Solvency for the period formula. Liquidity and solvency ratios: their importance in financial analysis. Current liquidity ratio - what does it show

In this article, we will consider the current liquidity ratio, which shows the company's ability to repay current (short-term) liabilities at the expense of current assets only.

Due to a simple calculation formula and information content, the current liquidity ratio has an important place in assessing the financial activities of various industries, and is used in a number of effective methods for predicting bankruptcy.

Current liquidity ratio. general information

The current (or total) liquidity ratio (k) is a financial value showing the ratio of current assets to current liabilities, or short-term liabilities, which is compiled on the basis of information from the balance sheet. It is also an indicator of the ability to repay short-term loans with working capital. The higher k is, the more solvent the company is. Its decrease suggests that the assets are no longer sold urgently. General formula:

• k = (current assets) : (current liabilities).

Current assets:

• cash (including electronic money) at the cash desk, on settlement accounts of banks;
• receivables + reserve for bad debts;
• investments in securities;
• material values ​​and products for sale.

Current responsibility:

• loans for up to one year;
• unpaid obligations to suppliers, the treasury.
• other loans.

The formula for deducting assets and liabilities:

1. k = (Al + Ab + Am) : (Ps + Pk), where
   • Al - Liquid assets;
   • Ab - fast-acting;
   • Am - slowly realizing;
   • Ps - Liabilities of urgent obligations;
   • PC - short-term.

Balance formula:

• k = (p. 1200 + p. 1170) : (p. 1500 - p. 1530) - p. 1540).

Purpose of the overall liquidity ratio

This value performs the following tasks:

• an indicator of the availability of the ability to pay off its obligations during the current production cycle;
• "litmus test" of the company's solvency, its ability to cover all loans with available amounts;
• performance indicator of both a separate operating period and the selected direction of product turnover;
• important information for investors;
• the components necessary for the formula of a given k are also used in the calculation of working capital.

The norm of the current liquidity ratio and deviations from it

The value of the current liquidity ratio:

Important! When calculating, we must not forget that liquid assets are uneven - it is necessary to take into account in detail the speed of their turnover (use the second formula).

Ways to increase the liquidity of the enterprise

To optimize the indicators k, the following methods are used:

Important! Shortk real liquidity is not an indicator of a company's cash deficit. Since current assets include receivables, investments, products, etc.

Calculation of the indicator on the example of AVTOVAZ

Using the general formula:

• k (2014) = 49,783/ 86,888 = 0.00001151;
• k (2015) = 40,073/112,867 = 0.00000886;
• k (2016) = 55,807/117,723 = 0.4740535.

Average current liquidity ratio by industries of the Russian Federation

Comparison with other liquidity ratios

Comparative table of existing liquidity deduction ratios:

Important! The ratios may vary depending on the industry of the enterprise.

Using the Current Liquidity Ratio in Bankruptcy Forecasting

The current liquidity ratio is one of the quantities that allow you to calculate the state of affairs of the company in the future - bankruptcy or prosperous activity. In calculations, the formula of Edward Malton is often used:

1. B \u003d - 0.3877 - 1.0736 x k l + 0.0579 x k n. (k l - current liquidity ratio, k n - concentration of borrowed funds):

• B > 0 - the probability of bankruptcy is low;
• B \u003d 0 - 50/50;
• AT< 0 – чем выше величина, тем вероятнее разорение.

The advantage of the formula is its simplicity. However, it is not adapted to Russian business, as it was created using the example of foreign countries' reporting, so there is a possibility of a forecast error. A more accurate formula is the so-called four-phase, but with different components:

1. B \u003d (8.38 x A 1) + A 2 + (0.054 x A 3) + (0.63 x A 4), where

• A 1 - working capital / asset;
• A 2 - net income / own budget;
• A 3 - profit from the sale of products / asset;
• A 4 - net revenue / integral costs.

Important! It is believed that this formula is able to predict the future of the company with a result of up to 80%.

What does a negative indicator of current liquidity show?

