The liquidation value method consists in determining the difference between the value of the property and the costs of liquidation. It turns out that it is most rational to apply this method, provided that the enterprise is threatened with bankruptcy. In other words, this is the moment when the organization stops performing its operations, sells at auction all the tangible and intangible assets it has, and also begins to pay off debts and debts on its own obligations.

In the case of calculating the liquidation value, the appraiser needs to take into account and take into account all the expenses that will be incurred during liquidation: commission and administrative costs aimed at maintaining the work of the appraised object until the moment of liquidation, as well as expenses for the services of lawyers and accountants.

There are three types of liquidation:

1. orderly liquidation, which is the sale of the property of the enterprise within a two-year period. main goal this sale is considered to be the receipt of the maximum possible amount from the sale of the assets of the enterprise. For such a long period of time, the organization manages to prepare the property for sale and disseminate information to potential buyers, while the second party to the transaction has enough time to think about the decision and raise funds for the purchase, as well as for its implementation, transportation, etc.

2. forced liquidation is the sale of the property of the enterprise to the maximum short time. Most often this happens for all assets at the same time and at one auction.

3. liquidation with the termination of the existence of the assets of the enterprise - this is the case when all the assets of the enterprise are subject to destruction in order to make room and build a new enterprise with great potential. With this type of liquidation, the value of the property becomes negative, because the costs are calculated only for the disposal of assets.

IN scientific field There are the following stages of business valuation using the salvage value method:

1. justification for the choice of the liquidation value: in accordance with the law, in the event of a forced sale of the company’s property (due to its bankruptcy) and due to the short sale deadlines, the appraiser cannot calculate the market value of such an appraisal object, since the sale price of assets will be a forced price for owner. Due to the inability to calculate market value the appraiser is obliged to justify in writing the choice of another, different type of value;

2. development calendar schedule the sale of assets is carried out in order to maximize the proceeds from the sale of the company's assets;

3. determination of the current value of assets (excluding liquidation costs): the value of assets is adjusted for the amount of overhead costs for their sale;

4. discounting the adjusted value of the assets being valued (the discount rate should take into account the amount of risks that can be incurred when selling assets);

5. addition (or subtraction) of operating profit (loss);

6. determination of the amount of obligations. The appraiser adjusts the long-term and current debt of the appraised object;

7. calculation of the liquidation value of the enterprise, as the difference between the adjusted current value of the assets and liabilities of the enterprise. The final liquidation value is influenced by the factors that led the business to liquidation. So if bankruptcy was the result of a low level of management, then the appraiser does not take this factor into account, but if the depreciation was caused by a high degree of depreciation of the company's assets and an unfavorable location, then the level of liquidation value of the appraisal object is significantly reduced.

Zakharova Nadezhda Nikolaevna, Chief Financial Consultant of the Consulting and Valuation Department of Nexia Pacioli Consulting LLC, Moscow, Russia

The amount determined by the residual value method under the cost approach is, in fact, the market value calculated by the method, which is based on a number of assumptions.

To apply the salvage value method, the following conditions must be met:

1. the enterprise has ceased operations or there are reasons to believe that it will cease to exist in the near future;

2. the controlling interest (or one that is capable of causing the sale of assets) is being assessed;

3. The value of the enterprise upon liquidation will be higher than upon continuation of activity.

Theoretical foundations of the salvage value method with varying degrees details are described in current publications of domestic and foreign authors (Artemenkov, Zhukov, 2011; Gorchakova, 2005; Goryunov, Babicheva, Kozlova, 2010; Zakharova, 2015; Ivanova, Shmachin, 2014; Kasyanenko, 2007; Leifer, 2006; Fomenko, 2015; Kholodkova, 2013; Alderson, betker, 1995; Belo, Lin, Vitorino, 2014; Ting, Warachka, Zhao, 2007; Golec, Gupta, 2014; Jafarinejad, Jory, Ngo, 2015; Kim, Lim, 2010; Volkov, Smith, 2015), as well as in most business valuation tutorials.

In general, the essence of this method can be summarized as follows: the value of the business (equity) is defined as the amount of income from the sale of assets minus the costs of selling and the costs of repaying liabilities.

