Liquidation value is the maximum price at which an organization can be sold in the event of emergency liquidation, that is, within a limited period of time. It is always less than nominal. It is important to note that liquidation value refers to the maximum price at which it can be sold. Often companies are sold at an even lower price, however, this is a drawback of the management system.

Liquidation value depends on many factors and the structure of the enterprise; it is required in case of bankruptcy or emergency sale. The assessment of liquidation value is carried out by private experts or special organizations.

An important condition for the appearance of liquidation value is unforeseen events that affected the enterprise or. In addition to bankruptcy, the liquidation value can also be calculated as a precautionary measure.

The main internal and external factors on which the liquidation value depends

• Time period for sale. It is also called the exposure period. The price of the company is directly proportional to the time allocated for the sale. The lower the exposure, the lower the cost. The timing is determined based on many factors, primarily taking into account demand and also the type of enterprise.

• The company's position in the market and the economic situation in a certain segment.

• Attractiveness to potential buyers. Usually it depends on the level of equipment of the enterprise and the condition of the means of production.

• It is important to take subjective factors into account.

In what cases is it required expert review:

• or real threat its occurrence.
• Cases where enterprises are obviously lower than the profit from the sale. Then a liquidation procedure is carried out, which allows you to save part of the funds. This also includes situations of sudden changes in market conditions, when manufacturing process becomes expensive.

If a business makes an assessment of salvage value, this does not necessarily indicate a subsequent sale. This is a precautionary measure in case of emergency.

Methods for assessing liquidation value

There are two main methods - indirect and direct. The choice of methodology depends on the type of enterprise; the calculation results may differ slightly when using different approaches.

• Direct calculation method. Based on a comparison of the main characteristics of the enterprise. First of all, the sales volume in the company and from competing organizations is analyzed. Then they evaluate the main production indicators and, based on the data obtained, make a conclusion about the optimal cost. When applying this technique, little attention is paid to the timing of exposure, but it gives an idea of ​​how much the liquidation value is less than the average market price for such a company.

• The indirect calculation method involves the allocation of liquidation value based on the market value. First, , is calculated, and then the discount amount associated with the exposure period is determined separately. The main difficulty in applying this method is calculating the discount, since it depends on many factors, including subjective ones. According to statistics on Russian market The average discount is approximately 20-50%. The indirect method is used mainly by experts, since it is necessary to have a clear understanding of market trends in order to calculate the adequate cost of a forced sale.

Calculation of liquidation value in crisis conditions

There is a practice of selling production at market prices in stable market conditions. When a crisis occurs, additional factors affect implementation, which significantly reduce the cost. The main difficulty is that during periods of crisis it is impossible to obtain reliable statistical data for calculations. Therefore, in an unstable economic situation, they often resort to the indirect method. The accuracy of estimating liquidation value depends on the competence of experts.

Liquidation value

In the process of interaction between economic entities, the need often arises to determine the value of the liquidation value of an object of economic relations. For example, when issuing a secured loan, the security of the loan depends on the accuracy of determining the liquidation value of the collateral. In the event of liquidation of an enterprise, it becomes necessary to determine the liquidation value of its assets for their sale. However, assessing the value of an enterprise is necessary not only in case of liquidation of an enterprise. It is important in many other cases, for example, when financing a debtor's enterprise; when financing the reorganization of an enterprise; when changing the enterprise, carried out without legal proceedings; when developing a plan for repaying the debts of a debtor enterprise that is under threat of bankruptcy; when analyzing and identifying the possibility of separating individual production capacities of the enterprise into economically independent organizations; when assessing applications for the purchase of an enterprise; when examining fraudulent transactions for the transfer of property rights to third parties; during the examination of enterprise reorganization programs.

In the conditions of the modern “information” economy, the competitive advantages of an enterprise are determined not by the presence of high-quality physical assets and streamlined production, supply and sales processes, but by the ability to create innovations and sell them to consumers in the form of high-tech products. This requires a radical revision of traditional approaches to management, the development of new criteria and a new methodology that meet modern requirements.

The main goal of any enterprise is or should be to maximize value for the owners (shareholders), i.e., the economic benefits that they receive from investing capital in this enterprise. As studies by domestic and foreign authors show, in countries whose economies are not focused on maximizing value for owners, investors receive less return on invested capital than in countries with such a focus. Further globalization of the capital market means that the former will experience an outflow of investment and fall behind in global competition. Thus, as capital mobility increases, an enterprise management system focused on increasing value is gaining more and more weight and importance.

The focus on increasing value for the owner as a criterion for managing a modern industrial enterprise does not contradict the long-term interests of all other business participants.

