Financial analysis at the enterprise is needed for an objective assessment of the economic and financial condition in the periods of past, present and predicted future activities. To identify weak production areas, hotbeds of problems, to identify strong factors that management can rely on, the main financial indicators are calculated.

An objective assessment of the company's position in terms of economy and finances is based on financial ratios, which are a manifestation of the ratio of individual accounting data. The purpose of financial analysis is to solve a selected set of analytical tasks, that is, a specific analysis of all primary sources of accounting, management and economic reporting.

The main objectives of economic and financial analysis

If the analysis of the main financial indicators of the enterprise is considered as revealing the true state of affairs in the enterprise, then the results are answers to the following questions:

• the company's ability to invest in investing in new projects;
• the present course of affairs in relation to tangible and other assets and liabilities;
• the state of loans and the ability of the enterprise to repay them;
• the existence of reserves to prevent bankruptcy;
• identification of prospects for further financial activities;
• valuation of the enterprise in terms of cost for sale or conversion;
• tracking the dynamic growth or decline of economic or financial activities;
• identifying the causes that negatively affect the results of management and finding ways out of the situation;
• consideration and comparison of income and expenses, identification of net and total profit from sales;
• study of the dynamics of income for the main goods and in general from the entire sale;
• determination of the part of income used for reimbursement of costs, taxes and interest;
• study of the reason for the deviation of the amount of balance sheet profit from the amount of income from sales;
• study of profitability and reserves for its increase;
• determination of the degree of conformity of own funds, assets, liabilities of the enterprise and the amount of borrowed capital.

Stakeholders

The analysis of the main financial indicators of the company is carried out with the participation of various economic representatives of departments interested in obtaining the most reliable information about the affairs of the enterprise:

• internal entities include shareholders, managers, founders, audit or liquidation commissions;
• external are represented by creditors, audit offices, investors and employees of state bodies.

Financial Analysis Capabilities

The initiators of the analysis of the work of the enterprise are not only its representatives, but also employees of other organizations interested in determining the actual creditworthiness and the possibility of investment in the development of new projects. For example, bank auditors are interested in the liquidity of a firm's assets or its ability to this moment to pay the bills. Legal and individuals Those wishing to invest in the development fund of this enterprise are trying to understand the degree of profitability and the risks of the contribution. Evaluation of key financial indicators using special technique predicts the bankruptcy of an institution or speaks of its stable development.

Internal and external financial analysis

Financial analysis is part of the overall economic analysis of the enterprise and, accordingly, part of a complete business audit. Complete Analysis subdivided into on-farm managerial and external financial audit. This division is due to two practically established systems in accounting - managerial and financial accounting. The division is recognized as conditional, since in practice external and internal analysis complement each other with information and are logically interconnected. There are two main differences between them:

• by accessibility and breadth of the information field used;
• degree of application of analytical methods and procedures.

An internal analysis of the main financial indicators is carried out to obtain generalized information within the enterprise, determine the results of the last reporting period, identify free resources for reconstruction or re-equipment, etc. To obtain the results, all available indicators are used, which are also applicable in the study by external analysts.

External financial analysis is performed by independent auditors, outside analysts who do not have access to the firm's internal results and performance. Methods of external audit suggest some limitation of the information field. Regardless of the type of audit, its methods and methods are always the same. Common in external and internal analysis is the derivation, generalization and detailed study of financial ratios. These basic financial indicators of the company's activities provide answers to all questions regarding the work and prosperity of the institution.

Four main indicators of financial condition

The main requirement for the break-even functioning of an enterprise in the conditions of market relations is economic and other activities that ensure profitability and profitability. Economic activities are aimed at reimbursement of expenses by the income received, making a profit to meet the economic and social needs of the members of the team and the material interests of the owner. There are many indicators to characterize activities, in particular, they include gross income, turnover, profitability, profit, costs, taxes and other characteristics. For all types of enterprises, the main financial indicators of the organization's activities are identified:

• financial stability;
• liquidity;
• profitability;
• business activity.

Indicator of financial stability

This indicator characterizes the ratio of the organization's own funds and borrowed capital, in particular, how much borrowed funds per 1 ruble of money invested in tangible assets. If such an indicator in the calculation turns out to be more than 0.7, then the financial position of the company is unstable, the activity of the enterprise to some extent depends on the attraction of external borrowed funds.

Liquidity characteristic

This parameter indicates the main financial indicators of the company and characterizes the sufficiency current assets organizations to pay off their own short-term debts. It is calculated as the ratio of the value of current current assets to the value of current passive liabilities. The liquidity indicator indicates the possibility of converting the assets and values ​​of the company into cash capital and shows the degree of mobility of such a transformation. The liquidity of the enterprise is determined by two angles:

• the period of time required to turn current assets into money;
• the ability to sell assets at a specified price.

To identify the true indicator of liquidity, the enterprise takes into account the dynamics of the indicator, which allows not only to determine the financial strength of the company or its insolvency, but also to identify the critical state of the organization's finances. Sometimes the liquidity ratio is low due to the increased demand for the industry's products. Such an organization is quite liquid and has a high degree of solvency, since its capital consists of cash and short-term loans. The dynamics of the main financial indicators shows that the situation looks worse if the organization has working capital only in the form a large number stored products in the form of current assets. To convert them into capital, certain time for sale and the presence of a buyer base.

The main financial indicators of the enterprise, which include liquidity, show the state of solvency. The firm's current assets should be sufficient to repay current short-term loans. In the best position, these values ​​are approximately at the same level. If the enterprise has working capital much more in value than short-term loans, then this indicates an inefficient investment of money by the enterprise in current assets. If the amount of working capital is lower than the cost of short-term loans, this indicates the imminent bankruptcy of the company.

As a special case, there is an indicator of fast current liquidity. It is expressed in the ability to repay short-term liabilities at the expense of the liquid part of the assets, which is calculated as the difference between the entire current part and short-term liabilities. International Standards determine the optimal level of the coefficient in the range of 0.7-0.8. The presence of a sufficient number of liquid assets or net working capital in the enterprise attracts creditors and investors to invest in the development of the enterprise.

Profitability indicator

The main financial performance indicators of the organization include the value of profitability, which determines the effectiveness of the use of the funds of the company's owners and, in general, shows how profitable the work of the enterprise is. The value of profitability is the main criterion for determining the level of the exchange quotation. To calculate the indicator, the amount of net profit is divided by the amount average profit from the sale of the firm's net assets for the selected period. The indicator reveals how much net profit each unit of the sold product brought.

The generated income ratio is used to compare the income of the target enterprise, compared with the same indicator of another company operating under a different taxation system. The calculation of the main financial indicators of this group provides for the ratio of the profit received before taxes and due interest to the assets of the enterprise. As a result, information appears about how much profit was brought by each monetary unit invested for work in the company's assets.

Business activity indicator

It characterizes how much finance is obtained from the sale of each monetary unit of a certain type of asset and shows the turnover rate of the financial and material resources of the organization. For the calculation, the ratio of net profit for the selected period to the average cost of costs in material terms, money and short-term securities is taken.

There is no standard limit for this indicator, but managerial forces firms tend to accelerate turnover. Constant use in economic activity loans from the outside indicates an insufficient flow of finance as a result of sales, which do not cover production costs. If the amount of turnover assets on the organization's balance sheet is overstated, this results in the payment of additional taxes and interest on bank loans, which leads to a loss of profit. A low number of active funds leads to delays in the implementation of the production plan and the loss of profitable commercial projects.

For an objective visual examination of economic activity indicators, special tables are compiled that show the main financial indicators. The table contains the main characteristics of work for all parameters of financial analysis:

• inventory turnover ratio;
• the indicator of the turnover of accounts receivable of the company in the time period;
• value of return on assets;
• resource return indicator.

Inventory turnover ratio

Shows the ratio of revenue from the sale of goods to the amount in monetary terms of stocks at the enterprise. The value characterizes the rate of sale of material and commodity resources classified as a warehouse. An increase in the coefficient indicates the strengthening of the financial position of the organization. The positive dynamics of the indicator is especially important in the context of large accounts payable.

Accounts receivable turnover ratio

This ratio is not considered as the main financial indicators, but is an important characteristic. It shows the average time period in which the company expects payment after the sale of goods. The ratio of receivables to the average daily sales proceeds is taken for calculation. The average is obtained by dividing the total revenue for the year by 360 days.

The resulting value characterizes the contractual terms of work with buyers. If the indicator is high, it means that the partner provides preferential working conditions, but this causes caution among subsequent investors and creditors. small value indicator leads in market conditions to the revision of the contract with this partner. An option for obtaining the indicator is a relative calculation, which is taken as the ratio of sales proceeds to the company's receivables. An increase in the ratio indicates an insignificant debt of debtors and high demand for products.

