≡× MENU

• Interior
• Windows
• Walls
• Projects
• Buildings

Assessing the financial stability of the company. Assessing the financial stability of an organization

Financial stability organization is the ability to function and develop, maintaining the balance of its assets and liabilities in a changing internal and external environment guaranteeing its solvency and investment attractiveness in the long term within the limits permissible level risk.

The analysis of financial stability is based mainly on relative indicators, since absolute balance sheet indicators in conditions of inflation are difficult to bring into a comparable series.

The financial condition of an enterprise and its stability largely depend on the optimal structure of capital sources (the ratio of own and borrowed funds) and on the optimal structure of the enterprise's assets and, first of all, on the ratio of fixed and working capital, as well as on the balance of the enterprise's assets and liabilities on a functional basis.

Therefore, at the beginning it is necessary to analyze the structure of the enterprise’s sources and assess the degree of financial stability and financial risk. For this purpose, the following indicators are calculated:

1. Concentration factor equity(K sk).

The coefficient of concentration of equity capital (financial independence or autonomy) shows the share of the enterprise's own capital in the total amount of funds and characterizes the confidence of creditors in the enterprise. It shows what part of the enterprise’s assets was formed from its own sources of funds.

K sk = Equity / Balance sheet currency

K sk (at the beginning of the year) = 40607/81805 = 0.496

K sk (at the end of the year) = 48408/95455 = 0.507

The higher the value of this coefficient, the more the enterprise is financially independent of external creditors, stable and reliable for concluding contracts and agreements with partners, and less risky for creditors and potential investors.

2. Debt capital concentration ratio (Kzk).

The debt capital concentration ratio is specific gravity borrowed funds in the common balance sheet currency. It shows what part of the enterprise's assets is formed through borrowed funds of a long-term and short-term nature.

KZK = Borrowed funds / Balance sheet currency

Kzk (at the beginning of the year) = 41198/81805 = 0.504

Kzk (at the end of the year) = 47047/95455 = 0.493

The lower this ratio, the more stable the financial position of the enterprise. Its upper limit value is 0.4 (or 40%). Exceeding this indicator indicates the financial instability of the enterprise.

The debt capital concentration ratio and the equity capital concentration ratio are two interrelated indicators, their sum is equal to 1 (or 100%) (0.496+0.504 = 1; 0.507+0.493 = 1).

3.Financial dependence coefficient (FDC).

The financial dependence ratio characterizes the enterprise's dependence on borrowed funds and shows their share in the total amount of funds. This is the inverse indicator of the financial independence ratio; it shows how much assets are per 1 ruble of equity. If its value is 1, then this means that all assets of the enterprise are formed only from its own capital.

Kfz = Balance sheet currency / Equity capital of the enterprise

Kfz (at the beginning of the year) = 81805/40607 = 2.01

Kfz (at the end of the year) = 95455/48408 = 1.97

According to the Federal Law, it is clear that at the beginning of the year for every 2.01 rubles invested in assets there were 1 ruble of own funds and 1.01 rubles of borrowed funds, and at the end of the year for every 1.97 rubles invested in assets there were 1 ruble of own funds and 0 .97 rubles – borrowed. Its decrease by 0.04 rubles indicates a slight decrease in the share of borrowed funds in financing and a decrease in the enterprise’s dependence on external creditors.

4. Financial stability coefficient (FSU).

The sustainable financing ratio determines the proportion of a company's assets financed from sustainable sources. These include: own funds and long-term financial investments, i.e. borrowed funds raised for a period of more than 1 year.

Cfu = (Equity + Long-term liabilities) / Balance sheet currency

Kfu (at the beginning of the year) = 40607/81805 = 0.496

Kfu (at the end of the year) = 48408/95455 = 0.507

If the company does not use long-term loans and borrowings, then its value will coincide with the value of the financial independence coefficient. This is what we see based on data from Elektrokabel Trading House LLC.

5. Equity capital maneuverability ratio (Km).

This is an indicator characterizing the structure of the use of equity capital. It indicates the degree of mobility (flexibility) of using one's own funds.

Km = (Equity capital ˗ non-current assets)/equity capital

Km (at the beginning of the year) = (40607˗39171)/40607=0.035;

Km (at the end of the year) = (48408˗47206)/48408=0.024.

The agility coefficient determines the share of equity capital used to finance the current activities of the enterprise, i.e. own capital invested in working capital. In dynamics, its growth is seen as a positive trend. The optimal value is = 0.5.

In LLC "Trading House "Electrokabel" this coefficient decreased during the reporting year from 0.035 to 0.024, which negatively characterizes the activity of the enterprise for the reporting year.

6. Financial risk ratio – the ratio of borrowed capital to equity. This ratio is considered one of the main indicators of financial stability. The higher its value, the higher the risk of investing capital in a given enterprise; the lower the value of this coefficient, the more stable the financial position of the enterprise.

KFR shows how many borrowed funds are raised per 1 ruble of own funds.

Kfr (at the beginning of the year) = 41198/40607 = 1.01

Kfr (at the end of the year) = 47047/48408 = 0.97

At the beginning of the year, for every 1 ruble of own funds invested in the assets of the enterprise, 1.01 rubles were borrowed at the beginning of the year and 0.97 at the end of the year. The financial risk ratio decreased by 0.04 percentage points. This indicates that the enterprise’s financial dependence on external investors has decreased slightly.

The assessment of changes that have occurred in the capital structure may be different from the position of investors and the enterprise. For banks and other creditors, the situation is more reliable if the client's share of equity is high. This eliminates financial risk. Enterprises are interested in attracting borrowed funds for two reasons:

1) interest on servicing borrowed capital is considered as an expense and is not included in taxable profit;

2) interest costs are usually lower than the profit received from the use of borrowed funds in the turnover of the enterprise, as a result of which the return on equity increases.

In a market economy, a large and increasing share of equity capital does not at all mean an improvement in the situation of the enterprise or the ability to quickly respond to changes in the business forecast. On the contrary, the use of borrowed funds indicates the flexibility of the enterprise, its ability to find loans and repay them, that is, its credibility in the business world.

Excess or lack of planned sources of funds for the formation of reserves is one of the criteria for assessing the financial stability of an enterprise, according to which 4 types of financial stability are distinguished:

1. Absolute financial stability (inventories are less than the amount of own working capital). This ratio shows that all inventories are fully covered by working capital, i.e. the company does not depend on external sources, this situation is extremely rare.

2. Normal financial stability, in which reserves are greater than own working capital, but less than the planned sources of covering them. The above ratio corresponds to the situation when a successfully operating enterprise uses various sources stocks.

3. Unstable financial situation. This ratio corresponds to the situation when an enterprise, to cover its reserves, is forced to attract additional sources of coverage that are not justified.

4. Crisis financial situation. A crisis financial situation is characterized by a situation where, in addition to the previous inequality, the enterprise has loans and borrowings that are not repaid on time, overdue receivables and payables. This situation means that the company cannot pay its creditors on time.

Based on the balance sheet data of Elektrokabel Trading House LLC, we will calculate the type of financial stability at the beginning and end of the year:

1) At the beginning of the year: SOS = 1436 thousand rubles; Z = 1701 thousand rubles; IFZ = 42634 thousand rubles.