Moreover, owners are the only business participants who, while caring about maximizing their own well-being, simultaneously contribute to improving the well-being of everyone else. This is due to the fact that the owner of the enterprise is the residual owner and receives economic benefits in the form of dividends only after settlements with other business participants are made -

suppliers, personnel, government and creditors. The complexity and versatility of the problem of increasing the value of a business, its novelty for the Russian economy of the modern period, necessitate the presentation in this paragraph of the basic concepts and approaches to determining the value of a business in accordance with international standards and the legislation of the Russian Federation, as well as mathematical models for its calculation. According to International Valuation Standards (IVS), the value ( value) is the market's view of the benefits acquired by those who own a given product or use these services on the date the value is determined. The main type of value is market value.

Market price(market value) is the estimated amount of money for which the asset would be sold on the valuation date by a willing seller to a willing buyer in an arm's length transaction after proper marketing and in which each party had all the necessary information and acted prudently and without coercion. Market value is understood as the value of an asset, determined without taking into account the costs associated with the sale or purchase, and without compensation for the cost of paying any associated taxes.

Book value(book value) is the difference between total assets (less depreciation) and total liabilities, as reported on the balance sheet. Thus, unlike market value, book value reflects the “historical” prices at which assets were purchased in the past.

Book value of net assets of an enterprise is determined in accordance with the legislation of the Russian Federation by subtracting from the amount of assets accepted for calculation the amount of liabilities accepted for calculation.

The value of net assets is calculated using the formula

A net = A − K loan,

where A is the amount of assets accepted for calculation;

K loan – the amount of liabilities (borrowed capital) accepted for calculation.

The book value presented in the financial statements usually does not correspond to the actual market value of the net assets of the enterprise.

From the point of view of the development prospects of the enterprise, liquidation value and the value of the operating enterprise are distinguished.

Liquidation value of an enterprise is the amount that the owner can gain from the sale of the enterprise's assets on the market after settlement of all obligations. Liquidation value is calculated using the formula

V likv = V Achist - with liquid - with urgent,

Where V Achist – market value of net assets (see definition below);

liquid – liquidation costs;

urgent – ​​discount for urgency.

As can be seen from the formula, when assessing the liquidation value, the costs associated with the liquidation of the enterprise and a discount for urgency, reflecting the impossibility of conducting adequate marketing, are taken into account. Liquidation value can be thought of as the minimum guaranteed amount of money an owner can receive from a business. Methodologically, the calculation of liquidation value is based on an assessment of the market value of the enterprise's net assets.

Market value of net assets of an enterprise is the difference between the market value of the enterprise's assets and the value of its liabilities reduced to the current point in time. To calculate the market value of net assets, the formula is used

V Achist = V A − V about,

Where V A – market value of the enterprise’s assets; V ob – the present value of the enterprise’s liabilities.

The starting point for assessing the market value of assets V And is their book value, discussed above. To obtain a reasonable market value, adjustments are made to individual items of the asset.

Liquidation value is divided into three types:

Ordered salvage value. The sale of a business's assets is carried out over a reasonable period of time so that high prices can be obtained for the assets being sold. For the least liquid real estate of an enterprise, this period is about 2 years.

Forced liquidation value. Assets are sold off as quickly as possible, often simultaneously and at the same auction.

The liquidation value of the demise of a business's assets. In this case, the assets of the enterprise are not sold off, but written off and destroyed, and a new enterprise is built in this place, providing a significant economic or social effect. In this case, the value of the enterprise is a negative value, since certain costs are required to liquidate the assets of the enterprise.

Based general rules on liquidation legal entities, established in Articles 61-65 of the Civil Code of the Russian Federation, the main difference between the liquidation of a legal entity (enterprise) and its reorganization in any form is that liquidation does not imply succession, i.e., the transfer of the rights and obligations of the liquidated enterprise to other entities.

Voluntary liquidation of a legal entity (enterprise) is possible by decision of its participants. The Civil Code of the Russian Federation (clause 1, article 61) directly provides for the following grounds for the liquidation of a legal entity by decision of its participants: a) expiration of the period for which the legal entity was created; b) achieving the goal for which it was created; c) recognition by the court as invalid of the registration of a legal entity in connection with violations of the law or other legal acts committed during its creation, provided that these violations are of an irreparable nature, as well as on other grounds that may be determined both at the discretion of the shareholders and as specified by the law.

There is the possibility of voluntary liquidation (self-liquidation) of an enterprise, in particular in connection with bankruptcy. In accordance with Article 24 of the Federal Law “On Insolvency (Bankruptcy)”, in the absence of objections from creditors, a debtor, which is a legal entity, may declare its bankruptcy and voluntary liquidation.

