Volosnikov Sergey Nikolaevich Head of the Department of Assessment and Financial and Economic Expertise
ANO "National Expert Bureau" (ANO "NEB")

It should be noted that many debtors did not report to Rosstat at all. The reporting of legal entities that prepare financial statements using a simplified system was not analyzed. Since the calculation of coefficients is formalized, the reporting of such persons was excluded from the sample. The performance indicators of companies with zero revenue were excluded from the analysis, since operating companies are of interest. As a result of the selection, only 212 companies remained in the sample. Some procedures for the analyzed debtors were completed by settlement agreements, or due to the lack of property sufficient to reimburse legal costs and finance the procedure. Their indicators were taken into account in the calculations, since they still indicate insolvency.

Below is the distribution of current ratios.

The histograms show how the coefficients of the companies under consideration worsen at a later date: the distribution shifts to the left, pressing towards the beginning of the axis. At the same time, only 10 companies at the end of 2015 and 7 companies at the end of 2016 have the “normative” value of Ktl from Table No. 1 equal to 2, which is less than 5% of all companies in the sample.

The average value of the current ratio in 2015 was 1.12, median 1. In 2016, the average value was 0.8, median 0.69. The calculation did not take into account the data of Basis LLC (TIN 4502017541). In 2016, the volume of short-term accounts payable decreased from 23 million rubles to 154 thousand rubles, the company remained mainly long-term liabilities. Because of this, on the eve of bankruptcy, the current liquidity ratio increased significantly.

The average change in coefficients over the year and the median are close and equal to –16.23% and –20.2%, respectively. If we exclude the indicators of companies whose current liquidity ratios have improved, then the average value of deterioration in CTL is 39.19%, the median is 34.9%. Thus, a decrease in the current liquidity ratio by more than 35% may indicate the presence of signs of insolvency and the risk of bankruptcy.

When analyzing the absolute liquidity ratios of companies from the sample, it should be noted that 31 enterprises as of December 31, 2015 did not have highly liquid assets, therefore, the value of the coefficient is 0. A little more than 12 months later, surveillance was introduced in relation to the debtors in question, that is, claims of creditors were found to be justified. On the eve of bankruptcy, 57 debtors already had no highly liquid assets, which is 27% of the total number of enterprises in the sample. And if we take into account companies whose Cable values ​​are from 0 to 0.05 (less than the smallest “standard” from Table 1), then their share will be equal to 83.5%. Thus, theoretically, there is a small probability that 16.5% of companies, when monitoring is introduced, are able to repay the stated claims of creditors (at least partially, for example, by concluding a settlement agreement).

The distribution of absolute liquidity ratios is presented below.

The average value of the absolute liquidity ratio as of December 31, 2015 was 0.1, the median was 0.01. The average at the end of 2016 was 0.056, median 0.0013.

If we exclude from the analysis the indicators of companies whose KAR values ​​have improved, as well as companies with zero highly liquid assets, then the average value of the decline in KAR is 59%, the median is 68%.

It also makes sense to consider the values ​​of the coefficients depending on the type of activity. The table below presents indicators by industry, which include the majority of debtors from the sample, as well as calculated data from the SPARK information resource and the TestFirm service.

table 2

* In some industries, the coefficients from SPARK have abnormally high values; it is likely that the processing does not filter out obviously incorrect accounting data.

conclusions

• When analyzing liquidity ratios, you should compare the data obtained not with standard values, but with actual indicators for the industry to which the company belongs. Depending on the type of activity, the coefficients vary significantly. At the same time, to draw conclusions about the solvency of the company, changes in liquidity ratios over time should be taken into account.
• A decrease in the current liquidity ratio by 35%, and an absolute liquidity ratio by 60% or higher can serve as an indicator of the presence of signs of insolvency and the risk of bankruptcy of the counterparty. If signs of deliberate bankruptcy are identified, the bankruptcy manager can consider such a drop to be a significant deterioration in values ​​and, therefore, analyze transactions made during the period of such a drop.
• When observation is introduced, 27% of companies from the sample do not have highly liquid assets: cash and financial investments. 16.5% of companies have an absolute liquidity ratio value higher than the normative one, and only 11.8% have a ratio value higher than the actual data for the industry. That is, almost every tenth debtor for whom a monitoring procedure has been introduced can repay at least part of the debt and avoid bankruptcy.

