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Sample translations submitted: 2
English to Serbian: Cash Flow Analysis/ Analiza toka gotovine General field: Bus/Financial Detailed field: Accounting
Source text - English Cash Flow Analysis
An objective of financial analysis is to assess a company’s operating
performance and financial condition. The information that an analyst
has available includes economic, market, and financial information. But
some of the most important financial data are provided by the company
in its annual and quarterly financial statements. However, the choices
available in the accrual accounting system make it difficult to compare
companies’ performance. These choices also provide the opportunity for
the management of financial numbers through judicious choice of
accounting methods. For example, $1 of net income for one company
may not be equivalent to $1 of net income of another company. Cash
flows provide the financial analyst with a way of transforming net
income based on an accrual system to a more comparable medium. Additionally,
cash flows are essential ingredients in valuation: The value of a
company today is the present value of its expected future cash flows.
Therefore, understanding past and current cash flows may help the analyst
in forecasting future cash flows and, hence, determine the value of
the company. Moreover, understanding cash flow allows an analyst to
assess the ability of a firm to maintain current dividends and its current
capital expenditure policy without relying on external financing.
DIFFICULTIES WITH MEASURING CASH FLOW
The primary difficulty with measuring a cash flow is that it is a flow:
Cash flows into the company (cash inflows) and cash flows out of the
company (cash outflows). At any point in time there is a stock of cash
on hand, but the stock of cash on hand varies among companies because
of the size of the company, the cash demands of the business, and a com-
A
798 FINANCIAL STATEMENT ANALYSIS
pany’s management of working capital. So what is cash flow? Is it the
total amount of cash flowing into the company during a period? Is it the total
amount of cash flowing out of the company during a period? Is it the net
of the cash inflows and outflows for a period? Well, there is no specific
definition of cash flow—and that’s probably why there is so much confusion
regarding the measurement of cash flow. Ideally, the analyst
needs a measure of the company’s operating performance that is comparable
among companies—something other than net income.
A simple, yet crude method of calculating cash flow requires simply
adding noncash expenses (e.g., depreciation and amortization) to the
reported net income amount to arrive at cash flow. For example, the
estimated cash flow for Procter & Gamble (P&G) for 2002, is:
This amount is not really a cash flow, but simply earnings before depreciation
and amortization. Is this a cash flow that analysts should use in
valuing a company? Though not a cash flow, this estimated cash flow
does allow a quick comparison of income across firms that may use different
depreciation methods and depreciable lives.1
The problem with this measure is that it ignores the many other
sources and uses of cash during the period. Consider the sale of goods
for credit. This transaction generates sales for the period. Sales and the
accompanying cost of goods sold are reflected in the period’s net income
and the estimated cash flow amount. However, until the account receivable
is collected, there is no cash from this transaction. If collection does
not occur until the next period, there is a misalignment of the income
and cash flow arising from this transaction. Therefore, the simple estimated
cash flow ignores some cash flows that, for many companies, are
significant.
Another estimate of cash flow that is simple to calculate is EBITDA—
earnings before interest, taxes, depreciation, and amortization. However,
this measure suffers from the same accrual-accounting bias as the previous
measure, which may result in the omission of significant cash flows.
Estimated cash flow = Net income depreciation and amortization
Estimated cash flow = $4,352 million 1,693 million
= $6,045 million
1 An example of the use of this estimate of cash flow, The Value Line Investment Survey,
published by Value Line, Inc., reports a cash flow per share amount, calculated
as reported earnings plus depreciation, minus any preferred dividends, stated per
share of common stock [Guide to Using the Value Line Investment Survey, New
York: Value Line, Inc., p. 19, available at http://www.valueline.com].
Cash Flow Analysis 799
Additionally, EBITDA does not consider interest and taxes, which may
also be substantial cash outflows for some companies.2
These two rough estimates of cash flows are used in practice not
only for their simplicity, but because they experienced widespread use
prior to the disclosure of more detailed information in the statement of
cash flows. Currently, the measures of cash flow are wide-ranging,
including the simplistic cash flows measures, measures developed from
the statement of cash flows, and measures that seek to capture the theoretical
concept of “free cash flow.”
CASH FLOWS AND THE STATEMENT OF CASH FLOWS
Prior to the adoption of the statement of cash flows, the information
regarding cash flows was quite limited. The first statement that
addressed the issue of cash flows was the statement of financial position,
which was required starting in 1971.3 This statement was quite limited,
requiring an analysis of the sources and uses of funds in a variety of formats.
In its earlier years of adoption, most companies provided this
information using what is referred to as the working capital concept—a
presentation of working capital provided and applied during the period.
