Basic research. General assessment of the financial condition of the enterprise Analysis of the financial condition of the enterprise article

Financial condition refers to the ability of an enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition can be stable, unstable and crisis. The ability of an enterprise to make payments on time and to finance its activities on an expanded basis indicates its good financial condition.

To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement in such a way as to ensure a gradual excess of income over expenses in order to maintain solvency and create conditions for self-reproduction.

Consequently, the financial stability of an enterprise is the ability of an enterprise to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external sphere, guaranteeing its constant solvency and investment attractiveness within the acceptable level of risk.

The financial condition of an enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, this has a positive effect on the financial condition of the enterprise. And, conversely, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a consequence, a deterioration in the financial condition of the enterprise and its solvency. Consequently, a stable financial condition is not a fluke, but the result of competent, skillful management of the entire complex of factors that determine the results of the enterprise’s economic activities.

A stable financial condition, in turn, has a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use.

It is very important to constantly analyze the financial condition of the enterprise. The main goal of the analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency. In this case, it is necessary to solve the following problems:

Based on a study of the relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the perspective of improving the financial condition of the enterprise;

Forecast possible financial results, economic profitability based on various conditions of economic activity, the availability of own and borrowed resources and developed models of financial condition for various options for using resources.

Develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

Analysis of the financial condition of an enterprise includes the following main stages:

Analysis of the structure of assets and liabilities;

Analysis of property status;

Express analysis of financial condition;

Analysis of liquidity and solvency;

Financial stability analysis;

Analysis of business activity;

Cost-benefit analysis;

Assessment of the probability of bankruptcy.

Analysis of the financial condition is carried out not only by the managers and relevant services of the enterprise, but also by its founders, investors in order to study the efficiency of the use of resources, banks to assess lending conditions and determine the degree of risk, suppliers to receive timely payments, tax inspectorates to fulfill the budget revenue plan etc. In accordance with this, there are two types of analysis of the financial condition of an enterprise: external and internal.

Financial analysis, based only on public accounting data, takes on the character of external analysis, i.e. analysis carried out outside the enterprise by interested contractors, owners or government agencies. When analyzing only public reporting data, a very limited part of information about the activities of the enterprise is used, which does not allow revealing all aspects of the company's activities.

External analysis is carried out by investors, suppliers of material and financial resources, and regulatory authorities based on published reports. Its goal is to establish the opportunity to invest funds profitably in order to ensure maximum profit and eliminate the risk of loss.

Internal financial analysis aims to conduct a more in-depth study of the reasons for the current financial condition, the efficiency of use of fixed and working capital, and the relationship between volume indicators, cost and profit. For this purpose, financial accounting data are additionally used as sources of information.

Internal users include managers at all levels: accounting, financial, economic departments and other services of the enterprise, and its numerous employees. Each of them uses information based on their interests. Thus, it is important for a financial manager to know a real assessment of the activities of his company and its financial condition, and the head of a marketing service cannot do without it when developing a strategy for promoting products on the market.

Management analysis is exclusively internal. It uses the entire range of economic information, is operational in nature and is completely subordinate to the will of the enterprise management. Only such an analysis allows you to really assess the state of affairs at the enterprise, examine the cost structure of not only all manufactured and sold products, but also its individual types, the composition of commercial and administrative expenses with special care to study the nature of the responsibility of officials for the implementation of the business plan.

Management analysis data plays a decisive role in the development of the most important issues of the enterprise's competitive policy: improving technology and production organization, creating a mechanism for achieving maximum profit. That is why the results of management analysis are not subject to publicity; they are used by the management of the enterprise to make management decisions, both operational and long-term.

Internal analysis is carried out by enterprise services, and its results are used for planning, monitoring and forecasting the financial condition of the enterprise. Its goal is to establish a systematic flow of funds and allocate own and borrowed funds in such a way as to ensure the normal functioning of the enterprise, obtain maximum profit and avoid bankruptcy.

The basis of information support for both internal and external financial analysis of the state of the enterprise should be financial statements, which are uniform for the organization of all industries and forms of ownership.

In a market economy, the financial statements of business entities become the main means of communication and the most important element of information support for financial analysis. Summarized, the most important indicators of the financial results of the enterprise are presented in Form No. 2 of the annual and quarterly financial statements.

Any enterprise, to one degree or another, constantly needs additional sources of financing. You can find them on the capital market, attracting potential investors and creditors by objectively informing them about your financial and economic activities, that is, mainly through financial statements. How attractive the published financial results are, showing the current and future financial condition of the enterprise, is the likelihood of obtaining additional sources of financing.

The main requirement for information presented in reporting is that it be useful to users, that is, that the information can be used to make informed business decisions. To be useful, information must meet the following criteria:

Relevance means that the information is meaningful and influences the user's decision. Information is also considered relevant if it allows for prospective and retrospective analysis.

The reliability of information is determined by its veracity, the predominance of economic content over the legal form, the possibility of verification and documentary validity.

Information is considered truthful if it does not contain errors and biased assessments, and also does not falsify economic events.

Neutrality implies that financial reporting does not emphasize the interests of one group of users of common statements to the detriment of another.

Understandability means that users can understand the content of the reporting without special training.

Comparability requires that data about the activities of an enterprise be comparable with similar information about the activities of other firms.

During the preparation of reporting information, certain restrictions on the information included in the reporting must be observed:

The optimal balance of costs and benefits, which means that the costs of reporting should be reasonably related to the benefits that the enterprise derives from presenting this data to interested users.

The principle of prudence (conservatism) suggests that reporting documents should not allow an overestimation of assets and profits and an underestimation of liabilities.

Confidentiality requires that reporting information does not contain data that could harm the competitive position of the enterprise.

Thus, financial condition refers to the ability of an enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition of an enterprise depends on the results of its production, commercial and financial activities.

The main goal of financial activity is to decide where, when and how to use financial resources for the effective development of production and obtaining maximum profits, and the main goal of financial analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

In the process of analyzing the financial condition of an enterprise, special techniques and methods are used.

The method of analyzing the financial condition of an enterprise is understood as a way of approaching the study of the financial condition and financial processes in their formation and development.

The characteristic features of the method include: the use of a system of indicators, identifying and changing the relationship between them.

There are various classifications for analyzing the financial condition of an enterprise (Fig. 9).

Rice. 9.

The first level of classification distinguishes between informal and formalized methods of analysis.

Informal methods are based on describing analytical procedures at a logical level, rather than on strict analytical dependencies. These include methods: expert assessments, scenarios, psychological, morphological, comparisons, construction of systems of indicators, construction of systems of analytical tables, etc. The application of these methods is characterized by the experience, knowledge and intuition of the analyst.

Formalized methods of analysis can be divided into two groups: traditional and mathematical (quantitative) they constitute the second level of classification.

Traditional methods include the main methods of analyzing financial statements:

horizontal analysis;

vertical analysis;

trendy;

method of financial ratios;

comparative analysis;

factor analysis.

Horizontal (time) analysis - comparison of each reporting item for the current period with the previous period.

Vertical (structural) analysis - determining the structure of the final financial indicators, identifying the impact of each reporting item on the result as a whole.

