Comprehensive assessment of the financial and economic state. Comprehensive assessment of the financial condition of the enterprise
FINANCIAL MONITORING INDICATORS
For monitoring financial condition a large number of objects, it is necessary to form a group of indicators that together give a comprehensive description of the state and prospects of any enterprise.
In our opinion, the number of monitoring indicators should be small (no more than five or six), since only in this case it is possible, on the one hand, to create the prerequisites for the efficiency and complexity of the analysis, and on the other hand, to avoid excessive labor intensity and eliminate the inconsistency of conclusions. In addition, a clear and unambiguous interpretation of indicators and their values, as well as the totality of indicator values, should be given.
In other words, it is required to develop a ranking system in which each value of the indicator has its own rank, and the sum of the ranks received by any enterprise gives an unambiguous characteristic of the financial and economic state of the enterprise and its prospects.
To form a list of monitoring indicators, as well as to develop a ranking system, those aspects of the economic activity of enterprises that are most important for owners, investors, and management bodies were identified. These include:
EFFICIENCY AND RISK OF BUSINESS
Business efficiency is proposed to be assessed using the indicator<Рентабельность собственного капитала>(ROE), showing the amount of net profit that was generated by the company's own capital, and characterizing the degree of attractiveness of the object for investing shareholders' funds. The higher this ratio, the higher the earnings per share and the larger the potential dividend.
The size of ROE is determined by the return on assets (ROA) - how many rubles of profit each ruble of the company's property brings. In turn, ROA depends both on the profitability of products sold (ROS) - profitability of sales, and on the characteristics of the enterprise's business activity (TA) - asset turnover.
Asset turnover is largely determined by the market conditions in which the company operates, and characterizes its success in the field of marketing. In most cases, the range of products manufactured by the enterprise is strictly regulated by the installed equipment. Far from all industries, a situation is possible when, at relatively low costs for equipment changeover, it is possible to curtail the production of products that are not in market demand and switch to the production of goods, the demand for which is currently growing. As a rule, such a maneuver requires significant capital investments in fixed assets.
An increase in the asset turnover ratio can be achieved either by increasing sales (due to price competition, improving product quality, after-sales service, etc.), or by systematically reducing the total value of assets. At the same time, it is obvious that the possibilities of both ways are limited, and their implementation, as a rule, requires significant costs.
However, if it is not possible to achieve a high ROA by increasing turnover, then the company may have a high return on sales - the ratio of profit to income-revenue. At the same time, this indicator indirectly characterizes the degree of production manageability of the enterprise, since it depends on the cost of production. This indicator increases if the growth rate of revenue outpaces the growth rate of cost, and decreases otherwise.
Thus,<Рентабельность собственного капитала>takes into account both the manageability of the enterprise and its market potential. However, the most important thing is that it shows how much profit a shareholder has for each ruble of invested funds. ROE makes it possible to compare the profitability of investing in various enterprises and / or in any financial transactions. Under normal market conditions, the benchmark is the rate of the Central Bank of the Russian Federation - the minimum risk-free return that an invested ruble can bring.
Numerous sources indicate that the<Уровень собственного капитала>, equal to 60%, is sufficient to meet the requirements of financial stability. However, for first-class enterprises, it may be somewhat higher so that even random fluctuations in market conditions cannot affect its financial stability.<Уровень собственного
капитала>less than 50% indicates that most of the enterprise is no longer owned by its owners, but by creditors.
LONG-TERM AND SHORT-TERM SOLVENCY OUTLOOK
When making an investment decision, one should take into account not only the risk of not receiving the desired income, but also the risk of not returning the invested funds, i.e. the risk of bankruptcy of the enterprise. In our opinion, the risk of bankruptcy of an enterprise (in its various manifestations) is taken into account by the indicator<Коэффициент покрытия внеоборотных активов собственным капиталом>and indicator<Длительность оборота кредиторской задолженности>.
<Коэффициент покрытия внеоборотных активов собственным капиталом>reflects the solvency of the enterprise in the long run. To ensure the solvency of the enterprise in the long term, it is necessary that permanent capital (equal to the sum of equity and long-term borrowed capital) would be greater than the sum of non-current assets or their ratio would be greater than one. However, for first-class enterprises, it should be somewhat higher so that even random market fluctuations (including a decrease in long-term debt financing) cannot in any way affect its financial stability.
<Длительность оборота кредиторской задолженности>shows the period during which the company is able to pay off its short-term accounts payable if the company's revenue remains at the level of the reporting period and it does not create new debt.
Index<Длительность оборота кредиторской задолженности>can be considered as an indicator of solvency in the short term. Decree of the President of the Russian Federation No. 2204 dated December 20, 1994 established a three-month deadline for the fulfillment of monetary obligations for settlements for delivered products. At the same time, according to paragraph 2 of Art. 3 of Federal Law No. 6-F3 of January 8, 1998<О несостоятельности (банкротстве)> <юридическое лицо считается неспособным удовлетворить требования кредиторов по денежным обязательствам и (или) исполнить обязанность по уплате обязательных платежей, если соответствующие обязательства и (или) обязанности не исполнены им в течение трех месяцев с момента наступления даты их исполнения>.
3Thus,<Длительность оборота кредиторской задолженности>more than 180 days formally shows that the deadlines for fulfilling the obligations of the enterprise have already expired (or the enterprise does not have enough resources to pay off creditors within the prescribed period) and there is a reason to immediately initiate bankruptcy proceedings.
At the same time, for first-class companies, the period of fulfillment of obligations for the received raw materials, equal to 60 days, does not seem to be excessively short, which is confirmed by foreign experience.
QUALITY BUSINESS MANAGEMENT
The quality of business management is very capaciously characterized by the indicator<Длительность оборота чистого производственного оборотного капитала>.
Net operating capital is the sum of inventories and accounts receivable less accounts payable (non-financial). Its negative value indicates the absence of own working capital, and its value in this case characterizes the minimum amount of a loan to replenish working capital required by the enterprise.
Positive indicator value<Длительность оборота>indicates the time during which the working capital of the enterprise is circulating, having gone the whole circle from paying for raw materials and materials, finding them in the form of inventories, remnants of work in progress, stocks finished products before receiving payment for the products sold.