Over time, many companies began presenting this information using the
cash concept, which is a most detailed presentation of the cash flows
provided by operations, investing, and financing activities.4
Consistent with the cash concept format of the funds flow statement,
the statement of cash flows is now a required financial statement.
The requirement that companies provide a statement of cash flows
applies to fiscal years after 1987.5 As discussed in Chapter 2, this state-
2 For a more detailed discussion of the EBITDA measure, see Kent Eastman, “EBITDA:
An Overrated Tool for Cash Flow Analysis,” Commercial Lending Review
(Spring 1997) p. 64.
3 APB Opinion No. 19, “Reporting Changes in Financial Position,” AICPA (New
York: 1971). Prior to this APB, APB Opinion No. 3, “The Statement of Source and
Application of Funds,” AICPA (New York: 1963) encouraged, but did not require,
companies to report a information regarding the changes in cash over a period (referred
to as the flow of funds).
4 This change in format generally followed the recommendations of the Financial Executives
Institute and the Financial Accounting Standards Board recommendations
[FASB Discussion Memorandum, “Conceptual Framework for Accounting and Reporting”
(Stamford: Financial Accounting Standards Board, 1974)].
5 Statement of Financial Accounting Standards No. 95, “Statement of Cash Flows”
(Stamford: Financial Accounting Standards Board, 1987).
Translation - Serbian
Analiza toka gotovine
Cilj finansijske analize jeste da proceni operativne rezultate i finansijsko stanje kompanije. Informacije koje su dostupne analitičaru uključuju ekonomiku, tržište i finansijske informacije. Međutim, neke od najbitnijih finansijskih podataka pruža kompanija u svojim godišnjim i kvartalnim finansijskim izveštajima. Međutim, izbori koji su dostupni u akrualnom računovodstvenom sistemu otežavaju upoređivanje rezultata kompanije. Ovi izbori takođe pružaju priliku za upravljanje finansijskim brojevima putem promišljenog izbora računovostvenih metoda. Na primer, $1 neto prihoda jedne kompanije ne mora biti jednak sa $1 neto prihoda druge kompanije. Tokovi gotovine pružaju finansijskom analitičaru način pretvaranja neto prihoda zasnovanog na akrualnom sistemu u uporediviji medijum. Uz to, tokovi novca su fundamentalni sastojci u procenjivanju: Vrednost kompanije danas je trenutna vrednost njenih očekivanih budućih tokova gotovine. Stoga, razumevanje prošlih i trenutnih tokova gotovine može pomoći analitičaru u predviđanju budućih tokova gotovine i, prema tome, da utvrdi vrednost kompanije. Štaviše, razumevanje tokova gotovine dozvoljava analitičaru da proceni sposobnost firme da održi trenutne dividende i svoju trenutnu politiku troškova aktiviranja kapitala bez oslanjanja na spoljašnje finansiranje.
TEŠKOĆE SA MERENJEM TOKA GOTOVINE_____________
Osnovna poteškoća sa merenjem toka novca je to što je u pitanju tok: Gotovina utiče u kompaniju (dotoci gotovine) i gotovina ističe iz kompanije (odlivi gotovine). U bilo kom trenutku u vremenu postoji zaliha gotovine pri ruci, ali zaliha gotovine pri ruci se razlikuje među kompanijama zbog veličine kompanije, potrebama za gotovinom u poslu i kompanijskog upravljanja radnim kapitalom. Šta je dakle tok gotovine? Da li je to ukupna količina gotovine koja se uliva u kompaniju tokom nekog perioda? Da li je to ukupna količina gotovine koja se izliva iz kompanije tokom nekog perioda? Da li je to čist ishod priliva i odliva gotovine za neki period? Pa, ne postoji određena definicija toka gotovine- i to je verovatno razlog što ima toliko zabuna koje se tiču merenja toka gotovine. Idealno, analitičaru je potrebna mera operativnih rezultata kompanije koja je uporediva među kompanijama- nešto što nije neto prihod.
