17

Kirkham Volume 10, Issue 1 (2012)
Journal of New Business Ideas & Trends

2012, 10(1), pp. 1-13.
http://www.jnbit.org
Liquidity Analysis Using Cash Flow Ratios and

Traditional Ratios: The Telecommunications
Sector in Australia
Ross Kirkham
School of Business
Faculty of Arts & Business
University of the Sunshine Coast, Queensland, Australia
Email:rkirkham@usc.edu.au
Abstract
Purpose - The purpose of this study is to examine the value in analysis of the liquidity of
companies using the traditional ratios as compared to the more recently devised cash flow
ratios.
Design/methodology/approach The research involved the comparison between the
traditional ratios and cash flow ratios of twenty five companies in the same industry over
a five year period. The companies were all from the telecommunications sector and the
data was obtained from the FinAnalysis database. The ratios examined were the current
ratio, quick ratio, interest coverage ratio the cash flow ratio, critical needs cash
coverage ratio, and cash interest coverage ratio.
Findings The study revealed that differences existed between the traditional liquidity
ratios and the cash flow ratios. A conclusion based solely on the traditional ratios could
well have lead to an incorrect decision regarding the liquidity of a number of companie. In
ceratin instances that may have been that a company was deemed to be liquid when it
faced cah flow problems or that a company was not liquid when in fact it had sufficient
cash flow resources.
Research limitations/implications The results support the proposition that
analysis based on the traditional liquidity ratios is best compared against the cash flow
ratios before reaching any conclusions regarding the financial liquidity position.
Keywords: Liquidity ratios, cash flow ratios, financial statement analysis.
JNBIT Vol.10, Iss.1 (2012)
Introduction
The global financial crisis has reignited the concern over the liquidity of businesses
in general, banks in particular and more importantly countries. Of the various methods for
monitoring liquidity of businesses the most common has been the use of financial ratios.
Traditionally the current ratio and the quick (acid test) ratio were used to analyses the short
term liquidity of a business. However, these ratios relied exclusively on the values derived
from the Statement of Financial Position, also known as the Balance Sheet, and were not
always reliable due to the vagaries of accounting measurement of the values of assets and
accrual accounting. In order to overcome the problems associated with accrual accounting
and to provide a more specific focus on the cash position of a business the Australian
accounting profession introduced the Statement of Cash Flows. This resolved the lack of
detail concerning cash flow and also provided for the creation of a new set of ratios which
could be used to analyse the liquidity of a business.
Since the introduction of the Statement of Cash Flows a number of ratios have
been developed and their use can best be described as evolving. Certainly a limited number
of these new cash flow ratios have been included in first year accounting text books.
However, their use and value in terms of the analysis process has received very limited
attention. In deed little has been done to incorporate these into any of the existing models
that are used for predicting business failure. The literature contains minimal research where
such ratios have been included in an effort to broaden the model or address the limitations
that had been associated with the dependence on the values contained in the Statement of
Financial Position.
The telecommunications sector has undergone a number of changes as a result of the
emergence of new technologies the demand to keep pace with these changes has in turn
meant that firms have had to invest heavily in order to remain competitive (Berg, 2004). In
the case of the Australian telecommunications sector there have been a number of
siginificant developments that have emphasised the need for vigilance over the cash flow of
firms. The sector has been involved in major upgrades to infrastructure and increased
competition from both international firms and more recently new technology linked to the
internet (More & McGrath, 1999). The impact of these changes has placed a greater emphasis
on the need for working capital and liquidity. The collapse of OneTel was a prime example
of a firm that failed to pay sufficient attention to its liquidity and in particular its cash flow
(Anderson & Davis,2009). Thus the telecommunications sector provides an ideal area for
examining the relevance of the cash flow ratios against the traditional ratios.
This paper seeks to address the gap in the literature by demonstrating the usefulness
of the cash flow ratios as a means of clarifying the findings of the traditional liquidity ratios.
To that end the paper is concerned with only the short-term liquidity ratios and their place
in the analysis process.
Literature review
The current ratio and the quick ratio rely on the values identified as current assets
and current liabilities in the Statement of Financial Position. The current ratio is simply
determined by dividing the total current assets by the total current liabilities to arrive at a
ratio between the two amounts. The quick ratio provides a more narrow focus and is
concerned with only those items otherwise included in the total current assets such as cash,
marketable securities, and accounts receivable. This reduced amount is divided by the total
current liabilities to provide a ratio between the two amounts. The analysis in very simple
terms relies on the ratio being an indicator of the ability to pay for every dollar that is
currently liable. Industry benchmarks are considered to be a valuable guide to the analysis
process however, where these are not available a rule of thumb is generally used. As part of
this resaerch an industry standard on an annual basis will be calculated and included for
analysis purposes.
There are a number of ratios which also assist in the process of evaluating the
liquidity position of a business. The most common are the accounts receivable turnover
ratio, the inventory turnover ratio and the interest coverage (or interest earned) ratio. For
the purpose of this paper the interest coverage ratio is used as a comparative cash flow ratio
exists.
From the Statement of Cash Flows there a number of ratios which may be
juxtaposed to the traditional ratios in order to obtain a comparative perspective. For the
purpose of this paper the focus will be on the ratios that are most comparable with regards
to the short term liquidity analysis and they are specifically, the cash flow ratio, critical
needs cash coverage ratio, and cash interest coverage ratio. These ratios share some
attributes which are similar to the traditional ratios and have thus been given names that
indicate their similarity.The details of the ratios are presented in Table 1.
Table 1: Comparison of Ratios
Traditional Ratios
Formula
Ratio
Current
ratio