Based on the analysis<Длительности оборота чистого производственного оборотного капитала>conclusions can be drawn about the quality of enterprise management.
With the rational management of the working capital of the enterprise<Длительность оборота чистого производственного оборотного капитала>positive but close to zero. This means that the structure of receivables and payables is balanced, and the amount of reserves is determined by the technological features of production.
An increase in this indicator indicates that significant financial resources are frozen in working capital. Consequently, either the company's purchasing and marketing activities are irrational (the size of stocks is excessive), or work with debtors is inefficient, and the company provides a free loan to its counterparties.
Negative but close to zero value<Длительности оборота>indicates the riskiness of the policy of the enterprise, which builds its activities on the use of free loans from suppliers. Significant negative values indicate that the enterprise does not have its own working capital and there are problems with financial stability. Reasons for growth<Длительности оборота чистого производственного оборотного капитала>there may be either a loss-making activity of the enterprise, or a diversion of funds (for example, for the maintenance of the social sphere).
In both cases, providing financial resources to such an enterprise will not solve its problems.
Thus, based on the calculation and analysis in the dynamics of five financial indicators- return on equity (ROE), the level of equity capital, the coverage ratio of non-current assets with equity, the duration of the turnover of accounts payable and the duration of the turnover of net production working capital - a fairly complete comprehensive description of the financial and economic condition and development prospects of the analyzed enterprise is given.
In order for the listed indicators to be used for monitoring purposes, as mentioned earlier, a ranking system needs to be developed. The system we propose (see table) is based on:
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Interval value |
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Return on equity |
> 1/3 rate |
1/3-1/4 stakes |
> 1/4 rate |
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Equity level, % |
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Coverage ratio of non-current assets by own capital |
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Duration of accounts payable turnover, days |
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The duration of the turnover of net industrial working capital, days |
> 30; 0-(-10) |
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Interval price |
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SYSTEM OF INDICATORS OF RANKING OF ENTERPRISES
The following system of distribution of enterprises is proposed:
Group A. Sum of prices of intervals 21-25. The company has a high profitability, it is financially stable. His ability to pay is beyond doubt. The quality of financial and production management is high. The company has excellent chances for further development.
Group B. Sum of prices of intervals 11-20. The company has a satisfactory level of profitability. It is generally solvent and financially stable, although some indicators are below the recommended values. However, this enterprise is not sufficiently resistant to fluctuations in market demand for products and other market factors. Working with an enterprise requires a balanced approach.
Group C. Sum of prices of intervals 4-10. The company is financially unstable, it has low profitability to maintain solvency at an acceptable level. As a rule, such a company has overdue debts. It is on the verge of losing financial stability. To bring the enterprise out of the crisis, significant changes should be made in its financial and economic activities. Investing in a business is associated with increased risk.
Group D. Sum of price intervals< 4. Предприятие находится в глубоком финансовом кризисе. Размер кредиторской задолженности велик, предприятие не в состоянии расплатиться по своим обязательствам, финансовая устойчивость практически полностью утрачена. Значение показателя <Рентабельность собственного капитала>no hope for improvement. The degree of the enterprise's crisis is so deep that the likelihood of an improvement in the situation, even in the event of a fundamental change in financial and economic activity, is low.
The validity of the results obtained was tested at many enterprises during the analysis within the framework of the work of the Council for Anti-Crisis Programs under the Government of Moscow, the Complex for Prospective Development of the City of Moscow, the Department of Science and Industrial Policy of the Government of Moscow, and data received from other regions of Russia were also taken into account.
It can be argued that there are very few enterprises belonging to group A in today's Russia - there are literally a few of them. The bulk is concentrated in groups B-C, and a good team of managers or the help of a professional consulting firm can move an enterprise from group C to B, and the absence of such - from B to C. As for enterprises classified in group D, according to our estimates, the crisis has reached the stage where rehabilitation measures and even direct financial support, as a rule, do not give the expected result - a way out of the crisis.
The article was prepared using the materials of the book<Финансовый анализ предприятий (Российский и международный опыт)>, under total ed. E. A. Kotlyara.
The use of traditional methods for assessing the financial condition of organizations based on calculations of a different number of individual financial ratios does not always lead to unambiguous conclusions.
Since in this case conflicting conclusions can be obtained in certain areas of assessment. For example, conflicting conclusions can be obtained about the organization's satisfactory solvency and unsatisfactory financial stability. Such a situation can objectively develop when the organization's insufficient solvency is compensated by borrowed funds to the detriment of its financial stability. How, in this case, to unequivocally characterize its financial condition? This shortcoming is eliminated by various methods of integrated assessment.
The calculation of financial ratios is the basis for a comprehensive assessment of the financial condition of the organization, development, adoption of effective financial decisions. For a comprehensive assessment of the financial condition of an organization, it is recommended to calculate the following indicators from the whole variety in the following areas:
* to assess solvency, liquidity absolute liquidity ratio (&|), quick liquidity ratio (kg), current liquidity ratio (kj);
* to assess financial stability - the coefficient of autonomy (& ");
* to assess business activity - the turnover ratio of current assets (kb):
* to assess the profitability of the profitability ratio of sales
Other financial ratios can be used for more detailed analysis. In addition, not all financial ratios have optimal, critical values due to significant dependence on the specifics of the organization, industry, and other specific conditions.
The absolute liquidity ratio (Jt|) shows the organization's potential to cover short-term liabilities with instantly realizable assets - cash, calculated as the ratio of the organization's cash to the amount of its short-term liabilities.
where £>„ - normal receivables, rub.
The current liquidity ratio (kg) shows the organization's ability to cover short-term liabilities with liquid current assets and is calculated as the ratio of the organization's liquid current assets to the amount of short-term liabilities \"
where Ai - liquid current assets of the organization, rub.
