Financial analysis: the flow of money payments to or from a company over a given period (e.g. over the course of a year). The cash flow is the net profit plus depreciation and provisions in the period in question. Extraordinary or accrued expenses and income should be excluded from calculation of the cash flow so that the total figure reflects as clearly as possible the true earnings performance of the company in question for the period. The picture should likewise not be distorted by extreme fluctuations in the amount of hidden reserves created or released. The cash flow is a key valuation parameter for both investors and lenders.