Jednostavan, ali ipak grub metod izračunavanja toka gotovine zahteva jednostavno dodavanje negotovinskih utrošaka (npr.,habanje i amortizacija) prijavljenom iznosu neto prihoda da bi se došlo do toka gotovine. Na primer, procenjen tok gotovine za Procter & Gamble (P&G) za 2002. je:
Procenjen tok gotovine = neto prihod habanje I amortizacija
Procenjen tok gotovine =$ 4,352 miliona 1,693 miliona
=$ 6,045 miliona
Ovaj iznos nije zapravo tok gotovine, već jednostavno dobiti pre habanja I amortizacije. Da li je ovo tok gotovine koji bi analitičar trebalo da koristi pri vrednovanju kompanije? Iako nije tok gotovine, ovaj predviđeni tok gotovine dozvoljava brzo poređenje prihoda preko firmi koje mogu koristiti različite metode amortizacije I vekove amortizacija.¹
Problem sa ovom merom je to što ona ignoriše mnoge druge izvore i upotrebe toka gotovine tokom nekog perioda. Razmotrimo prodaju robe na kredit. Ova transakcija stvara prodaju za neki period. Prodaja i prateći troškovi prodatih dobara odražavaju se na neto prihod u datom periodu i na predviđeni iznos toka gotovine. Međutim, dok se ne naplate potraživanja sa računa, ne postoji gotovina od ove transakcije. Ukoliko do naplate ne dođe do sledećeg perioda, nastaje odstupanje između toka gotovine koje proizilazi iz ove transakcije. Stoga, jednostavan procenjen tok gotovine ignoriše neke tokove gotovine koji su, za mnoge kompanije, značajni.
Još jedna procena toka gotovine koju je lako izračunati jeste ZPKPUVA- zarada pre kamate, poreza, umanjivanja vrednosti i amortizacije. Ipak, ova mera pati od istog odstupanja akrualnog računovodstva kao i prethodna mera, što može rezultirati propuštanjem značajnih tokova gotovine.Pored toga, ZPKPUVA ne uzima u obzir kamate i poreze, koji takođe mogu biti značajni odlivi gotovine za neke kompanije.
_____________________
¹Primer upotrebe ove procene toka gotovine, Istraživanje Investiranja Velju Lajna, koje je objavio Velju Line, DOO., objavljuje iznos toka gotovine po akciji, izračunat kao prijavljena zarada plus umanjenje vrednosti, minus sve prioritetne dividende, navedeno po jedinici obične akcije [ Uputstvo za Korišćenje Istraživanja Investiranja Velju Lajna,Njujork: Velju Lajn, DOO.,s.19, dostupno na
http://www.valueline.com].
Ove dve grube procene tokova gotovine se u praksi koriste ne samo zbog svoje jednostavnosti, već i zbog toga što su doživele široko rasprostranjenu upotrebu pre otkrivanja detaljnijih informacija u izveštaju o tokovima gotovine. Trenutno su mere toka gotovine širokog obima, uključujući jednostavne mere tokova gotovine, mere razvijene iz izveštaja o tokovima gotovine i mere koje nastoje da uhvate teoretski koncept „slobodnog toka gotovine.“
TOKOVI GOTOVINE I IZVEŠTAJ O TOKOVIMA GOTOVINE_____
Pre usvajanja izveštaja o tokovima gotovine, informacije koje se odnose na tokove gotovine bile su prilično ograničene. Prvi izveštaj koji se bavio pitanjem tokova gotovine bio je izveštaj o finansijskoj poziciji, koji je obavezan počevši od 1971.³ Ovaj izveštaj je bio prilično ograničen, zahtevajući analizu izvora i upotreba novčanih sredstava u više oblika. U ranijim godinama njegovog usvajanja, većina kompanija je pružalo ovu informaciju koristeći nešto što se naziva koncept obrtnog kapitala- prikazivanje obrtnog kapitala obezbeđenog i primenjenog tokom perioda. Tokom vremena, mnoge kompanije su počele da predstavljaju ovu informaciju putem koncepta gotovine, koji je najdetaljniji prikaz tokova gotovine obezbeđene operacijama, investicionim i aktivnostima finansiranja.
Dosledno obliku koncepta gotovine o toku novčanih sredstava, izveštaj o tokovima gotovine je sada obavezan finansijski izveštaj. Uslov da kompanije obezbede izveštaj o tokovima gotovine primenjuje se za fiskalne godine posle 1987. Kao što je razamtrano u Poglavlju 2, ovaj izveštaj zahteva da kompanija ra-
English to Serbian: Securities and Markets/ Hartije od vrednosti i Tržišta General field: Bus/Financial Detailed field: Finance (general)
Source text - English Securities and Markets
The objective of any financial decision, whether it is a financing or
investment decision, should be to maximize owners’ wealth. For a
corporation this translates into maximizing the market value of the
ownership interest—the value of the stock. So a financial manager’s
decisions must be made with an eye on the value of the firm’s stock and
the markets in which the stock is traded.
If a firm needs funds, should it issue stock or borrow? If it issues
new stock, will present investors lose? If it borrows, what interest rate
will its lenders—the investors in its bonds—require? How soon could
the loan be paid off? How soon should it be paid off?
