Assessment of the financial condition of the enterprise, the main criteria. The financial condition of the organization: concept, evaluation criteria and analysis

Course work

"The financial condition of the organization: concept, evaluation criteria and analysis"

Introduction

The financial condition of the organization has always been a very important characteristic of the stability and reliability of the development of the enterprise, as it determines the potential of the enterprise and its competitiveness, the efficiency of capital use and financial resources, timely fulfillment of obligations to other economic entities.

Thus, the relevance of this topic is due to the fact that in modern economic conditions great importance has a correct definition of the financial condition of the organization for both business entities and potential investors.

People and organizations that want to invest their money in a particular enterprise must be sure of its financial reliability and well-being. Otherwise, they simply will not invest. \

In turn, the enterprises themselves are interested in enough exact definition of their financial condition, as it helps them to form a further development strategy and identify problems at another initial stage and to raise additional funds.

The purpose of this work is to identify shortcomings in financial economic activity enterprises, as well as possible solutions improve his financial condition.

In order to achieve this goal, the following tasks must be solved:

Disclosure of the content of the concept of "financial condition of the organization".

The study of the theoretical foundations of the analysis of the financial condition.

Analysis of the financial condition of the selected enterprise.

Assessment of the financial position and performance of the enterprise.

Development of possible options for improving the financial condition, if any problems are identified.

The object of the study is the company JSC "Russian Railways". The subject of the study is the financial condition of the Russian Railways company.

The results of this analysis can be used in the future in planning and organizing the economic activity of the enterprise, developing financial, marketing, pricing and management policies in order to increase its profitability and profit.

1. Financial condition of the organization: concept, types, methods of assessment

1.1 The concept of financial condition and methods for its assessment

In science, there are many definitions of what the financial condition of an enterprise is. For example, N.P. Lyubushin defines the financial condition of an organization as its ability to finance its activities.

Within the framework of this definition, the financial condition is characterized by the provision of the enterprise with financial resources that are needed for its normal activities.

In a broader sense, G.V. Savitskaya describes the financial condition as a kind of economic category that reflects the state of capital in the process of its circulation and the ability of an enterprise to self-develop for a fixed period of time.

In any case, the financial condition is very important characteristic organization's activities.

In order to determine the financial condition of a particular enterprise, it is necessary to conduct the financial analysis his activities. The main content of financial analysis is a systematic study of the financial condition of the enterprise, as well as factors directly affecting it.

Various subjects can use financial analysis. HELL. Sheremet and N.V. Romanovsky distinguish the following:

Shareholders interested in financial stability, solvency and future profits;
Lenders issuing short-term loans and long-term loans;
Directly the management of the enterprise;
State (very often in the form tax authorities);
Enterprise personnel interested in level stability wages and future work prospects in the organization;
Trade unions and the public monitoring the activities of the enterprise;
Auditing and consulting firms;
Stock exchanges. On the basis of reporting, they decide on the registration of the enterprise and the suspension of the activity of an economic entity on the stock exchange.

Thus, financial analysis is carried out by all business entities without exception. However, depending on the tasks assigned to the organization, the analysis can be carried out using various methods. Below are some types of financial analysis methods:

Depending on the subject conducting the analysis, it is divided into:

External analysis is carried out, as a rule, outside the enterprise. The analysts who perform this analysis do not have access to internal classified information firms. Therefore, the external analysis is less detailed.
Internal, conducted by employees of the company. This type analysis allows you to get more full information about the financial condition and identify weak sides organizations, reasons for low profits, etc.

2. By breadth of coverage and depending on the sources of financial information:

Table 1 - Types of analysis of the financial and economic condition of the enterprise

Operational analysisDetailed analysisExpress analysisInitial informationAccounting databaseAccounting databaseReporting set (annual, quarterly, etc.) Form No. 1 "Balance sheet" External analysts most often can only conduct an express analysis based on Form No. 1 "Balance Sheet". But at the same time, the need for this type of analysis is much higher than in other types, since there is no need to wait for the closing of the period, but current information can be used. Therefore, internal analysts very often use express analysis.

The main documents that are used in the analysis of the financial condition are accounting documents. They include:

Form No. 1 "Balance sheet";
Form No. 2 "Profit and Loss Statement";
Form No. 3 “Statement of changes in equity”;
Form No. 4 "Report on the movement Money»;
Form No. 5 "Appendix to the balance sheet";
An auditor's report confirming the accuracy of the organization's financial statements.

Certainly, in addition to annual accounts an intermediate release is possible. I would also like to note that, according to tax legislation, a wider list of documents is provided to tax services.

In the literature, there are many different indicators that allow you to assess the financial condition of the enterprise. For example, N.N. Pogostinskaya considers the following classification of these indicators or otherwise called financial and operational ratios (Fig. 1.1):

Rice. 1.1. Classification of financial and operational ratios

Further in the work, only some types of analysis of the financial condition of the organization will be considered, namely, the analysis of the financial results of the enterprise, the analysis of its profitability and financial stability.

1.2 Analysis of the financial results of the enterprise

The goal of any firm is to make a profit. It provides the organization with the possibility of self-financing, satisfaction of material and other needs. Also, profit is the main source of budget revenue generation. different levels. Thus, profit indicators are very important in the process of evaluating the performance of the company, the degree of its financial well-being and reliability. That is why she is one of the constituent parts analysis of the financial condition of the enterprise.

First of all, you can analyze the dynamics and structure of profit. To do this, you need to create the following tables.

Table 2 - Dynamics of profit indicators

IndicatorsReporting periodThe same period last yearChanges in the indicatorReporting period to the previous one, %P 1P 1P 0P 1-P 0P 1/P0 *100%……P n

The data for this table is taken from Form No. 2 "Profit and Loss Statement".

When analyzing the structure of profit in the reporting period, it is necessary to analyze the proportion of its individual components.

Table 3 - Profit structure

IndicatorsReporting periodThe same period last yearDeviations,%Absolute valueShare,%Absolute valueShare,%Profit (loss) of the reporting period - total Including: 1.…Profit from households. activitiesNet profit

They can also apply factor analysis of profit from sales of products (works, services). In this case, the change in profit from the sale of products, the change in selling prices for products and the impact on profit of a change in the volume of production, i.e. calculate the appropriate coefficients to assess the performance of the enterprise.

1.3 Analysis of the profitability of the enterprise

Profitability, unlike profit, is a more complete reflection of the efficiency of the enterprise as a whole, since only the ratio of profit and volume of work performed allows us to evaluate the organization's activities in the reporting year, as well as compare these data with previous periods.

The company's profitability can be assessed using various indicators:

Product profitability:

R etc = (P R / cn ) * 100%(1)

where P etc - profitability of products; P R - profit from sales, works, services of the enterprise, rub; With P - total cost products sold, rub.

This indicator is usually used in on-farm calculations to control profitability, as well as when inefficient products are discontinued, etc. Instead of profit from sales, you can take the gross profit in the calculation. If profit from sales is taken, then the activity of the organization in the market as a whole is evaluated.

Return on equity indicators:

a) return on equity:

R sk = (P h / Ks ) x 100% (2)

where P sk - return on equity, P h - net profit, K with - own capital and reserves.

This indicator characterizes how effectively the organization's own capital is used, namely, how much profit falls on a unit of production.

b) profitability investment capital:

R and = (P h / Kik ) x 100% (3)

where P and - return on investment capital, K ik - the average value of investment capital.