In the literal sense, the value of the indicator cannot be a negative number - it can be small up to one ten thousandth. The progressive negative dynamics of the value indicates the following:

• incorrect financial policy of the company and the distribution of funds;
• oversaturation with obligations to creditors;
• a large volume of unsold products;
• about excessive investment;
• the presence of a large number of debts outstanding to the company.
• the likelihood of bankruptcy.

Methods for assessing the financial condition using the current liquidity indicator

The main assessment methods with the participation of the coefficient:

1. Selezneva-Ionova model. The methodology is aimed at comparing actual indicators with the standard, detecting the profitability of assets in terms of their net income, as well as an overall assessment of the company's management.
2. Saifullin-Kadykov model. Similar to the previous one, it can be true for analyzing the financial status of companies of various industries and sizes. It also calculates the success of sales and turnover of its own budget.
3. Postyushkov's model. Suitable for predicting the ruin of an enterprise with a state prediction range of up to six months.

Current liquidity ratio: topical issues

Answer: All information is taken from the company's annual financial report, accounting documents.

Question number 2: Is it worth focusing on the all-Russian norms of the current liquidity ratio?

Answer: Only for possession of information. For each industry, depending on the subject of the Russian Federation where it operates, the indicators k vary greatly.

Question 3: For whom should k of total liquidity be calculated in the first place?

Answer: It is useful for the head of the enterprise to have this information, and it may also be required by your creditors and investors.

Question #4: If my calculated ratio is high - more than two, then my business is moving in the right direction?

Answer: Unfortunately, it is not. High figures indicate that working capital is not actually working.

Question #5: Can the current liquidity ratio be negative?

Answer: No, even his formula does not imply this. Maybe a negative trend or a negative result - less than 1.5.

Liquidity- the ability of assets to be quickly sold at a price close to the market. Liquidity is the ability to turn into money.

Current liquidity

The current (total) liquidity ratio (coverage ratio; English current ratio, CR) is a financial ratio equal to the ratio of current (current) assets to short-term liabilities (current liabilities).

Ktl \u003d (OA - DZd) / KO, where: Ktl - current ratio; ОА - current assets; DZd - long-term receivables; KO - short-term liabilities.

The ratio reflects the company's ability to repay current (short-term) liabilities at the expense of current assets only. The higher the indicator, the better the solvency of the enterprise.

A coefficient value of 2 or more is considered normal (this value is most often used in Russian regulations; in world practice, it is considered normal from 1.5 to 2.5, depending on the industry). A value below 1 indicates a high financial risk associated with the fact that the company is not able to consistently pay current bills. A value greater than 3 may indicate an irrational capital structure.

Quick (term) liquidity

Quick liquidity ratio- financial ratio equal to the ratio of highly liquid current assets to short-term liabilities (current liabilities). The source of data is the company's balance sheet in the same way as for current liquidity, but inventories are not taken into account as assets, since if they are forced to be sold, losses will be maximum among all working capital.

Kbl \u003d (Short-term accounts receivable + Short-term financial investments + Cash) / Current liabilities

The ratio reflects the company's ability to repay its current obligations in the event of difficulties with the sale of products.

A coefficient value of at least 1 is considered normal.

Absolute liquidity

Absolute liquidity ratio- financial ratio equal to the ratio of cash and short-term financial investments to short-term liabilities (current liabilities). The data source is the company's balance sheet in the same way as for current liquidity, but only cash and funds close to them in essence are taken into account in the assets:

Cal = (Cash + short-term financial investments) / Current liabilities

Unlike the two above, this coefficient is not widely used in the West. According to Russian regulations, a coefficient value of at least 0.2 is considered normal.

44. Forecasting solvency indicators.

When deciding whether to attract credit resources, it is necessary to determine the creditworthiness of the enterprise.

At the present stage, the following coefficients have been adopted:

Current liquidity ratio (coverage), K p;

The coefficient of security with own working capital, K os;

Coefficient of recovery (loss) of solvency, K uv.

These indicators are calculated according to the balance sheet data using the following formulas:

The coefficient K p characterizes the general security of the enterprise with working capital for conducting business activities and timely repayment of urgent obligations of the enterprise.