Trend analysis - comparison of each reporting item with a number of previous periods and determination of the trend. With the help of a trend, possible values ​​of indicators in the future are formed, and, therefore, a prospective analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of relationships between individual report items or positions of different reporting forms, determination of the relationship between indicators. Financial ratios are relative indicators of the financial condition of an organization, calculated as ratios of absolute indicators of financial condition or their linear combinations and divided into distribution coefficients and coordination coefficients.

Distribution coefficients are used in cases where it is necessary to determine what part a particular absolute indicator of financial condition makes up of the total of the group of absolute indicators that includes it. Coordination coefficients are used to express relations between absolute indicators of financial condition that have different economic meanings, or their linear combinations.

Analysis of financial ratios consists of comparing their values ​​with basic values, as well as studying their dynamics for the reporting period and for a number of years. The average indicators of a given organization related to previous periods are used as basic values; average industry or national economic values ​​of indicators; indicator values ​​calculated by the most successful competitor's submitted reports. In addition, theoretically justified values ​​or values ​​obtained as a result of expert surveys that characterize the optimal or critical values ​​of relative indicators from the point of view of the stability of the financial condition can serve as a basis for comparison. Such values ​​actually serve as standards for financial ratios, although methods for calculating them depending, for example, on the industry of production, have not yet been created, since at present the set of relative indicators used to analyze the financial condition of the organization is not established and therefore lacks full systemic orderliness . An excessive number of indicators are often offered. For an accurate and complete description of the financial condition of an organization and trends in its changes, a relatively small number of financial ratios is sufficient. It is important that each of these indicators reflects the most significant aspects of the financial condition. The system of relative financial ratios according to economic meaning can be divided into four groups:

indicators for assessing the profitability of the organization (profitability of sales, products and capital productivity);

indicators for assessing market sustainability;

indicators for assessing balance sheet liquidity as the basis for solvency;

solvency indicators.

The system of financial ratios, due to its simplicity and unambiguity, is widely used to analyze the creditworthiness of an enterprise, diagnose bankruptcy, and in the system of state regulation of banking and other financial activities.

Comparative analysis is an intra-farm analysis of the summary indicators of divisions, workshops, subsidiaries, etc., and an inter-farm analysis of the enterprise in comparison with data from competitors, with industry averages and average general economic data.

Factor analysis is an analysis of the influence and individual factors (reasons) on a performance indicator using deterministic and stochastic research techniques. Factor analysis can be either direct or inverse, that is, synthesis is the combination of individual elements into a common effective indicator.

The classification of quantitative methods can be presented as follows:

statistical methods;

accounting methods;

economic and mathematical methods.

Statistical methods include:

observation method - recording information according to certain principles and for certain purposes;

method of absolute and relative indicators (coefficients);

method of calculating average values ​​- arithmetic simple, weighted, geometric averages;

time series method - determination of absolute growth, relative growth, growth rate, growth rate;

method of summarizing and grouping economic indicators according to certain characteristics;

comparison method - with competitors, with standards, in dynamics;

chain substitution method.

The main goal of statistical analysis of financial condition is to trace the dynamics and structure of changes in the financial condition of an enterprise by assessing changes in key financial indicators.

The simplest method is comparison, when the financial indicators of the reporting period are compared either with planned indicators or with indicators for the previous period (baseline). When comparing indicators for different periods, it is necessary to ensure their comparability, i.e. indicators should be recalculated taking into account the homogeneity of the constituent elements, inflationary processes in the economy, assessment methods, etc.

The next method is grouping, when indicators are grouped and tabulated. This makes it possible to carry out analytical calculations, identify trends in the development of individual phenomena and their relationships, and factors influencing changes in indicators.

The chain substitution or elimination method involves replacing a separate reporting indicator with a basic one. At the same time, all other indicators remain unchanged. This method allows you to determine the influence of individual factors on the overall financial indicator.

Recently, due to the widespread introduction of computer technology, the process of statistical analysis of the financial position of a commercial enterprise has been significantly simplified. Any competent economist is able to write programs for calculating financial indicators using standard spreadsheets and thereby free himself from the monotonous calculation part and focus directly on analysis and forecasting.

Accounting methods include:

double entry method;

balance sheet method.

Any business transaction necessarily has duality and reciprocity. To preserve these properties and control the records of business transactions in accounts, the double entry method is used in accounting. Double entry is an entry as a result of which each business transaction is reflected in the accounting accounts twice: in the debit of one account and at the same time in the credit of another account associated with it for the same amount. Moreover, entries in the accounts are made in such a way that the debit of one account can be interconnected with the credit of one or more accounts, and the credit of one account with the debit of one or more accounts in the same amounts. Thanks to the double entry method, accounting objects are reflected in the accounts in a mutual connection, which is important for control.

In order to be able to assess the effectiveness of the use and placement of cash and other funds for the reporting period, the company’s accountant draws up a balance sheet. The term “balance” (from Latin bis - twice and lanx - scales) means two cups and is used as a symbol of balance, equality. The balance sheet method as a way of presenting data in the form of two-sided tables with equal totals is widely used in planning, accounting and economic analysis. The balance sheet represents the calculation (calculation) as of a certain date of the enterprise’s funds in monetary value and in two sections: by the composition and location of these funds (balance sheet asset) and by their sources, return periods and intended purpose (balance sheet liability). The same level of both parts of the balance sheet (asset equals liability) serves as clear evidence of the equality of the values ​​placed in each of them.

Currently, the balance sheet is a source of information for determining indicators of the solvency of an enterprise, its financial stability, both for enterprise managers to maintain an optimal ratio of own and borrowed funds, and for credit institutions and lenders when making a decision on issuing a loan. One of the founders of balance science. Blatov N.A. identifies two directions for studying balance:

the first direction is counting analysis: “analyzes the balance sheet as a counting category, as a synthesis of counting records from a formal technical point of view, for the purpose of conscious and critical reading of the balance sheet: studies the structure of the balance sheet, its decomposition, the relationship of its parts, the correctness of the balance sheet, in connection with the current accounting system, the correctness of estimates, methods for correcting and simplifying the balance sheet"

the second direction is economic analysis: “analyzes the balance sheet as an accounting and economic category, as a kind of graphic representation of the property status and economic work of an enterprise, from the point of view of its content, for the purpose of productive use of the findings in the future: studies the rational use of raised funds, the significance of the results achieved , compliance with their planned targets, provides a basis for further planning, reveals certain trends in the development of activities"

Thus, N.A. Blatov identifies two areas of analysis, the first of which examines the balance sheet from the formal side, and the second area of ​​analysis studies the balance sheet from the point of view of its content. Accounting analysis precedes economic analysis. According to N.A. Blatov’s task of economic analysis is to “study its property status from the balance sheet of a given economy, determine its financial stability and economic power, how rationally and in accordance with the plan economic work was carried out in it during the reporting period, determine the true value and significance of the results achieved.” , establish the correctness of capital distribution and capital use and, finally, identify existing trends in the economy towards development or regression, both as a whole and in individual parts"

Economic and mathematical methods include:

methods of elementary mathematics;

classical methods of mathematical analysis - differentiation, integration, calculus of variations;

methods of mathematical statistics - the study of one-dimensional and multidimensional statistical aggregates;

econometric methods - statistical estimation of parameters of economic dependencies;

methods of mathematical programming - optimization, linear, quadratic and nonlinear programming, block and dynamic programming;

methods of operations research - game theory, scheduling theory, methods of economic cybernetics;

heuristic methods;

methods of economic-mathematical modeling and factor analysis.