The indicator characterizes how efficient the use of capital invested for a long period.

c) the profitability of the entire capital of the enterprise:

R to = (P R / Bsr ) x 100% (4)

where P to - return on total capital, B Wed - average for the period total balance-net.

Return on current assets:

R oa = (P p / AO) x 100% (5)

where P oa - profitability of current assets, JSC - current assets.

Profitability of fixed assets:

R in = (P p / av) x 100% (6)

where P in - profitability of fixed assets, Av - fixed assets.

The indicators listed above help to judge the effectiveness of the company.

profitability enterprise financial assessment

1.4 Financial sustainability analysis

The financial stability of an organization is such a state of its financial resources, their distribution and use, which ensures the development of an enterprise based on capital and profit growth while maintaining creditworthiness and solvency under conditions of an acceptable level of risk.

The purpose of the analysis of financial stability is to assess the size of the structure of liabilities and assets. The result of this analysis is the answer to the question: how independent is the enterprise from a financial point of view, whether the state of assets and liabilities meets the goals and objectives of its financial and economic activities.

In order to make it more convenient to distinguish between the sources of financing of the company, we present the following figure below.

Fig.1.2 Formation of own working capital organizations

To determine the level of financial stability of the company, you can use a huge number of ratios and indicators. Below are 3 main indicators:

SOS - own working capital. This indicator characterizes net working capital.

SOS = K c - A in (7)

where K with - equity of the company (capital and reserves), A in - fixed assets.

SD - own and long-term borrowed sources of formation of reserves and costs.

SD = (K with + K d ) - BUT in = SOS + Kd (8)

where K d - long term duties.

OI - the main sources of formation of stocks and costs.

OI = (K with + K d ) - Av + AP (9)

where SC - short-term borrowed funds.

For each of these indicators, surpluses are usually determined. They help to assess the availability of reserves and costs. To do this, stocks are taken away from each of the above indicators (3, line 210, section 2 of the asset balance).

Based on these three indicators, one can judge the financial stability of the organization.

Absolutely stable financial condition.

W< СОС(10)

Absolute stability is extremely rare.

Sustainable financial condition.

Z = SOS + ZS (11)

It follows from this equality that the company uses both its own and borrowed funds quite efficiently and successfully to cover its reserves and costs. In this state, the organization can guarantee its solvency.

Unstable financial condition.

Z = SOS - ZS + Io (12)

where I about - temporarily free own funds, borrowed funds, bank loans for temporary replenishment of working capital, as well as other borrowed funds that can ease the financial tension at the enterprise.

Crisis financial condition.

Z > SOS + ZS (13)

In this case, the organization is on the verge of bankruptcy, the costs are greater than the amount of own working capital, as well as bank loans.

In crisis and unstable financial conditions, the company can still optimize the structure of its liabilities, as well as reasonably reducing the level of costs and inventories. As a result, financial stability may bounce back.

Conclusions to chapter 1

2. Analysis of the financial condition of the Russian Railways company

2.1 Analysis of the financial results of the organization.

Let's compile a table of the dynamics of profit indicators using Form No. 2 of the Accounting Statements of Russian Railways for 2009. Unit of measure - thousand rubles.

Table 4. Dynamics of profit indicators of Russian Railways

IndicatorsReporting periodSimilar period yearChange in the indicatorReporting period to the previous one, %Proceeds from the sale of products minus VAT, excises1 050 157 9251 101 710 458-51 552 53395.3 Cost of goods and services sold (999 853 882) (1 035 247 879) -35 393 99796.58 profit50 304 04366 462 579- 16 158 53675.69 Selling and administrative expenses (82 649) (71 063) 11586116.3 Profit (loss) from sales50 221 39466 391 516- 16 170 12 275.64 Other income (expenses) 13 016 65621 710 489186.89 Profit (loss) before tax60 315 22754 774 8605 540 367110.1 Net profit (loss)14 447 39313 400 3391 047 054107.8

Table 4 shows that the proceeds from the sale of products in 2009 decreased by 4.7% compared to 2008. And profit from sales decreased by 24.36% over the same period. At the same time, the share of other income increased by as much as 86.89%, as a result of which the net profit for the reporting period exceeded the net profit for the previous one by 7.8%.

It is also important to note that selling and administrative expenses increased by 16.3% and amounted to 82,649 thousand rubles. These costs significantly reduce the profit of the organization. Thus, in order to save money, management costs can be reduced.

Table 5. Profit structure of Russian Railways

IndicatorsReporting periodThe same period last year Deviations, %Absolute valueShare, %Absolute valueShare, %Profit (loss) of the reporting period6031522710054774860100- Including: non-operating transactions)1009383316.7(11616656)(21.2)37.9Net profit1444739323.91340033924.46- 0.56

According to the table, the share of profit from sales in Russian Railways decreased by 37.94%, while the share of income from non-sales operations increased by 37.9%. Also, the share of net profit of the organization decreased by 0.56%.

Thus, we can conclude that Russian Railways incurs losses in the course of its core business, while the share of non-operating income is quite high and has a positive trend. Profit from sales decreased significantly, as mentioned above by 37.94%.

2.2 Analysis of the profitability of Russian Railways.

The data for the calculation are taken from form No. 1 "Balance sheet" of Russian Railways.

Let's calculate the following profitability indicators:

) Product profitability for the reporting and previous periods:

R pr from \u003d (50 221 394 / 999 853 882) x 100% \u003d 5%, (1)

R pr before = (66,391,516 / 1,035,247,879) x 100% = 6.4%.(1)

As a result of calculating these indicators, it can be said that the profitability of the main services provided by Russian Railways decreased by 1.4% over the year and is very low, which is shown by the amount of the company's profit.

) Return on equity:

R sc from \u003d (14,447,393 / 2,946,015,721) x 100% \u003d 4.9%, (2)

R sk before = (13,400,339 / 2,971,891,963) x 100% = 4.5%(2)

This ratio shows how much profit falls on a unit of production. The calculations show that the return on equity for the year increased by 0.4%. This may be due, for example, to the growth of stock prices, but does not necessarily mean that there is a high return on capital invested in the enterprise.

) Return on current assets:

R oa from = (50,221,394 / 263,155,432) x 100% = 19.08%(5)

R oa before = (66,391,516 / 205,043,346) x 100% = 32.38%(5)

These calculations show that the efficiency of the use of current assets in Russian Railways has fallen significantly, namely, by 13.3%.

) Profitability of fixed assets:

R here = (50,221,394 / 2,685,101,293) x 100% = 1.87%(6)

R before = (66,391,516 / 2,772,803,931) x 100% = 2.4%(6)

Profitability of fixed assets of the enterprise shows the effectiveness of the use of fixed assets. AT this case the indicator decreased by 0.53%, which indicates a decrease in efficiency.

As a result of the calculations, we can conclude that the profitability of almost all elements without exception has changed in a negative direction. This may indicate that the company is not doing enough effective use both working capital and fixed assets. As a result, this leads to a decrease in sales, and, consequently, a decrease in income received.

2.3 Analysis of the financial stability of Russian Railways

The data for calculating the financial stability of the organization are taken from form No. 1 "Balance sheet". We calculate the following indicators for the reporting and previous periods:

) SOS from = 2 946 015 721 - 3 238 888 447 = - 292 872 726(7)

SOS before = 2 971 891 963 - 3 470 252 441 = - 498 360 478(7)

The availability of own working capital for the year changed in positive side. But this SOS< 0. Это означает, что для того чтобы 100% финансировать внеоборотные активы собственными средствами, необходимо привлечь 292 872 726 тыс.руб. Для этого скорее всего придется использовать дополнительный к уже существующему borrowed capital.