Bibliography

1. Decree of the Government of the Russian Federation of June 25, 2003 N 367 “On approval of the Rules for conducting financial analysis by an arbitration manager”

2. Decree of the Government of the Russian Federation of December 27, 2004 N 855 “On approval of the Temporary Rules for checking by an arbitration manager for signs of fictitious and deliberate bankruptcy”

5. Bukharin N.A., Ozerov E.S., Pupentsova S.V., Shabrova O.A. Estimation and management of business value: textbook. allowance / Under the general editorship. E.S. Ozerova - St. Petersburg: EMNiT, 2011– 238 p.

Most enterprises operate constantly, and they constantly acquire assets or liabilities, debts for which must be promptly repaid.

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To assess their ability to promptly make debt payments, liquidity ratios are used. With their help, the cost of short-term debt is compared with the cost of working capital used to repay it.

What it is?

The nature of the indicator under consideration is best explained on the basis of ideas about absolute liquidity.

Absolute liquidity is understood as the total value of assets that an organization can easily and quickly use for current payments.

The greatest liquidity is in cash and short-term financial liabilities.

The more there are, the easier it is to solve the problem of current debts.

Therefore, an indicator is needed to study the possibilities of quickly repaying current debt.

The absolute liquidity ratio serves this purpose. It is understood as the ratio of the sum of the most easily used assets to the sum of short-term liabilities.

It is equal to the ratio of the value of cash and short-term investments in relation to the value of liabilities.

What does it show and characterize?

Now you need to write what the coefficient says.

This indicator indicates the share of short-term liabilities that is covered by all absolutely liquid assets.

It evaluates the following:

• ability to repay short-term debts using liquid assets;
• the need for a detailed study of solvency;
• the relevance of a detailed analysis of the use of capital;
• the degree of deviation of the indicator from the optimal value;
• the need to optimize short-term assets.

What is it measured in?

It is measured either numerically or as a percentage.

Differences from current and urgent liquidity

The ratio differs from the mentioned indicators in the composition of assets that can be used to calculate current liabilities.

The key difference is hidden in the word absolute. It takes into account only the most liquid assets.

In contrast, it is equal to the ratio of all current assets to the amount of debt for a short period.

Calculating the value of short-term liquidity involves dividing the amount of highly and medium-liquid assets by the value of short-term liabilities.

The differences between the indicators are presented in the table.

In what cases is it required?

The coefficient is used to assess solvency in the short term.

For example, it can be used by suppliers or lenders for current loans or to determine the possibility of urgent payment.

Strategic investors use it less often.

Factors influencing the dynamics of the indicator

An enterprise is a complex structure that consists of individual elements. It is constantly evolving under the influence of internal and external factors.

The indicator under study evaluates the ratio of highly liquid assets and short-term liabilities. From this it follows that its value is influenced by everything that determines their value.

Cash turnover is determined by the following:

• duration of the operation cycle;
• seasonality of business;
• terms of investment programs;
• operating leverage indicators;
• financial thinking of owners;
• situation on the commodity market;
• taxation;
• lending to suppliers and recipients;
• features of calculations;
• availability of loans and gratuitous financing.

How to calculate the absolute liquidity ratio?

Formula

It is calculated using a formula that can be written in different ways.

The simplest way to express it is like this:

To ab.liq.= Cash + short-term investments/current liabilities

Where K ab.liq. — absolute liquidity ratio.

By balance

A similar formula can be expressed using balance sheet lines:

Cal= p.1240 + p. 1250/s.1510 +s.1520+s.1530

The balance lines indicate the following:

• 1240 - financial investments;
• 1250 – cash;
• 1510 - borrowed funds;
• 1520- accounts payable;
• 1530 - deferred income.