The K uv coefficient shows the presence of a real opportunity for the enterprise to restore or lose its solvency within a certain period. The basis for recognizing the structure of the balance sheet as unsatisfactory, and the enterprise as insolvent is the fulfillment of one of the following conditions:< 2 или К ос >0.1. It should be remembered that when deciding whether to issue a loan in a bank or other credit organization, the following system of financial ratios is calculated:

Absolute liquidity ratio K al;

Intermediate coverage ratio K pr;

Overall coverage ratio K p;

Independence coefficient K n.

The absolute liquidity ratio shows the proportion of short-term liabilities that can be repaid at the expense of highly liquid assets and is calculated according to the formula, the standard value of the indicator is 0.2 - 0.25:

The intermediate coverage ratio shows whether the company will be able to pay off its short-term debt obligations on time. It is calculated by the formula:

The calculation of the overall coverage ratio is similar to the definition of the current liquidity ratio. The coefficient of financial independence characterizes the security of the enterprise with its own funds for the implementation of its activities. It is determined by the ratio of equity capital to the balance sheet currency and is calculated as a percentage.

The optimal value, providing a fairly stable financial position in the eyes of investors and creditors: 50 - 60%.

45. Own and borrowed resources of the enterprise

Borrowed and own funds of the enterprise - collectively determine the liquidity of its assets, and directly affect the amount of financial and other resources that provide the opportunity to use them at a particular moment or period of time.

Borrowed funds allow the company to increase production, turnover, get additional profit and even pay off previous debts and much more.

In addition to borrowed funds, in order to obtain certain financial advantages, an enterprise can also use attracted funds, which, unlike borrowed funds, are not actually returned - for example, equity shares and gratuitous state financing.

Regular entrepreneurs can also actively use borrowed funds. The state policy of the Russian Federation for the development of entrepreneurial activity, by attracting borrowed funds from various sources, provides for obtaining interest-free loans, in accordance with applicable law. In addition, such loans are not taxed.

Taxes will be only on the income received, in the case of a cash loan - in the case of a property loan, material benefits are not calculated. You can use borrowed funds constantly or regularly if it is effective and has a stable profit, or is a necessity.

However, it is advisable to carefully monitor and pay attention to debt to equity ratio and keep a well-defined balance - it is good to have a certain strategy of action in case of unforeseen circumstances, since in the case of using borrowed funds, there is a certain threshold of financial losses, beyond which you will not be able to restore your business and immediately or after a certain time become bankrupt.

Here, it is also necessary to take into account - equity ratio- approximately it can be calculated by dividing the total amount of existing loans and interest on them by total assets and future income.

The value of this coefficient will be one of the fundamental factors in granting loans to you, that is, the lower the coefficient, the more likely it is to receive a loan.

In general, it is advisable to use gratuitous and especially reimbursable borrowed funds only when you are already well on your feet and understand your business segment.

Now, the state legislation of the Russian Federation provides for gratuitous subsidies for opening a private business, in the form of partial financing of the initial capital - but, after all, it does not provide guarantees for the success of its development.

characterizes the company from the standpoint of its ability to pay off its short-term obligations in a timely manner. It is included in the complex of calculations related to the analysis of the financial condition of any organization.

Dependence of liquidity on the structure of assets

The term liquidity is most often understood as an assessment of the sufficiency of a company's property in order to pay off its debts at one time or another. Wherein current ratio depends on how quickly the company's assets can be converted into cash (realized). In a similar way, the solvency of a legal entity is checked.

Depending on the period required for the sale, assets are usually divided into:

• Instantly realizable - this is directly the money in the accounts and on hand, their equivalents and financial investments in securities. They do not actually need to be sold: they can immediately be included in the settlement process.
• Quickly realizable - for their transformation into cash, as a rule, a little time is required - this is, for example, receivables.
• Realizable in an average time period - they already take some time to sell, in addition, they lose some of their value over time or if they are sold.

