Financial stability of the enterprise. Coursework: Assessment of the financial stability of an enterprise

Financial stability assessment

financial stability liquidity profitability

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

Financial sustainability depends on many factors, some of which are internal and some external to railways. As a result, there is no single set general rules that would guarantee overall financial stability. However, the analysis presented in this chapter makes it possible to identify factors that negatively affect financial stability, as well as possible means of eliminating them. The analysis is carried out through financial statements(see Appendix 3) and income statement (see Appendix 4).

Analysis financial stability enterprises on the basis of absolute and relative indicators

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

Using absolute indicators, one can trace the dynamics of the 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 - business activity indicators (Table 2.7), the second - profitability indicators (Table 2.8).

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

Indicator	Conventions	Deviations

Sources of formation own funds: p.490+p.630+p.640+p.650- p.216
outside 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 shortage (-) of own working capital: SOS - Z.
Surplus (+) or shortage (-) of own and long-term borrowed funds: SD - Z.
Surplus (+) or lack (-) of the main sources of formation: OIF - Z.

In the analyzed periods, there is a shortage of SOS, SOS are not provided with reserves and costs, it is necessary to attract additional sources of financing, although in 2010 their growth is noticeable, and there is also a decrease 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 on the basis of relative indicators presented in table 2.2.

The autonomy coefficient shows how independent the organization is from creditors. For 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 leverage ratio in dynamics also has minor change, which indicates an increase in the dependence of the enterprise in 2011 on external sources. However, the value of this indicator remains below the standard.

The funding ratio decreases in 2011, but remains within the norm, which means that the main part of the organization's activities is financed by own sources funds.

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

The coefficient of security with own working capital. The value of Kob is much less than the normative indicator. This means that most of the equity is formed from borrowed sources, but there is a tendency to decrease, namely in 2009 - 88%, in 2010 - 29%, in 2011 - 23%.

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

Indicator	Conventions	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: SC + DO - VA.
Balance currency: p.300-p.216
Financial ratios: autonomy; Borrowed money; Financing; financial stability; Security with own working capital; maneuverability; Investments	Ka = SK / B Kzs \u003d (DO + KO) / B Kf \u003d SK / (DO + KO) Kfu \u003d (SK + DO) / B Kob = SOS / TA Km = SOS / SK Ki = SK / VA

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

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

Liquidity analysis

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

Table 2.3 - Liquidity analysis

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

Comparison of liquid funds and liabilities allows you to calculate the following indicators:

Current liquidity

TL \u003d (A1 + A2) - (P1 + P2);

Prospective liquidity

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

According to the data in the structure of assets at the enterprise in 2009-2011, the number of hard-to-sell assets prevails, the liquidity of assets is low. Liabilities are dominated by fixed liabilities, therefore, this is a very volatile indicator, as it can lead to some financial risks. For a comprehensive assessment of the liquidity of the balance sheet, we calculate the total liquidity indicator of the balance sheet of the enterprise using formula 2.1.

where NLA - the most liquid assets;

BRA - quick realizable assets;

MRA - slow-moving assets;

NSO - the most urgent obligations;

KSP - short-term liabilities;

DSP - long-term liabilities.

Table 2.4 - Analysis of balance sheet liquidity


	Most liquid assets: p.250+p.260		Most urgent liabilities: p.620
	Marketable 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
	Difficult-to-market 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

Number 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

Number 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

Number 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 the absolute one.

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 an inefficient 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 is declining, the company is not quite able to fulfill its current obligations at the expense of liquid assets.

The absolute liquidity ratio has increased significantly compared to 2009 and in 2011 is 0.41, which exceeds the standard by about 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 timely pay off their payment obligations with cash resources. Solvency is an external manifestation of the financial condition, 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 financial condition of the organization with different methods of 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 shareholders of the enterprise to a greater extent evaluate the financial stability of the organization by the current liquidity ratio.

Let's analyze the solvency presented in table 2.6.

Table 2.6 - Analysis of solvency

Name of indicator	Line code	Change

I. Initial data for analysis
1. Cash and short-term financial investments
2. Cash, short-term financial investments and short-term receivables	1240+1250+KDZ
3. The total value of current assets
4. Total assets
5. Current liabilities
6. Total amount of liabilities	1400+1500-1530-1540
II. Assessment of current solvency	Optimal value
1. Absolute liquidity ratio R2 (cash reserve ratio)
2. Quick liquidity ratio L3 (“critical assessment”)
3. Current liquidity ratio R4 (debt coverage)
III. Additional indicators of solvency
1. Total liquidity ratio R1 (A1+0.5A2+0.3A3)/(P1+0.5P2+0.3P3)
2. The coefficient of maneuverability of the functioning capital L5 (A3 / (A1 + A2 + A3) - (P1 + P2))
3. Share of working capital in assets L6 (А1+А2+А3)/B
4. The coefficient of provision with 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 repay in the near future at the expense of Money. For the reporting period, the solvency of the enterprise is considered optimal. At the same time, the guarantee of repayment of debts increased.

