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Fluxos de caixa e situação tesouraria na indústria do futebol análise dos campeões nacionais de Portugal e de Espanha
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A demonstração dos fluxos de caixa é uma ferramenta essencial de , utilizada para avaliar a liquidez e o equilíbrio financeiro das entidades desportivas, com base no balanço funcional. O valor de uma empresa está diretamente ligado aos fluxos de caixa gerados e utilizados nas suas atividades operacionais, de investimento e de financiamento. No futebol, a análise dos fluxos de caixa é particularmente relevante devido aos desequilíbrios financeiros que afetam o setor, muitas vezes resultado de problemas estruturais. A demonstração dos fluxos de caixa permite conhecer a situação e os movimentos de tesouraria de uma entidade num horizonte de curto prazo (doze meses), classificando-os de acordo com a respetiva natureza, e as demonstrações dos fluxos de caixa de períodos sucessivos explicam a evolução. O balanço funcional, um quadro construído a partir do mapa da posição financeira, o balanço, proporciona uma análise complementar com interesse para o conhecimento aprofundado da situação de equilíbrio de tesouraria, diagnóstico de apoio à tomada de decisão. O objetivo desta investigação é analisar os fluxos de caixa e a situação de tesouraria na indústria do futebol, em Portugal e em Espanha, tendo por suporte principal a demonstração dos fluxos de caixa e, em complemento, o balanço funcional. São também estudados os efeitos decorrentes da conquista do principal título nacional, que dão acesso à participação em competições europeias.
A amostra inclui os seis clubes que venceram o campeonato entre 2012/13 e 2021/22, Os clubes portugueses foram o Sporting Clube de Portugal – Futebol, SAD, o Sport Lisboa Benfica – Futebol, SAD e o Futebol Clube do Porto – Futebol, SAD, enquanto os clubes espanhóis foram o Real Madrid Club Fútbol, o Fútbol Club Barcelona e o Club Atlético de Madrid, SAD.
Analisam-se os fluxos de caixa anuais, totais e por tipo de atividade e a composição dos saldos finais de caixa e equivalentes de caixa, assim como o fundo de maneio, as necessidades e a tesouraria líquida das épocas desportivas referidas.
Os resultados revelam diferenças significativas nas práticas contabilísticas entre os clubes portugueses e espanhóis: os primeiros utilizam o método direto para os fluxos operacionais, enquanto os espanhóis preferem o método indireto. Essas diferenças, aliadas à classificação distinta de juros e dividendos, dificultam a comparabilidade entre as entidades. Além disso, observou-se que o sucesso desportivo tem um impacto positivo nos fluxos de caixa, melhorando a liquidez das entidades em anos de conquista de títulos. Apesar das melhorias pontuais na liquidez, a análise do balanço funcional indica que muitos clubes enfrentam dificuldades financeiras persistentes, frequentemente operando em situação de falência técnica, com desequilíbrios significativos na tesouraria. Esses achados são valiosos para stakeholders do setor, proporcionando uma visão mais profunda da saúde financeira das entidades desportivas e auxiliando na tomada de decisões.
The cash flow statement is an essential management tool used to assess the liquidity of sports entities, and financial equilibrium (static analysis) based on the functional balance sheet complements it. The value of a company is directly linked to the cash flows generated and used in its operating, investment, or financing activities. In soccer, the analysis of cash flows is particularly relevant due to the financial imbalances that affect the sector, often the result of structural problems. On the one hand, the cash flow statement provides an overview of an entity's cash position and movements over a short-term horizon (twelve months), classifying them according to their nature on the other hand, the functional balance sheet, a table constructed from the statement of financial position, the balance sheet, provides a complementary analysis that is of interest for in-depth knowledge of the cash balance situation, a diagnosis to support decision-making. This study investigates the particularities of cash flows and the cash position of soccer clubs in Portugal and Spain, focusing on the cash flow statements and the functional balance sheet. The impacts of winning the national title and the consequent participation in European competitions are analysed. The sample includes the six clubs that won the championship between 2012/13 and 2021/22;.in Portugal the Sporting Clube de Portugal – Futebol, SAD, Sport Lisboa Benfica – Futebol, SAD and Futebol Clube do Porto – Futebol, SAD and in Spain, the Real Madrid Club Fútbol, Fútbol Club Barcelona and Club Atlético de Madrid, SAD. The results reveal significant differences in accounting practices between Portuguese and Spanish clubs: the former use the direct method for operating flows, while the Spanish prefer the indirect method. These differences, combined with the different classification of interest and dividends, make it difficult to compare the entities. In addition, it was observed that sporting success has a positive impact on cash flows, improving the liquidity of entities in title-winning years. Despite the occasional improvements in liquidity, the analysis of the functional balance sheet indicates that many clubs face persistent financial difficulties, often operating in a situation of technical bankruptcy, with significant imbalances in the treasury. These findings are valuable for stakeholders in the sector, providing a deeper insight into the financial health of sports entities and aiding decision-making.
The cash flow statement is an essential management tool used to assess the liquidity of sports entities, and financial equilibrium (static analysis) based on the functional balance sheet complements it. The value of a company is directly linked to the cash flows generated and used in its operating, investment, or financing activities. In soccer, the analysis of cash flows is particularly relevant due to the financial imbalances that affect the sector, often the result of structural problems. On the one hand, the cash flow statement provides an overview of an entity's cash position and movements over a short-term horizon (twelve months), classifying them according to their nature on the other hand, the functional balance sheet, a table constructed from the statement of financial position, the balance sheet, provides a complementary analysis that is of interest for in-depth knowledge of the cash balance situation, a diagnosis to support decision-making. This study investigates the particularities of cash flows and the cash position of soccer clubs in Portugal and Spain, focusing on the cash flow statements and the functional balance sheet. The impacts of winning the national title and the consequent participation in European competitions are analysed. The sample includes the six clubs that won the championship between 2012/13 and 2021/22;.in Portugal the Sporting Clube de Portugal – Futebol, SAD, Sport Lisboa Benfica – Futebol, SAD and Futebol Clube do Porto – Futebol, SAD and in Spain, the Real Madrid Club Fútbol, Fútbol Club Barcelona and Club Atlético de Madrid, SAD. The results reveal significant differences in accounting practices between Portuguese and Spanish clubs: the former use the direct method for operating flows, while the Spanish prefer the indirect method. These differences, combined with the different classification of interest and dividends, make it difficult to compare the entities. In addition, it was observed that sporting success has a positive impact on cash flows, improving the liquidity of entities in title-winning years. Despite the occasional improvements in liquidity, the analysis of the functional balance sheet indicates that many clubs face persistent financial difficulties, often operating in a situation of technical bankruptcy, with significant imbalances in the treasury. These findings are valuable for stakeholders in the sector, providing a deeper insight into the financial health of sports entities and aiding decision-making.
Descrição
Palavras-chave
Balanço funcional Liquidez Conquista do título de campeão nacional Sociedades desportivas