The value of return on assets

The main financial indicators of the enterprise are most fully complemented by the return on assets indicator, which characterizes the turnover rate of finances spent on the acquisition of fixed assets. The calculation takes into account the ratio of revenue from goods sold to the annual average cost of fixed assets. An increase in the indicator indicates a low cost of expenses in terms of fixed assets (machines, equipment, buildings) and a high volume of goods sold. A high return on assets indicates low production costs, and a low return on assets indicates an inefficient use of assets.

Resource return rate

For the most complete understanding of how the main financial indicators of the organization's activities are formed, there is an equally important coefficient of return on resources. It shows the degree of efficiency of the company's use of all assets on the balance sheet, regardless of the method of acquisition and receipt, namely, how much revenue is received for each monetary unit of fixed and current assets. The indicator depends on the depreciation calculation procedure adopted at the enterprise and reveals the degree of illiquid assets, which are disposed of in order to increase the coefficient.

Key financial indicators of LLC

The coefficients for managing sources of income show the structure of finances, characterize the protection of the interests of investors who have made long-term injections of assets into the development of the organization. They reflect the firm's ability to repay long-term loans and credits:

• share of loans in total amount financial sources;
• ownership ratio;
• capitalization ratio;
• coverage ratio.

The main financial indicators are characterized by the amount of borrowed capital in the total mass of financial sources. The leverage ratio determines the specific amounts of asset acquisitions with borrowed money, which include long-term and short-term financial obligations of the firm.

The ownership ratio supplements the main financial indicators of the enterprise with a characteristic of the share equity spent on the acquisition of assets and fixed assets. The guarantee of obtaining loans and investing investor money in the project of development and re-equipment of the enterprise is the indicator of the share of own funds spent on assets in the amount of 60%. This level is an indicator of the stability of the organization and protects it from losses during a downturn in business activity.

The capitalization ratio determines the proportional relationship between borrowings from various sources. To determine the proportion between own funds and borrowed finance, the inverse leverage ratio is used.

The indicator of security of interest payable or the coverage indicator characterizes the protection of all types of creditors from non-payment of the interest rate. This ratio is calculated as the ratio of the amount of profit before paying interest to the amount of money intended for paying interest. The indicator shows how much during the selected period the company gained money to pay borrowed interest.

Market activity indicator

The main financial indicators of the organization in terms of market activity indicate the position of the enterprise in the securities market and allow managers to judge the attitude of creditors to general activities companies for the past period and in the future. The indicator is considered as the ratio of the initial accounting value of the share, the income received on it and the prevailing market price at the given time. If all other financial indicators are in the acceptable range, then the indicator of market activity will also be normal with a high market value of the share.

In conclusion, it should be noted that the financial analysis of the economic structure of the organization is important for all business entities, shareholders, short-term and long-term creditors, founders and management.

The assessment of the financial activity of each economic entity is carried out with the help of economic analysis, which makes it possible to comprehensively determine its effectiveness in a synthetic form.

As the main objects of financial analysis are the final results of management and the financial position of the enterprise. These two final indicators characterize not only the efficiency of the entity's activity, but also become a decisive prerequisite for its continuous functioning and development in a market economy.

It is no coincidence that in the theory and practice of enterprise management, financial analysis is considered to be the most important tool, at the same time an obligatory stage of this process. With his help:

control over the course of production processes, proper coordination of the movement of material and financial resources, identified shortcomings that should be eliminated;

initial data are determined to justify current and strategic decisions, taking into account the actual state of resources, financial capabilities and expected results;

the choice of optimal options for planned targets and their implementation in terms of estimated costs and income is ensured.

A real assessment of the financial position of an enterprise is of interest not only to its managers, employees, shareholders, but also to partners in all financial transactions (banks, financial and insurance companies, sellers, buyers). They are mainly concerned about the solvency of the subject, the real possibility of fulfilling their financial obligations on time.

Evaluation of financial activity is carried out on the basis of generalization and analysis of extensive information that characterizes the internal processes of management in their value terms.

Continuous and effective activity of each economic entity is possible only with its stable financial position, which is primarily characterized by its financial capabilities. They should differ in the planned cash flow, ensuring the timeliness of settlements with participants in the production process.

Enterprises that are deprived of the opportunity to pay their employees, banks, budget, partners in a timely manner are not able to function normally. In such a situation, it is difficult to acquire new values ​​for the rhythmic production of products, losses and unproductive costs (penalties, fines, etc.) increase.

The protracted difficult financial situation becomes one of the most important reasons for bankruptcy, termination of the economic activity of the entity. Therefore, it is necessary to constantly study the financial situation of the enterprise, take urgent measures to stabilize it. In the realities of a market, especially a transitional economy, this is not easy, since the financial condition of an enterprise is influenced by many internal and external factors.

The financial condition of the enterprise actually acts as a result of many actions of the enterprise itself, as well as factors that do not directly depend on it. Therefore, the assessment of this multifaceted phenomenon is carried out using an integral system of various indicators and coefficients.

The object of the study is the financial condition and activities of the enterprise. The subject of the study is the assessment and analysis of the financial condition and activities of the enterprise.

1. Collection of information and processing of financial statements

Analysis of the financial and economic condition of the organization begins with preparatory phase, which includes the collection of information, verification and processing of the organization's financial statements.

The result of the analysis of the financial and economic condition of the organization is a conclusion on the financial condition of the organization, which provides initial information for making economically sound management decisions in the field of financial and economic activities of the organization in order to increase the efficiency of the use of financial, material and labor resources. The basis for the analysis of the financial and economic condition of the organization is its financial and statistical reporting.

The annual financial (accounting) statements of enterprises consist of five main forms:

balance sheet - form No. 1;

profit and loss statement - form No. 2

statement of changes in equity - Form No. 3;

cash flow statement - Form No. 4;

appendix to the balance sheet - form No. 5.

These and some other forms of reporting are mandatory for enterprises and organizations engaged in entrepreneurial activities and are legal entities, regardless of the form of ownership.

2. Balance sheet of the enterprise

The most informative for the analysis and assessment of the financial and economic condition of the organization is form No. 1 "Balance sheet" . It reflects the value (monetary value) of the balances of non-current and current assets, capital, funds, profits, loans and borrowings, accounts payable and other liabilities.

The balance sheet contains a summary of information about the state household funds organizations included in the asset, and the sources of their formation, constituting the liability. This information is presented "at the beginning of the year" and "at the end of the year", which makes it possible to analyze, compare indicators, identify their growth or decline.

The assets of the balance sheet include articles that combine certain elements of the organization's property on a functional basis. The asset balance consists of two sections.

Section I "Non-current assets" reflects the cost of land, buildings, structures, machinery, equipment, construction in progress; long-term financial investments; intangible assets and other non-current assets.

Section II of the balance sheet asset "Current assets" reflects the amount of material working capital: inventories, work in progress, finished products, the organization's free cash, short-term financial investments, the amount of receivables and other current assets.

AT Russian Federation the balance sheet asset is built in ascending order of the rate of transformation of these assets in the process of economic turnover into a monetary form, i.e. in ascending order of the degree of liquidity of assets.

So, in section I of the balance sheet asset, property is shown that, almost until the end of its existence, retains its original form and purpose. From the standpoint of assessing the current liquidity of assets, this group of assets is classified as illiquid or hard-to-sell assets, since their sale requires a rather long time.

Section II of the asset balance shows such elements of the organization's property, which during the reporting period repeatedly change their form and purpose. The assets of this section of the balance sheet are classified as liquid assets, the elements of the assets of this section, depending on the degree of their transformation into cash, are divided into three groups:

Slow-selling assets (stocks, work in progress, finished products);

Medium-sold assets (accounts receivable);

Highly liquid (quickly realizable) assets (cash).

In the liabilities side of the balance sheet, the grouping of articles is given according to the legal basis. The entire set of obligations of the organization for the received values ​​and resources is divided by subjects: to the owners of the economy and to third parties (creditors, banks, etc.).

Liabilities to owners (ownership) consist, in turn, of two parts:

1) from the capital that the organization receives from shareholders and shareholders at the time of establishment of the economy and subsequently in the form of additional contributions from outside;

2) from the capital that the enterprise generates in the course of its activities, funding part of the profits received in the form of savings.

External liabilities of the organization (borrowed capital or debts) are divided into long-term (over a year) and short-term (up to 1 year).

External liabilities are the legal rights of investors, creditors to the organization's property. From this point of view, external liabilities are a source of formation of the organization's assets, and from a legal point of view, it is the organization's debt to third parties.

Liabilities of the balance sheet are grouped according to the degree of urgency of repayment (repayment) of obligations in ascending order. The first place is occupied by the authorized capital as the most constant (permanent) part of the balance sheet. Other articles follow.

The balance sheet makes it possible to assess the effectiveness of the organization's capital allocation, its sufficiency for current and future business activities, to assess the size and structure of borrowed sources, as well as the effectiveness of their attraction.