The critical assessment coefficient (P3) shows what part of the organization's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities as well as account receipts. The level of quick liquidity ratio is considered practically optimal.

Current liquidity ratio (L4) 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 overall liquidity ratio (L1) shows what part of the company'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 total liquidity of the enterprise increased slightly, but did not reach the optimal value. At the same time, after paying off debts, the enterprise will not have current assets to continue its activities.

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

The ratio of own funds (L7) characterizes the availability of own working capital of the organization, necessary for its financial stability. During the analyzed period, the provision of the enterprise with its own working capital slightly improved, but it did not reach the optimal value and financial stability did not improve.

Business activity analysis

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

It has importance when assessing financial stability, since the rate 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. It's about on the impact of business activity on investment attractiveness and creditworthiness. The high business activity of an economic entity motivates potential investors to carry out operations with the assets of this company, to invest funds. In turn, banks are more willing to provide credit resources to organizations with high rates of business activity, since they are able to use credits and loans more efficiently and service their debt obligations. Appendix 2 presents an analysis of business activity, the corresponding conclusions are drawn below.

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

The inventory turnover rate increases, which means that inventory is consumed and replenished more times over the period.

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

The rate of turnover of fixed assets increased, i.е. the company began to use cash more efficiently.

The asset turnover rate has not changed in dynamics.

The turnover rate of equity and invested capital has not changed much. 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 rate of turnover of accounts payable increased due to a decrease in its amount. This indicates a decrease in the dependence of the enterprise on such sources.

Profitability analysis

One of the main and traditionally used indicators in evaluating the performance of an organization is profitability.

Profitability refers to a group of financial ratios that are a quick and relatively simple means of researching financial economic activity organizations. Speed is ensured by the use of already available accounting (financial) reporting data, and simplicity is due to the fact that the ratio expresses the ratio between two of some numbers from the reporting.

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

Profitability is the most important evaluation indicator that characterizes the performance of a business.

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

Table 2.7. Profitability analysis

Indicator			Deviations

Balance sheet profit: f. No. 2 p. 140
Net profit: f. No. 2 p.140-p.150
Average value of 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
Proceeds from the sale of products, works, services:
Production costs products sold, works, services: f. No. 2 p. 020
Profitability, %: Assets: line 2/line 4100% Current assets: line 2/line 3100% Investment: line1/(line4-line6)100% Equity: line 2/line 5100% Sold products: p.2/p.7100% Costs: p.2/p.8100%

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

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 sold products decreased in dynamics, which may indicate a decrease in demand for the company's products. Return on costs shows the share of profit in the amount of costs for the production of sold products. The value of the profitability indicator in comparison with 2010 in 2011 increased significantly.

Financial sustainability score

Table 2.8 and Table 2.9 present the criteria for assessing the indicators of the financial stability of an enterprise and the classification of financial stability by the amount 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 the indicators of the financial stability of an enterprise

	CRITERIA
	Criterion reduction conditions
Absolute liquidity ratio (L2)	20 points	For every 0.1 point reduction, compared to 0.5, 4 points are deducted
Critical evaluation coefficient (P3)	18 points	For every 0.1 point reduction, compared to 1.5, 3 points are deducted
Current liquidity ratio (L4)		For every 0.1 point decrease, compared to 2.0, 1.5 points are deducted
Financial independence ratio (U12)	17 points	For every 0.01 point reduction, compared to 0.6, 0.8 points are deducted
Coverage ratio with own sources of financing (U1)	15 points	For every 0.1 point reduction, compared to 0.5, 3 points are deducted
Financial independence ratio in terms of the 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 the amount of points

Let's assess the company's financial stability (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. Coefficient of critical evaluation (P3)
3. Current liquidity ratio (L4)
4. Financial independence ratio (U12) p.490/p.700
5. The coefficient of financial independence in terms of the formation of reserves and costs (U24) (p. 490 - p. 190)/(p. 210 - p. 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 partner relationships with this enterprise is very significant. However, it should be noted that compared to the previous year, the financial condition in 2011 improved significantly, although it did not reach financial stability.