The basis for the calculation is the company's balance sheet on the date closest to the valuation date. In general, the calculation steps are as follows:

1) development of a calendar plan for the liquidation of assets;

2) calculation of the market value of assets, and then their liquidation value;

3) calculation of direct costs for liquidation;

4) calculation of other costs (costs of maintaining the enterprise until the moment of liquidation);

5) calculation of taxes and payments related to liquidation (profit tax, payments to dismissed employees, etc.);

6) calculation of the amount of obligations of the enterprise;

7) deduction from the value of the liquidation value of the assets of the costs of liquidation and liabilities of the enterprise.

When describing the liquidation value method, Russian authors mention the need to calculate the liquidation value of the assets being sold, that is, it is assumed that the assets of the enterprise will be sold in a shortened time frame.

From the point of view of Russian legislation, the salvage value is determined as follows:

"In determining salvage value of the appraised object, the estimated value is determined, which reflects the most probable price at which this appraisal object can be alienated for the period of exposition of the appraised object, which is less than the typical exposure period for market conditions, in conditions when the seller is forced to make a transaction for the alienation of property.

When determining salvage value, in contrast to determining the market value, the impact of extraordinary circumstances is taken into account, forcing the seller to sell the appraisal object on conditions that do not correspond to market ones.

It should be noted that the concepts of "liquidation value" and "liquidation value method" are not identical. The liquidation value method, as mentioned above, allows you to determine the market value of a business based on certain assumptions.

Let's turn to the International Glossary of Business Valuation Terms:

At the same time, the appraiser in his work models the conditional situation of liquidation of the enterprise and must proceed from the criterion of maximum efficiency. In practice, the company has the opportunity to start the actual liquidation without making a decision on liquidation. We are talking about reducing or stopping production, reducing staff, selling property, etc. These procedures can be called "preparation for liquidation" or "preparatory period". This period depends primarily on the composition of the company's assets.

Consideration on a conditional example

For example, let's take a conditional situation of selling an asset with the following basic parameters:

- market value of the asset: 1000 conventional units (c.u.);

- market exposure period: 10 months.

The formula for calculating the liquidation value of an asset will be taken according to the work of Kozyr Yu.V. “Methodology for determining the liquidation value of property. Estimation of liquidation value» (Trump, 2000):

, (2)

where P L - liquidation value;

P m - market value;

y is the average market return on investments in such objects;

t e - average market exposure time of the object;

t is the specified (statutory) time for the sale of the object;

T is the period of time to which the discount rate is tied.

For case Awe will take the market return of the asset equal to 10%, and the cost of maintaining the asset - 30 c.u. per month.

For case Bwe will take the market return of the asset equal to 30%, and the cost of maintaining the asset - 10 c.u. per month.

On the graphs (fig. 2 and fig. 3 ) presents the main economic indicators for situation A and B.

Table 3

Average exposure times for objects (source - compiled on the basis of the article "Determining the typical exposure period when calculating the liquidation value" )

The liquidation value method is based on determining the difference between the value of the property that the owner of the enterprise can receive upon liquidation of the enterprise and the separate sale of its assets on the market, and the costs of liquidation.

When determining the liquidation value of an enterprise, it is necessary to take into account all the costs associated with the liquidation of the enterprise: commission and administrative costs for maintaining the operation of the enterprise until its liquidation, expenses for legal and accounting services.

Liquidation value- this is the value of the appraisal object if the appraisal object must be alienated within a period less than the usual exposition period for similar objects. Alternatively, the salvage value is the value that the owner of the enterprise can receive when the enterprise is liquidated and its assets are sold separately.

When determining the liquidation value, a distinction is made three types of liquidation:

1) ordered;

2) forced;

3) liquidation with the termination of the existence of the assets of the enterprise.

Orderly liquidation is the sale of assets within a reasonable period so that maximum amounts can be obtained from the sale of assets. For the least liquid real estate of the enterprise, this period is about two years. It includes the time to prepare assets for sale, the time to communicate information about the sale to potential buyers, the time to think about the purchase decision and accumulate financial resources for the purchase, the purchase itself, transportation, etc.

