Financial coefficient equal to the ratio of highly liquid current assets. What shows the coefficient of current liquidity. Who needs financial analysis

In the article consider.

Current liquidity ratio. Balance calculation formula

Coefficient current liquidity (english Current Ratio.) - This is the ratio of highly liquid assets, rapid assets and slowly convertible to the most urgent obligations and medium-term liabilities. This indicator is one of the three main criteria characterizing the liquidity of the enterprise. Liquidity, as a rule, equate to the solvency and opportunities of the enterprise (firm, company) to sell assets at a market price. The concept of liquidity comes from the term to liquidate, that is, to sell. Liquidity is one of the key concepts of financial analysis and shows the speed of transition of assets in money.

Below is the classification of types of assets and liabilities of the enterprise used to estimate liquidity.

A1 \u003d high-liquid assets (p. 1250)

A2 \u003d Funralizable Assets (p.1230)

A3 \u003d Slowly convertible assets (p.1220)

————————————————————–

P1 \u003d the most urgent obligations (p.1520)

P2 \u003d Medium-term liabilities (p.1510)

As a result, the analytical formula for estimating current liquidity is as follows:

Calculation of the coefficient of current liquidity on the new form of balance

The new balance was adopted in 2011, the main differences in the names of the lines, and not in the economic sense of the formula.

The coefficient of current liquidity \u003d pp.1200 / pp.1510 + pp. 1520 + p.1550

Calculation of the coefficient of current liquidity on the old balance form

There are two options for calculating the old formula of this indicator.

The coefficient of current liquidity \u003d (p.290 Form number 1) / (p. 610+ p. 620 + p. 630 + p. 640+ p. 660);

The coefficient of current liquidity \u003d (p.290-p.230 Form number 1) / p.690.

Current liquidity ratio

If the coefficient of current liquidity is greater than 2, this suggests that the company has current assets More than short-term liabilities with two multiple coating. The company (company) has a high ability in the short-term period to pay on its obligations (debts). The regulatory value of the current liquidity equal to 2 was obtained in practice and is most often found in domestic regulatory acts.

In world practice, the coefficient is optimal in the range from 1.5 to 2.5. If the coefficient of current liquidity is less than 1, then the enterprises cannot be resistant to pay with short-term obligations. The table below shows comparisons of domestic and international standards and the level of solvency of the enterprise.

Current liquidity ratio in infographics

In the figure below, the infographics reflect the key features of the current liquidity ratio, the edge of the progress, the calculation formula, and evaluation of the indicator.

Click to enlarge

Video lesson: "An example of calculating liquidity coefficients for Gazprom"

Comparison of the coefficient of current liquidity with other liquidity indicators

In addition to the coefficient of current liquidity in the practice of financial analysis, the rapid liquidity ratio and the absolute coefficient often use. They show the ability of the company to pay off debentures Funralizable and highly liquid assets.

Thus, the absolute liquidity ratio shows the ability of the enterprise to pay their debts due to the maximum liquid assets (money and short-term financial investments). That is, this indicator shows the maximum speed with which the enterprise can pay with creditors (and other borrowers).

The rapid liquidity ratio shows the ability of the enterprise to pay for its debts using not only high-liquid assets, but also rapidlyizable is short-term receivables.

How to calculate the coefficient of current liquidity by industry?

The normative values \u200b\u200bof the current liquidity coefficient of current liquidity also affect the normative values. Let us give an algorithm for calculating the current liquidity of any industry.

In various industries, there may be different values \u200b\u200bof the coefficient. To calculate the average consumer values, the OKVED codes are used (classifier activities). On them, enterprises involved in one type of activity are grouping, calculate the values \u200b\u200bof the coefficient and averaged.

For example, take enterprises oil and gas industryEnterprises will have the following activities.

In addition to the choice of enterprises in the Unified code OkvoodYou should also select the company in size, for this we use the indicator "Sales revenue". This is done in order to make as many homogeneous sample for analysis.

The formula for calculating the coefficient of the current liquidity in the industry is as follows:

Current liquidity ratio of the industry \u003d The coefficients of the current liquidity of the enterprise (one code of the OKVED and the amount of revenue) / number of enterprises

For all similar enterprises for the selected code of the OKVED and the size, the coefficient of current liquidity is calculated and the medium-graded averaging is made. To carry out such an analysis perfectly suitable information system Data analysis - Spark. To increase accuracy, you can assign various weighting factors for different groups enterprises.

An example of analyzing the current liquidity ratio for Transneft and the industry

The values \u200b\u200bof the current liquidity indicator for 2009 for the enterprise of Transneft OJSC equals 3.48 that according to general regulations high enough. Compare an enterprise with similar enterprises having a similar type of activity and size.