Based on this, it is customary to identify several types of liquidity:

• Absolute - characterizes the amount of funds that can be instantly sold, that is, in this case, only instantly realizable assets are involved.
• Fast - its synonyms are urgent, intermediate, critical, sometimes this type is designated by the term intermediate coverage, it reflects the degree of availability of values ​​that can be sold quickly and without loss.
• Current liquidity- includes in its calculation, in addition to the assets involved in the previous two paragraphs, also assets with average realization periods.

When calculating the described coefficients, the volume of available property is compared with the amount of the firm's short-term debt.

What characteristics of the company shows the current liquidity ratio

counting current ratio, the specialist plans to get an answer to the question of whether the company has enough current assets that have an acceptable implementation period to pay off all existing short-term debts. As a rule, this indicator is determined for a period of not more than a year. It is sometimes referred to as the total liquidity ratio, coverage ratio, circulation ratio, or operating capital.

The balance sheet is taken as the source of data for determination. Most often, this is reporting for the year, but sometimes data for a shorter period is also used. To track the dynamics of the indicator, it is calculated for several periods.

When calculating current liquidity compare the results of sections 2 and 5 of the balance sheet.

Methodology for determining the current liquidity ratio

Formulating the calculation algorithm current liquidity ratio, we can say that it is obtained by dividing the volume of current assets by the current liabilities of the firm. When forming the amount of short-term debt, it is customary to distinguish 3 approaches:

• The grand total of section 5 of the balance sheet is taken, in this case current ratio calculated as follows:

TL = OA / KO,

TL - current liquidity;

OA - current assets;

• Using the result of section 5 minus deferred income, which, even based on their name, is difficult to attribute to liabilities.

TL \u003d OA / (KO - DBP),

KO - short-term liabilities;

TL \u003d OA / (KK + KKZ + OO + PO),

OA - current assets;

KK - attracted short-term loans;

KKZ - accounts payable;

ОО - the amount of estimated liabilities;

Software - other short-term debt not included in the previous groups.

• Excluding from section 5 of the balance sheet, in addition to deferred income, the amount of estimated liabilities, which are also formally difficult to classify as debt. In this case calculation of the current liquidity ratio is done like this:

TL \u003d OA / (KK + KKZ + PO).

This algorithm can also be expressed in another way:

TL \u003d OA / (KO - DBP - OO),

OA - current assets;

TO - short-term liabilities.

DBP - deferred income.

How to calculate liquidity ratio based on balance sheet data

As mentioned above, in formulas for the current liquidity ratio on the balance sheet balance data is used, that is, values ​​from a particular row. For clarity, you can change the letter designations in the formulas to the reporting field numbers:

• For the first formula, which simply uses the partition totals, the algorithm becomes:

TL = line 1200 / line 1500,

where 1200, 1500 are the numbers of the corresponding lines in section 2 and section 5 of the report according to Form No. 1.

• For the second approach, which excludes deferred income from the calculation, the formula will be written as follows:

TL = line 1200 / (line 1500 - line 1530)

TL = line 1200 / (line 1510 + line 1520 + line 1540 + line 1550).

• With the use of exclusively short-term debts without other items included in section 5:

TL = line 1200 / (line 1510 + line 1520 + line 1550),

TL = p. 1200 / (p. 1500 - p. 1530 - p. 1540).

It is possible that circumstances will arise in business practice that require the use of a balance sheet drawn up before 2011. Then other line designations were in effect, so it is better to use the code correspondence table below:

Until 2011, when preparing financial statements, it was necessary to allocate receivables with a coverage period of more than 1 year. Based on the logic of the indicator under study - the current liquidity ratio, it had to be calculated without taking into account the amounts of long-term receivables.

Normative value of the current liquidity ratio

In order for the company to pay its obligations on time, the amount of working capital must not be lower than the amount of short-term liabilities. Accordingly, the coefficient must be at least 1.

NOTE! In practice, liquidity is allowed to be below 1. However, this is only possible for organizations with a high asset turnover rate.