Despite the variety of methods for analyzing financial condition, the process of financial analysis is carried out on the basis of general principles, the application of which is an important prerequisite for ensuring its high level.

The general principles of financial analysis are:

subsequence;

complexity;

comparison of indicators;

use of scientific apparatus (tools);

systematicity.

Most often, statistical and accounting methods are used when conducting financial analysis. Recently, factor analysis of the financial and economic indicators of an enterprise, based on the use of economic and mathematical methods, has become widespread.

Many mathematical methods: correlation analysis, regression analysis, and others entered the circle of analytical developments much later.

Methods of economic cybernetics and optimal programming, economic methods, methods of operations research and decision theory can certainly find direct application within the framework of financial analysis.

However, not all of the listed methods can be used in all cases of financial analysis, since their application largely depends on the analyst.

The financial condition analysis technique is a set of analytical procedures used to determine the financial and economic condition of an enterprise.

Analytical procedures represent the analysis and assessment of the information received, the study of the financial and economic indicators of the economic entity being audited.

The detailing of the procedural side of the financial condition analysis methodology depends on the goals set and various factors of information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic condition of an enterprise.

Information support is important for analysis. This is due to the fact that, in accordance with the Law of the Russian Federation “On Informatization and Information Protection,” an enterprise may not provide information containing a trade secret. But usually, for many decisions to be made by potential partners of a company, it is sufficient to conduct an express analysis of financial and economic activities. Even to conduct a detailed analysis of financial and economic activities, information constituting a trade secret is often not required. To conduct a general detailed analysis of the financial and economic activities of an enterprise, information is required according to the established forms of financial statements. Basically, the assessment of financial condition is carried out according to the quarterly and annual financial statements, primarily according to the balance sheet and profit and loss account. Analysis of the balance sheet makes it possible to:

determine the degree of provision of the organization with its own working capital;

establish due to which items the amount of working capital has changed;

assess the overall financial condition of the organization even without calculating analytical indicators.

Balance analysis can be done:

directly on the balance sheet without first changing the composition of balance sheet items;

by constructing an analytical balance by aggregating some articles of homogeneous composition;

by clearing the balance sheet of the regulators present in it, followed by aggregation of items in the necessary analytical sections.

For a general assessment of the financial condition of the organization, they draw up an analytical balance sheet, in which homogeneous items are grouped. This allows you to reduce the number of balance sheet items, which increases its visibility and allows you to compare it with the balance sheets of other organizations.

Information about shortcomings in the work of a commercial organization may be directly present in the financial statements in an explicit or veiled form. The first case occurs when there are “sick” items in the reporting, which can be conditionally divided into groups indicating:

the extremely unsatisfactory performance of the organization in the reporting period and the resulting poor financial position;

certain shortcomings in the organization's work.

The first group includes “Uncovered loss of previous years”, “Uncovered loss of the reporting year”. The second group, in particular, includes such articles as: “Settlements with debtors for goods (work, services)”, which includes unjustified receivables; “Settlements with personnel for other operations”, which may reflect unjustified receivables in the form of settlements with financially responsible persons in case of shortages, damage, theft; “Other assets”, which may include shortages and losses from damage to inventory items that are not written off from the balance sheet in the prescribed manner; “Settlements with creditors for goods and services,” which includes unjustified accounts payable.

Then an assessment is made of changes in the balance sheet currency for the analyzed period. Here you can limit yourself to comparing the results of the balance sheet currency at the end and at the beginning of the reporting period (reducing by the amount of losses) and determine the increase or decrease in absolute terms. At the same time, it is advisable to compare the balance with the planned balance, with the balances of previous years, with data from competing organizations.

Next, it is advisable to conduct horizontal and vertical balance analyzes. Horizontal and vertical analysis complement each other, as they allow one to compare the reporting of organizations of different types of activities and production volumes. They are often carried out using data from Form No. 2. For investors, this form is in many respects more important than the balance sheet, since it contains not frozen, one-time, but dynamic information about what successes the organization has achieved during the year and due to what aggregated factors, what the scale of its activities is. Horizontal and vertical analysis of an enterprise's financial statements is an effective means for studying the state of the enterprise and the effectiveness of its activities. Recommendations made on the basis of this analysis are constructive in nature and can significantly improve the state of the enterprise if they can be implemented. At the same time, the possibilities of this type of analysis are limited under conditions of strong inflation, which is typical at present. In fact, inflation greatly distorts the results of comparing the values ​​of balance sheet items in the process of horizontal analysis, since the valuation of different groups of assets is affected differently by inflation. Under the condition of high turnover of working capital, the assessment of their main components (accounts receivable and inventory) manages to take into account changes in the price index for material resources, both entering the enterprise and leaving it in the form of finished products. At the same time, the assessment of a company's fixed assets, made on the basis of the principle of historical cost, does not have time to take into account the inflationary increase in their real value. To eliminate this shortcoming, the state introduces the so-called indexation of fixed assets, which allows, using certain increasing factors, to increase the book value of fixed assets. However, in real practice, these increasing coefficients are not able to take into account real inflation levels. This leads to a significant disproportion in the structure of the enterprise's assets, and, therefore, also distorts the results of vertical analysis.

Explanations to the balance sheet and profit and loss report reveal the essence of the reporting information presented, the accounting policies of the organization and provide users of the financial statements with additional data that are necessary for a real assessment of the property, financial position of the organization and the financial result of its activities.

Almost all users of an organization's financial statements use financial analysis methods to make decisions to optimize their interests. It is absolutely clear that the quality of decisions made directly depends on the quality of the analytical justification, the accuracy of calculations and the completeness of the initial information.

Analysis of the balance sheet structure also involves classifying assets by the degree of their liquidity, and liabilities by the speed of their repayment.

For the convenience of carrying out such analysis and assessments of the structure of assets and liabilities of the balance sheet, its items are subject to grouping into separate specific groups.

The main characteristics of the grouping of asset items are the degree of their liquidity, i.e., the speed of conversion into cash, and the direction of use of assets in the enterprise’s economy. Depending on the degree of liquidity, the assets of an enterprise are divided into two large groups:

non-current assets (immobilized funds);

current assets (mobile assets).

Current (mobile) assets are more liquid than non-current (immobilized) assets.

The liabilities of the balance sheet reflect the sources of funds of the enterprise as of a certain date. They are divided into the following groups:

sources of own funds (capital and reserves);

long-term liabilities (credits and borrowings);

short-term liabilities (credits, borrowings, settlements with creditors and other liabilities).

Assets are arranged in descending order of liquidity, starting with cash and ending with intangible assets. The balance sheet liability begins with the most in demand part of it and ends with own funds. This procedure for presenting balance sheet assets and liabilities, on the one hand, is accepted in many Western accounting standards; on the other hand, it concentrates the analyst’s attention on the most important items for the company, since cash and short-term liabilities have the greatest impact on the valuation of the company’s property and its financial state. In contrast, intangible assets, as a rule, cannot be sold at all, and own funds are not in demand.

