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Economic Analysis Lecture 1
LectureThe subject of economic analysis may be the economy of objects from the country as a whole and to a separate workplace. Most often, the subject of such an analysis is the economy of a separate enterprise, the firm that is considered in the interaction
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DocumentThe economic analysis of economic activities in the conditions of a market economy more and more acquires the nature of the system analysis. When conducting systemic analysis, there are usually six steps.
Economic Analysis Analysis of Production and Product Sales Lecture 6
LectureAnalysis of enterprises begins with the study of production and growth rates. The main task of the enterprise is the most complete ensuring the supply of population with high-quality products.
Economic analysis of the production and economic activity of the enterprise plays an important role in ensuring improvement of production efficiency
abstractThe economic analysis of the production and economic activity of the enterprise plays an important role in ensuring an increase in production efficiency. It is a significant component of economic management methods.
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DocumentThe economic approach to the analysis of criminal behavior is based on the premise of rational behavior of people committing crimes. In an implicit form, this approach is already present in the works of the classics of the political theory of the new time
"Economic analysis of the state and use of fixed assets"
DocumentFixed assets are an integral part of any enterprise and in their aggregate form a production and technical base, an empty of the efficiency of the use of which the important indicators of the enterprise depend on
Comparative analytical balance
Analysis of the financial condition of the organization begins with a comparative analytical balance. At the same time, the most important characteristics are identified:
The total value of the property of the organization;
The cost of immobilized and mobile means;
The magnitude of its own and borrowed funds of the organization, etc.
Evaluation of these comparative analytical balance is, in fact, a preliminary analysis of a financial condition, which makes it possible to judge the payment, creditworthiness and financial sustainability of the organization, the nature of the use of financial resources
| Name of the indicator | The code strings |
01.01.2011 | 01.01.2012 | 01.01.2013 | 01.01.2014 | 01.01.2015 | Deviation 01.01.2015 from 01.01.2011 |
|
1. Immobilized assets |
- |
1.1. Intangible assets |
1110+..+1140 | 5905 | 5897 | 5967 | 5877 | 5076 | -829 |
|
1.2. Fixed assets |
1150 | 324515 | 314515 | 324515 | 314415 | 284433 | -40082 |
1.3. Long-term financial investments |
1160+1170 | 8636 | 6065 | 21576 | 3842 | 176392 | 167756 |
|
1.4. Others |
1180+1190 | 154148 | 181097 | 187141 | 173237 | 190524 | 36376 |
Total to section 1 |
1100 | 493204 | 507574 | 539199 | 497371 | 656425 | 163221 |
|
2. Current assets |
- |
2.1. Stocks |
1210+1220 | 905479 | 890123 | 896164 | 924500 | 1016399 | 110920 |
|
2.2. Receivables |
1230 | 879066 | 944505 | 569852 | 340691 | 426937 | -452129 |
2.4. Short-term financial investments |
1240 | 99552 | 130254 | 131252 | 152612 | 8231 | -91321 |
|
2.5. Cash |
1250 | 58236 | 88965 | 98563 | 104238 | 368828 | 310592 |
2.6. Others |
1260 | 578 | 7041 | 8875 | 7219 | 14580 | 14002 |
|
TOTAL in section 2 |
1200 | 1942911 | 2060888 | 1704706 | 1529260 | 1834975 | -107936 |
Property, total |
1600 | 2436115 | 2568462 | 2243905 | 2026631 | 2491400 | 55285 |
|
3. Own capital |
- |
3.1. Authorized capital |
1310-1320 | 46754 | 46754 | 46754 | 46754 | 48156 | 1402 |
|
3.2. Extra capital |
1340+1350 | 367685 | 397785 | 498785 | 579738 | 608013 | 240328 |
3.3. Reserve capital |
1360 | 2338 | 2338 | 2338 | 2338 | 2338 | 0 |
|
3.4. Profit Loss) |
1370 | 307822 | 382458 | 312458 | 242903 | 839853 | 532031 |
TOTAL in section 3 |
1300 | 724599 | 829335 | 860335 | 871733 | 1498360 | 773761 |
|
4. Long-term liabilities |
- |
4.1. Borrowed funds |
1410 | ||||
|
4.2. Other borrowed funds |
1420+..+1450 | 20170 | 20170 | 20170 | 20170 | 20933 | 763 |
TOTAL in section 4 |
1400 | 20170 | 20170 | 20170 | 20170 | 20933 | 763 |
|
5. Short-term liabilities |
- |
5.1. Loans and credits |
1510 | 687754 | 785754 | 289370 | 289370 | -687754 |
|
5.2. Accounts payable |
1520 | 948616 | 848616 | 965252 | 809613 | 907014 | -41602 |
5.3. revenue of the future periods |
1530 | 2589 | 2540 | 1732 | 1692 | 2289 | -300 |
|
5.4. Reserves of upcoming expenses and under conditional obligations |
1540 | 44682 | 74682 | 98682 | 28682 | 56550 | 11868 |
5.5. Others |
1550 | 7705 | 7365 | 8364 | 5371 | 6254 | -1451 |
|
TOTAL in section 5 |
1500 | 1691346 | 1718957 | 1363400 | 1134728 | 972107 | -719239 |
Borrowed capital, total |
1400+1500 | 1711516 | 1739127 | 1383570 | 1154898 | 993040 | -718476 |
|
Sources of property, total |
1700 | 2436115 | 2568462 | 2243905 | 2026631 | 2491400 | 55285 |
Own working capital |
1300-1100 | 231395 | 321761 | 321136 | 374362 | 841935 | 610540 |
The cost of intangible assets for the period under study decreased by 829 thousand rubles. and amounted to 5076 thousand rubles. The largest decrease in intangible assets was observed in the period from 01/01/2014 to 01.01.2015, while the smallest value for the entire period of the NMA Cost reached 01/01/2015 and amounted to 5076 thousand rubles.