Forced Liquidation means that assets are sold as quickly as possible, often at the same time and in the same auction.

Liquidation with the termination of the existence of the assets of the enterprise is calculated in the case when the assets of the enterprise are not sold, but written off and destroyed, and a new enterprise is being built in this place, giving a significant economic or social effect. The value of the enterprise in this case is a negative value, since certain costs are required for the liquidation of assets.

The assessment of the enterprise at liquidation value is usually addressed when:

The business does not bring a satisfactory income in terms of volume and does not have good development prospects;

Current and Forecast cash flows companies from continuing operations are low compared to net assets and the company is worth more;

The company's current and projected cash flows from continuing operations are so low that its liquidation valuation is close to that of the company as a going concern;

The company is in the process of bankruptcy or liquidation;

Requires a basis for acceptance management decisions when financing an enterprise-debtor, financing the reorganization of an enterprise, etc.

The calculation of the liquidation value of the enterprise also includes several main stages.

1. The last balance sheet is taken.

2. A calendar schedule for the liquidation of assets is being developed, since the sale various kinds assets of the enterprise (real estate, machinery and equipment, inventories) requires different time periods.

3. Gross proceeds from the liquidation of assets are determined.

4. The estimated value of assets is reduced by the amount of direct costs. Direct costs associated with the liquidation of an enterprise include commissions for appraisal and law firms, taxes and
fees payable upon sale. Based on the asset liquidation calendar schedule, 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.

5. The residual value of the assets is reduced by the costs associated with holding the assets until they are sold, including the costs of holding inventory finished products and work in progress, preservation of equipment, machinery, mechanisms, real estate, as well as management costs to maintain the operation of the enterprise until the completion of its liquidation.

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

7. Subtracted preemptive rights on severance pay and payments to employees of the enterprise, claims of creditors for mandatory payments to the budget and during off-budget funds settlements with other creditors.

Making a final conclusion about the liquidation value of the enterprise, the appraiser must analyze the factors related to the property itself, and the factors that determine the level of management of the enterprise. If the situation of bankruptcy of the enterprise is caused by a low level of management, then this circumstance should not negatively affect the value of the liquidation value of the enterprise. If the causes of bankruptcy are a high degree of depreciation of both the active and passive parts of the enterprise's assets, negative location features, then these factors will significantly reduce the level of the liquidation value of the enterprise.

Thus, the main feature of the cost approach is an element-by-element valuation, i.e. the property complex being valued is divided into its component parts, each part is evaluated, and then the value of the entire property complex is obtained by summing up the costs of its parts.

QUESTIONS AND TASKS FOR SELF-CHECK

1. What is the essence of the cost approach to business valuation?

2. What methods are used to assess the value of a business under the cost approach?

3. What are the features of the adjustment of the first and second sections of the balance sheet of the enterprise.

4. What are the main stages of valuation using the net asset value method?

5. Define salvage value. List the types of liquidation.

6. What are the main stages of evaluation by the liquidation value method.

7. What is common and different in the valuation of the enterprise by the method of net asset value and liquidation value?

LECTURE 10
VALUATION OF CONTROL AND NON-CONTROLLING SHARES

Plan

10.1. Methods for estimating the value of blocks of shares.

10.2. Valuation of non-controlling stakes.

10.3. Control premium, discounts for non-controlling nature of the package and insufficient liquidity.

Assessment of the liquidation value of the enterprise

1. The concept and types of liquidation value of the enterprise

The situation of bankruptcy and liquidation of an enterprise is an emergency. The probability of a positive solution to the problem of non-payment, which usually accompanies this situation, depends on the value of the property that the enterprise possesses. And not only the problems of non-payments, but also the solution of issues related to the material well-being of the employees of the enterprise, to a certain extent depend on the value of the property of the liquidated enterprise.

However, the valuation of the enterprise is necessary not only in the event of liquidation of the enterprise. It is important in many other cases, for example:

When financing the debtor's enterprise;


when financing the reorganization of an enterprise;


when reorganizing an enterprise carried out without a trial;


when developing a plan for repaying the debts of an enterprise-debtor that is under the threat of bankruptcy;


when analyzing and identifying the possibility of separating individual production capacities of an enterprise into economically independent organizations;


when evaluating applications for the purchase of an enterprise; in the examination of fraudulent transactions for the transfer of property rights to third parties; in the examination of enterprise reorganization programs.