1436 < 1701 < 48249, СОС < З < ИФЗ – это говорит о нормальной финансовой устойчивости организации ООО «ТД «Электрокабель» на начало года.

2) At the end of the year: SOS = 1202 thousand rubles; Z = 1173 thousand rubles; IFZ = 48249 thousand rubles.

1102 < 1173 < 48249, СОС < З < ИФЗ – на конец года предприятие также имеет нормальную финансовую устойчивость.

Conclusion

Of all forms of financial statements, the most important and fundamental is the balance sheet. The balance sheet characterizes in monetary terms the financial position of the organization as of the reporting date. The balance sheet characterizes the state of inventories, settlements, availability of funds, and investments. The balance sheet of an enterprise acquaints owners, managers and other persons associated with management with the property status of an economic entity. From the balance sheet it is clear what the owner owns, that is, what is, in quantitative and qualitative terms, the stock of material assets that the enterprise is able to dispose of and who took part in the creation of this stock. The balance sheet determines whether the company will be able to fulfill its obligations to third parties in the near future - shareholders, investors, creditors, buyers, sellers and others, or whether it is facing financial difficulties.

Based on the balance sheet data, the final financial result of the enterprise is determined in the form of an increase in equity capital for the reporting period, which is reflected as net profit on the liability side of the balance sheet or losses on the asset side.

It is from the balance sheet that you can obtain most of the information about the activities of the enterprise. About what funds the organization uses - its own or borrowed - and where it invests them. Therefore, a high-quality balance sheet will not only eliminate problems with tax office, but will also help to attract borrowed funds. After all, any bank will issue a loan to a company only after it is confident in its stable financial condition. The bank can take the data of interest from the balance sheet. From the balance sheet you can find out how much debt the company has and who owes it. Based on the balance sheet, the tax authorities check the calculation of property tax.

Analysis of financial statements acts as a tool for identifying problems in managing financial and economic activities, for choosing areas for investing capital and forecasting individual indicators. Financial analysis is the basis on which development is built economic strategy enterprises. For example, an analysis of financial stability shows how independent an organization is from a financial point of view, whether the level of this independence is increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of financial and economic activities. Analysis of balance sheet liquidity allows us to determine the amount of coverage of the enterprise's liabilities with its assets, the period of transformation of which into monetary form (liquidity) corresponds to the period of repayment of obligations (urgency of return). The less time it takes to this type assets acquired monetary form, the higher its liquidity. Thus, on modern stage implementation entrepreneurial activity impossible without objective information about the financial position of the enterprise.

The analysis is based on indicators from interim and annual financial statements. Preliminary analysis It is advisable to carry out before preparing accounting (financial statements), when it is still possible to change a number of balance sheet items. Based on the data from the final analysis of the financial and economic situation, almost all directions of the economic (including financial) policy of the enterprise are developed. The effectiveness of the measures taken depends on how well it is carried out. management decisions. The quality of the analysis itself depends on the methodology used, the reliability of financial reporting data, as well as on the competence of the person making the management decision.

In order to understand financial condition of their organization, managers must be able to analyze the balance sheet and evaluate it. This will help them to be successful and effective management by your organization.

Financial analysis is the basis on which the development of an enterprise’s economic strategy is built. For example, an analysis of financial stability shows how independent an organization is from a financial point of view, whether the level of this independence is increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of financial and economic activities.

Data from an analysis of the financial condition of LLC Trading House Elektrokabel indicate the normal financial stability of the enterprise, since the values ​​of financial stability coefficients are within normal limits, but by the end of the reporting year there is a tendency for the condition of the enterprise to deteriorate.

Analysis of balance sheet liquidity allows us to determine the amount of coverage of the enterprise's liabilities with its assets, the period of transformation of which into monetary form (i.e. liquidity) corresponds to the period of repayment of obligations (i.e. the urgency of return). The less time it takes for a given type of asset to acquire a monetary form, the higher its liquidity. The liquidity of the analyzed balance can be characterized as insufficient, because During the reporting period, the payment shortage of the most liquid assets to cover the most urgent obligations increased. Prospective liquidity reflects the payment surplus, which increased during the reporting period.

Based on data from the analysis of the financial condition of the enterprise, almost all directions of the economic and financial policy of the enterprise are developed. The effectiveness of the decisions made depends on how well the analysis is carried out.

In conclusion, I would like to say that managers must be able to analyze the balance sheet and evaluate it. This will help them in running their organization successfully and efficiently.

Diploma plan

“Financial stability of an enterprise and methods for its assessment”

Introduction

Chapter 1. Specifics of analyzing the financial stability of an enterprise

1.1.Assessment of the financial condition of the enterprise, main criteria

1.2. Methods for assessing the financial stability of an enterprise

1.2.1. Assessing the financial stability of an enterprise using absolute and relative indicators

1.2.2. Application of matrix balances to assess financial condition

1.2.3. Balance sheet model for assessing the financial stability of an enterprise

1.3. General assessment of the financial stability of the enterprise

1.4. A system of indicators reflecting the financial stability of an enterprise

1.4.1. Share of equity in assets

1.4.2. Own funds maneuverability coefficient

1.4.3. Calculation of indicators (conditions) of financial stability according to the sources of the enterprise's needs for inventories and costs

1.4.4. Sustainable Growth Ratio

1.4.5. Interest coverage ratio

Chapter 2. Analysis of the financial stability of an enterprise (specific example)

2.1. General characteristics of the activities of Arkhbum OJSC

2.2. Analysis of the financial position of Arkhbum OJSC

2.2. Calculation of the main ratios reflecting the financial stability of the enterprise

Chapter III. General assessment of the financial stability of Arkhbum OJSC and analysis of long-term prospects

3.1. General assessment of the financial stability of Arkhbum OJSC

3.2. Analysis of the market situation

Conclusion

List of used literature

Application

Maintaining

In a market economy, elements of the financial mechanism are the main regulators of the economy, and financial results most fully reflect the overall results of the activities of individual enterprises.

Financial activities of enterprises include:

Meeting the need for financial resources;

Optimization of the structure of financial capital by sources of its transformation;

Ensuring financial discipline in relationships with other enterprises (suppliers and consumers), banks, tax services;

Regulation of financial relations of the enterprise with owners (shareholders), hired personnel, between divisions (branches), etc.

To determine the financial position of an enterprise, a number of characteristics are used that most fully and accurately show the state of the enterprise both in the internal and external environment.

The financial stability of an enterprise is one of these characteristics. It is associated with dependence on creditors, investors, i.e. with the ratio “equity capital - borrowed capital”. The presence of significant liabilities that are not fully covered by its own liquid capital creates the preconditions for bankruptcy if large creditors demand the return of their funds.

But at the same time, investing borrowed funds can significantly increase the return on equity. Therefore, it is very important when analyzing the financial stability of an enterprise to use a system of indicators that reflect the risk and profitability of the company in the future.

The purpose of this work is a general description of several methods for assessing the financial stability of an enterprise and the selection of the main criteria that should be taken into account when analyzing and assessing financial stability.