The analysis of the financial and economic condition is carried out on the basis of the analytical balance sheet of the organization, which differs from the balance sheet by some adjustment of the data presented in the balance sheet in order to clarify the cost values ​​of individual items and sections of the balance sheet, based on their economic nature.

3. General economic interpretation of sections and balance sheet items

An asset is the sum of non-current and current assets, which should be considered as the value of the organization's property, or the size of the organization's advanced capital, or the amount of investments invested in the organization's activities. In contrast to the balance sheet, the value of the organization's property is reduced by the amount of debt of participants (founders) for contributions to the authorized capital (line 300 - line 244)

Non-current assets in their economic essence are fixed assets, or fixed capital. Their size is determined by the amount of balances on the results of section I "Non-current assets" (p. 190) and the amount of the expected receipt of long-term receivables (p. 230).

Current assets, based on the economic essence of their constituent elements, should be considered as working capital, or working capital, or current assets. Their size, in contrast to the data of the balance sheet (line 290), is reduced by the amount of balances in lines 230, 244.

The liability of the analytical balance as the sum of the sections "Capital and reserves", "Long-term liabilities" and "Short-term liabilities" reflects the sources of formation of the organization's property, in contrast to the balance sheet, the total amount of the organization's sources actually decreases by the amount of balances (p. 244).

According to the form of ownership, all sources of the organization are divided into own and borrowed. Own funds, or the amount of equity capital, in the analytical balance sheet is determined as the result of the following calculations: line 490 - line 244 - line 450 + line 640 + line 650.

In other words, the outcome of Section III " Capital and reserves" is reduced by the amount of funds in the lines "Debt to participants" and "Target financing and receipts", and increases by the amount of deferred income and reserves for future expenses.

Borrowed funds, or the amount of borrowed capital, is defined as the sum of long-term liabilities (p. 590), increased by the amount of earmarked funding and receipts (p. 450) and short-term liabilities, reduced by balances (p. 640) "Deferred income", (p. 650) "Reserves for future expenses", i.e. is determined as the result of the following calculations: p.590 + p.450 + + p.690 - p.640 - p.650.

Depending on the time of attraction, borrowed sources are divided into short-term and long-term. Long-term borrowings, or long-term liabilities, are the sum of balances on lines 590 and ) earmarked by organizations, state bodies in the form of subsidies for a period of more than one goal.If the funds are allocated for a period of up to one year, then the amounts under this code refer to short-term borrowed funds).

Short-term borrowed and borrowed funds, or current liabilities, are the result of the following calculations: str.690 - str.640 - str.650. In other words, short-term borrowings and borrowings are defined as the amount of short-term liabilities (p. 690), reduced by the amount of deferred income (p. 640) and reserves for future expenses (p. 650).

In general, all sources of the organization according to the time of their use in production and commercial activities divided into sources of long-term and short-term use.

Sources of long-term use, or permanent capital, include own funds (str. 490 - str. 244 + str. 640 + str. 650) and long-term borrowed funds (str. 590). Sources of short-term use include short-term borrowed and borrowed funds, or current liabilities (str.690 - str.640 - str.650).

Analysis and assessment of the financial and economic condition of the organization on the basis of the analytical balance sheet involves not only assessing the structure of individual sections, items of the organization's property and sources of its financing, but also the ratio of sections and items of assets and liabilities to each other, as well as checking compliance with the rule for financing the activities of the organization, reflecting economic feasibility and expediency of using the sources of the organization in its activities.

The rule for financing the activities of the organization is as follows: the financing of fixed assets, or non-current assets, is carried out at the expense of own funds and long-term borrowed funds, and the financing of working capital, or current assets, is partially at the expense of own funds (own working capital) and short-term borrowed funds and attracted funds.

Despite the fact that the balance sheet is the most important form of financial statements used for analysis, it does not fully provide an information base for the analysis of all aspects of the organization's financial and economic activities, since (the balance sheet contains information about the organization's property and sources of its financing only on a certain date, while for a deeper and more comprehensive analysis, additional data from the following reporting forms is used):

Form No. 2 "Profit and Loss Statement";

Form No. 3 "Statement of changes in equity";

Form No. 5 "Appendix to the balance sheet";

"Explanatory note" outlining the main factors that influenced the final results of the organization's activities in the reporting year, with an assessment of its financial condition;

The final part of the audit report (for enterprises subject to mandatory audit), confirming the degree of reliability of the information included in the financial statements of the enterprise.

The accounting regulation "Accounting statements of the organization" singles out and requires separately disclosing at least the proceeds from the sale of goods, products, works, services; interest receivable; income from participation in other organizations, other operating income and expenses; non-operating income and expenses; emergency income and expenses.

Profit and Loss Statement is the most important source of information for analyzing the indicators of the organization's business activity, profitability of its assets, profitability of sales, forecasting the bankruptcy of the organization.

The statement of changes in capital and the statement of cash flows supplement the balance sheet and income statement, allow you to reveal the factors that determined the change in the financial stability and liquidity of the enterprise, help build forecasts for the coming period based on extrapolation of existing trends, taking into account new conditions, make more clear conclusions during the analysis.

Statement of changes in capital "(f. No. 3) shows the structure of the organization's equity capital (authorized, reserve, additional, etc.), presented in dynamics. For each element of equity, it reflects data on balances at the beginning of the year, replenishment of the source of equity , its spending and balance at the end of the year.

Statement of cash flows "(f. No. 4) reflects the cash balances at the beginning and end of the reporting period and cash flows (receipts and expenditures) in the context of the current, investment and financial activities of the organization.

Some of the most important balance sheet items are deciphered in the Appendix to the balance sheet (Form No. 5), which consists of the following sections.

1.Movement of borrowed funds (long-term credits and loans, short-term credits and loans) with the allocation of loans not repaid on time.

2. Accounts receivable and accounts payable (long-term and short-term).

3. Depreciable property: intangible assets; fixed assets and profitable investments in material assets; low-value and fast-wearing items.

4. Movement of funds for financing long-term investments and financial investments.

5. Financial investments (long-term and short-term, shares and shares of other organizations, bonds and other securities, loans, etc.)

6. Costs incurred by the organization (by elements).

7. Social indicators: contributions for social needs (to the Social Insurance Fund, to the Pension Fund, to the Employment Fund, for health insurance), the average number of employees; cash payments and incentives, income from shares and contributions to the property of the organization.

Data f. No. 5 are used to calculate individual indicators of business activity, profitability, price competitiveness of the organization.

As well as financial statements if necessary, statistical reporting can be used for analysis - forms of federal state statistical observation No. P-1 "Information on the production and shipment of goods, services" and No. P-4 "Information on the financial condition of the organization on an accrual basis from the beginning of the year."

4. Profit and loss statement

One of the most important reporting documents is the income statement, which is analyzed by the management of the enterprise, in terms of progress and loss of opportunities in critical areas of activity.

"The income statement is the most important source of information for analyzing the business performance of an organization, the profitability of its assets, profitability of sales, as well as predicting the bankruptcy of an organization. "

"The profit report contains important information on cash receipts, costs and financial results in each area of ​​​​activity. Their comparison with planned targets, achievements of previous years allows us to identify certain trends in the formation of profit, to assess the influence of decisive factors on its value" .

The profit and loss statement contains data on the income, expenses and financial results of the organization, which are presented in the amount of an accrual total from the beginning of the year to the reporting date.

The income statement becomes a guideline for further actions aimed at eliminating weaknesses in the work.

5. Analysis of liquidity and solvency of the organization

Estimation of the destruction of the balance sheet is carried out on the basis of comparisons of the calculated coefficients of liquidity, solvency, financial independence, stability and stability of the analyzed organization with their normative (recommended) values.

The main indicators characterizing the liquidity and solvency of the organization are the coefficients of absolute, critical (immediate) and current liquidity, solvency ratio.

"Liquidity is the ability of an economic entity to repay its financial obligations in a timely manner due to the unimpeded transformation of its current assets (part of property) into cash resources. In foreign practice, three-degree coefficients (1,2,3) are used to calculate it, which we usually call absolute, intermediate and general liquidity."

"The liquidity of an organization is the ability of an organization to meet its short-term obligations in a timely manner."

It should be noted that the basic liquidity ratios for organizations of the consumer cooperation system have been lowered. This is justified by the fact that the activity of its organizations is not commercial and, according to the Law of the Russian Federation "On consumer cooperation (consumer societies, their unions) in the Russian Federation", is considered as a kind of system that acts as a guarantor of social and economic protection of the interests of shareholders, which it serves.

At this stage of the analysis, it is necessary to establish whether the organization is liquid, what is the reason for its possible illiquidity and what needs to be done to restore or preserve it.

