Liquidity a3 balance lines are new. Liquidity ratio: balance formula and normative value. Assessment of relative risk indicators

Kamchatka State Technical University

Department of Accounting and Finance

Test

discipline "Analysis of financial statements"

on the topic: Balance sheet liquidity analysis

Petropavlovsk-Kamchatsky

The liquidity of an organization is understood as its ability to cover its obligations with assets, the period of transformation of which into cash corresponds to the maturity of obligations. Liquidity means the unconditional solvency of the organization and implies a constant equality between its assets and liabilities simultaneously in two ways:

by the total amount

By maturity (assets) and maturity (liabilities).

Analysis of the liquidity of the organization is carried out on the balance sheet and consists in comparing the funds for the asset, grouped by the degree of liquidity and arranged in descending order, with liabilities for liabilities, arranged in ascending order of maturity.

Distinguish liquidity:

current - compliance of accounts receivable and cash receivables;

Estimated - the correspondence of asset and liability groups in terms of their turnover, in the conditions of the normal functioning of the organization;

urgent - the ability to repay obligations in the event of liquidation of the organization.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the organization are divided into the following groups.

1. The most liquid assets A 1:

· amounts for all items of funds that can be used for settlements immediately;

short-term financial investments (securities)

A 1 \u003d page 260 + page 250

2. Marketable assets A 2 - assets for the conversion of which into cash takes a certain time:

· Accounts receivable, payments on which are expected within 12 months after the reporting date;

Other accounts receivable

A 2 \u003d page 240 + page 270

3. Slowly realizable assets - the least liquid assets:

stocks, except for the line "Deferred expenses";

Value added tax on acquired valuables;

Accounts receivable for which payments are expected more than 12 months after the reporting date

A 3 = p. 210 + p. 220 + p. 230 - p. 217

4. Hard-to-sell assets A 4 . This group includes all balance sheet items of section I "Non-current assets"

A 4 = p. 190

These assets are intended to be used in economic activities for a sufficiently long period.

The first three groups of assets can change constantly during the business period and refer to the current assets of the organization. They are more liquid than the rest of the property.

The organization's liabilities (balance sheet liabilities) are also grouped into four groups and arranged according to the degree of urgency of payment.

1. The most urgent obligations P 1:

· accounts payable;

· debts of participants (founders) on payment of income;

· other short-term liabilities;

Loans not repaid on time

P 1 = p. 620 + p. 630 + p. 660

2. Short-term liabilities P 2:

· short-term loans and credits;

other loans maturing within 12 months after the reporting date

P 2 = p. 610

3. Long-term liabilities P 3:

This group includes long-term loans and borrowings, items in section IV of the balance sheet

P 3 = p. 590

4. Permanent liabilities P 4:

· Articles of section III of the balance sheet “Capital and reserves”;

· Separate articles of section V of the balance sheet “Current liabilities” that were not included in the previous groups;

· revenue of the future periods;

reserves for future expenses.

To maintain the balance of assets and liabilities, the total of this group should be reduced by the amount under the item “Deferred expenses”:

A 4 = p. 490 + p. 640 + p. 650 - p. 216

The relationship and difference between the profitability of an enterprise and the liquidity of its assets

An organization is considered liquid if its current assets exceed its current liabilities. The real degree of liquidity of the organization and its solvency can be determined on the basis of the analysis of the liquidity of the balance sheet.

At the first stage of the analysis, these groups of assets and liabilities are compared in absolute terms. The balance sheet is considered liquid, subject to the following ratios of groups of assets and liabilities:

Moreover, if the first three inequalities are met: A 1 ≥ P 1 ; A 2 ≥ P 2; A 3 ≥ P 3, i.e. assets exceed the external liabilities of the organization, then the last inequality is necessarily fulfilled: A 4 ≤ P 4, which confirms that the organization has its own working capital. All this means meeting the minimum condition for financial stability.

Non-fulfillment of one of the first three inequalities indicates violations of the liquidity of the balance sheet. At the same time, the lack of funds in one group of assets is not compensated by their surplus in another group, since compensation can only be in terms of cost; in a real payment situation, less liquid assets cannot replace more liquid ones.

Comparison of the first and second groups of assets (the most liquid assets and fast-moving assets) with the first two groups of liabilities (the most urgent liabilities and short-term liabilities) shows current liquidity, i.e. solvency or insolvency of the organization in the nearest time by the time of the analysis.