To calculate the current liquidity ratio, “Accounts receivable”, payments on which are expected in more than 12 months, “Inventories” and “Other current assets”, respectively, are adjusted for the amount of actually identified bad receivables, illiquid and hard-to-sell inventories and costs. The amount of the debit balance on account 83 "Deferred income" (exchange differences) is deducted from "Short-term liabilities". According to international standards, the value of the current liquidity ratio should be in the range from one to two, that is, working capital should be at least sufficient to pay off short-term obligations. The value of the current liquidity ratio is less than one, which means that the amount of liquid assets of the organization is less than the maturity debt. Such organizations are insolvent. The excess of working capital over short-term liabilities by more than two or three times is considered an undesirable phenomenon, and indicates an irrational capital structure
The risk of a decrease in the financial stability of an organization is assessed by the ratio of equity and debt capital as sources of formation of the organization's assets. The autonomy coefficient characterizes the organization's ability to form reserves and costs at its own expense, shows how the risk is distributed between the owners of the organization and their creditors.
The coefficient of autonomy (kj) shows what share in the sources of formation of the organization's funds falls on equity, that is, it characterizes how independent the organization is from attracting external sources of financing.
where Сn is the equity capital of the organization rub.; Vb balance sheet currency of the organization, rub.
Business activity ratios allow you to evaluate the effectiveness of the use of funds. This group includes various indicators of turnover. Turnover indicators of current assets have great importance to assess the financial condition of the organization, since the rate of turnover of funds, that is, the transformation of nx into a monetary form, characterizes the solvency of the organization.
The turnover of various elements of current assets is calculated in days, based on the value of daily sales. The sum of average daily sales is calculated by dividing the sales proceeds by the number of days in the period (90, 180, 270 or 360
days). The average size of current assets is calculated as And the amounts at the beginning and end dates of the period and full values indicators for intermediate dates by dividing by the number of terms minus one. The turnover of current assets (OA) is determined by:
where (Uo is the turnover of current assets, taken as a comparison base, turnovers, (Ui is the compared turnover of current assets, turnovers.
Profitability is assessed based on the use of the sales profitability ratio (A*), which is defined as the ratio of sales profit to sales revenue:
where /?i - profit from the sale of products, goods, works, services, rubles; G, - proceeds from the sale of products, goods, works, services, rub.
The following are accepted as normative values of financial ratios: k, > OD; *2 > 0.8; *h > 2; > 0.7; *5> 1.02; K 2 0.15. Integrated
assessment of the financial condition of the organization is carried out as follows.
1) based on the results of calculating the coefficients and comparing them with the standard values, each coefficient is assigned a class from 1 to 3 according to the data given in table 3.1;
2) taking into account the value of the specific weight of the coefficient in the comprehensive assessment of the financial condition of the organization, the number of points for each indicator is calculated, on the basis of which the class of the financial condition of the organization is determined
Table 3.1 - Classes of financial ratios
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Introduction
1. Comprehensive analysis of the financial condition of the enterprise
2. Operational analysis of the enterprise
3. Enterprise budget
Conclusion
List of used literature
Introduction
The transition to a market economy requires an enterprise to increase production efficiency, competitiveness of products and services based on the introduction of scientific and technological progress, effective forms management and production management, entrepreneurship activation, etc. An important role in the implementation of this task is assigned to the analysis of the economic activity of enterprises. With its help, a strategy and tactics for the development of an enterprise are developed, plans and management decisions are justified, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the enterprise, its divisions and employees are evaluated.
Analysis is a way of knowing objects and phenomena environment, based on the division of the whole into its constituent parts and the study of them in all the variety of connections and dependencies.
The content of the analysis follows from the functions. One of these functions is to study the nature of the operation of economic laws, to establish patterns and trends economic phenomena and processes in the specific conditions of the enterprise. The next function of analysis is to monitor the implementation of plans and management decisions, behind economical use resources. The central function of the analysis is to search for reserves to improve production efficiency based on the study of best practices and achievements of science and practice. Also, another function of the analysis is to evaluate the results of the enterprise's activities in fulfilling plans, the level of economic development achieved, and the use of available opportunities. And finally, the development of measures for the use of the identified reserves in the process of economic activity.
Financial analysis is an essential element of financial management and audit. Almost all users of financial statements of enterprises use the methods of financial analysis to make decisions on optimizing their interests.
The methodology of financial analysis includes three interrelated blocks:
1) analysis of the financial results of the enterprise;
2) analysis of the financial condition of the enterprise;
3) analysis of the effectiveness of the financial and economic activities of the enterprise.
The main purpose of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the enterprise and its projection for the near or more distant future, i.e. expected parameters of the financial condition.
But not only time limits determine the alternativeness of the goals of financial analysis. They also depend on the tasks of the subjects of financial analysis, i. specific users of financial information.
The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological possibilities for conducting this analysis. Ultimately, the main factor is the volume and quality of the initial information.
The main functions of financial analysis are:
Objective assessment of the financial condition of the object of analysis;
Identification of factors and causes of the achieved state;
Preparation and justification of managerial decisions in the field of finance;
Identification and mobilization of reserves to improve the financial condition and increase the efficiency of all economic activities.
There are 4 groups of main financial indicators:
Financial stability,
Liquidity,
Profitability,
Business activity (turnover).
1. Comprehensive analysis of the financial condition of the enterprise
Under the financial condition refers to the ability of the company to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.
The financial condition can be stable, unstable and crisis. The ability of the enterprise to make payments in a timely manner, to finance its activities on an expanded basis, indicates its good financial condition.
The financial condition of an enterprise (FSP) depends on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. Conversely, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency.
A stable financial position, in turn, provides positive influence to fulfill production plans and provide the needs of production with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.
The main purpose of the analysis is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the enterprise and its solvency.
The analysis begins with a review of the main performance indicators of the enterprise. This review should consider the following questions:
· the property status of the enterprise at the beginning and end of the reporting period;
operating conditions of the enterprise in the reporting period;
the results achieved by the enterprise in the reporting period;
· prospects of financial and economic activity of the enterprise.