Under the conditions of the transition period, it is advisable to assess the financial liquidity of enterprises by two indicators: the overall ratio and the intermediate liquidity ratio.

In the first case, the overall liquidity ratio (total coverage) determines the extent to which current assets (all current assets) cover current liabilities. These are payments to suppliers of raw materials and other material values, to the budget, special state funds, obligations to their employees and the bank.

A satisfactory level of the overall ratio means that maintaining the financial balance of the enterprise requires that the amount of working capital be almost twice as large as current liabilities.

However, this coefficient to some extent obscures the ability of the subject to fulfill all urgent obligations in a timely manner, since a significant part of working capital can be frozen in inventories. Since these values ​​cannot always be quickly converted into cash, they are excluded from current assets and then the interim liquidity ratio is estimated.

In the most exact definition this ratio is calculated as the ratio of current assets minus inventories to current liabilities.

A satisfactory level of the coefficient is more than one (1 - 1.3), which shows that the company will be able to quickly fulfill its current obligations.

Only when inflation is high can a lower interim liquidity ratio be justified.

Liquidity indicators should also be compared with previous achievements and at the same time the change in the difference between intermediate and general liquidity should be analyzed.

If the growth rate of the general liquidity ratio exceeds the intermediate one, it means a rapid increase in inventories or a slowdown in capital turnover.

A high indicator of intermediate liquidity may be caused by inefficient use of funds, their accumulation in bank accounts, or an increase in receivables.

If the low liquidity of the balance sheet is a signal of difficulties in repaying the debt, then too high liquidity adversely affects the profitability of the enterprise.

Absolute liquidity ratio (K al) is calculated by the formula:

(K al) \u003d Cash + Short-term financial investments /

Short-term liabilities

The share of own working capital in the formation of reserves (Kobzap) is calculated by the formula:

Kob.zap \u003d Own working capital / Inventory

The organization is considered financially independent in terms of inventory financing, i.e. in financing its current activities, if the share of own sources in financing reserves is from 60 to 80% (Kob.zap varies from 0.6 to 0.8). For trade organizations and organizations of the consumer cooperation system - the recommended value is more than 50% (more than 0.5).

This indicator is of particular importance in assessing the creditworthiness of the organization. So, if its value is less than the normative, then the organization is considered insolvent, not borrowable. And vice versa.

A financially independent organization is recognized only if the actual values ​​of these two indicators The critical liquidity ratio shows how much cash and expected cash receipts from receivables account for 1 rub. short term liabilities.

The normative value for this indicator, equal to 1, means that the amount of cash, short-term financial investments and forthcoming proceeds from current activities (expected receivables) should not be less than the amount of the organization's short-term debt (str. 690 - str. 640 - str. 650 ), and for trade organizations of consumer cooperation - at least half of it.

The current liquidity ratio (Ktl) is calculated by the formula:

Ktl = Current assets / Current liabilities

The current liquidity ratio shows how many current assets account for 1 rub. short term liabilities.

The normative value for this indicator, equal to 2, indicates that the size of current assets (current assets) must exceed the size of short-term liabilities by at least 2 times (and for trade organizations of the consumer cooperation system - 1.5 times; the minimum allowable value is 1 ,one). Otherwise, the balance sheet structure is considered unsatisfactory, and the organization is considered illiquid.

The most common indicator that quickly signals financial well-being enterprise, is its solvency, i.e. the ability to repay their financial obligations in a specific period of time. The most important signs of solvency are the availability of funds in bank accounts, the absence of overdue debts, the ability to cover current liabilities by mobilizing working capital.

"Solvency is the real state of the enterprise's finances, which can be determined on a specific date or for the analyzed period of time. In order to establish the possibility of repaying current payments on time, the solvency is assessed according to the report at the beginning and end of the year (quarter, month). In addition, the balance of upcoming payments with cash receipts for a short period of time (month, decade, five days). "

Signs of insolvency or financial difficulties in each period are expressed in the lack of cash resources to meet urgent obligations. In this regard, there may be an overdue debt on payment of invoices for the delivery of raw materials, materials and other necessary elements normal production. Mandatory payments to the budget, the bank for loans received, and sometimes wage payments become overdue. In such a situation, consistency in the movement of material and monetary resources is violated, and the continuity of the enterprise is under threat. However, insolvency may be a temporary phenomenon caused by a violation of the payment discipline of buyers, and does not reflect the actual financial position of an economic entity. Therefore, it cannot be judged only by the volume of financial obligations overdue on a specific date, for the liquidation of which it is necessary to take urgent measures.

"The solvency of an organization is the ability of an organization to fulfill all its obligations (both short-term and long-term) in a timely manner."

The main indicator of solvency is the overall solvency ratio (K op). The formula for calculating this coefficient is as follows:

K op \u003d Property of the organization / Amount of borrowed capital

The normative value of the overall solvency ratio: (Kop) > 2.0, means that the size of the entire property must exceed all the obligations of the organization by 2 times, otherwise it is considered insolvent.

6. Analysis of financial independence and sustainability of the organization

For more complete characteristics financial position, it is advisable to study the coefficients of independence and financial stability, which largely depend on the structure of assets and liabilities (the so-called property-capital) and for this purpose the balance sheet data is analyzed vertically and horizontally. The structure of property differs significantly at different enterprises, depending on the specifics of the activity, the nature of production and its technology, the organization of labor, the production process, marketing, and many other features of the relevant economic entities.

Therefore, the analysis of assets is carried out primarily on the basis of the formation of rational proportions between fixed assets and working capital and their individual elements.

For this purpose, the share of fixed and current assets in the total volume of property is calculated, and then the structure of each of these groups is analyzed in more detail at the beginning and end of the current period and changes over a number of years.

Analyzing the structure of property, one should always take into account the specifics of this enterprise. However, it must be remembered that a high proportion of fixed assets in the total amount of property to some extent reduces the possibility of increasing income, freezes the financial resources of the enterprise for a longer period. Therefore, it is advisable to study in more detail the structure of fixed assets, the efficiency of their use, the technical level of production equipment, and to reveal the reasons for their low productivity. On the basis of a deep analysis of the movement of fixed assets, measures are subsequently substantiated that contribute to their more rational use.

For example, a high level of stocks of material assets (a significant share in the volume of working capital) adversely affects the profitability of property, capital, sales, financial liquidity and some other performance indicators.

All items of receivables and funds in settlements are also subject to careful analysis. Growing amounts of debt (primarily the growth of overdue payments) indicate shortcomings in the management of this process: the choice of non-cash payments, control over the collection of these payments, the application of appropriate sanctions, etc. Changes in receivables should also be analyzed in conjunction with an increase in the volume of sales of products.

To determine the level of financial independence and stability of the financial position of the enterprise, it is necessary to assess the structure and changes in sources of financing.

To do this, the balance sheet liabilities are analyzed, primarily taking into account the possibilities of self-financing the current and strategic needs of the enterprise, its debts and the ability to cover them.

The financial position of the organization in terms of financial stability, independence and stability is characterized by the values ​​of such indicators as the autonomy coefficient, the share of own working capital in the formation of reserves, financial stability ratios, the difference in net assets and authorized capital, type and kind of financial stability.

Based on the calculated values ​​of these indicators, it is established how financially dependent or independent the organization is from external sources of financing in its current and investment activities, and it is assessed how financially stable or unstable its activities are in general.

"Financial independence (dependence) of an organization is determined by the extent to which its activities do not depend (depend) on external sources of financing, i.e. how much its activities are financed from its own funds (sources)."

Let us dwell on the economic interpretation of the main indicators of the organization's financial independence. The coefficient of autonomy (financial independence) (K a) is calculated by the formula:

Ka \u003d Equity capital / Total sources of the organization

The coefficient is determined by the ratio of own sources to the total amount of sources available to the organization, and thus shows specific gravity own sources in the total amount of sources.

In general, an organization is considered financially independent if the share of its own sources in the balance sheet currency of the organization is at least 60%, and the consumer cooperation organization is at least 50%. In other words, an organization is considered financially independent if each ruble of all sources available to it includes at least 60 kopecks. own funds.

The share of own working capital in the formation of reserves (Kobzap) is calculated by the formula:

Kobzap = Own working capital / Inventory

The coefficient is determined by the ratio of own working capital to the amount of stocks available in the organization.

The organization is considered financially independent in terms of inventory financing, i.e. in financing its current activities, if the share of own sources in financing reserves is from 60 to 80% (Kobzap varies from 0.6 to 0.8). For trade organizations and organizations of the consumer cooperation system - the recommended value is more than 50% (more than 0.5).

This indicator is of particular importance in assessing the creditworthiness of the organization. So, if its value is less than the normative one, then the organization is considered insolvent, non-loanable. And vice versa.

The general conclusion about the financial independence (dependence) of the organization is formed based on the results of the analysis of indicators of the autonomy coefficient and the share of own working capital in the formation of reserves.