Estimating the liquidation value of an enterprise in a bankruptcy situation has a number of features, mainly due to the nature of the emergency itself. These features should be taken into account by the appraiser, the customer and other parties interested in the results of the salvage value assessment.

Another feature of assessing the liquidation value of an enterprise is the high degree of dependence of third parties on the results of the assessment.

Estimation of the liquidation value of an enterprise (business) is carried out in the following cases:

the company is in bankruptcy or there are serious doubts about its ability to remain a going concern;

The value of a company in liquidation may be higher than in continuing operations.

Currently, there are many definitions of salvage value, the differences between which are quite significant in terms of practical work appraiser, so it makes sense to give the most famous of them.

In particular, most often they refer to the definition of liquidation value given by the leading American appraiser S. Pratt. In his opinion, it represents the net amount of money that the owner of the enterprise can receive in the liquidation of the enterprise and the separate sale of its assets. At the same time, Pratt believes that the liquidation value of the enterprise as a whole is usually less than the amount of proceeds received from the separate sale of its assets. It is difficult to agree with this: as Russian practice, the separate sale of the assets of the enterprise most often leads to the sale of property for a pittance and is accompanied by a clarification of the relations of the parties interested in the sale of property in court.

Of the other interpretations of the liquidation value, I would also like to dwell on the following definitions:

1. According to State standard Russian Federation GOST R 51195.0.02-98 “Unified property valuation system. Terms and definitions liquidation value of property: the value of property in case of its forced sale.

2. In accordance with the Order of the Ministry of Economic Development of Russia dated July 20, 2007 No. 255 “On Approval of the Federal Security Service “Purpose of Valuation and Types of Value”, when determining the liquidation value of an enterprise, an estimated value is determined that reflects the most probable price at which this object of assessment can be alienated over the period exposure of the object of assessment, which is less than the typical exposure period for market conditions, in conditions where the seller is forced to make a transaction for the alienation of property. When determining the liquidation value, in contrast to determining the market value, the influence of extraordinary circumstances is taken into account, forcing the seller to sell the appraisal object on conditions that do not correspond to market ones.

As can be seen, neither definition speaks of salvage value as occurring exclusively in the case of a separate sale of property, although both standards also consider salvage value exclusively in the plane of a forced sale.

The liquidation value is divided into three types:

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

2. Forced salvage value. Assets are sold as quickly as possible, often at the same time and in the same auction.

3. The liquidation value of the termination of the existence of the assets of the enterprise (utilization). In this case, the assets of the enterprise are not sold, but written off and destroyed, and a new enterprise is being built in this place, giving a significant economic or social effect. In this case, the value of the enterprise is negative, since certain costs are required to liquidate the assets of the enterprise.

2. Typical cases of salvage value occurrence

Typical cases of salvage value occurrence are:

Liquidation of the enterprise;

Realization of collateral objects;

Accelerated sale of other property.

When an enterprise is liquidated, it becomes necessary to develop a clear schedule for the sale of property and the repayment of the enterprise's debt (moreover, situations are not uncommon when the total amount of income from the sale of property does not cover all debts). At the same time, the terms of exposure (pre-sale activities and the sale itself) are very limited due to the need for a fairly quick release from assets and repayment of debt. It is the question of available time that plays in this case a decisive role in the magnitude of value (ceteris paribus).

In turn, the duration time period determined by the conditions of each particular case of liquidation. At the same time, it must be borne in mind that the very decision to liquidate can be either voluntary (that is, there is a planned action) or forced. As a rule, the first case gives greater variability in decision-making and allows you to develop more effective plans for the liquidation of the enterprise.

Forced liquidation in the bankruptcy process is carried out when a decision is made to open bankruptcy proceedings based on the results of external management. The formed bankruptcy estate is subject to sale at an open auction (with rare exceptions provided for by the Federal Law “On Bankruptcy”). At the same time, the terms for the sale of property are extremely limited.