What documents will be required for calculation?

To calculate the ratio, financial statements are usually used - a balance sheet drawn up in Form-1.

Other materials related to accounting operations may also be used.

Interpretation of the result

Analysis of the ratio allows you to assess the solvency of the organization, its problems and prospects.

To do this, some standards or regulations are required, which should be guided by when analyzing solvency.

Normative value

The optimal value is considered to be from 0.2 to 0.5. Other values ​​indicate problems and necessary actions.

If below normal

It talks about the following problems and measures:

• if the value is below the standard range, the company is not able to pay obligations using its most liquid assets;
• if there is a shortage of the above assets, solvency should be analyzed more carefully;
• if the coefficient is 0, then this indicates an extremely critical state of liquid assets - they simply do not exist and the company cannot pay off its debts.

If above normal

An overestimated value of the indicator indicates:

• deviations in capital structure;
• irrational use of highly liquid assets;
• the need to study the use of capital.

What does his height indicate?

Growth indicates a change in the ratio of highly liquid assets and current liabilities in favor of the former.

More specific conclusions are drawn based on changes in the value of assets and liabilities. The company's solvency increases and its ability to make prompt payments increases.

If it has decreased, what does it mean?

A lower value of the indicator compared to the previous period indicates a decrease in funds that can be used to quickly resolve the problems of current debt. Other assets will be needed.

Let's take a closer look at the example of the specified bank below.

Impact on the solvency of the organization and ways to adjust it

Solvency is affected by the components of the ratio.

How to increase it? Obviously, it can be improved either by increasing the money supply and its turnover at the enterprise, or by reducing liabilities. In a simplified form, you need to increase sales volumes, sell ineffective assets for cash, etc.

To reduce liabilities, you need to cut costs. The answer to the question of how to find specific ways to improve depends on the characteristics of the business.

Practical calculation example

Let's take the bank's reporting as of the end of 2016 as a basis.

In his case, the indicator is calculated using the formula:

To ab.liq. = Cash and cash equivalents/total value of liabilities =

2373549/19261404 = 0.12.

In 2015 it was equal to 0.19.

Now let's determine the reasons for the change in the coefficient value. Let's look at the meaning of the indicators of liabilities and assets.

In this case, the decrease in the indicator occurred due to an accelerated decrease in the cost of funds.

The volume of cash decreased by 40% while the volume of liabilities decreased by approximately 8%.

Conclusion

The absolute liquidity ratio serves mainly to analyze the solvency of the company.

Deviation of the indicator from the standard value indicates problems with the asset structure.

If the value is low, then there is a threat of a shortage of funds for timely payments.

If values ​​are excessively high, attention should be paid to the capital structure.

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“Liquidity” is the ability of some assets of a certain enterprise to quickly transform (convert) into other types of assets that are currently more in demand.

The most precise concept of “liquidity” is defined by the unit of time during which an asset is transformed, usually into cash.

Liquidity in an enterprise, in essence, shows its ability to cover its obligations. That is why they separate assets that are sold within a certain (average) period at a market price and assets for which the deadlines for execution are clearly defined.

The liquidity of an enterprise, first of all, shows its ability to cover short-term obligations for working resources. The liquidity ratio gives the most accurate and general idea of ​​the liquidity of a company's assets. In order for an enterprise to have a normal level of liquidity, a necessary condition is that the value of assets exceed the current amount of liabilities (“golden financial rule”).

How to interpret the meanings?

“Current liquidity ratio” (or as it is also called “total debt coverage ratio”) is an analytical indicator that is based on calculating the ratio between current assets and short-term (current) liabilities.

The current ratio shows how quickly and to what extent a company can pay off its short-term debts (with a maturity of no more than one year). The source of financing liabilities is current assets that have a certain market value.

The higher the current liquidity ratio, the more stable the situation at the enterprise, since the higher its solvency. At the same time, experts mean not only the current solvency at a certain point, but also the company’s ability to pay bills in the face of a sharp change in external financial circumstances that cannot be influenced.

