ACCA/CAT

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Ratios which link the cash flow statement with the two other principal financial statements

Cash flow from operations to current liabilities

Cash flow from operations to current liabilities

= Net cash flow from operating activities x 100

Average current liabilities

Where:

Net cash flow from operating activities is taken directly from the cash flow statement published to comply with FRS 1. Average current liabilities are computed from the opening and closing balance sheet.

This ratio examines the liquidity of the company by providing a measure of the extent to which current liabilities are covered by cash flowing into the business from normal operating activities. The ratio is thought to possess some advantage over balance sheet-based ratios such as the liquidity ratio as a measure of short-term solvency. This is because balance sheet ratios are based on a static positional statement (the �instantaneous financial photograph�) and are therefore subject to manipulation by, for example, running down stock immediately prior to the year end and not replacing it until the next accounting period. Balance sheet based ratios may alternatively be affected by unusual events which cause particular items to be abnormally large or small. In either case, the resulting ratios will not reflect normal conditions.

Cash recovery rate

Cash recovery rate (CRR) =

Cash flow from operations x 100

Average gross assets

Where:

Cash flow from operations is made up of �net cash flow from operating activities� together with any proceeds from the disposal of long-term assets. Gross assets is the average gross value of the entity�s assets.

Assets are required to generate a return which is ultimately, if not immediately, in the form of cash. The CRR is, therefore, a measure of the rate at which the company recovers its investment in fixed assets. The quicker the recovery period, the lower the risk. You may have noticed that the CRR is thus the reciprocal of the pay back period used for capital project appraisal purposes assuming projects have equal (or roughly equal) annual cash flows.

Cash flow per share

Cash flow per share =

Cash flow

Figure 1

Published accounts of Tamari plc for year ended 31 December 1999

Cash Flow Statement 1999 1998

£000£000

Operating profit 501420

Depreciation charges 660 600

(-)Increase/decrease in stocks �305250

(-)Increase/decrease in debtors �184220

Increase in trade creditors 420120

Net cashflows from operating activities 1,0921,610

Returns on investment and servicing of finance

Interest paid �150�50

Taxation paid�130�110

Capital expenditure and financial investment

Purchase of tangible fixed asset�1,620�900

Equity dividends paid�160 �160

Cash outflow before financing �968390

Financing

Issue of loan1,000100

Increase in cash32290

Profit and Loss Account extracts19991998

£000£000

Operating profit for 1999 501420

Interest paid15050

Profit before tax351370

Taxation:125115

Profit after tax226255

Dividends paid and proposed 175175

Retained profit for 19995180

Profit and loss account balance

31 December 1998282202

Profit and loss account balance

31 December 1999333282

Balance Sheet at 31 December 1999 1998

Tangible Fixed Assets £000£000

Cost5,2203,600

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