Analysis of the balance sheet structure shows:

the ratio of current and permanent assets, as well as sources of their financing;

ratio of equity to liabilities;

share in liabilities owed to the budget, banks and labor collective;

which items are growing at a faster pace and how this affects the structure of the balance sheet;

what is the distribution of borrowed funds by maturity.

Analyzing the activities of an enterprise, an economist must understand the causes and consequences of a given state of the enterprise. Knowing the main activities aimed at improving the financial and economic condition of the enterprise, he must determine, in accordance with the existing tasks and goals of the enterprise, those activities that will significantly and at minimal cost help change the current state of both the enterprise and create a springboard for the future.

The final stage of the analysis methodology is the use of financial ratios in the areas of analysis. Most often there are three main directions:

analysis of liquidity and solvency indicators;

analysis of business activity indicators;

analysis of financial stability indicators;

analysis of profitability indicators.

The external manifestation of financial stability is solvency. Solvency is the ability of an enterprise to timely and fully fulfill its payment obligations arising from trade, credit and other payment transactions. The assessment of the solvency of the enterprise is determined on a specific date.

The assessment of solvency on the balance sheet is carried out on the basis of the liquidity characteristics of current assets, which is determined by the time required to convert them into cash. The less time it takes to collect a given asset, the higher its liquidity. Balance sheet liquidity is the ability of a business entity to convert assets into cash and pay off its payment obligations, or more precisely, it is the degree to which the enterprise’s debt obligations are covered by its assets, the period of conversion of which into cash corresponds to the period of repayment of payment obligations. It depends on the degree of correspondence between the amount of available means of payment and the amount of short-term debt obligations.

Liquidity of an enterprise is a more general concept than balance sheet liquidity. The liquidity of an enterprise is its ability to pay off all necessary short-term obligations, or the ability of working capital to turn into cash necessary for the normal financial and economic activities of the enterprise. In other words, an enterprise is considered liquid if it is able to meet its short-term obligations by selling current assets. Fixed assets (unless they are acquired for the purpose of further resale), as a rule, are not sources of repayment of the current debt of the enterprise due to their specific role in the production process and, as a rule, due to the difficult conditions for their urgent sale.

Balance sheet liquidity presupposes the search for means of payment from outside, if it has an appropriate image in the business world and a sufficiently high level of investment attractiveness.

The concepts of liquidity and solvency are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. At the same time, liquidity characterizes both the current state of settlements and the future. An enterprise may be solvent at the reporting date, but at the same time have unfavorable opportunities in the future, and vice versa.

The concept of liquidity can be viewed from various points of view. Thus, we can talk about the liquidity of an enterprise’s balance sheet, which is defined as the degree to which the enterprise’s liabilities are covered by its assets, the period for converting them into cash corresponds to the maturity of the obligations. Asset liquidity is the reciprocal of balance sheet liquidity in terms of the time it takes for assets to be converted into cash: the less time it takes for a given type of asset to acquire a monetary form, the higher its liquidity.

Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities, grouped by their maturity dates and arranged in ascending order (Table 5).

Table 5 Grouping of balance sheet funds and liabilities

Index	Calculation (sum of balance sheet lines)
	p.250+p.260
	p.230+p.240+p.270
	p.210+p.220+p.140
	p.190 - p.140
	p.620 + p.630 + p.640 + p.650
	p.610+p.660
	p.490 - p.216

Depending on the degree of liquidity, that is, the speed of conversion into cash, the assets of the enterprise are divided into four groups:

the most liquid funds (A1) - all types of funds (cash and non-cash);

quickly realizable assets (A2) - short-term financial investments (securities with a maturity of up to 12 months), investments that require a certain time to convert into cash; this group of assets includes accounts receivable, payments for which are expected within 12 months after the reporting period dates, other current assets;

average realizable assets (A3) - long-term financial investments (all other securities), inventories of raw materials, materials, low-value and wear-and-tear items, work in progress, accounts receivable, payments for which are expected more than 12 months after the reporting date, other inventories and costs;

hard-to-sell or illiquid assets (A4) - property intended for current economic activities (intangible assets, fixed assets and equipment for installation, capital and long-term financial investments, that is, the result of section 1 of the balance sheet asset);

Balance sheet liabilities are grouped according to the degree of urgency of their payment:

the most urgent obligations (P1) are accounts payable;

short-term borrowed funds (P2) - bank loans subject to repayment within 12 months and other short-term liabilities;

long-term liabilities (P3) - long-term liabilities, debt to participants for payment of income, future income, reserves for future expenses, other liabilities;

permanent (stable) liabilities (P4) - the result of section 3 of the liability balance sheet “Capital and reserves”.

The balance is considered absolutely liquid if the following relationships occur simultaneously:

If the first three inequalities are satisfied in a given system, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups for assets and liabilities.

If the liquidity of the balance sheet differs from absolute, then it can be considered normal if the following relations are observed:

In the case when one or more inequalities of the system have the opposite sign from that fixed in the optimal version, the liquidity of the balance sheet differs to a greater or lesser extent from the absolute value. At the same time, the lack of funds in one group of assets is compensated by their surplus in another group in the valuation; in a real situation, less liquid assets cannot replace more liquid ones.

To analyze the liquidity of the balance sheet, a table is compiled. The columns of this table record data at the beginning and end of the reporting period from the comparative analytical balance sheet by asset and liability groups. By comparing the results of these groups, the absolute values ​​of payment surpluses or deficiencies at the beginning and end of the reporting period are determined.

To assess the solvency and liquidity of an enterprise, the following financial ratios are used.

Current liquidity ratio - gives a general assessment of the liquidity of assets, showing how many rubles of the enterprise's current assets are per ruble of current liabilities. The logic for calculating this indicator is that the company pays off short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered to be operating successfully (at least in theory). The size of the excess is set by the current liquidity ratio. The value of the indicator may vary by industry and type of activity, and its reasonable growth in dynamics is usually considered as a favorable trend. In Western accounting and analytical practice, the critical lower value of the indicator is given - two, but this is only an approximate value, indicating the order of the indicator, but not its exact standard value.

The formula for calculating the current ratio looks like this:

where OBA are current assets taken into account when assessing the balance sheet structure - this is the total of the second section of the balance sheet of Form No. 1 (line 290) minus line 230 (accounts receivable, payments for which are expected more than 12 months after the reporting date);

KDO - short-term debt obligations - this is the result of the fourth section of the balance sheet (line 690) minus lines 640 (deferred income) and 650 (reserves for future expenses and payments).

Quick (intermediate) liquidity ratio - the purpose of the indicator is similar to the current liquidity ratio; however, it is calculated based on a narrower range of current assets, when the least liquid part of them—industrial inventories—is excluded from the calculation. The logic of such an exception consists not only in the significantly lower liquidity of inventories, but, what is much more important, in the fact that the funds that can be gained in the event of a forced sale of inventories may be significantly lower than the costs of their acquisition. In particular, in a market economy, a typical situation is when, upon liquidation of an enterprise, 40% or less of the book value of inventories is gained. Western literature provides an approximate lower value of the indicator - 1, but this estimate is also conditional. In addition, when analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that determined its change.