The main objective of this work is to consider one of the methods for assessing the financial stability of an enterprise using the example of Arkhbum OJSC, conclusions on the stability of the financial position of this enterprise and proposals for the analysis and functioning of the enterprise as a whole.

This work has the following structure:

Chapter I. Theoretical part, which is aimed at highlighting theoretical issues related to financial analysis and assessment of the financial stability of an enterprise.

It consists of the following points:

1.1. Assessment of the financial condition of the enterprise, main criteria. In this paragraph we will consider the methodology for conducting financial analysis.

1.2. Methods for assessing the financial stability of an enterprise. In this paragraph we will consider such basic methods for assessing financial stability as: assessing the financial stability of an enterprise using absolute and relative indicators; application of matrix balances to assess financial condition; balance sheet model for assessing the financial stability of an enterprise.

1.3. General assessment of the financial stability of the enterprise; in this paragraph we will provide a general methodology for assessing the financial stability of the enterprise;

1.4. A system of indicators reflecting the financial stability of an enterprise. Here we will consider a system of indicators consisting of the following ratios and indicators: the share of equity capital in assets; the coefficient of maneuverability of own funds, an indicator (condition) of financial stability according to the sources of the enterprise’s needs for inventories and costs; inventory coverage ratio.

Chapter II. Has a practical purpose. In this chapter, we will analyze the financial condition of Arkhbum OJSC and calculate the indicators that are most often used in assessing the financial independence of an enterprise.

This chapter has the following structure:

2.1. General characteristics of the activities of Arkhbum OJSC;

2.2. Analysis of the financial position of OJSC “Arkhbum”;

2.3. Calculation of the main ratios reflecting the financial stability of the enterprise

Chapter III. The final chapter. It contains a general methodology for assessing the financial stability of Arkhbum OJSC, an analysis of the current position occupied by the enterprise in the market and basic recommendations for the successful future functioning of Arkhbum OJSC.

Has the following structure:

3.1. A general assessment of the financial stability of Arkhbum OJSC, in this paragraph, is the actual assessment of the financial stability of the enterprise using the method of absolute indicators and balance sheet analysis;

3.2. Analysis of the market situation - general characteristics enterprise, prospects for its development and indicators that Arkhbum OJSC managed to achieve;

Chapter 1. Specifics of analyzing the financial stability of an enterprise

1.1. Assessment of the financial condition of the enterprise, main criteria

The content and main goal of financial analysis is to assess the financial condition and identify the possibility of increasing the efficiency of the functioning of an economic entity with the help of rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e. solvency, creditworthiness), use of financial resources and capital, fulfillment of obligations to the state and other economic entities

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by enterprise employees (financial managers). External analysis is carried out by analysts who are outsiders to the enterprise (for example, auditors).

Analysis of the financial condition of an enterprise has several goals:

Determination of financial position;

Identification of changes in financial condition in space and time;

Identification of the main factors causing changes in financial condition;

Forecast of main trends in financial condition.

The financial condition of a company is a complex concept and is characterized by a system of indicators that reflect the real and potential financial capabilities of the company as a business partner, an object of capital investment, and a taxpayer. The goal of any firm (company, organization, enterprise) is such a financial condition when it occurs efficient use resources when the company is able to meet its obligations in full and on time, etc. Adequacy of own funds to eliminate high risk, good prospects for making a profit are also indicators of the good financial condition of the company (organization, enterprise, company). Poor financial condition is expressed in unsatisfactory payment readiness, low efficiency in the use of resources, inefficient allocation of funds, and their immobilization. The limit to the poor financial condition of a company is bankruptcy, i.e. the company's inability to fully meet its obligations.

In a general assessment of the financial condition of an enterprise, the main task of a financier is to identify and analyze trends in the development of financial processes in the enterprise.

What is the risk of a financial relationship with the company and what is the expected return?

How will risk and return change over time?

What are the main directions for improving the financial condition of the company?

The information necessary to analyze the financial condition of an enterprise is contained in financial statements, audit reports, operational accounting and other sources.

Main forms of financial (accounting) reporting Russian enterprises are (Appendix 1):

- “Balance sheet of the enterprise” (form No. 1);

- “Report on financial results and their use” (form No. 2);

- “Cash flow statement” (form No. 4);

- “Appendix to the balance sheet of the enterprise” (form No. 5)

The balance sheet is the main form of accounting reporting. The balance sheet shows the state of the enterprise’s assets and the sources of their formation. specific date. IN financial analysis It is customary to distinguish between an accounting (gross) balance sheet and an analytical (net) balance sheet.

Financial stability assessment

financial stability liquidity profitability

One of the most important characteristics of the financial condition of JSC Russian Railways is its financial stability.

Financial stability depends on many factors, some of which are internal and some of which are external to railways. As a result, there is no single set general rules, which would guarantee overall financial stability. However, the analysis presented in this chapter allows us to identify factors that negatively affect financial stability, as well as possible remedies for their elimination. The analysis is carried out through financial statements (see Appendix 3) and a profit and loss report (see Appendix 4).

Analysis of the financial stability of an enterprise based on absolute and relative indicators

The performance of any enterprise can be assessed using absolute and relative indicators.

Using absolute indicators, you can track the dynamics of the size of balance sheet profit or net profit (Table 2.1).

Relative indicators (Table 2.2), characterizing the efficiency of the enterprise, are divided into two groups: the first - indicators of business activity (Table 2.7), the second - profitability indicators (Table 2.8).

Table 2.1 - Analysis of the financial stability of the enterprise based on absolute indicators

Indicator	Legend				Deviations
Sources of formation of own funds: p.490+p.630+p.640+p.650- p.216
Non-current assets: p.190.
Availability of own working capital: SK-VA
Long-term liabilities: p.590.
Availability of own and long-term borrowed funds:
Short-term borrowed funds: p.610.
The total value of the main sources of formation:
Total reserves: p.210+p.220-p.216.
Surplus (+) or deficiency (-) of own working capital: SOS - Z.
Excess (+) or deficiency (-) of own and long-term borrowed funds: SD - Z.
Excess (+) or deficiency (-) of the main sources of formation: OIF - Z.

In the analyzed periods, there is a lack of SOS, SOS is not provided with reserves and costs, it is necessary to attract additional sources financing, although their growth was noticeable in 2010, there was also a reduction in the lack of own and long-term funds in 2010.

The lack of sources for all three absolute indicators indicates the instability of the financial condition of the enterprise.

Let's analyze the financial stability of the enterprise based on relative indicators, presented in table 2.2.

The autonomy coefficient shows how independent the organization is from creditors. During these periods, there are minor changes in the coefficient; its value is greater than the normative one, therefore, the organization does not depend on borrowed sources of financing.

The debt ratio also shows a slight change in dynamics, which indicates an increase in the enterprise's dependence on external sources in 2011. However, the value of this indicator remains below the standard.

The financing ratio decreases in 2011, but remains within the standard, which means that the bulk of the organization’s activities are financed from its own sources of funds.

The financial stability ratio is higher than the standard. This means that the company does not depend on short-term borrowed funds.

Provision ratio of own working capital. The Cob value is significantly less than the standard value. This means that most equity capital was formed from borrowed sources, however, there is a downward trend, namely in 2009 - 88%, in 2010 - 29%, in 2011 - 23%.