The cost of fixed assets for the studied period decreased by 40082 thousand rubles. and amounted to 284433 thousand rubles. A significant disposal of fixed assets occurred from 01/01/2014 to 01.01.2015, when the value of the property decreased by 29982 thousand rubles. and amounted to 284433 thousand rubles. The smallest value is 284433 thousand rubles. The cost of fixed assets reached 01/01/2015.
Revenue investments in material values \u200b\u200bdecreased by 206 thousand rubles. and amounted to 579 thousand rubles.
In the period 01.01.2011 to 01.01.2015, an increase of 167962 thousand rubles occurred. or at 95.53% of long-term financial investments.
The cost of other non-current assets for the period from 01/01/2011 to 01.01.2015 increased by 29,616 thousand rubles. and amounted to 179201 thousand rubles.
The cost of reserves for the studied period increased by 109421 thousand rubles. and amounted to 1014646 thousand rubles. A significant increase in stock price occurred from 01/01/2014 to 01.01.2015, when their cost increased by 90322 thousand rubles.
Debit debt in the analyzed period decreased. A noticeable decline in Summa -374653 thousand rubles. It happened from 01/01/2012 to 01.01.2013. The level of receivables in the composition of current assets amounted to as of 01/01/2011 - 45.24%, and as of 01/01/2015 - 23.27%
At the beginning of the studied period, receivables are critical (exceeds 25-27% of current assets). Thus, for the period from 01/01/2011 to 01.01.2015, the current assets of the enterprise due to reduction of receivables decreased by 452129 thousand rubles.
In the structure of the balance sheet of Arsenal (example) both at the beginning and at the end of the period there are short-term financial investments. During the analyzed period, their level decreased by 91321 thousand rubles.
The amount of free funds in the enterprise for the period from 01/01/2011 to 01.01.2015 increased by 310592 thousand rubles. and amounted to 368828 thousand rubles.
The analysis of liabilities is carried out in order to identify intravenous reserves to ensure the restoration of solvency, identifying obligations that may be challenged or discontinued, identifying the possibility of restructuring the timing of the fulfillment of obligations.
 |
As can be seen from the above diagram, the balance sheet of the balance as of 01/01/2015 consists of capital and reserves, long-term obligations, short-term obligations. At the same time, its own capital is 60.14% of the total value of the sources of property of the organization, long-term liabilities are at a level of 0.84% \u200b\u200bof the value of the property, the share of short-term liabilities is 39.02%.
At the end of the analyzed period, additional capital, the reserve capital, retained earnings, is allocated as part of the equity capital.
The level of additional capital increased by 240328 thousand rubles. and amounted to 608013 thousand rubles. Also in the structure of the balance sheet there is a reserve capital in the amount of 2338 thousand rubles. Both at the beginning and at the end of the studied period in the balance sheet of the enterprise there are retained earnings. At the same time, its level increased by 532031 thousand rubles. and amounted to 839853 thousand rubles.
Long-term obligations, reaching its maximum in the amount of 20933 thousand rubles. By 01.01.2015, by the end of the period, they increase by the end of the period compared with the level of 01.01.2011 by 763 thousand rubles. and amounted to 20933 thousand rubles. or 96.36% of the initial level. In the structure of long-term liabilities, deferred tax liabilities are present at the beginning of the period. At the end of the period, long-term liabilities consist of deferred tax liabilities.