The formula for calculating the quick liquidity ratio looks like this:

where OA - Current assets;

Z - reserves;

KP - short-term liabilities.

Thus, the formula for calculating this indicator is the ratio of accounts receivable (payments for which are expected within 12 months after the reporting date), short-term financial investments (form 1 p. 250) and cash (form 1 p. 260) to the total the fourth section of the balance sheet (p. 690) minus deferred income (p. 640) and reserves for future expenses and payments (p. 650).

The absolute liquidity ratio is the most stringent criterion for the liquidity of an enterprise; shows what portion of short-term debt obligations can be repaid immediately if necessary. The recommended lower limit of the indicator given in Western literature is 0.2. In domestic practice, the actual average values ​​of the liquidity ratios considered are, as a rule, significantly lower than the values ​​mentioned in Western literature. Since the development of industry standards for these coefficients is a matter of the future, in practice it is desirable to analyze the dynamics of these indicators, supplementing it with a comparative analysis of available data on enterprises that have a similar orientation of their economic activities.

The formula for calculating the absolute liquidity ratio looks like this:

where DS is cash;

KP - short-term liabilities.

The formula for calculating this indicator can be represented as the ratio of line 260 (Cash) to the total of the fourth section of the balance sheet (line 690) minus deferred income (line 640) and reserves for future expenses and payments (line 650)

The share of working capital in assets characterizes the availability of working capital in all assets of the enterprise as a percentage. The calculation formula is as follows:

where OS is the working capital of the enterprise;

A - all assets.

The coefficient of maneuverability of own working capital - shows what part of the volume of own working capital (in the specialized literature they are sometimes called functioning or working capital) falls on the most mobile component of current assets - cash. It is determined by the ratio of the amount of cash to the amount of own working capital (the difference between current assets and liabilities). When using this coefficient in economic analysis, it is necessary to remember its limitations. In the conditions of the Russian economy that is still far from stable (stability should be understood, first of all, as the presence of stable legal and economic conditions: regulatory framework, tax mechanism, price proportions, etc.), this coefficient should be treated with great caution. Only as normal structural relationships and proportions in property and sources of financing, determined by the specifics of the type of activity under consideration, develop in stable conditions, will this indicator begin to acquire analytical value. A decrease in this ratio indicates a possible slowdown in the repayment of accounts receivable or a tightening of conditions for the provision of trade credit from suppliers and contractors, while an increase indicates a growing ability to meet current obligations. There is another approach to assessing the maneuverability of operating capital. For example, it is recommended to determine the agility coefficient as the quotient of dividing the cost of inventories and long-term receivables (with a maturity of more than one year from the date of the report) by the amount of own working capital. With this calculation scheme, the coefficient of maneuverability of own working capital shows what share of their volume is made up of weakly mobile current assets

The recommended value is 0.2 and higher. The value of the coefficient of maneuverability of own working capital depends on the nature of the enterprise’s activities: in capital-intensive industries its normal level should be lower than in material-intensive ones.

The formula for calculating the coefficient of maneuverability of own working capital looks like this:

where DS is cash;

FC - operating capital (the difference between current assets and liabilities).

Inventory coverage ratio - characterizes the funds used to purchase the company's inventories and costs: its positive value indicates that inventories and costs are provided by “normal” sources of coverage, while its negative value indicates that part of the inventories and costs is as a percentage, acquired through short-term accounts payable. If this ratio is greater than one, then the amount of own working capital exceeds the amount of inventories and costs, and the enterprise has absolute financial stability. The lower the ratio, the higher the financial risk and dependence on creditors.

The solvency of a company, its ability to make the necessary payments and settlements within a certain time frame, depending both on the influx of funds from debtors, buyers and customers of the company, and on the outflow of funds for making payments to the budget, settlements with suppliers and other creditors of the company, is a key factor in its financial stability. It is not for nothing that in Russia any cooperation with an enterprise, firm, or bank always begins with an assessment of its solvency. It is especially important for the management of the company to conduct a systematic analysis of the solvency of the enterprise for its effective management, to prevent the occurrence and timely termination of crisis situations that have already arisen.

Approaches to analyzing the liquidity and solvency of an enterprise depend on many factors: industry affiliation, lending principles, the existing structure of sources of funds, turnover of working capital, reputation of the enterprise, etc. However, we note that the owners of the enterprise (shareholders, investors and other persons who have made contribution to the authorized capital) prefer permissible growth in the dynamics of the share of borrowed funds. Lenders (suppliers of raw materials and materials, banks providing short-term loans, and other business partners) give a natural preference to enterprises with a high share of equity capital, with greater financial autonomy.

When assessing solvency, first of all, it is important to measure the extent to which all current assets of the enterprise cover the existing short-term debt; to what extent can this debt be covered without attracting material working capital, i.e. at the expense of cash, short-term financial investments and funds in settlements and, finally, what part of the short-term debt can actually be repaid with the most mobile amount of assets - cash and short-term financial investments.

The main ways to improve a company's liquidity are:

increase in equity capital;

sale of part of permanent assets;

reduction of excess inventories;

improving the collection of accounts receivable;

obtaining long-term financing.

Analysis of the business activity of the enterprise. In a broad sense, business activity means the entire range of efforts aimed at promoting a company in the product, labor and capital markets. In the context of the analysis of financial and economic activities, this term is understood in a narrower sense - as the current production and commercial activities of the enterprise. Quantitative assessment of business activity can be carried out in two directions:

the degree of implementation of the plan for key indicators, ensuring the specified rates of their growth;

level of efficiency in the use of enterprise resources.

To assess the level of efficiency in the use of enterprise resources, as a rule, turnover indicators are used. Turnover indicators are of great importance for assessing the financial position of a company, since the speed of turnover of funds, i.e. the speed of their conversion into monetary form has a direct impact on the solvency of the enterprise. In addition, an increase in the rate of turnover of funds, other things being equal, reflects an increase in the production and technical potential of the company. In financial management, the following turnover indicators are most often used:

The asset turnover ratio - the ratio of revenue from product sales to the entire balance sheet asset total - characterizes the efficiency of the company's use of all available resources, regardless of the sources of their attraction, i.e. it shows how many times per year (or other reporting period) the full cycle is completed production and circulation, bringing the corresponding effect in the form of profit, or how many monetary units of sold products brought each monetary unit of assets. This ratio varies depending on the industry, reflecting the characteristics of the production process. When comparing this ratio for different companies or for the same company over different years, it is necessary to check whether uniformity is ensured in assessing the average annual value of assets. For example, if at one enterprise fixed assets were valued taking into account depreciation accrued using the straight-line straight-line write-off method, and another used the accelerated depreciation method, then in the second case the turnover will be higher, but only due to differences in accounting methods. Moreover, the asset turnover rate, other things being equal, will be higher, the more worn out the enterprise’s fixed assets are.

The accounts receivable turnover ratio measures the average number of times accounts receivable (or just customer accounts) were converted into cash during the reporting period. The ratio is calculated by dividing revenue from product sales by the average annual value of net receivables. Despite the fact that for the analysis of this ratio there is no other basis for comparison other than industry average ratios, it is useful to compare this indicator with the accounts payable turnover ratio. This approach allows you to compare the terms of commercial lending that the company uses from other companies with the terms of credit that the company provides to other companies.