Table 2.2 - Analysis of the financial stability of the enterprise based on relative indicators

Indicator	Legend				Standard
Sources of own funds: p.490+p.630+p.640+ p.650-p.216
Long-term liabilities: p.590
Short-term liabilities: p.610+p.620+p.660.
Non-current assets p.190
Current assets: p.290-p.216.
Availability of own working capital: SK + DO - VA.
Balance currency: p.300-p.216
Financial ratios: Autonomy; Borrowed funds; Financing; Financial stability; Provision of own working capital; Maneuverability; Investments	Ka = SK/B Kzs = (DO + KO) / B Kf = SK / (DO + KO) Kfu = (SK + DO) / B Cob = SOS / TA Km = SOS / SK Ki = SC / VA

The agility coefficient shows what part of the equity capital is in mobile form. The value of Km is below the standard, that is, the enterprise is not able to freely maneuver its own funds.

The investment ratio shows the extent to which own sources cover investments in fixed capital. In dynamics, the value of this indicator is increasing, but is below the standard.

Liquidity analysis

When analyzing liquidity, the main task is to study the company's ability to meet its short-term obligations. For this purpose, it is necessary to assess the liquidity of working capital, that is, the degree to which they can be converted into cash. cash- the most liquid asset (Table 2.3).

Table 2.3 - Liquidity analysis

If one or more inequalities have the opposite sign, the liquidity of the balance sheet differs to a greater or lesser extent from absolute.

A comparison of liquid funds and liabilities allows us to calculate the following indicators:

Current liquidity

TL = (A1+A2) - (P1+P2);

Prospective liquidity

Let's analyze the liquidity of the balance sheet (Table 2.4).

According to data, in the structure of assets at the enterprise in 2009-2011, the number of assets that are difficult to sell predominates, and the liquidity of assets is low. Liabilities are dominated by permanent liabilities, hence it is a very unstable indicator as it may lead to some financial risks. For a comprehensive assessment of balance sheet liquidity, we calculate general indicator liquidity of the enterprise's balance sheet according to formula 2.1.

where NLA are the most liquid assets;

BRA - quickly realizable assets;

MPA - slow-moving assets;

NSO - the most urgent obligations;

KSP - short-term liabilities;

Chipboards are long-term liabilities.

Table 2.4 - Analysis of balance sheet liquidity

	Most liquid assets: p.250+p.260					Most urgent liabilities: p.620
	Quickly realizable assets: p.215+p.240+ p.270					Short-term liabilities: p.610+p.660
	Slowly selling assets: p.210-p.215-p.216+p.220+ p.230+p.140					Long-term liabilities: p.590
	Hard to sell assets: p.110+p.120+ p.130+p.150					Permanent liabilities: p.490+p.630+ p.640+ p.650- p.216
BALANCE p.300-p.216				BALANCE p.700-p.216

Col 2009 = (26,543,455+0.5*92,808,996+0.3*74,329,530)/(308,113,384+0.5*560,035 71+0.3*332,287,093) = 0.22

Col 2010 = (61,653,609+0.5*123,305,097+0.3*70,840,524)/(256,873,673+0.5*73,436,665+0.3*303,341,437) = 0.42

Col 2011 = (187,231,528+0.5*100,164,460+0.3*83,038,392)/(299,420,705+0.5*157,793,746+0.3*316,883,283) = 0.55

A1< П1; А2>P2; A3<П3; А4>P4, therefore the liquidity of the balance sheet differs from absolute.

An analysis of liquidity indicators is presented in Table 2.5.

Table 2.5 - Analysis of liquidity indicators

The current liquidity ratio is below the standard, this indicates the ineffective use of the enterprise's funds, however, there is a tendency to increase this standard, which has a positive effect on the enterprise.

The quick liquidity ratio is also below the standard, which means that the dynamics are decreasing, the company is not entirely able to fulfill current obligations at the expense of liquid assets.

Coefficient absolute liquidity increased significantly compared to 2009 and in 2011 is 0.41, which exceeds the standard by approximately 2 times, therefore, in the near future the company is able to pay off accounts payable.

Solvency analysis

One of the indicators characterizing the financial stability of an enterprise is its solvency, i.e. the ability to have cash resources to timely repay your payment obligations. Solvency is an external manifestation of financial condition and its stability.

Solvency analysis is carried out using financial ratios that characterize the liquidity of the balance sheet.

Various liquidity indicators not only characterize the stability of the organization’s financial condition when different methods accounting for the liquidity of funds, but also meet the interests of various external users of analytical information. For suppliers of raw materials and materials, the absolute liquidity ratio is most interesting. A bank giving a loan to an organization pays more attention to the “critical assessment” coefficient. Buyers and holders of company shares largely assess the financial stability of the organization by the current liquidity ratio.

Let us conduct an analysis of solvency presented in Table 2.6.

Table 2.6 - Analysis of solvency

Indicator name	Line code			Change
I. Initial data for analysis
1. Cash and short-term financial investments
2. Cash, short-term financial investments and short-term accounts receivable	1240+1250+KDZ
3. Total current assets
4. Total assets
5. Current liabilities
6. Total liabilities	1400+1500-1530-1540
II. Assessment of current solvency	Optimal value
1. Absolute liquidity ratio L2 (rate of cash reserves)
2. Quick liquidity ratio L3 (“critical assessment”)
3. Current liquidity ratio L4 (debt coverage)
III. Additional solvency indicators
1. Total liquidity ratio L1 (A1+0.5A2+0.3A3)/(P1+0.5P2+0.3P3)
2. Maneuverability coefficient of operating capital L5 (A3/(A1+A2+A3)-(P1+P2))
3. Share of working capital in assets L6 (A1+A2+A3)/B
4. Provision ratio of own working capital L7 (P4-A4)/(A1+A2+A3)

The absolute liquidity ratio (L2) shows what part of the short-term debt the organization can pay off in the near future with cash. For the reporting period, the solvency of the enterprise is considered optimal. At the same time, the guarantee of debt repayment has increased.

The critical assessment coefficient (L3) shows what part of the organization's short-term obligations can be immediately repaid using funds in various accounts, short-term securities, and account proceeds. The level of the quick liquidity ratio is considered almost optimal.

The current ratio (C4) shows the extent to which current assets cover current assets. The level of this coefficient is insufficient. The company is unable to provide a reserve stock to compensate for losses.

The total liquidity ratio (L1) shows what part of the enterprise's short-term liabilities can be repaid at the expense of the entire amount of its current assets. In the analyzed period, the level of overall liquidity of the enterprise increased slightly, but did not reach the optimal value. At the same time, after repaying the debts, the company will not have any current assets to continue its activities.

The coefficient of maneuverability of operating capital (L5) shows what part of the operating capital is immobilized in inventories and long-term receivables. The indicator remained unchanged, which indicates the stability of the balance sheet structure.

The equity ratio (L7) characterizes the organization’s own working capital, which is necessary for its financial stability. During the analyzed period, the enterprise's provision with its own working capital improved slightly, but did not reach the optimal value and financial stability did not improve.

Business activity analysis

This analysis allows us to consider how effectively the company uses its funds.