Quick
ratio
(Acidtest)
Interest
Coverage
Ratio
Cash Flow Ratios

Formula
Cash Flow
ratio
Critical
needs
cash
coverage
Cash
Interest
Coverage
There exists a well established literature on the nature and interpretation of the
various ratios and as such it is not the intention of this paper to provide an indepth
discussion as to the interpretation of each and every ratio1. Rather the focus of the paper is
on providing a basis by which the traditional ratios may be compared against the ratios
eminating from the statement of cash flows.
Research method
The method used in this study is based upon the approaches employed in prior
research (Bell, 2001; Rahmatian & Cockerill, 2004). The research involved the comparison
between the ratios of companies in the same industry over a five year period. The data for
the five year period were obtained from the FinAnalysis database. There were thrity seven
(37) firms in the data set, however eleven (12) were excluded as they did not have data for all
the years being examined, the number of firms in the study are therefore 25. The names of
the remaining twenty five firms in the final data set are provided in Table 2.
Most accounting text books provide a valuable source for interpretation of traditional and some cash flow
ratios see for example Hogett et al (2011) and Horgren et al. (2011). There are also text books which
specifically address financial ratios see for example Gibson (2009) and Laing (1996).
Table 2: List of Telecommunication Companies

Abbreviation
Name
AMM
Amcom Telecommunications Limited
BGL
Bigair Group Limited
BRO
Broad Investments Limited
EFT
Eftel Limited
ENG
Engin Limited
FRE
Freshtel Holdings Limited
HTA
Hutchison Telecommunications (Australia) Limited
IIN
iiNET Limited
IPX
Intrapower Limited
MAQ
Macquarie Telecom Group Limited
MNF
My Net Fone Limited
MNZ
Mnet Group Limited
MTU
M2 Telecommunications Group Limited
NBS
Nexbis Limited
NWT
Newsat Limited
QUE
Queste Communications Limited
REF
Reverse Corp Limited
SDL-NZ
Solution Dynamics Limited
SGT
Singapore Telecommunications Limited
TEL-NZ
Telecom Corporation of New Zealand Limited
TLS
Telstra Corporation Limited
TPC
Tel. Pacific Limited
TPM
TPG Telecom Limited
TTK-NZ
TeamTalk Limited
VOC
Vocus Communications Limited
Results
The ratios are presented on a company by company basis given that there are five
years worth of ratios. The comparative analysis is concerned with identifying trends and
indications of differences between the traditional ratios and the cash flow ratios.
AMM - Amcom Telecommunications Limited
Current Ratio
Cash Flow Ratio
Quick Ratio
Critical needs coverage
Interest Cover
Cash interest coverage
2007
0.6
0.59
0.54
0.57
34.99
30.93
2008
1.04
1.29
0.96
1.19
13.53
17.06
2009
1.06
0.96
1
0.88
11.43
12.69
2010
1.27
0.95
1.21
0.88
32.7
15.77
2011
3.45
1.17
3.38
1.10
23.81
20.34
Comment Whilst the traditional ratios and the cash flow ratios were intially
very close the differences become apparent in 2011. Note that the cash flow ratios show a
weaker short term liquidity position.
BGL - Bigair Group Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.24
0.17
1.22
0.17
12.79
66.03
2008
1.17
0.04
1.16
0.04
28.26
2009
1.74
1.37
1.74
1.37
14.73
2010
1.4
1.47
1.4
1.47
2011
0.91
1.12
0.91
1.12
39.73
531.24
Comment In this company the cash flow ratios show a better liquidity position
than is indicated by the traditional ratios.
BRO - Broad Investments Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
4.21
1.32
4.21
1.27
216.56
34.94
2008
0.86
0.03
0.6
0.03
23.23
47.78
2009
1.07
0.05
0.65
0.05
411.9
38.27
2010
1.65
0.33
1.65
0.32
8.56
14.63
2011
1.16
0.27
1.16
0.27
7.79
19,339
Comment In this company the cash flow ratios show a weaker liquidity position
than is indicated by the traditional ratios.
EFT - Eftel Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
0.59
0.18
0.59
0.17
98.5
17.88
2008
0.49
0.15
0.49
0.15
10.66
11.85
2009
0.48
0.04
0.48
0.04
8.14
2.49
2010
0.42
0.05
0.42
0.05
2.61
1.12
2011
0.54
0.04
0.54
0.04
24.31
than is indicated by the traditional ratios. Noteably the trend indicates that the cash flow
position was deteriorating.
ENG - Engin Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.94
1.42
1.84
1.39
26.56
57.66
2008
1.61
2.62
1.48
2.32
28.76
19.22
2009
1.35
0.29
1.31
0.29
43.27
13.71
2010
1.64
0.18
1.58
0.18
18.88
23.81
2011
than is indicated by the traditional ratios. Althought the trend is clearly that the liquidity
was improving.
FRE - Freshtel Holdings Limited
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
11.31
3.95
11.19
3.92
10.93
562.00
2008
5.7
3.09
5.59
3.07
11.41
707.88
2009
3
5.50
3
5.47
43.74
1,422.99
2010
2.37
7.28
2.36
6.67
421.86
84.51
2011
0.65
1.83
0.63
1.71
85.74
37.93
position was however improving.
HTA - Hutchison Telecommunications (Australia) Limited
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
0.6
0.05
0.46
0.04
0.8
0.98
2008
0.32
0.24
0.29
0.23
0.72
5.48
2009
0.23
1.47
0.23
1.46
3.04
1,102.39
2010
0.04
0.00
0.04
0.00
1.87
3.42
2011
0.03
0.01
0.03
0.01
16.56
14.18
position was however improving.
IIN - iiNET Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.04
0.52
1.03
0.48
16.77
7.99
2008
0.5
0.76
0.49
0.74
366.06
43.51
2009
0.57
0.60
0.56
0.58
18.36
25.82
2010
0.48
0.65
0.47
0.64
18.63
31.35
2011
0.56
0.91
0.52
0.84
9.35
13.49
Comment In this company the cash flow ratios show a stronger liquidity
position than is indicated by the traditional ratios. Noteably the trend indicates that the
cash flow position was improving in contrast to the traditional ratios which reflect an
decrease over the period.
IPX - Intrapower Limited