) SD from = - 292 872 726 + 174 853 625 = - 118 019 101(8)

SD before = - 498 360 478 + 355 053 691 = - 143 306 787(8)

) OI from = - 118 019 101 + 381 174 533 = 263 155 432(9)

OI before = - 143 306 787 + 348 350 133 = 205 043 346(9)

?SOS from = - 292 872 726 - 80 793 934 = - 373 666 660,

?SOS before = - 498 360 478 - 78 292 227 = - 576 652 706,

?SD from = - 118 019 101 - 80 793 934 = - 37 225 167,

?SD before = - 143 306 787 - 78 292 227 = - 221 599 014,

?OI from = 263 155 432 - 80 793 934 = 182 361 498,

?OI before = 205 043 346 - 78 292 227 = 126 751 119.

Based on the calculations, we can conclude that there is an excess of the total value of the formation of reserves, that is, in this case, the reserves are provided with sources of their formation. But at the same time there is a lack of own working capital and own and long-term borrowed funds. From this we can conclude that the provision of reserves in the company JSC "Russian Railways" exists due to short-term borrowed funds.

Based on the above calculated indicators, we will determine the financial stability of Russian Railways.

) Is the enterprise absolutely sustainable?

793 934 > - 292 872 726 - in the reporting period;(10)

292 227 > - 498 360 478 - in the previous period (10)

JSC "Russian Railways" is not an absolutely sustainable enterprise, as the reserves exceed its own working capital.

) Is the enterprise normally sustainable?

80 793 934 < 88 301 807 - в отчетном периоде;(11)

292 227 > - 150 010 345 - in the previous period (11)

It follows from the calculations that in the reporting year Russian Railways was in a stable state, possibly due to the attraction of additional borrowed funds. In the previous period, the situation was opposite, the company was in unstable state.

Conclusions on chapter 2

As a result of the analysis, it can be concluded that the financial condition of the Russian Railways JSC is stable.

Russian Railways should regularly monitor the dynamics and structure of profits and make appropriate adjustments to the expenses of the organization. Perhaps they should rethink how they organize all of their provisioning activities. transport services as operating income falls.

Conclusion

In custody term paper Let us draw some important conclusions.

The financial condition of the organization is a very significant element in the management of a commercial organization. The financial condition of an enterprise is considered stable if it is able to make all necessary payments on time and finance its activities on an extended basis.

To assess the financial condition, it is necessary to conduct a financial analysis.

Analysis of the financial condition helps to get necessary information for its improvement, as well as for future planning of the enterprise.

Financial statements are the basis for the analysis. Based on this reporting, the required indicators and coefficients are calculated, which allow assessing the effectiveness of the enterprise, as well as determining its weak spots.

In this paper, 3 types of financial analysis were considered: analysis of the financial results of the company, analysis of profitability and financial stability.

Based on the above methods, an analysis of the financial condition of the Russian Railways company was carried out.

Based on the results obtained, it can be concluded that the financial condition of the Russian Railways company is stable.

However, in the course of the analysis it turned out that in comparison with the previous period in the reporting year, gross profit and sales profit decreased significantly, and various profitability indicators indicate an inefficient use of the company's funds.

Thus, the financial stability of the enterprise exists by attracting a significant amount of borrowed funds. If the share of borrowed funds continues to grow rapidly in the future, then it is likely that the financial stability of the company will worsen, and in general, its financial condition will worsen.

JSC "Russian Railways" should consider possible changes in the share of borrowed funds in the sources of financing of the enterprise and increase the share own funds.

List of sources

1.Baturina N.A. How to evaluate the company's own working capital according to the balance sheet // www.esp-izdat.ru/?article=2156.

2.Grachev A.V. Analysis of the financial and economic condition of the enterprise in modern conditions: features, shortcomings and ways to solve them // Management in Russia and abroad. - 2006. - No. 5. - pp. 89-98.

.Zhulega I.A. Methodology for analyzing the financial condition of an enterprise. St. Petersburg GUAP Publishing House, 2006. - 235p.

.Kovaleva A.M., Lapusta M.G., Skamai L.G. Firm finances. - M.: Publishing house Infra-M, 2011. - 522p.

.Lyubushin N.P. Analysis of the financial condition of the organization. - M.: Eksmo Publishing House, 2007. - 256s.

.Official website of Russian Railways // rzd.ru.

.Pogostinskaya N.N. System financial and economic diagnostics. - St. Petersburg: Iz-vo MBI, 2007. - 159p.

.Regulation on accounting"Accounting statements of the organization" (PBU 4/99), as amended. Order of the Ministry of Finance of the Russian Federation of September 18, 2006 No. 115 // Consultant plus. - 2010. - No. 14.

.Romanovsky M.V. Enterprise finance. - St. Petersburg: Business Press Publishing House, 2006. - 528s.

.Rubtsov I.V. Finances of the organization (enterprise). - M.: Publishing House of Elit, 2006. - 448s.

.Savitskaya G.V. Analysis of the economic activity of the enterprise. - Minsk: New Knowledge Publishing House, 2008. - 688s.

.Sheremet A.D., Negashev E.V. Methodology of financial analysis of activities commercial organizations. - M.: Publishing house Infra-M, 2008. - 208s.

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Indicators for assessing the financial condition of enterprises

To assess the financial condition of enterprises, the sources of data are the balance sheet of the enterprise and the profit and loss statement.

To analyze the financial condition of an enterprise, four groups of coefficients are used:

indicators of solvency and liquidity;

indicators of financial stability;

profitability indicators;

business activity indicators;

indicators of market activity.

1. Indicators of solvency and liquidity.

The liquidity of an enterprise means the ability of its assets to be converted into money. Solvency means the ability of the enterprise to repay its obligations in a timely manner and in full.

To determine the liquidity of an enterprise, the following indicators are calculated:

Absolute liquidity ratio

a.l. =

The minimum standard value of this indicator is set at 0.2-0.25. The absolute liquidity ratio shows what part of accounts payable the company can repay at the time of reporting.

Quick liquidity ratio (interim liquidity ratio)

b.l. =

Current liquidity ratio

K t.l. =

The recommended value of this coefficient is from 1 to 2. The lower limit indicates the insolvency of the enterprise. If the current liquidity ratio is more than 2-3, as a rule, this indicates an irrational use of the enterprise's funds. The current liquidity ratio shows whether the enterprise has enough funds that can be used by it to pay off its short-term obligations during the year.

Supply and cost coverage ratio own sources

K supply and cost coverage =

This ratio shows the share of own working capital, which fall on the financing of stocks and costs.

Own current assets show what part of the enterprise's current assets is financed by the enterprise's own funds, and can be calculated as the difference between current assets and current liabilities of the enterprise. The excess of current assets over current liabilities means the availability of financial resources to expand the activities of the enterprise. However, a significant excess indicates an inefficient use of resources.

2. Indicators of financial stability.

The financial stability of an enterprise is such a state of its financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk.