On the line 1510 of the balance (short-term borrowed obligations) - the amount of borrowed funds as of January 1, 2015 decreased by the Regulation on 01/01/2011 by 687754 thousand rubles. and amounted to 0 thousand rubles.
The amount of payables as of January 1, 2015 decreased compared with the Regulation on 01/01/2011 by 41602 thousand rubles. and amounted to 907014 thousand rubles. A significant reduction in accounts payable at -155639 thousand rubles. It happened from 01/01/2013 to 01.01.2014. There is a high proportion of payable debt. As of 01/01/2011, its amount is 38.94% of the total value of the property of the enterprise, and as of January 1, 2015 - 36.41%.
In the structure of the liabilities of the balance, as of the end of the study period, there are also deferred tax liabilities, reserves of upcoming expenses, other short-term liabilities.
The ratio of receivables and payables in the period under study has not changed. At the same time, as of 01/01/2011, accounts payable exceeds receivables by 7.9%, and as of 01/01/2015, at 112.4%.
Increase assets at -719239 thousand rubles. accompanied by a simultaneous decrease in enterprise's obligations by 718476 thousand rubles. Since solvency depends on the coating of the enterprise's obligations to its assets, it can be argued that due to the fact that the assets of the organization have increased, the ratio of current liabilities to current assets has changed and led to a significant improvement in solvency.
Analysis of the dynamics of indicators
Horizontal The analysis is carried out using two types of indicators:
- absolute indicators of speakers;
- Relative speakers.
Analysis of the dynamics of indicators
Modern requirements for analysis require not just a horizontal analysis according to data taken over different periods of time, but its conduct in nominal and real values.
Cutting into comparable
To estimate the dynamics of indicators in value terms, additional adjustments must be made, that is, lead the figures in comparable view.
The simplest adjustment option is based on the use of the index. IT. characterizing the change in the time value of money for the period of time t. who passed between Moments of Time t0 and T1. .
Implementation of adjustments is possible two methods depending on the indicator of which period - x1 or x0. - will be recalculated.
preceding Period B. pricing prices Period.
Recalculation of the prior period
Accordingly, this result of the recalculation shows the level of the indicator reporting Period B. prior prices Period.
Assessment of dynamics for comparable indicators
After bringing indicators to a comparable form to calculate the absolute speaker indicator, the following schemes are used:
Analysis of the dynamics of indicators
Calculation of the index for recalculation of indicators
If there is an index for any time period t IT. In this case, there are no problems with the recalculation of indicators and their conjugate view.
However, if for some reason this index notthen it is necessary additionally Calculate in accordance with any algorithm.
In most cases, if we are talking about economic calculations, then either the calculation option according to the scheme is used. "compound interest"or used chain indices.
The procedure for calculating complex interest
The procedure for calculating complex interest
The procedure for calculating complex interest
The procedure for calculating complex interest
Compound interest
Complicated interest - calculation techniques
Indexing taking into account the changing interest rate
Problems of evaluation of the dynamics of indicators - Data frequency 1 quarter
Problems of evaluation of the dynamics of indicators - Data frequency 1 quarter
Does the activities of your organization affect the activities of your organization a different temporal duration of periods?
Trend analysis
Trend analysis
Trend Analysis - Result
Trend analysis
Functional analysis
Use of probability theory when forecasting
Use of probability theory when evaluating the speaker
Vertical analysis
Directions of vertical analysis
Coefficient Analysis of the Asset Balance
To immobilization \u003d VA / WB,
where VA is the cost of non-current assets;
WB - the value of the balance currency.
This indicator shows which part of the company's funds was invested in fixed assets. Enterprises in various industries, various sizes, the value of this indicator will be different.
When analyzing, it is advisable to estimate the dynamics of this indicator. At the same time, the main thing is that the dynamics of this coefficient did not have sharp oscillations. It can be both positive, that is, the proportion of non-current assets in the composition of the property may increase, and maybe negative, that is, the proportion of non-current assets can decrease. But there should be no sharp oscillations. In case of their presence, this will mean that the enterprise has not yet decided on its own investment Politician, did not formed the main directions of the application of free financial resources.
Vertical analysis of balance
To mobility \u003d OA / WB
where OA is the cost of current assets;
WB - the value of the balance currency.
This indicator complements the value of the immobilization coefficient. That is the arithmetic amount to Immob. And to Mob. Gives 1.
This indicator shows which part of the company's funds was invested in current assets.
