METHODS OF CASH FLOW ANALYSIS AND THEIR CHARACTERISTICS ფულადი ნაკადების ანალიზის მეთოდები და მათი თავისებურებები.

Abstract

Cash flow analysis determines the identification of deficit or surplus of
cash and cash equivalents, verifies the directions of flow sources and their
usage, sets cash flow trends and gives characteristics of their growth or re
duction rates. The direct and indirect analysis methods are applied for these
purposes. The Cash flow analysis methods provide a detailed representation
on cash flows from operating, investment and financial activities. Division
of transactions into these three categories ensure the assessment of organi
zation’s current and potential operations, as well as the strengths and weak
nesses with more or less reliability. It is preferential to apply the direct analy
sis methods in similar circumstances, which presents specific ways of cash
inflow and outflow. Weak cash flow from operating activities is a significant
incentive for checking unhealthy growth of stock and receivables. In some
cases, even strong operating cash flow cannot ensure an achievement of ma
jor success. Therefore, the causes of changes in cash flow and the factors
which impede a free movement of cash should be determined via analyzing
the cash flow. During cash flow analysis process, the free cash flow indica
tor, cash turnover ratio and attach rate are calculated. Studying these ratios
in dynamic has a crucial role in financial management.

Full text

129
dargobrivi ekonomika
fuladi nakadebis analizis meTodebi
da maTi Taviseburebebi
nana sreseli
Tsu asocirebuli profesori
merab jiqia
Tsu asocirebuli profesori
reziume
fuladi nakadebis analizi uzrunvelyofs fulisa da fu-
lis eqvivalentebis deficitis an siWarbis mizezebis gamov-
lenas, gansazRvravs maTi Semodinebis wyaroebsa da gamoy-
enebis mimarTulebebs, adgens fuladi saxsrebis moZraobis
tendenciebsa da iZleva maTi zrdis an Semcirebis tempebis
daxasiaTebas. am mizniT gamoiyeneba analizis pirdapiri da
arapirdapiri meTodi. fuladi nakadebis analizis meTode-
bi saoperacio, sainvesticio da finansuri saqmianobis fu-
ladi nakadebis Sesaxeb detalur warmodgenas iZleva. tran-
zaqciebis dayofa aRniSnul sam kategoriad, uzrunvelyofs
rom metnaklebi saimedobiT Sefasdes organizaciis mimdin-
are da potenciuri, aseve misi Zlieri da susti mxareebi. am
amocanebis gadaWraSi upiratesia analizi pirdapiri meTo-
diT, romelSic warmodgenilia fulis masis Semodinebisa
da gadinebis konkretuli gzebi. saoperacio saqmianobidan
susti fuladi nakadebi, mniSvnelovani biZgia imisTvis, rom
Semowmdes maragebisa da debitoruli davalianebebis ara-
jansaRi zrda. rig SemTxvevaSi, Zlieri saoperacio fuladi
nakadebic ver uzrunvelyofen seriozuli warmatebebis
miRwevas. amitom, fuladi nakadebis analiziT unda dgindes
Tu ra mizezebma gamoiwvia fuladi nakadebis cvlilebebi da
romeli faqtorebi aferxeben fulis Tavisufal moZraobas.
fuladi nakadebis analizis procesSi gamoiTvleba Tavisu-
fali fuladi nakadis maCvenebeli, fulis brunvisa da dam-
agrebis koeficientebi. am koeficientebis dinamikaSi Ses-

ekonomika #7-8, 2016
130
wavlas didi mniSvneloba aqvs finansuri menejmentisTvis.
sakvanZo sityvebi: fuli da fulis eqvivalentebi, wmin-
da fuladi nakadebi, damagrebis koeficienti, brunvado-
bis koeficienti, Tavisufali fuladi nakadebi, pirdapiri
meTodi, arapirdapiri meTodi.
Sesavali
sawarmos mier miRebuli mogeba da fuladi saxsrebi, ro-
gorc wesi, erTmaneTs ar emTxveva. SesaZlebelia sawarmom
saangariSgebo periodi mniSvnelovani mogebiT daamTavros,
magram fuladi saSualebebi naklebi hqondes. fuli sameur-
neo saqmianobaSi sasicocxlo mniSvnelobisaa, radgan fu-
lis saSualebiT xdeba resursebis SeZena, xelfasebis gacema,
kreditoruli davalianebis dafarva, xarjebis anazRaureba
da sxva. sawarmom marTvis TvalsazrisiT mniSvnelovani yu-
radReba eTmoba fulad nakadebs. fuladi nakadebi aris
organizaciaSi fuladi saxsrebisa da maTi eqvivalentebis
Semodineba da gadineba. fulad saxsrebSi igulisxmeba naR-
di fuli da depozitebi moTxovnamde, xolo fuladi saxs-
rebi eqvivalentebi moklevadiani, maRallikviduri inves-
ticiebia, romlebic daubrkoleblad icvleba naRdi fulis
winaswar cnobil raodenobaze da misi Rirebulebis Secvlis
riski umniSvneloa.
sxvaoba fuladi saSualebebis Semosulobebsa da gadasax-
delebs Soris, romelic gamoiTvleba, rogorc saqmianobis
saxeebis, aseve saangariSo periodis mixedviT, aris wminda
(neto) fuladi saSualebebi.
imisaTvis, rom gamovavlinoT sawarmoSi fuladi saSu-
alebebis realuri moZraoba, SevafasoT maTi miRebisa da
xarjvis sinqronuloba, miRebuli finansuri Sedegis sidide
davukavSiroT fuladi nakadebis mdgomareobas, saWiroa
gamovyoT da gavaanalizoT fulis miRebis (Semodinebis) da
gasvlis (gadinebis) yvela mimarTuleba.