The legislation does not limit the discretion of the participants of a legal entity when determining the grounds for making a decision on its liquidation. Therefore, it should be assumed that shareholders - owners of voting shares have the right, in the prescribed manner, to decide to liquidate the enterprise due to the inexpediency of continuing its activities for any reasons determined by them.

Calculation of the liquidation value of an enterprise includes several main stages:

The latest balance sheet is taken.

A calendar schedule for asset liquidation is being developed, as the sale various types assets of the enterprise requires different time periods.

The gross proceeds from the liquidation of assets are determined.

The estimated value of assets is reduced by the amount of direct costs (commissions to appraisal and law firms, taxes and fees). The adjusted values ​​of the assets being valued are discounted to the valuation date at a discount rate that takes into account the risk associated with the sale.

The liquidation value of assets is reduced by the costs associated with holding the assets until they are sold, including the costs of maintaining inventories of finished goods and work in progress, preserving equipment, machinery, machinery, real estate, as well as management costs to maintain the operation of the enterprise until its liquidation is completed. The discount period for the corresponding costs is determined according to the calendar schedule for the sale of the enterprise's assets.

The operating profit (loss) of the liquidation period is added (subtracted).

Preferential rights to severance pay and benefits are deducted employees of the enterprise, claims of creditors for obligations secured by a pledge of property of a liquidated enterprise, debt on mandatory payments to the budget and extra-budgetary funds, settlements with other creditors.

Thus, the liquidation value of an enterprise is calculated by subtracting from the adjusted value of all assets on the balance sheet the amount of current costs associated with the liquidation of the enterprise, as well as the value of all liabilities.

When formulating the final conclusion regarding the liquidation value of the enterprise, the factors that led to the bankruptcy of the enterprise are analyzed once again. If the bankruptcy situation is due to low level management, then the liquidation value obtained as a result of calculations is not adjusted. If the cause of bankruptcy was the location of the object, external conditions, such as the general economic situation, tax policy, etc., then the resulting liquidation value is adjusted downward.

If possible, several assessment methods should be used:

Calculation of the market value of assets (net asset method). It is performed on the basis of the balance sheet as of the last reporting date and preferably simultaneously with the inventory of the enterprise’s property as of the valuation date. Obviously, the degree of detail in the assessment will depend on the completeness and reliability of the value of the information provided to the appraiser. The liquidation value in this case is numerically equal to the market value obtained by the net asset method, and will depend on factors such as the period of marketing research and operations, which in this case is a long period (up to 18 months) and costs associated with marketing and the liquidation procedure enterprises. The most likely stakeholders in this type of liquidation value assessment will be the founders and shareholders, who most often want to preserve the enterprise in its current form.

Assessment of liquidation value in accordance with “ Methodological recommendations on the accelerated procedure for applying bankruptcy procedures.” The FSFO is interested in this method of assessment, striving to find an effective owner for the debtor organization as quickly as possible. This type Liquidation value is the standard-calculated liquidation value that occurs in connection with the planned liquidation of the enterprise. The result of such an assessment of the liquidation value and the sale of the enterprise in accordance with it is the emergence of two enterprises: one of them remains with debts, but without property, while the other becomes the owner of property, but without debts.

Estimation of liquidation value using the classic auction method- through a separate sale of the enterprise's property.

The significance of calculating liquidation value for executive managers is twofold.

Firstly, the acquisition of assets at liquidation value allows the purchasing enterprises to receive obvious benefit both in the case of further resale of property at market value (in the form of the difference between market and liquidation values), and in the case of its exploitation (in a different situation, the acquisition of similar property would be more expensive).

Secondly, senior managers need to remember that one of the directions of business restructuring (reorganization) is the strategic direction. Within its framework, activities are carried out for mergers, acquisitions of companies, and partial liquidation of businesses in a short time. As a rule, any decision on the future fate of an enterprise is based on the development of several development options, including the possibility of its liquidation.

Thus, the involvement of qualified valuation specialists will maximize the efficiency and timing of calculating the liquidation value, which is an important component of the final result of the liquidation process as a whole.

When calculating the liquidation value of an enterprise, it is necessary to take into account and subtract the costs of liquidating the enterprise from the replacement cost of assets. These are administrative costs for maintaining the operation of the enterprise until the completion of its liquidation, severance pay and payments, costs of transporting sold assets, etc. The proceeds from the sale of assets, cleared of associated costs, are discounted at the valuation date at an increased discount rate, taking into account the associated this sale is a risk

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1. Fundamental features of the concept of “liquidation value”

The problem of liquidation value appears when an organization is deprived of the economic and organizational capabilities to independently generate value, primarily surplus value, and at the same time, financial, economic, and labor obligations, recognized by law, to other subjects of civil turnover are preserved.