Thus, it is necessary to distinguish between voluntary and involuntary liquidation.

Realization of collateral objects in the context of this work is rather a hypothetical (disconnected from reality) concept. In this case, the determination of the liquidation value is necessary to justify the lower limit of the loan, which is secured by the pledged property, and we are not talking about the actual fact of the sale of the object. However, in order to provide a loan, the lender needs to know at what price it will be possible to sell the collateral in a short time if the loan is not repaid. This value in some sources of literature is called collateral. However, it can be argued that in its economic essence, it is also liquidation, since there are factors of limited time and forced sale.

The accelerated sale of other property due to the limited exposure time also makes it necessary to determine the liquidation value. At the same time, there are also several options for such implementation - either it is an initiative (voluntary) implementation, or forced (under duress), provided for by the current legislation.

So, in the process of enforcement proceedings, the property seized by a court decision is sold, and within a period not exceeding two months from the date of the seizure (Federal Law of July 21, 1997 No. 119-ФЗ “On Enforcement Proceedings”).

Thus, the liquidation value of the property is almost always lower than its market value. And this fact is negative for the seller of property and, of course, positive - for the buyer.

3. Factors that determine the difference between salvage value and market value

All factors underlying the liquidation value or accompanying it can be conditionally classified (Figure 1).

Rice. 1 Residual value factors

Objective factors are present in determining the salvage value in any situation. Their influence cannot be ignored, and, in fact, they practically do not depend on the state of affairs at a particular enterprise (with the exception of the general state of property). At the same time, everything objective factors mutually influence one another. So, for example, favorable market conditions can reduce the optimal exposure time, etc.

The most important factor influencing the differences in market and liquidation values ​​is the exposition period of the property. At the same time, the shorter the planned exposition period of the liquidated property compared to the optimal one, the stronger the possible cost is reduced.

Diagrams 1-3 show the ratio of the market and liquidation values ​​of real estate in Moscow in 1998-2000. (in %)

Diagram 1: Ratio of market value and salvage value of office buildings and premises, %

Diagram 2: Ratio of market value and liquidation value of the sale of commercial buildings and premises, %

Diagram 3: Ratio of market value and salvage value of the sale of warehouse and industrial buildings and premises, %

In fact, the period of exposure of property is a fundamental factor that significantly affects all other factors, both in the direction of strengthening their impact, and weakening. Obviously, with an increase in the planned exposure period, there are more real opportunities for using effective marketing activities, leveling negative impact short-term conjuncture-forming factors, etc.

The general investment attractiveness of an object is based on the individual characteristics of the property (functionality, physical condition) and has a direct impact on the level of consumer demand.

In the case under consideration (during the liquidation of the enterprise), specific factors are activated, which can be conditionally called “spin-off factors” (in principle, these factors are very close to the factor of investment attractiveness). The essence of these factors is that many objects of the property complex individually do not represent any value and in fact cannot be sold at a normal price, while these objects played a significant role within the liquidated enterprise. The impact of the analyzed aspect on the so-called intangible assets and, first of all, on business reputation firm (goodwill), which includes the value of personnel, relationships with suppliers, the smoothness of the business structure, etc. When a company is liquidated, it is not possible to realize this, sometimes one of the most valuable assets.

The absolute value of the market value of the object has an inverse effect on the level of liquidity - the higher the market value of the object, the less effective demand for it becomes due to a decrease in the number of potential buyers.

The factors of direct impact on the level of the cost of objects include the market situation during the liquidation period. The longer this period, the more opportunities the company has to analyze the situation on the market and choose the most optimal course of action in the circumstances. And vice versa, with a short exposure period and unfavorable market conditions, losses in the sale of objects will increase even more. And it is at least unreasonable to hope for a general rise in the market during the short period of liquidation of the company.

The effectiveness of marketing is also significantly complicated by the short duration of the period allotted for the relevant activities. However, it equally depends on the specific means used to increase the selling price of the object.

Another important objective factor is psychological aspect forced sale, which is expressed in a certain impact on the initiative of buyers. Moreover, the impact of this factor is also quite twofold - on the one hand, feeling that the seller is in initially unfavorable conditions, buyers begin to dump, but on the other hand, feeling competition with each other, they are afraid to lose the property being sold and are forced to compromise.