131
dargobrivi ekonomika
ZiriTadi teqsti
fuladi saSualebebis moZraobaze sruli angariSgebis
Sedgenisas gamoyofen sam ZiriTad segments: fuladi saSu-
alebebis moZraobis mimdinare, sainvesticio da safinanso
saqmianobidan.
fuladi saSualebebis Semodineba mimdinare saqmianobis
farglebSi, pirvel rigSi, dakavSirebulia amonagebis miRe-
basTan produqciis, Sesrulebuli samuSaoebisa da gaweuli
momsaxurebis gayidvidan, aseve myidvelebisa da damkveTebi-
sagan avansebis miRebasTan; gadineba ki dakavSirebulia mom-
wodeblebis da sxva kontragentebis angariSebis anazRaure-
basTan, muSakebis xelfasis anazRaurebasTan, biujetsa da
arasabiujeto fondebTan angariSsworebasTan. aseve sawar-
mos mimdinare saqmianobasTanaa dakavSirebuli procenti
bankis kreditiT sargeblobisaTvis (ixileT sqema №1).
3
saqmianobasTanaa dakavSirebuli procenti bankis kreditiT
sargeblobisaTvis (ixileT sqema №1).
erT-erT pirobas, romelic SesaZleblobas iZleva fuladi
saSualebebSi esa Tu is operacia miekuTvnos mimdinare saqmianobas,
warmoadgens misi mikuTvnebis SeuZlebloba sainvesticio an safinanso
sferosaTvis.
fuladi saSualebebis moZraoba sainvesticio WriliT gamowveulia
grZelvadiani sargeblobis qonebis SeZeniTa (SeqmniT) da realizaciiT.
pirvel rigSi, es exeba ZiriTadi saSualebebis, aramaterialuri aqtivebisa
da grZelvadiani finansuri dabandebebis miRebasa da gasvlas (ixileT
sqema №2).
finansur saqmianobaSi igulisxmeba fuladi saSualebebis moZraoba,
rac dakavSirebulia cvlilebebTan sawarmos sakuTari da nasesxebi
kapitalis Semadgenlobasa da sidideSi. mocemuli ganayofis sakuTar
kapitalSi asaxuli cvlilebebi warmoadgens aqciebis emisiis an sxva
fuladi saSualebebiT sawesdebo kapitalis zrdis Sedegs. aseve, masSi
aisaxeba miRebuli saemisio Semosavali (ixileT sqema №3).
amonagebi produqciis, saqonlis
da momsaxurebis gayidvidan
myidvelebisagan miRebuli avansebi
gadasaxdelebi momwodeblebze
sxva
Sromis anazRaureba
biujetSi gadasaxadebi
anaricxebi arasabiujeto
fondebSi
sxva
mimdinare saqmianoba
Semosulobebi (Semodineba) gadasaxdelebi (gadineba)
sqema N1. mimdinare saqmiaobidan
miRebuli fuladi nakadebi

ekonomika #7-8, 2016
132
erT-erT pirobas, romelic SesaZleblobas iZleva fu-
ladi saSualebebSi esa Tu is operacia miekuTvnos mimdin-
are saqmianobas, warmoadgens misi mikuTvnebis SeuZlebloba
sainvesticio an safinanso sferosaTvis.
4
sqema №1. mimdinare saqmiaobidan miRebuli fuladi nakadebi
aseve SeiZleba asaxuli iyos mimdinare saqmianobaSi.
sqema №2. sainvesticio saqmianobidan miRebuli fuladi nakadebi
aseve SeiZleba asaxuli iyos mimdinare saqmianobaSi.
grZelvadiani aqtivebis gayidvidan
miRebuli amonagebi
miRebuli procentebi da
dividendebi*
investiciebi realur aqtivebSi
sawarmos mier gacemuli sesxebis
dabruneba
investiciebi aramaterialur
aqtivebSi
finansuri dabandebebi
sainvesticio saqmianoba
Semosulobebi (Semodineba)
gadasaxdelebi (gadineba)
moklevadiani krediti da sesxebi
grZelvadiani krediti da sesxebi
kreditisa da sesxebis dabruneba
Semosulobebis aqciebis emisiiT
mesakuTreTa aqtivebisa da
wilebis Sesyidva
procentebisa da dividendebi
anazRaureba *
miznobrivi dafinanseba
finansuri saqmianoba
Semosulobebi (Semodineba) gadasaxdelebi (gadineba)
4
sqema №1. mimdinare saqmiaobidan miRebuli fuladi nakadebi
aseve SeiZleba asaxuli iyos mimdinare saqmianobaSi.
sqema №2. sainvesticio saqmianobidan miRebuli fuladi nakadebi
aseve SeiZleba asaxuli iyos mimdinare saqmianobaSi.
grZelvadiani aqtivebis gayidvidan
miRebuli amonagebi
miRebuli procentebi da
dividendebi*
investiciebi realur aqtivebSi
sawarmos mier gacemuli sesxebis
dabruneba
investiciebi aramaterialur
aqtivebSi
finansuri dabandebebi
sainvesticio saqmianoba
Semosulobebi (Semodineba)
gadasaxdelebi (gadineba)
moklevadiani krediti da sesxebi
grZelvadiani krediti da sesxebi
kreditisa da sesxebis dabruneba
Semosulobebis aqciebis emisiiT
mesakuTreTa aqtivebisa da
wilebis Sesyidva
procentebisa da dividendebi
anazRaureba *
miznobrivi dafinanseba
finansuri saqmianoba
Semosulobebi (Semodineba) gadasaxdelebi (gadineba)
aseve SeiZleba asaxuli iyos mimdinare saqmianobaSi.
sqema N2. sainvesticio saqmianobidan miRebuli fuladi
nakadebi
aseve SeiZleba asaxuli iyos mimdinare saqmianobaSi.
sqema N3. finansuri saqmianobidan miRebuli fuladi nakadebi

