{"id":44366,"date":"2026-01-27T06:22:53","date_gmt":"2026-01-27T05:22:53","guid":{"rendered":"https:\/\/www.derivaty.sk\/?p=44366"},"modified":"2026-01-05T14:08:11","modified_gmt":"2026-01-05T13:08:11","slug":"vykaz-o-penaznych-tokoch-cash-flow-priama-a-nepriama-metoda","status":"publish","type":"post","link":"https:\/\/www.autoskoly.sk\/news\/vykaz-o-penaznych-tokoch-cash-flow-priama-a-nepriama-metoda\/","title":{"rendered":"V\u00fdkaz o pe\u0148a\u017en\u00fdch tokoch (cash-flow): Priama a nepriama met\u00f3da"},"content":{"rendered":"<h2>Defin\u00edcia a \u00fa\u010del v\u00fdkazu o pe\u0148a\u017en\u00fdch tokoch<\/h2>\n<p>V\u00fdkaz o pe\u0148a\u017en\u00fdch tokoch (cash-flow, skr\u00e1tene \u201eVPT\u201c) je finan\u010dn\u00fd v\u00fdkaz, ktor\u00fd sumarizuje pr\u00edjmy a v\u00fddavky pe\u0148a\u017en\u00fdch prostriedkov a pe\u0148a\u017en\u00fdch ekvivalentov za ur\u010dit\u00e9 obdobie. Jeho cie\u013eom je vysvetli\u0165, <em>pre\u010do<\/em> sa zostatok hotovosti zmenil medzi za\u010diatkom a koncom obdobia, a poskytn\u00fa\u0165 poh\u013ead na schopnos\u0165 podniku generova\u0165 hotovos\u0165, financova\u0165 invest\u00edcie a obsluhova\u0165 z\u00e1v\u00e4zky. Na rozdiel od v\u00fdkazu ziskov a str\u00e1t, ktor\u00fd je zalo\u017een\u00fd na akru\u00e1lnom princ\u00edpe, VPT pracuje v\u00fdhradne s <strong>cash basis<\/strong> pr\u00edstupom.<\/p>\n<h2>V\u00e4zby na ostatn\u00e9 v\u00fdkazy a rozdiel oproti zisku<\/h2>\n<ul>\n<li><strong>V\u00fdkaz ziskov a str\u00e1t (VZaS)<\/strong> zachyt\u00e1va v\u00fdnosy a n\u00e1klady bez oh\u013eadu na inkaso\/\u00fahradu; VPT upravuje \u010dist\u00fd zisk o nepe\u0148a\u017en\u00e9 polo\u017eky a zmeny pracovn\u00e9ho kapit\u00e1lu.<\/li>\n<li><strong>S\u00favaha<\/strong> poskytuje stavy akt\u00edv, z\u00e1v\u00e4zkov a vlastn\u00e9ho imania ku d\u0148u; VPT vysvet\u013euje ich pe\u0148a\u017en\u00e9 pohyby medzi dvoma d\u00e1tumami.<\/li>\n<li><strong>Cash \u2260 zisk:<\/strong> firma m\u00f4\u017ee vykazova\u0165 zisk a z\u00e1rove\u0148 nedostatok hotovosti (viazan\u00e1 v z\u00e1sob\u00e1ch, poh\u013ead\u00e1vkach), alebo naopak stratu, ale kladn\u00fd cash-flow (odpisy, odlo\u017een\u00e9 v\u00fdnosy).<\/li>\n<\/ul>\n<h2>\u0160tandardn\u00e1 \u0161trukt\u00fara v\u00fdkazu<\/h2>\n<ol>\n<li><strong>Pe\u0148a\u017en\u00e9 toky z prev\u00e1dzkovej \u010dinnosti (CFO\/OCF):<\/strong> hotovos\u0165 generovan\u00e1 prim\u00e1rnym podnikan\u00edm \u2013 tr\u017eby, platby dod\u00e1vate\u013eom, mzdy, dane, \u00fapravy o nepe\u0148a\u017en\u00e9 polo\u017eky a pracovn\u00fd kapit\u00e1l.<\/li>\n<li><strong>Pe\u0148a\u017en\u00e9 toky z investi\u010dnej \u010dinnosti (CFI):<\/strong> n\u00e1kup\/predaj dlhodob\u00fdch akt\u00edv, finan\u010dn\u00fdch invest\u00edci\u00ed, poskytnut\u00e9 a prijat\u00e9 p\u00f4\u017ei\u010dky nezahrnut\u00e9 v hotovosti.