There are four types of financial stability:

1. absolute stability(occurs extremely rarely);

S = 1; one; 1 , i.e.  SOS  0

2. regulatory sustainability, guarantees the solvency of the enterprise;

S = 0; one; 1 , i.e.  SOS  0

3. unstable financial condition, in which the solvent balance is violated, but the possibility of restoring the balance by replenishing sources of own funds and accelerating inventory turnover remains;

S = 0; 0; 1 , i.e.  SOS  0

4. financial crisis(the company is on the verge of bankruptcy);

S = 0; 0; 0 , i.e.  SOS  0

To characterize the sources of formation of reserves, three main indicators are used:

1. Availability of own working capital (SOS):

SOS =  balance sheet liability section -  balance sheet asset section *

This indicator characterizes net working capital. Its increase in comparison with the previous period indicates the further development of the enterprise.

2. Availability of own and long-term borrowed sources of formation of reserves and costs (SD):

SD \u003d SOS +  r.p.b.

3.The total value of the main sources of formation of reserves and costs (OI):

OI \u003d SD + p. 610  r.p.b.

There are three indicators of the provision of reserves with sources of their formation:

1. Surplus (+) or lack (-) SOS ( SOS):

 SOS \u003d SOS - Z,

where 3 - reserves (p. 210  r.a.b.).

2. Surplus (+) or deficiency (-) SD ( SD):

 SD = SD - Z

3. Excess (+) or lack (-) of OI ( OI):

 OI \u003d OI - Z

The above indicators of the availability of reserves with sources of their formation are integrated into a three-component indicator S:

S =  SOS;  SD;  OI  ,

which characterizes the type of financial stability.

The financial stability of the enterprise is based on the analysis of the capital structure of the enterprise and characterizes the degree of independence of the enterprise from external sources of financing.

The main purpose of the analysis of the financial stability of an enterprise is to assess the financial risk of the enterprise and determine the adequacy of its own capital and the degree of dependence on attracted resources.

The following indicators are used to analyze the financial stability of an enterprise:

Autonomy coefficient (independence ratio, equity concentration ratio)

Autonomy coefficient =

The autonomy coefficient shows the share of own funds in the structure of the sources of the enterprise.

It is practically impossible to establish a normative value for this coefficient. Normal value for a particular enterprise should be established based on the characteristics of the enterprise, its needs for financial resources and development goals.

The higher the value of this coefficient, the higher the stability of the enterprise. However, when this value is close to one, this indicates insufficiently effective financial management at the enterprise, inability to use borrowed funds. On the other hand, an extremely low value speaks of high financial risk and high dependence on creditors.

Dependency coefficient (debt concentration ratio)

Dependency coefficient =

This coefficient characterizes the share of borrowed funds in the structure of the sources of the enterprise's activities.

Financial stability ratio (coefficient of long-term financial stability)

Coefficient fin. stability =

This indicator characterizes the share of sustainable sources of financing in all sources of the enterprise, that is, the share of those liabilities that can be used to finance investments.

Funding ratio

Funding ratio =

The financing ratio shows the structure of the company's liabilities.

own funds maneuverability ratio

own funds maneuverability coefficient =

The equity agility ratio measures the portion of equity that is invested in mobile assets.

3. Indicators of profitability.

Profitability is the efficiency of using one or another type of assets or type of invested funds. The main purpose of profitability analysis is to determine the level of profitability of the enterprise according to various indicators of invested funds and types of property of the enterprise and to assess the sufficiency of the level of profitability received.

To calculate profitability indicators, data from the enterprise's balance sheet and income statement are used.

For profitability analysis, the following main indicators are calculated:

Return on assets , which speaks about the efficiency of using all the assets of the enterprise and shows how much net profit falls on 1 ruble of all the assets of the enterprise.

Return on assets (property) =

Return on equity

Return on equity =

This indicator characterizes the profitability of using the company's own funds and shows how much net profit is received per 1 ruble of invested own funds.

Profitability indicator of the main activity

Profitability of the main activity =

This ratio shows the cost effectiveness, that is, how much profit from sales in the main activity was received per 1 ruble of costs incurred.

Profitability indicator of turnover (profitability of sales)

Return on turnover =

This indicator characterizes the effectiveness of the company's sales, or how much profit was received from the sale of products per 1 ruble of revenue received from buyers and customers for the products sold.

Product profitability indicator

Product profitability =

This indicator shows how much profit was received per 1 ruble of costs.

For the purposes of analysis, both the net profit indicator (profit after taxes) and the profit before tax indicator can be used. Comparison of two options for profitability indicators (one - using the profit before tax indicator and the second - using the net profit indicator) allows you to determine the impact of interest payments and tax payments on the level of profitability of a particular type of asset or type of invested funds.

In addition, various profitability indicators can be calculated for certain types of activities, certain types of assets, etc.

4. Indicators of business activity.

The business activity of the enterprise is manifested in the dynamism of its development, testifies to the quality of management of financial resources invested in the property of the enterprise, and is reflected in the system of indicators of the turnover of the enterprise's funds. Business activity ratios make it possible to assess the efficiency of the use of financial resources. The financial condition of the enterprise depends on the speed of transformation of funds invested in various assets of the enterprise into cash.

To calculate the indicators of the turnover of the enterprise's funds and the speed of turnover, the data of the balance sheet and the income statement are used.

The main indicators of turnover and turnover rate:

Asset turnover ratio shows the effectiveness of the use of all resources that the company has in the analyzed period.

Asset turnover ratio =

Asset turnover period =

Equity turnover ratio testifies to the effectiveness of the use of the company's own capital.

Ownership turnover ratio capital =

Equity turnover period =

When analyzing business activity, more frequent turnover indicators (accounts receivable, accounts payable, inventory, etc.) and turnover periods in days are also calculated.

Accounts receivable turnover ratio =

Receivables due date (in days) =

Inventory turnover ratio =

Inventory turnover period (realization period) =

Accounts payable turnover ratio =

Payables due date (in days) =

5. Indicators of market activity

book value of common stock

basic earnings per share

ordinary share dividend

dividend payout ratio

Grade financial states Table 5 Grade financial states Company Current liquidity ratio Term ratio...

Methodology for analyzing the financial condition 12 Information support for the analysis of financial

Analysis

problem estimates financial states enterprises. Among... states and changes; grade solvency of business entities and grade balance sheet liquidity; analysis of absolute and relative indicators financial sustainability enterprises, grade ...

Topic: "analysis of the financial condition of the enterprise (on the example of the company "Geoinveststroy" LLC")

abstract

In need of continuous estimates financial states enterprises, detection of deviations from... indicators, forming a system of criteria for estimates financial states, established in the Methodological Provisions on evaluation financial states enterprises ...

Educational and methodological complex of the academic discipline "Theoretical foundations of financial management" Specialty

Training and metodology complex

And methodology of analysis financial states enterprises. System indicators estimates financial states enterprises. Topic 2 Financial planning and forecasting methods Forecasting financial development enterprises: models...

CRITERIA FOR ASSESSING THE FINANCIAL STABILITY OF THE ENTERPRISE

Assessment of the financial condition of the enterprise acquires all greater value with the development of market relations in the economy. Depending on the goals of users, the financial condition is assessed according to various criteria. For owners of controlling stakes and investors, the most important criterion is the effectiveness of the invested capital and its profitability. Lenders are most interested in the liquidity of the enterprise, suppliers - its solvency. But regardless of the goals, almost all possible counterparties of the enterprise are interested in its financial stability. An external manifestation of financial stability is the solvency of the enterprise.