In accordance with this, we can talk about the liquidation value during the reorganization of legal entities (merger, accession, and acquisition), liquidation and bankruptcy (insolvency) of the organization. Strictly speaking, the demand for professional calculation of this economic phenomenon appears mainly during liquidation (in the process of reorganization) and bankruptcy. In these options it is implemented economic entity liquidation value: an asset that is not capable of producing surplus value (profit) turns into liabilities for deposits made by other business entities in the past, into an asset of a liquidated and reorganized enterprise (organization).

An asset converted into a liability does not change its individual material characteristics, but its value as a liability subject to sale becomes different, different from both balance sheet characteristics and market valuations of developed markets for similar property. The situation corresponds to the proposition that “any debt can only be sold at a discount.” . At the same time, the legal form of this asset also changes: from a producer of profit, the asset becomes a source of repayment of obligations, and the obligations themselves are structured by the legislator in a certain way, and this asset acts in civil circulation only as an abstract amount of money (that is, “transformed value” appears).

2. Definitions for the concept of liquidation value

According to the Russian Federation Standard “Unified system of property assessment. Terms and definitions”, “liquidation value of property - the value of property during its forced sale”. In the standard textbook Principles of Corporate Finance, the salvage value (of equipment) is understood as net income from sale after a certain period of operation and dismantling (of equipment).

It is useful to note that these authors also use the term “liquidation dividend”: “...if all retained earnings have been used up and if creditor protection is not required, a company may be authorized to issue a liquidation dividend. Because such payments are treated as capital income, they are not subject to income tax” (in the United States).

The authors of the work “Guide to Valuing Business Value” deal in detail with the concept of liquidation value. Their judgment boils down to the following: “Closing value assumes that the company is expected to cease operations and that its assets will be sold off (or otherwise disposed of). To determine the liquidation value, one of the following assumptions is usually used:

a) orderly liquidation (Orderly Liquidation ): the sale of assets within a reasonable period of time necessary to obtain highest price for each of the assets sold;

b) forced liquidation (Forced Liquidation ) involves the sale of assets as quickly as possible, for example, at an auction (liquidation value during forced liquidation is often called auction value - Auction Value).

The liquidation value takes into account not only the method of sale, but also the costs of sale, the cost of maintaining assets before sale and other costs. Typically, although not always, when valuing a controlling interest in equity ownership, liquidation value represents the lowest margin of value."

3. Calculation for an accounting liability or asset

The question of linking the calculations performed to property (“asset”) or to the sources (“liability”) of this property needs clarification. It is useful to recall in this regard known rules Miller - Modigliani.

Rule Istates that a firm cannot change total cost Security by simply separating the threads Money in two directions: the value of a company is determined by its real assets, and not Security , which it produces (meaning a “perfect market”). Otherwise: the capital structure (that is, in accounting terminology - sources) is not decisive for any given combination of investment decisions of the company.

Rule IIstates that dividend policy does not matter at perfect market capital (that is, does not determine the value of the company).

Having recognized these rules, it should be assumed that the liquidation value cannot be determined by assessing the liabilities of the liquidated (transformed) enterprise (organization).

At the same time, in the real capital market it is reasonable to try to determine (calculate) the value of joint stock companies based on liability data (the calculation approach will be shown below).

The focus of identifying estimated salvage value is universally on the asset and its components. The starting point for this approach is the collapse during the liquidation (and reorganization) of an enterprise of a single organizational and technological mechanism for creating new value for generating income. This breakdown leads to a preference for valuation of individual asset elements.

4. On “Western” approaches to identifying liquidation value

Let's turn to Western practice. According to J. Fishman et al., “the liquidation value method ( LV - Liquidation Value )" assumes that "the net proceeds received after liquidation and payment of debt are discounted (reduced) to the present value ( PV)".

According to this entry, liquidation value is the discounted cash balance resulting from the sale of assets and recovery of debts, and this balance is the value of a certain equity interest (also understood as net book value, or net worth). In other words, we're talking about about the discounted amount of money remaining to pay the residual value to shareholders (residual creditors), but this is not a liquidation dividend (see above). I believe that liquidation value should be understood more broadly (see section 1). It is emphasized that in this way a company that has lost the ability to create and receive income is assessed, and its assets are assessed in the expected (hypothetical) conditions for their sale.

According to Western practice, the liquidation value method is suitable for the following situations:

� the company is liquidated;

� current and future cash flows from the operation of the company are small compared to its cash net assets, and the company may be valued more expensively based on its accumulated assets, and not based on results its activities; then the liquidation value serves as an indicator of its value or its assessment as a going concern;

� the company structure has accumulated a significant number of divisions or subsidiaries with negative financial indicators;

� during a company reorganization.