The occurrence of some kind of force majeure may force the company's management to sell part of its reserves. This type of activity is not the main profile of the company. The basis for calculating the current liquidity indicator is the company’s balance sheet (accounting form number 1).

Having calculated the current liquidity ratio, it is necessary to interpret it correctly.

If the coefficient value is below 1.5, then this is direct evidence that the company has some difficulties in covering its current obligations.

However, this situation can be resolved by obtaining sufficient cash flow through the company's operating activities. To do this, the expert needs to analyze the “Cash Flow Statement” (on Form No. 4), line 4111. For example, for companies engaged in retail trade, this situation is quite acceptable.

An overly inflated liquidity indicator often indicates insufficient use of working resources and limited access to short-term loans (including bank loans). For example, the accumulation of illiquid goods in a completely profitable company is characterized by a rapid increase in the current ratio.

Among other factors that may lead to an increase in the liquidity ratio, the following are highlighted:

• Tightening the terms of mutual settlements between suppliers and other counterparties.
• Excessive lending to customers (when a company has a large amount of receivables, and there are practically no requirements for customers regarding payment terms).
• Increase in stocks of raw materials and other materials in warehouses or in production.

Financial ratio equal to the ratio highly liquid current assets to short-term liabilities(current liabilities). Data for calculation - the company's balance sheet. Unlike the current liquidity ratio, here analysts do not take into account inventories as part of assets, since when they are forced to sell, losses are maximum among all working capital.

It is calculated in the FinEkAnalysis program in the Solvency Analysis block as the “Critical” assessment coefficient.

Quick liquidity ratio - what it shows

This is a more stringent assessment of the liquidity of the enterprise. This ratio is also called the "acid test", and is calculated using only the portion of current assets - cash, marketable securities and accounts receivable - that are matched against current liabilities:

This ratio shows how possible it will be to pay off current obligations if the situation becomes critical. This assumes that inventory has no salvage value. To correctly calculate the quick ratio, the quality of securities and receivables is assessed.

The purchase of untrustworthy securities and the increase in the number of doubtful debtors creates a favorable impression when calculating the quick ratio. But there is a high probability that by selling such securities, the company will suffer a loss, and the receivables will not be paid or will be repaid after a long period of time, which is tantamount to non-payment.

Liquidity ratios are informative both for the management of the enterprise and for external subjects of analysis:

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

Quick liquidity ratio - formula

General formula for calculating the coefficient:

A1 - the most liquid assets; A2 - quickly realizable assets; P1 - the most urgent obligations; P2 - short-term liabilities

Calculation formula based on the old balance sheet data:

Where p.240, p.250, p.260 etc. - balance sheet lines (form No. 1)

Calculation formula based on the new balance sheet:

Quick liquidity ratio - value

The normal value of the coefficient falls in the range of 0.7-1. However, it will not be enough if a large share of liquid funds consists of receivables, part of which is difficult to collect on time. In such cases, a higher ratio is required.