The property position of the enterprise at the beginning and end of the reporting period is characterized by balance sheet data. Comparing the dynamics of the results of sections of the asset balance, you can find out the trends in the change in property status. Information about the change in organizational structure management, the opening of new types of activities of the enterprise, the features of working with counterparties, etc. are usually contained in explanatory note to the annual financial statements. The effectiveness and prospects of the enterprise's activity can be generally estimated according to the analysis of profit dynamics, as well as a comparative analysis of the elements of growth of the enterprise's assets, the volume of its production activities and profit. Information about shortcomings in the work of the enterprise may be directly present in the balance sheet in an explicit or veiled form. This case may occur when there are articles in the reporting that indicate the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the “Losses” article). In the balance sheets of quite profitable enterprises, articles may also be present in a hidden, veiled form, indicating certain shortcomings in their work.
This can be caused not only by falsifications on the part of the enterprise, but also by the accepted reporting methodology, according to which many balance sheet items are complex (for example, the items “Other debtors”, “Other creditors”).
Table 1
Analysis of the composition and structure of property
| Assets | beginning of the year | The end of the year |
balance sheet |
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1.non-current |
1876 | 50,70 | 1751 | 46,14 | -125 | -4,56 | -0,07 | -131,58 |
| fixed assets | 1876 | 50,70 | 1751 | 46,14 | -125 | -4,56 | -0,07 | -131,58 |
| 2. current assets | 1824 | 49,30 | 2044 | 53,86 | 220 | 4,56 | 0,12 | 231,58 |
| Stocks | 1100 | 29,73 | 832 | 21,92 | -268 | -7,81 | -0,24 | -282,11 |
| -VAT on purchased assets | 275 | 7,43 | 271 | 7,14 | -4 | -0,29 | -0,01 | -4,21 |
| Accounts receivable (> 12 months) | 110 | 2,97 | 97 | 2,56 | -13 | -0,42 | -0,12 | -13,68 |
| Accounts receivable (≤12 months) | 131 | 3,54 | 87 | 2,29 | -44 | -1,25 | -0,34 | -46,32 |
| - buyers and customers | 131 | 3,54 | 87 | 2,29 | -44 | -1,25 | -0,34 | -46,32 |
| Cash | 208 | 5,62 | 757 | 19,95 | 549 | 14,33 | 2,64 | 577,89 |
| -cash register | 21 | 0,57 | 25 | 0,66 | 4 | 0,09 | 0,19 | 4,21 |
| - settlement accounts | 187 | 5,05 | 732 | 19,29 | 545 | 14,23 | 2,91 | 573,68 |
| BALANCE | 3700 | 3795 | 95 | 0,03 |
table 2
Analysis of the composition and structure of sources of property formation
| Passive | beginning of the year | the end of the year |
balance sheet |
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| 3.capital and reserves | 687 | 18,57 | 1054 | 27,77 | 367 | 9,21 | 0,53 | 386,32 |
| Authorized capital | 120 | 3,24 | 120 | 3,16 | 0 | -0,08 | 0,00 | 0,00 |
| Extra capital | 126 | 3,41 | 126 | 3,32 | 0 | -0,09 | 0,00 | 0,00 |
| Retained earnings of previous years | 231 | 6,24 | 441 | 11,62 | 210 | 5,38 | 0,91 | 221,05 |
| Retained earnings of the reporting year | 210 | 5,68 | 367 | 9,67 | 157 | 3,99 | 0,75 | 165,26 |
| 5.short-term obligations | 3013 | 81,43 | 2741 | 72,23 | -272 | -9,21 | -0,09 | -286,32 |
| Credits and loans | 1243 | 33,59 | 951 | 25,06 | -292 | -8,54 | -0,23 | -307,37 |
| Accounts payable | 1770 | 47,84 | 1790 | 47,17 | 20 | -0,67 | 0,01 | 21,05 |
| - suppliers and contractors | 1139 | 30,78 | 1029 | 27,11 | -110 | -3,67 | -0,10 | -115,79 |
| - in front of staff | 143 | 3,86 | 240 | 6,32 | 97 | 2,46 | 0,68 | 102,11 |
| - off-budget funds | 158 | 4,27 | 176 | 4,64 | 18 | 0,37 | 0,11 | 18,95 |
| - budget | 256 | 6,92 | 254 | 6,69 | -2 | -0,23 | -0,01 | -2,11 |
| - other creditors | 74 | 2,00 | 91 | 2,40 | 17 | 0,40 | 0,23 | 17,89 |
| BALANCE | 3700 | 3795 | 95 | 0,03 |
Specific gravity = asset (liability) indicator / balance sheet * 100%;
Change in absolute value = indicator per year – indicator per n.g.; Change in specific gravity = bpm weight per kg - ud. weight per n.g; Change in % to n.y. = abs. change / indicator n.g.; Change in % to the balance sheet = abs. change / abs. balance currency change *100%
Table 3
Analysis of the financial stability of the enterprise
| No. p / p | financial indicator | beginning of the year | the end of the year | change |
| 1. | Capital and reserves | 687 | 1054 | 367 |
| 2. | Fixed assets | 1876 | 1751 | -125 |
| 3. | Availability of own working capital | -1189 | -697 | 492 |
| 4. | Availability of common sources | 54 | 254 | 200 |
| 5. | long term duties | - | - | - |
| 6. | Availability of own current and long-term borrowed funds | -1189 | -697 | 492 |
| 7. | Short-term credits and loans | 1243 | 951 | -292 |
| 8. | Stocks | 1100 | 832 | -268 |
| 9. | Supply of reserves with own sources | -2289 | -1529 | 760 |
| 10. | Reserves coverage with own and long-term borrowed funds | -2289 | -1529 | 760 |
| 11. | Reserves coverage with common sources | -1046 | -578 | 468 |
| 12. | Type of financial stability | crisis | crisis |
Availability of own working capital = Capital and reserves (p. 490) - non-current assets (p. 190); availability of own current and long-term borrowed funds = (capital and reserves (p. 490) + long-term liabilities (p. 590)) - non-current assets (p. 190); availability of common sources = (capital and reserves (p. 490) + long-term liabilities (p. 590) + loans and credits (p. 610)) - non-current assets (p. 190); availability of reserves with own sources = own sources - reserves; the provision of reserves with own and long-term borrowed funds = own and long-term borrowed funds - reserves; availability of reserves with common sources = common sources - reserves. Type of financial stability when own sources< запасов, считается кризисной.