<\/li>\n<li><strong>Pe\u0148a\u017en\u00e9 toky z finan\u010dnej \u010dinnosti (CFF):<\/strong> emisie a spl\u00e1canie dlhu a vlastn\u00e9ho kapit\u00e1lu, v\u00fdplata dividend, sp\u00e4tn\u00e9 odkupy akci\u00ed.<\/li>\n<\/ol>\n<p>\u010cist\u00e1 zmena hotovosti = CFO + CFI + CFF + vplyv kurzov\u00fdch rozdielov na hotovos\u0165.<\/p>\n<h2>Met\u00f3dy zostavenia: priama vs. nepriama<\/h2>\n<ul>\n<li><strong>Priama met\u00f3da:<\/strong> priamo sumarizuje inkas\u00e1 a v\u00fddavky (inkaso od odberate\u013eov, platby dod\u00e1vate\u013eom, mzdy, dane). Poskytuje \u201epokladni\u010dn\u00fd\u201c poh\u013ead na prev\u00e1dzku.<\/li>\n<li><strong>Nepriama met\u00f3da:<\/strong> vych\u00e1dza z \u010dist\u00e9ho zisku a upravuje o nepe\u0148a\u017en\u00e9 polo\u017eky (odpisy, opravn\u00e9 polo\u017eky, zmeny re\u00e1lnych hodn\u00f4t) a o zmeny pracovn\u00e9ho kapit\u00e1lu (\u0394 z\u00e1soby, \u0394 poh\u013ead\u00e1vky, \u0394 z\u00e1v\u00e4zky). V praxi je roz\u0161\u00edrenej\u0161ia.<\/li>\n<\/ul>\n<h2>Kroky nepriamej met\u00f3dy \u2013 detailn\u00fd postup<\/h2>\n<ol>\n<li><strong>V\u00fdchodiskov\u00fd bod:<\/strong> \u010cist\u00fd zisk po zdanen\u00ed (NI).<\/li>\n<li><strong>Plus nepe\u0148a\u017en\u00e9 n\u00e1klady:<\/strong> odpisy a amortiz\u00e1cia, zn\u00ed\u017eenie hodnoty, tvorba opravn\u00fdch polo\u017eiek a rezerv (bez pe\u0148a\u017en\u00e9ho dopadu).<\/li>\n<li><strong>M\u00ednus nepe\u0148a\u017en\u00e9 v\u00fdnosy:<\/strong> zisky z predaja majetku, prece\u0148ovania, odlo\u017een\u00e9 v\u00fdnosy bez inkasa.<\/li>\n<li><strong>\u00dapravy o pracovn\u00fd kapit\u00e1l:<\/strong> <em>n\u00e1rast<\/em> z\u00e1sob a poh\u013ead\u00e1vok <em>zni\u017euje<\/em> CFO, <em>n\u00e1rast<\/em> prev\u00e1dzkov\u00fdch z\u00e1v\u00e4zkov (dod\u00e1vatelia) CFO <em>zvy\u0161uje<\/em>.<\/li>\n<li><strong>Da\u0148ov\u00e9 a \u00farokov\u00e9 platby:<\/strong> pod\u013ea r\u00e1mca vykazovania sa vykazuj\u00fa v CFO (be\u017en\u00e9 podniky), v\u00fdnimky existuj\u00fa pri \u0161pecifick\u00fdch sektoroch alebo pod\u013ea \u00fa\u010dtovn\u00e9ho r\u00e1mca.<\/li>\n<\/ol>\n<h2>Pracovn\u00fd kapit\u00e1l a jeho vplyv na cash-flow<\/h2>\n<p>Pracovn\u00fd kapit\u00e1l (net working capital, NWC) je rozdiel medzi kr\u00e1tkodob\u00fdmi prev\u00e1dzkov\u00fdmi akt\u00edvami a pas\u00edvami. Efekt\u00edvny mana\u017ement NWC skracuje <strong>cash conversion cycle<\/strong> (CCC) \u2013 \u010das medzi \u00fahradou dod\u00e1vate\u013eom a inkasom od z\u00e1kazn\u00edkov. Riadenie z\u00e1sob, kreditnej politiky a platobn\u00fdch podmienok je k\u013e\u00fa\u010dov\u00e9 pre stabiln\u00fd CFO.