133
dargobrivi ekonomika
fuladi saSualebebis moZraoba sainvesticio WriliT
gamowveulia grZelvadiani sargeblobis qonebis SeZeniTa
(SeqmniT) da realizaciiT. pirvel rigSi, es exeba ZiriTadi
saSualebebis, aramaterialuri aqtivebisa da grZelvadiani
finansuri dabandebebis miRebasa da gasvlas (ixileT sqema
№2).
finansur saqmianobaSi igulisxmeba fuladi saSuale-
bebis moZraoba, rac dakavSirebulia cvlilebebTan sawar-
mos sakuTari da nasesxebi kapitalis Semadgenlobasa da
sidideSi. mocemuli ganayofis sakuTar kapitalSi asaxuli
cvlilebebi warmoadgens aqciebis emisiis an sxva fuladi
saSualebebiT sawesdebo kapitalis zrdis Sedegs. aseve, mas-
Si aisaxeba miRebuli saemisio Semosavali (ixileT sqema №3).
sawarmos unars, ganaxorcielos investiciebi mimdinare
saqmianobidan fuladi nakadebis safuZvelze, e.i. hqondes
TviTdafinansebis unari, aseve gaaCndes sxva saxeobis dafi-
nansebis wyaroebze SesaZlo moTxovna, adasturebs maCvene-
beli, romelmac miiRo Tavisufali fuladi nakadebis sax-
elwodeba – FCF (free cash flow).
aRniSnuli maCvenebeli tolia mimdinare (saoperacio) da
sainvesticio saqmianobidan miRebuli Sedegis (jamis) abso-
lutur TanxaSi. misi gaangariSeba warmodgenilia cxrilSi
№1 (gv. 134).
fuladi nakadebis analizis praqtikaSi SeiZleba gamoy-
enebul iqnes fuladi saSualebebis moZraobis angariSgebis
Sedgenis pirdapiri da arapirdapiri meTodebi.
pirdapiri meTodi gulisxmobs fuladi saSualebebis
Semosulobebisa da xarjvis Sesaxeb monacemebis asaxvas an-
gariSgebaSi.
arapirdapiri meTodi eyrdnoba miRebuli finansuri
Sedegebis gaangariSebas – wminda fuladi saSualebebis si-
dideSi garkveuli koreqtivebis Setanis gziT. maSasadame,
arapirdapiri meTodi SesaZleblobas gvaZlevs finansuri
Sedegebis sidididan (mogeba an zarali) gadavideT wminda

ekonomika #7-8, 2016
134
fuladi saSualebebis maCvenebelze (periodis ganmavlobaSi
fuladi saSualebebis mTliani cvlileba).
pirdapiri meTodis gamoyenebis mniSvneloba isaa, rom
Sefasdes fuladi saxsrebis Semosulobebisa da gadasax-
delebis mTliani Tanxis sidide, gamovlindes is muxlebi,
romlebic yvelaze metad axdens Semodinebisa da gadinebis
formirebas ganxiluli samive saqmianobis WriliT. aqe-
dan gamomdinare, informacia, romelic am meTodis safuZ-
velze miiReba, gamoiyeneba fuladi saSualebebis biujetis
formirebisaTvis.
pirdapiri meTodi SesaZleblobas iZleva Semosulobe-
bi da gadasaxdelebi warmovadginoT sinqroulad – drois
mixedviT, ramdenadac detalurad asaxavs fuladi saSuale-
saqmianobaTa saxeobebis mixedviT fulad
saSualebaTa saerTo cvlileba
cxrili #1
saqmianobis saxeobebi
wminda fuladi
saSualebebi
gasuli
periodi
saanalizo
periodi
Semosulobebi:
1. mimdinare saqmianoba 230806 248065
2. sainvesticio saqmianoba -608261 -51663
3. Tavisufali fuladi
4. saSualebebi (str. 1 + str. 2) -377455 196402
5. finansuri saqmianoba 408685 -200540
6. fuladi saSualebebis saerTo
cvlileba periodis ganmav-
lobaSi (str. 1 + str. 2 + str. 4)
an (str. 3 + str. 4)
31230 -4138

135
dargobrivi ekonomika
bebis moZraobas angariSebze, rac Tavis mxriv, operatiuli
daskvnebis gakeTebis SesaZleblobas iZleva fuladi saSu-
alebebis sakmarisobis Sesaxeb mimdinare valdebulebebis
dasafaravad, sainvesticio saqmianobisa da sxva damate-
biTi anazRaurebis gasawevad. amasTan, aRniSnuli meTodis-
Tvis damaxasiaTebelia garkveuli naklovanebac, rac imaSi
gamoixateba, rom igi ar xsnis urTierTkavSirs miRebul fi-
nansur Sedegsa da sawarmos angariSebze fuladi saSuale-
bebis cvlilebebs Soris.
rogorc cnobilia, wminda fuladi saSualebebis sidide
arsebiTad gansxvavdeba im Tanxisgan, romelic miRebulia,
rogorc finansuri Sedegi, rasac, cxadia, aqvs ramdenime
mizezi. maT Soris ZiriTadia:
1. mogeba (zarali) an finansuri Sedegi, romelic asaxu-
lia angariSgebaSi mogebisa da zaralis Sesaxeb, formirdeba
daricxvis principis Sesabamisad, maSin roca fuladi saSu-
alebebis cvlilebebis Sedegi ganisazRvreba sakaso meTo-
diT:
l buRaltrulad Semosavlebis aRiarebas SeiZleba Tan
ar sdevs fuladi saSualebebis Semosulobebi;
l im xarjebis arseboba, romelsac kavSiri aqvs momaval
periodTan, imas iwvevs, rom realuri gadasaxdeli Tanxa
gansxvavdeba produqciis TviTRirebulebisgan, romelSic
Seitaneba mxolod saangariSgebo periodis xarjebi;
l gadavadebuli gadasaxdelebis arseboba (e.i. daricxu-
lia, magram xarji saangariSgebo periodSi gaweuli ar aris)
cxadia, zrdis produqciis TviTRirebulebas aRniSnuli
xarjis sididiT, maSin roca fuladi saSualebebis gadineba
ar xorcieldeba;
l mimdinare xarjebi pirdapir miekuTvneba produqciis
TviTRirebulebas, kapitaluri xarjebi ki nazRaurdeba xan-
grZlivi periodis ganmavlobaSi saamortizacio anaricxebis
gziT. Tumca, xSirad swored kapitalur xarjebTanaa dakav-
Sirebuli fuladi saSualebebis yvelaze meti gadineba.