Unlike liquidity analysis conducted in the short term, the purpose of the analysis of the company's financial stability is to assess the degree of its financial independence, the ability to maintain long-term solvency and finance its activities both through equity and debt capital.

In the context of finance, there are three areas that require special attention when analyzing the financial stability of a company: capital structure, maintaining liquidity and solvency, and acceptable financial risks.

Thus, the financial stability of a company is the ability to ensure the growth of business activity while maintaining solvency under conditions of an acceptable level of risks.

Based on the results of the financial stability assessment, certain conclusions can be drawn:

1) on the degree of dependence of the enterprise on obligations ("other people's money");
2) the intensity of the use of borrowed funds, the possibility of increasing the share of borrowed capital;
3) the effectiveness of the use of borrowed funds.

The methodology for analyzing financial stability, according to financial analysts, should be adapted to the operating conditions of a particular company, but, as a rule, the following areas of analysis are distinguished.

1. Assessment of the capital structure, optimization of the ratio of own and borrowed funds.
2. Determining the factors influencing the capital structure, taking into account the specifics of the financial and economic activities of the company, the interests of a particular group of users.
3. Assessment of financial risks.

Analysis and evaluation of the company's capital structure

Under the influence external environment and factors of on-farm activity, the capital structure of an enterprise is undergoing constant changes, which, in turn, has a direct impact on its liquidity and solvency. Thus, with a decrease in the share of equity capital in the total amount of sources of funds, the risk of credit insecurity increases, the degree of distrust of partner banks and potential investors increases.

As a rule, there are several interrelated stages in the analysis of the structure of sources:

horizontal and vertical analysis of liabilities with an emphasis on the way sources are placed in the asset balance;
determination of factors influencing the change in the ratio of own and borrowed funds of the company, taking into account the specifics of its financial and economic activities;
selection and calculation of a set of relative indicators (coefficients), interpretation of their dynamics.

The first stage of assessing the financial stability of the company is associated with the analysis of the share ratio of the elements that form its own and borrowed capital. In the structure of equity Special attention is given to such components as authorized capital and retained earnings. For example, experts recognize the ability to increase equity capital by increasing retained earnings, which serves as a source of reinvestment in the main activity, expansion of its scope. Serious attention should also be paid to the analysis of long-term and short-term debt, i. the structure of borrowed capital. The presence of unreasonably growing obligations for payments to the budget, remuneration and other obligations, the occurrence of which can be challenged, entails a deterioration in the financial condition of the company and, as a result, a decrease in its financial stability.

Relative indicators of the capital structure (coefficients) characterize the degree of its financial independence. The order of their calculation is presented in table. 11.9.

Table 11.9.

a brief description of key indicators financial stability is presented in table. 11.10.

Table 11.10. Indicators of financial stability

Indicator	Possible interpretation and comments
1. Financial independence ratio Characterizes the share of equity capital in the balance sheet currency	Characterizes the share of the owners of the company in the total amount of advanced funds. The higher the value of the indicator, the more stable and independent of creditors the company is. Some companies, due to industry specifics, work mainly on borrowed capital (LC) and must justify the effectiveness of its use as funds "equivalent to own". For companies with a consistently high share of borrowed funds in the total amount of sources, the financial dependency ratio is calculated as the ratio of borrowed capital to the balance sheet currency
2. Financial stability ratio Characterizes the share of financing of the organization at the expense of own funds and long-term liabilities (DO)	Shows how much of the assets are financed by the invested (used) captain. It is believed that a decrease in the value of this coefficient below 0.6 is an alarming signal. At the same time, it is necessary to ensure that the share of equity in the invested capital exceeds the share of long-term liabilities, which reduces the risk of lending to the company
3. Ratio of borrowed and own funds (leverage financial leverage) It characterizes the capital structure of the company.	Shows how much borrowed funds account for each ruble of own. In many countries (or individual banks) it is customary to set a limit on the ratio of borrowed and own funds of an enterprise (1:1, 2:1), lending above which will lead to increased risk. If this ratio is exceeded, they speak about the achievement of the company's creditworthiness, if the ratio is below the established limit, it indicates that it has a credit potential. In internal analysis this ratio allows for strategic control of financial independence. At the same time, a high share of equity capital limits the possibilities for financing economic activities. In a pre-bankrupt state, this coefficient is always greater than one, which confirms the insolvency of the enterprise
4. Share of long-term loans in total debt	The ratio is used for a more complete analysis of creditworthiness, shows the proportion of the most reliable and permanent sources of financing. Enterprises in a pre-bankrupt state, as a rule, do not have such sources.