<\/p>\n<h2>Investi\u010dn\u00e9 toky (CFI) \u2013 typick\u00e9 polo\u017eky<\/h2>\n<ul>\n<li>N\u00e1kup\/odpredaj <strong>dlhodob\u00e9ho hmotn\u00e9ho a nehmotn\u00e9ho majetku<\/strong> (CAPEX, Proceeds).<\/li>\n<li>Nadobudnutie alebo predaj podielov a dc\u00e9rskych spolo\u010dnost\u00ed.<\/li>\n<li>Poskytnut\u00e9 a prijat\u00e9 p\u00f4\u017ei\u010dky (ak nejde o hotovos\u0165) a vklady do dlhodob\u00fdch finan\u010dn\u00fdch n\u00e1strojov.<\/li>\n<\/ul>\n<p>Kladn\u00fd CFI \u010dasto indikuje <em>dezinvestovanie<\/em>; z\u00e1porn\u00fd CFI je typick\u00fd pre rastov\u00e9 firmy s vy\u0161\u0161\u00edm CAPEX.<\/p>\n<h2>Finan\u010dn\u00e9 toky (CFF) \u2013 typick\u00e9 polo\u017eky<\/h2>\n<ul>\n<li>Emisia\/spl\u00e1canie <strong>dlhov<\/strong> (bankov\u00e9 \u00favery, dlhopisy).<\/li>\n<li>Emisia akci\u00ed, vklady vlastn\u00edkov, sp\u00e4tn\u00e9 odkupy.<\/li>\n<li><strong>Dividendy<\/strong> vyplaten\u00e9 akcion\u00e1rom.<\/li>\n<\/ul>\n<p>\u0160trukt\u00fara CFF odha\u013euje, \u010di firma financuje aktivity z cudzieho kapit\u00e1lu alebo z vlastn\u00fdch zdrojov, resp. vracia hotovos\u0165 investorom.<\/p>\n<h2>Uk\u00e1\u017ekov\u00fd rozvrh v\u00fdkazu (\u0161abl\u00f3na)<\/h2>\n<table>\n<thead>\n<tr>\n<th>Polo\u017eka<\/th>\n<th>Suma (EUR)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Pe\u0148a\u017en\u00e9 toky z prev\u00e1dzkovej \u010dinnosti<\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u010cist\u00fd zisk<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>+ Odpisy a amortiz\u00e1cia<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>\u00b1 Zmeny pracovn\u00e9ho kapit\u00e1lu (z\u00e1soby, poh\u013ead\u00e1vky, z\u00e1v\u00e4zky)<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>\u00b1 Ostatn\u00e9 nepe\u0148a\u017en\u00e9 \u00fapravy<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td><em>= CFO<\/em><\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td><strong>Pe\u0148a\u017en\u00e9 toky z investi\u010dnej \u010dinnosti<\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>N\u00e1kup dlhodob\u00e9ho majetku (CAPEX)<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>Pr\u00edjmy z predaja majetku\/invest\u00edci\u00ed<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td><em>= CFI<\/em><\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td><strong>Pe\u0148a\u017en\u00e9 toky z finan\u010dnej \u010dinnosti<\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u010cerpanie\/Spl\u00e1canie \u00faverov<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>Emisie\/Sp\u00e4tn\u00e9 odkupy akci\u00ed<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>Vyplaten\u00e9 dividendy<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td><em>= CFF<\/em><\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>\u010cist\u00e1 