The accounts payable turnover ratio is calculated by dividing the cost of goods sold or the amount of net revenue by the average annual cost of accounts payable, and shows how much turnover a company needs to pay its invoices. Receivables and payables turnover rates can also be calculated in days. To do this, you need to divide the number of days in a year (360 or 365) by the coefficients we considered. Then we will find out how many days on average it takes to pay receivables or payables, respectively.

The inventory turnover ratio reflects the speed at which these inventories are sold. It is calculated as the quotient of dividing the cost of goods sold (or net proceeds from product sales) by the average annual cost of inventories. To calculate the coefficient in days, it is necessary to divide 360 ​​or 365 days by the quotient of dividing the cost of goods sold or revenue by the average annual cost of inventories. Then you can find out how many days it takes to sell (without payment) inventories. When analyzing this indicator, it is necessary to take into account the impact of the assessment of inventories, especially when comparing the activities of a given enterprise with its competitors. In general, the higher the inventory turnover rate, the less funds are tied up in this least liquid item of working capital, the more liquid the structure of working capital and the more stable the financial position of the enterprise (all other things being equal). It is especially important to increase turnover and reduce inventories if there is significant debt in the company’s liabilities. In this case, creditor pressure may come before anything can be done with these reserves, especially in unfavorable conditions. It should be noted that in some cases, an increase in inventory turnover reflects negative phenomena in the company’s activities, for example, in the case of an increase in sales volume due to the sale of goods with minimal profit or no profit at all.

Duration of the operating cycle. This indicator is used to determine the length of the period between the acquisition of inventories for carrying out activities and the receipt of funds from the sale of products made from them.

The duration of the financial cycle characterizes the period during which funds are diverted from circulation and is defined as the difference between the duration of the operating cycle and the turnover period of accounts payable.

Indicators of business activity are more clearly presented in coefficients. In a developed market economy, standards are established for the national economy as a whole and for industries based on the most important indicators of business activity. As a rule, such standards reflect the average actual values ​​of these coefficients. Thus, in most civilized market countries, the standard inventory turnover is 3 turns, i.e. approximately 122 days, the receivables turnover ratio is 4.9, or approximately 73 days. It should be noted that the average value of assets and liabilities for a period, for example, a year, is calculated as the chronological average using monthly data; if this is not possible, then using quarterly data, and if the financial analyst only has an annual balance sheet, then a simplified technique is used : average of the sum of data at the beginning and end of the period (year).

One of the characteristics of a stable position of an enterprise is its financial stability. The financial position of an enterprise is considered stable if it covers with its own funds at least 50% of the financial resources necessary for normal business activities, effectively uses financial resources, maintains financial, credit and settlement discipline, in other words, is solvent.

Financial stability is determined both by the stability of the economic environment within which the enterprise operates, and by the results of its functioning, its active and effective response to changes in internal and external factors.

Financial stability is a characteristic that indicates a stable excess of income over expenses, free maneuvering of the enterprise’s funds and their effective use, uninterrupted production and sales of products. Financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.

An analysis of the stability of the financial condition as of a particular date makes it possible to find out how correctly the enterprise managed financial resources during the period preceding this date. It is important that the state of financial resources meets the requirements of the market and meets the development needs of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and a lack of funds for the development of production, and excess financial stability can hinder development, burdening the enterprise’s costs with excess inventories and reserves. Thus, the essence of financial sustainability is determined by the effective formation, distribution and use of financial resources.

To determine the type of financial stability, it is possible to use a three-component vector model.

The most general indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs. To characterize these sources, several indicators are used, which, in turn, correspond to indicators of the provision of reserves and costs with sources of formation. Based on the obtained indicators, it is possible to construct a three-component vector of financial condition S(D) = (D1, D2, D3). Data for calculating the three component vector are given in Table 6.

Table 6 Indicators for calculating a three-component vector

Indicator name	Formula for calculation
Availability of own funds in circulation (SOS)	p.490 - p.190
Availability of own and long-term sources of formation of reserves and costs or functioning capital (FC)	p.490 + p.590 - p.190
The total value of the main sources of formation of reserves and costs (VI)	p.490 + p.590 +p.610 - p.190
Inventories and costs (ZZ)	p.210 + p.220
Excess or shortage of own working capital (D1)
Excess or shortage of own and long-term borrowed sources (D2)
Surplus or deficiency in the total amount of main sources (or financial and operational needs) (D3)

Based on the obtained indicators, it is possible to construct a three-component vector of financial condition S(D) = (D1, D2, D3), where the values ​​of its coordinates are 0 and 1, respectively, negative or positive values ​​of the indicators, and distinguish four types of financial stability:

Absolute financial stability is extremely rare, but can be a guideline for the financial activity of an enterprise. S=(1,1,1);

Normal financial stability, which guarantees the solvency of the enterprise. S=(0,1,1);

An unstable financial condition occurs when solvency is impaired, but, nevertheless, with certain measures it can be improved. S=(0,0,1);

A financial crisis is a type of condition when an enterprise is practically bankrupt. S=(0,0,0).

Along with absolute indicators, the financial stability of an organization is also characterized by financial ratios, the economic meaning and calculation procedure of which are given in Table 7. Some of them can be used to analyze the financial condition of an enterprise.

Table 7 Financial stability indicators and methods of their calculation

Indicator name		Formula for calculation and standard value
Capitalization rate (U1)	Shows how much borrowed funds the organization raised per 1 ruble. own funds invested in assets	(p.590+p.690) F1
Provision ratio of own sources of financing (U2)	Shows what part of current assets is financed from own sources	(p. 490-p. 190) F1 p.290 F1 (0.6
Financial independence coefficient (U3)	Shows the share of own funds in the total amount of funding sources
Funding ratio (U4)	Shows what proportion of assets is financed from sustainable sources. Reflects the degree of independence (or dependence) of the enterprise on short-term borrowed sources of coverage.	(p.590+p.690) F1
Financial stability coefficient (U5)	Shows how much of an asset is financed from sustainable sources	(p.490+p.590) F1 (0,8

Profitability is an indicator characterizing economic efficiency. Economic efficiency is a relative indicator that compares the effect obtained with the costs or resources used to achieve this effect.

In market conditions, the role of profitability indicators, which characterize the level of profitability (unprofitability) of production, is great. Profitability indicators are relative characteristics of the financial results and efficiency of an enterprise. They characterize the relative profitability of an enterprise, measured as a percentage of the cost of funds or capital from various positions. For this reason, they are mandatory elements of comparative analysis and assessment of the financial condition of the enterprise.

There are many profitability ratios, the use of each of which depends on the nature of the assessment of the effectiveness of the financial and economic activities of the enterprise. The choice of the estimated indicator (profit) used in the calculations primarily depends on this. There are often four different metrics used: gross profit, operating profit, profit before tax, and net profit. Depending on what the selected profit indicator is compared with, two groups of profitability ratios are distinguished:

return on investment (capital);

profitability of sales.

Some of the financial profitability ratios are shown in Table 8.