Let's calculate the indicators characterizing the financial stability of Telek using the data balance sheet(Table 11.11)

Table 11.11. Indicators of financial stability of the Telek company, thousand rubles.

Analyzing the data table. 11.12, we note the preservation of a high share of equity in the structure of sources throughout the analyzed period and its significant increase by the end of 2010 (from 71 to 93%). Accordingly, the risks of creditors are relatively low, since the company is formally considered financially independent, which is due to the repayment of all long-term obligations and a significant reduction in short-term ones (by 76,455 thousand rubles).

However, you should get Additional information about the sources of formation of the additional capital of the company and the forecast values of net profit. In addition, we are not talking about the real current solvency of the company, i.e. the possibility of repaying liabilities on loans and borrowings at the expense of cash and cash equivalents, since the balance of cash according to the balance sheet is insignificant; it is necessary to involve the information presented in the statement of cash flows.

The low concentration of debt capital provides the company with the opportunity to maintain all indicators of financial stability within acceptable limits; the coefficients of financial independence and stability are close to the upper limits of the standard and tend to grow.

Thus, the existing capital structure with a predominance of the share of own funds determines the ability to maintain financial stability in the current period, the risk of losing financial stability is low, financial stability outlook - neutral.

WE THINK FOR OURSELVES

Does this mean that companies in any industry should strive to achieve such a standard? Considering that assets have different degrees of liquidity, it is necessary to calculate the normal value of the coefficient in accordance with the structure of assets.

Prerequisite: Equity finances the least liquid non-current assets (VA) and current assets (TA) (eg work in progress, raw materials). Financial independence ratio (normative)

KfN norms \u003d VA + WIP + Raw materials.

Formulate your own conclusion for the situation when the value of Kf „ decreased, but the difference between the standard and the actual value of the indicator did not change significantly.

The problem of optimizing the capital structure is closely related to the problem of assessing financial risks and the company's ability to cover semi-fixed costs.

Most research work to predict the financial stability of a company, it is recommended to use integrated assessment models (the Altman, Springate, Fulmer, etc. models).

An integral assessment is understood as obtaining one or a whole set of final indicators, on the basis of which a conclusion is made about the stable position of the company or about the threat of loss of financial stability.

As part of traditional analysis financial reporting one of the most common methods of integral assessment is considered scoring analysis financial sustainability. Based on the assessment of the actual state of the company using a set of financial ratios, a conclusion is made about the level of its financial stability. To do this, special indicators are calculated (for example, return on equity, current liquidity ratio, financial independence ratio, etc.), for which the recommended values are known. Then the company belongs to one of the specified classes based on the results of assigning a certain number of points in accordance with the value of the indicators. Evaluation indicators include significant characteristic as the effect of financial leverage (degree of financial leverage, DFL). DFL characterizes the relationship between the capital structure, net profit and return on equity in terms of net profit. Based on the concept of profitability (European concept), the effect of financial leverage is manifested in a possible increase in the return on equity (for more details, see the special literature on financial management).

Under financial stability is understood as such a state of the enterprise, in which the solvency is constant over time, and the ratio of equity and borrowed capital ensures this solvency. A system of coefficients is used to assess financial stability.

1. Concentration ratio of own capital (autonomy, independence) KKS:

This indicator characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities. The addition to this indicator is the coefficient of concentration of borrowed capital KKP:

These two coefficients add up: KKS + KKP = 1.

2. The ratio of debt and equity capital of the CU:

It shows the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the enterprise.

3. The coefficient of maneuverability of own funds of the CM:

This ratio shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized. Own working capital is the sum of equity and long-term loans minus non-current assets (p. III + p. IV - p. I of the balance sheet).

4. Coefficient of structure of long-term investments SWR:

The ratio shows what part of fixed assets and other non-current assets is financed from long-term borrowed sources.

5. Ratio of sustainable financing of the KUF:

This ratio shows how much of the assets are financed from sustainable sources. In addition, the ratio reflects the degree of independence or dependence of the enterprise on short-term borrowed sources of coverage.

6. The coefficient of the real value of the property of the Kyrgyz Republic:

Let's calculate the financial stability ratios for the analyzed enterprise, put the obtained data in table 7. As can be seen from table 7, the value of the KKS coefficient is quite high: 0.76 at the beginning of the period and 0.77 at the end of the period. Thus, the company is financially stable, stable and little dependent on external creditors. This is also evidenced by the coefficient of concentration of borrowed capital KKP.