The low value of this indicator is bye do not testify The fact that the enterprise is a branch and management of current assets should not be paid to much attention.
This type of property is characterized by high turnover, that is, during the reporting period, the composition of current assets in the enterprise can updated several times, while the composition of fixed assets and other non-current assets is less constant.
Vertical analysis of balance
To them. . come \u003d (C and M + OS + NP) / Balance Currency
This indicator has a standard that most authors are given ≥0.5.
The name of this indicator is sufficiently conditionally. After all, for example, without cash, the production process is also impossible. And receivables also in the end ensures the company's inflow company. Moreover, receivables can be represented by the debt of suppliers in advance issued, that is, in fact, this debt will be reached by the materials, fixed assets or other property, that is, partly by the assets that are used in production and participate in the calculation of the coefficient.
Vertical analysis of balance
To real. Stand. Imus. \u003d Market value of property / WB
The main disadvantage of this coefficient is that it cannot be calculated on the balance sheet and in general according to the financial statements.
The market value of the property can be assessed only by expert. And the expert route sometimes leads to a significant overestimate or understatement of the value of the company's assets. Accordingly, inaccurate is the value of the very indicator.
This indicator can be supplemented with such an indicator as - the cost ratio of the company.
Vertical analysis of balance
To stand. Firms \u003d Balance Cost / Balance Currency
In most cases, this indicator will differ from the real value of the property, since the cost "Ready business", usually, abovethan just the arithmetic amount of the value of individual types of enterprise property.
The meaning of both these indicators should be >1 . Otherwise, this indicates an impairment of the company's assets. The cost ratio of the company must be greater than the coefficient of real value of the property. Otherwise, it will say that the enterprise, according to experts or subjects that make demand for this organization, does not effectively use the available property and it is advisable to send it to another industry, that is, to change the scope of the business.
Vertical analysis of balance
Specific gravity Doubtful and undesirable articles of the asset in the balance currency.
To dubious articles of the balance of the balance, it is advisable to attribute the following lines:
- Debt of founders on deposits in share capital;
- VAT on purchased assets;
Dubious receivables (if it is highlighted in a separate article);
Deferred tax assets;
Other current assets;
This provision is due to the fact that despite the fact that each of these articles is shown in the assets of the balance, that is, in a certain sense, the property of the enterprise, their presence in an economic entity undesirable.
Analysis of the effectiveness of the use of property
The meaning of all indicators that characterize the efficiency of the use of property:
it is necessary to compare the cost of assets of the enterprise Co with a value of any indicator characterizing the results of financial and economic activities. The two main indicators characterizing the efficiency of using assets are:
Active Return \u003d Profit / WB
This indicator can be calculated based on various types of profits, as well as based on various estimates of the value of the property;
Resistance report \u003d Sales / WB
Changing any relative indicator
All possible options for changing the efficiency of assets use:
1) R assets With P and WB (balance currency grows slower than profit);
2) R assets ↓ at P and WB (balance currency grows faster than profits);
3) R assets at p ↓ and WB ↓ (balance currency decreases faster than profit);
4) R assets ↓ for p ↓ and WB ↓ (balance sheet currency decreases slower than profit);
To independence (autonomy) \u003d SK / WB
where SC - own capital;
WB - balance currency.
As a guideline (standard) of this indicator, various authors offer different meanings. For example, O.V. Efimova ≥0,5 .
However, in enterprises with a high level of turnover, for enterprises based on the activities of which lies the attraction of borrowed capital, the share of equity can be much lower.
This is due to the fact that if the enterprise can not It is rational to use borrowed capital, that is, due to its use, funds will not be formed to repay the loans attracted and loans, the enterprise will at least be able to repay loans and loans at the expense of equity funds (although it is unlikely to continue operation.
Evaluation of own and borrowed capital
To financial dependence \u003d ZK / WB
where ZK is borrowed capital;
WB - balance currency.
Regulator (landmark) for this indicator, respectively, is
Analysis of sources of property formation
To sustainable finance. \u003d (SK + DP) / WB
This coefficient shows which part of the sources of property formation will remain from the enterprise for a sufficiently long period. This coefficient is complemented by the short-term financing coefficient, which is calculated by the formula:
To the short. Finance. \u003d KP / WB
The greater the value of the coefficient of sustainable financing, the more stable are the sources of the formation of the property of the enterprise. If the proportion of short-term liabilities is increasing, then the enterprise is addressed to the conditions of the external environment.
Group Assets Balance
To estimate the liquidity of the balance of its asset and the liability group in a special way. The means in the assets are grouped in descending order of liquidity:
A1.. The most liquid assets.