This list of situations in which an order to calculate liquidation value appears is also used by Russian professionals.

Western practice identifies the time taken to complete the liquidation (reorganization) operation as a factor determining the results of the calculation.

In this regard, the following stand out:

� liquidation value in case of forced liquidation, in particular through an auction;

� liquidation value for a normal, established liquidation procedure; the normal duration of elimination is mentioned to be 6–9 months. During this time, it is possible to find a higher price for each asset.

For Russian practice, taking into account the time of liquidation (reorganization) is an acceptable component of the methodology used.

5. Algorithm for determining liquidation value based on accounting data for liabilities

This calculation is possible in several versions.

First option

This approach is suitable for calculating the liquidation value of an OJSC, the shares of which, at the time of the order for the calculation, were quoted on a domestic or foreign stock exchange in the form of ordinary, preferred shares and American (global) depositary receipts.

This approach assumes that it is necessary to calculate the total value of the entire property complex of the liquidated (reorganized) organization and that the organization is sold as a whole, and not in parts.

When starting the calculation, the appraiser should understand the value of the price/earnings ratio (P/E) that occurred during the past months of stock trading (presumably, it is rational to analyze the last three months). It is rational to accept market prices of shares of a liquidated (reorganized) joint-stock company for the calculation of liquidation value without additional adjustment if this coefficient for a given joint stock company differs from the industry indicator by no more than 10%. For large negative deviations, an additional reduction factor will need to be introduced.

The liquidation value of the property complex is calculated under the assumption that the existing organization of production and management at the enterprise is liquidated (replaced), but the technological ability to create value with cash fixed and working capital and labor remains.

The liquidation value for a joint stock company (in this option) can be calculated as follows:

� the amount of market capitalization is determined based on the latest quotes (closing price on the day preceding the order, or on the last day of exchange trading of these shares);

� a set of reduction coefficients to the amount of market capitalization is being developed to take into account factors of depreciation of the property complex;

� the time during which sales transactions must be carried out is determined, and appropriate reduction factors are proposed and introduced.

In table 1 (Economist's Handbook, No. 1, 2006) proposes a number of reduction coefficients.

Let's denote:

S l - liquidation value, in absolute figures;

R f - the amount of market capitalization, in absolute figures;

K p - the value of the reduction coefficient in successive legal situations, in decimal digits;

K in - the value of the reduction factor depending on the time of liquidation (reorganization), in decimal digits.

Then

S l = R f × (1 – K p) × (1 – K v). (1)

Second option

It is assumed that the technological viability of the liquidated (reorganized) organization is maintained when the existing management is replaced (or liquidated). It is further assumed that the asset is somehow summarily (cumulatively) valued and it is required to determine the value of accumulated liabilities to determine the amount of net assets. Net assets will be determined as the difference between the estimated amount of the asset and calculated value debts of the organization.

The main task comes down to determining the value of debts, deducted from the assessed amount of the asset. The algorithm for this calculation can be represented by a set of the following actions:

a) debts on loans and credits are calculated for the entire period of the debt according to the rules of discrete accumulation. The amount of debt at a compound interest rate is calculated as:

FV = P(1+r)n, (2)

amount of debt payable at simple interest rate:

F.V.= P, (3)

where FV - future value, that is, the amount of debt to be paid;

P is the amount of the principal debt;

R - interest rate accepted in the agreement, in fractions of a unit;

N - the period for which the debt was accepted, in years, fractions of a year;

B) determine for the remaining obligations accounted for as accounts payable, the amount of debt either in the amount of the fixed nominal value, or, if by agreement or established rules additional payment of interest is provided when repaying debts on time, according to formulas (2, 3).

Actual payments on partially recovered debts when calculating debt deducted from the current value of assets should be excluded from the total accounts payable before calculating future values ​​( F.V. in formulas 1, 2). When solving this problem, overdue but not written off accounts payable are accepted in the amount taking into account (adding) all those additional payments (fines, penalties, etc.) that the debtor enterprise is obliged to bear. The difference between the cumulatively assessed asset and the estimated current value of accounts payable will be the liquidation value, that is, the monetary amount of the possible sale of the enterprise (organization) during liquidation (reorganization). It makes no sense to take into account in this calculation the assessment of the debtor’s financial condition (by gradation in Table 1) and use additional coefficients.

For the calculations proposed in Section 5, the restrictionsthose given by us in Section 1 regarding land, subsoil, water sources, forests remain in force.