Type of activity of Transneft OJSC - Oil and gas industry, Petroleum products - sale, transportation, oil and gas - mining. For Transneft OJSC, sales revenue exceeds 1000 million rubles. The final calculation of the average diversified value of the indicator is presented in the table below.

The value of current liquidity for similar enterprises was calculated, which was 2.76. As we see, Transneft OJSC has a higher solvency in relation to the average industry. This suggests a good financial condition of this company.

An example of comparing the current liquidity coefficient with the industry with the industry

In addition to comparison with the average consumer value of the current liquidity, it is possible to compare it with an indicator for the selected region, for example, Moscow, as one of the leading regions of Russia.

Prediction of the coefficient of current liquidity

The point calculation of the current liquidity coefficient cannot fully characterize the state of the enterprise. Therefore, it is necessary to analyze the dynamics of changes in the indicator over several reporting periods. This allows you to predict its further change. Figure below shows the dynamics of changes in the current liquidity ratio and a forecast based on linear regression is made.

Dynamics of changes in the coefficient of current liquidity for Transneft OJSC

As we see, an increase in the trend change in the current liquidity indicator is observed. This indicates the favorable programs of the company's financial recovery, when in 2007 the figure was less than 0.5, which does not comply with the standards, whereas for 2010 it is higher than regulatory value (equal to 2.1).

How to increase the current liquidity ratio

As we found out, the current liquidity coefficient characterizes the financial condition of the enterprise and is used by many credit organizations To assess the solvency of the company. Increasing the solvency of the enterprise leads to a decrease in the cost of borrowed capital ( interest rates on loans), which means it allows you to increase the net profit and profitability of the company.

Consider several ways to increase the coefficient:

• Reducing payables due to its restructuring by setting up or write-off as unclaimed.
• Increase current assets.
• An increase in current assets and at the same time reducing payables.

Summary

Current liquidity coder is an important indicator. financial state Enterprises / companies that must always be monitored. Increasing the indicator makes enterprises more investment attractive for investors and lenders, which can give it more additional levers and financial resources to increase their value in the market and profitability.

Consider the basic formulas and examples of calculating liquidity coefficients. These indicators help assess the company's ability in a timely manner and fully fulfilled short-term liabilities at the expense of current assets.

Liquidity or current solvency is one of the most important characteristics of the company's financial condition, which determines the ability to pay for accounts in a timely manner and is actually one of the bankruptcy performance. Therefore, the results of the analysis financial coefficients Liquidity is important from the point of view of both domestic and external users of information about the company.

Calculation of liquidity coefficients

To estimate liquidity are intended to all known liquidity coefficients general, medium-term (intermediate) and absolute (instant) liquidity.

Since the magnitude of current assets and short-term liabilities is changing rapidly, then the coefficients sometimes reflect outdated data. If they are interpreted, it should be considered this feature. See how to make a liquidity analysis on balance rows.

The coefficient of general liquidity characterizes the ability of the enterprise to carry out short-term liabilities at the expense of all current assets. It is classically calculated as the ratio of current assets (current assets) and short-term liabilities (current liabilities) of the company.

All indicators used in the calculations must relate to the same reporting date.

The ratio of absolute (instant) liquidity reflects the ability of the enterprise to carry out short-term liabilities at the expense of free funds and short-term financial investments. Due to the most liquid part of assets.

Here cash - cash according to the balance sheet; KFV - short-term financial investments according to the balance sheet.

liquidity

Medium-term coefficient (intermediate) liquidity characterizes the ability of the enterprise to carry out short-term liabilities due to current assets with an average degree of liquidity.

When calculating the indicator, the main issue is the separation of current assets on the liquid and low-liquid parts. This question in each specific case requires a separate study, since only cash can be attributed to the liquid part of assets. In the classic version of the calculations of the coefficient under the most liquid part of current assets, funds, short-term financial investments and non-phase receivables under 12 months are understood.

Coefficient coating of the average daily payments with cash

When calculating the liquidity indicators of the enterprise, fewer difficulties arise than with their interpretation. For example, the managerial interpretation of the absolute liquidity indicator in fractional expression (0.05 or 0.2) is difficult. How to evaluate, is the value obtained optimal, acceptable or critical for the company? To obtain a clearer picture regarding the state of the absolute liquidity of the Company, it is possible to calculate the modification of the absolute liquidity ratio - the coating coefficient of the average daily payments with money. The meaning of this calculation is to determine how many "days of payments" covers the company's available cash.