At the same time, too much excess of the reference value is also not a good sign: it signals a slowdown in asset turnover. As a rule, in this situation, stock balances in warehouses increase, accounts receivable grow, and there is a general decrease in the efficiency of using funds.

The reliability of the initial information has a key influence on the correctness of the calculation. It must be comprehensively examined before being included in the formula for practical purposes. In particular, it is possible to use funds in it that are not actually liquid, it can be overdue receivables or securities of an unreliable issuer. Then the picture of the firm's solvency will be too optimistic. If there are such amounts, it is better to exclude them from the formula when determining liquidity. At the same time, the calculation of all three types of liquidity does not give a comprehensive picture of the financial position of the company. It is only one of the indicators of the general condition of the company, an element of the financial analysis system, which helps to make correct final judgments.

Factors affecting the liquidity ratio

Circumstances that may affect the size current liquidity ratio of the balance sheet, are:

• the rate of change in the volume of working capital compared with the rate of change in short-term liabilities;
• reduction in the volume of short-term loans, including by retraining them into long-term ones.

What is the purpose of the coverage ratio?

The main users of information about current liquidity ratio - coverage are:

• directors of organizations;
• company owners;
• entities making financial investments in the organization;
• inspections that carry out working calculations, the implementation of which is prescribed by order of the Ministry of Economic Development of the Russian Federation dated April 21, 2006 No. 104.

In addition, monitoring this indicator will be one of the priorities of arbitration managers, who must do this in accordance with the Decree of the Government of the Russian Federation of June 25, 2003 No. 367.

The use of liquidity indicators has become the norm in the practice of analyzing the financial condition. As a result, the instantaneous, short-term and medium-term variants of this coefficient are evaluated. The difference between them lies only in the category of assets, the ratio of which, compared with short-term liabilities, is estimated. All calculations are based on balance sheet indicators, although there are a large number of variations of calculations that give comparable results using different reporting lines. At the same time, the quality and reliability of the initial data are of paramount importance. Often there are circumstances in which the primary data have to be "cleared" of excess amounts. At the same time, the value of the coefficient itself is not an absolute indicator of the company's solvency, although, of course, it must be taken into account when conducting a comprehensive financial analysis. It is desirable to have this value equal to about 1, while it is better if the coefficient is slightly more than 1. An excessive increase in the liquidity indicator does not contribute to the stability of business activity, as it indicates a slowdown in turnover, an increase in receivables and some overstocking of warehouses. Thus, one should not unconditionally rely only on the described coefficient in the case of making managerial decisions; at the same time, one cannot ignore it when assessing the current state of affairs.

Various liquidity ratios are of interest not only for internal users of financial statements, but also for various consumers of analytical information: absolute liquidity ratio - for suppliers of raw materials and materials, quick liquidity ratio - for banks, current liquidity ratio - for buyers and holders of shares and bonds of an enterprise .

Analysis of financial stability.

The objective of the analysis of financial stability is to assess the degree of dependence of the organization on borrowed sources of financing. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed organization is financially stable enough.

Relative indicators of the financial stability of an enterprise characterize the structure of the capital used by the enterprise from the standpoint of financial stability of development. These indicators make it possible to assess the degree of protection of investors and creditors, as they reflect the company's ability to repay long-term obligations. This group of indicators is also called indicators of the capital structure and solvency or coefficients for managing sources of funds.

Long-term liabilities (loans and borrowings) and equity are directed primarily to the acquisition of fixed assets, capital investments and other non-current assets. In order to fulfill the solvency condition, it is necessary that cash and funds in settlements, as well as tangible current assets, cover short-term liabilities.

Indicators of financial stability.

Coefficient of autonomy (financial independence)

K aut = 0.6

Shows the share of own funds in the total amount of funding sources.

Financial stability ratio

K FU = 0.7

Shows how much is financed from sustainable sources.

Capitalization ratio (shoulder of financial leverage)

K cap = < 1

Shows how much borrowed funds the organization has attracted for each ruble of its own funds.

4. Coefficient of financial dependence

K FZ = = 1 - Kaut < 0,4

Shows what share of borrowed capital is in the sources of financing.