The accounting positions “Reserves for future expenses and payments” and “Deferred income” do not participate in this calculation.

6. Algorithm for determining liquidation value based on accounting data for an asset

Liquidation value during liquidation (bankruptcy) and reorganization of an enterprise (organization) and making a decision on its calculation through the assessment of the value of individual elements of the asset must be determined using sequential actions within a special procedure.

Making such a decision means that the enterprise - the subject of assessment - is no longer considered by the market (or the state) as an operating single organizational and technological complex capable of creating real value. Appraisers in the Russian Federation have domestic methods for calculating the value of each element of the accounting asset of an operating enterprise (operating organization).

Liquidation value as an economic and valuation category requires a number of additions to known recommendations. First of all, when calculating the liquidation value, the appraiser is forced to focus more on the current, real prices of the material elements of the asset, and also take into account the conditions for using these production and non-production assets differently, not as it was in the liquidated enterprise (liquidated organization), in a different way. We showed something similar in Section 5. At the same time, the restrictions we showed in Section 1 regarding land, subsoil, etc. remain in force.

The initial information for calculations is contained in balance sheet lines, accounting registers, accounts, and inventory sheets. The balance itself usually requires analysis and clarification.

Balance sheet of a liquidated (reorganized) organization

Accepted in terms of the date of assessment or the date closest to the time of calculations, but not after or later than the date of assessment. If there are differences in the methods and procedures for preparing a balance sheet and calculations for taxation in the Russian Federation, only a balance sheet compiled according to the rules of the Ministry of Finance of the Russian Federation or the Central Bank of the Russian Federation is reportable.

Balance sheet information is subject to clarification (adjustment) in the following twocases: a) when the analysis of primary information (inventory sheets, accounts, registers) reveals for assets (as well as liabilities) missed in the report; b) when the dates of valuation and balance sheet do not coincide with each other and the appraiser needs to make clarifications in order to bring data on assets to the set and values ​​at the time of valuation. You should also make adjustments to the report taking into account the economic characteristics of individual accounting positions.

Intangible assets

Those specific intangible assets, which can be sold (realized) only separately from the liquidated (reorganized) enterprise (organization). Intangible assets omitted from the accounting report are included in the calculation only if this condition is met. A significant number of recorded intangible assets according to this criterion do not have the properties of a liquidation value. In particular, “goodwill” (“badwill”) cannot, as a rule, have a liquidation value.

Fixed assets

Used for evaluation accepted methods on real estate, but with a closer link to real market prices for similar property and the knowledge that the fixed assets of a liquidated (reorganized) enterprise (organization) are sold, as a rule, outside technological process in which they were used. Otherwise: the selling price will be lower not only due to physical and material wear and tear, but also due to the potential uselessness of specific machines, devices, etc. This remark especially applies to unique fixed assets that are useless outside the destructible technological process. The appraiser must determine the reduction factor taking into account this circumstance.

Inventories, production costs, finished goods

Adjustments are based on replacement cost . The appraiser must establish exactly how the accountant formed inventory prices: average prices, FiFo, LiFo . It is believed that the assessment according to the method FiFo (or initial estimate) can give an estimated replacement price (it is desirable that in the previous time the turnover of inventories would be intensive). With other accounting methods, the appraiser will have to make adjustments to reach the prices determined by the method FiFo . The comments above regarding fixed assets also apply.

Accounts receivable

The appraiser is encouraged to use the approaches and algorithms proposed in the methodology for assessing receivables and payables. It is recommended to introduce additional reduction coefficients in connection with the weakening of the legal protection of the liquidated (reorganized) enterprise (organization).

Financial investments

The cost of financial investments in terms of shares, shares, debt securities and similar instruments, as is known, is determined by the efficiency of the issuers; in terms of loans provided - the terms of the loan and the solvency of the debtor; in terms of deposit (savings) certificates - face value and accumulated interest.

To identify the liquidation value, it will be necessary to apply reduction factors to the calculations in connection with the method of liquidation (reorganization) - standard, accelerated. Since the method of liquidation (reorganization) seems to be one of the factors leading to the liquidation value, Table. 2 (Economist's Handbook, No. 1, 2006) provides reference reduction factors used to adjust direct calculations.

Amendments are introduced according to the rule of formula 1 (the multiplier is equal to 1 - the value of the reduction factor).

The algorithm for determining the liquidation value of the elements of an asset assumes that the proceeds from liquidation (reorganization) are equal to the amount of money received from the sale of individual elements of the asset (property). The reporting balance sheet contains positions (lines) reflecting property that is not subject to direct sale (cannot be sold). These include: organizational expenses, R&D expenses and technological work, “goodwill”, “badwill” (for intangible assets - see above); deferred expenses (for inventories - see above); VAT on purchased assets; own shares purchased from shareholders; reserves for impairment of investments in securities(for financial investments - see above).