The first rate of the calculation is the determination of the amount of average daily payments carried out by the Organization. The source of information on the magnitude of the average daily payments may be a profit and loss statement (Form No. 2), or rather, the sum of the values \u200b\u200bfor the positions of this report "Cost of sales", "Commercial expenses", " Management expenses" From this amount it is necessary to subtract such non-monetary payments as depreciation. Such a recommendation is provided in foreign literature. However, directly use it in relation to Russian enterprises is difficult. First, Russian enterprises often have significant amounts of stocks of materials and finished products In stock In this regard, the magnitude real paymentsrelated to the implementation of the production process may be much larger than reflected in the form No. 2 the cost of realized products.

Thus, information on the cost of realized products (less depreciation) can be used to determine the average daily cash outflows (less depreciation), but taking into account changes in the balance sheet items " Productive reserves"," Unfinished production "and" finished products ", as well as taking into account tax payments for the period.

Correct is recorded both positive (increase) and negative (reduction) of increments of stocks, work in progress and finished products.

Thus, the calculation of the average daily payments for current production activities on the basis of data accounting reporting (Balance, Profit Report) can be implemented as follows:

Cash payments for the period \u003d (cost of realized products + management costs + commercial expenses) for the period - depreciation deductions for the period + income tax for the period + increase in stocks of materials, work in progress, finished products for the period.

It should be noted that for the calculation it is necessary that the information of Form No. 2 is presented for the period (not a growing outcome) and all the indicators used in the calculations treated the same period of time.

For a more accurate calculation of the average daily payments, in addition to information on the cost of production and sales of products, it is possible to take into account investment investments for the period, the cost of maintaining the social sphere and other period costs. However, it is necessary to comply with the principle of reasonable sufficiency - in the calculations it is recommended to consider only the "weighty for the current account" of payment.

You can create individual modifications of the formula for the calculation of the average daily payments. For example, from the value of the costs of implemented products can not be excluded depreciation deductions. Thus, you can compensate for some of the other payments to be included in the calculation (for example, taxes or payments social sphere). total amount The taxes paid for the period of taxes are not directly allocated in form No. 2, so it is possible to limit the income tax (allocated in form No. 2).

To determine the magnitude of the average daily payments, general cash payments must be divided into the duration of the analyzed period in days (Int).

To determine how many "days of payments" covers the existing enterprise availability, it is necessary to divide cash balances on the amount of average daily payments.

When calculating the coefficient of coating the average daily payments, a fair note may arise: the balance of cash on the balance may not quite accurately characterize the amount of funds that the company has formed during the analyzed period. For example, shortly before the reporting date (the dates reflected in the balance sheet) could be carried out by large payments, in connection with this, the balance of cash on the balance sheet is insignificant. A reverse situation is possible: during the analyzed period, the balance of funds from the enterprise was insufficient, but shortly before the reporting date the Customer was redeemed, due to the amount of funds at the current account of the enterprise increased. It should be noted that the classic absolute liquidity indicator and liquidity in the days of payments are based on the data reflected in the balance sheet. In this regard, the error of both coefficients is the same.

The obtained liquidity values \u200b\u200bin the days of payments are more informative than fractional values \u200b\u200bof liquidity coefficient, and allow you to more accurately assess the situation with absolute liquidity. For example, the head of the enterprise, which has stable conditions for calculations with suppliers and buyers producing serial products, considers an acceptable coefficient of coating of the average daily payments with money of 10 -15 days, i.e. The balance of cash covering 15 days of averaged payments. In this case, the absolute liquidity coefficient may be 0.08, i.e. To be lower than the value recommended in Western analysis practices using financial coefficients.

Analysis of coefficients

In the Western Practice of Financial Analysis for Estimating the Company's liquidity used comparative methodin which calculated values The coefficients are compared with the average industry. Despite the fact that the optimal values \u200b\u200bof the coefficients for a particular industry and a certain enterprise are unique, the following values \u200b\u200bare often used as a reference point:

• for the coefficient of general liquidity - international standards This coefficient must be in the range from 1 to 2;
• for the ratio of absolute liquidity - in Russia for this coefficient, the value of 0.20 ^ 0.25 is taken; In other countries, its value is not regulated;
• for the intermediate liquidity ratio - according to international standards, the value of the rapid liquidity coefficient must be greater than 1; In Russia, its recommended value lies in the range of 0.7-0.8.

In Russia, there is no renewed statistical base of the optimal values \u200b\u200bof the liquidity indicators of companies of various areas of activity. Therefore, in Russian practice, when evaluating liquidity, it is recommended:

• pay attention to the dynamics of changes in the coefficients;
• determine the values \u200b\u200bof coefficients sufficient (acceptable) for this particular company.