The coefficient of the ratio of own and borrowed capital of the KKS shows that for each ruble of own funds invested in the assets of the enterprise, at the beginning of the period there were 32 kopecks of borrowed funds, and at the end of the period - 30 kopecks.

The coefficient of maneuverability of own funds of CM at the end of the analyzed period decreased slightly compared to the beginning of the period: from 0.46 to 0.30. Therefore, at the end of the period, 30% of own funds are used to finance current activities, and 70% are capitalized.

The coefficient of the structure of long-term investments CVR shows that at the beginning of the analyzed period, 16% of non-current assets were financed by long-term loans and borrowings, at the end of the period - 7% of non-current assets. The decrease in this ratio is associated with a decrease in the amount of long-term borrowed sources.

The coefficient of sustainable financing of the FCF shows that at the beginning of the analyzed period, 84% of assets were financed from sustainable sources, at the end of the period - 81% of assets. The high value of this coefficient reflects a high degree independence of the enterprise from short-term borrowed sources of coverage.

The value of the coefficient of the real value of the property of the Kyrgyz Republic at the end of the analyzed period increased significantly compared to the beginning of the period: from 0.54 to 0.61. Thus, the production potential of the enterprise has increased.

Table 7

Financial stability ratios

One of the criteria for assessing the financial stability of an enterprise is the surplus or lack of sources of funds for the formation of reserves and costs.

There are 4 types of financial stability:

1. Absolute financial stability: Z< СОС.

2. Normal financial stability: Z = SOS.

3. Unstable state: Z = SOS + KR T.M.Ts.

4. Crisis financial condition: Z > SOS + KR T.M.Ts. + Funds and reserves.

At the same time, the following condition must be met for the ratio of reserves and costs by sources of funds (CA):

For the analyzed enterprise:

At the beginning of the period 110244< 187890 + 35000 или 110244 < 222890,

At the end of the period 72944< 194670 + 62000 или 72944 < 256670,

Thus, the financial condition of the analyzed enterprise is characterized by normal stability, i.e. such a state when stocks and costs are less than the amount of own working capital and bank loans for inventory items (KR T.M.Ts.).

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

Financial stability is the stability of the financial position of the enterprise, provided 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 return. The essence of financial stability is to provide reserves and costs with the sources of their formation. Assessment of the level of financial stability of the enterprise is carried out using an extensive system of indicators. With the help of absolute indicators, the type of financial stability is determined.

There are the following types of financial stability:

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

2. The normal financial stability of the enterprise guarantees its solvency. With this type of financial stability inventories 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. The crisis financial condition is characterized by a situation where the company has loans and loans that are not repaid on time, overdue accounts payable and receivable and is not able 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. The coefficient of financial independence (autonomy) - is calculated as the ratio of own sources to the balance sheet total and shows what part of the organization's property is formed at the expense of its own funds. SK/Active ≈ 0.4 - 0.6.

2. Funding ratio - calculated as the ratio of own sources to borrowed, shows the amount of own funds attributable to a unit of borrowed sources. The normal value is from 0.7 or more, the optimal SK / ZK ≈ 1.5

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

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

5. Agility factor 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 a mobile form, which allows relatively free maneuvering of these funds. SOCK/SC ≈ 0.5.

6. The coefficient of attracting 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 its own. DCS/(SC + DCS) ≈ 0.4.

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

The definition of liquidity and solvency is reduced to grouping liabilities by maturity in liabilities and the corresponding means of payment in the asset, available, and also to be received in certain deadlines. Comparison of the revealed means of payment with forthcoming payments by terms, allows to determine the degree of solvency of the enterprise.

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

Turnover indicators characterize the duration of the funds 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 the 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).

; TO

FROM/FROM

; TO

FROM/FROM

;

Continued-be

´ T

rev-tiDZ

rev-tiGP

rev-tKZ

turnover

rev-thioa

B R

K equiv-thioa

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

R OA=

P from real out-tions

one hundred%

; R

P from real out-tions

one hundred%

; R SK

state of emergency

;

one hundred%

BUT

sales

The content and goals of financial planning of a commercial organization. System of financial plans (budgets).