Financial sustainability is economic category expressing such a system economic relations, at which the enterprise generates effective demand, is able, with a balanced attraction of credit, to provide active investment and increase in working capital from its own sources, create financial reserves, and participate in the formation of the budget.

Solvency reflects the ability of an economic entity to pay its debts and obligations in a given specific period of time. It is believed that if an enterprise cannot meet its obligations by a specific date, then it is insolvent. At the same time, on the basis of the analysis, its potential opportunities and trends for covering the debt are determined, and measures are developed to avoid bankruptcy.

Solvency is the resulting state of the finances of the enterprise, determined by the quality of its financial flows. AT Russian economy there is an integrating influence negative factors on the solvency of the enterprise, there is a transformation of the influence of these factors into the mass insolvency of companies. At the same time, the current paying capacity of the enterprise affects the entire external macroeconomic space, which in turn affects each participant in financial settlements.

It is possible to evaluate and analyze the financial stability of an enterprise by applying a certain system of indicators. This system indicators are classified in the following way: groups of indicators characterizing the result, efficiency, specific characteristics of financial stability, indicators of the specifics of the reproduction process, preventive indicators are identified.

The first group - indicators of the effect of financial provision. This group can be represented by an indicator of equity in circulation.

The second group is the effectiveness of financial support. It can be represented by the coefficients of autonomy, agility, equity capital in circulation, equity reserves and costs, the ratio of own and borrowed funds, long-term borrowing, accounts payable.

The third group of indicators is the specific characteristics of financial security: financial stability margin (in days), surplus (shortage) of working capital per 1000 rubles. stocks.

The fourth group - indicators of the specifics of the reproduction process: the coefficients of the ratio of mobile and immobilized means, property for reproduction purposes.

The fifth group is preventive indicators: liquidity, risk ratios for not repaying a loan, etc.

SENYUGINA

Alekseevna,

candidate

economic sciences, assistant professor,

Department "Economics and Management",

"North Caucasian

state

technical

university",

Stavropol

The use of indicators of financial stability in dynamics will increase the level of development management decisions aimed at forming a trend of stabilization processes. The systematization of indicators provides a basis for monitoring financial stability.

0 The most generalized indicator of the financial stability of an enterprise is IZLI-111 NIS (lack) of certain types of sources-£2 of funds for the formation of reserves and costs. j/1 When establishing the type of financial situation □ use a three-dimensional (three-component) indicator: surplus (shortage) of own E____ working capital; surplus (deficiency)

* direct and long-term (medium-term) borrowed sources of reserves and borrowings

0 rat; surplus (deficiency) of the total value

1 main sources of formation of stocks and ^ costs.

It is possible to distinguish four types of financial situations:

£1- - absolute stability of the financial ^ state, which is extremely rare and is characterized by a positive value

[c_ (surplus) of the three above-mentioned indications

“with ^ zatel;

Normal stability of the financial condition, which guarantees its solvency;

Unstable financial condition, associated with a violation of solvency, in which, nevertheless, it remains possible to restore balance by replenishing sources of own working capital and increasing the latter, as well as by additionally attracting long-term and medium-term loans and other borrowed funds;

Crisis financial condition, in which the total amount of sources available to the enterprise does not cover the amount of reserves and costs. In such a situation, cash, short-term securities and receivables of the enterprise do not even cover its accounts payable and overdue loans; it is on the verge of bankruptcy.

entrance production activities at the enterprise there is a constant formation of stocks of commodity material assets. Analyzing the compliance or non-compliance of funds for the formation of reserves and costs, determine absolute indicators financial sustainability.

The indicators of the provision of reserves and costs with the sources of their formation Eovs, AEdk, E are the basis for classifying the financial position of the enterprise, the degree of its financial stability.

When determining the type of financial stability, a three-dimensional indicator is used:

5 =(&(*); ED; ZD)

x = Eobs; x2 = ^

and the function S(x) is determined by the conditions:

5(x) = 1 if x>0;

5(x) = 0 if x<0.

As a result of any business transaction, the financial condition may remain unchanged or improve or worsen. The flow of daily business transactions is, as it were, the definition of some state of financial stability, the reason for the transition from one type of stability to another. Knowing the limits of change in the volume of certain types of sources of funds to cover capital investments in fixed assets or inventories allows you to generate such business transactions that lead to an increase in the financial stability of the enterprise.

There are four main types of financial stability:

The absolute stability of the financial condition of the enterprise is determined by the following conditions: 5 = (1; 1; 1), i.e. EOBS\u003e 0, E\u003e 0, E\u003e 0. This type shows that stocks and costs are fully covered by own working capital;

Normal financial stability is determined by the conditions: 5 = (0; 1; 1), i.e. L EOBS< <0, Едк >0, LE > 0. With normal stability, which guarantees solvency, the enterprise optimally uses its own and credit resources, current assets and accounts payable;

An unstable financial condition is determined by the conditions: 5 = (0; 0; 1), i.e. EOBS< <0, ЕДк < 0, Е >0. It is characterized by a violation of solvency. In this case, the company is forced to attract additional sources of coverage of reserves and costs, there is a decrease in the profitability of production. However, there is room for improvement;

The crisis (critical) financial state is determined by: 5 = (0; 0; 0), i.e. EOBS< <0 /\Е < 0 ^Е <0

’ DK ’ GENERAL

The effectiveness of economic ratios is due to the fact that they most accurately allow you to determine the strengths and weaknesses of the financial position of the enterprise, point out issues in its activities that require further study, identify the main directions and influencing factors that cannot be traced by considering individual reporting indicators using methods vertical, horizontal and trend analysis.

The financial stability of an enterprise is characterized by the state of its own and borrowed funds and is analyzed using a system of coefficients with established base values, as well as studying the dynamics of their changes over a certain period.

The ratio of the value of either all assets of the enterprise, or only current assets or their main component - inventories and costs with the value (value) of equity and borrowed capital as the main sources of their formation determine the degree of financial stability. The security of at least only reserves and future costs with sources of their formation expresses the essence of financial stability, at the same time, solvency is its external manifestation. The sources of coverage and increase (growth) of reserves and costs are:

Equity capital adjusted for the amount of earmarked income and funding;

Short-term credits and loans;

Accounts payable;

Indebtedness to participants for the payment of income.

The choice of specific sources of coverage from all of the above is the prerogative of an economic entity.

The funds of long-term loans and borrowings are spent, as a rule, to replenish non-current assets, although enterprises can partially use them in some cases to cover the lack of working capital.

The concepts of solvency and liquidity are very close, but the second one is more capacious. Improving the solvency of the enterprise is inextricably linked with the policy of working capital management, which is aimed at minimizing financial obligations.

One of the most important criteria for assessing the financial position of an enterprise is its solvency, which is understood as the willingness to reimburse accounts payable when the payment deadlines come due with current cash receipts. In other words, an enterprise is considered solvent when it is able to meet its short-term obligations by realizing current assets. A solvent company is one whose assets are greater than external liabilities. For a preliminary assessment of the solvency of the enterprise, the data of the balance sheet are involved. The information in Section II of the balance sheet asset characterizes the value of current assets at the beginning and end of the reporting year.

Thus, the main signs of solvency are:

Availability of sufficient funds in the current account;

No overdue accounts payable.