Comparison of the third group of assets and liabilities (slowly realizable assets with long-term liabilities) shows prospective liquidity, i.e. organization solvency forecast.

At the time of the balance sheet, it cannot be considered liquid, since only two of the ratios of groups of assets and liabilities meet the conditions of absolute liquidity.

Practical task: to analyze the liquidity of the organization's balance sheet according to the reporting data presented in the annexes to these instructions.

At the beginning of the period:

A 1 \u003d p. 250 + p. 260 \u003d 2516 + 7365 \u003d 9881

A 2 \u003d p. 230 + p. 240 \u003d 201 + 61151 \u003d 61352

A 3 \u003d p. 210 + p. 220 + p. 270 \u003d 115134 + 4042 + 0 \u003d 119176

A 4 \u003d p. 190 \u003d 128260

Balance \u003d A 1 + A 2 + A 3 + A 4 \u003d 9881 + 61352 + 119176 + 128260 \u003d 318669

P 1 \u003d p. 620 \u003d 25664

P 2 \u003d p. 610 + p. 630 + p. 660 \u003d 79462 + 0 + 0 \u003d 79462

P 3 \u003d p. 590 \u003d 7822

P 4 \u003d p. 490 + p. 640 + p. 650 \u003d 201798 + 3923 + 0 \u003d 205721

Balance \u003d P 1 + P 2 + P 3 + P 4 \u003d 25664 + 79462 + 7822 + 205721 \u003d 318669

At the end of the period:

A 1 \u003d p. 250 + p. 260 \u003d 1334 + 6525 \u003d 7859

A 2 \u003d p. 230 + p. 240 \u003d 443 + 62731 \u003d 63174

A 3 \u003d p. 210 + p. 220 + p. 270 \u003d 121277 + 789 + 0 \u003d 122066

A 4 \u003d p. 190 \u003d 129520

Balance \u003d A 1 + A 2 + A 3 + A 4 \u003d 7859 + 63174 + 122066 + 129520 \u003d 322619

P 1 \u003d p. 620 \u003d 47210

P 2 \u003d p. 610 + p. 630 + p. 660 \u003d 59277 + 0 + 0 \u003d 59277

P 3 \u003d p. 590 \u003d 7075

P 4 \u003d p. 490 + p. 640 + p. 650 \u003d 206190 + 2867 + 0 \u003d 209057

Balance \u003d P 1 + P 2 + P 3 + P 4 \u003d 47210 + 59277 + 7075 + 209057 \u003d 322619

At the beginning of the period:

A 1 - P 1 \u003d 9881 - 25664 \u003d -15783

A 2 - P 2 \u003d 61352 - 79462 \u003d -18110

A 3 - P 3 \u003d 119176 - 7822 \u003d 111354

A 4 - P 4 \u003d 128260 - 205721 \u003d -77461

At the end of the period:

A 1 - P 1 \u003d 7859 - 47210 \u003d -39351

A 2 - P 2 \u003d 63174 - 59277 \u003d 3897

A 3 - P 3 \u003d 122066 - 7075 \u003d 114991

A 4 - P 4 \u003d 129820 - 209057 \u003d -79237

During the reporting period, the payment deficit of the most liquid assets increased. The amount of short-term loans exceeded the expected receipts from debtors. The amount of stocks exceeded long-term liabilities. The available payment surplus for these groups can be used to cover the lack of funds to pay off the most urgent obligations. The balance sheet is not absolutely liquid.

Appendix

The task of analyzing the liquidity of the balance sheet arises in connection with the need to assess the creditworthiness of the organization, i.e. its ability to timely and fully pay its obligations. Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities. Liquidity of the balance sheet should be distinguished from the liquidity of assets, which is defined as the reciprocal of the time required to turn them into cash. The less time it takes for this type of asset to turn into money, the higher their liquidity.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity. Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups.

A1 . Most liquid assets - these include all items of the company's cash and short-term financial investments (securities). This group is calculated as follows:

A1 = page 250 + page 260

A2. Quick Selling Assets -- accounts receivable, payments on which are expected within 12 months after the reporting date.

A2 = page 240

A3. Slow selling assets -- items in section 2 of the asset balance, including inventories, value added tax, receivables, and other current assets.

A3 = page 210 + page 220 + page 230 + page 270

A4. Difficult-to-sell assets -- articles of section 1 of the asset balance -- non-current assets.

A4 = p.190

Liabilities of the balance are grouped according to the degree of urgency of their payment.

P1. Most urgent obligations These include accounts payable.