In the conditions of the Finnish and owner independence, the enterprise itself develops its plans, guided by the only goal - to achieve high efficiency activities. Fin. plan - the basis of the organization of the fin. relations in the enterprise, the formation and use of money. income and funds den. funds. Financial object. planning - fin. activity of the enterprise. Specific tasks fin. planning opr-Xia fin. company management policy. Fin. the plan is usually drawn up for a year, broken down by months, so it serves as the basis for current financial control at the enterprise. That. financial plan 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 necessary funds 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 fin. conditions;

Statement of the Finnish tasks;

Choosing the best option for compiling financial. plan;

Correction, linking and concretization of the fin. plan;

Fulfillment of financial plan;

Analysis and control of the implementation of the plan.

FP tasks:

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

Linking financial indicators with production and commercial ones;

Identification of reserves to increase the income and profit of the enterprise;

Identifying ways to improve utilization efficiency financial resources.

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

Calculation and analytical method- Based on the analysis of the achieved value of Fin. indicator taken as a base, and 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 relationships. This method is based on peer review. One of the most common methods in this group is implementation percentage method. It is based on linking the income statement and balance sheet with the planned volume of sales.

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, working capital requirements, etc.

balance method is to build a balance of available financial resources and the need for their use. Balance linking in fin. resources: He + P = P + OK, where He is the balance of funds at the beginning of the planning period; P - receipts of funds in the planning 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.

Planning decision optimization method- 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 cost;

Maximum profit;

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

Minimum time for capital turnover;

Maximum return per ruble of invested capital, etc.

Methods of economic and mathematical modeling are used in forecasting. indicators for a period of at least 5 years. These methods make it possible to quantify the relationships between financial performance and the factors that determine them; build an economic-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 fin. resources. Budgets provide a relationship between income and expenses based on the relationship of enterprise development indicators with its financial resources.

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

Goals of budgeting:

Development of the concept of doing business;

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

Optimization of costs and profits of the enterprise;

Coordination - harmonization of the activities of various departments of the enterprise;

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

Motivating local managers to achieve the goals of the organization;

Monitoring and evaluating the performance of managers in the field by comparing actual costs with the standard;

Identification of the need for financial resources and optimization of money. streams.

Budgets come in many types and forms; separate budgets that characterize intermediate operations (purchase of raw materials and materials, production, etc.) can carry information only on expenses or only on income (sales budget), and enlarged budgets (budget income 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.

Allocate financial and operating budgets. Operating: B sales, B stocks GP, B production, B direct costs of materials, B direct costs of HSE, B selling expenses, B management costs (in quantitative terms, the goals of the enterprise are determined).

In market conditions, the first indicator from which any planning must begin is the sales forecast. Therefore, budgeting must begin with the preparation sales budget, reflecting the planned volume of sales in physical and value terms (forecast of sales revenue). After establishing the planned sales volume in in kind, you can determine the number of units that need to be produced to meet planned sales and inventory levels.

For this, a production budget. Production volume (for the year) = Sales volume (for the year) + Balances finished products at the end of the year - The balance of finished products at the beginning of the year. Determine how many products the company must produce in order to ensure the planned sales volume. Budget for direct material costs is designed to determine the cost of raw materials, materials necessary for the production of finished products, whose cost is entirely related to the volume of sales and varies in direct proportion to the volume of production.

The volume of purchases of raw materials and materials \u003d Production needs + Stock of materials at the end of the period - Stock of materials at the beginning of the period. IN business budget details all the estimated costs associated with the sale of products.

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

Basic meaning income and expenditure budget- 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 DS on settlement, currency and other accounts and at the cash desk of the enterprise, reflecting all projected receipts and write-offs of DS as a result of economic activity. the main task budget - check the synchronism of receipts and expenditures of funds and thereby confirm future liquidity.

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

balance budget- a forecast of what means of financing the enterprise has and how these funds are used; forecast of the ratio of sources of financing and investments of the DS. This is a forecast of the ratio of assets and liabilities (liabilities) of the enterprise in accordance with the actual structure of property and liabilities and its change 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.

Financial stability is closely related to the formation and use of the capital of the enterprise, the assessment of the adequacy of own capital for effective economic activity.

Financial stability- this is the ability of an enterprise not only to maintain a sufficient level of business activity and business efficiency, but also to increase it, while ensuring solvency, investment attractiveness within the limits of acceptable risk.

The enterprise must maintain a structural balance of assets and liabilities, taking into account changing environmental factors and internal factors. The structure of assets must meet the long-term needs of the development of economic activity, which requires reliable sources of their formation. When attracting borrowed capital, an enterprise must anticipate the financial consequences arising in connection with this: the inevitable increase in financial risks, the cost of maintaining borrowed capital, and the adverse impact of these factors on financial results.