You can offer several options for calculating the permissible value of the overall liquidity coefficient. Calculation of the indicator allowed for this company, based on the rule of management, in accordance with which own capital The least liquid current assets were financed.

Algorithm for calculating a sufficient liquidity coefficient

1. Determination of the least liquid current assets. As noted above, it is advisable to allocate the least liquid assets individually for the company, but you can use the statement

The least liquid current assets that should be financed at their own funds \u003d material reserves + unfinished production.

2. Determination of income from buyers existing on the maturity of obligations to creditors:

Here dz -average value accounts receivable;
PrOCZ - the period of turnover of accounts payable;
PLADZ - a period of accounting of receivables.

Selects the maximum value between the value of the formula and zero.

5. Determination of the permissible value of short-term liabilities:

To the permissible \u003d revolving assets of the actual - the choc is sufficient

The permissible values \u200b\u200bof the coefficient of general liquidity must be compared with its actual values, on the basis of which it is possible to conclude on sufficiency or insufficiency of the level of the general liquidity of the organization.

An example of calculating a sufficient value of the coefficient of general liquidity

The company whose balance is presented in Table. 1, for three first reporting dates, an active growth of the coefficient of general liquidity is observed, as well as a significant excess (by 1.75 times) of the actual value of the coefficient over the minimum necessary level.

In the last reporting period There is a noticeable decrease in the overall liquidity ratio - from 2.28 to 1.18. However, the absolute value of 1.18 did not fall below the minimum permissible level of 1.16 (dropped to the lowest level). Thus, even a two-time reduction in the coefficient of general liquidity does not mean loss of liquidity and the emergence of a critical situation. Of course, the decline in the coefficient of general liquidity should pay attention to and be noted, but the Company's position can even be recognized in such a situation.

Table 1. Calculation of sufficient magnitude of the total liquidity coefficient

The calculated sufficient level of the total liquidity coefficient is not once and forever fixed the company for the company. It is competent in a particular period characterized by certain working conditions. When changing the parameters of the company's activities (the values \u200b\u200bof assets, profitability, etc.) will change the sufficient level of liquidity coefficients. In this regard, the calculation of the total liquidity indicator, permissible for this company, is advisable for each analysis interval.

Gradually, the organization will be able to accumulate the statistical database of admissible (optimal) values \u200b\u200bof the coefficient of general liquidity, depending on the working conditions.

Factors defining the amount of general liquidity

The common "stamp" of analysis with the help of financial coefficients is to search for the causes of the change in the indicator of general liquidity in its calculated formula. IN this case (as well as in the case of a choc formula), the components of the calculated formula are indicators of the financial position, but not by the reasons, it is determining. Here it is appropriate to bring an analogy with a temperature resulting from a solar strike. In this case, the high temperature is only an indicator of problems encountered in the body. The real reason for the deterioration of the state of a person is the abuse of the sun. To improve the condition, you need to fight the root cause - reduce stay under the outdoor. In the diagnosis of the company's financial state of the company, the situation is similar: to determine the reasons for the change of indicators, it is necessary to go a little further, and not just perform the calculation of the coefficients.

The minimum knowledge of fractions allows to conclude: the reason for the reduction of the coefficient is a leading growth of the denominator compared with the growth of the numerator. Very often, this mathematical key is trying to discover economic meaning, for example: "Reducing the indicator of general liquidity is caused by too large payable debt. To increase the coefficient, it is necessary to reduce payables and other current obligations and increasing the value of current assets. "

The inadequacy of this output becomes obvious if it is recommended to improve its solvency of the company to improve buyers' advances, maximize payments to suppliers, refusing even from the payments permitted by suppliers (all of this refers to the recommendation to reduce obligations). The Council to increase current assets means purchasing reserves for many years ahead, turn the finished product warehouse, allow buyers not to pay receivables, try to pay as much advances to suppliers. The listed recommendations will not contribute to the improvement of the company's condition.

In fact, the causes of liquidity change are somewhat deeper. You can define them as a logical and mathematical way. Let us turn first to logical search. Why accounts payable Company began to grow or why was it forced to attract a loan? It is unlikely that the reason was the lack of control over payment of the invoice (they did not pay attention to the accounts, and therefore the debt uncontrollably grew). In most cases, the decision to delay the payment of one account is made consciously for a specific reason - there is not enough funds to finance current activities Companies. Own fundsAs we have already found out, arise as a result of profit. Production management is to create a working capital and acquisition non-current assets (Investment investments).

As with the chock indicator, the main reason for the reduction of the coefficient of general liquidity is losses, and therefore a decrease own capital (Fig.1). The optimization of the indicator is possible primarily by increasing the profitability of activities and increasing the share of profits, which remains at the disposal of the enterprise (reducing the share of profits directed to non-productive goals).

