Financial situation of each company can be assessed from the perspective of short and long term. In the first case as criteria for assessing its liquidity and use its current indebtedness. In the long run. perspective to analyze the financial sustainability of the enterprise's long-term solvency. In cases when considering the liquidity of an entity given presence in it of the resources in this size that are theoretically sufficient to repay the current debt. In this case must be considered the financial flexibility of the enterprise, ie whether it has the right amount of money you can obtain them in krakosr. plan, you react quickly to market situation and therefore the relationship with contractors.
Under the liquidity of an asset means otnosit. ability to transform it into cash, the degree of liquidity determines the length of time during which this transformation can be achieved. The shorter this period is, the higher liquidity of the asset.
In l-nd liquidity rightly called the "buffer effect" or "pillow effect" because it reflects permanent entity's ability to regulate its financial difficulties that arise during the current year
Liquidity can be measured by absolute and relative terms.
The most typical is an absolute indicator of net working capital (NOC) - functioning, circulating, working capital. This is a short-term financial hakarter zhisnesposobnost the enterprise. He is constantly variable, which is constantly changing as a result of daily stop. operations. Calculate:
NOC = Tech. Assets (TA) - Tech. Tasivi (TA)
TA: An asset is included. group of TA is expected to be used or sold in the normal cycle of enterprises.; is held primarily for trading purposes or for a short time and is expected to be realized within 12 months. after the balance sheet is in cash or cash equivalents, at / in which no arrests. Inform. TA to be taken by the resp. section of the balance, which reflects all the CA. Of them should be excluded certain assets that can be used to repay short-term. obligations, eg.: materials and products subject to recall, imposed distraint in / in cash. To this amount should be added to the principal of long-term. debts maturing in the period.
TP: A liability is included. in the TA group when it is expected to be repaid within the norm. cycle of enterprises. or should be settled within 12 months. after the balance sheet date. Not apply to those TA-bearing obligations, even where they are to be settled in the juice of 12 months. from the balance sheet date, provided that the initially. period of settlement was more than 12 months.
TA information contained in the Bank's liabilities, obligations section, showing the short-term obligations. They should add long-term liabilities maturing during the reporting period.:
NOC = (SC + DP) - YES
Available to enterprises. NOC sure enough, it needs to be positive. This means that the theoretical chapter. point entrepreneurship. able to meet short-term. obligations, but it depends on the structure of this index and how each element in it can be converted into cash within a specified period.
If negative, you must conclude that there is a danger ongoing obligations to be paid by the urgent transformation of some assets in cash. This is not always possible and leads to bankruptcy and, if possible, it is usually done with ce very unfavorable conditions.
Excessive amount of NOC should not be evaluated positively, since it means lower operating efficiency of the enterprise - collection of bad debts, higher amount of inventories weaknesses in the management of financial resources, adverse conditions in the relations with suppliers and customers.
NOC can be private and foreign.
Own working capital (SOC) is calculated in one of two ways:
JUICE = KS - YES or juice TA = - (DP + CP)
On the way down to see that a part of NCA is its own when the magnitude of CK> YES or when the amount of TP> P
Foreign working capital (Chalk) is determined as follows:
Chalk = NOC - juice.
On changes in net working capital during the current year compared to previous period affect various fiktori:
increase the scale of the place. activity - as a greater volume of artworks. and hence realization. Cont., the greater the p-nd the Ministry of Health;
cont. the manufacturer. cycle - influence on / in p-nd a work in progress. Production;
amendments to the conditions of supply and palsment - the composition and number of suppliers and customers; form of payment with them, the frequency of delivery and implementation;
x Dr. seasonal producer. and business - it is influenced by environmental conditions.
NOC is an absolute p-l and therefore can not be used for comparison in time and space.
Furthermore, no precise reference points on its optimal size or desired dynamics. The presentation of this capital as a "buffer" suggests that the TA will be repaid by all the TA, the latter can not be used for other purposes. However, it is practically impossible.
Defects of liquidity can be assessed using several indicators relative. The essence of such an assessment lies in comparing with the TA assets used for their repayment.
In terms of their mobility TA can be divided into three groups:
the least liquid assets - are treated MH-inputs, outputs, WIP, and other goods.;
more mobile assets - short-term receivables and investments in the reversal of that cash is needed in less time. Liquidity depends on - the rate of payment by bank transfer, the location of the counterparty and their creditworthiness;
Cash and current accounts. These are the most mobile assets, through which you can immediately proceed to implementation of current estimates, but must be deducted the amount of blocked funds as a temporary entity does not have them.