A financially independent organization is recognized only if the actual values ​​of these two indicators (the autonomy coefficient and the share of working capital in the formation of reserves) meet the recommended ones.

The financial stability of an organization is characterized by the level of provision of its activities with sources of financing for long-term use (own and long-term borrowed funds). In other words, financial stability shows the extent to which the financing of the organization's activities is stably provided for the long term. The economic interpretation of the main indicators of financial stability is as follows.

The financial stability ratio of the organization as a whole (Ku) is determined by the share of long-term sources of financing in the balance sheet and is calculated by the formula:

Ku \u003d Permanent capital / Total sources of the organization

If there are no long-term liabilities in the organization (section IV of the Balance is equal to 0), then the recommended value of this indicator can be taken at the level of the autonomy coefficient.

There is no strictly regulated value of this indicator, but, given the above, its value cannot fall below the value of the autonomy coefficient. If there are long-term liabilities, the value of the financial stability ratio should be significantly higher than 0.6 (provided that the autonomy ratio should be higher than 0.6).

The financial stability of the current activities of the organization (F y). An organization is recognized as financially stable if the size of its reserves is less than the sum of its own working capital and short-term loans and borrowings [f. No. 1; p.210< (стр.490 + + стр.640 + стр.650 - стр.244 + стр.590 - стр. 190 - стр.230 + + стр.610)].

The economic meaning of this indicator lies in the fact that the organization is considered financially stable in terms of the formation of reserves if the amount of own working capital (availability of own working capital) and short-term loans and credits over size stocks.

The smaller the amount of reserves (f. No. 1; p. 210) in comparison with the amount of short-term loans and credits, the higher the financial stability of the enterprise in terms of financing reserves.

The difference between net assets and authorized capital (N a - U k) is calculated by the formula:

H a - U k \u003d (p. 300 - p. 244 - p. 590 - p. 450 - p. 690 + + p. 640 + p. 650) - (p. 410) > 0.

The economic meaning of this indicator is that, comparing the amount of net assets (N a) and real equity capital (f. No. 1; p. 300 - p. 244 - p. 590 - p. 690 + p. 640 + p. 650) with the size of the authorized capital (f. No. 1; p. 410), determine whether funds were formed in the organization, and whether it received profit as a result of its activities.

If the difference between net assets and authorized capital is negative, then we can talk about the unprofitable activity of the organization, therefore, about its financial instability. In this case, the organization is obliged to announce a reduction in the size of the authorized capital (Law "On joint-stock companies ah" p.4, art.35.) to the level of own real capital.

In the event that the value of real equity capital is a negative value, which is already visible in the balance sheet (the result of Section III of the Balance Sheet), then there can be no talk of reducing the authorized capital, and in this case the organization can be declared bankrupt.

In this case, the joint-stock company does not have the right to make a decision on the payment of dividends, as well as in the event that the value of net assets may turn out to be less than the specified value after the payment of dividends.

The value of this indicator is also important because on its basis the book value of shares is determined.

The type and type of financial stability of an organization is determined by the size of the fluctuation of the coefficients characterizing the liquidity and financial independence of the organization, as well as the nature of the trend in their change.

If the size of the absolute growth and the growth rate of the values ​​of these indicators are positive and approximately equal, then the organization's activity can be recognized as financially steadily growing.

And if the values ​​are negative - financially stably declining. If the size of the absolute growth of indicators change both in size and direction during the analyzed period, then the organization's activity is recognized as financially unstable and unstable.

7. Analysis of business activity and profitability of the organization

The next step in the analysis of the financial condition of the organization is the analysis of business activity and profitability.

Analysis and evaluation of the business activity of the organization are carried out at the qualitative and quantitative levels. Analysis at a qualitative level involves an assessment of the organization's activities according to informal criteria: the breadth of the product sales market; reputation of the organization; fame and reliability of customers using the services of the organization; availability of long-term sales contracts; presence of a trademark; the nature of relations with local authorities, etc.

Analysis of the assessment of business activity at a quantitative level is carried out on the basis of the results of calculating a number of indicators characterizing the effectiveness of the organization as a whole.

The indicators of business activity include: indicators that characterize the efficiency of the use of property, capital, fixed assets, the level of price competitiveness of the organization, as well as the growth rate of the organization's development, taking into account how certain financial results of its activities were achieved (due to rising prices on the product or by reducing the cost of its production).

It should be noted that the basic values ​​in the basis of all indicators of business activity are their average or best industry values ​​in the system of homogeneous organizations.

Let us dwell on the main indicators of the organization's business activity.

The amount of net profit (profit remaining at the disposal of a commercial organization) (PE).

The value of the indicator is defined in f. № 2; 190. The higher the amount of profit, the more effective the organization's activities.

The value of gross profit (gross profit) from sales of products (VP). The value of the indicator is defined in f. No. 2; p.140.

Gross profit shows how profitable its core business is. The higher the gross profit, the more efficient the main activities of the organization.

Capital productivity of fixed assets (F os) is calculated by the formula:

F os \u003d Revenue \ Average annual cost of fixed assets

This ratio shows how much revenue each ruble invested in fixed assets provides.

The growth of this indicator means an increase in the efficiency of the use of fixed assets. It should be noted that the value of the indicator under consideration should not be lower than 0.022, which is determined by the current corporate property tax rates (2.2% of the average annual value of property). For certain categories of payers, local governments may establish a preferential rate for property tax.

The turnover ratio of all capital (capital return on advanced capital) (How). This ratio determines how much revenue each ruble of advanced capital or each ruble invested in the property of the organization provides. The formula for calculating the indicator is as follows:

How = Revenue / Average annual cost property

The growth of this indicator means an increase in the efficiency of using the advanced capital (property of the organization). And vice versa.

Equity turnover ratio (capital return on equity). The indicator is calculated by the formula:

Revenue / Average annual cost of equity

The value of this coefficient shows how much revenue each ruble of equity provided.

The growth of this indicator means an increase in the efficiency of the use of equity capital. And vice versa.

In this regard, it becomes necessary to analyze the performance of the enterprise on the basis of relative values, the so-called profitability. Profitability is calculated on the basis of profit as an index calculated on the basis of such important indicators as sales (turnover from sales), property and capital.

"Sales profitability is defined as the ratio of profit to sales volume or the total amount of production and sales costs associated with the sale of products. Balance or net profit (gross, net) is taken into account for calculation, sales volume is mainly taken into account without indirect taxes (VAT and excises). "

Profitability analysis. Profitability characterizes the economic efficiency of the organization, and reflects how profitable or unprofitable its activities. It can be defined as a percentage or as a ratio.

In this case, we are considering profitability ratios, the economic content of which lies in the fact that they show how much profit (book, net, profit from sales) falls either on 1 ruble invested in property, or on 1 ruble. own capital, or 1 rub. revenue. The higher the value of the coefficient, the more efficient the activity of the enterprise.

It should be noted that the basic values ​​of all indicators are their average or best values ​​in the industry (system of homogeneous organizations).

Consider the main profitability ratios, which are most often calculated in practical activities organizations.

Profitability ratio of all capital (total assets) based on accounting (balance sheet) profit. It is calculated by the formula:

Balance sheet profit / Average annual property value

In general, this ratio shows the efficiency of using the entire property of the organization. In other words, it reflects how much balance sheet profit the organization receives from each ruble invested in total assets. A decrease in the value of the coefficient often indicates a falling demand for the organization's products, an overaccumulation of assets.

Return on equity ratio based on accounting (total) profit. It is calculated by the formula:

Accounting profit / Average annual cost of equity

The ratio of the total return on equity shows the effectiveness of the use of equity capital. This indicator is especially important for joint-stock companies, since its dynamics affects the level of quotation of their shares on stock exchanges.

The return on equity ratio for net profit is calculated by the formula:

The economic meaning of this indicator is the same as the ratio of the total return on equity for accounting (total) profit, only we are talking about net profit.

The profitability ratio of sales by profit from sales is calculated by the formula:

Profit (loss) from sales / Revenue

Profitability of sales by profit from sales shows how much profit falls on a unit of sold products. The growth of the indicator is a consequence of an increase in prices for products sold at constant unit costs for production or a decrease in unit costs for production at constant prices for sales. A decrease in it indicates a decrease in prices at constant production costs or an increase in production costs at constant prices.

The profitability ratio of sales on balance sheet and net profit is calculated by the formula:

Balance sheet profit / Revenue

This ratio shows how much book profit falls on a unit of sales. Its economic meaning is the same as the profitability ratio of sales based on net profit from sales.

At the same time, the analysis should compare the rate of change in this indicator with the rate of change in the net profit margin on sales in order to identify the impact of the tax burden on the performance of the organization.