• Losses (and, as a result, reduction of equity)
• Significant investment investments (acquisition of fixed assets, capital construction)
• Deterioration of working capital management conditions
• Financing of the investment program at the expense of short-term liabilities

Fig. one.

The company can implement capital investments, for example, in the construction of workshops, the acquisition of equipment, the acquisition of other organizations exceeding it financial opportunities (In this case, this is the amount of profit received and attracted long-term loans). Capital costs exceeding the amount of profit gained and attracted long-term loans will require additional borrowed funds. An advanced increase in borrowed funds will reduce liquidity indicators.

Financing of investment investment (growth of non-current assets) due to short-term loans - another reason for the reduction of the company's overall liquidity. Financial Management Rules are simple and logical: long-term loans Must be involved in financing investment costs, short-term - to finance working capital. Attracting short-term loansThe company must be able to repay them in the short term. The working capital increase in most cases is associated with an increase in production volumes, which, in turn, will allow additional profit in the near future - the source of debt repayment. When implementing an investment program, obtaining a result in the form of additional profits is postponed in time. For this reason, the repayment of obligations is also logically attributed for a longer period, i.e. Attract long-term financing. When financing long-term investments A obvious contradiction arises short loans: repay the loan is necessary in the short term, an additional result as a loan repayment source arises in the long run. In this case, the company is in a more rigid, risk situation from the point of view of current provision of payments.

As for the Check Indicator, to ensure the minimum necessary level of general liquidity, you can determine the allowable increase in assets (in particular, the permissible investments in non-current assets), which will not lead to a reduction in the overall liquidity ratio below the permissible level:

Admissible increase (non-current assets + least liquid current assets)<= Прирост собственного капитала + Прирост долгосрочных обязательств + ЧОК (фактический) предыдущего периода – ЧОК (допустимый) предыдущего периода.

The increase in equity - profits remaining at the disposal of the enterprise, i.e. Received over the period profit less expenses from profits. With a high level of self-financing, an increase in equity can be taken equal to net profit earned for the period.

If the difference between the actual and minimally allowable chock is negative (i.e., the existing choc is not sufficient for the established working conditions), the negative value is also taken into account.

For the growth of the coefficient of general liquidity and ensures the minimum required amount required:

• ensure the profitability of the company's activities and its growth;
• comply with the financial rule: financing the investment program (investments in non-current assets) due to long-term, not short-term loans (short loans should finance the increase in current assets, but not non-current);
• carry out investment investments within the profit and long-term investment attracted, taking into account the state of the choc of previous periods (taking into account whether it exceeds or not the actual choc of its minimally necessary value);
• strive to minimize (reasonable) reserves, incomplete production, i.e. The least liquid current assets.

Tells Viktor Rabdsev,
head of referrals Financial modeling and the financial analysisBankruptcy in BRP Advice

What shows the current liquidity coefficient?

The current liquidity ratio shows how much an enterprise is solvent, subject to timely repayment by buyers of receivables and mobilizing other current assets to repay current obligations.

On the conditional example, the value of the coefficient can be understood as follows: Will the company be able to pay creditors to short-term obligations due to liquid current assets. That is, money, their equivalents, short-term financial investments will be used for settlements with creditors, will be charged with the receivables, other current assets are implemented. All non-current assets will remain inviolable, thanks to this business can be restarted.

Definition of the coefficient of current liquidity

The current liquidity ratio characterizes the ability of the company to fulfill its current obligations at the expense of all available liquid assets.

What is needed to calculate the coefficient of current liquidity?

To calculate the coefficient of current liquidity, you will need a balance. You can use an accounting or management balance (depends on the purpose of calculating the coefficient).

Current liquidity ratio, formula

Current liquidity ratio is calculated: the amount of liquid assets is divided by the total amount of short-term liabilities specified in the balance sheet.

That is, the following formula is used to calculate the current liquidity coefficient:

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$$ \\ STYLE (Display: None) (\\ Text (Formula can be loaded for a few seconds. If you never saw the formula, write to us.)) $$

What is liquid assets?

There are two fundamentally different methods for calculating the current liquidity ratio. They differ in the fact that liquid assets are evaluated differently. The first technique suggests that all revolving assets are liquid. The second methodology suggests that liquid assets include money, their equivalents, short-term financial investments, short-term receivables and assets reflected in the balance sheet "Other current assets". That is, according to the second methodology, the liquid assets do not include long-term receivables, VAT on acquired values, the debt of participants on contributions to the authorized capital, their own shares repurchased from shareholders.

The first technique is more often used when conducting a classic financial analysis. The second is in case of bankruptcy.