This group includes short-term financial investments and cash funds.
Group A2.
Traditionally, in the second group, descending the degree of liquidity of the enterprise property includes Receivables Debt with maturity up to 12. months and balance sheet other current assets.
To clarify the degree of liquidity of assets, it is necessary:
A) determine what an article includes other current assets;
B) to analyze the composition of short-term receivables and reveal objects in its composition with lower The degree of liquidity rather than receivables in general.
Adjustment of the group A2.
The amount of receivables will fall into this group, the repayment of which is expected and after 1 day, and after 30 days, and after 364 days. The liquidity of such assets varies very much. So, for example, on receivables with a maturity of up to 3 months it is possible to apply β1 \u003d 1.. On receivables with a maturity of more than 3 months, but less than 6 months β2 \u003d 0.8.. Receivables with a maturity of more than six months, but less than 9 months should be taken to calculate the coefficient β3 \u003d 0.6. Finally, the rest of the receivables must be adjusted to the coefficient β4 \u003d 0.4. At the same time, we note that all the amounts that remained not included in the relevant group AN.must be included in the group Ан + 1..
A2 adjustment
Imagine a group A1 in a formalized form:
A1 \u003d ds + α * kfv
Then, the A2 group can be calculated as follows:
A2 \u003d β1 * kdz1 + β2 * kdz2 + β3 * kdz3 + β4 * kdz4 + (1-α) * kfv
Naturally, all those sums of short-term receivables that were not included in the A2 group should be included in the following group of property liquidity - A3 group.
Group A3.
A3 group adjustment
Group A4.
The A4 group is all the remaining article I section of the balance of the balance of the balance, that is, non-current assets. The name of this group is difficult to assets. However, "difficulties" are not simply connected here with the implementation of the fact of sale of these objects, but with difficulty in continuing the activities after this implementation.
Naturally, continuing the adjustment of the group A3, from the I section of the balance sheet should exclude the part of the long-term financial investments, which entered the A3 property group.
Passive is grouping depending on the maturity of obligations and have in order of increasing time. Group P1 includes the most urgent obligations of the enterprise. It is traditionally included by payables, calculations for dividends, other short-term liabilities. This group of liability is also advisable to take into account taking into account adjustments similar to the adjustments of receivables, that is, to consider short-term liabilities for repayment periods within a period of 12 months and apply the appropriate corrective coefficients γN.similar to coefficients βN..
Group P2. called short-term liabilities. It includes short-term loans and short-term loans that are shown in the V section of the accounting balance. Here it is necessary to note that in many respects the P2 group has similar features with a group of P1. The main difference is that, unlike loans and loans, most accounts payable (unless otherwise provided by the contract), should be repaid as soon as possible, while the loan period can be 11 months, but they will still be short-term.
Group P3. called long-term liabilities. It includes long-term loans and long-term loans that are shown in the IV section of the accounting balance. This is perhaps the only group of the entire aggregated balance, which can be accepted for analysis in the original form, that is, without adjustments. The exceptions are cases provided for by PBU 15, when the organization leaves long-term loans in the balance sheet in the same IV section, even if it remains to pay for less than 12 months.
The P4 group is the constant (sustainable) liabilities. It includes all articles of the III section of the balance sheet of the balance (own capital) + article revenues of future periods and reserves of upcoming expenses. Although recently a discussion is very actively actively under the inclusion of two specified articles in their own capital. In addition, a rather controversial is the situation with the article "Targeted Financing and Adventions".
In most sources of literature, only one variant of the ratio of the groups An ↔ Pn is given. At the same time, the balance is considered absolutely liquid if the following relations are performed:
A1\u003e \u003d p1
A2\u003e \u003d p2
A3\u003e \u003d p3
These comparisons should not be confused with the solvency of the enterprise, since, as will be shown below, most of the authors offer to use the value of 0.2 as a rating of the absolute liquidity ratio. Rather, it may indicate whether it is necessary to turn into money to turn out other assets to cover obligations or do not do this.
Characteristics of various ratios of assets and liabilities
Thus, depending on the number of conditions performed, the degree of liquidity balance may be 4-H.levels:
1. Absolute;
2. Normal;
3. Unstable;
4. Crisis.
The coefficient of the total liquidity of the balance
For a comprehensive assessment of the balance of balance, you can use the overall liquidity indicator, which is determined by the formula:
Caliability ratios of solvency
Assessment of medium-term solvency
Financial Sustainability Matrix
Relative indicators of financial stability
Rating assessment of financial stability
Integral assessment of financial stability
Integral assessment of financial stability
Integral assessment of financial stability
Turnover indicators
Object rates - average annual cost
Analysis of turning. Cash turnover
Calculation of some indicators of turnover
Customization of receivables - adjustment
Modern requirements for the results of analyzing the financial condition of the enterprise by a wide range of external users are forced to look for new sources of financial data in addition to accountability, which has long been sufficient to form an information base of financial analysis.