Subjective factors reflect the specifics of each particular enterprise. These factors are especially negative in enterprises with inefficient managers, which leads to significant difficulties during liquidation. Such factors include a whole system of phenomena. Thus, the inventory and evaluation of fixed assets of bankrupt enterprises is almost always hampered by the state of accounting registers, the lack of technical passports for equipment and BTI passports for real estate. This series continues with the lack of legal documents for the property, the complexity of accounting, the lack of employees who can provide the necessary explanations. All these facts lead to the fact that before drawing up a specific plan and determining the timing of liquidation, it is necessary in the full sense of the word to "rake" the property of the enterprise, to restore the chains of occurrence of certain obligations both on the part of the enterprise itself and its partners. This leads to a colossal complication of the liquidation process.

However, it would be wrong to think that the factors considered are always only negative. On the contrary, clear organizational structure and effective conscientious work of the enterprise's divisions can contribute to a significant acceleration of liquidation processes.

Indeed, instead of spending 3-6 months to identify the current state of the property of the enterprise in case of its ownerlessness, it would be better to use this period to increase the time for the sale of the property complex, which is very important.

4. Methods for assessing the liquidation value of an enterprise

The calculation of the liquidation value of the enterprise includes several main stages:

1. A number of statistical and accounting documents are analyzed, which include: accounting reports at the end of each quarter, statistical reports, interim liquidation balance sheet, inventory cards. Based on a comprehensive financial analysis, an expert conclusion is made on the sufficiency of funds to cover the debt.

2. The estimated mass of property is formed. The following groups of assets are considered separately:

The most liquid (current assets).

Less liquid (non-current assets).

3. The amount of the company's debt is formed.

4. A liquidation schedule is being developed. At the same time, it should be taken into account that the sale of various types of company assets (real estate, machinery and equipment, inventories) requires different time periods based on the degree of liquidity and the required level of exposure in the market.

5. Justify the amount of costs. The costs associated with the liquidation and the costs associated with the possession of assets before their sale are distinguished. The costs associated with liquidation primarily include commissions to valuation and law firms, as well as taxes and fees that are paid upon sale. The costs associated with owning assets prior to their sale include the costs of protecting facilities, management costs of maintaining the company's operations until the completion of its liquidation, etc.

6. The realizable property is appraised. Valuation of property to be sold is carried out using all valuation approaches. In practice, the most commonly used approach to property valuation is the comparative approach.

7. The discount rate is determined taking into account the planned implementation period. Moreover, the discount rate can be set for each type of asset being valued individually, taking into account liquidity (significant discounts for low liquidity) and the risk of a possible non-sale.

8. A schedule for the sale of property is built, on the basis of which the total proceeds from the sale of current, tangible and intangible assets are determined.

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

10. Based on the results of the sale, the accumulated amount of current debt for the period of liquidation (electricity, heating, etc.) is repaid.

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

At the same time, creditors' claims are satisfied in the order of priority established by Article 64 of the Civil Code of the Russian Federation, in accordance with which the distribution of property of each next priority is carried out after the complete distribution of the property of the previous priority.

11. The final action is the assessment of the liquidation value attributable to the share of owners (shareholders). Federal Law No. 208-FZ of December 26, 1995 “On Joint Stock Companies” (as amended on June 13, 1996) provides for a clear procedure for distributing the remaining amounts.

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

The development of a calendar schedule for the liquidation of the assets of the enterprise is carried out in order to maximize, as far as possible, the proceeds from the sale of assets to pay off the debt owed to the enterprise.

As a rule, it is assumed that the business of the enterprise is terminated and only the process of liquidation of the enterprise is carried out. Liquidation large enterprise takes about two years.

Calculation of the current value of assets is carried out using the method of accumulation of assets, using the balance sheet data of the enterprise on the date of assessment (or on the last reporting date). Checking and adjusting the balance sheet accounts are carried out simultaneously with the inventory of the enterprise's property on the date of assessment. The inventory of the property of the enterprise is carried out in accordance with the methodological guidelines for the inventory of property and financial obligations. Simultaneously with the inventory of the enterprise's property, the market value of the land plot on which it is located and the current value of other assets are calculated.