In the process of analysis, it is necessary to study the dynamics of the profitability indicators listed above and compare them with the values ​​of similar coefficients in the industry, as well as with the profitability indicators of competitors.

Thus, the financial condition of an enterprise is a complex concept that is characterized by a system of indicators reflecting the availability, allocation and use of resources, the financial stability of the enterprise, and balance sheet liquidity. Reporting allows you to determine the total value of the enterprise's property, the value of immobilized (i.e., fixed and other non-current) assets, the cost of mobile (working) assets, tangible working capital, the amount of the enterprise's own and borrowed funds.

Table 8 Profitability indicators and methods of their calculation

Indicator name	Economic meaning of the indicator	Formula for calculation
Overall profitability (R1)	Shows the ratio of profit before tax to revenue from sales of products.
Return on sales (R2)	Indicates how much profit is generated per unit of product sold.
Capital return (R3)	Shows the efficiency of using fixed assets and other non-current assets
Core activity profitability (R4)	Shows how much profit is generated per 1 ruble. costs.
Return on permanent capital (R5)	Shows the efficiency of using capital invested in the organization’s activities for a long period of time	p. 490 - p. 590 f1
Return on production assets (R6)	Shows the efficiency of use of fixed assets, intangible assets and inventories.	page 110+page 120+page 210 f1
Return on total assets (R7)	Characterizes the level of net profit generated by all assets of the organization that are in use on the balance sheet.

In modern business conditions, it becomes obvious that enterprises and companies, in order to survive and maintain long-term competitiveness, must constantly adjust their activities taking into account the requirements of the surrounding reality. New business conditions require constant readiness for change.

The external environment of an organization is changing faster and more unpredictably. But at the same time, each change carries not only threats, but also new additional opportunities for achieving future business success. The organization must have the ability to correctly and timely transform the structure of its business and constantly carry out adequate strategic and operational changes. Possible measures to improve the financial condition of the enterprise are presented in a systematic form in Fig. 10.

With horizontal integration (strengthening control or acquiring competing firms), the following conditions for organizational strategy arise: the company competes in a growing industry; a company can become a monopolist in a certain region without attracting special support from local authorities or strong competition; increased production scale provides major strategic advantages; the company has sufficient capital and labor resources to successfully cope with the challenges of its expansion; the company's competitors make mistakes due to lack of management experience or the lack of special resources that the company has.

A strategy aimed at integrated growth by adding new structures within an organization is called vertical integration. There is a distinction between forward and backward integration. With direct integration (acquisition of selling companies), the conditions for choosing an organizational strategy are the following: the company's distributors are expensive, intractable or weak in order to satisfy the company's demands; distributors' opportunities are limited in terms of creating strategic competitive advantages for the company; The company competes in a rapidly growing industry and is expected to continue to expand markets for its products; the company has the capital and personnel necessary to cope with the challenges of distributing its own products; stability of production is especially valuable, this is due to the fact that through our own distribution system it is easier to predict the market need for the company’s products; existing distributors and sellers of the company's products receive a very high percentage of profits; in this case, through direct integration, the company can seriously increase its profits and, by reducing distribution costs, significantly reduce the final price of its products, thus strengthening its competitive position.

Fig. 10.

Concentrated growth (changing a product or market within a traditional industry) includes the following organizational strategies: market capture, market development, product development, centralized diversification, horizontal diversification, conglomerate diversification.

The market capture strategy (increasing share in traditional markets) is carried out under the following conditions for choosing an organizational strategy: existing markets are not saturated with the company’s products; the rate of consumption of the company's products among traditional consumers may soon increase; increased scale of production provides key strategic advantages. The market development strategy (new markets for an old product) is carried out under the following conditions for choosing an organizational strategy: new inexpensive, reliable channels for selling products appear; the company is very successful in its business; there are new untapped or unsaturated markets; the company has the necessary capital and labor resources to cope with the expansion of its business operations; the company has a reserve of production capacity; The company's main industry is developing quite quickly. A product development strategy (a new product in a traditional market) is carried out under the following conditions for choosing an organizational strategy: the company produces fairly successful products that are in the maturity stage of the product life cycle - the idea is to attract completely satisfied consumers to try the company's new, improved product; the company competes in an industry characterized by rapid technological change; the company's main competitors offer better quality products at comparable prices; the company competes in a rapidly growing industry; The company is distinguished by its research and development capabilities.

With centralized diversification (when new production coincides with the main profile), the following conditions exist for choosing an organizational strategy: the company competes in an industry that has no growth or has very low growth rates; adding new, but at the same time specialized products could significantly improve the sale of traditional products; new profile products can be offered on the market at fairly high competitive prices; new core products introduced have seasonal fluctuations in demand, and these fluctuations are in antiphase with fluctuations in the company’s financial peaks and valleys; the company's traditional products are in the dying stage of their life cycle; the company has a strong management team. With horizontal diversification (new non-core products for traditional markets), the following conditions exist for choosing an organizational strategy: adding new, but at the same time non-core products, which could significantly improve the sale of traditional products; the company competes in a highly competitive and non-growing industry in which the rate of profit and income is quite low; traditional distribution channels for the company's products can be used to promote new products to traditional consumers; The sales of new products will take place in antiphase with the products already produced by the company. With conglomerate diversification (new non-core production for new markets), the following conditions for choosing an organizational strategy exist: in the company’s core industry there is an annual decrease in sales volumes and profits; the company has the capital and management needed to compete in a new industry; the company has the opportunity to buy a non-core business for it, which represents a reliable object for investment; there is financial interaction between the acquired and acquiring firms; The existing markets for the company's products are quite saturated.

The disinvestment strategy (sale of part of the enterprise or the company as a whole) includes a partial reduction of the company. There are the following conditions for choosing an organizational disinvestment strategy: the company has a clear understanding of its business, but for a significant period of time it has not been able to achieve its goals; the company is one of the weakest competitors in the industry; the company is inefficient, low-profit, has personnel with a low average level of labor discipline. The sale of part of the company occurs when the company's downsizing strategy does not bring the desired effect. The transfer of part of the shares of a newly formed company occurs when some division of the company requires significantly more resources to maintain its competitiveness than the company can provide. A full liquidation occurs when a company is on the verge of bankruptcy and the liquidation process can obtain the maximum possible amount of cash for its assets; Neither the reduction strategy nor the rejection strategy led to the desired result.

Consequently, using possible options for organizational transformations, enterprises formulate a strategy to overcome the crisis. Restructuring strategies can be presented in the form of two main directions: business expansion or reduction.

The strategy for expanding the scope of activity can be implemented in the following forms: merger, accession, purchase of property, rental of property, leasing of property, privatization. The problem of internal development can be solved in the following ways: joint venture, participation in investment projects, venture investments, licensing, marketing agreements, technological participation, franchising. As a result of various types of integration transformations, the organization may include one company or several, united by a participation system. The following options are possible here: syndicate, cartel, holding, financial and industrial group, association, strategic alliance, union.

Another direction of restructuring is business downsizing. The reduction strategy can be implemented by dividing, separating, selling property, reducing equity capital, leasing property, creating a subsidiary, gratuitous transfer of assets, transfer of property to offset liabilities, conservation of property, liquidation of the enterprise.