The resulting final amount of proceeds from the sale is subject to further adjustment to identify the liquidation value necessary for settlements with creditors and participants. First, the following are subject to exclusion from the amount of revenue to determine the liquidation value:

� direct expenses for the sale of assets; these include the costs of dismantling equipment; delivery of equipment, goods, materials, etc. to the buyer; commissions on sales and other forms of remuneration on sales; taxes imposed on transactions;

� indirect costs during transactions; these include expenses for legal and other consulting services; costs of storing property that are not reflected in the analyzed balance sheet (repairs, maintenance, insurance premiums, interest payments, taxes).

Operating losses that occur during the liquidation period should then be identified and deducted from revenue. It is assumed that the liquidated (reorganized) enterprise (organization) ) With the valuation date has ceased to operate as a principal activity and losses arising from that date are deductible in determining the liquidation value. If profits appear during this period, then their amount should be included in revenue. Next, it is necessary to determine whether the sales of assets and the proceeds received are subject to taxation (various taxes) at the time of valuation. If so, then the amount of these tax payments must be deducted from revenue.

The resulting algebraic sum of income and losses becomes the initial form of liquidation value (otherwise, net proceeds).

Liquidation value is the maximum possible value at which, in the event of quick liquidation, the company can be sold. Since sales will always take place in a short time, the price will therefore always be lower than the nominal price. There are options when a company is sold at a lower price, but this should be considered as a shortcoming in the management system.

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In what cases does liquidation value arise?

Various circumstances and the structure of the company directly influence this; the size of the liquidation value must be known in the event of bankruptcy of the organization or during an emergency sale. The procedure for determining the liquidation value is carried out by private experts or specialized companies.

An important point in the emergence of liquidation value is the presence of unforeseen circumstances that affect the organization or the market.

Liquidation value is not only determined in the event of bankruptcy, it can also be used as a precautionary measure.

1. Liquidation value arises in a situation with the sale of collateral. As a rule, the lender needs to know the size of the liquidation value, since through it he will be able to justify the lowest possible threshold for the value of the collateral. Here, the collateral is a guarantee of the lender, which will always be possible to realize. The value in question is considered liquidation value because it has all the characteristics characteristic of it - limited time for sale and forced sale of assets.
2. Liquidation of an organization. With this development of events, the period during which assets must be sold is determined by strict boundaries. Moreover, it is necessary to develop a strict action plan, the priority goal of which is the sale of the company's assets and the fulfillment of debt obligations. The timing of the sale of assets during bankruptcy proceedings varies, it largely depends on the situation and conditions in which the company is located. An important point is what version of the liquidation decision was made– voluntary or forced. If the liquidation is voluntary, then the possibility of selling the company's assets and the timing of its sale do not have a very strict framework. In the forced liquidation option, the time for selling assets is strictly regulated.
3. Accelerated sale of other assets. Since the time for the sale of the organization’s assets is very short, there is a corresponding need to establish the liquidation value.

Kinds

There are 3 types of salvage value.

1. Recycling. With this option, the value of the company will be negative, since the assets of the organization will not be sold, but will be either written off or destroyed. After this, a new building will be built on the “cleared” space. new company, the economic efficiency of which will be better than the previous one. The negative value of an organization is based on the fact that both the write-off and sale of the company’s property will require certain financial costs.
2. Liquidation. The underlying thesis here is that the sale of an organization's assets undoubtedly requires a certain time period in order to obtain the greatest income after their sale.
3. Forced. In this scenario, the organization’s property is sold in the shortest possible time, very often all at once and within one auction.

How to calculate

The most used formula for determining salvage value is:

With liquid = Sryn* (1 – To remove), where:

C liquid – liquidation value of the property;

C market – objective market value (in the presented formula this is the most accurate indicator);

K out – adjustment coefficient, takes into account the fact of forced sale. This coefficient varies from zero to one.

Factors influencing liquidation value

1. Time allotted for implementation the so-called exposure period. The cost of the organization directly depends on the time frame allocated for implementation. It's simple - short terms - low cost. Implementation deadlines are determined taking into account many factors, the most determining of which are demand and the type of enterprise.
2. State of the company in general in its market segment and the economic situation in a specific area.
3. Attractiveness level for potential buyers, which directly depends on the level of equipment of the company and the condition of the means of production.
4. Subjective aspects must also be taken into account.