Adjustment of the current value of assets. When calculating the liquidation value of the enterprise, it is necessary to take into account and subtract from the value of assets the costs associated with their liquidation. These are administrative costs for maintaining the operation of the enterprise until the completion of its liquidation, commission payments, necessary taxes and fees, severance payments and payments, transportation costs for sold assets, etc. Proceeds from the sale of assets sum of money, net of associated costs, is discounted to the valuation date at an increased discount rate that takes into account the risk associated with the sale and the timing of the cash flow.

After adjusting the balance sheet asset items, it is necessary to adjust the balance sheet liability in terms of long-term and current debt. Particular attention should be paid to the settlement of preferred shares, tax payments, as well as the so-called contingent liabilities, which often arise as a result of ongoing or potential litigation. It is possible that in the course of the analysis of accounts payable it will be possible to negotiate on changing the conditions for repaying the company's debts.

With the cost (property) approach to business valuation, the value of the enterprise is considered, taking into account the costs incurred. The balance sheet value of the assets and liabilities of the enterprise due to inflation, changes in market conditions, accounting methods used, as a rule, does not correspond to the market value. As a result, the task of adjusting the balance sheet of the enterprise arises. To do this, the fair market value of each asset of the balance sheet is first assessed separately, then the current value of the liabilities is determined, and finally, the current value of all its liabilities is deducted from the fair market value of the total assets of the enterprise. The result shows the estimated value equity enterprises.

The basic formula in the costly property approach is the following formula:

Equity = Assets - Liabilities.

This approach is represented by two main methods: net assets and salvage value.

net asset method

The net asset method is applied in the following cases: the company has significant tangible assets; the company is expected to continue to be a going concern.

The net asset value indicator is introduced by part one Civil Code RF to assess the degree of liquidity of organizations.

Net assets is a value determined by subtracting from the amount of assets joint-stock company accepted for calculation, the amount of its obligations accepted for calculation.

The assessment using the net asset methodology is based on the analysis financial reporting. She is an indicator financial condition enterprise on the date of assessment, the actual value of net profit, financial risk and market value of tangible and intangible assets.

The calculation by the net asset method includes several stages:

• 1) the reasonable market value of the real estate of the enterprise is determined;
• 2) the market value of machinery and equipment is estimated;
• 3) the cost of intangible assets is calculated;
• 4) estimated market value financial investments(both long-term and short-term);
• 5) inventories are translated into current value;
• 6) deferred expenses are estimated;
• 7) accounts receivable are estimated;
• 8) the company's liabilities are translated into the current value;
• 9) the cost of equity capital is determined by subtracting the current value of all liabilities from the fair market value of the sum of assets.

Salvage value method

The liquidation value is assessed in the following cases: the company is in a state of bankruptcy, or there are serious doubts about its ability to remain a going concern; The value of a company in liquidation may be higher than in continuing operations.

liquidation Value represents the value that the owner of the enterprise can receive in the liquidation of the enterprise and the separate sale of its assets.

The calculation of the liquidation value of the enterprise includes several main stages:

• 1) a calendar schedule for the liquidation of assets is being developed, since the sale of various types of assets of the enterprise (real estate, machinery and equipment, inventory) is carried out during different time periods;
• 2) the gross proceeds from the liquidation of assets are determined;
• 3) the estimated value of assets is reduced by the amount of direct costs (commissions to legal and appraisal companies, taxes and fees). Taking into account the asset liquidation calendar schedule, 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 this sale;
• 4) the liquidation value of the assets is reduced by the costs associated with the possession of assets prior to their sale, including the costs of maintaining stocks of finished products and work in progress, maintaining equipment, machinery, mechanisms, real estate, as well as management costs to maintain the operation of the enterprise until its completion liquidation;
• 5) the operating profit (loss) of the liquidation period is added (subtracted);
• 6) pre-emptive rights to satisfy severance benefits and payments to employees, creditors' claims for obligations secured by a pledge of property of the liquidated enterprise, debts for mandatory payments to the budget and extra-budgetary funds, settlements with other creditors are deducted.

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