The proportions in which these groups are in different businesses. Are different and depend on harakterara of the business, the ratio between current and non-current assets, the amount and timing of claims and others. factors.
Based on this group of TA may be calculated several indicators of relative liquidity. The first is the ratio of total liquidity (Cole):
Call = Current Assets (TA) / Current Liabilities (TA)
In l-nd occurs as the coverage ratio. The numerical importance of this factor indicates how many times the value of TA score exceeds the magnitude of current at the time evaluation of short-term obligations. This polazatel is widely used in practice because it reflects the hypothetical possibility of the company that the sale of all or part of the TA will be able to pay all its current obligations. The higher the magnitude of current assets to Current liabilities as greater confidence that these obligations can be repaid at the expense of existing assets.
Widespread opinion that this factor can be estimated empirically. It is believed that if it is equal to 2, it is logically and all values lower than this rate is considered unacceptable, and as this matter exceed 2 so this is better. This view is particularly true for banks, when analyzed in relation to business is lending. But more than 2 can also mean significant, non-time IB debtors too much debt, poor control over cash transactions. Another company may have a ratio below 2, but thanks to good governance is in excellent financial condition.
When analyzing the odds. total liquidity at the end of the year should be careful because there may be so. "Decorate the window" - The company aggressively collect part of their claims, the volume of stocks is reduced below the norm. level, and the usual shopping activity be suspended. As a result of measures taken and received money saved be used to repay the tech. obligations
It is therefore appropriate in tech. years to calculate several intermediate pokazteli (3-6 months). for the study of such situations and to measure the impact of seasonal factors.
Another indicator is the relative odds. Quick liquidity. In l-nd call and coefficient of "Svraklikvidnost" or "litmus" coefficient because through it we obtain information about the state of tech. solvency of potential customers:
Kbl = TA-MH or Kbl = KV + KI + PS
TA TA
Since the proportion of MH in the amount of TA is the largest compared with others. ELEMENTS - eliminating it leads to a sharp decrease in the coefficient of immediate liquidity compared to the odds. total liquidity.
Will be abnormally Kbl <1, since much of the tech. zaalzheniya arise in connection with the acquisition of part of IB.
It is possible to calculate two relative liquidity indicators: ratio of the absolute and immediate liquidity:
KNL TA = - (MH + HF) or Knl = CP + CI
TA TA
MUD TA = - (MH + HF + CI) = PS or mud
TA TA
They are less cyclical and more often as changing levels within a reporting period. It is believed that they were suitable for analysis which is carried out by financial and investment enterprises, which is more important immediate and absolute liquidity.
Analysis of these measurements may be performed in several ways:
1) to conduct static analysis - it includes several comparisons:
by a factor of - norm that the enterprise takes account of its activities with the industry to which it belongs;
with selected indicators of previous periods of the enterprise;
with the performance of companies with similar activities.
2) implementation of dynamic analysis - it examined changes in relative performance over different periods of the year or in successive periods. This is best achieved by using the indices of basic chain or base.
3) performing structural analysis - it can trace the influence of different groups and types of current assets and liabilities for the formation of a certain level of these indicators.
4) conducting factor analysis of indicators of changes in the current period compared to the previous method using the eliminating and its variants (chain substitutions, relative numbers)
Otnosit. Liquidity indicators give an overall picture of the ratio m / t different elements of the TA and TP.
Despite their importance to obtain a more complete picture of the level of liquidity in the analysis can be used, etc.. indicators:
Maneuverability ratio of NCA:
Kmnok = NOC
CK
By this indicator gets an idea, what part of SC is in the form of yes, but in a way that allows more freedom to maneuver with the remaining. with ca.
If protsea dynamic analysis in order there is an increasing trend can be inferred that there is a real financial stability and possible enterprises. to regroup their A and channeling them into more efficient operations.
The magnitude of this parameter varies depending on the sectoral affiliation of enterprises.
Coefficient of services provided by the NOC:
Konok = NOC
TA
The increase of this indicator in dynamic range, at sufficiently high rates of growth of operating at capital is a sign of successful business development. The low level of the coefficient indicates that there is a strong dependence of the company from creditors in the short term.
Modified version of the previous figure is that, in the denominator of the formula indicates the amount of real assets.
*
The coefficient of dynamic NOC:
SP KD = knock
NOC
He characterized the actual ability of the enterprise for quick financial maneuvers:
The higher the magnitude of this index, the higher level of liquidity in this group of TA. This means that the company can quickly regulate its obligations to suppliers, budget, personnel and others. The decrease of the coefficient indicates a possible slowdown in receipts from customers or any difficulties by the provision of trade credit by the supplier.