Equity coverage ratio (funding ratio)

K PD = > 1

Shows what part of the funds is financed by own funds, and what part is financed by borrowed funds.

Analysis of the sufficiency of own working capital.

In the course of production activities at the enterprise, there is a constant formation (replenishment) of stocks of inventory items. For this, both own working capital and borrowed funds (long-term and short-term loans and borrowings) are used. Analyzing the compliance or mismatch (surplus or shortage) of funds for the formation of reserves and costs, determine the absolute indicators of financial stability. The basis for classifying the financial position of an enterprise according to the degree of stability is the indicators of the availability of reserves and costs, the sources of their formation.

A generalizing indicator of financial independence is the surplus or lack of sources of funds for the formation of reserves, which is determined as the difference between the value of sources of funds and the value of reserves.

On the basis of the indicator of own working capital, an analysis of absolute indicators is carried out and the type of financial stability is determined.

Availability of own working capital

SOS = Equity (p. 1300) - Non-current assets (p. 1100)

Own working capital, taking into account long-term liabilities

SOS = SOS + Long Term Liabilities (p. 1400)

3. Sources of formation of stocks and costs

IFZ \u003d SDOS + Short-term obligations (p. 1500)

characterizes the sufficiency of normal sources of financing the reserves and costs of the enterprise

4. Stocks (p. 1210)

Analytical calculated indicators include the following:

F1 = SOS - Z

F2 \u003d SDOS - Z

F3 = IFZ - Z

Depending on the value of F1, F2, F3, the following types of financial stability are distinguished:

Absolute financial stability when

F1>0, F2>0, F3>0.

Normal or relative financial stability:

F1  0, F2>0, F3 >0.

In general, the company has a relatively stable financial condition, but is forced to accept long-term borrowed funds to pay payments.

Unstable financial condition

Ф1  0, Ф2  0, Ф3 > 0

The company periodically experiences delays in obligatory payments and settlements, a chronic shortage of funds, as well as debts to employees for wages.

Crisis financial condition - all indicators are below zero

F1  0, F2  0, F3  0

Typically, if the accounts receivable and accounts payable are overdue, loans and loans are not repaid on time. Chronic shortage of all kinds of resources.

Criteria for assessing the insolvency (bankruptcy) of the organization.

In order to timely identify signs of insolvency of organizations, the Federal Office for Insolvency (Bankruptcy) (hereinafter - FUDN) approved the Methodological Regulations for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure (Decree of the FUDN dated August 12, 1994 No. 31 - p).

According to the coefficient of current liquidity and the coefficient of provision with own funds, the diagnostics of the bankruptcy of the enterprise is carried out.

The organization's balance sheet structure is recognized as unsatisfactory, and it itself is considered insolvent if one of the following conditions is met.

1. The current liquidity ratio at the end of the reporting period is less than 2 (K TL per year< 2);

2. The coefficient of provision with own funds is less than 0.1 (To OSOS< 0,1).

In the case when at least one of the coefficients is less than the normative value, the solvency recovery coefficient for a period of six months is determined - K VP. It shows the ability of the company to restore solvency within six months and is calculated by the formula:

K VP \u003d K TL per kg + 6/T*(K TL per year - K TL per n.g.) / 2,

Calculate by division current assets for short-term liabilities(current liabilities). The initial data for the calculation contains the balance sheet of the company.

It is calculated in the FinEkAnalysis program in the solvency analysis block.

Total liquidity ratio - what does it show

Shows the company's ability to repay current (short-term) liabilities at the expense of current assets only. The higher the value of the coefficient, the better the solvency of the enterprise. This indicator takes into account that not all assets can be sold urgently.

Liquidity ratios are of interest both to the management of the enterprise and to external subjects of analysis:

• absolute liquidity ratio - for suppliers of raw materials and materials;
• total liquidity ratio- for investors;
• quick liquidity ratio - for banks.

Total liquidity ratio - formula

The general formula for calculating the coefficient:

Total liquidity ratio - scheme

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