Table 4
Analysis of the financial stability of an enterprise based on relative indicators
| № | Index | For the beginning of the year | At the end of the year | Deviation from the beginning of the year |
meaning |
| 1 | 2 | 3 | 4 | 5 | |
| 1. | Autonomy coefficient | 0,19 | 0,28 | 0,09 | >0,6 |
| 2. | Debt ratio | 0,81 | 0,72 | -0,09 | |
| 3. | Equity multiplier | 5,39 | 3,60 | -1,79 | >1,5 |
| 4. | Interest coverage ratio | - | - | - | |
| 5. | Long-term financial independence ratio | 0,19 | 0,28 | 0,09 | >0,8 |
| 6. | Funding ratio | 0,23 | 0,38 | 0,16 | >1 |
| 7. | Long-term investment coverage ratio | 2,73 | 1,66 | -1,07 | |
| 8. | Capitalization Ratio (Financial Leverage) | 4,39 | 2,60 | -1,79 | <1 |
| 9. | Equity ratio working capital | -0,65 | -0,34 | 0,31 | >0,5 |
| 10 | Agility factor | -1,73 | -0,66 | 1,07 | >0,5 |
| 11 | Long-term investment structure ratio | - | - | - |
Autonomy ratio = equity (p. 490) / total liabilities (p. 700); Debt ratio = debt capital (lines 590+690) / total financing; Equity multiplier = total assets (p. 300) / own. capital; Interest coverage ratio = net income / interest payable (none); Long-term financial independence ratio = permanent capital (equity + long-term liabilities (p. 590)) / total assets; Funding ratio = equity / debt capital; Long-term investment security ratio = non-current assets / permanent capital; Capitalization ratio \u003d borrowed capital / equity. capital; The coefficient of security with own working capital = own. current assets (p. 490-190) / current assets (p. 290); Agility coefficient = own. working capital / own. capital.
Table 5
Analysis of the liquidity of the company's balance sheet
| Assets | beginning of the year | the end of the year | Passive | beginning of the year | the end of the year | Payment surplus (deficit) n.g. | payment surplus (deficiency) q.g. |
A1 - the most liquid assets Cash Short-term financial attachments |
P1 - the most urgent obligations Accounts payable Loans not repaid on time |
-1562 | -1033 | ||||
A2 - fast-moving assets Accounts receivable Other assets |
P2 - short-term liabilities Short-term credits and loans |
-727 | -496 | ||||
A3 - slow-moving assets Reserves - RBP Long-term financial investments |
P3 - long-term liabilities Long-term credits and loans |
1100 | 832 | ||||
A4 - hard-to-sell assets Non-current assets - long-term. fin. attachments |
P4 - permanent liabilities Capital and reserves - RBP Articles 630-660 |
1189 | 697 | ||||
| Balance | 3700 | 3795 | Balance | 3700 | 3795 |
Table 6
Solvency and liquidity assessment indicators
| № | Index | For the beginning of the year | At the end of the year | Deviation from the beginning of the year | Deviation from the regulations |
| 1 | 2 | 3 | 4 | 5 | |
| 1. | Current solvency ratio | 4,33 | 3,57 | -0,76 | tends to minimize |
| 2. | Intermediate solvency and liquidity ratio | 0,24 | 0,44 | 0,2 | 0,1 – 0,2 |
| 3. | Absolute liquidity ratio | 0,07 | 0,28 | 0,21 | 0,09 – 0,14 |
| 4. | Net working capital | -1189 | -697 | 492 | |
| 5. | Cash to net working capital ratio | -0,17 | -1,09 | -0,91 | |
| 6. | Inventory to short-term debt ratio | 0,88 | 0,87 | -0,01 | |
| 7. | The ratio of receivables and payables for commercial operations | 0,07 | 0,05 | -0,03 | |
| 8. | Current liquidity ratio | 0,61 | 0,75 | 0,14 | 0,83 – 1,33 |
| 9. | Securing liabilities with assets | 1,23 | 1,38 | 0,15 | tends to the maximum |
To the current solvency \u003d P1 + P2 / average monthly revenue; Intermediate solvency and liquidity ratio = A1+A2 / P1+P2; Absolute liquidity ratio = A1 / P1 + P2; Net working capital \u003d current assets - short-term liabilities; Ratio of cash to net working capital = cash / net working capital; Ratio of inventories to short-term debt = inventories / credits and loans; Ratio of accounts receivable to accounts payable = accounts receivable (within 12 months) / accounts payable; Current liquidity ratio = A1+A2+A3 / P1+P2; Security of liabilities with assets = total assets / P1 + P2 + P3.
Table 7
Calculation of indicators of turnover of current assets
| № | Index | For the beginning of the year | At the end of the year | Deviation from the beginning of the year |
| 11. | Asset turnover (turnover) | 2,26 | 2,43 | 0,17 |
| 22. | Inventory turnover (rev) | 7,08 | 10,66 | 3,58 |
| 33. | return on assets | 4,45 | 5,26 | 0,81 |
| 44. | Accounts receivable turnover (turnover) | 34,62 | 50,05 | 15,43 |
| 55. | Receivables circulation time (days) | 10,40 | 7,19 | -3,21 |
| 66. | Average age of reserves | 50,85 | 33,77 | -17,08 |
| 77. | Operating cycle (days) | 61,25 | 40,96 | -20,29 |
| 88. | Turnover of finished products (turnover) | - | - | - |
| 99. | Working capital turnover (rev) | 4,57 | 4,51 | -0,07 |
| 110. | Equity turnover (rev) | 12,15 | 8,74 | -3,41 |
| 111. | Total debt turnover | 2,58 | 3,24 | 0,65 |
| 112. | Turnover of attracted financial capital (debt on loans) | 4,40 | 4,95 | 0,56 |
Asset turnover = revenue / total assets; Inventory turnover = cost of sales / inventory; Capital productivity \u003d revenue / fixed assets (p. 120); Accounts receivable turnover = revenue / receivables; Time of receivables turnover = duration of the period (360 days) / receivables turnover; Average age of inventory = length of period / inventory turnover; Operating cycle = receivables turnover time + average age stocks; Turnover of finished products \u003d revenue / finished products (p. 214); Working capital turnover = revenue / working capital; Equity turnover = revenue / equity; Total debt turnover = cost / total debt (p. 590+690); Turnover of attracted financial capital = cost / accounts payable (str. 620).