Quick liquidity ratio - diagram

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Synonyms

More found about the quick liquidity ratio

1. Assessment of the risk of changes in current liquidity in the processes of restructuring industrial enterprises using outsourcing. The integral quick liquidity ratio, which is an indicator of the total quick liquidity of the divided enterprises, is calculated as the sum of the two previous ones
2. Balance sheet liquidity as one of the main areas of financial condition Current liquidity ratio 1.169 1.947 Quick liquidity ratio 0.861 1.447 Absolute liquidity ratio 0.524 1.037 Balance sheet liquidity is defined as the degree
3. Financial analysis of the enterprise - part 4 In comparison with 2002, the ratio increased and in comparison with 2003 decreased by 0.033 The quick liquidity ratio characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables
4. The influence of the turnover of assets and liabilities on the solvency of the organization Absolute liquidity ratio ≥ 0.2 12, p. 213-214 Quick liquidity ratio ≥ 1 Critical intermediate liquidity coverage ratio ≥ 0.8 Current ratio
5. Assessment of insolvency and insolvency of enterprises K tek lik > 2 Quick liquidity ratio - K sroch lik When analyzing this ratio, it is necessary to keep in mind that
6. Analysis of financial statements. Practical analysis based on accounting (financial) statements Absolute liquidity ratio 0.2-0.3 0.69 1.11 0.42 Quick liquidity ratio 0.8-1 2.54 4.52 1.91 Current ratio Normal 2 Acceptable 1 1-2
7. On the standard values ​​of coefficients when forming a rating assessment of the financial and economic condition of an enterprise A1 A2 A3 P1 P2 Quick liquidity ratio Ksl Possibility of repaying the most urgent and short-term obligations using cash
8. Assessing the impact of factoring and leasing on the financial condition of transport companies Only 13% of the total amount of short-term obligations can be paid by a transport company in the near future. The quick liquidity ratio, on the contrary, has an excessive value of 1.35. This is due to the fact that in the property structure
9. Assessment of the capital structure of enterprises in the pulp and paper industry in Russia Solvency directly affects the forms and conditions of commercial transactions, including the possibility of obtaining loans and borrowings The quick liquidity ratio is 1.13, which is higher than the standard value This means that the solvency of enterprises is improving
10. The impact of estimated liabilities on liquidity indicators: problems and solutions DZ KFV DS KrO 1 - 1.2 1.295 2.903 1.692 Quick liquidity ratio Ksr KFV DS KrO 0.8 - 1 0.446 1.035 0.726 Absolute ratio
11. Intermediate liquidity ratio Synonyms quick liquidity ratio quick liquidity ratio critical liquidity ratio intermediate coverage ratio critical assessment ratio calculated in the program
12. Critical liquidity ratio Synonyms quick liquidity ratio quick liquidity ratio intermediate liquidity ratio intermediate coverage ratio critical assessment ratio calculated in the program
13. Quick liquidity ratio Synonyms: quick liquidity ratio critical liquidity ratio intermediate liquidity ratio intermediate coverage ratio critical assessment ratio
14. Critical assessment ratio Synonyms quick liquidity ratio quick liquidity ratio critical liquidity ratio intermediate coverage ratio is calculated in the FinEkAnalysis program in the block
15. Intermediate coverage ratio Synonyms quick liquidity ratio quick liquidity ratio critical liquidity ratio critical assessment ratio is calculated in the FinEkAnalysis program in the block
16. Credit policy of the enterprise: transition to system management K abs A 1 P 1 P 2 Quick liquidity ratio K av A 1 A 2 P 1 P 2 Ratio
17. Comparative analysis of methods for assessing the financial position of agricultural producers used by federal and regional banks Absolute liquidity ratio v v v Quick liquidity ratio v v v Inventory turnover v v no Accounts receivable turnover
18. Analysis of financial statements prepared in accordance with IFRS CR CA CL 1.89 1.35 Quick ratio Quick ratio acid-test ratio QR CASH STMS R CL 0.83 0.53 Ratio
19. Financial analysis of an enterprise - part 2 Absolute liquidity ratio cash current liabilities 3 Quick liquidity ratio Cash short-term financial investments other turnover assets settlements with debtors Current
20. Influence on the assessment of the solvency of enterprises of the results of analysis of the quality of receivables DS KFV KO 0.2-0.7 0.00003 0.036 0.006 quick liquidity ratio Kl term DS KFV DZkr KO 0.6-1.0 0.54 0.56 0.28 current coefficient

Essence explanation

In general, a company converts its current assets into cash, and this money is already used to cover liabilities. It follows that the liquidity and solvency of a company can be assessed by comparing these elements of the balance sheet. The current ratio does just that. It belongs to the group of liquidity and solvency indicators.

Current liquidity indicator (English equivalent of Current Ratio) - shows the ratio of current assets and current liabilities. Current assets are the medium and highly liquid part of an enterprise's assets. The peculiarity of current assets compared to non-current assets is that they can be converted into cash within one year (if the period of one production cycle is more than one year, then within one production cycle). The current liquidity ratio is an indicator of a company's ability to meet current obligations with the help of current assets. The indicator shows how many rubles of working capital the company has for each ruble of current liabilities.