The main condition for ensuring the financial stability of the enterprise is the growth of sales volumes, since revenue is a source of covering current expenses and generating normal profits. Profit growth, in turn, creates conditions for expanding business activities, investing in improving logistical bases, development of new technologies, etc.

To assess the financial stability of the enterprise, absolute and relative indicators are used.

Absolute indicators financial stability:

absolute increase in total assets (liabilities, balance sheet);
absolute increase in own funds (own capital) of the enterprise;
availability of own working capital;
provision of tangible current assets (reserves) with sustainable sources of formation;
absolute increase in net revenue;
absolute increase in net profit;
absolute increase in net cash flow(difference between total cash inflow and total cash outflow from operating activities).

For the smooth functioning of the enterprise great importance has the formation of the necessary volume and composition production stocks. Therefore, when characterizing the financial stability of an enterprise, a special role belongs to the indicator of the availability of own sources of financing not only for all current assets, but precisely for inventories (working capital).

Using indicators of the availability of material working capital with sustainable sources of financing, four types of financial stability are distinguished.

1. Absolute stability- a state in which inventories are fully covered by their own working capital, i.e. the company is absolutely independent of external creditors. This situation rarely occurs in practice. Moreover, it is not always economically feasible, as it indicates a conservative approach to financing. production activities, that the management of the enterprise does not properly use the effect of financial leverage.
2. Normal stability-- a state when inventories are formed both at the expense of own working capital and at the expense of short-term borrowed funds.
3. unstable financial situation, when own working capital and short-term borrowed funds are not enough to form inventories. Enterprises in such a situation use short-term accounts payable to finance part of the inventory. Sometimes this leads to payment delays. wages employees, delayed payments to suppliers.
4. Critical financial situation occurs when, in addition to unstable state the company does not repay loans and borrowings on time, cannot fulfill its payment obligations in a timely manner.

Based on the balance of the enterprise (table 10.1), table 10.3 shows the main absolute indicators of financial stability.

Table 10.3 - Absolute indicators of the financial stability of the enterprise for the reporting year

amounts, million rubles

Indicator	For the beginning of the year	At the end of the year	Change per year (+)
1. Capital and reserves
2. Long-term liabilities
3. Non-current assets
4. Own working capital (line 1 + line 2 - line 3)
5. Short-term borrowings
6. Total equity and short-term borrowings (line 4 + line 5)
7. Accounts payable

In the example under consideration, the enterprise has a shortage of its own working capital to finance reserves: at the beginning of the year, 16.3 million rubles, at the end - 12.5 million rubles, i.e. it does not have absolute financial stability. To finance inventories, along with own working capital, short-term borrowed funds are involved. At the same time, the amount of own working capital, short-term borrowed funds exceeds the amount of reserves both at the beginning and at the end of the year. This indicates normal financial stability.

The total amount of all possible sources of financing of production reserves is significantly higher than the value of reserves: at the beginning of the year + 28.3 million rubles, at the end of the year + 36.6 million rubles.

Relative indicators of financial stability(coefficients widely used in world and domestic practice):

autonomy coefficient- the ratio of equity capital to the total balance sheet. Shows to what extent the volume of financial resources used by the enterprise is formed at the expense of its own funds. normal minimum value this coefficient is considered to be 0.5. The higher this ratio, the higher the financial independence of the enterprise from external sources of financial resources;
coefficient of long-term financial independence - the ratio of the amount of equity and long-term liabilities to the total balance sheet. It characterizes the independence of the enterprise from short-term borrowed sources of financing of economic activity;
funding ratio- the ratio of equity capital to borrowed capital. The excess of equity over borrowed indicates that the company has a sufficient margin of financial strength;
financial leverage ratio- the ratio of borrowed capital to equity capital. Characterizes the financial activity of the enterprise to attract borrowed funds;
agility factor- the ratio of the amount of own working capital to the total amount of own funds (own capital). Shows the share of equity that is invested in current assets.

Based on the balance sheet of the enterprise (table 10.1) and the information given in table 10.3, table 10.4 shows the main financial stability ratios at the beginning and end of the reporting year.