It is important when assessing financial stability, since the speed of conversion of funds into cash has a significant impact on the solvency of the enterprise.

Business activity has a close relationship with other the most important characteristics organizations. We are talking about the impact of business activity on investment attractiveness and creditworthiness. High business activity of an economic entity motivates potential investors to carry out transactions with the assets of this company and invest funds. In turn, banks are more willing to provide credit resources to organizations with high performance business activity, since they are able to more effectively use loans and advances and service their debt obligations. Appendix 2 presents an analysis of business activity, and the corresponding conclusions are drawn below.

Business activity indicators show how efficiently a company uses its funds. There is a reduction in the turnover of current assets, which entails a decrease in profit and sales revenue.

The rate of inventory turnover increases, which means that over the period inventories are consumed and renewed more once.

The turnover rate of accounts receivable increased slightly. This means that during the period under study, accounts receivable began to turn into cash more often during the reporting period.

The rate of turnover of fixed assets has increased, i.e. The company began to use funds more efficiently.

The rate of asset turnover has not changed in dynamics.

The rate of turnover of own and invested capital has remained virtually unchanged. This means that the company returns the invested funds in the form of profit for the reporting period the same number of times as for the previous period.

The turnover rate of accounts payable increased due to a decrease in its amount. This indicates a decrease in the enterprise’s dependence on such sources.

Cost-benefit analysis

One of the main and traditionally used indicators when assessing an organization’s performance is profitability.

Profitability belongs to the group of financial ratios, which represent a quick and relatively simple means of studying the financial and economic activities of an organization. Speed ​​is ensured by the use of existing accounting (financial) reporting data, and simplicity is due to the fact that the coefficient expresses the relationship between two numbers from the reporting.

An assessment of the profitability of enterprises is carried out to ensure the comparability of absolute profit indicators in economic analysis, as well as to predict financial results in connection with changing business circumstances.

Profitability is the most important assessment indicator characterizing business performance.

Let's analyze the profitability of JSC Russian Railways (Table 2.7)

Table 2.7. Cost-benefit analysis

Indicator			Deviations
Balance sheet profit: form No. 2 p. 140
Net profit: form No. 2 p.140-p.150
Average current assets: p.290-p.216
Average assets: p.300-p.216-p.465-p.475
Average value of own sources: p.490+p.630+p.640+ p.650-p.216-p.465-p.475
Average value of short-term liabilities: p.610+p.620+p.660
Revenue from sales of products, works, services:
Production costs products sold, works, services: form No. 2 p.020
Profitability,%: Assets: line 2/line 4*100% Current assets: line 2/line 3*100% Investment: line 1/(line 4-line 6)*100% Own capital: p.2/p.5*100% Products sold: page 2/page 7*100% Cost: line 2/line 8*100%

Return on assets shows how much profit the company receives from 1 ruble invested in non-current assets. In dynamics, this indicator decreases significantly.

Return on current assets shows how much profit the company receives from 1 ruble invested in current assets. The value of this indicator has decreased significantly.

Return on investment reflects the effectiveness of the use of funds invested in the enterprise. The indicator value has not changed. Return on equity reflects the share of profit in equity. The value of the indicator decreases, which means that each ruble invested by the owners of the enterprise began to bring a smaller amount of profit. The profitability of products sold has decreased over time, which may indicate a decrease in demand for the company's products. Return on costs shows the share of profit in the total cost of production of sold products. The value of the profitability indicator compared to 2010 in 2011 increased significantly.

Financial stability score

Table 2.8 and Table 2.9 present the criteria for assessing indicators of the financial stability of an enterprise and the classification of financial stability according to the sum of points, respectively, on the basis of which conclusions will be drawn about the stability or instability of the enterprise.

Table 2.8 - Criteria for assessing indicators of financial stability of an enterprise

		CRITERIA
		Conditions for reducing the criterion
Absolute liquidity ratio (L2)		20 points		For every 0.1 point reduction, compared to 0.5, 4 points are deducted
Critical rating coefficient (L3)		18 points		For every 0.1 point reduction, compared to 1.5, 3 points are deducted
Current ratio (L4)				For every 0.1 point reduction, compared to 2.0, 1.5 points are deducted
Financial independence coefficient (U12)		17 points		For every 0.01 point reduction, compared to 0.6, 0.8 points are deducted
Security ratio own sources financing (U1)		15 points		For every 0.1 point reduction, compared to 0.5, 3 points are deducted
Financial independence coefficient in terms of formation of reserves and costs (U24)		13.5 points		For every 0.1 point reduction, compared to 1.0, 2.5 points are deducted

Table 2.9 - Classification of financial stability by total points

Let's assess the financial stability of the company (Table 2.10).

Table 2.10 - Assessment of financial stability

Financial condition indicators
Actual values	Number of points	Actual values	Number of points
1. Absolute liquidity ratio (L2)
2. Critical evaluation coefficient (L3)
3. Current ratio (L4)
4. Financial independence coefficient (U12) p.490/p.700
5. Financial independence coefficient in terms of formation of reserves and costs (U24) (page 490 - page 190)/(page 210 - page 220)

At the beginning of the period and at the end of the period: 4th class of financial stability. The company has an unsatisfactory financial condition. The risk of relationships between partners and this enterprise is very significant. However, it is worth noting that compared to the previous year, the financial position in 2011 improved significantly, although it did not reach financial sustainability.

The financial stability of an organization is one of the most important characteristics of its financial activities. Financial stability is the stability of an organization’s activities in the long term. The task of financial stability analysis is to assess the size and structure of assets and liabilities. This is necessary in order to answer the questions: how independent is the organization from a financial point of view, is the level of this independence increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. The financial stability of an organization largely depends on the optimal structure of capital sources (the ratio of own and borrowed funds) and on the optimal structure of the enterprise’s assets and, first of all, on the ratio of fixed and working capital, as well as on the balance of the enterprise’s assets and liabilities on a functional basis.

Financial stability indicators make it possible to assess the degree of protection of investors and creditors, that is, they reflect the ability of an enterprise to repay obligations.

Assessing financial stability begins with an analysis of absolute indicators.

Absolute (quantitative) indicators of financial stability characterize the degree of provision of inventories and costs with their own sources of their formation, the presence of long-term sources of formation, as well as the total value of the main (normal) sources of their formation.

In accordance with the provision of reserves with own and borrowed funds, four types of financial stability are distinguished:

Absolute financial stability (3

Normal financial stability (COC<З

Unstable financial condition (SOS+DP<З

Crisis financial condition (COC+DP+CP<З)

With absolute financial stability, inventories and costs are covered by its own working capital, and the enterprise does not depend on external sources.

Absolute financial stability is characterized by inequality

3<СОС, (5)

where 3 is the sum of inventories and costs, thousand rubles;

SOS – own working capital, defined as the difference between equity capital and non-current assets, thousand rubles.

Normal financial stability is characterized by inequality

SOS<3<СОС+ДП, (6)

where DP - long-term liabilities, thousand rubles.

This ratio shows that the sum of inventories and costs exceeds the sum of own working capital, but is less than the sum of own working capital and long-term borrowed sources. Own and borrowed long-term funds are used to cover inventories and costs.