Cases in which an expert assessment is necessary:

1. Bankruptcy or real opportunity its occurrence.
2. A situation in which the company's income will be less than its sales income. Here we can also talk about moments with sudden changes in market conditions in which the production process becomes too expensive.

It is not necessary that the company, after calculating the liquidation value, will subsequently be sold. This can be considered as a precautionary measure in case of unforeseen circumstances.

Grade

Two methods are used - indirect and direct. The choice of methodology is influenced by the type of organization, but the results will have insignificant differences when calculated using different methods.

1. Comparative analysis the main characteristics of the company is the basis of direct calculation. Initially, the sales volume of the enterprise and its competing companies is analyzed. Next, the main production indicators are subject to assessment and then, based on the results obtained, a conclusion is made about the optimal cost. The disadvantage is that this method does not pay enough attention to implementation deadlines. However, based on its results, one can judge how much the liquidation value is lower than the market average value for a similar organization.
2. Indirect method consists in calculating the liquidation value based on the market price. Initially, the nominal price is calculated, then the discount amount associated with the sales period is calculated separately. The main difficulty in implementing this technique is determining the size of the discount, since it is influenced by several factors, including subjective ones. Based on statistical data, on the domestic market in Russia the average size discounts range from 20 to 50 percent. Experts often use the indirect method, since it is necessary to clearly determine the prevailing trends in the market in order to be able to calculate an adequate forced sale price.

What difficulties may arise when assessing liquidation value?

In reality, with stable economic development, production is sold at market value. During a crisis in the economy, the sales process will be influenced by related factors that significantly reduce the cost.

The difficulty is that during a crisis it is very difficult to obtain objective and reliable indicators for calculations. It is for this reason that in situations of economic instability they use an indirect method.

The accuracy of determining the liquidation value directly depends on the professionalism of the appraisers.

Liquidation and market value

Market value is the most realistic price at which property and assets can be sold within a limited period of time. The size of the market value is influenced by many aspects - from infrastructure to the type of object itself. Only a qualified specialist can determine the market price as accurately as possible.

Often, sellers involved in the sale of property indicate prices that differ from the average prices on the market. It is possible that the seller, wanting to reduce the time of sale, sets a price below the market price, then it will already be considered liquidation. That is, we can say that the liquidation value is the price with which the seller will be forced to agree if the timing of the sale is strictly limited and there is an urgent need to sell assets and property.

So, we can say that in modern Russian economic realities, the definition of liquidation value is more than relevant, but, unfortunately, needs to be improved. In many ways, the process of determining value is based on intuitive decisions made by an appraisal expert.

Today, the prevailing crisis has a tangible impact, which forces us to make significant adjustments in the process of determining the liquidation value of assets. It is for this reason that it is most advisable to use all existing methods in the process of calculating liquidation value, since this will allow you to obtain the most accurate and effective result.

Liquidation value is the price for which any object is sold on the market within a certain time frame. It is always below market value.

Also, liquidation value is an indicator that arises in the presence of some extraordinary circumstances that influence changes in the normal market situation (for example, when

Factors influencing liquidation value:

Economic situation on the market;

The direct dependence of the cost of liquidation on the period of sale of the subject, known as the “exposure period”. It depends on the type of property, the initial sale price and the level of demand;

The level of attractiveness of an entity in the market, which is determined by specific characteristics. It depends on the demand for a particular type of object.

Determined in the following cases:

The company faces the threat of bankruptcy;

The business entity showed that the liquidation value of the company exceeds that which will be in the process of carrying out its activities.

Methods for estimating the cost of liquidation of an entity

1. The direct method involves calculating the liquidation value using ( direct comparison with similar enterprises and the method of correlation and

2. Indirect method, which involves calculating the cost through market valuation. In this case, the liquidation value is the market price minus the cost of the forced sale factor of the enterprise. It is in determining the magnitude of this factor that the main difficulty lies. Therefore, basically, in the domestic market, the cost of forced sales is determined by experts.

Liquidation value in times of crisis

When the slightest instability occurs in the state’s economy, the price of business entities begins to be influenced by factors, the main of which is the limitation on the timing of sales. Therefore, liquidation value is an indicator that is quite relevant in crisis conditions.

So, if the market situation is characterized by some stability, then the so-called “exposure period” can be determined by specialists based on statistical information. In the presence of a complex unstable situation, such a calculation will no longer be characterized by accuracy and reliability. Therefore, it is advisable to use in this case. We must not forget the fact that the accuracy of estimating the cost of liquidation depends on the professionalism and experience of the appraiser.

The concept of “liquidation value” can be applied both to a business entity as a whole and to its individual components. An example is the assessment of the cost of liquidation of fixed assets. All the methods and factors listed above can be applied to this object.