ekonomika #7-8, 2016
136
2. fuladi saSualebebis zrdis wyaro aucilebeli ar aris
iyos mogeba (ase magaliTad, fuladi saSualebebis Semodine-
ba SeiZleba uzrunvelyofili iyos misi mozidviT sesxebis
aRebis safuZvelze). zustad aseve, fuladi saSualebebis
gadineba xSirad ar aris dakavSirebuli finansuri saSuale-
bebis gadineba xSirad ar aris dakavSurebuli finansuri
Sedegis SemcirebasTan.
3. grZelvadiani aqtivebis SeZena da masTan dakavSirebu-
li fuladi saSualebebis gadineba ar aisaxeba mogebis sidi-
deze, xolo misi realizacia mocemuli operaciis SedegiT
cvlis erTobliv finansur Sedegs. amasTan, fuladi saSu-
alebebis cvlileba ganisazRvreba miRebuli amonagebis si-
didiT.
4. im faqtze, roca finansuri Sedegi da mogebis sidide
erTmaneTs ar emTxveva, uSualo gavlenas axedens cvlileba
sakuTari sabrunavi kapitalis SemadgenlobaSi. mimdinare
aqtivebis muxlebis naSTebis zrda iwvevs fuladi saSuale-
bebis damatebiT gadinebas da misi Semodinebis Semcirebas.
sawarmos saqmianobas sasaqonlo-materialuri faseulo-
bebis maragebis dagrovebiT Tan sdevs fuladi saSualebebis
gadineba; Tumca, es procesi gagrZeldeba im momentamde, sa-
nam maragebi ar iqneba CaSvebuli warmoebaSi (realizebuli),
xolo manamade ki – finansuri Sedegis sidide ar Seicvleba.
5. fuladi saSualebebis gadineba, rac dakavSirebulia
sasaqonlo-materialuri faseulobebis SesyidvasTan, gan-
isazRvreba kreditorebTan angariSsworebis xasiaTiT. kre-
ditoruli davalianebis arseboba sawarmos SesaZleblobas
aZlevs gamoiyenos maragebi, rac jer kidev anazRaurebuli
ar aris. maSasadame, rac ufro didia kreditoruli daval-
ianebis dafarvis periodi, miT ufro mniSvnelovania gan-
sxvaveba warmoebaSi CaSvebuli materialuri faseulobis
moculobasa da kreditorebisTvis gadasaxdelebis sidides
Soris.
miRebul finansur Sedegsa da fuladi saSualebebis si-

137
dargobrivi ekonomika
didis cvlilebas Soris urTierTkavSiris gamosavlenad
tardeba fuladi saSualebebis moZraobis analizi arapir-
dapiri meTodiT.
pirdapiri meTodisgan gansxvavebiT, arapirdapiri meTo-
diT fuladi saSualebebis moZraobis angariSgebis Sedgena
gulisxmobs ara marto fuladi saSualebebis muxlebis
analizs, aramed balansis aqtivisa da pasivis yvela muxlis
analizs, romelTa cvlilebebi gavlenas axdens sawarmos
fulad nakadebze.
arapirdapiri meTodis gamoyenebis dros finansuri Sede-
gi, rigi makoreqtirebeli proceduris Catarebis Sedegad,
gardaiqmneba wminda fuladi saSualebebis sidided mimdin-
are saqmianobidan. fuladi nakadebi sainvesticio da finans-
uri saqmianobidan Cveulebriv aisaxeba pirdapiri meTodiT.
SeiZleba gamovyoT makoreqtirebeli procedurebis
gansazRvruli Tanmimdevroba.
pirvel rigSi gamoricxaven finansur Sedegze amortiza-
ciis daricxvis operaciebs (rogorc xarjebs, romelsac
Tan ar sdevs fuladi saSualebebis gadineba) da im opera-
ciebs, romlebic dakavSirebulia grZelvadiani aqtivebis
gasvlasTan.
ramdenadac mogebis Semcirebas amortizaciis daricxvis
Sedegad Tan ar sdevs fuladi saSualebebis Semcireba, am
ukanasknelis realuri sididis gasaangariSeblad daricx-
uli amortizaciis Tanxa unda daematos finansuri Sedegis
sidides.
ZiriTadi saSualebebis obieqtebisa da sxva grZelvadiani
aqtivebis gasvla iwvevs zarals misi narCeni Rirebulebis
sididiT, romelic Camoiwereba da amcirebs finansur
Sedegs. savsebiT cxadia, rom operaciebi qonebis narCeni Ri-
rebulebis balansidan Camoweraze araviTar zemoqmedebas
ar axdens fuladi saSualebebis sidideze. maSasadame, zara-
lis Tanxa narCeni Rirebulebis sididiT unda daematos fi-
nansuri Sedegis sidides.