In case of unstable financial condition, own and borrowed long-term and short-term funds are used to cover inventories and costs.

Unsustainable financial conditions are characterized by inequality

SOS+DP< 3< СОС+ДП+КП, (7)

where KP - short-term loans and borrowings, thousand rubles.

This ratio shows that the sum of inventories and costs exceeds the sum of its own current and long-term borrowed sources, but is less than the sum of its own circulating, long-term and short-term borrowed sources.

With an unstable financial condition, the risk of insolvency increases. However, it remains possible to restore balance through additional attraction of own funds, reduction of accounts receivable and acceleration of inventory turnover.

The limit of financial instability is the crisis state of the organization. A financial crisis is characterized by a situation where the amount of reserves and costs exceeds the total amount of normal (justified) sources of financing. The financial crisis is characterized by inequality

SOS+DP+KP<3, (8)

This situation means that the company cannot pay its creditors on time and may be declared bankrupt, since cash, short-term financial investments, accounts receivable of the organization and other current assets do not cover its accounts payable and other short-term liabilities.

In case of a crisis and unstable financial condition, stability can be restored through a reasonable reduction in the level of inventories and expenses.

To assess financial stability, a method for calculating a three-component indicator of the type of financial situation is used.

To characterize the sources of inventory formation and costs, indicators are used that reflect various types of sources presented in Table 2.

Table 2 - Algorithm for calculating absolute indicators that characterize various types of sources

Indicators	Calculation algorithm
Availability of own working capital (SOS)	Net worth minus non-current assets
Availability of own and long-term borrowed sources (SOS+DP)	Own negotiable and long-term borrowed funds less non-current assets
Having our own, long-term and short-term borrowed sources (SOS + DP + KP)	Own, long-term and short-term borrowed funds minus non-current assets

	Doesn't match
SOS<З	Doesn't match
SOS+DP<З	Doesn't match
SOS+DP+KP<З	Doesn't match

Three indicators of the availability of sources for the formation of reserves and costs correspond to three indicators of the provision of reserves and costs with sources of their formation.

Surplus (+) or deficiency (-) of own working capital (FC), defined as the difference between the availability of own working capital and the amount of inventories and costs

FS=SOS-3, (9)

Excess (+) or deficiency (-) of own and long-term borrowed sources of formation of reserves and costs (FD), defined as the difference between the availability of own and long-term borrowed sources and the amount of reserves

FD= (SOS+DP) - 3, (10)

Excess (+) or deficiency (-) of the total value of the main sources for the formation of reserves and costs (FO), defined as the difference between the total value of the main sources and the value of reserves

FO= (SOS+DP +KP) - 3, (11)

Using these indicators, you can determine a three-component indicator of the type of financial situation.

There are four types of financial situations.

Absolute financial stability meets the following conditions

FS>0, FD>O, F0>0 (12)

The three-component indicator is equal to: S=(1; 1; 1).

Normal financial stability guarantees the solvency of the enterprise

FS< О, ФД >Oh, FO> 0 (13)

The three-component indicator is equal to: S=(0; 1; 1).

Unstable financial condition associated with a violation of the solvency of the enterprise. With this type of financial situation, it remains possible to restore balance by replenishing sources of own funds

FS< О, ФД< О, ФО > 0 (14)

The three-component indicator is equal to: S=(0; 0; 1).

A crisis financial condition in which the enterprise is completely dependent on borrowed sources of financing. Own capital, long- and short-term credits and loans are not enough to finance inventories. Inventory replenishment is carried out using funds generated as a result of repayment of accounts payable

FS< 0, ФД< О, ФО< 0, (15)

The three-component indicator is equal to: S=(0; 0; 0).

Let's consider assessing financial stability using relative indicators.

To determine the level of financial stability of an organization, a set of relative indicators is used. With their help, the dynamics of the financial structure and financial stability of the enterprise are assessed.

The main coefficients of financial stability are:

The coefficient of concentration of equity capital (K 4) - determines the share of funds invested in the activities of the enterprise by its owners:

where SK is equity capital,

VB - balance sheet currency.

The higher the value of this coefficient, the more financially sound, stable and independent of external creditors the enterprise is.

The coefficient of financial dependence (K 5) shows how much the assets of the enterprise are financed through borrowed funds

where SK is equity capital,

VB - balance sheet currency.

Too large a share of borrowed funds reduces the solvency of the enterprise, undermines its financial stability and, accordingly, reduces the confidence of counterparties in it and reduces the likelihood of obtaining a loan.

Equity capital agility coefficient (K 6) - characterizes what share of sources of equity funds is in mobile form

where SOS is own working capital,

SK - equity capital.

The coefficient is equal to the ratio of the difference between the sum of all sources of own funds and the value of non-current assets to the sum of all sources of own funds and long-term loans and borrowings. Standard value is from 0.2 to 0.5.

The coefficient of concentration of borrowed capital (K 7) shows how much borrowed capital falls on a unit of financial resources or, in fact, a particle of borrowed capital in the total amount of financial resources of the enterprise

where ZK is borrowed capital,

VB - balance sheet currency.

The debt capital concentration ratio is assessed positively if it decreases, and the sum of the debt capital concentration ratio and the equity capital concentration ratio is equal to one.

Long-term investment structure coefficient (K 8) - shows the share of long-term liabilities in the volume of non-current assets of the enterprise

VA - non-current assets of the enterprise.

A low value of this ratio may indicate the impossibility of attracting long-term loans and borrowings, while a too high value may indicate the possibility of providing reliable collateral or a strong dependence on third-party investors.

Long-term borrowing ratio (K 9) - shows what part of the sources of formation of non-current assets as of the reporting date is accounted for by equity capital, and what part is long-term borrowed funds.

where DP are long-term liabilities,

SK is the enterprise's own capital.

A particularly high value of this indicator indicates a strong dependence on attracted capital and the need to pay significant amounts of money in the future in the form of interest for using loans.

The coefficient of the structure of borrowed capital (K 10) shows from what sources the borrowed capital of the enterprise is formed

where DP are long-term liabilities,

ZK - borrowed capital.

Depending on the source of capital formation of the enterprise, one can draw a conclusion about how the non-current and current assets of the enterprise are formed, since long-term borrowed funds are usually taken out for the acquisition of non-current assets, and short-term ones - for the acquisition of current assets and the implementation of current activities.

Debt to equity ratio (K 11)

where SK is the enterprise’s own capital,

ZK - borrowed capital.

The more the ratio exceeds 1, the greater the enterprise's dependence on borrowed funds.

The equity ratio (K 12) shows the share of the company’s current assets financed from the enterprise’s own funds.

where SOS is own working capital,

OA – current assets.

The standard value is 0.5.

			Financial dependency ratio
			Equity agility ratio
			Debt capital concentration ratio
			Long-term investment structure coefficient
			Long-term leverage ratio
			Debt capital structure ratio

There is a financial stability score.

Many analysts believe that financial stability is characterized not only by the capital structure, but also by liquidity and solvency. Therefore, liquidity indicators are included in the indicators used in the scoring of financial stability. Algorithm for scoring financial stability:

Selection of indicators of financial stability of the analyzed organization;

Ranking of indicators in points;

Evaluation of these indicators depending on their actual values;

Identification of conditions for reducing or increasing the rating;

Calculation of the total financial stability scores;

Determination of financial stability class.