So, if the growth rate of the sales profitability ratio on balance sheet profit is higher than the growth rate of the sales profitability ratio on net profit (the latter indicator is calculated as the ratio of f. No. 2; line 190 q.g. / f. No. 2; line 010 .), then this indicates an increase in the tax pressure on the financial results of the organization. And vice versa.

Comparing the growth rates of the return on sales ratio based on sales profit (form No. 2; line 050 of the fiscal year / form No. 2; line 010 of the current year) and the return on sales ratios based on balance sheet profit (form No. 2 ; p.140 KG / f. No. 2; p.010 NG), we can talk about the effectiveness of the main activities of the organization.

If the growth rate of balance sheet profit is greater than the growth rate of profit from sales, this indicates that profit from core activities is declining, while profit from operating and non-operating operations is increasing. And vice versa. Therefore, a re-profiling of production is necessary.

Conclusion

The materials of the analysis not only evaluate the actual state of the respective subject, but also its tendencies and development prospects. This becomes the starting point for eliminating the identified shortcomings, continuing positive actions, and the basis for substantiating new, rational decisions. It is only necessary to emphasize that with a high or galloping level of inflation, the reality of assessing financial indicators is achieved with proper adjustment of reporting and planned data.

Evaluation of financial activity is carried out with the help of specific indicators established for each of its sections or objects. In this case, the following methods generally accepted in economic analysis are used.

Comparative analysis, the purpose of which is to identify deviations of actual data from accepted postulates. This is achieved by comparing reporting materials with planned targets or achievements of previous periods, sometimes with the corresponding indicators of similar enterprises, industry average data and even world standards.

Multivariate analysis, which consists in determining the influence of decisive factors on the change in the analyzed indicators, revealing the causes of these phenomena and assessing them. At the same time, it is necessary to establish the nature of the influence of these factors on the overall financial results of the enterprise and its condition. It is advisable to analyze subjective factors in more depth, in detail in conjunction with dependent indicators.

A correct assessment of the financial activity of an enterprise is achieved only when a comparative and multivariate analysis of reliable and comparative (in measurement and in time) extensive information is simultaneously applied.

Equally important is the form of presentation of the results of the analysis. It should in writing comprehensively characterize the real financial situation of the analyzed subject, the effectiveness of actions in all areas of economic activity.

The main conclusions must be confirmed by appropriate calculations, tables and graphs, which reflect the most important changes in absolute numbers, relative indicators (in coefficients, percentage deviations from specified requirements, average data, etc.). On their basis, it is possible to correctly assess the financial condition of the enterprise and its financial results, reveal the reasons for their changes and take immediate measures to improve them.

The analysis of financial indicators covers the entire complex multifaceted process of managing the financial activities of an enterprise. On its basis, the state of all resources, business conditions and financial capabilities at the beginning of the planning period are determined. A reliable analysis of the movement of resources, factors affecting the effectiveness of specific activities, allows for rational maneuvering of funds, stimulating positive phenomena.

In order to summarize the final results of activities based on the intended management goal, the adopted development strategy, at the end of the reporting period, a comprehensive assessment of all indicators characterizing the financial condition of the enterprise is carried out.

Bibliography

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4. Rumyantseva Z.P. General management organization. Theory and practice. - M.: INFRA-M, 2006. - 304 p.

5. Sukhova L.F., Glaz V.N., Chernova N.A. Analysis of the financial condition and business plan of the trade organization of consumer cooperation. - M.: "Finance and statistics", 2006. - 288 p.

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Tkachuk M.I., Kireeva E.F., Fundamentals of financial management. - Minsk: Ecoperspective, 2005. 208 p.

Sukhova L.F., Glaz V.N., Chernova N.A. Analysis of the financial condition and business plan of the trade organization of consumer cooperation. - M.: "Finance and statistics", 2006. - 69 p.

Finance valuation is a comprehensive assessment of the company's financial performance. The main purpose of its implementation is to obtain a small number of key indicators that give an accurate and objective picture of the company's activities. Financial assessment indicators are very important, which provide information about the profit and loss of the enterprise, the structure of assets and liabilities, and the state of receivables and payables. It is very important to obtain information not only about the current activities of the company, but also to predict the results for the near future, that is, to calculate the parameters of the financial condition for the future.

Financial analysis functions

1) An objective and timely assessment of the financial condition of the institution.

2) Establishment of "weak" sides of the financial condition and identification of the reasons for their formation.

3) Financial assessment of the results achieved and the reasons for the achieved indicators.

4) Development and justification of the management decisions made on the financial activities of the company.

5) Identification and use of reserves to improve the financial condition of the company, increase the efficiency and profitability of production.

6) Forecasting possible financial results for various options for the use of resources.

Financial assessment of the enterprise: the main methods of its implementation

1) Time (horizontal) analysis.

Its essence is to compare each item of the financial report with the previous period. For horizontal analysis several analytical tables are built, which indicate the balance sheet data of the enterprise and the relative growth or decline in percentage terms.

2) Structural (vertical) analysis.

Determination of the structure of financial indicators of the enterprise with the identification of the impact of each value on the final result as a whole. This financial assessment of the organization allows you to determine the share of a separate balance sheet item in the overall result. Mandatory element of this type of analysis are time series of these values. With their help, you can track and predict structural changes in the asset balance, determine the sources of their coverage.

These two types of analysis complement each other. In practice, an economist maintains 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 determination of the trend, that is, the trend of change in this result, cleared of the random influence of the characteristics of individual periods. Based on the trend, an assessment of the financial condition of the enterprise for future periods is carried out, a predictive analysis of all indicators is carried out.

4) Analysis of relative coefficients.

Calculation of reporting relationships, identification of the relationship between the obtained indicators.

5) Spatial (comparative) analysis.

Analysis of individual indicators of subsidiaries, divisions, departments, comparing them with data from competing firms that have similar general economic results.

6) Factor analysis.

Determination of the influence of individual factors on the final indicator. This type analysis can be direct - splitting the effective indicator into components or reverse - combining 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 general characteristics financial indicators of the company, their dynamics and changes for . This type of analysis is carried out on the basis of information contained in the balance sheet. To do this, use one of the following methods:

• analysis by balance sheet items without prior change in their composition;
• assessment based on the construction of a compacted analytical balance, by combining some balance elements similar in composition.

Estimating the financial condition of a company directly from its balance sheet is a complex, time-consuming, but inefficient 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 changes in each result for the reporting period;
• analysis of the structure of indicators and the reasons for their change;
• identification of the dynamics of changes in financial results for several settlement periods;
• determination of the reasons for the change in the profit of the enterprise, their quantitative assessment.

Liquidity analysis of the balance sheet is a comparison of the funds in the asset, which are grouped by the degree of liquidity and arranged in descending order, with the liabilities in the liabilities side of the balance sheet, which are sorted by their maturity and arranged in ascending order of maturity.

The high solvency of the company is evidenced by the timely payment wages, settlements with creditors, payment of bank loans. When analyzing solvency for a month on a cumulative basis from the beginning of the year, it is necessary to compare all balances of funds and their receipts (funds from the sale of products, securities, fixed assets). For these purposes, the company develops a payment calendar.

Assessment of the financial stability of the enterprise

An assessment of the financial stability of an enterprise is the most important element of financial analysis. When determining the liquidity of a company's balance sheet, they compare the state of liabilities with assets. This indicator gives a realistic assessment of whether it can easily pay off its debts to various counterparties. This element of financial analysis is very important. This makes it possible to answer the question - what degree of dependence does the company have on its creditors, does it increase or decrease, does the state of liabilities and assets correspond to the main tasks of the company's financial and economic activities. With the help of indicators that make it possible to assess the independence of each individual element of the balance sheet, it is possible to determine how financially stable the enterprise is.

The financial stability of a company is the state of its financial resources, the distribution and use of them, which guarantees the development of the enterprise on the basis of the profit and capital received, while maintaining its creditworthiness and solvency under conditions of a moderate level of risk. That is why the financial stability of the company is formed in the process of its production and economic activities. This is the most important indicator of its activity.

Conducting a financial analysis on a specific date allows you to answer the question - how correctly the company managed its financial resources during the billing period that preceded the reporting date. Thus, financial stability is the effective formation, distribution and use of financial assets. Solvency is only its external manifestation.

The analysis of financial stability is carried out on the basis of the balance formula, which allows you to determine the balance of all liabilities and assets of the balance sheet of the enterprise.

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To ensure the positive activity of the enterprise, management personnel must, first of all, be able to realistically assess the financial condition of their enterprise and the state of existing and potential counterparties.

The purpose of economic analysis is to optimize the position of the company in the core market; improvement of financial and economic indicators of activity and professional rating of the company.

Study of economic phenomena, factors and causes that caused them;

Objective assessment of the effectiveness of production and economic activities;

Scientific substantiation of plans, control of their implementation, identification of on-farm reserves;

Development of measures to improve work efficiency.