As part of the solvency analysis, calculations are made to determine the liquidity of the company's assets, the liquidity of its balance sheet, and absolute and relative liquidity indicators are calculated. The liquidity of assets is the reciprocal of the time required to turn them into money, i.e. the less time it takes to convert assets into cash, the more liquid the assets. The liquidity of the balance sheet is expressed in the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into money (liquidity) corresponds to the maturity of the obligations. ^

Financial condition in terms of payment ^

properties can be changeable. If yesterday the company was solvent, today the situation has changed - it's time to pay off the creditor, and the company has no money in the account, because it hasn't arrived -

timely payment for the delivered products, that is, it became insolvent due to the financial indiscipline of its I-4 "debtors. If the delay in the receipt of payments is short-term or accidental, then the situation may change for the better, but less than 75

favorable options.

A sign indicating a deterioration in liquidity is an increase in the immobilization of own working capital, manifested in an increase in illiquid assets, overdue receivables, and more.

Insolvency is indicated by the appearance of such articles in the statements as: "Losses", "Credits and loans not repaid on time", "Overdue accounts payable".

The solvency of an enterprise is assessed using liquidity ratios, which are relative values. They reflect the ability of the enterprise to repay short-term debt at the expense of certain elements of working capital.

The absolute liquidity ratio is the most stringent criterion of solvency and shows what part of the short-term debt the company can repay in the near future.

In modern conditions, based on the actual values of this indicator, it is impossible to draw definite conclusions about the operation of the enterprise, since, firstly, with high inflation, it is not advisable to maintain a significant share of highly liquid assets in assets, since they depreciate in the first place. Therefore, it makes sense to transfer them to other, less inflation-prone types of assets, i.e. in stocks of raw materials, materials, equipment,

Asking

buildings and constructions. Secondly, in conditions of high inflation, it is unprofitable for an enterprise to pay off accounts payable in a timely manner, since the process of indirect lending to the enterprise takes place at its expense.

The calculation of the total liquidity ratio of the balance sheet of the enterprise indicates the solvency of the analyzed economic entity. It is a reliable partner, and the risk of economic and credit relations with it is rather low.

Indicators of liquidity and solvency complement each other and together give an idea of the well-being of the financial condition of the enterprise. If an enterprise has poor liquidity indicators, but they have not lost financial stability, then it has a chance to get out of a difficult situation. Overcoming financial instability is not easy: it takes time and investment.

UDC 658.8:654

INTRODUCTION OF ALTERNATIVE SCHEMES FOR THE SALES OF PRODUCTS OF JSC "CONCERN ENERGOMERA"

KAVERZIN

Aleksandrovich,

candidate

Economic Sciences, Associate Professor,

Department "Economics and Management"

"North Caucasian

state

technical

university",

Stavropol

JSC "Concern Energomera" is a fast growing, diversified industrial company that manages dynamically developing enterprises that occupy leading positions in traditional and high-tech market sectors in Russia and in the world. The company's hallmark has become a complete range of electronic devices and electrical energy metering systems, as well as the corresponding service and metrological equipment.

The Concern's statistics data indicate that the electrical engineering direction is a rather promising and noteworthy type of activity (Fig. 1).

Total market capacity - Market capacity of 1-phase devices Market capacity of 3-phase devices

Figure 1 - Dynamics of change in the share of OJSC "Concern Energomera" in the market of retail sales of electricity metering devices in 2006-2010, in %

The rising cost of electricity, the high importance of accurate metering for its efficient use ensures long-term demand for metering devices. In other words, JSC "Concern Energomera" has chosen for itself several of the most promising and necessary areas of activity and production, in connection with which, it has been provided with work in this industry for many years. This is confirmed by the factors that determine the future growth of this market segment:

Planned replacement of failed and obsolete metering devices in all market segments with new ones (with a fleet of devices operated in Russia of 70 million units, more than 40 million are induction and require scheduled replacement. The annual replacement of 10 million devices is constrained only by the current insolvency, which will inevitably recover in the foreseeable future);

Further growth in the cost of electricity, the high importance of accurate metering for its efficient use will ensure long-term demand for metering devices;

Legislative support by the Government of the Russian Federation of energy saving and energy efficiency measures, including

The Guidelines for the development of the financial policy of an enterprise, approved by the Ministry of Economy of the Russian Federation (Order No. 118 dated 01.10.1997), offer all indicators of financial and economic states organizations divided into two levels: first and second. These categories have significant qualitative differences between them.

To the first level includes indicators for which normative values are determined. These include indicators of solvency and financial stability.

Analyzing the dynamics of these indicators, one should pay attention to the trend of their change. If their values are lower or higher than the normative ones, then this should be considered as a deterioration in the characteristics of the analyzed organization. There are several states of indicators of the first level (Table 1.13):

Table 1.13. The state of indicators of the first level

State I.1- the values of the indicators are within the recommended range of standard values ("corridor"), but at its borders. An analysis of the dynamics of indicators shows that the movement is in the direction of the most acceptable values (movement from the borders to the center of the "corridor"). If the group of indicators of this level is in the state I.1, then this aspect of the financial condition of the organization can be rated "excellent".

State I.2- the values of the indicators are within the recommended limits, and the analysis of the dynamics shows their stability. In this case, according to this group of indicators, the financial condition of the organization can be defined as “excellent” (the indicator values are in the middle of the “corridor”) or “good” (the value is at one of the boundaries of the “corridor”).

State I.3- the values of the indicators are within the recommended limits, but the analysis of the dynamics indicates their deterioration (movement from the middle of the "corridor" to its borders). The assessment of the financial condition in this case is “good”.

State II.1- the values of the indicators are outside the recommended ones, but there is a tendency to improve. In this case, depending on the deviation from the norm and the pace of movement towards it, the financial condition of the organization can be characterized as "good" or "satisfactory".

State II.2- the values of the indicators are consistently outside the recommended "corridor". Rating - "satisfactory" or "unsatisfactory". The choice of assessment is determined by the magnitude of the deviation from the norm and assessments of other aspects of the financial and economic condition of the organization.

State II.3- the values of the indicators are outside the norm and are deteriorating all the time. Rating - "unsatisfactory".

Applying this methodology to the results of calculating solvency and financial stability ratios, we can draw the following conclusions (Table 1.14):

Table 1.14. Assessment of the state of indicators of the first level

Name of indicator	Compliance	Trend	Indicator status

General indicator of solvency	Compliant	improvement
Kt absolute liquidity K AL	Does not match standard	worsening
	Does not match standard	worsening
Kt of current liquidity K TL	Does not match standard	worsening
	Corresponds standard	improvement
Kt security own. funding sources	Corresponds standard	improvement
K-t capitalization K K	Does not match standard	worsening
	Does not match standard	worsening
K-t financing K F	Does not match standard	worsening
	Does not match standard	worsening

Conclusion. Thus, according to most indicators, MUP "Management Technologies" has unsatisfactory performance.

It means that not everything is so “excellent” in assessing the financial condition of our organization. Unfortunately, this technique does not provide an answer to the question about the financial condition of an organization that has different values of the first level indicators.

This possibility is provided by a technique based on a scoring of the financial condition. The essence of this technique lies in the classification of organizations by the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the “scored” number of points, based on the actual values of its financial ratios.

Column 1 records the names (symbols) of the coefficients (indicators) of solvency and financial stability.

In column 2, it is written “meets the standard” or “does not meet the standard”.

Column 3 describes the trend "deterioration", "improvement", "sustainable".

In column 4, one of the six states of the indicator is fixed: I.1; I.2; I.3; II.1; II.2; II.3.