Information for financial analysis
The most complete definition of the concept of financial analysis is given in the "financial and credit encyclopedic dictionary" (ed. A.G. Mudnova): Financial analysis - a set of methods for determining the property and financial position of the economic entity in the past period, as well as its ability to close and long-term perspective.Information for analyzing the financial condition of the enterprise, according to the issued textbooks, benefits, and is official accounting (financial) reporting of the organization. Only in very rare cases, some author decided to recommend the data of the primary accounting and specifically indicated the sources and methods of calculation, the use of them in the analysis.
It is determining the most effective ways to achieve profitability of the enterprise, the main tasks is the analysis of profitability and risk assessment of the company.
Allows the analyst to understand the competitive position of the organization at the current time. The public reporting of commercial organizations contains a lot of numbers, the ability to read this information allows analysts to know how efficiently and efficiently their company and competitors work.
The coefficients allow you to see the relationship between profit from sales and expenses, between the main assets and liabilities. There are many types, usually used to analyze the five main aspects of the company's activities: liquidity, ratios of own and borrowed funds, turnover of assets, profitability and market value.
Figure 1. Structure of financial indicators
Analysis of coefficients and indicators is a tool that provides an idea of \u200b\u200bthe financial condition of the organization, its competitive advantages and development prospects.
1. Performance analysis. This group of indicators allows you to analyze the change in productivity in terms of net profit, the use of capital and carry out control over the level of costs. Financial coefficients allow you to analyze the financial liquidity and stability of the enterprise through the effective use of the system of assets and liabilities.
2. Evaluation of market business trends. Analyzing the dynamics of financial indicators and coefficients for the period a few years, it is possible to examine the effectiveness of trends in the context of an existing business strategy.
3. Analysis of alternative business strategies. By changing the indicators of coefficients in a business plan to analyze alternative development options.
4. N. obill with the progress of the company. Choosing an optimal business strategy, company managers, continuing to learn and analyze the main current coefficients, can see the deviation from the planned indicators of the development strategy being implemented.
The analysis of coefficients is to study the relationship between two or more indicators characterizing the financial activities of the Organization. An excellent picture of the results of analytics can be seen in dynamics for several years, and additionally comparing company performance indicators with average industry indicators.
It is worth noting that this is not a crystal ball in which you can see everything that happened and what will happen. This is just a convenient way to summarize a large amount of financial data and compare the results of various enterprises. By themselves, financial coefficients help the management of the company focus on the weak and strengths of the company's activities, correctly formulate questions to which these factors rarely answer.
It is important to understand that the financial analysis does not end with the calculation of financial indicators and coefficients, it only begins when the analyst conducted their full calculation.
The real utility of the calculated coefficients is determined by the tasks. First of all, the coefficients make it possible to see changes in the financial position or production activities, help determine the trends and structure of the planned changes; What helps leadership to see the threats and the possibility of inherent in this enterprise.
Financial reports of the company are about the company not only for analysts, but also for the management of the enterprise and a wide range of external users. Users of information on financial coefficients for effective coefficient analysis is important to know the main characteristics of the main financial reports and the concept of analyzing indicators. However, when conducting financial analysis, it is important to understand: the main thing - not calculating indicators, and the ability to interpret the results obtained.
Analyzing financial indicators should always be borne in mind that the assessment of the performance results is made on the basis of these past periods, and on this basis may be incorrect extrapolation of the future development of digging.
The system of financial indicators and coefficients
The total number of financial coefficients that can be applied to analyze the activities of a commercial organization is about two hundred. As a rule, only a small number of financial indicators and, accordingly, the main conclusions that are based on them can be made.
When analyzing, the financial indicators are customary to divide into groups, most often, on groups that reflect the interests of certain stakeholders. The main groups of such persons include: owners, enterprise management, lenders. It is important to understand that division conditional and indicators for each group can be used by various stakeholders.
Analysis of financial indicators assumes at least three stages:
Stage 1. Selection of necessary indicators, to illuminate a specific part of the financial position of the organization, such as solvency.
Stage 2. Development of financial indicators, quantitatively expressing the analysis of the organization's financial position, for example, a total solvency coefficient.
3 stage. Evaluation of numerical values \u200b\u200bof indicators (coefficients).