Table 8 Analysis of the composition and structure of profit
| Indicators | the end of the year | |||||
| 1. Sales revenue | 8344 | 9210 | 866 | |||
| 2. Cost of goods, services | 7787 | 93,32 | 8869 | 96,30 | 1082 | 2,97 |
| 3. Gross profit | 557 | 6,68 | 341 | 3,70 | -216 | -2,97 |
| 4. Selling expenses | 54 | 0,65 | 62 | 0,67 | 8 | 0,03 |
| 5. Management expenses | 26 | 0,31 | 12 | 0,13 | -14 | -0,18 |
| 6. Profit (loss) from sales | 477 | 5,72 | 267 | 2,90 | -210 | -2,82 |
| 7. Other operating income | 34 | 0,41 | 27 | 0,29 | -7 | -0,11 |
| 8. Other operating expenses | 28 | 0,34 | 18 | 0,20 | -10 | -0,14 |
| 9. Profit (loss) before taxes | 483 | 5,79 | 276 | 3,00 | -207 | -2,79 |
| 10. Income tax | 116 | 1,39 | 66 | 0,72 | -50 | -0,67 |
| 11. Profit (loss) from ordinary activities | 367 | 4,40 | 210 | 2,28 | -157 | -2,12 |
| 12. Net profit | 367 | 4,40 | 210 | 2,28 | -157 | -2,12 |
Table 9 Analysis of profitability indicators
Total profitability \u003d balance sheet profit (line 050 f. No. 2) / production assets * 100; Profitability of the main activity (costs) = net profit / cost of goods sold * 100; Profitability of turnover (sales) = gross profit/ revenue * 100; Return on assets (property) = retained earnings / assets * 100; Profitability of production assets \u003d gross profit / production assets * 100; Economic profitability = net profit / investment capital ( authorized capital)* 100; Financial profitability = net profit / equity * 100; Return on debt capital = net income / debt capital * 100
Table 10 Analysis of the business activity of the enterprise
| Indicators | Beginning of the year | the end of the year | changes |
| 1. Net profit | 367 | 210 | -157 |
| 2. Sales proceeds | 8344 | 9210 | 866 |
| 3. Advance capital | 441,00 | 808,00 | 367,00 |
| 4. Working capital | 1844 | 2044 | 200 |
| 5. Return on equity | 53,42 | 19,92 | -33,50 |
| 6. Return on working capital | 20,12 | 10,27 | -9,85 |
| 7. Profitability of turnover (sales) | 6,68 | 3,70 | -2,97 |
| 8. Capital turnover (turnover) | 12,15 | 8,74 | -3,41 |
| 9. Turnover of working capital (rev) | 4,57 | 4,51 | -0,07 |
| 10. Duration of capital turnover (days) | 29,64 | 41,20 | 11,56 |
| 11. Duration of working capital turnover (days) | 78,77 | 79,82 | 1,05 |
Advance capital = reserve capital + retained earnings; Return on equity = net income / equity * 100; Return on working capital = net profit / working capital * 100; Capital turnover = revenue / equity; Duration of capital turnover (days) = duration of the period / capital turnover; Duration of working capital turnover (days) = duration of the period / turnover of working capital
Table 11
Calculation of financial ratios to assess the probability of bankruptcy
Data in tables 4, 6 and 10.
There is no share of overdue accounts payable in liabilities; Share of accounts receivable in total assets = accounts receivable / total assets; Net profit margin = net profit / sales proceeds
Table 12
Bankruptcy Probability Analysis (Altman Model)
The ratio of net working capital to total assets = net working capital / total assets; Return on Assets = Gross Profit / Amount of Assets; Ratio of own and borrowed capital = own capital / borrowed capital; integral indicator of the bankruptcy threat level = 0.012x1 + 0.014x2 + +0.033x3 + 0.006x4 + 0.999x5.
The degree of probability of bankruptcy with an integral indicator from 1.81 to 2.7 is considered high, from 2.7 to 2.99 low.
2. Operational analysis of the enterprise
Operational analysis of the enterprise The key elements of the operational analysis of any enterprise are: operating leverage; profitability threshold; stock of financial strength of the enterprise. Operational analysis is an integral part management accounting. Unlike external financial analysis, the results of operational (internal) analysis may constitute a trade secret of the enterprise. The action of the operational (production, economic) lever is manifested in the fact that any change in sales proceeds always generates a stronger change in profit. In practical calculations, to determine the strength of the impact of operating leverage, the ratio of the so-called gross margin (the result of sales after recovering variable costs) to profit is used. Gross margin is the difference between sales revenue and variable costs. It is desirable that the margin is enough not only to cover fixed costs, but also to generate profits. The operation of the operating leverage and the degree of flexibility of the enterprise all together generate entrepreneurial risk.
financial solvency liquidity current asset
Table 13 Operational Analysis
| Indicators | Meaning |
| Unit price (without VAT) | 5500 |
| Volume of sales | 1517 |
| Revenue from the sale of goods, services | 8343500 |
| Cost of goods | 7787000 |
| Variable costs in the cost of goods, services | 5061550 |
| Fixed costs in cost price | 2725450 |
| Commercial expenses, incl. | 54000 |
| permanent | 39420 |
| variables | 14580 |
| Administrative and management expenses, incl. | 26000 |
| permanent | 17940 |
| variables | 8060 |
| Marginal profit | 3259310 |
| Profit Margin Ratio | 0,39 |
| Profit | 476500 |
| Operating lever force | 6,84 |
| Profitability threshold | 7135410 |
| Margin of financial strength | 1208090 |
Marginal profit = revenue - variable costs; Marginal profit ratio = marginal profit / revenue; Operating leverage = marginal profit / /profit; profitability threshold = fixed costs / marginal profit ratio; Margin of financial strength \u003d revenue - profitability threshold
EGF \u003d (1 - Sn) * (KR - Sk) * ZK / SK, where:
EFR - the effect of financial leverage, Сн - income tax rate, КР - return on assets, % Ск - interest rate for a loan, ЗК - borrowed capital, СК - own capital
EGF \u003d (1 - 0.2) * (21 - 12.5) * 2741/1054 \u003d 17.68
The return on assets is higher than the interest rate for a loan, therefore, the use of borrowed capital is advisable.