P1 \u003d p. 620

P2. Short-term liabilities These are short-term borrowings and other short-term liabilities.

P2 = p. 610 + p. 670

P3. Long-term liabilities - these are balance sheet items related to sections 5 and 6, i.e. long-term loans and borrowings, as well as deferred income, consumption funds, reserves for future expenses and payments.

P3 = p. 590 + p. 630 + p. 640 + p. 650 + + p. 660

P4. Permanent liabilities or sustainable -- these are articles 4 of the balance sheet section “Capital and reserves”. If the organization has losses, they are deducted.

P4 = p. 490 (-p. 390).

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities.

The balance is considered absolutely liquid if the following ratios take place:

A1 > P1; A2 > P2; A3< П3; А4 < П4.

If the first three inequalities of this system are satisfied, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups by asset and liability. The fulfillment of the fourth inequality indicates that one of the conditions is met.

In the case when one or more inequalities of the system have the opposite sign from that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. At the same time, the lack of funds in one group of assets is compensated by their surplus in another group in value, but in a real situation, less liquid assets cannot replace more liquid ones.

Comparison of liquid funds and liabilities allows you to calculate the following indicators:

1. Current liquidity, which indicates the solvency (+) or insolvency (-) of the organization for the nearest time period to the moment in question:

TL \u003d (A1 + A2) - (P1 + P2);

2. Prospective liquidity is a solvency forecast based on a comparison of future receipts and payments:

To analyze the liquidity of the balance sheet, a table is drawn up. The columns of this table contain data at the beginning and end of the reporting period from the comparative analytical balance sheet by asset and liability groups. Comparing the results of these groups, determine the absolute value of the payment surplus at the beginning and end of the reporting period.

A more accurate assessment of the liquidity of the balance sheet can be based on an internal analysis of the financial condition. In this case, the amount for each balance sheet item included in any of the first three groups of assets and liabilities is broken down into parts corresponding to different terms of conversion into cash for active items and different maturities of liabilities for passive items:

• up to 3 months;
• from 3 to 6 months;
• from 6 months to a year;
• over a year.

This breaks down, first of all, the amounts into items reflecting receivables and other assets, accounts payable and other liabilities, as well as short-term loans and borrowings.

For the distribution by terms of conversion into cash amounts under the items of section 2 of the asset, the values ​​​​of reserves in days of turnover are used. Further, the values ​​for the asset with the same intervals of change in liquidity and the values ​​for the liability with the same intervals for changing the debt repayment line are summed up. As a result, we get the results for 4 groups of assets (excluding hard-to-sell assets and permanent liabilities).

The liquidity analysis of the balance sheet is reduced to checking whether the liabilities in the liabilities side of the balance sheet are covered by assets, the period of transformation of which into cash is equal to the maturity of the liabilities.

Comparison of the results of group 1 by asset and liability, i.e. A1 and P1 (terms up to 3 months), reflects the ratio of current payments and receipts.

Comparison of the results of the 2nd group by asset and liability, i.e. A2 and P2 (terms from 3 to 6 months), shows a trend of increasing or decreasing current liquidity in the near future. Comparison of the totals for assets and liabilities for groups 3 and 4 reflects the ratio of payments and receipts in a relatively distant future. The analysis carried out according to this scheme quite fully represents the financial condition in terms of the possibilities of timely settlements.

The results of calculations based on the data of the analyzed organization show that in this organization, the comparison of the results of groups by asset and liability has the following form:

(A1< П1; А2 < П2; А3 >P3; A4< П4}.

Based on this, it is possible to characterize the liquidity of the analyzed balance sheet as insufficient. Comparison of the first two inequalities indicates that in the closest time interval to the considered moment, the organization will not be able to improve its solvency. Moreover, during the analyzed period, the payment deficit of the most liquid assets increased to cover the most urgent liabilities (correlation for the first group).

At the beginning of the analyzed period, the ratio was 0.38:1 (7,859:47,210), although theoretically a sufficient value for the urgency ratio is a ratio of 0.2:1. A sharp reduction (by 21 points) in the urgency ratio is noteworthy. As a result, at the end of the reporting period, the organization could pay only 17% of its short-term liabilities, which indicates a constrained financial position.

At the same time, based on the data of the analytical balance sheet, it can be concluded that the reason for the decrease in liquidity was the fact that short-term debt increased at a higher rate than cash.

However, it should be noted that the prospective liquidity shown by the third inequality reflects some payment surplus.

