Liquidity plan

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The liquidity plan ( English cash forecast ) is part of the financial planning in companies , which compares all expected payments and payments within a defined planning period . Liquidity planning is the implementation of the liquidity plan.

General

As part of corporate planning, the liquidity plan is part of the short-term financial planning that deals with operational planning . The Cash Management sets the liquidity planning for the operation. The planning horizon extends generally from one day to twelve months, so still relatively high probability of planning data are available. The task of the liquidity plan is to classify the various incoming and outgoing payments in a timely manner, to identify possible liquidity risks at an early stage and to eliminate them through suitable countermeasures. The liquidity plan is a typical example of rolling planning , in which the plans are continuously updated and adjusted.

content

The planning objects are all expected payments and payments ( cash flow ), their amount and the probable time of their posting. The starting point is an income and expenditure plan. Other sub-plans that affect income or expenditure, such as the investment plan and the capital requirement plan, also flow into the liquidity plan . So-called liquidity spectra are taken into account; These are procedures for deriving future payments and payments from upstream operating processes:

  • In terms of income, incoming orders are used as an early indicator for subsequent sales,
  • In terms of expenditure, the orders ( material ) serve as an early indicator for future expenditure.

The liquidity plan does not start with the invoicing , but takes its origin into account - incoming orders or orders. 

    Umsatzerlöse
    + Veräußerungserlöse aus dem Verkauf von Anlage- und Umlaufvermögen
    + sonstige Einnahmen (Zinsertrag, Provisionen)
    + Einnahmen aus Eigenkapital- und/oder Fremdkapitalerhöhungen
    = Einnahmen
    - Ausgaben für Löhne und Gehälter
    - Anschaffungskosten für Material und andere Vermögensgegenstände
    - sonstige Ausgaben (Zinsaufwand, Tilgung, Versicherungsprämien, Steuern, Dividenden)
    = Liquiditätsüberschuss / Liquiditätsdefizit

Depreciation is not taken into account in liquidity planning because it has no effect on expenditure. In contrast, equity and / or debt capital increases have an impact on income - and are therefore relevant to planning . Possible liquidity shortfalls must permanently accessible credit lines and facilities (binding loan commitments ) at banks be collected ( bank overdrafts , stand-by loans ) to a financing risk to be avoided. The result of the liquidity plan is the expected level of cash at the end of the planning period.

Credit institutions

There are particularly strict rules for the liquidity-sensitive sector of credit institutions. According to Section 11 (1) of the KWG , credit institutions must invest their funds in such a way that sufficient willingness to pay is guaranteed at all times. The Liquidity Regulation (LiqV), which has been in force in all EU member states since January 2007, has implemented this general standard with specific requirements. According to this, the liquidity of an institution is considered sufficient if the liquidity ratio to be determined does not fall below the value one ( Section 2 (1) LiqV). Since January 2014, the Capital Adequacy Ordinance (CRR) has required that institutions “must have liquid assets , the total value of which covers liquidity outflows minus liquidity inflows under stressed conditions, in order to ensure that they have adequate liquidity buffers to deal with a possible imbalance between liquidity inflows and outflows under considerable stress conditions for 30 days "(Art. 412 para. 1 CRR). Art. 413 CRR created the legal prerequisites for stable refinancing , according to which banks have had to comply with two key figures, the liquidity coverage ratio (LCR) and the structural liquidity ratio (NSFR), since October 2015, with increasing compliance until 2018 . Compliance with these strict regulations in banking operations can only be guaranteed through a detailed treasury system.

aims

The aim of the liquidity plan is to maintain liquidity at all times by taking precautionary measures in good time. Thus the liquidity planning any bends corporate crises before passing through insolvency for bankruptcy may result.

literature

Individual evidence

  1. ↑ Horst-Thilo Beyer (Ed.), Lexikon der Betriebswirtschaft , 1971, p. 249 f.
  2. ↑ Fitz Neske (Ed.), Management-Lexikon , Volume II, 1985, p. 743 f.
  3. ↑ Definition: liquidity plan . In: Gabler Wirtschaftslexikon . ( gabler.de [accessed June 1, 2018]).