ekonomika #7-8, 2016
138
Tu grZelvadiani aqtivebis gasvlis finansur Sedegs
warmoadgens mogeba, maSin warmoiqmneba situacia, romlis
SemTxvevaSi misi sidide orjer iqneba gaTvaliswinebuli:
pirvelad – wminda mogebis SemadgenlobaSi da meored – sa-
investicio saqmianobidan fuladi nakadebis analizisas,
rogorc grZelvadiani aqtivebis gayidvidan miRebuli amon-
agebi.
ormagi angariSi gamoircixeba Semdegi makoreqtirebeli
proceduris CatarebiT: mogebis sidide grZelvadiani aq-
tivebis gayidviT (gasvliT) gamoiricxeba finansuri Sedegi-
dan, xolo zaralis Tanxa daemateba finansur Sedegs.
meore etapze koreqtivebi asaxavs sabrunavi aqtivebisa
da moklevadiani valdebulebebis muxlebis cvlilebis gav-
lenas.
roca msjelobaa mimdinare aqtivebis muxlebis cvli-
lebaze, mxedvelobaSi aqvT arafuladi xasiaTis muxlebi.
fuladi saSualebebis muxlebis cvlileba warmoadgens sa-
Sedego sidides. angariSgebis mizania, vaCvenoT mimdinare
aqtivebis romeli muxlis xarjze moxda fuladi saSuale-
bebis sididis cvlileba.
analizis msvlelobis procesSi unda ganvsazRvroT sa-
brunavi aqtivebis yoveli muxlis mixedviT cvlileba ro-
gor aisaxa sawarmos fuladi saSualebebis mdgomareobaze.
myidvelebisgan fuladi saSualebebis Semodinebis Ses-
afaseblad ganvixiloT finansur nakadze mimdinare aq-
tivebis iseTi arsebiTi muxlis cvlilebis zemoqmedebis
meqanizmi, rogoric aris debitoruli davalianeba.
arsebobs urTierTkavSiris martivi toloba debi-
torebisgan Tanxis miRebas, gagzavnili produqciis (gaweu-
li momsaxurebis) Rirebulebasa da debitoruli daval-
ianebis sidides Soris:
+ R - Sm = ,
sadac, , - Sesabamisad debitoruli davalianebis si-
didea periodis

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dargobrivi ekonomika
dasawyisSi da periodis bolos;
R – realizebuli produqciis Rirebuleba;
Sm – myidvelebisgan Semosuli Tanxa.
formula SeiZleba Semdegi saxiTac CavweroT:
+ R = + Sm
Zneli ar aris imis danaxva, rom myidvelebisgan Semosu-
lobebi yovelTvis naklebi iqneba realizebuli produqci-
is Rirebulebaze (romelic Tavis asaxvas poulobs mogebisa
da zaralis angariSgebaSi), Tu debitoruli davalianeba
periodis bolosaTvis aRemateba mis sidides periodis da-
sawyisisTvis.
maSasadame, saanalizo periodSi myidvelTa davalianeba
Tu gaizarda ( > ), maSin keTdeba daskvna, rom saSuale-
bebis realuri Semodineba naklebia mogebisa da zaralis
Sesaxeb angariSgebaSi dafiqsirebulze debitoruli daval-
ianebis cvlilebis TanxiT da es sidide unda gamoiricxos
finansuri Sedegidan.
cxadia, rom debitoruli davalianebis Semcireba iwvevs
fuladi saSualebebis Semodinebis realur zrdas da Sesa-
bamisad, mocemul SemTxvevaSi, sxvaoba debitoruli daval-
ianebis sidideebs Soris (periodis dasawyissa da periodis
bolos Soris) unda daematos finansur Sedegs.
im operaciebis gavlena finansur Sedegze, romlebic da-
kavSirebulia sasaqonlo-materialuri faseulobebis SeZe-
nasTan, imiT gamoixateba, rom maragebis mateba zrdis sa-
Sualebebis realur gadinebas. maSasadame, maragebis zrdis
Tanxa unda gamoiricxos finansuri Sedegidan da Sesabamis-
ad, Semcirebis Tanxa unda daematos finansur Sedegs.
fuladi saSualebebis moZraobaze mimdinare pasivebis
muxlebis cvlileba moqmedebs sapirispirod. moklevadiani
valdebulebebis zrda imaze metyvelebs, rom sawarmos aq-
tivebis didi nawili da maT mier warmoebuli xarjebi rCeba
aunazRaurebeli. imavdroulad aseTi xarjebis arseboba

ekonomika #7-8, 2016
140
gulisxmobs TviTRirebulebis zrdas da Sesabamisad, fi-
nansuri Sedegis Semcirebas. mocemul SemTxvevaSi, fuladi
saSualebebis realuri xarji naklebia TviTRirebulebiT
gaTvaliswinebulze.
magaliTisTvis SeiZleba ganvixiloT momwodebelTa kre-
ditoruli davalianebis naSTebis cvlileba. naSTebis zrda
imaze metyvelebs, rom mowodebuli materialuri faseulo-
bebi an gaweuli momsaxureba rCeba aunazRaurebeli, im dros,
roca sawarmo ganagrZobs maT xarjvas da, maSasadame, maTi Ri-
rebulebis Camoweras produqciis TviTRirebulebaSi.
zemoaRniSnulis gaTvaliswinebiT, mimdinare saqmianobi-
dan wminda fuladi nakadebis sididis gaangariSebisTvis ar-
sebobs saerTo wesi: finansuri Sedegis maCveneblidan unda
gamoiricxos sabrunavi aqtivebis muxlebis naSTebis zrda
(angariSgebaSi naCvenebia niSani “minusiT”), xolo Semcireba
– unda daematos (naCvenebia niSani “plusiT”); mimdinare pa-
sivebis muxlebis naSTebis zrda unda daematos finansur
Sedegs (naCvenebia niSani “plusiT”), xolo Semcireba unda
gamoiricxos (naCvenebia niSani “minusiT”).
Cven mier Catarebuli analizisas vixilavdiT operaciebs,
romliTac xdeboda finansuri Sedegis formireba, xolo
masSi vgulisxmobdiT wminda mogebis an zaralis Tanxas. ma-
gram fuladi saSualebebis nakadi dakavSirebulia wminda
mogebis gamoyenebasTanac, rogoricaa dividendebis gacema
da sxva analogiuri anazRaurebebi. Tu aseT anazRaurebebs
hqonda adgili, maSin atareben damatebiT makoreqtirebel
procedurebs (pirobiTad maT uwodeben koreqtirebis mesa-
me etaps), rac dakavSirebulia aRniSnuli xarjebis Tanxis
gamoricxvasTan wminda mogebidan.
aRniSnuli procedurebis erToblivma gavlenam, rac fi-
nansuri Sedegis sididis koreqtirebas axdens, unda gamoi-
wvios angariSgebaSi fuladi saSualebebis an wminda fula-
di saSualebebis cvlilebebis Sedegebis asaxva, rogorc es
naCvenebia cxrilSi (ix. cxrili №2).

