kazalcev EBITDA ter prostega denarnega toka, ki se v praksi pogosto uporabljata za oceno stabilnosti denarnih tokov ter tudi obsega še vzdržne zadolženosti gospodarske družbe.

Financial crisis has once again reminded us that it is not enough for a corporate entity to show a positive net income; it has to convert it into a positive cash flow. Thus, the significance of the cash flow statement constantly increases, as both laymen and experts alike are convinced that one cannot falsify it, which is unfortunately not true. This paper first outlines regulatory requirements for preparing a cash flow statement in Slovenia, citing the most common mistakes, followed by a demonstration of use of cash flow statement data in an accounting analysis and warnings of possible ways of manipulations of the said data. Paper concludes with a demonstration of EBITDA and free cash flow indicators that are often used in practice to assess the stability of cash flow and the amount of sustainable indebtedness of a corporation.