Regulatory value of the current liquidity coefficient

The financial position of the company is recognized as good when the current liquidity coefficient is obtained greater than 2. But the normal may be recognized as a position at which the value of the coefficient is greater than 1.

In the current liquidity ratio, it turns out that it is necessary to use absolutely all liquid assets for calculations with creditors for short obligations. Unfortunately, this is not always possible. Often, in the composition of receivables, there is a hopeless or hard-witted part, as part of other current assets may be a shortage of material values, which will not be able to identify the perpetrators.

Analysis of the coefficient of current liquidity

Analysis of the coefficient of current liquidity can be carried out in three directions.

The first is the calculation of the ratio of the coefficient at the reporting date and comparison with the standard.

The second is a comparison with the middle industry and / or the region for the same period of time.

If the current liquidity ratio is on your company and below standards, and below average, your business can be recognized as insolvent. This can lead to bankruptcy and subsidiary responsibility of the head and owners of the company's debts of the enterprise.

The third direction of analysis is the study of the dynamics of changes in the coefficient of current liquidity. With this analysis, it may be useful not only to calculate the difference between the past and current, but determine the causes of such changes. This uses a factor analysis.

The value of the current liquidity coefficient in financial analysis

The current liquidity ratio is one of the key indicators characterizing the company's financial position. It is used, among other things, when conducting financial analysis in bankruptcy. This coefficient helps to understand whether the director has to respond to its property on bankrupt debts.

Technical ways to overestimate the value of the current liquidity coefficient

The values \u200b\u200bof the current liquidity ratio will grow when the company's activities are effective, profit reinvest, and in the capital structure, more sustainable liabilities are preferred: long-term liabilities and equity. But technically the coefficient can grow for other reasons.

The current liquidity ratio is usually calculated on the balance sheet. For its overestimation, the same methods can be used as for the overestimation of the absolute liquidity ratio, as well as other mechanisms.

The current liquidity coefficient will be relatively higher with the growth of liquid assets. For their overestimation, accounts receivable, reserves and other current assets are used. For example, the shortage identified during inventory can be included in other current assets before identifying guilty individuals or write-off on costs. In the receipt, do not write off hopeless debts. If the analyst does not have a detailed decryption of the necessary balance lines, the calculated values \u200b\u200bof the current liquidity coefficient will be higher than real.

What else is useful to know?

We wish you successful work!

Your Victor Rytsev
And the BRP Advice team.

Hello in touch Vasily Zhdanov in the article Consider the calculation of liquidity indicators for RAS. Each business entity has data on their assets (property) and liabilities (sources of property). At the same time, some objects of property can be easily sold if necessary, and to sell others, it will take a lot of time, or it is not possible to implement them. At one time, the Company's obligations are long-term and short-term - that is, some debts are required to pay off in the near future, while others can be coated for a long time. To understand what part of the debts with a short maturity can be repaid if you sell a set of assets characterized by a certain implementation rate, liquidity indicators are calculated.

Liquidity of a commercial enterprise: definition, classification

In the broadest sense, liquidity is the ability of the object of study to turn into funds. If we argue about the effectiveness of the activities of a commercial organization, under liquidity it is understood as the ability of any asset (or a whole company, i.e. the set of all available assets) to be implemented in a short time at a price approximate to the market. And the liquidity of goods is the possible speed of its sale at a nominal price.

From the definition of the concept of "liquidity", it can be concluded that the asset will be considered all the more liquid, the easier and rather, it can be implemented, while keeping out of its full cost. So, values \u200b\u200bare usually divided into:

• nonquies (sell which is either impossible at all, or very difficult)
• low doliques (realize which is possible, but difficult, and it takes a lot of time) and
• high-liquid (The implementation of which is possible in a short time).

Balance liquidity, Grouping assets and balance liabilities

Consider the procedure for grouping assets and liabilities of the accounting balance of the Russian enterprise - assets are located from the most to the least liquid, and the order of liabilities depends on the urgency of the repayment of the Company's obligations:

According to Accounting balance It can be understood whether it is represented by comparing the outcome of each of the assets and liabilities groups. The following situation says about absolute liquidity:

Liquidity ratios: species, meaning, interpretation

Calculation of liquidity coefficients is carried out in order to obtain the characteristics of the ability legal entity To the execution of all the obligations available from him, due to everything he owns.

The purpose of liquidity indicators is to compare the value of the objects of the enterprise property with the size short-term debts At the same date. In other words, each liquidity indicator demonstrates what part of the debts with a compressed maturity can be covered if you implement each set of assets.