To control economic entities and creating guidelines for making management decisions, such values \u200b\u200bare normalized. The specifics of these norms are established as a result of the addition of a plurality of factors, including administrative interests, accused of experience, common sense, etc. Their purpose is to serve as an objective evaluation criteria, as well as peculiar beacons when establishing and retaining in a given direction of economic development. However, it seems that effective benchmarks should be more flexible, taking into account relevant differences in regions, types of activities of economic entities, etc.
Alternatively, it is possible to streamline and analyze financial indicators by groups characterizing the main properties of the company: liquidity and solvency; management efficiency; Profitability (profitability) of activity.
The separation of financial indicators on groups characterizing the peculiarities of the enterprise is shown in the following figure.
Figure 2. Company financial indicators structure
Consider a few more detailed groups of financial indicators.
Indicators of operating costs: An analysis of operating costs allows us to consider the relative dynamics of the share of different types of costs in the structure of the aggregate costs of the enterprise and is a supplement. These indicators allow us to find out the reason for changing the company's profitability indicators.
Effective Asset Management Indicators: These indicators allow you to determine how effective the management of the company's assets entrusted to him by the owners of the company. Balance can be judged on the nature of the assets used by the Company. It is important to remember that these indicators are quite approximate, because In the balances of most companies, a variety of assets acquired at different times are indicated at the initial cost. Consequently, the carrying value of such assets often has nothing to do with their market value, this condition is still exacerbated in conditions of inflation and with increasing the cost of such assets.
Another distortion of the current situation may be associated with diversification of activities when specific activities require attracting a certain amount of assets to obtain a relatively equal amount of profits. Therefore, when analyzing, it is desirable to strive for the separation of financial indicators for certain types of activities of the company or by types of products.
Liquidity indicators: These indicators allow us to evaluate the companies on short-term debts. The essence of these indicators is to compare the magnitude of the current debt of the company and its working capital, which will ensure the repayment of these debts.
Profitability indicators (profitability): Allow you to evaluate the effectiveness of the management of its assets by the company's management. The efficiency of work is determined by the ratio of net profit, determined in various ways, with the amount of assets used to receive this profits. It is formed depending on the effects of effectiveness research. Following the objectives of the analysis, the components of the indicator are formed: the amount of profit (net, operating, profit before the payment of the tax) and the value of the asset or capital, which form this profits.
Indicators of capital structure: With these indicators, it is possible to analyze the degree of the Company in connection with the use of borrowed financial resources. With an increase in the share of borrowed capital, the risk of bankruptcy increases, because The volume of liabilities is increasing. This group of coefficients are primarily interested in existing and potential creditors of the company. Management and owners are evaluated by the company as a continuously operating business object, lenders have a duel approach. On the one hand, lenders are interested in financing the activities of a successfully working company, the development of which will meet expectations; On the other hand, lenders are assessed how weighty will the requirement for debt compensation, if the company will experience significant difficulties in returning a long-term loan.
A separate group form financial indicators characterizing the possibility of a debt service company at the expense of funds received from current operations.
A positive or negative impact increases in proportion to the amount of borrowed capital used by the company. The risk of the lender increases together with the growth risk of owners.
Debt service indicators: Financial analysis is based on balance data, which is an accounting form reflecting the company's financial condition at a certain point in time. No matter what the coefficient of the describing capital structure was not considered, the analysis of the share of borrowed capital, in fact, remains statistical and does not take into account the dynamics of the company's operating activities and changes in its economic value. Therefore, debt service indicators do not provide a complete idea of \u200b\u200bthe company's solvency, but only show the company's opportunity to pay interest and the amount of the principal debt in the agreed period.
Market indicators: These are one of the most interesting for owners of companies and potential investors. In the joint-stock company of the owner - the shares holder - interests the profitability of the company. This refers to the profit obtained through the efforts of the company's management, funds invested by the owners. Owners are interested in the impact of the company's performance on the market value of their shares, especially freely on the market. They are interested in the distribution of profits belonging to them: what its share is re-investing in the company, and which part is paid to them as dividends.
Financial assessment - This is a comprehensive assessment of the company's financial activities. The main purpose of it is to obtain a small number of key indicators that give an accurate and objective picture of the company's activities. The financial assessment indicators are very important, which provide information on the profits and losses of the enterprise, the structure of assets and liabilities, on the status of receivables and payables. It is very important to obtain information not only about the company's current activities, but also to predict the results for the near future, that is, to calculate the parameters of the financial condition for the future.
Functions of financial analysis
1) An objective and timely assessment of the financial condition of the institution.