3. Enterprise budget
We will draw up a budget for income and expenses for the planned year, taking into account the available data shown in table 14.
Table 14
| Indicators | 2 |
| Price change plan | +5% |
| Change in sales volume | +2% |
| % of buyers' payment for products in the budget period | 78% |
| Planned production costs | |
| Materials, rub. | 4123913 |
| RFP, rub. | 522749 |
| ESN, rub. | 135915 |
| Variables ODA, rub. | 420558 |
| Permanent ODA, rub. | 605193 |
| including depreciation | 125000 |
| Planned selling expenses | |
| Variables, rub. | 14580 |
| Permanent, rub. | 39420 |
| Planned administrative and management expenses | |
| Variables, rub. | 8450 |
| Permanent, rub. | 18540 |
| % of payment of expenses in the budget period | |
| Production costs | 92% |
| Selling expenses | 95% |
| Administrative and management expenses | 98% |
| Credits and loans | |
| Interest on loans and borrowings | 12,5% |
| % repayment of credits and loans in the budget period | 67% |
Note:
1. The volume of production corresponds to the volume of sales (the balance of finished products remains unchanged)
2. Materials are purchased in the amount necessary for the production of products that will be sold (the balance of materials remains unchanged)
Table 15 Income and expenditure budget
According to the budgeting of income and expenses, the need for additional financing is: 8935888.5 - 6014318 = 2921570.5 thousand rubles. - we observe an excess of income over expenses, therefore, there is no need for financing.
Table 16 Cash flow budget
The need for additional financing will be: 6969993.03 - 5536411.96 = 1433581.07 thousand rubles.
Conclusion
In the real conditions of economic activity, it is advisable for any enterprise to periodically conduct a comprehensive financial analysis of its condition in order to identify shortcomings in the operation of the enterprise, the reasons for their occurrence and develop specific recommendations for improving performance.
The analysis of the financial condition of an enterprise has a multi-purpose focus and, in particular, can be carried out in the following main areas: continuous monitoring of the actual efficiency of the enterprise on the basis of financial statements; identification of the solvency of the enterprise and a satisfactory structure of the balance sheet of the enterprise in order to prevent its bankruptcy; assessment of the financial condition of the enterprise from the standpoint of the appropriate investment of financial resources in the development of production.
In practice, to determine the financial condition of an enterprise, several groups of indicators are used: assessment of indicators in dynamics, absolute values of financial assets in the balance sheet sections and their shares in the overall structure of the balance sheet, actual indicators of the enterprise in comparison with their normative and industry average values. In addition, special coefficients can be applied, calculated on the basis of the ratios of individual items of the reporting balance sheet. With their help, you can quickly assess the financial position of the enterprise. However, they are not universal and are mainly used as indicative indicators.
In the course of a general assessment of the financial condition of an enterprise, a detailed analysis of its activities is carried out, based on a study of the dynamics of balance sheet assets, the structure of liabilities, sources of formation of working capital and their structure, fixed assets and other non-current assets. In the course of this work, it is advisable to use a comparative analytical balance, which summarizes and systematizes the calculations performed in order to obtain general estimates of the financial position of the enterprise and its dynamics in the reporting period.
An analysis of the financial condition allows one to obtain an assessment of the reliability of the enterprise in terms of its solvency, to determine the type and magnitude of its financial stability. In a deeper study of the financial stability of an enterprise, indicators of the liquidity of the balance sheet and solvency of the enterprise are calculated, on the basis of which its ability to pay off its obligations on time and in full is established. corresponds to the maturity of the obligations.
To assess the liquidity of the balance sheet, as a rule, indicators are used that can be used to determine the ability of an enterprise to pay its short-term obligations during the year: the current liquidity ratio, which characterizes the degree general coverage all current assets of the enterprise the amount of urgent liabilities, the absolute liquidity ratio, reflecting the ability of the enterprise to instantly pay off creditors, without relying on accounts receivable, the ratio of own working capital. The financial stability of the enterprise is also characterized by the ratio of borrowed and own working capital.
Thus, the analysis of the financial condition of the enterprise and as an element of the analysis of financial stability is an important tool for identifying its place in the market environment.
List of used literature
1. Boronenkova S.A. Management analysis: Proc. Allowance.-M.: Finance and statistics, 2003.
2. Bocharov V.V. The financial analysis. St. Petersburg: Peter, 2005.
3. Grachev A.V. Financial sustainability of the enterprise: analysis, evaluation and management: Educational and practical guide. - M .: Publishing house "Business and Service", 2004.
4. Endovitskaya A.V. Comprehensive assessment financial stability of the agricultural organization. // Economic analysis: theory and practice. 2006. No. 22 (79).
5. Efimova O.V. Analysis of financial results and efficiency of property use. //Accounting. 2008. No. 1.
6. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. - M.: LLC "TK Velby", 2006.
7. Krylov E.I., Vlasova V.M., Zhuravkova I.V. Analysis of financial results, profitability and cost of production: Proc. allowance. –M.: Finance and statistics, 2005.
8. Kovalev V.V. Financial analysis: Money management. Choice of investments. Reporting analysis.-M.: F. and St., 2000.
9. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. Textbook.- M.: TK Velby LLC, 2002.
10. Lyubushin N.P., Babicheva N.E. Analysis of methods for assessing the financial condition of the organization. //Economic analysis: theory and practice. 2008. No. 22 (79).
11. Lobushin N.P., Comprehensive economic analysis of economic activity.: Textbook - 2nd ed. –m.: UNITY-DANA, 2005.
12. Savitskaya G.V. Analysis of the economic activity of the enterprise: Textbook. - 3rd ed., revised. And extra. – M.: INFRA-M, 2006.