141
dargobrivi ekonomika
Sedgenili angariSgebis monacemebis safuZvelze fuladi
saSualebebis moZraobis analizs iwyeben mimdinare saqmiano-
bis ganxilviT. ase imitom keTdeba, rom swored, mimdinare
angariSgeba fuladi saSualebebis moZraobis Sesaxeb
(arapirdapiri meTodi)
cxrili #2
m a C v e n e b l e b i Tanxa,
lari
mimdinare saqmianoba
wminda mogeba + 105038
amortizacia + 122303
zarali grZelvadiani aqtivebis gasvliT + 54341
maragebis Semcireba + 87073
SeZenil faseulobebze dRg-s gazrda - 11718
debitoruli davalianebis gazrda - 186148
maT Soris:
myidvelebi da damkveTebi - 43791
gacemuli avansebi - 51343
sxva debitorebi - 91014
kreditoruli davalianebis cvlileba + 79532
maT Soris:
momwodeblebi da moijareebi + 88581
Sromis anazRaurebaze - 12621
saxelmwifo arasabiujeto fondebis winaSe + 18491
biujetis winaSe - 14692
sxva kreditorebi - 227
momavali periodis Semosavlis Semcireba - 10590
gadavadebuli sagadasaxado aqtivebis zrda - 1946
gadavadebuli sagadasaxdelo valdebulebebis zrda + 10180
sul wminda fuladi saSualebebi mimdinare saqmianobidan + 248065
sainvesticio saqmianoba
wminda fuladi saSualebebi sainvesticio saqmianobidan - 51663
finansuri saqmianoba
wminda fuladi saSualebebi finansuri saqmianobidan - 200540
fuladi saSualebebis mTliani cvlileba - 4138
cnobisTvis:
fuladi saSualebebi periodis dasawyisisTvis 77606
fuladi saSualebebi periodis bolosTvis 73468

ekonomika #7-8, 2016
142
saqmianoba warmoadgens fulad saSualebebze warmoqmnili
moklevadiani da grZelvadiani moTxovnilebebis dafarvis
ZiriTad stabilur wyaros.
Tu gaviTvaliswinebT imas, rom angariSsworebisTvis
amosaval bazas warmoadgens finansuri Sedegis maCvenebeli,
upirveles yovlisa, aucilebelia davrwmundeT mis saime-
doobaSi. amasTan, garkvevas saWiroebs arsebiTi Semosavle-
bi da xarjebi, romlebic, rogorc wesi, asaxulia “sxva dan-
arCeni” muxlis SemadgenlobaSi da gavlenas axdens finansur
Sedegze, magram ise, rom ar exeba fulad saSualebebs. aseTi
muxlis magaliTebia: debitoruli da kreditoruli daval-
ianebis Camowera, inventarizaciis Catarebis Sedegad danak-
lisisa da danakargebis gamovlena da sxv.
finansur Sedegsa da wminda fulad saSualebebs (wfs)
Soris gansxvavebulobis erT-erT umTavres mizezs war-
moadgens grZelvadian aqtivebze amortizaciis daricxva.
Sesabamisad, saamortizacio politika fuladi nakadebis
marTvis umTavresi faqtori. amortizaciis daricxvis daC-
qarebuli meTodebi (aqtivebis gamoyenebisa da eqspluata-
ciis pirvel wlebSi) xels uwyobs fuladi saSualebebis me-
tad Semodinebis uzrunvelyofas.
produqciis (samuSaoebis) moculobis proporciulad Ri-
rebulebis Camowera SesaZleblobas iZleva erTmaneTs davuka-
vSiroT dasaricxi amortizaciis Tanxa da ZiriTadi saSuale-
bebis gamoyenebis intensivoba – rac ufro intensiurad xdeba
ZiriTadi saSualebebis gamoyeneba, miT ufro meti fuladi sa-
Sualebebis Semodinebis uzrunvelyofaa aucilebeli.
amortizaciis daricxvis wrfivi meTodis gamoyeneba
SeiZleba mizanSewonili iyos im pirobiT, rom sawarmo dain-
teresebulia stabiluri fuladi nakadebiT.
gansakuTrebuli yuradReba unda gavamaxviloT mimdinare
aqtivebis cvlilebebis gamomwvev mizezebsa da mis gavlenaze
fulad nakadebze. aucilebelia, gvaxsovdes Semdegi wesi: sa-
brunavi aqtivebis muxlebis zrda (magaliTad, maragebis an