zmena hotovosti (CFO + CFI + CFF)<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>Hotovos\u0165 na za\u010diatku obdobia<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<tr>\n<td>Hotovos\u0165 na konci obdobia<\/td>\n<td>\u2026<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Free Cash Flow (FCF) a \u010fal\u0161ie derivovan\u00e9 ukazovatele<\/h2>\n<ul>\n<li><strong>FCF to Firm (FCFF):<\/strong> CFO \u2013 CAPEX + \u00farok po zdanen\u00ed, pr\u00edpadne \u00b1 zmeny pracovn\u00e9ho kapit\u00e1lu, ak neboli v CFO.<\/li>\n<li><strong>FCF to Equity (FCFE):<\/strong> CFO \u2013 CAPEX + \u010dist\u00e9 zadl\u017eenie (nov\u00fd dlh \u2013 spl\u00e1tky).<\/li>\n<li><strong>Cash Conversion Ratio:<\/strong> CFO \/ EBITDA; meria \u201ekvalitu\u201c EBITDA v hotovosti.<\/li>\n<\/ul>\n<h2>Interpret\u00e1cia a \u201ekvalita cash-flow\u201c<\/h2>\n<ul>\n<li><strong>Stabiln\u00fd pozit\u00edvny CFO<\/strong> je z\u00e1kladom udr\u017eate\u013enosti \u2013 mal by pokr\u00fdva\u0165 be\u017en\u00fd CAPEX a ide\u00e1lne aj \u010das\u0165 dlhov.<\/li>\n<li><strong>Z\u00e1porn\u00fd CFI<\/strong> nie je nutne negat\u00edvny \u2013 m\u00f4\u017ee signalizova\u0165 rast (invest\u00edcie). Hodno\u0165te ho vo vz\u0165ahu k CFO a strat\u00e9gii.<\/li>\n<li><strong>CFF<\/strong> ukazuje, \u010di firma \u010derp\u00e1 financovanie alebo vracia hotovos\u0165 \u2013 v kontexte \u017eivotn\u00e9ho cyklu podniku.<\/li>\n<li><strong>Red flags:<\/strong> prudk\u00e9 zlep\u0161enie CFO len v\u010faka n\u00e1rastu z\u00e1v\u00e4zkov, opakovan\u00e9 odklady platieb, predaje majetku maskuj\u00face slab\u00fa prev\u00e1dzku, vysok\u00e9 kapit\u00e1lov\u00e9 z\u00e1v\u00e4zky mimo s\u00favahy.<\/li>\n<\/ul>\n<h2>Rozdiely r\u00e1mcov a sektorov\u00e9 \u0161pecifik\u00e1<\/h2>\n<ul>\n<li><strong>IFRS vs. US GAAP (v princ\u00edpe):<\/strong> \u00faroky a dane s\u00fa spravidla v CFO; IFRS povo\u013euj\u00fa niektor\u00e9 klasifik\u00e1cie (napr. \u00faroky\/ dividendy) flexibilnej\u0161ie. Je potrebn\u00e9 sledova\u0165 \u00fa\u010dtovn\u00fa politiku spolo\u010dnosti.<\/li>\n<li><strong>Finan\u010dn\u00e9 in\u0161tit\u00facie:<\/strong> pracovn\u00fd kapit\u00e1l a klasifik\u00e1cia tokov sa l\u00ed\u0161i (\u00favery, vklady), preto je interpret\u00e1cia \u0161pecifick\u00e1.<\/li>\n<li><strong>Start-upy:<\/strong> \u010dasto z\u00e1porn\u00fd CFO a CFI v d\u00f4sledku expanzie; z\u00e1vislos\u0165 od CFF (equity\/dlh) je o\u010dak\u00e1van\u00e1, ale mus\u00ed by\u0165 transparentn\u00e1.<\/li>\n<\/ul>\n<h2>Pr\u00edklad prepojenia NI \u2192 CFO (ilustr\u00e1cia v\u00fdpo\u010dtu)<\/h2>\n<p><em>Predpoklady:<\/em> NI = 1 000; Odpisy = 400; \u0394 Poh\u013ead\u00e1vky = +300; \u0394 Z\u00e1soby = +200; \u0394 Z\u00e1v\u00e4zky = +250; Zisk z predaja majetku = 50.