The analysis of balance sheet liquidity carried out in the above scheme is approximate. More detailed is the analysis of solvency using financial ratios.

1. General liquidity ratio

L1 \u003d A1 + 0.5A2 + 0.3AZ / P1 + 0.5P2 + 0.3PZ.

L1 must be greater than 1.

2. Absolute liquidity ratio

L2 \u003d A1 / P1 + P2. L2 > 0.20.7.

Shows what part of the short-term debt the organization can repay in the near future at the expense of cash.

3. Coefficient of “critical appraisal”

L3 \u003d A1 + A2 / P1 + P2. L3 > 1.5.

Shows what part of the organization's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as settlement proceeds.

4. Current liquidity ratio

L4 \u003d A1 + A2 + AZ / P1 + P2.

Required value 1; optimal not less than 2.0.

Shows what part of current liabilities on loans and settlements can be repaid by mobilizing all working capital.

5. The coefficient of maneuverability of functioning capital

L5 \u003d AZ / (A1 + A2 + A3) - (P1 + P2).

A decrease in this indicator in dynamics indicates a positive effect.

This ratio shows how much of the functioning capital is immobilized in inventories and long-term receivables.

6. Share of working capital in assets

L6 \u003d A1 + A2 + AZ / B.

7. Equity ratio

L7 \u003d P4 - A4 / A1 + A2 + AZ.

Must be at least 0.1.

This coefficient characterizes the availability of own working capital of the organization, necessary for its financial stability.

For a comprehensive assessment of the liquidity of the balance sheet as a whole, one should use the general liquidity indicator calculated by the formula:

L1 \u003d A1 + 0.5A2 + 0.3AZ / P1 + 0.5P2 + 0.3P3.

With the help of this indicator, an assessment is made of changes in the financial situation in the organization in terms of liquidity. This indicator is also used when choosing the most reliable partner from a variety of potential partners based on reporting.

Various indicators of liquidity not only characterize the stability of the financial condition of the organization with varying degrees of accounting for the liquidity of funds, but also meet the interests of various external users of analytical information.

So, for suppliers of raw materials and materials, the absolute liquidity ratio is most interesting.

A bank giving a loan to this organization pays more attention to the “critical” rating coefficient. Buyers and shareholders of the enterprise to a greater extent evaluate the financial stability of the organization by the current liquidity ratio.

The “critical” assessment coefficient shows what part of current liabilities can be repaid not only at the expense of expected receipts from various debtors. The value of 0.7 - 0.8 is considered normal, however, it should be borne in mind that the reliability of the conclusions based on the results of calculations of this coefficient and its dynamics largely depends on the “quality” of receivables (the timing of the formation of the financial position of the debtor, etc.), which can only be identified from internal records. Optimal if L3 more than 1.5.

For the analyzed organization, the value of this coefficient is close to critical, but at the end of the reporting period it decreased. This is a negative trend. The current liquidity ratio allows you to establish the multiplicity of current assets cover short-term liabilities. This is the main indicator of solvency. The normal value of this indicator is from 1 to 2.

The instability of the economy makes it possible to normalize this indicator. It must be evaluated for each specific enterprise according to its credentials. If the ratio of current assets and current liabilities is lower than 1:1, then we can talk about high financial risk associated with the fact that the organization is not able to pay its bills.

Taking into account the varying degree of liquidity of assets, it can be assumed that not all assets can be sold urgently, and therefore, there will be a threat to the financial stability of the organization.

If the value of the coefficient L4 exceeds 1, then we can conclude that the organization has a certain amount of free resources (the higher the coefficient, the higher this volume), formed from its own sources.

The current liquidity ratio summarizes the previous indicators and is one of the indicators characterizing the satisfaction (unsatisfactoriness) of the balance sheet.

Ticket number 25.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

· the most liquid assets, enterprise cash and short-term financial investments (securities);

Quickly realizable assets, receivables and other assets;

slow-moving assets, inventories and costs;

hard-to-sell assets, fixed and other non-current assets.

Liabilities of the balance are grouped according to the degree of urgency of their payment:

the most urgent liabilities (accounts payable, as well as loans not repaid on time);

Short-term liabilities (short-term loans and borrowings);

long-term liabilities (long-term loans and borrowings);

· permanent liabilities (sources of own funds minus the amount under the item "Deferred expenses" and the amount of immobilization of working capital under the items of section III of the asset plus lines 630-660 of the balance sheet liabilities).

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities. The balance is considered to be absolutely liquid if the following ratios take place: Ax > Pr A2 > P2, A3 > P3, A4 > P4.