143
dargobrivi ekonomika
debitoruli davalianebebis zrda) iwvevs imas, rom sxva Tana-
bar pirobebSi finansuri Sedegis sidide (angariSgeba mogebi-
sa da zaralis Sesaxeb) yovelTvis meti iqneba wminda fuladi
saSualebebis sidideze mimdinare saqmianobidan.
davuSvaT, rom saanalizo sawarmoSi adgili hqonda cvli-
lebebs, rogorc es warmodgenilia cxrilSi (ix. cxrili №3).
100 aTasi laris wminda mogebis gamomuSavebis pirobebSi
(300-200), wminda fuladi saSualebebis sidide mimdinare
saqmianobidan Seadgens nuls. aRniSnulis mizezi gaxda:
1. maragebis zrda – 50 aTasi lariT;
2. debitoruli davalianebis zrda – 100 aTasi lariT;
3. kreditoruli davalianebis zrda – 50 aTasi lariT.
saangariSgebo periodSi sawarmos balansSi
ganxorcielebuli cvlilebebis analizi (aTasi lari)
cxrili #3
aqtivebi
periodis da-
sawyisSi
periodis bolos
cvlileba
pasivebi
periodis da-
sawyisSi
periodis bolos
cvlileba
ZiriTadi
saSualebebi 300 300 -sawesdebo
kapitali 200 200 -
maragebi 100 150 50 gaunawilebeli
mogeba 200 300 100
debitoruli
davalianebebi 250 350 100 kreditoruli
davalianebebi 300 350 50
fuladi
saSualebebi 50 50 -
balansi 700 850 150 700 850 150
wminda fuladi saSualebebis (wfs) gaangariSeba mimdin-
are aqtivebisa da moklevadiani valdebulebebis cvlile-

ekonomika #7-8, 2016
144
bebis pirobebSi SeiZleba Semdegi formulis mixedviT:
(wfs)ms = mogeba (zarali) – mimdinare aqtivebis cvlile-
ba (iReben yvela mimdinare aqtivs fuladi saSualebebis
garda) + moklevadiani valdebulebebis cvlileba (kred-
itisa da sesxebis garda).
Cveni magaliTis mixedviT (wfs)ms = 100 – 50 – 100 + 50 + 0
ganxiluri magaliTi eyrdnoba im daSvebas, rom ZiriTa-
di saSualebebis sidide balansSi rCeba ucvleli, realur
cxovrebaSi aucilebelia amortizaciis daricxva, rac
iwvevs balansSi ZiriTadi saSualebebis Rirebulebis Sem-
cirebas. aRniSnulis gaTvaliswinebiT aucilebelia Cvens
mier adre ganxiluli koreqtivebis Setana amortizaciis
TanxiT. gavagrZeloT magaliTi da davuSvaT, rom amortiza-
ciis Tanxam periodis ganmavlobaSi Seadgina 60 aTasi lari.
vaCvenoT rogor aisaxeba es balansSi da fuladi nakadebis
gaangariSebaSi (ix. cxrili #4).
saangariSo periodSi sawarmos balansSi ganxorcielebuli
cvlilebebis analizi (aTasi lari)
cxrili #4
aqtivebi
periodis da-
sawyisSi
periodis bolos
cvlileba
pasivebi
periodis da-
sawyisSi
periodis bolos
cvlileba
ZiriTadi
saSualebebi 300 240 - 60 sawesdebo
kapitali 200 200 -
maragebi 100 150 50 gaunawilebeli
mogeba 200 240 40
debitoruli
davalianebebi 250 350 100 kreditoruli
davalianebebi 300 350 50
fuladi
saSualebebi 50 50 -
balansi 700 790 90 700 790 90

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dargobrivi ekonomika
40 aTasi lari wminda mogebis gamomuSavebis pirobebSi
(daricxuli amortizaciis gaTvaliswinebiT) wfs-s sidide
mimdinare saqmianobidan Seadgens:
wminda mogeba (40 aTasi lari) + amortizacia (60 aTasi
lari) – maragebis zrda (50 aTasi lari) – debitoruli daval-
ianebis zrda (100 aTasi lari) + kreditoruli davalianebis
zrda (50 aTasi lari).
sul (wfs)ms = 0.
analizis procesSi fulad nakadebze mimdinare aqtivebis
calkeuli muxlebis cvlilebis gavlenis gansazRvrisas
aucilebelia davadginoT, ra mizezebma gamoiwvies es cv-
lilebebi. aseTi mizezebis ricxvSi, pirvel rigSi, unda
gamovyoT gayidvebis moculobisa da saSualebebis brunva-
dobis cvlileba.
Cven mier ganxiluli #3 da #4 cxrilebis monacemebis
mixedviT, adgili hqonda debitoruli davalianebebisa da
maragebis zrdas 150 aTasi lariT (50+100). davuSvaT, rom es
iyo dakavSirebuli gayidvebis moculobis gadidebasTan.
cxadia, rom gayidvebis moculobis kidev ufro metad gaz-
rdisa da arsebuli brunvadobis SenarCunebis pirobebSi,
aseve dafiqsirebuli iqneba mimdinare aqtivebis kidev ufro
gadideba, davuSvaT, misi zrda Seadgens ara 150 aTas lars,
aramed 200 aTas lars; wminda mogeba gaizardos 120 aTas
laramde, xolo kreditoruli davalianebis sididem peri-
odis bolos Seadginos 370 aTasi lari, maSin wminda wfs-s
sidide iqneba (-10) aTasi lari (120 – 120 + 70). sxva sityvebiT
rom vTqvaT, sawarmos gamomuSavebuli 120 aTasi wminda mo-
gebis pirobebSi mimdinare saqmianobidan fuladi saSuale-
bebis wminda gadineba eqneba 10 aTasi lari.
mimdinare aqtivebis sididis cvlilebis meore mizezia
misi brunvis siCqaris cvlileba. Tu mimdinare aqtivebis
zrda uswrebs amonagebis zrdas, es mowmobs aqtivebis brun-
vadobis Senelebaze da rogorc Sedegi, SesaZlo proble-
mebis warmoSobaze likvidobasa da gadaxdisunarianobaSi.