<\/p>\n<ul>\n<li>NI 1 000<\/li>\n<li>+ Odpisy 400 \u2192 1 400<\/li>\n<li>\u2013 Zisk z predaja majetku 50 \u2192 1 350<\/li>\n<li>\u2013 N\u00e1rast poh\u013ead\u00e1vok 300 \u2192 1 050<\/li>\n<li>\u2013 N\u00e1rast z\u00e1sob 200 \u2192 850<\/li>\n<li>+ N\u00e1rast z\u00e1v\u00e4zkov 250 \u2192 <strong>CFO = 1 100<\/strong><\/li>\n<\/ul>\n<h2>Analytick\u00e9 ukazovatele a prahy udr\u017eate\u013enosti<\/h2>\n<ul>\n<li><strong>CFO \u2013 CAPEX (operat\u00edvny FCF):<\/strong> kladn\u00e1 hodnota dlhodobo indikuje schopnos\u0165 samofinancovania.<\/li>\n<li><strong>Cash Interest Coverage:<\/strong> (CFO + platen\u00e9 \u00faroky + platen\u00e9 dane) \/ platen\u00e9 \u00faroky.<\/li>\n<li><strong>Dividend Coverage in Cash:<\/strong> CFO \u2013 CAPEX \u2013 zmeny pracovn\u00e9ho kapit\u00e1lu vs. vyplaten\u00e9 dividendy.<\/li>\n<\/ul>\n<h2>Rozpoznanie jednorazov\u00fdch a opakuj\u00facich sa tokov<\/h2>\n<p>Analytik by mal oddeli\u0165 <strong>jednorazov\u00e9<\/strong> vplyvy (predaj majetku, poistn\u00e9 plnenia, pr\u00e1vne spory) od <strong>opakuj\u00facich sa<\/strong> prev\u00e1dzkov\u00fdch tokov. Umo\u017e\u0148uje to lep\u0161ie pos\u00fadenie udr\u017eate\u013enosti bud\u00faceho cash-flow a ocenenia.<\/p>\n<h2>Vplyv kurzov\u00fdch rozdielov a hotovostn\u00fdch ekvivalentov<\/h2>\n<p>Podniky p\u00f4sobiace v r\u00f4znych men\u00e1ch vykazuj\u00fa vplyv v\u00fdmenn\u00fdch kurzov na hotovos\u0165 osobitne. Hotovostn\u00e9 ekvivalenty zah\u0155\u0148aj\u00fa kr\u00e1tkodob\u00e9 vysoko likvidn\u00e9 invest\u00edcie so zanedbate\u013en\u00fdm rizikom zmeny hodnoty (napr. fondy pe\u0148a\u017en\u00e9ho trhu) \u2013 ich n\u00e1kup\/pou\u017eitie sa zvy\u010dajne klasifikuje v r\u00e1mci \u010dist\u00e9ho pohybu hotovosti.<\/p>\n<h2>Mana\u017ement riz\u00edk a pl\u00e1novanie likvidity<\/h2>\n<ul>\n<li><strong>Rolling cash-flow forecast:<\/strong> 13-t\u00fd\u017ed\u0148ov\u00e9 projekcie pre riadenie kr\u00e1tkodobej likvidity.<\/li>\n<li><strong>Stresov\u00e9 scen\u00e1re:<\/strong> \u0161ok v tr\u017eb\u00e1ch, pred\u013a\u017een\u00fd inkasn\u00fd cyklus, v\u00fdpadok financovania; prepo\u010det kovena\u010dn\u00fdch ukazovate\u013eov.<\/li>\n<li><strong>Zabezpe\u010denie (hedging):<\/strong> menov\u00e9 a \u00farokov\u00e9 rizik\u00e1 vpl\u00fdvaj\u00fa na bud\u00face CFF a CFO cez \u00farokov\u00e9 platby a konverzie.<\/li>\n<\/ul>\n<h2>Praktick\u00e9 odpor\u00fa\u010dania pre zostavenie a auditovate\u013enos\u0165<\/h2>\n<ul>\n<li>Zabezpe\u010dte <strong>rekoncili\u00e1ciu<\/strong> po polo\u017ek\u00e1ch medzi s\u00favahou (za\u010diatok\/koniec) a VPT.