In the case when one or more inequalities have a sign opposite to that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. At the same time, the lack of funds in one group of assets is compensated by their excess in another group, although compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

Comparison of the most liquid funds and marketable assets with the most urgent liabilities and short-term liabilities allows you to find out the current liquidity. Comparison of slow-moving assets with long-term and medium-term liabilities reflects prospective liquidity. Current liquidity indicates the solvency (or insolvency) of the enterprise for the next period of time. Prospective liquidity is a forecast of solvency based on a comparison of future receipts and payments (of which only a part is presented in the respective asset and liability groups, so the forecast is quite approximate).

Balance liquidity- this is the degree of coverage of the obligations of the enterprise by assets, the period of transformation of which into cash corresponds to the maturity of the obligations. The solvency of the enterprise depends on the degree of liquidity of the balance sheet. The main sign of liquidity is the formal excess of the value of current assets over short-term liabilities. And the greater this excess, the more favorable the financial condition of the company in terms of liquidity.

The relevance of determining the liquidity of the balance sheet is of particular importance in conditions of economic instability, as well as in the liquidation of an enterprise due to its bankruptcy. Here the question arises: does the enterprise have enough funds to cover its debts. The same problem arises when it is necessary to determine whether the enterprise has enough funds to settle accounts with creditors, i.e. the ability to liquidate (repay) the debt with available funds. In this case, speaking of liquidity, it means that the enterprise has working capital in an amount that is theoretically sufficient to repay short-term obligations.

To analyze the liquidity of an enterprise's balance sheet, asset items are grouped according to the degree of liquidity - from the most quickly converted into money to the least. Liabilities are grouped according to the urgency of paying obligations. A typical grouping is shown in the table below:

Table Grouping assets and liabilities of the balance sheet for liquidity analysis

To assess the liquidity of the balance sheet, taking into account the time factor, it is necessary to compare each asset group with the corresponding liability group.

1) If the inequality A1 > P1 is feasible, then this indicates the solvency of the organization at the time of the balance sheet. The organization has enough to cover the most urgent obligations absolutely and the most liquid assets.

2) If the inequality A2 > P2 is feasible, then quickly realizable assets exceed short-term liabilities and the organization can be solvent in the near future, taking into account timely settlements with creditors, receiving funds from the sale of products on credit.

3) If inequality A3 > P3 is feasible, then in the future, with the timely receipt of cash from sales and payments, the organization can be solvent for a period equal to the average duration of one turnover of working capital after the balance sheet date.

The fulfillment of the first three conditions leads automatically to the fulfillment of the condition: A4<=П4

The fulfillment of this condition testifies to the observance of the minimum condition for the financial stability of the organization, the availability of its own working capital.

Based on a comparison of groups of assets with the corresponding groups of liabilities, a judgment is made on the liquidity of the balance sheet of the enterprise

Comparison of liquid funds and liabilities allows you to calculate the following indicators:

• current liquidity, which indicates the solvency (+) or insolvency (-) of the organization for the nearest time period to the moment in question: A1+A2=>P1+P2; A4<=П4
• prospective liquidity is a solvency forecast based on a comparison of future receipts and payments: A3>=P3; A4<=П4
• insufficient level of prospective liquidity: A4<=П4
• the balance is not liquid: A4=>P4

However, it should be noted that the analysis of the liquidity of the balance sheet, carried out according to the above scheme, is approximate, the analysis of solvency using financial ratios is more detailed.

1. Current liquidity ratio shows whether the enterprise has enough funds that can be used by it to pay off its short-term obligations during the year. This is the main indicator of the company's solvency. The current liquidity ratio is determined by the formula:

K \u003d (A1 + A2 + A3) / (P1 + P2)

In world practice, the value of this coefficient should be in the range of 1-2. Naturally, there are circumstances under which the value of this indicator may be higher, however, if the current liquidity ratio is more than 2-3, this, as a rule, indicates an irrational use of the enterprise's funds. The value of the current liquidity ratio below one indicates the insolvency of the enterprise.

2. Quick liquidity ratio, or the coefficient of "critical assessment", shows how liquid assets of the enterprise cover its short-term debt. Quick liquidity ratio is determined by the formula:

K \u003d (A1 + A2) / (P1 + P2)

The liquid assets of the enterprise include all current assets of the enterprise, with the exception of inventories. This indicator determines what share of accounts payable can be repaid at the expense of the most liquid assets, i.e. it shows what part of the company's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as settlement income. The recommended value of this indicator is from 0.7-0.8 to 1.5.