Standard value of the current liquidity indicator:

A value in the range of 1-3 is standard, but a value of 2-3 is more desirable. An indicator below the standard indicates a problematic state of solvency, because current assets are not enough to meet current obligations. This leads to a decrease in confidence in the company on the part of creditors, suppliers, investors and partners. In addition, problems with solvency lead to an increase in the cost of borrowed funds and, as a result, to direct financial losses.

For lenders, the principle is obvious: the higher the indicator, the better. However, from the point of view of owners and management, an indicator above the standard value is a sign of an ineffective asset structure. More accurate conclusions on this matter can be formed based on asset analysis data. Often, a value of the current liquidity ratio above 3 indicates the involvement of excess current assets. This leads to a decrease in the efficiency of asset use. In addition, attracting unnecessary additional expensive financial resources leads to an increase in financial costs. Additional analysis of the asset structure will confirm or reject this conclusion. It is worth noting that the optimal value of the indicator is often conditional and depends on the field of activity, seasonal factors, cooperation agreements with suppliers, etc.

At the same time, the analyst should take into account some features of the current liquidity indicator. The liquidity of certain types of assets may be in question. For example, some of the accounts receivable may be of poor quality and the company will not be able to pay them within a year. Inventory may also have low liquidity, for example if it cannot be sold at market price. Therefore, it is always worth analyzing several indicators that characterize various aspects of the company’s liquidity and solvency.

Directions for solving the problem of finding an indicator outside the standard limits

To increase the value of current liquidity, it is necessary to work towards increasing the amount of current assets and reducing the amount of current liabilities. To reduce the amount of current liabilities, you can, for example, agree to provide credit funds for a longer period of time.

Formula for calculating the current liquidity ratio:

Current liquidity = Current assets / Current liabilities

Economy Average:

Fig.1. Dynamics of the coefficient (without small businesses) in the Russian Federation (according to financial statements, in%)

According to the Federal State Statistics Service, from 2000 to 2013, the average current liquidity of Russian companies in the economy as a whole was 102.5-136.2. At the same time, the economy functioned efficiently, Western creditors actively provided funds for development to Russian companies. That is, companies, in general, could meet their current obligations on time, and liquidity, in most cases, below two did not raise any questions.

Therefore, when analyzing, it is necessary to understand where the normative value 2 comes from and why, in most cases, it is irrelevant. As Gibson points out, for a long period of time, 2 was considered the minimum acceptable value of the indicator. Since the mid-1960s, the current liquidity of a large number of successful companies has begun to decline. This is due to improved planning and budgeting processes, improved quality of control over accounts receivable and inventory movements. To determine the standard value of the indicator, it is necessary to compare the company’s current liquidity with the values ​​of competitors in the industry. In many areas a value below 2 is adequate, while in others the optimal value is much higher. In general, the rule is that the longer the operating cycle, the higher the current liquidity ratio.

Therefore, in general, in the economy the value of the indicator is below the normative level - at the level of 121.1 at the end of 2014. This suggests that for every ruble of current liabilities in domestic companies there are 1,211 rubles of current assets.

Example of calculating the current liquidity ratio:

Company OJSC "Web-Innovation-plus"

Unit of measurement: thousand rubles.

Current ratio (2016) = 124/242 = 0.51

Current ratio (2015) = 157/236 = 0.665

The data obtained show that during 2015-2016 the company could not meet its current obligations on time. At the end of the year, the company had only 0.51 rubles left for every ruble of current liabilities. This leads to a decrease in trust in the company. In the event of a systemic liquidity crisis, the company may be declared bankrupt.

Additional files on the topic

Used sources:

1. Finance of organizations [Electronic resource] Official website of the Federal State Statistics Service - Access mode: http://www.gks.ru/

2. Gibson H. Charles Financial Reporting & Analysis // The University of Toledo, Emeritus. 12th Edition. 624 p. - ISBN-13: 978-1439080603