The property with which the economic entity has, can be divided into 3 categories depending on the possible speed of its implementation. Relying on this gradation, 3 liquidity indicators were introduced:

• Quickly implemented assets (money, short-term investments). The absolute liquidity coefficient is calculated from their magnitude.
• Quickly sold assets (receivables with a short return period). From the amount of high-voltage and fairly fast-selling assets, the average liquidity indicator is calculated.
• Comparatively rapidly realized assets (stock reserves). From the magnitude of the cumulative value of all current assets, the value of the indicator of general liquidity is calculated.

So, liquidity coefficients are designed to demonstrate the following points:

1. The current liquidity ratio shows how many rubles of current assets account for 1 ruble of current obligations.

1. The absolute liquidity ratio shows how the proportion of the company's short-term debts can be repaid at the expense of cash and their equivalents in the form of market securities and deposits.
2. The total liquidity ratio shows whether current debts can be repaid due to the sale of current assets.

Let us summarize, the calculation of liquidity coefficients is necessary to analysts wishing to obtain an idea of \u200b\u200bthe company's capabilities to repay its debts with their binding to time. An expert who has such data can find out whether the enterprise under study is solvent, what is the dynamics of its solvency in retrospective, and what are the projections for this organization.

How to calculate the liquidity indicators of the enterprise for general formulas and balance

For each liquidity indicator, the following statement is fair: the liquidity ratio is calculated as the ratio of the value of a certain type of property (according to the classification for the periods of implementation) to the sum of short-term duties. Information for calculations can be found in the company's balance sheet (usually the aggregated form is compiled - enlarged, generalized).

Important! Information on short-term liabilities can be defined as a summary of the V section, but only if the estimates and income of future periods are not essential, in fact they are not debts.

If the values estimated obligations and the amount of income of future balances on balance makes significant values, the formulas of the calculation of indicators should apply the amount of debts to creditors and obligations borrowed fundstaken by part of the V:

General formula	Balance formula

Calculation of liquidity indicators (current liquidity)

Current liquidity ratio (coating coefficient, general liquidity ratio, CR - CURRENT RATIO) - This is a financial indicator that reflects the existence of an enterprise to pay through short-term debts by implementing its current assets (all or only some). By the value of the indicator of current liquidity, it is possible to determine whether the organization is solvent.

The total liquidity indicator is calculated as private current assets of the company and its current debts:

Important! From the amount of current assets participating in the formula presented above, it is necessary to exclude long-term receivables (in the balance sheet it was indicated until 2011).

The economic interpretation of the values \u200b\u200bof the current liquidity coefficient is quite simple:

• the value of the indicator inside the segment 1.5-2.5 is considered regulatory in world practice (varies depending on the scope of activity);
• for enterprises in the Russian Federation, CR\u003e 2 is considered a regulatory value;
• if CR\u003e 3, it most often suggests that the company's managers are irrationally structuring the capital's capital;
• the value of the coefficient less than 1 speaks of the presence of a large financial riskbecause The company is not able to consolidate his debts.

Calculation of liquidity indicators (fast liquidity)

The rapid liquidity ratio (urgent liquidity ratio, the intermediate liquidity ratio, QR-Quick Ratio) is a financial indicator reflecting the enterprise's ability to repay all existing current obligations in a situation where for some reason it did not work out made manufactured products.

This indicator is calculated as private highly liquid current assets and current liabilities (liabilities with a compressed period of execution):

Important! In contrast to the case with the calculation of the current liquidity ratio, when calculating the rapid liquidity indicator in assets, the MPZ (material and production reserves) is not taken into account, since, if they sell them in view of a lot of need for money, in comparison with other working capital, it will be Maximum losses for the company.

If the rapid liquidity coefficient value turned out to be equal to one or it turned out more than 1, this is a good sign.

Calculation of liquidity indicators (absolute liquidity)

- not found recognition in the West economic indicatorshowing, a solvent enterprise, or not, namely, the company is capable of paying for debts, the maturity of which is less than 1 year.

The calculation of the absolute liquidity indicator is carried out by dividing the amount of cash and financial investments available for a short time, in the amount of all obligations with a compressed period of execution:

Important! As part of the assets participating in the above formula for the calculation of absolute liquidity, only money and close to the assets are as close to the fundamental assets.

Relying on the information of the regulatory acts relating to russian enterprises, the regulatory value of the absolute liquidity indicator is from 0.2 and higher.

Regulatory values \u200b\u200bof liquidity indicators: Economic Interpretation

Consider what the regulatory values \u200b\u200bof each of the liquidity ratios of organizations, and how to be correct to interpret:

An example of calculating enterprise liquidity indicators

Imagine that we know some of the accounting balance sheet data of the hypothetical LLC "Prince and National":

We will calculate the liquidity indicators of Prince and National Ltd.:

Answers to frequently asked questions about the calculation of liquidity indicators

Question: What is the indicator of liquidity most accurately characterizes the degree of solvency of the company, which is part of the holding group?