3. Absolute liquidity ratio shows what part of accounts payable the company can repay immediately. The absolute liquidity ratio is calculated by the formula:

K \u003d A1 / (P1 + P2)

The value of this indicator should not fall below 0.2.

4. For a comprehensive assessment of the liquidity of the balance sheet as a whole, it is recommended to use general indicator of liquidity of the company's balance sheet, which shows the ratio of the sum of all liquid funds of the enterprise to the sum of all payment obligations (short-term, long-term, medium-term), provided that various groups of liquid funds and payment obligations are included in the indicated amounts with certain weight coefficients that take into account their significance in terms of the timing of receipt of funds and repayment of obligations. The overall liquidity ratio of the balance sheet is determined by the formula:

K \u003d (A1 + 0.5 * A2 + 0.3 * A3) / (P1 + 0.5 * P2 + 0.3 * P3)

The value of this coefficient must be greater than or equal to 1.

5. Equity ratio shows how much own working capital of the enterprise is necessary for its financial stability. It is defined:

K = (P4 - A4) / (A1 + A2 + A3)

The value of this coefficient must be greater than or equal to 0.1.

6. Functional capital mobility ratio shows how much of the functioning capital is contained in stocks. If this indicator decreases, then this is a positive fact. It is determined from the relation:

K \u003d A3 / [(A1 + A2 + A3) - (P1 + P2)]

In the course of the balance sheet liquidity analysis, each of the considered liquidity ratios is calculated at the beginning and end of the reporting period. If the actual value of the coefficient does not correspond to the normal limit, then it can be estimated by the dynamics (increase or decrease in value). It should be noted that in most cases the achievement of high liquidity is contrary to the provision of higher profitability. The most rational policy is to ensure the optimal combination of liquidity and profitability of the enterprise.

Along with the above indicators, to assess the state of liquidity, you can use indicators based on cash flows: net cash flow (NCF - Net Cash Flow); cash flow from operations (CFO - Cash Flow from Operations); cash flow from operating activities, adjusted for changes in working capital (OCF - Operating Cash Flow); cash flow from operating activities, adjusted for changes in working capital and satisfaction of investment needs (OCFI - Operating Cash Flow after Investments); free cash flow (FCF - Free Cash Flow).

At the same time, regardless of the stage of the life cycle at which the enterprise is located, management is forced to solve the problem of determining the optimal level of liquidity, since, on the one hand, insufficient liquidity of assets can lead to both insolvency and possible bankruptcy, and on the other hand, excess liquidity may lead to lower profitability. Because of this, modern practice requires the emergence of more and more advanced procedures for analyzing and diagnosing the state of liquidity.

“Prospective Liquidity” the balance sheet represents the security of obligations of the 3rd group of urgency (long-term liabilities) with slow-moving assets. Value sign in string “Prospective Liquidity” is a forecast of the company's solvency based on a comparison of future receipts and payments.

Inequality A3< П3 is not fulfilled, therefore it will be difficult for the enterprise to repay its long-term obligations to creditors in the long run.

This enterprise has a sufficient amount of fast-moving assets, which is confirmed by the observance of the inequality A2>P2. This indicates that timely shipment of goods is ensured.

According to the table, in 2008 the organization's balance sheet cannot be considered absolutely liquid, since three inequalities of assets and liabilities are not fulfilled:

A1< П1

A2< П2

A3 > P3

A4 > P4

Inequality A1>P1 shows current liquidity. In 2008 this inequality is not fulfilled. Therefore, this means that the company does not have sufficient cash to cover urgent liabilities, that is, accounts payable and bank loans.

The enterprise does not have sufficient fast-moving assets at the end of 2008, which is confirmed by the non-observance of inequality A2>P2. This indicates that timely shipment of goods is not ensured.

Inequality A3< П3 is carried out and it can be concluded that the enterprise will be able to turn work in progress into finished products and sell it, but spending much more time.

However, it should be noted that the analysis of the liquidity of the balance sheet, carried out according to the above scheme, is approximate, the analysis of solvency using financial ratios is more detailed.

1. Current liquidity ratio shows whether the enterprise has enough funds that can be used by it to pay off its short-term obligations during the year. This is the main indicator of the company's solvency. The current liquidity ratio is determined by the formula

K TL \u003d (A1 + A2 + A3) / (P1 + P2).