2) the establishment of the "weak" parties of the financial condition and identifying the causes of their formation. "
3) Financial assessment of the results achieved and the reasons for the achieved indicators.
4) Development and justification of management decisions on the company's financial activities.
5) Detection and use of reserves for improving the financial condition of the company, improving the efficiency and profitability of production.
6) Forecasting possible financial results for various resource use options.
Financial assessment of the enterprise: the main methods of it
1) temporary (horizontal) analysis.
Its essence is to compare each article of the financial report with the previous period. Several analytical tables are built for horizontal analysis, which indicates the data of the enterprise balance and relative growth rates or decline in percentage terms.
2) Structural (vertical) analysis.
Determination of the structure of enterprise finance indicators with identifying the influence of each value to the final result as a whole. This financial assessment of the organization allows you to determine the share of a separate balance sheet in a general result. The obligatory element of this type of analysis is the dynamic ranks of these values. With their help, you can track and predict structural changes in the balance of the balance, determine the sources of their coating.
Data two types of analysis complement each other. In practice, the economist leads analytical tables that characterize the structure of the balance sheet and the dynamics of individual financial indicators.
3) Trend analysis.
Comparison of each reporting indicator with previous periods and determining the trend, that is, the trends of changes in this result, purified from the random effect of the characteristics of individual periods. On the basis of the trend, an assessment of the financial condition of the enterprise for future periods is carried out, a forecast analysis of all indicators is carried out.
4) Analysis of relative coefficients.
Calculation of accountability relationships, identifying the relationship between the obtained indicators.
5) Spatial (comparative) analysis.
Analysis of individual indicators of subsidiaries, divisions, departments, comparing them with data from competitors who have similar general economic results.
6) factor analysis.
Determination of the influence of individual factors on the final indicator. This type of analysis may be direct - crushing the effective indicator into components or reverse - the combination of its individual elements into one final indicator.
General assessment of the financial condition of the enterprise
This type of analysis is carried out to determine the overall characteristics of the company's financial indicators, their dynamics and changes for. This type of analysis is carried out on the basis of information that is contained in the balance sheet. To carry out it uses one of the following ways:
- analysis on balance sheet items without prior change of their composition;
- evaluation based on the construction of a compacted analytical balance, by combining some similar components of the balance elements.
The assessment of the company's financial condition directly by its balance is a complex, time-consuming, but ineffective process. Most of the results obtained do not allow to determine the trends that have occurred in the financial condition of the enterprise.
Mandatory elements of the financial analysis of the company's performance are:
- analysis of the change of each result for the reporting period;
- analysis of the structure of indicators and the reasons for their change;
- identifying the dynamics of changes in financial results for several settlement periods;
- determination of the reasons for changes in the profit of the enterprise their quantitative assessment.
Analysis of the liquidity of the balance is a comparison of funds in the asset, which are grouped by liquidity to the degree of liquidity and are arranged in its desire, with obligations in the balance sheet, which are sorted by the deadline for their implementation and are arranged in the process of increasing the term of repayment.
The company's high solvency is evidenced by the timely payment of wages, carrying out settlements with creditors, payment of bank loans. When analyzing solvency for a month, a growing outcome, since the beginning of the year, it is necessary to compare all the balances and their receipts (funds from the sale of products, securities, fixed assets). For these purposes, the enterprise develop a payment calendar.
Evaluation of the financial sustainability of the enterprise
Evaluation of the financial sustainability of the enterprise is the most important element of financial analysis. When determining the liquidity of the company's balance sheet, the state of liabilities with assets is compared. This indicator gives realistic to evaluate whether without any problems pay off their debts before different counterparties. This element of financial analysis is very important. This makes it possible to answer the question - what degree of dependence on the company from its creditors, it increases or decreases whether the state of liabilities and assets meet the main tasks of the company's financial and economic activities. With the help of indicators that make it possible to evaluate the independence of each individual balance sheet, it is possible to determine how financially this enterprise is.
The financial sustainability of the company is the state of its financial resources, the distribution and their use, which guarantees the development of the enterprise based on the profit and capital in the maintenance of its creditworthiness and solvency in conditions of moderate risk. That is why the financial sustainability of the firm is formed in the process of its production and economic activities. These are the most important indicator of its activities.
Financial analysis to a specific date allows you to answer the question - how properly the company managed its financial resources during the estimated period preceded by the reporting date. Thus, financial stability is an effective formation, distribution and use of financial assets. The solvency is only its external manifestation.
Analysis of financial stability is carried out on the basis of a balance formula that allows you to determine the balance of all liabilities and an asset of the enterprise balance.
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