The essence of the methodology is to classify organizations by risk level, that is, any analyzed organization can be assigned to a certain class depending on the number of points “scored”, based on the actual values ​​of sustainability indicators, which are shown in Tables 3 and 4.

Table 3 - Assessment of indicators of financial stability of the organization

		Evaluation of indicators depending on their actual values, points		Conditions for changing the rating
Coefficient absolute liquidity		0.5 and above – 20 points		For every 0.1 point compared to 0.5, 4 points are deducted
Coefficient liquidity		1.5 and above – 18 points		For every 0.1 point compared to 1.5, 3 points are deducted
Coefficient liquidity		2.0 and above – 16 points		For every 0.1 point compared to 2.0, 1.5 points are deducted
Availability ratio of own sources of financing		0.5 and above – 15 points		For every 0.1 point compared to 0.5, 3 points are deducted
Coefficient concentrations own capital		0.6 and above – 17 points		For every 0.01 point compared to 0.6, 0.8 points are deducted
Coefficient ratios borrowed and own		1.0 and above – 13.5 points		For every 0.1 point compared to 1.0, 2.5 points are deducted

Table 4 – Grouping of organizations by financial stability classes by total points

Financial condition indicator		Meaning
Current ratio
Quick ratio
Absolute liquidity ratio
Own funds ratio
Equity concentration ratio
Debt to equity ratio
		TOTAL:

The following classes of financial stability of organizations are distinguished:

1st class - the organization has excellent financial condition, characterized by absolute financial stability and solvency. There is virtually no risk of relationships between partners and this organization.

2nd class - the organization has a good financial condition, most financial indicators are close to optimal, and there is an increase in the share of borrowed funds in the capital structure. Accounts payable are growing at a faster rate than accounts receivable. There is an insignificant level of risk in the relationship of partners with this organization.

3rd class - the organization has a satisfactory financial condition, characterized, as a rule, by problems with solvency or financial stability due to an excessively high share of borrowed funds. The risk of partners' relationships with this organization is significant.

4th class - the organization has a financial condition close to bankruptcy. The organization has constant problems with solvency, the capital structure is unsatisfactory, there is practically no possibility of attracting a stabilization loan, profits are minimal or absent.

5th class - the organization has an unsatisfactory financial condition and may be declared bankrupt. The organization is insolvent - unprofitable. The relationship of partners with this organization is inappropriate.

Taking into account the diversity of financial processes, the multiplicity of indicators of financial stability, the difference in the level of their critical assessments, the emerging degree of deviation from them of the actual values ​​of the coefficients and the resulting difficulties in the overall assessment of the financial stability of enterprises, an integral scoring assessment is carried out.

Conclusion: The enterprise OJSC Avtovaz corresponds to the fourth class of financial stability, in which the organization has a financial condition close to bankruptcy. The organization has constant problems with solvency, the capital structure is unsatisfactory, there is practically no possibility of attracting a stabilization loan, profits are minimal or absent.

The financial stability of an enterprise can be considered in the broad and narrow sense of the word. In a broad sense, financial stability includes balance sheet liquidity, solvency, profitability of the enterprise, and determination of potential bankruptcy. In the narrow sense of the word Finnish. sustainability is one of the characteristics of the correspondence of the structure of funding sources in the structure of assets. In contrast to solvency, which evaluates the current assets and short-term liabilities of an enterprise, financial stability is determined based on the ratio of different types of sources of financing and its compliance with the composition of assets.

Financial stability is the stability of the financial position of an enterprise, ensured by a sufficient share of equity capital as part of the sources of financing. A sufficient share of equity capital means that borrowed sources of financing are used by the enterprise only to the extent that it can ensure their full and timely repayment. The essence of financial stability is to provide reserves and costs with sources of their formation. The level of financial stability of an enterprise is assessed using an extensive system of indicators. Using absolute indicators, the type of financial stability is determined.

The following types of financial stability are distinguished:

1. Absolute financial stability is extremely rare and is an extreme type of financial stability. With this type of financial stability, material working capital is formed at the expense of own working capital: MZ ≤ SK-VA.

2. Normal financial stability of the enterprise guarantees its solvency. With this type of financial stability, inventories are formed at the expense of net mobile assets (own working capital and long-term loans and borrowings): MZ≤ ​​SK - VA + DKZ.

3. An unstable financial condition is characterized by a violation of solvency. With this type of financial stability, inventories are formed at the expense of own working capital, long-term and short-term loans and borrowings: MZ≤ ​​SK - VA + DKZ + KKZ.

4. A financial crisis is characterized by a situation when an enterprise has loans and borrowings that are not repaid on time, overdue accounts payable and receivables and is unable to repay this debt. With this type of financial stability, material reserves exceed the value of the sources of their formation: MZ > SK - VA + DKZ + KKZ Relative indicators are also used to analyze financial stability.

They characterize the degree of dependence of the enterprise on external investors and creditors:

1. Financial independence (autonomy) coefficient - is calculated as the ratio of own sources to the balance sheet total and shows what part of the organization’s property was formed from its own funds. SC/Active ≈ 0.4 - 0.6.

2. Financing ratio - calculated as the ratio of own sources to borrowed funds; it shows the amount of own funds per unit of borrowed sources. Normal value is 0.7 or more, optimal SC/TC ≈ 1.5

3. Capitalization ratio (financial activity, financial risk, financial leverage) - calculated as the ratio of borrowed and equity funds and shows the amount of borrowed funds per unit of equity. Normal value of ZK/SK< 1,5.

4. Financial stability coefficient - shows what part of the organization’s property is formed from sustainable sources. Standard value (SC+DKZ)/Active > 0.6.

5. The agility coefficient is equal to the ratio of the company’s own working capital to the total amount of own funds and shows what part of the enterprise’s own funds is in mobile form, allowing relatively free maneuvering of these funds. SOC/SC ≈ 0.5.

6. The coefficient of attraction of long-term loans - is calculated as the ratio of the value of long-term liabilities to equity and shows the share of long-term loans and credits that ensure the development of the enterprise in sources equivalent to their own. DKZ/(SC + DKZ) ≈ 0.4.

In the broadest sense of the word: assessing solvency allows you to determine whether the enterprise has enough funds to cover debts that require immediate repayment. Signs of solvency are the presence of sufficient funds in the company's accounts and the absence of overdue debts. The liquidity of an enterprise reflects the ability to make necessary expenses at any time.

The definition of liquidity and solvency comes down to grouping obligations according to the timing of payments in the liability and the corresponding means of payment in the asset that are available, as well as those that must be received within a certain time frame. Comparison of identified means of payment with upcoming payments by deadline allows us to determine the degree of solvency of the enterprise.

By calculating the above indicators, you can determine the possibility of potential bankruptcy. The discrepancy between the current liquidity ratio or the provision of own working capital (maneuverability) with the established standards allows us to conclude that the balance sheet structure is unsatisfactory.