In world practice, the value of this coefficient should be in the range of 1-2. Naturally, there are circumstances under which the value of this indicator may be higher, however, if the current liquidity ratio is more than 2-3, this, as a rule, indicates an irrational use of the enterprise's funds. The value of the current liquidity ratio below one indicates the insolvency of the enterprise.

2. Quick liquidity ratio, or "critical assessment" ratio, shows how liquid assets of the enterprise cover its short-term debt. Quick liquidity ratio is determined by the formula:

K BL \u003d (A1 + A2) / (P1 + P2).

The liquid assets of the enterprise include all current assets of the enterprise, with the exception of inventories. This indicator determines what share of accounts payable can be repaid at the expense of the most liquid assets, that is, it shows what part of the company's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as settlement income. The recommended value of this indicator is from 0.7-0.8 to 1.5.

3. Absolute liquidity ratio shows what part of accounts payable the company can repay immediately. The absolute liquidity ratio is calculated by the formula:

K AL \u003d A1 / (P1 + P2).

The value of this indicator should not fall below 0.2.

4. For a comprehensive assessment of the liquidity of the balance sheet as a whole, it is recommended to use the general liquidity indicator of the enterprise's balance sheet, which shows the ratio of the sum of all liquid assets of the enterprise to the sum of all payment obligations (short-term, long-term, medium-term), provided that various groups of liquid funds and payment obligations are included in the specified amounts with certain weighting coefficients, taking into account their significance in terms of the timing of receipt of funds and repayment of obligations.

The overall liquidity ratio of the balance sheet is determined by the formula:

TO OL \u003d (A1 + 0.5A2 + 0.3A3) / (P1 + 0.5P2 + 0.3P3).

The value of this coefficient must be greater than or equal to 1.

Table of liquidity indicators

Based on the data in the table, we can say the following:

The normal value of the current liquidity ratio is considered to be a value greater than 1. The values ​​of the current liquidity ratio of ZAO Khlebokombinat Pechersky at the beginning of 2008 exceed one, and therefore are considered normal. At the end of 2008, the value of the coefficient decreases by 1.17 points or by 62.45%, which is considered abnormal. This ratio shows whether the company has enough funds that can be used to pay off short-term liabilities. In this case, the excess of current assets over short-term financial liabilities in 2007 provides a reserve to compensate for losses, and in 2008, on the contrary, the organization does not have a reserve to compensate for losses that an enterprise may incur when placing and liquidating all current assets, except for cash. The greater the value of this reserve, the greater the confidence of creditors that the debts will be repaid. The reason for the decrease in this indicator may be the faster growth of short-term liabilities compared to the growth of current assets. The very growth of accounts payable, most likely, is due to the fact that the organization simply simply does not have enough own funds to finance current activities, and this, in turn, indicates that the company earned little, received insufficient profit in the reporting period, which is clearly visible in Form No. 2 "Profit and Loss Statement" in terms of profitability. Also, a decrease in current liquidity and an increase in accounts payable, as well as receivables, most likely occurs at the end of 2008 due to the crisis situation in the country and in the market in particular. Many organizations are unable to pay their debts, resulting in a sharp increase in delinquency in receivables and payables.

To absolute liquidity shows what share of short-term liabilities can be repaid at the expense of cash and short-term financial investments. This indicator allows you to determine whether the enterprise has resources that can satisfy the requirements of creditors in a critical situation. The recommended lower limit of the indicator is not less than 0.2, and sometimes not less than 0.1. In 2007, the absolute liquidity ratio is close to the norm and amounts to 0.08 points, which is 0.05 points or 59.53% more than by the end of 2008 with an indicator of 0.03, which indicates that the company does not have resources that can meet the requirements of creditors in a critical situation. The reasons for the decrease in the indicator are, first of all, the increase in short-term accounts payable, as can be seen from the balance sheet (line 620). KKZ in the reporting period, compared to the base period, increased by 17,080 thousand rubles or 127.48% from 13,398 thousand rubles to 30,478 thousand rubles, also most likely due to the crisis situation in the country and overdue debts.

Thus, despite the decrease in all liquidity indicators in the reporting period, they all remained within the recommended norm, the liquidity of the enterprise's balance sheet differs to a lesser extent from absolute, while the lack of funds in one group can be compensated by their excess in another group.

Quick liquidity ratios and the overall liquidity ratio of the balance sheet also decreased in the reporting period compared to the base one. The indicator of quick liquidity is close to the norm, both in the reporting and in the base period. This indicator indicates that part of the company's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as settlement proceeds.