Tasks of economic analysis:

Scientific substantiation of current and prospective business plans and control over their implementation;

Evaluation of the effectiveness of the use of production factors;

Identification and measurement of internal reserves;

Substantiation of the optimality of managerial decisions.

The implementation of economic analysis is carried out in accordance with the principles:

Consistency (economic processes are considered as interrelated phenomena and elements);

- integrity (the unity of individual factors and elements of production and economic activity);

- complexity (the need to consider the full range of factors affecting the performance of the organization).

Grade economic processes produced in terms of quantity and quality.

Quantitative indicators measure the economic phenomenon in absolute, relative, average values; qualitative indicators reflect the economic content or effectiveness of an economic phenomenon.

Used in economic analysis techniques and methods of analysis of financial and economic activities - it is a system of epistemological categories, scientific tools and regulatory principles for studying the financial activities of enterprises. There are various classifications of economic analysis methods.

The first level of classification is distinguished: non-formalized; formalized methods of analysis.

Non-formalized methods - are based on the description of analytical procedures at the logical level, and not on strict analytical dependencies. These are methods of expert assessments, scenarios, morphological, comparisons, etc. The use of these methods is characterized by a certain subjectivity, since intuition, experience and knowledge of the analyst are of great importance. Formalized Methods - they are based on fairly strict formalized analytical dependencies. Dozens of these methods are known. Let's list some of them.

Classical methods of economic activity analysis and financial analysis: chain substitutions, arithmetic differences, balance sheet, isolation of the isolated influence of factors, percentage numbers, differential, logarithmic, integral, simple and compound interest, discounting.

Traditional methods of economic statistics: average and relative values, grouping, graphical, index, elementary methods of processing time series.

Mathematical and statistical methods for studying relationships: correlation analysis, regression analysis, analysis of variance, factor analysis, principal component analysis, covariance analysis, object-period method, cluster analysis and other methods.

Economic methods: matrix methods, harmonic analysis, spectral analysis, methods of the theory of production functions, methods of the theory of input-output balance.

Methods of economic cybernetics and optimal programming: methods of system analysis, machine simulation method, linear programming, non-linear programming, dynamic programming, convex programming, etc.

Operations research and decision theory methods: graph theory methods, tree method, Bayesian analysis methods, game theory, queuing theory, network planning and management methods.

Of course, not all of these methods can be directly applied in the framework of financial analysis, since the main results of effective analysis and financial management are achieved with the help of special financial instruments, however, some of their elements are already being used.

To make decisions on enterprise management, constant business awareness on relevant issues is needed, which is the result of the selection, analysis, evaluation and specification of the initial information. Therefore, an analytical reading of the original data is necessary.

The basic principle of analytical reading of financial statements is the deductive method, i.e. From general to specific. In the course of such an analysis, a logical sequence of economic factors and events, their direction and strength of influence on performance results are produced.

The practice of financial analysis has already developed the basic methods for analyzing financial statements.

Basic Methods :

- horizontal (temporal) analysis - comparison of each reporting position with the previous period;

- vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;

- trend analysis - comparing each financial position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and, therefore, a prospective predictive analysis is carried out;

- analysis of relative indicators (coefficients) - calculation of the relationship between separate positions report or positions of different reporting forms, determination of interrelations of indicators;

Comparative (spatial analysis) - this is both an on-farm analysis of summary reporting indicators for individual indicators of a company, subsidiaries, divisions, workshops, and an inter-farm analysis of the indicators of a given company with those of competitors, with average industry and average economic data;

- factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator using deterministic research methods. Moreover, factor analysis can be both direct (analysis itself), when the effective indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a general effective indicator.

The proposed methodology for analyzing the financial condition is intended to ensure the management of the financial condition of the enterprise and the assessment of financial stability in a market economy. It includes elements common to both external and internal analysis.

Along with absolute indicators that characterize various aspects of the financial condition, financial ratios are also used. The financial ratio is a relative indicator of the financial condition. They are divided into distribution and coordination coefficients. Distribution coefficients are used in cases where it is necessary to determine what part one or another absolute indicator is from the total of the group of absolute indicators that includes it. These coefficients are mainly used in the preliminary analysis.

The coefficients of coordination are used to express the relationship of essentially different absolute indicators of financial condition.

The analysis of financial ratios consists in comparing their values ​​by periods. As basic values, indicators of the base period of a given economic entity can be used.

Special financial ratios, the calculation of which is based on the existence of certain relationships between reporting items, are called financial and operational indicators. They allow you to realistically assess the position of a given economic entity. Analysis of financial ratios is performed for the following groups:

- analysis of financial stability;

- solvency analysis;

- asset turnover analysis;

- profitability analysis.

Financial ratios characterize the proportions between various reporting items. The advantages of financial ratios are the simplicity of calculations and the elimination of the influence of inflation.

Important the factors that determine the solvency of the enterprise are: the timely implementation of transactions recorded in the financial plan, and replenishment as the need arises for own working capital at the expense of profit, and the speed of turnover of working capital (assets).

Liquidity refers to the ability of valuables to turn into money, which are considered absolutely liquid assets. The property of liquidity has two sides. On the one hand, this - the reciprocal of the time required to quickly sell an asset at a given price. On the other hand, this - the amount you can get for it.

Liquidity balance is defined as the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into cash corresponds to the maturity of the obligations.

Analysis of the liquidity of the balance sheet begins with the fact that all assets and liabilities are divided into four groups (assets - depending on the rate of conversion into cash; liabilities - depending on the urgency of payment). The characteristics of all groups are presented in table 1.

Table 1. Condensed liquidity balance

An absolutely liquid balance is considered to be one for which the following ratios are fulfilled:

A 1 P 1 ; BUT 2 P 2 ; BUT 3 P 3 ; BUT 4 P 4 (1)

The fulfillment of the fourth relation from inequalities (1) indicates that the enterprise has its own working capital (the minimum condition for financial stability). If at least one of the inequalities (1) is not fulfilled, the enterprise's balance sheet cannot be considered absolutely liquid. At the same time, the lack of funds in one group of assets is compensated by their excess in another group, however, compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

At it is also necessary to evaluate the maneuverability of own working capital:

Comparison of the most liquid funds and fast-moving assets with the most urgent liabilities allows you to find out the current liquidity, that is, liquidity (and solvency) at the current time.

The current liquidity ratio is equal to the ratio of all current assets to the amount of short-term liabilities:

This ratio shows how many rubles in assets account for one ruble of current liabilities and characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of all working capital. The normal limit for this coefficient is: 1 K l.tech 2. The lower limit is due to the fact that working capital should be sufficient to cover their short-term obligations.

The quick liquidity ratio characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables:

Regulatory the value of the quick liquidity ratio: K l.fast 1. If the ratio of current assets and current liabilities is lower than 1:1, then we can talk about high financial risk associated with the fact that the company is not able to pay its bills; if the ratio is greater than 1:1, then it can be argued that the enterprise has a sufficient amount of free resources generated from its own sources.

The absolute liquidity ratio shows what part of the short-term debt the company can repay in the near future (as of the balance sheet date):

Regulatory limitation of this coefficient: K l.abs 0,2 0,5.

So Thus, the signs of a “good” balance sheet in terms of liquidity and solvency include the following:

current liquidity ratio > 2.0;

security of the enterprise with its own working capital > 0.1;

there is an increase in equity capital;

there are no sharp changes in individual balance sheet items;

accounts receivable is in accordance (balance) with the amount of accounts payable; there are no “sick” items in the balance sheet (losses, overdue debts to banks and the budget);

reserves and costs do not exceed the value of the minimum sources of their formation (own working capital, long-term credits and loans, short-term credits and loans).

Indicators liquidity in the aggregate give a versatile complex characteristic of the stability of the financial condition of an enterprise with different classifications of liquid funds in the accounting process.

The concept of sustainability is multifactorial and multifaceted. So, depending on the factors influencing it, the stability of the enterprise is divided into internal, external, general and financial. Internal stability - this is such a general financial condition of the enterprise, when a consistently high result of its functioning is ensured. To achieve it, it is necessary to actively respond to changes in external and internal factors. The external stability of an enterprise in the presence of internal stability is due to the stability of the external economic environment within which its activities are carried out. It is achieved by an appropriate control system market economy nationwide. The overall stability of the enterprise is achieved by such an organization of cash flow, which ensures a constant excess of the receipt of funds (income) over their expenditure (costs). Financial stability is a reflection of a stable excess of income over expenses. It provides free maneuvering of the company's cash and contributes to the uninterrupted process of production and sale of products. Financial stability is formed in the process of all production and economic activities and can be considered the main component of the overall sustainability of the enterprise. The financial stability of the enterprise is characterized by relative and absolute indicators.