13. Economic analysis: Textbook for universities / Ed. L.T. Gilyarovskaya. - 3rd ed., add. – M.: UNITI-DANA, 2005.
14. Economic analysis: Fundamentals of theory. Comprehensive analysis of the economic activity of the organization: Textbook / Ed. N.V. Voitolovsky, A.P. Kalinina, I.I. Mazurova. – M.: Higher education, 2005.
Financial condition is the most important characteristic of the economic activity of an enterprise in the external environment. It determines the competitiveness of the enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial and other relations are guaranteed. Therefore, we can assume that the main task of analyzing the financial condition is to show the state of the enterprise for internal and external consumers, the number of which grows significantly with the development of market relations.
The purpose of the analysis of the financial condition of the enterprise is to assess its current state, as well as to determine in what areas it is necessary to work to improve this state. At the same time, it is desirable to have such a state of financial resources in which the enterprise, freely maneuvering funds, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as the costs of its expansion and renewal.
The main purpose of this course work is to substantiate the principles and methods of analysis of the financial and economic condition of domestic enterprises.
According to the goal in the course work, the following tasks :
· study of the economic essence of such a concept as „financial condition of an enterprise”;
· definition of a role of a financial condition in efficiency of economic activity of the enterprise;
· a comprehensive assessment of the financial condition of an operating domestic enterprise;
Subject of study models are diagnostics of the financial and economic condition of domestic enterprises.
Object of study is the diagnostics of the financial and economic condition of ChMP OJSC.
Course work consists of three chapters, in which the problem posed is studied in sequence.
1. CHARACTERISTICS OF COMPREHENSIVE ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES IN MODERN CONDITIONS
1.1. Preliminary assessment of the financial condition of the enterprise
Financial analysis is used both by the company itself and by external market participants in the implementation of various transactions or to provide information about the financial condition of the company to third parties. As a rule, financial analysis is carried out when:
restructuring. In the process of separating structural units into separate business units, it is necessary to evaluate such indicators of their current activities as the size of receivables and payables, profitability, inventory turnover, labor productivity, etc. The favorable financial condition of a structural unit may serve as an additional factor in favor of leaving her in the company;
· valuation of the business, including for its sale/purchase. A reasonable assessment of the financial condition allows you to set a fair price for the transaction and can serve as a tool for changing the amount of the transaction;
obtaining a loan/attracting an investor. The results of the financial analysis of the company's activities are the main indicator for the bank or investor when making a decision on issuing a loan;
Listing on the stock exchange (with bonds or stocks). According to the requirements of Russian and Western stock exchanges, a company is required to calculate a certain set of ratios reflecting its financial condition and publish these ratios in its activity reports. For example, by Russian legislation the prospectus for the issue of securities of the company must indicate the degree of coverage of debt service payments, the level of overdue debt, the turnover of net assets, the share of income tax in profit before tax, etc.
Financial analysis can be carried out to compare your own company with another (benchmarking). To conduct one-time assessments of the financial condition of an enterprise, it makes sense to involve professional appraisers and auditors. This will increase the reliability of the assessment in the eyes of third parties.
In operational activities, financial analysis is used to:
assessment of the financial condition of the company;
Establishment of restrictions in the formation of plans and budgets. For example, you can limit the liquidity of the company (indicate that it must not be below a certain level), inventory turnover, the ratio of equity to debt, the cost of raising capital, etc. Many companies have a practice of setting limits for branches and subsidiaries based on such indicators as profitability, production cost, return on investment, etc.;
· Evaluation of predicted and achieved performance results.
The analysis begins with a review of the main performance indicators of the enterprise. This review should consider the following questions:
· the property status of the enterprise at the beginning and end of the reporting period;
operating conditions of the enterprise in the reporting period;
the results achieved by the enterprise in the reporting period;
· prospects of financial and economic activity of the enterprise.
The property position of the enterprise at the beginning and end of the reporting period is characterized by balance sheet data. Comparing the dynamics of the results of sections of the asset balance, you can find out the trends in the change in property status. Information about changes in the organizational structure of management, the opening of new types of activities of the enterprise, the features of working with counterparties, etc. is usually contained in an explanatory note to the annual financial statements. The effectiveness and prospects of the enterprise's activity can be generally estimated according to the analysis of profit dynamics, as well as a comparative analysis of the elements of growth of the enterprise's assets, the volume of its production activities and profit. Information about shortcomings in the work of the enterprise may be directly present in the balance sheet in an explicit or veiled form. This case may occur when there are articles in the reporting that indicate the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the “Losses” article). In the balance sheets of quite profitable enterprises, articles may also be present in a hidden, veiled form, indicating certain shortcomings in their work.
This can be caused not only by falsifications on the part of the enterprise, but also by the accepted reporting methodology, according to which many balance sheet items are complex (for example, the items “Other debtors”, “Other creditors”).
1.2.Methodology for analyzing the financial and economic condition
The methodology for analyzing financial and economic activities is a set of analytical procedures used to determine the financial and economic condition of an enterprise.
Experts in the field of analysis give different methods for determining the financial and economic condition of an enterprise.2 However, the basic principles and sequence of the procedural side of the analysis are almost the same with slight differences. Detailing the procedural side of the methodology for analyzing financial and economic activities depends on the goals set and various factors of information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic activities of an enterprise, however, in all significant aspects, the procedural aspects are similar.
Information support is important for analysis. This is due to the fact that, in accordance with the Law of the Russian Federation "On Informatization and Information Protection", an enterprise may not provide information containing a trade secret. But usually for making many decisions by potential partners of the company, it is sufficient to conduct an express analysis of financial and economic activities. Even to conduct a detailed analysis of financial and economic activities, information constituting a commercial secret is often not required. To conduct a general detailed analysis of the financial and economic activities of an enterprise, information is required according to the established forms of financial statements, namely:
form No. 1 Balance sheet
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
This information, in accordance with Decree of the Government of the Russian Federation of December 5, 1991 No. 35 "On the list of information that cannot be a trade secret" cannot be a trade secret.