<\/li>\n<li>Transparentne zverej\u0148ujte <strong>\u00fa\u010dtovn\u00e9 politiky<\/strong> (klasifik\u00e1cia \u00farokov\/dividend, defin\u00edcia hotovostn\u00fdch ekvivalentov).<\/li>\n<li>Dokumentujte <strong>jednorazov\u00e9 udalosti<\/strong> a transakcie s v\u00fdznamn\u00fdm cash dopadom.<\/li>\n<li>Udr\u017eujte <strong>konzistenciu<\/strong> klasifik\u00e1cie medzi obdobiami, inak poskytnite vysvetlenie zmien.<\/li>\n<\/ul>\n<h2>Naj\u010dastej\u0161ie chyby a skreslenia<\/h2>\n<ol>\n<li>Opomenutie nepe\u0148a\u017en\u00fdch \u00faprav (odpisy, zn\u00ed\u017eenia hodnoty, rezervy) pri nepriamej met\u00f3de.<\/li>\n<li>Nespr\u00e1vne vyk\u00e1zanie finan\u010dn\u00fdch polo\u017eiek (\u00faroky\/dividendy) v rozpore s prijatou politikou.<\/li>\n<li>Podcenenie vplyvu zmien pracovn\u00e9ho kapit\u00e1lu a \u010dasovania platieb.<\/li>\n<li>Mie\u0161anie jednorazov\u00fdch a opakuj\u00facich sa tokov bez primeran\u00e9ho zverejnenia.<\/li>\n<\/ol>\n<p>V\u00fdkaz o pe\u0148a\u017en\u00fdch tokoch je k\u013e\u00fa\u010dov\u00fdm n\u00e1strojom na pochopenie finan\u010dnej vitality podniku. Umo\u017e\u0148uje oddeli\u0165 \u00fa\u010dtovn\u00fd zisk od skuto\u010dnej schopnosti generova\u0165 hotovos\u0165, hodnoti\u0165 udr\u017eate\u013enos\u0165 invest\u00edci\u00ed a stabilitu financovania. Systematick\u00e1 interpret\u00e1cia CFO, CFI a CFF \u2013 doplnen\u00e1 o ukazovatele FCF, kvalitu cash-flow a anal\u00fdzu pracovn\u00e9ho kapit\u00e1lu \u2013 poskytuje robustn\u00fd z\u00e1klad pre investi\u010dn\u00e9 rozhodnutia, oce\u0148ovanie aj riadenie riz\u00edk.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cash-flow preklad\u00e1 \u00fa\u010dtovn\u00edctvo do hotovosti. Nau\u010dte sa rekoncili\u00e1ciu a riadenie pracovn\u00e9ho kapit\u00e1lu pre zdrav\u00fa likviditu.<\/p>\n","protected":false},"author":47,"featured_media":84366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[652],"tags":[2493,2494,2318,2495,2496,2497,2498,2413],"class_list":["post-44366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","tag-financne","tag-investicne","tag-likvidita","tag-nepenazne-polozky","tag-operativne","tag-reconcile","tag-vykaz-o-penaznych-tokoch","tag-working-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>V\u00fdkaz o pe\u0148a\u017en\u00fdch tokoch (cash-flow): Priama a nepriama met\u00f3da - Auto\u0161koly.sk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.autoskoly.sk\/news\/vykaz-o-penaznych-tokoch-cash-flow-priama-a-nepriama-metoda\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"V\u00fdkaz o pe\u0148a\u017en\u00fdch tokoch (cash-flow): Priama a nepriama met\u00f3da - Auto\u0161koly.sk\" \/>\n<meta property=\"og:description\" content=\"Cash-flow preklad\u00e1 \u00fa\u010dtovn\u00edctvo do hotovosti. 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