2007
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2008
1.02
0.24
1.01
0.21
4.99
2.68
2009
1.17
0.45
1.15
0.36
4.74
3.95
2010
1.3
0.63
1.28
0.53
1.66
4.68
2011
0.93
0.40
0.91
0.34
0.5
3.26
than is indicated by the traditional ratios. Noteably the trend for both the traditional
ratios and the cash flow ratios indicate a decline over the period.
MAQ - Macquarie Telecom Group Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.26
0.31
0.9
0.30
44.1
15.08
2008
1.24
0.42
1.24
0.41
5.39
24.26
2009
1.49
0.65
1.49
0.65
11.63
69.53
2010
1.93
0.72
1.93
0.71
6.9
155.79
2011
1.75
0.97
1.75
0.97
7.17
2,555.39
than is indicated by the traditional ratios. However the interest coverage is noteably
stronger in the cash interest covergae ratio over the period.
MNF - My Net Fone Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
0.73
0.84
0.73
0.84
74.89
141.87
2008
0.4
0.26
0.4
0.26
59.78
72.95
2009
0.49
0.11
0.49
0.11
6.39
26.39
2010
0.69
0.25
0.69
0.25
26.41
44.76
2011
0.86
0.34
0.86
0.33
11.02
62.84
than is indicated by the traditional ratios. However the interest coverage provides a
different perspective with a reverse situation between the cash interest covergae ratio and
the interst covergae ratio over the period.
MNZ - Mnet Group Limited
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
4.47
0.00
4.47
0.00
2008
1.49
0.08
1.49
0.08
20.75
1.25
2009
1.45
0.26
1.45
0.26
14.54
33.71
2010
1.2
0.37
1.2
0.37
31.24
84.12
2011
1.8
0.53
1.8
0.52
35.58
93.82
MTU - M2 Telecommunications Group Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
0.9
0.28
0.9
0.28
15.86
302.20
2008
1.06
0.26
1.05
0.26
94.66
28.97
2009
0.84
0.11
0.81
0.11
23.86
16.51
2010
1.18
0.20
1.18
0.19
13.17
9.55
2011
0.88
0.47
0.87
0.46
52.34
24.67
than is indicated by the traditional ratios. Noteably the trend in the cash flow ratios
indicates an improvement over the period.
NBS - Nexbis Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
2.44
0.30
2.44
0.30
32.59
156.71
2008
1.39
2.05
1.39
1.91
101.98
34.55
2009
9.81
2.25
9.81
1.98
393.7
21.45
2010
0.82
1.72
0.82
1.47
1,238.35
13.87
2011
5.15
7.73
5.15
4.00
56.77
5.06
NWT - Newsat Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
0.67
0.56
0.59
0.45
2.61
2.06
2008
0.73
0.67
0.64
0.65
117.52
26.65
2009
0.76
0.00
0.69
0.00
8.61
0.09
2010
1.06
0.21
0.97
0.21
0.68
2,151.00
2011
1.12
0.07
1.07
0.07
3.91
50.39
ratios and the cash flow ratios indicate an improvement over the period.
QUE - Queste Communications Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
10.54
1.57
10.28
1.57
62.37
751.10
2008
31.68
0.72
31.45
0.71
12.74
12.36
2009
10.32
0.42
9.61
0.42
24.64