Thus, all liquidity indicators decreased in the reporting period. This was due to insufficient reserves and savings in case of unforeseen situations, such as a crisis.

3.3. Assessment of the financial stability of the organization

Financial stability is a characteristic that indicates a stable excess of income over expenses, free maneuvering of the company's funds and their effective use, an uninterrupted production process and product sales. Financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.

In the financial stability analysis section, the dependence or independence of the organization on borrowed sources, as well as the provision of assets with equity capital is calculated.

As part of the analysis of financial stability, the following indicators are calculated, presented in the Table:

Equity ratio (Coss) shows the degree of security of the enterprise with its own current assets. The larger the Coss, the greater this security and the better the financial stability. At the end of 2008, the indicator increased by 30.39% or 0.26 points compared to the beginning of 2008. which was due to an increase in the equity capital of the organization. The enterprise is not adequately provided with its own current assets.

Capital stock ratio (Komz) shows what share of reserves is formed at the expense of own working capital. The higher the value of the indicator, the greater the share of material reserves provided by own funds, the higher the financial stability. The indicator is negative on the base and reporting date, and tells us that if the reserves were formed at the expense of own funds, then their share is negligible.

Equity maneuverability ratio (Kmk) shows how mobile their own sources of funds are from a financial point of view. The higher the Kmk indicator, the higher the financial stability. The indicators from the table make it clear that our own sources of funds are not mobile from a financial point of view. The indicator at the reporting date improves by three quarters.

The coefficient of maneuverability of own working capital (Kmo) shows the share of cash in own working capital. A slight deterioration in the indicator is explained by the fact that the growth rate of cash at the reporting date was higher than the growth rate of own working capital, 64% versus 52%, respectively

Permanent asset ratio (Kpa) shows the share of own funds invested in non-current assets. The lower the value, the higher the financial stability. As of the reporting date, the fixed asset ratio has improved by 75% and is approaching the norms. But the state of financial stability is deplorable.

Borrowed capital structure ratio (Kszk) shows from what sources it is formed and for what purposes the borrowed capital of the enterprise is directed. Long-term borrowed funds are usually taken for the acquisition (recovery) of non-current assets, and short-term - for the acquisition of current assets and the implementation of current activities.

Long-term borrowing ratio (Kd) shows how intensively the company attracts long-term borrowed funds. A low value indicates independence from borrowed funds, but also that the company does not use these funds to develop production. The value of the indicator both on the reporting and on the base date indicates that the company attracts long-term borrowed funds and does not use these funds for development.

Description

The main purpose of the course work is a general diagnosis and analysis of the financial and economic condition and liquidity of the enterprise on the example of CJSC "Khlebokombinat Pechersky", as well as to propose measures to strengthen the financial stability of this organization. The assessment will be given on the basis of recommended standards and not only from a quantitative point of view, but also from an analytical point of view.

In order to reliably assess the liquidity of assets, it must be borne in mind that not all assets are equally liquid, taking this into account, they say about asset structure. The assets of the enterprise, depending on the degree of liquidity (the rate of conversion into cash), are divided into 4 groups, which are indicated A1, A2, A3, A4.

These asset structure groups are used for .

Group A1 asset structure

The most liquid assets with the shortest time to monetize. These include: cash on hand and funds in current accounts that can be used to perform current settlements immediately. This group also includes short-term financial investments. The formula for A1 for balance sheet items is as follows:

A1 = page 250 + page 260

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Group A2 asset structure

Quickly realizable assets that take a certain amount of time to turn into cash. This group includes receivables for which payments are expected within 12 months after the reporting date. The formula for A2 for balance sheet items is as follows:

A2 = page 240

Group A3 asset structure

Slow selling assets. The least liquid assets are inventories, accounts receivable due more than 12 months after the reporting date, value added tax on acquired valuables, and other current assets. The formula for A3 for balance sheet items is as follows:

A3 = page 210 + page 220 + page 230 + page 270

Group A4 asset structure

hard-to-sell assets. Assets that are intended to be used in business activities for an extended period of time. This group includes the articles of section I of the asset balance "Non-current assets". The formula for A4 for balance sheet items is as follows:

A4 = page 190

The liabilities of the enterprise are similarly grouped into four groups P1, P2, P3, P4 according to the terms of their payment. With a good structure of assets and liabilities, the following relations are fulfilled:

A1 ≥ P1
A2 ≥ P2
A3 ≥ P3
A4 ≤ P4