Column 5 gives an assessment of "excellent", "good", "satisfactory", "unsatisfactory" in accordance with the noted state of the indicator.

Then a general conclusion is made about the financial condition of the enterprise.

The analysis reveals indicators with different estimates. This indicates that not everything is so “excellent” in assessing the financial condition of the enterprise under study. Unfortunately, this method does not give an answer to the question about the financial condition of an enterprise with different values of the first level indicators.

It should be noted that the methodology includes the analysis of not only indicators of the first level (normalized), but also indicators of the second level (non-normalized).

To the second level includes indicators whose values cannot serve to assess the efficiency of the enterprise and its financial and economic condition without comparison with the values of these indicators at enterprises that produce products similar to those of our enterprise and have production capacities comparable to those of the enterprise, or for trend analysis changes in these indicators. This group includes indicators of profitability, characteristics of the structure of property, sources and status of working capital. For this group of indicators, it is advisable to rely on the analysis of trends in indicators and to identify their deterioration or improvement. The second group of indicators is proposed to be characterized by the following states:

"improvement" - 1,

"stability" - 2,

"deterioration" - 3.

For some indicators, it is possible to define "corridors" of optimal values depending on their belonging to various types of activities and other features of the enterprise's functioning.

In order to obtain a more objective assessment of the financial and economic condition of the enterprise, it is proposed to compare the status of indicators of the first and second levels (Table 1.15).

Table 1.15. Comparison of the states of indicators of the first and second levels

It should be noted that the described methodology gives a very approximate and rather general result of assessing the financial and economic condition and does not indicate to the management of the enterprise the directions for improving management.

Considering the variety of financial processes, the multiplicity of indicators of the financial condition, the differences in the level of 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 position of the enterprise, it is recommended to make a scoring of the financial condition.

The essence of this technique lies in the classification of enterprises by the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the "scored" number of points, based on the actual values of its financial ratios (Table 1.15).

1st Class- these are enterprises with absolute financial stability and absolutely solvent, whose financial condition allows you to be sure of the timely fulfillment of obligations in accordance with the agreements. These are enterprises that have a rational structure of property and its sources, and, as a rule, are quite profitable.
2nd Class- These are enterprises with a normal financial condition. On the whole, their financial indicators are very close to optimal, but there is some lag in some ratios. These enterprises, as a rule, have a non-optimal ratio of own and borrowed sources of financing, shifted in favor of borrowed capital. At the same time, there is a faster increase in accounts payable compared to the increase in other borrowed sources, as well as in comparison with the increase in receivables. Usually these are profitable enterprises.
3rd Class- These are enterprises whose financial condition can be assessed as average. When analyzing the balance sheet, the “weakness” of individual financial indicators. Their solvency is either at the border of the minimum acceptable level, and financial stability is normal, or vice versa - an unstable financial condition due to the predominance of borrowed sources of financing, but there is some current solvency. In relationships with such enterprises, there is hardly a threat of loss of funds, but the fulfillment of obligations on time seems doubtful.
4th Class- These are enterprises with an unstable financial condition. When dealing with them, there is a certain financial risk. They have an unsatisfactory capital structure, and solvency is at the lower limit of acceptable values. As a rule, such enterprises have no profit at all or very little, sufficient only for obligatory payments to the budget.
5th Class- These are enterprises with a crisis financial condition. They are insolvent and absolutely unstable from a financial point of view. These enterprises are unprofitable.

Table 1.16. The boundaries of the classes of enterprises according to the criteria for assessing the financial condition

	Criteria Conditions	Class boundaries according to criteria

Kt of absolute liquidity		0.70 and more assign 14 points	0.69 - 0.50 assign from 13.8 to 10 points	0.49 - 0.30 assign from 9.8 to 6 points	0.29 - 0.10 assign from 5.8 to 2 points	Less than 0.10 assign from 1.8 to 0 points
Intermediate coat kit	For every 0.01 point reduction, 0.2 points are deducted	1 or more > 11 points	0.99 - 0.80 > 10.8 - 7 points	0,79 - 0,70 > 6.8 - 5 points	0,69 - 0,60 > 4.8 - 3 points	0.59 or less > from 2.8 to 0 points
Kt of current liquidity	For every 0.01 point reduction, 0.3 points are deducted	2 or more > 20 points 1.70 - 2.0 > 19 points	from 18.7 to 13 points	from 12.7 to 7 points	from 6.7 to 1 points	0.99 or less > from 0.7 to 0 points
Share of working capital in assets		0.5 or more > 10 points	9 to 7 points	from 6.5 to 4 points	from 3.5 to 1 points	Less than 0.20 > From 0.5 to 0 points
Security kit own means to OSS or To-t of security of financing	For every 0.01 point reduction, 0.3 points are deducted	0.5 or more > 12.5 points	from 12.2 to 9.5 points	from 9.2 to 3.5 points	from 3.2 to 0.5 points	Less than 0.10 > 0.2 points
Capitalization set	For every 0.01 point increase, 0.3 points are deducted	Less than 0.70 > 17.5 points 1.0 - 0.7 > 17.1 - 17.4 points	from 17.0 to 10.7 points	from 10.4 to 4.1 points	from 3.8 to 0.5 points	1.57 or more > from 0.2 to 0 points
Set of financial independence	For every 0.01 point reduction, 0.4 points are deducted	0.50 - 0.60 or more > 9 - 10 points	from 8 to 6.4 points	from 6 to 4.4 points	from 4 to 0.8 points	0.30 or less > from 0.4 to 0 points
Set of financial stability	For every 0.01 point reduction, 1 point is deducted	0.80 or more > 5 points	0,79 - 0,70 > 4 points	0,69 - 0,60 > 3 points	0,59 - 0,50 > 2 points	0.49 or less > from 1 to 0 points
		100 - 97.6 points	93.5 - 67.6 points	64.4 - 37.0 points	33.8 - 10.8 points	7.5 - 0 points

A generalized assessment of the financial condition of the analyzed enterprise is carried out in tabular form (Table 1.17).

Table 1.17. Classification of the level of financial condition

Financial condition indicators	For the beginning of the year	At the end of the year
	Number of points	The actual value of the coefficient	Number of points
Absolute liquidity K AL
Set of intermediate coat K PP
Kt of current liquidity K TL
The share of working capital in the assets of DOS
Kt of provision with own funds K OSS or Kt of provision with own sources of financing K OSI
K-t capitalization K K
Financial Independence K FN
K-t of financial stability K FU

According to the calculations, it turns out that the organization we are analyzing belongs to the 3rd class of (average) financial condition, but by the end of the year the indicators became a little better.

Content and main target setting financial analysis - assessment of the financial condition and identification of the possibility of improving the efficiency of the functioning of an economic entity with the help of a rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, the 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 conducted by employees of the enterprise (financial managers). External analysis is carried out by analysts who are outsiders to the enterprise (for example, auditors).

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

Determining the financial position;

Identification of changes in the financial condition in the spatio-temporal context;

Identification of the main factors causing changes in the financial condition;

Forecast of the main trends in financial condition.

The financial condition of the company is a complex concept and is characterized by a system of indicators that reflect the real and potential financial opportunities firms as a business partner, an object of capital investment, a taxpayer. The goal of any company (company, organization, enterprise) is such a financial condition when there is an efficient use of resources, when the company is able to meet its obligations on time and in full, etc.