176.29
2010
27.78
0.50
26.35
0.49
0.56
24.17
2011
14.83
1.54
13.22
1.52
41.26
162.90
than is indicated by the traditional ratios. Noteably the trend in the cash flow ratios
indicates a decline over the period.
REF - Reverse Corp Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.78
2.34
1.77
2.32
140.16
417.64
2008
1.55
2.89
1.54
2.84
99.83
266.77
2009
0.75
1.56
0.75
1.52
280.51
111.16
2010
1.1
2.02
1.1
1.92
40.31
52.97
2011
1.78
0.96
1.77
0.96
140.16
position than is indicated by the traditional ratios. Noteably the trend in the cash flow
ratios indicates a decline over the period.
SDL-NZ - Solution Dynamics Limited
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
0.61
0.14
0.58
0.12
2.09
2.63
2008
0.55
0.30
0.51
0.27
0.03
4.08
2009
0.72
0.06
0.67
0.05
0.48
0.26
2010
0.67
0.17
0.62
0.16
0.1
3.75
2011
0.79
0.24
0.76
0.23
2.29
5.69
ratios and the cash flow ratios indicate a decline over the period. Further, the interest
coverage provides a different perspective with the cash interest covergae ratio indicating a
better situation than the interst covergae ratio over the period.
SGT - Singapore Telecommunications Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.16
1.25
1.14
1.12
13.63
12.68
2008
0.7
0.95
0.68
0.89
14.22
15.73
2009
0.74
1.01
0.71
0.95
14.09
16.25
2010
0.75
0.78
0.7
0.74
15.53
17.49
2011
0.77
0.71
0.73
0.68
14.16
17.26
Comment In this company the cash flow ratios show a slightly stronger
liquidity position than is indicated by the traditional ratios. Noteably the ratios are closely
approximated over the period.
10
TEL-NZ - Telecom Corporation of New Zealand Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.94
1.04
1.89
0.88
5.14
7.19
2008
0.81
0.74
0.79
0.66
7.41
7.55
2009
0.8
1.05
0.74
0.90
4.23
7.45
2010
0.79
1.24
0.75
1.09
4.07
9.68
2011
0.67
0.75
0.64
0.68
4.12
8.24
TLS - Telstra Corporation Limited
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
0.57
0.90
0.53
0.81
5.32
8.86
2008
0.68
1.09
0.64
0.95
5.73
8.96
2009
0.8
1.16
0.77
1.03
7.29
11.01
2010
0.83
1.12
0.79
1.00
6.75
10.59
2011
0.87
0.94
0.84
0.82
5.02
7.55
TPC - Tel. Pacific Limited

2007
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2008
1.14
0.29
1.13
0.29
3.19
2009
1.17
0.10
1.15
0.10
3.46
2010
1.04
0.10
1.03
0.10
2.71
12,443.60
2011
0.93
0.20
0.88
0.20
8.04
14,364.39
ratios and the cash flow ratios indicate a decline over the period. Further, the interest
coverage provides a different perspective with the cash interest covergae ratio indicating a
better situation than the interst covergae ratio initially and then taking a steep decline in
2011.
11
TPM - TPG Telecom Limited

Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.75
0.28
1.72
0.26
3.67
6.51
2008
0.78
0.12
0.77
0.11
5.99
5.02
2009
0.51
1.02
0.51
0.94
3.94
14.94
2010
0.25
0.75
0.25
0.70
6.89
12.54
2011
0.27
0.79
0.27
0.70
5.14
7.54
TTK-NZ - TeamTalk Limited
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
1.07
1.65
1.01
1.25
4.26
7.11
2008
0.77
0.96
0.69
0.76
3.49
5.47
2009
0.61
1.04
0.54
0.84
3.69
5.53
2010
0.56
0.93
0.49
0.83
5.07
9.41
2011
0.54
0.87
0.46
0.77
6.1
8.83
VOC - Vocus Communications Limited
Current Ratio
Cash Flow Ratio
Quick Ratio
Interest Cover
2007
42.63
0.88
42.63
0.88
1.34
2008
32.29
0.58
32.29
0.58
0.47
2009
57.98
0.22
57.98
0.22
0.39
2010
1.08
0.38
1.08
0.37
16.27
17.20
2011
0.92
0.76
0.92
0.74
405.23
39.50
position than is indicated by the traditional ratios.
Discussion
This study provides evidence of the importance of using the cash flow ratios as a
means of testing the validity of the conclusions that can be made from analysis of traditional
liquidity ratios alone. There were examples of companies that had seemingly good
traditional ratios and yet the cash flow ratios projected a different perspective. In contrast
12
there were also companies that had seemingly poor traditional ratios and the cash flow
ratios provided a better perspective.
The analysis highlights the usefulness of the cash flow ratios in conducting an
investigation of the financial statements of companies. The ratios used in this study
represent but a few of the cash flow ratios that exist and were selected for the purpose of
making the comparison between the traitional ratios more explicit. Further research may
benefit from the provision of a greater number of cash flow ratios as compared to a wider
variety of traditional ratios.
The implications of this study are that in essence the determination of cash flow
ratios provides a more wholistic approach to the analysis of the liquidity position of
companies and in doing so becomes a means for making better decisions based on the data.
For the purpose of the evaluation of financial data the cash flow ratios provide a valuable
means by which to justify or question the relevance of the outcomes of traditional ratios.
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Kirkham Volume 10, Issue 1 (2012)

Journal of New Business Ideas & Trends

Liquidity Analysis Using Cash Flow Ratios and

JNBIT Vol.10, Iss.1 (2012)

Kirkham Volume 10, Issue 1 (2012)

Kirkham Volume 10, Issue 1 (2012)

Cash Flow Ratios

Kirkham Volume 10, Issue 1 (2012)

Table 2: List of Telecommunication Companies

Amcom Telecommunications Limited

Bigair Group Limited

Broad Investments Limited

Freshtel Holdings Limited

Hutchison Telecommunications (Australia) Limited

Macquarie Telecom Group Limited

My Net Fone Limited

Mnet Group Limited

M2 Telecommunications Group Limited

Queste Communications Limited

Reverse Corp Limited

Solution Dynamics Limited

Singapore Telecommunications Limited

Telecom Corporation of New Zealand Limited

Telstra Corporation Limited

Tel. Pacific Limited

TPG Telecom Limited

Vocus Communications Limited

Kirkham Volume 10, Issue 1 (2012)

BGL - Bigair Group Limited

BRO - Broad Investments Limited

EFT - Eftel Limited

JNBIT Vol.10, Iss.1 (2012)

Kirkham Volume 10, Issue 1 (2012)

ENG - Engin Limited

JNBIT Vol.10, Iss.1 (2012)

Kirkham Volume 10, Issue 1 (2012)

IIN - iiNET Limited

IPX - Intrapower Limited

MAQ - Macquarie Telecom Group Limited

JNBIT Vol.10, Iss.1 (2012)

Kirkham Volume 10, Issue 1 (2012)

MNF - My Net Fone Limited

MTU - M2 Telecommunications Group Limited

JNBIT Vol.10, Iss.1 (2012)

Kirkham Volume 10, Issue 1 (2012)

NBS - Nexbis Limited

NWT - Newsat Limited

QUE - Queste Communications Limited

JNBIT Vol.10, Iss.1 (2012)

Kirkham Volume 10, Issue 1 (2012)

REF - Reverse Corp Limited

SGT - Singapore Telecommunications Limited

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Kirkham Volume 10, Issue 1 (2012)

TEL-NZ - Telecom Corporation of New Zealand Limited

TPC - Tel. Pacific Limited

JNBIT Vol.10, Iss.1 (2012)

Kirkham Volume 10, Issue 1 (2012)

TPM - TPG Telecom Limited

Kirkham Volume 10, Issue 1 (2012)

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