TFL Vsebine / Revija Poslovodno računovodstvo

Podjetje za financiranje poslovanja potrebuje vire financiranja. Med njimi imajo posebno mesto upniški viri financiranja. Predpogoj za njihovo pridobitev je ustrezna finančna kondicija podjetja, katere sestavina je tudi kreditna sposobnost. V stroki se uporablja več sodil za merjenje kreditne sposobnosti. Poleg tradicionalnih se vse pogosteje pojavljajo sodila finančnega vzvoda pri katerih se izbrana kategorija dolga (npr. neto dolg in neto finančni dolg), ki je izkazana v računovodskem poročilu primerja z denarnim tokom, ki ga je podjetje generiralo v istem obračunskem obdobju. V računovodskem poročilu praviloma ni podatka o denarnem toku iz poslovanja, zato ga je treba oceniti. Najboljša oceana denarnega toka je EBITDA. Izračun dolg / EBITDA pove v koliko letih se z EBITDA-jem poplačajo opazovani dolgovi. Temeljna značilnost opazovanega sodila je, da je izračunano na podlagi preteklih podatkov. Postavlja se vprašanje ali so pretekli podatki primerna podlaga za ocenjevanje prihodnjega poslovanja. Prav tako so diskutabilne višine kazalnika, ki pomenijo, da je podjetje prezadolženo. Postavljene so arbitrarno in to zelo konzervativno. Vsebinsko to pomeni, da je kreditno sposobno podjetje, ki je nezadolženo, to je pogosto podjetje, ki ne potrebuje kredita.

To finance its business, a company needs sources of finance. Among them, creditor funding sources have a special place. They are conditional on the company's financial standing, which includes creditworthiness. Several criteria are used in the profession to measure creditworthiness. In addition to the traditional ones, leverage ratios are increasingly used where the selected debt category (e.g. net debt and net financial debt) reported in the financial report is compared to the cash flow generated by the entity during the same accounting period. The cash flow from operating activities is usually not reported in the financial report and must be estimated. The best cash flow ocean is EBITDA. The debt/EBITDA calculation tells how many years the observed debts are repaid with EBITDA. A fundamental feature of the observed criterion is that it is calculated on the basis of historical data. The question is whether historical data are an appropriate basis for assessing future. The levels of the indicator that imply that a company is over-indebted are also debatable. They are set arbitrarily and very conservatively. In substantive terms, this means that a creditworthy firm is one that is debt-free, i.e. often one that does not need credit.