The sufficiency of own funds to eliminate high risk, good profit prospects 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 of resource use, inefficient allocation of funds, their immobilization. The limit of the company's poor financial condition is the state of bankruptcy, i.e. the company's inability to fully meet its obligations.

In a general assessment of the financial condition of the enterprise, the main task of the financier is to identify and analyze trends in the development of financial processes in the enterprise. The content of the analysis consists in the processing of information that makes it possible to identify the compliance of certain actions of the company in the financial market with its goals.

Thus, financial analysis makes it possible to answer the following questions:

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 the enterprise is contained in financial reporting, audit reports, operational accounting and other sources.

The main forms of financial (accounting) reporting Russian enterprises are (Annex 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 financial statements. The balance sheet shows the state of the assets of the enterprise and the sources of their formation on a certain date. In financial analysis, it is customary to distinguish between an accounting (gross) balance sheet and an analytical (net) balance sheet.

The differences in the net balance are in the correction of individual balance sheet items, taking into account differences in accounting estimates from market estimates. The correction is:

Write-off of uncollectible receivables;

In the correction of the cost of inventories of material assets for inflation rates and write-offs at the prices of the sale of illiquid assets;

In the exclusion of damages;

In accounting for the continuity of inflationary appreciation of fixed assets;

In the valuation of financial assets at market prices.

It should be noted that before 1993, the most important element in the transformation of the balance sheets of Russian enterprises into analytical balance sheets was the exclusion of depreciation of fixed assets and other non-current assets from assets and liabilities. But since 1993, wear has been eliminated and in balance sheets from the book value of the assets. The continuous modification of the accounting statements of Russian enterprises is moving towards convergence with world standards.

The report on financial results (form No. 2) contains information on the process of generating profit for a certain period of time. The data of form No. 2 combine the balance sheet indicators at the beginning and end of the reporting period.

The cash flow statement (Form No. 4) reflects the cash balance at the beginning of the year, receipts and expenditures during the year, and the balance at the end of the year.

Appendix to the balance sheet (form No. 5) includes nine sections reflecting the movement of own and borrowed capital, receivables and payables, etc.

For OJSC there is another important source of information about the financial condition - quotation valuable papers in the exchange or over-the-counter markets. The price of shares in an active market objectively reflects the financial condition of firms. With a decrease in the profitability of shares or an increase in their risk, demand decreases, and the price decreases accordingly.

There are several types of financial analysis, depending on the goals set for the analyst.:

1. Preliminary analysis (express analysis);

2. A detailed analysis of the financial condition of the company (less stringent compared to the express analysis of the restrictions on time and other resources).

A set of analytical indicators for express analysis

Direction (procedure) of analysis	Indicator
1. ASSESSMENT OF THE ECONOMIC POTENTIAL OF THE BUSINESS SUBJECT
1.1. Assessment of property status	1. The value of fixed assets and their share in the total assets. 2. The coefficient of depreciation of fixed assets. 3. The total amount of economic funds at the disposal of the enterprise.
1.2. Assessment of financial position	1. The amount of own funds and their share in the total amount of sources 2. Current liquidity ratio. 3. The share of own working capital in their total amount. 4. The share of long-term borrowed funds in the total amount of sources. 5. Reserve coverage ratio.
1.3. The presence of "sick" articles in the reporting	1. Losses. 2. Loans and loans not repaid on time. 3. Overdue receivables and payables. 4. Bills of exchange issued (received) overdue.
2. EVALUATION OF THE PERFORMANCE OF FINANCIAL AND ECONOMIC ACTIVITIES
2.1. Profitability assessment	1. Profit 2. General profitability. 3. Profitability of the main activity.
2.2. Evaluation of dynamism	1. Comparative growth rates of revenue, profit and advanced capital. 2. Asset turnover. 3. The duration of the operating and financial cycle. 4. Repayment ratio of receivables
2.3. Evaluation of the effectiveness of the use of economic potential	1. Return on advanced capital. 2. Return on equity.

The main analytical procedures of financial analysis are horizontal and vertical analysis of financial documents and factor analysis. Horizontal analysis consists in comparing financial indicators for a number of years and calculating indexes of change. Vertical analysis consists in studying the structure of financial indicators, in the formation of informative relative indicators. The latter are compared with some values taken as normative, with values for previous periods or with similar indicators for other enterprises.

Express analysis consists in processing a small number of significant and easily identifiable indicators and monitoring them. The selection of a system of indicators for express analysis is always subjective. There are no standards here. One of the system options is shown in Table 1.

The purpose of express analysis is a clear and simple assessment of the financial well-being and development dynamics of an economic entity. In the process of analysis, one can assume the calculation of various indicators and supplement it with methods based on the experience and qualifications of a specialist.

Express analysis should be performed in three stages: preparatory stage, preliminary analysis financial statements, economic reading and reporting analysis.

When conducting express analysis financial position enterprises are evaluated from the point of view of the short and long term. In the first case, the criteria for assessing the financial condition are the liquidity and solvency of the enterprise, i.e. the ability to timely and in full make settlements on short-term obligations.

The liquidity of an asset is its ability to be converted into cash. The degree of liquidity is determined by the duration of the time period during which this transformation can be carried out.

Solvency - the presence of the company's cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment. The main signs of solvency are: a) the presence of a sufficient amount of funds in the current account; b) the absence of overdue accounts payable.

The effectiveness and economic feasibility of the functioning of the enterprise are measured by absolute and relative indicators. In this context, the indicator of economic effect and economic efficiency is singled out.

The economic effect is an indicator that characterizes the result of activity. Depending on the level of management, industry affiliation of the enterprise, indicators of the gross national product, national income, gross income from sales, profits, etc. are used as indicators of the effect.

Economic efficiency - relative indicator, commensurate the effect obtained with the costs or resources used to achieve this effect. The most general assessment of the level of economic efficiency of the enterprise is given by the profitability indicators of advanced capital and equity, and their growth in dynamics is considered as a positive trend.

As part of the express analysis, in addition to the above system of indicators, it is advisable to use the following sequence of interrelated indicators:

- economic assets of the enterprise and their structure: the value of economic assets in the net assessment, fixed assets, intangible assets, working capital, own working capital;

- fixed assets of the enterprise: valuation fixed assets, including their active part for the initial and residual value, the share of leased fixed assets, depreciation and renewal rates;

- the structure and dynamics of the working capital of the enterprise: an enlarged grouping of articles of the second and third sections of the balance sheet, as well as a number of specific indicators, such as the amount of own working capital, their share in covering inventory, etc.;

- the main results of the financial and economic activities of the enterprise: sales proceeds, profit, profitability, gross income, distribution costs, capital productivity, output, turnover indicators;

— efficiency of use of financial resources: an indicator of financial resources in total, including own, attracted resources, return on advanced capital, return on equity, etc.

Figure 1 shows a generalized block diagram of an express analysis of the financial condition of an enterprise. The most important attribute of financial analysis is its consistency. Since the object of analysis itself (the enterprise) is a system, the approach to its study should be systemic. In other words, financial analysis (including express analysis of financial statements) is more than just a set of ratios.

Namely, each of the coefficients (quantitative indicators) occupies a strictly defined place and has a clearly defined economic meaning and economic relationship with other coefficients in the overall (through) block diagram of the analysis. The block diagram (Figure 1) is a multi-stage hierarchy of analysis factors, at the head of which is the resulting indicator - the target function, the optimization of which is the main criterion for the analyst.