The most important indicator of this group of indicators - coefficient of concentration of own capital (coefficient of independence, autonomy). It shows the share of own funds in the value of the property of the enterprise:

Enough 0.5 is considered high. In this case, the risk of creditors is minimized. Having sold half of the property formed at the expense of its own funds, the company will be able to pay off its debt obligations, even if the second half, in which the borrowed funds are invested, is depreciated for some reason.

The value inverse to K auth is the coefficient of financial dependence:

The coefficient of flexibility of own capital reflects the share of own capital invested in current assets, the degree of mobility of the use of own capital. The higher its value, the better the financial condition. The optimal value of the coefficient is 0.5.

The coefficient is determined by the formula:

The dependence of the enterprise on external loans characterizes the ratio of borrowed and own funds. This ratio is determined using the debt capital concentration ratio:

The coefficient characterizes the amount of borrowed funds per 1 ruble of equity, the degree of independence from external sources of financing. How more value of this indicator, the higher the risk of shareholders, since in case of default on payment obligations, the possibility of bankruptcy of the enterprise increases. The standard value of the indicator is 0.5 1.0. Its critical value is equal to one. The excess of the amount of debt over the amount of own funds indicates that the financial stability of the enterprise is in doubt.

Data on the debt of the enterprise must be compared with the debts of debtors. Their share in the value of property is calculated by the formula:

To characterize the structure of sources of enterprise funds, along with the above indicators, private indicators should be used that reflect various trends in the change in the structure of individual groups of sources. Let's take a look at these metrics.

The coefficient of the structure of long-term investments reflects the share of long-term liabilities in the composition of non-current assets:

The long-term fundraising ratio allows you to approximate the share of borrowed funds in financing investment projects. It is equal to the ratio of the value of long-term loans and borrowings to the sum of the sources of the company's own funds and long-term loans and borrowings:

To characterize the ratio of borrowed funds and other elements, the following are calculated:

- debt capital structure ratio:

Ratio of borrowed and own funds:

Absolute indicators of financial stability are indicators that characterize the level of security of current assets with the sources of their formation. To characterize the sources of formation of stocks, three main indicators are determined.

Availability of own working capital (S OS), as the difference between capital and reserves and non-current assets. This indicator characterizes net working capital. In a formalized form, the availability of working capital can be written as follows:

S OS = Capital and reserves - Non-current assets (15)

Availability of own and long-term borrowed sources of reserves and costs (S OL), determined by increasing the previous indicator by the amount of long-term liabilities:

SOL= S OS+ long-term liabilities (16)

The total value of the main sources of formation of reserves and costs (O S), determined by increasing the previous indicator by the amount of short-term borrowings:

About S=S OL+ current liabilities (17)

Based on these indicators, the following indicators are calculated:

Surplus (+) or shortage (-) of own working capital (S OS):

SOS= S OS - stocks (18)

Surplus (+) or shortage (-) of own and long-term borrowed sources of reserves and costs (S OL):

SOL= S OL- stocks (19)

Surplus (+) or shortage (-) of the total value of the main sources of formation of reserves and costs (O S):

O S= O S - stocks (20)

In the further analysis of financial stability in the enterprise, four types of financial stability are distinguished:

Absolute stability (reserves< sos+ bank loans);

Normal stability (margins = s os+ bank loans);

Precarious financial position (stocks = s os+ bank loans + sources that ease financial tension);

Financial crisis (stocks > s os+ bank loans).

In the case when the balance sheet structure of the enterprise is recognized as unsatisfactory, and the enterprise is insolvent, and the current liquidity ratio has a normative value, it is required to calculate the solvency loss ratio for a period equal to 3 months:

where K l.current.k, n - respectively, the actual value of the current liquidity ratio at the end and at the beginning of the period;

To l. current. norms - normative value of the current liquidity ratio (=2);

T - length of the reporting period in months.

If the estimated value of the loss of solvency ratio is less than 1, then it can be decided that the company is in an unstable financial position and is threatened with loss of solvency in the near future.

In the event that the balance sheet structure is unsatisfactory, and the current liquidity ratio is below the normative value, the solvency recovery ratio should be calculated within six months:

If the calculated value of Kvosst is greater than 1, it can be concluded that the enterprise has the opportunity to restore its ability to pay loans.

Recently, when assessing the solvency and probability of bankruptcy of enterprises in Russia, they began to use an indicator known in international practice for analyzing the financial and economic activities of enterprises as the Altman Z-score. This is an integrated indicator calculated by the formula:

where A - assets;

II A - section IIa of the balance sheet (current assets);

P nr - retained earnings;

P in - sales profit;

In op - market value of ordinary and preferred shares;

L - liabilities.

The critical value of the Z coefficient is 1.8. If the Z value takes values ​​from 1.8 to 2.7, the probability of bankruptcy is high; with values ​​from 2.8 to 2.9 possible; with a value greater than 3.0 - the probability of bankruptcy is considered low.

It is important for the tax authority to answer the question of whether the enterprise is capable of paying taxes. Therefore, from the point of view of the tax authorities, the financial situation is characterized by the following indicators:

- balance sheet profit;

Return on assets;

- balance sheet profit per 1 ruble means for wages.

Based on these indicators, the tax authorities can also determine the receipt of payments to the budget in the future. Enterprise managers are primarily interested in resource efficiency and enterprise profitability. The main goal of financial activity is reduced to one strategic task - increase in the company's assets.

Thus, the methods for assessing the financial performance of the enterprise showed that the main methods are: horizontal (temporal) analysis; vertical (structural) analysis; trend analysis; analysis of relative indicators (coefficients); comparative (spatial analysis); factor analysis. The key elements of the analysis of financial results are: marginal income; profitability threshold; production leverage; marginal safety margin.

Ministry of Education of the Russian Federation

All-Russian Correspondence Institute of Finance and Economics

Department of Enterprise Economics and Entrepreneurship

Test

in the discipline "Economics of the organization"

"Assessment of the financial activity of the enterprise"

Executor:

Specialty: accounting. accounting, analysis and audit

Record book number:

Lecturer: Zvyagin A.A.

1. Analysis of the financial condition of the enterprise: role and significance

The development of market relations has put business entities of various organizational and legal forms in such harsh economic conditions that objectively determine their balanced, interested policy to maintain and strengthen the financial condition, its solvency and financial stability. Assessment of the financial condition is part of the financial analysis. It is characterized by a certain set of indicators reflected in the balance sheet as of a certain date. The financial condition characterizes in the very general view changes in the allocation of funds and sources of their coverage.

The financial condition is the result of the interaction of all production and economic factors: labor, land, capital, entrepreneurship.

The financial condition is manifested in the solvency of an economic entity, in the ability to timely satisfy the payment requirements of suppliers in accordance with business contracts, repay loans, pay salaries, and make payments to the budget on time.

The main purpose of the analysis of the financial condition is to identify, on the basis of an objective assessment of the use of financial resources, intra-economic reserves to strengthen the financial situation and increase solvency.

The purpose of the analysis of the financial condition determines the tasks of the analysis of the financial condition, which are:

Assessment of the dynamics, composition and structure of assets, their condition and movement;

Assessment of the dynamics, composition and structure of sources of own and borrowed capital, their condition and movement;

Analysis of absolute and relative indicators of the financial stability of the enterprise and assessment of changes in its level;

Analysis of the solvency of an economic entity and the liquidity of the assets of its balance sheet.

The main sources of information for analyzing the financial condition of an economic entity are:

Information about the technical preparation of production;

Regulatory information;

Planning information (business plan);

Economic (economic) accounting, operational (operational-technical) accounting, accounting, statistical accounting;

Reporting (public financial accounting reporting (annual), quarterly reporting (non-public, which is a commercial secret), selective statistical and financial reporting (commercial reporting produced under special instructions), mandatory statistical reporting);

Other information (publications in the press, surveys of the head, expert information).

As part of the annual accounting report of the enterprise, there are the following forms that provide information for analyzing the financial condition:

Form No. 1 "Balance sheet". It fixes the value (monetary value) of the balances of non-current and current assets of capital, funds, profits, loans and borrowings, accounts payable and other liabilities. The balance sheet contains generalized information about the state of the enterprise's economic assets included in the asset, and the sources of their formation that make up the liabilities. This information is presented "at the beginning of the year" and "at the end of the year", which makes it possible to analyze, compare indicators, identify their growth or decline. However, the reflection in the balance sheet of only balances does not make it possible to answer all the questions of owners and other interested services. Additional detailed information is needed not only on balances, but also on the movement of economic assets and their sources. This is achieved by preparing the following reporting forms:

Form No. 2 "Profit and Loss Statement";

Form No. 3 "Capital flow statement";

Form No. 4 “Cash flow statement”;

Form No. 5 "Appendix to the balance sheet".

"Explanatory note" outlining the main factors that influenced the final results of the enterprise's activities in the reporting year, with an assessment of its financial condition.