Table 10.4 - The main ratios of the financial stability of the enterprise

Indicator	For the beginning of the year	At the end of the year	Rate of change in % or deviation (+")
5. Short-term liabilities, million rubles
6. Total amount of borrowed capital, million rubles (page 4 + page 5)
7. Equity and long-term liabilities, million rubles (page 1 + page 4)
8. Autonomy ratio (page 1: page 3)
9. Long-term financial independence ratio (p. 7: p. 3)
10. Funding ratio (page 1: page 6)
11. Financial leverage ratio (p. 6: p. 1)
12. Agility factor (page 2: page 1)

The data in Table 10.4 indicate a fairly high financial independence of the enterprise: the autonomy coefficient at the end of the year is 0.63, i.e. equity capital is 63% of the total sources of financing of the enterprise. It is positive that this figure has increased over the year.

The increase in the role of own sources of funds is evidenced by the dynamics of the funding ratio: it increased by 0.18 points. Accordingly, the coefficient of financial leverage has decreased.

The coefficient of maneuverability of the company's own capital at the beginning of the year was 0.45. This is a fairly high value, close to the recommended normal value 0.2-0.5. During the year, the maneuverability coefficient slightly decreased - by 0.01 points. This coefficient depends on the sectoral affiliation of the enterprise, type of activity, structure of assets.

The long-term financial independence ratio has not changed over the year, which should be assessed positively. The value of the coefficient is quite high - 0.81. The organization provided an increase in the amount of equity for the year by 10.9% and a slight decrease in the amount of long-term liabilities.

The assessment of financial stability serves as the basis for developing measures to strengthen the financial condition of the enterprise. In doing so, there are several areas:

1. Measures to increase equity capital: increase authorized capital; increase in profit from all types of activities and increase in the capitalized part of net profit.
2. Measures to improve the management of borrowed capital: determination of the maximum volume of borrowed capital; formation of a rational structure of borrowed funds; effective use loan capital, etc.
3. Measures to improve asset management: correct determination of the need for fixed and working capital for the organization of production activities; improving the efficiency of the use of fixed and working capital; improving the efficiency of long-term and short-term financial investments.

An assessment of the financial stability of an enterprise is important when planning an enterprise's need for capital and optimizing its structure.

The total need of the enterprise for capital is determined on the basis of the need for assets for the production, investment activities of financial transactions. Optimization of the capital structure can be carried out on the basis of:

1) multivariate calculations using the effect of financial leverage. At the same time, the capital structure is chosen from the standpoint of the highest return on equity (see Section 10.2);
2) minimizing the cost of capital. The cost of capital is the average price a company pays to raise capital from different sources. For example, the cost of raising capital from own internal sources is estimated by the return on equity; the cost of attracting loans is estimated by the amount of interest on the loan. To determine the optimal capital structure, one proceeds from the possibilities of minimizing weighted average cost capital, taking into account all sources of its formation;
3) the chosen asset financing policy. Different components of the assets are financed from different sources. Approaches to financing assets, depending on the attitude of managers and owners of the enterprise to financial risks, have their own differences. Usually there are three groups of assets:
- fixed assets;
- constant part current assets- the minimum amount of current assets required for the enterprise to carry out current production activities, which does not depend on seasonal fluctuations in the volume of activities;
- variable part of current assets- part of current assets subject to fluctuations due to the seasonality factor.

There are three approaches to financing these asset groups (Table 10.5).

A conservative approach to asset financing assumes that non-current assets are financed mainly from equity and partly from long-term borrowed capital (up to 10%). The fixed part of working capital and half of the variable part of working capital must be fully financed from equity. The other half of the variable part of working capital is financed by short-term debt capital. This approach ensures a high coefficient of financial stability of the enterprise in the process of its development.

Table 10.5 - Approaches to financing the assets of an enterprise 1

Type of asset	Funding approach
Type of asset	conservative	moderate	aggressive
Fixed assets
Fixed assets
Permanent part of current assets
Permanent part of current assets
variable part current assets
variable part current assets

Designations: SC - equity; S/C - long-term borrowed capital; KPC - short-term borrowed capital.

Moderate approach to asset financing assumes that non-current assets and a constant part of working capital are financed by equity and long-term borrowed capital. At the same time, the share of equity capital is 75-80%. The variable part of working capital - at the expense of short-term borrowed capital. This approach usually provides an acceptable level of financial stability.

Aggressive approach to asset financing assumes that the role of equity in financing non-current assets and the permanent part of current assets is reduced to 50-60%. The variable part of working capital is fully financed by short-term borrowed capital. In some cases, all current assets are financed by short-term borrowed capital. This approach reduces the financial stability of the enterprise, creates problems in ensuring solvency, although it allows you to work with minimum dimensions own capital.

Savitskaya G. V. Methodology complex analysis economic activity: Tutorial. - 4th ed. - M.: INFRA-M, 2007. - S. 322.