If a firm has funds to invest, should financial managers invest it until
it is needed? In what kind of financial instrument? What characteristics
must the investment vehicle have? What types of risk must they take on
with their investment?
Financial managers must understand the wide range of securities
available and the markets in which they are bought and sold. This chapter
provides an overview of both. Its purpose is twofold. First, we
acquaint you with the terms and definitions we use in this book. Then,
we give you an idea how markets for securities function so that you will
know how security prices are determined.
SECURITIES
A security is a document that gives the owner a claim on future cash
flows. A security may represent an ownership claim on an asset (such as a
share of stock) or a claim on the repayment of borrowed funds, with
interest (such as a bond). The document may be a piece of paper (such as
T
28 FOUNDATIONS
a stock certificate or a bond) or an entry in a register (which may, in turn,
be a computer record). A securities market is an arrangement for buying
and selling securities. It may be a physical location or simply a computer
or telephone network.
Securities are classified into three groups: money market securities,
capital market securities, and derivative securities—based on their
maturity and the source of their value. The word “maturity” is often
used loosely to refer to the length of time before repayment of a debt.
Other terms using the word “maturity” are more specific. The maturity
date of a security is the pre-set date on which the amount borrowed
(called the face value, the par value, the principal, or the maturity
value) is repaid. The security is said to mature on its maturity date. The
original maturity is the time between the date a security is issued and its
maturity date.
Translation - Serbian Hartije od vrednosti I tržišta
Cilj svake finansijske odluke, bilo da je u pitanju odluka o investiranju ili o finansiranju, trebalo bi da bude da se maksimizira bogatstvo vlasnika. Za korporaciju, ovo se prevodi u maksimiziranje tržišne vrednosti vlasničkih interesa- vrednosti akcije. Stoga odluke finansijskog menadžera moraju biti donošene imajući u vidu vrednost akcije kompanije i tržišta na kojima se trguje tim akcijama.
Ako su firmi potrebna finansijska sredstva, da li bi trebalo da emituje akcije ili da uzme zajam? Ako emituje nove akcije, da li će trenutni investitori biti na gubitku? Ako uzme zajam, koje će kamatne stope njeni zajmodavci- investitori u njene obveznice- zahtevati? Za koje vreme može biti otplaćen zajam? Za koje vreme bi trebalo da bude otplaćen?
Ukoliko firma ima sredstva za investiranje, da li bi finansijski menadžeri trebalo da ih investiraju do trenutka kada budu bile potrebna? U koju vrstu finansijkog instrumenta? Koje osobine mora imati to investiciono sredstvo? Koje vrste rizika moraju preduzeti sa svojom investicijom?
Finansijski menadžeri moraju razumeti širok opseg dostupnih hartija od vrednosti i tržišta na kojima se one kupuju i prodaju. Ovo poglavlje pruža opšti pregled oba. Njegova svrha je dvostruka. Prvo, upoznajemo vas sa izrazima i definicijama koje koristimo u ovoj knjizi. Zatim, dajemo vam ideju o tome kako funkcionišu tržišta sa hartijama od vrednosti kako bi ste znali kako se određuju cene hartija od vrednosti.
Hartije od vrednosti
Hartija od vrednosti je dokument koji daje vlasniku pravo da polaže pravo na buduće novčane tokove. Hartija od vrednosti može predstavljati pravo vlasništva nad nekom imovinom (kao što je deo akcija) ili pravo na otplatu pozajmljenih sredstava, sa kamatom (kao što je obveznica). Taj dokument može biti parče papira (kao što je potvrda o posedovanju akcija ili obveznica) ili upis u registar (koji može, ponekad, biti kompjuterski zapis). Tržište hartija od vrednosti je aranžman za kupovinu i prodaju hartija od vrednosti. Ono može biti fizičko mesto ili jednostavno kompjuterska ili telefonska mreža.
Hartije od vrednosti su razvrstane u tri grupe: hartije od vrednosti na tržištu novca, hartije od vrednosti na tržištu kapitala i izvedene hartije od vrednosti- na osnovu njihovog dospeća i izvoru njihove vrednosti. Reč „dospeće“ se često koristi slobodno da bi se uputilo na dužinu vremena pre otplate duga. Drugi izrazi koji koriste reč „dospeće“ su određeniji. Datum dospeća hartije od vrednosti je unapred određeni datum na koji se pozajmljeni iznos (nazvan nominalna vrednost, osnovna, ili vrednost pri dospeću) vraća. Za hartiju od vrednosti se kaže da dospeva na svoj datum dospeća. Period dospeća je vreme između datuma kada je emitovana hartija od vrednosti i njenog datuma dospeća.
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