Turnover indicators characterize the duration of funds being in circulation, how quickly the invested funds make their turnover. These include the turnover ratios of inventories, current assets (OA), WIP, GP, DZ, KZ, the duration of turnover of working capital, which characterizes the time required to convert funds invested in working capital into money. (T is the number of days in the period).

IN

IN

OA

T

r

; TO

WITH/WITH

; TO

=

r

; TO

WITH/WITH

;

TO

=

=

=

Continue-t

=

´ T

=

obor-TiDZ

obor-TIGP

obor-TIKZ

turnover

obor-thyOA

OA

GP

DZ

short circuit

OA

V R

To reverse-thyOA

Profitability indicators provide a comprehensive assessment of the efficiency of using assets and show how many rubles of profit an enterprise receives over a certain period of time per ruble of funds invested in assets.

R OA=

P from real from-tions

´ 100%

; R

=

P from real from-tions

´ 100%

; R SK

Emergency

;

=

´ 100%

A

sales

IN

SK

R

Contents and goals of financial planning for a commercial organization. System of financial plans (budgets).

In financial conditions and household independence, the enterprise itself develops its plans, guided by the sole goal - achieving high efficiency of activities. Fin. plan is the basis of financial organization. relations in the enterprise, the formation and use of money. income and funds money. funds. Financial object planning - fin. activities of the enterprise. Specific tasks of finance. financial planning enterprise management policy. Fin. the plan is usually drawn up for a year, broken down by month, so it serves as the basis for ongoing financial control in the enterprise. That. a financial plan is necessary for the management of the enterprise to make the right management decisions.

Finnish goals planning- providing optimal opportunities for successful economic activity, obtaining the funds necessary for this, achieving the competitiveness and profitability of the enterprise, as well as planning the income and expenses of the enterprise, the movement of its funds (the purpose of the FP is to balance the cash flows of the enterprise).

E financial planning steps:

Financial analysis situations and problems;

Forecasting future financial conditions;

Statement of fin. tasks;

Selecting the optimal option for compiling financial statements. plan;

Adjustment, linking and specification of financial plan;

Execution of financial plan;

Analysis and control of plan implementation.

FP tasks:

Determination of the main financial indicators of the enterprise for the planning period;

Linking financial indicators with production and commercial indicators;

Identification of reserves for increasing the income and profit of the enterprise;

Determining ways to improve the efficiency of using financial resources.

FP methods: calculation and analytical, normative, balance sheet, optimization of planning decisions, ek-mat modeling.

Calculation and analytical method- based on an analysis of the achieved financial value. the indicator taken as the base and the indices of its change in the planning period, the planned value of this indicator is calculated. It is used in cases where there are no technical and economic standards, and the relationship between indicators can be established indirectly, based on an analysis of their dynamics and connections. This method is based on expert assessment. One of the most common methods in this group is sales percentage method. It is based on linking the income statement and balance sheet with the planned volume of products sold.

Normative method planning is used in the presence of established norms and standards, for example, depreciation rates, tax rates, tariffs for state extra-budgetary funds, standards for working capital requirements, etc.

Balance sheet method consists in building a balance of available financial resources and the need for their use. Balance sheet linkage according to fin. resources: He + P = P + Ok, where He is the balance of funds at the beginning of the planning period; P - receipt of funds in the planned period; P - expenses in the planning period; Ok - the balance of funds at the end of the planning period.

This method is used when planning the distribution of received financial resources.

Method for optimizing planning decisions- development of several options for planned calculations in order to select the most optimal one.

In this case, various criteria for choosing the optimal solution can be applied:

Minimum costs;

Maximum profit;

Minimum investment of capital with the greatest efficiency of the result;

Minimum time for capital turnover;

Maximum income per ruble of invested capital, etc.

Methods of economic and mathematical modeling used in financial forecasting. indicators for a period of at least 5 years. These methods make it possible to find a quantitative expression of the relationships between financial indicators and the factors that determine them; build an economic and mathematical model.

Budgeting process is an integral part of financial planning, i.e. the process of determining future actions for the formation and use of finance. resources. Budgets ensure the relationship between income and expenses based on the interconnection of enterprise development indicators with its financial resources.

Budget- this is a financial-quantitative expression of the plan, characterizing income and expenses for a certain period, and the capital that must be attracted to achieve the given plans.

Goals of Budgeting:

Development of a business concept;

Planning the financial and economic activities of an enterprise for a certain period;

Optimization of costs and profits of the enterprise;

Coordination - coordination of the activities of various divisions of the enterprise;

Communication - bringing plans to the attention of managers at different levels;

Motivating local managers to achieve the organization's goals;

Monitoring and assessing the effectiveness of local managers by comparing actual costs with the standard;

Identifying needs for financial resources and optimizing money. streams.

Budgets come in many shapes and forms; individual budgets characterizing intermediate operations (purchase of raw materials, production, etc.) can contain information only on expenses or only on income (sales budget), and enlarged budgets (budgetary profit and loss statement, cash budget) show both the expenses and income of the organization.

The budget period covers the short-term aspect of planning - year, quarter, month.

Separate financial and operational budgets. Operating: B sales, B GP inventories, B production, B direct materials costs, B direct labor costs, B commercial expenses, B management expenses (the set goals of the enterprise are determined in quantitative terms).

In market conditions, the first indicator with which any planning must begin is the sales forecast. Therefore, budgeting must begin with drawing up sales budget, reflecting the planned sales volume in physical and value terms (forecast of sales revenue). Once the planned volume of sales in physical terms has been established, the number of units that must be produced to meet the planned sales and required inventory levels can be determined.

For this purpose, it is formed production budget. Production volume (for the year) = Sales volume (for the year) + Balances of finished products at the end of the year - Balances of finished products at the beginning of the year. They determine how many products the enterprise must produce to ensure the planned sales volume. Budget for direct materials costs is intended to determine the costs of raw materials, materials necessary for the production of finished products, the cost of which is entirely attributed to sales volume and changes in direct proportion to the volume of production.

Volume of purchases of raw materials and materials = Production requirements + Inventory of materials at the end of the period - Inventory of materials at the beginning of the period. IN business expenses budget all estimated costs associated with the sale of products are detailed.

Financial budgets: B income and expenses, B movement DS, Balance sheet.

Main meaning budget of income and expenses- show the company's managers the effectiveness of its economic activities in the coming period.

Cash flow budget- this is a plan for the movement of financial assets on settlement, currency and other accounts and at the cash desk of the enterprise, reflecting all projected receipts and write-offs of financial assets as a result of business activities. The main task of the budget is to check the synchronization of cash receipts and expenditures and thereby confirm future liquidity.

This plan characterizes the solvency of the enterprise. BDDS is a detailed plan of expected receipts and payments of DS for a certain period, the main purpose of its preparation is to determine the points in time at which the enterprise will have a shortage or excess of DS in order to wisely avoid or mitigate crisis phenomena and rationally use temporarily free DS.

Balance budget- forecast of what financing means the enterprise has and how these funds are used; forecast of the ratio of funding sources and DS investments. This is a forecast of the ratio of assets and liabilities (liabilities) of an enterprise in accordance with the actual structure of property and liabilities and its changes in the process of implementing other budgets. Its purpose is to show how the value of the enterprise will change as a result of engaging in this type of economic activity of the enterprise during the budget period.