Answer: It is desirable to identify the level of solvency by the values \u200b\u200bof the absolute liquidity indicator. At the same time, when calculating the value of the liquidity coefficient, it is not necessary to take into account the amounts of internal receivables and accounts.

Question: Are non-liquid reserves take into account when calculating the value of the current liquidity coefficient?

Answer: No, it is not worth noting into account.

Material from the site

Absolute liquidity ratio (Cash Ratio)

The ratio of absolute liquidity - This is the financial indicator used in the analysis of the company's liquidity, by calculating the coefficient between all cash assets (Cash Assets), cash equivalent assets (Cash Equivalent Assets) and all current obligations (Current Liabilities).
Synonyms: Cash Ratio, Liquidity Ratio, Cash liquidity ratio, cash coefficient.
The absolute liquidity ratio characterizes the company's ability to repay current obligations (and in what share) due to liquid current means and other free assets. There is an existing amount of cash, as well as their equivalents: Market securitiesDeposits and other absolutely liquid assets.
Under cash, there is a combination of cash in the office of the organization, formed from the initial cash and the difference in income and expenses. Since cash reserves do not bring income, entrepreneurs seek to reduce them to a minimum sufficient for settlements with customers, counterparties and for other current costs. Therefore B. banking activities There are regulatory requirements for the level of cash maintenance. Among the commercial enterprises there is a tendency to reduce the ratio of absolute liquidity, that is, a reduction in the need for cash.
Since the Cash Ratio model measures only the most liquid from all assets with respect to current obligations, therefore this indicator is considered as the most conservative of all liquidity ratios.
Characteristics of cash coefficient:
1) is taken into account in the indicators of urgent and current liquidity.
2) Used in the credit characteristics of the company.
3) excludes inventory inventory and receivables. That is, the coefficient demonstrates to what extent a company can pay for its current obligations, without relying on the sale of inventories and not counting on receiving receivables.
4) characterizes the ability to immediately repay the current short-term obligations of the enterprise - that is, whether there are resources that can satisfy creditors in a critical situation. Therefore, this indicator is taken into account by future suppliers with relatively short lending time. For strategic investors, the absolute liquidity of the enterprise is less significant.

Calculation of the absolute liquidity ratio

Formula of the coefficient of money liquidity:
CR \u003d Cash + short-term market investments / short-term liabilities
Data for calculation can be obtained from the balance. It should be borne in mind that the formula ignores the time of receipt and payment of money.

Regulatory value Cash Ratio

The coefficient of current liquidity - One of the indicators that are used in the practice of conducting financial analysis of the enterprise together with the rapid liquidity ratio and the absolute liquidity ratio. CURRENT RATIO (CR) characterizes the company's ability to repay current short-term liabilities (current liabilities) due to current assets.
There are liquidity current (general) and urgent. The overall liquidity of the enterprise is defined as the ratio of the amount of current assets and the amount of current obligations determined at the beginning and end of the year.
Current liquidity ratio synonyms: coating coefficient, Current Ratio, Cr, Liquidity Ratio, Cash Asset Ratio, Cash Ratio.

Purpose of CTL

1) shows the ability of the company to be calculated on their debts during the duration of one production cycle (The period necessary for the manufacture and implementation of one batch of products).
2) To get a general idea of \u200b\u200bthe company's solvency, that is, it is possible to pay debt obligations at the expense of cash available, reserves, receivables.
3) To obtain an idea of \u200b\u200bthe efficiency of the company's operational cycle or its ability to transform its products into cash. If the company experiences difficulties with timely payment of receivables or has a long period of stock turnover, it may face liquidity problems.
4) The components of the coefficient (current assets and current obligations) can be used to calculate the value of working capital (coefficient of working capital), which is the ratio of the size of working capital to the size of revenue.
5) The current liquidity ratio is of interest not only for the management of the enterprise, but also for external analysis subjects, in particular for investors.

CR coefficient calculation formula

The coefficient of coating is calculated by the formula:
Current liquidity \u003d current assets / current obligations
Under current assets, companies are meant:

• Cash in cash and accounts in banks, as well as equivalents of money.
• Accounts receivable taking into account the reserve for coating hopeless debts.
• The cost of stocks of commodity values \u200b\u200bthat should have a relatively fast turnover within the year.
• Other current assets (expenditure of future periods, investment in securities, etc.).

Current liabilities:

• Loans of the nearest maturity terms (within the year)
• Unpaid requirements (suppliers, budget, etc.)
• Other current obligations.

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