ekonomika #7-8, 2016
146
Tu mimdinare aqtivebis sidide Semcirda, aucilebelia
gavarkvioT es gayidvebis moculobis dacemis Sedegia, Tu
sawarmos xelmZRvanelobis Segnebuli politikis, romlis
mizania brunvadobis daCqareba da saSualebebis gamonTavi-
sufleba.
Tu analizis Sedegad dadginda mimdinare pasivebis mux-
lebis zrda, aucilebelia davadginoT, dakavSirebulia
Tu ara igi amonagebis gadidebasTan (amonagebis zrdas, ro-
gorc wesi, Tan sdevs mimdinare aqtivebis zrda, ris Sede-
gadac matulobs kreditoruli davalianebis sidide), Tu
moklevadiani valdebulebebis gadideba dakavSirebulia
sawarmos gadaxdisunarianobis problemebTan.
fuladi nakadebis analizisas sainvesticio saqmianobi-
dan mTavaria davadginoT saSualebaTa dabandebis mimar-
Tulebebi: realur aqtivebSi, aramaterialur aqtivebSi,
grZelvadian finansur dabandebebSi.
daskvna
yovelive zemoaRniSnulidan SeiZleba davaskvnaT, rom
fuladi nakadebis angariSgebis finansurma analizma unda
gamoavlinos dafinansebis wyaroebis mozidvis mimarTule-
bebi. es aucilebelia imisTvis, rom SevafasoT, aqvs Tu ara
sawarmos unari momavalSi dafaros valdebulebebi war-
moqmnili moziduli sesxebiTa da kreditiT. aseve saWiroa
erTmaneTs SevadaroT mimdinare finansuri saqmianobis
Sedegebi imis gaTvaliswinebiT, rom valdebulebaTa dafar-
vis ZiriTad stabilur wyaros warmoadgens saSualebaTa
nazardi mimdinare saqmianobidan.
fuladi nakadebis analizis Sedegebi Seicavs Rirebul
mmarTvelobiT informacias, raSic dainteresebulia ro-
gorc sawarmos xelmZRvanelebi, aseve misi aqcionerebi
(investorebi). misi daxmarebiT xelmZRvanelobas SeuZlia
akontrolos sawarmos mimdinare gadaxdisunarianoba, mi-
iRos operatiuli gadawyvetileba misi stabilizaciisTvis,

147
dargobrivi ekonomika
Seafasos damatebiTi investiciebis SesaZlebloba. sawarmos
kreditorebs SeuZliaT Seadginon daskvna mevale – sawarmos
saSualebebis sakmarisobisa da misi unaris Sesaxeb – gamoi-
muSaos fuladi saSualebebi, davalianebaTa dasafaravad.
aqcionerebi (investorebi), romlebic floben informacias
sawarmoSi fuladi nakadebis moZraobis Sesaxeb, SesaZle-
bloba eZlevaT ufro dasabuTebulad miudgnen ganawilebi-
sa da gamoyenebis politikis SemuSavebas.
gamoyenebuli literatura:
1. Г.В. Савицкая, Экономический анализ, М, 2014.
2. А. И. Нечитайло, И. А. Нечитайло, Комплексныи экономический
анализ. Ростов – на - Дану, 2014.
3. Роберт С. Хиггине. Финансовый анализ: инструменти для
приниятия бизнес-решенный, 8-е издание, М. 2008.
4. А. Ф. Ионова, Н. Н. Селезнёва. Финансовый анализ. М. 2008.
5. О. В. Ефимова, М. В. Мельник. Анализ финансовой отчётности.
М. 2008.
REFERENCES:
1. G.V Savitskaia, Economic Analysis, M, 2014(In rusian language).
2. A. I. Nechitailo, I.A. Nechitailo, Comprehensive Economics, Rostov,
2014 (In rusian language).
3. Robert S. Higgin, Financial Analysis: Instruments for Making Busi-
ness Decisions, 8th edition, M. 2008 (In rusian language).
4. A. F. Ionova, N.N. Selezniova, Financial Analysis, M. 2008(In rusian
language).
5. O.V Efimova, M .V Melnik, Analysis of Financial Statement, M. 2008
(In rusian language).

ekonomika #7-8, 2016
148
METHODS OF CASH FLOW ANALYSIS AND
THEIR CHARACTERISTICS
Nana Sreseli
Associated Professor of TSU
Merab Jikia
Associated Professor of TSU
RESUME
Cash flow analysis determines the identification of deficit or surplus of
cash and cash equivalents, verifies the directions of flow sources and their
usage, sets cash flow trends and gives characteristics of their growth or re-
duction rates. The direct and indirect analysis methods are applied for these
purposes. The Cash flow analysis methods provide a detailed representation
on cash flows from operating, investment and financial activities. Division
of transactions into these three categories ensure the assessment of organi-
zation’s current and potential operations, as well as the strengths and weak-
nesses with more or less reliability. It is preferential to apply the direct analy-
sis methods in similar circumstances, which presents specific ways of cash
inflow and outflow. Weak cash flow from operating activities is a significant
incentive for checking unhealthy growth of stock and receivables. In some
cases, even strong operating cash flow cannot ensure an achievement of ma-
jor success. Therefore, the causes of changes in cash flow and the factors
which impede a free movement of cash should be determined via analyzing
the cash flow. During cash flow analysis process, the free cash flow indica-
tor, cash turnover ratio and attach rate are calculated. Studying these ratios
in dynamic has a crucial role in financial management.
Key words: cash and cash equivalents, net cash flow, attach rate, turn-
over ratio, free cash flow, direct methods, indirect methods.