In countries with a well-established market economy and a relatively stable socio-political situation, and current competition laws, bankruptcy is viewed as a positive phenomenon that helps clear the market of ineffective and weak enterprises. In Russia, most enterprises are potential bankrupts, although many of them have the opportunity to exit the zone of financial insolvency. In these conditions, the bankruptcy mechanism should be considered not so much as a means of liquidating an insolvent enterprise, but as an opportunity, within the framework of the arbitration process, to ensure the creation of new or the preservation of old, but reformed business units that can fit into the market process and function normally within its framework.

Assessing the financial condition of an enterprise provides a snapshot of the resource base at a specific point in time and allows one to make informed conclusions and assumptions about business growth opportunities, scaling, and the company’s potential for financing.

In what cases is it necessary to assess the financial condition of an enterprise?

The strategy of an enterprise is determined not only by market opportunities, technological trends, competitive environment, mission or goals of the company, but also by the resources it has. Resources, along with effective demand, are the key limitation of an enterprise's strategy. Moreover, resources include not only existing assets, but also potential ones: the ability of shareholders to support their own company, to attract loans and investments, the ability to attract highly qualified and, accordingly, expensive personnel. Top management needs to have effective tools for measuring the resource base of the enterprise.

No investor will invest in a company with high debt. Partners, especially large companies, will not contact the supplier, knowing about his problems with payments - there is a high probability that the new partner will spend advances not on production, but on covering current payments, and this is a potential risk of supply disruptions. A highly qualified specialist will not risk his career and personal brand by going to work for a company with a high probability of bankruptcy in the coming months. Thus, there is no doubt that assessing financial condition is a very significant decision-making tool both for the company and its management, as well as for external users and potential

Defining the boundaries of the concept of “financial condition” of an enterprise

The term “financial condition of an enterprise” can be interpreted very broadly. So, by it one can understand only financial stability companies and a whole range of criteria. Therefore, it is necessary to define goals and relate them to the cost in money and man-hours of carrying out such an analysis.

It's worth starting with an analysis of the company's profitability. If a business is consistently unprofitable, current indicators are already secondary. The next most important thing is to assess the company's ability to pay current expenses, that is, business liquidity. Then you need to understand how the business is financed, is the source of profit or is it constant injections from the owner, or maybe loans? If the loans are long-term or short-term? The next question is: what assets does the business have, what are they?

The issue of operational efficiency for the purposes of analyzing financial condition is not a priority and can be omitted by limiting ourselves to the definition of profitability.

Thus, the methodology for assessing the financial condition of an enterprise should contain an analysis of:

• business opportunities to make a profit;
• the company's ability to pay operating expenses;
• sources of financing;
• company assets;

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Business opportunities to generate profit

To assess the financial and economic condition of an enterprise, it is first necessary to analyze profit and loss statements for several periods. What we want to see and understand:

1. Does the company make a profit, if not, what is it? earnings before taxes, depreciation and amortization (EBITDA) .
2. Evaluate a company's earnings and EBITDA retrospectively and prospectively to understand how long the company has been profitable, what its trend is, and whether that trend will continue into the future as predicted?
3. View the revenue structure by expenses, including the dynamics of the structure. The way the share of one or another type of expense grows can say a lot about management: for example, an increase in the share of cost in revenue may indicate that technologies are being disrupted, resources are being used inefficiently, the percentage of defects is growing, and staff productivity is falling.
4. Study the marginality of the business by product range; perhaps there is a hidden recipe for increasing profits or getting out of losses - some products generate losses and their production should be abandoned in favor of more marginal ones or free up resources for launching new items that can increase the profitability of the entire brand portfolio .

Having received this information, we will be able to make informed conclusions about whether the company is in the “red zone” or not! And if the company is unprofitable, is a brighter outlook possible and what parameters should be changed, what changes will give the greatest effect.

The company's ability to pay operating expenses

Having got an idea of ​​​​the profitability of a business, you need to understand whether it has the funds to conduct current activities and reserves for growth. Analysis will give the answer liquidity.

Financial analysis tools make it possible to assess a company’s ability to pay bills at several levels:

Current liquidity ratio(Ktl) estimates the amount that a company can use to pay current liabilities by selling all its current assets. For a company that is firmly on its feet, the excess of the value of current assets over the amount of current liabilities should be at least 150%, in other words, there should be 1.5–2 times more assets than liabilities.

Ktl = Current assets / Current liabilities

Quick ratio(KBL) will allow you to assess the company’s ability to pay off current debt only with liquid assets. A company with a coefficient value above 1 leaves a favorable impression of its solvency. The main difference between Ktl and Kbl is that to calculate the latter, the cost of inventories is removed from the numerator - it is believed that it is not realistic to quickly sell inventories without loss of value, and practice confirms this.

Kbl = Liquid assets / Current liabilities

Quick liquidity ratio(Ksl) will show how much cash and assets similar in liquidity cover the amount of current debt. In world practice, the standard is 20% and higher, in Russia this value should be higher; it is best to focus on industry indicators, dynamics and quality of current liabilities when determining the standard value when analyzing the solvency of a particular company.

Ksl = Cash and equivalents / Current liabilities

It is necessary to evaluate liquidity not only statically, but also as a snapshot in dynamics, in order to see the overall trend and prevent possible manipulations to improve current indicators.

Having assessed liquidity, we assessed our ability to pay our creditors with our assets as a last resort, but this is force majeure. In a normal situation, a company should have enough current revenue to pay current payments. At the very beginning of the analysis, we assessed the availability of profit, which means that the company pays all its payments and has enough income. But ideally, this profit should cover the costs of servicing obligations 3–4 times; the corresponding indicator is called coverage ratio and is calculated like this:

Interest coverage ratio = Earnings before interest and taxes / Interest.

Analyzing the company's solvency prospects, it makes sense to build cash flow forecast and evaluate it for the presence of cash gaps and calculate the predicted values ​​of liquidity ratios.

Solvency is especially important for creditors and suppliers, as they rely on regular, uninterrupted and unconditional payments. Getting involved with a company that is experiencing problems and difficulties is not profitable and dangerous for them.

Solvency can also be supplemented by an analysis of payment discipline. It is no secret that many companies resort to the principle of “delaying payment until the last minute,” and suppliers who do not have leverage to make appropriate decisions are, in fact, financing the activities of a dishonest counterparty.

Sources of financing

The solvency of a business, assessed on the basis of liquidity indicators and payment discipline, shows only the ratio of current assets and current liabilities, analyzes the company’s ability to pay for its activities using existing assets, but does not show the source of funds to finance these assets.

We need to understand how risky the company's business is, from the point of view – the greater the borrowed capital, the higher the risk of non-repayment of funds. It is necessary to assess the financial stability of the business. An idea of ​​financial risks and the role of borrowed sources in the company’s financing scheme is given by the indicator financial dependence Debt Ratio:

Debt Ratio = All Liabilities / All Assets

By calculating the indicator, we will be able to estimate what part of the company’s assets is paid for with borrowed funds.

"Mirror" indicator - autonomy coefficient (1-Debt Ratio) in Russia is used more often than Debt Ratio and shows how high the role of the company’s own funds is in financing assets. Both indicators provide insight into the capital structure and risk level. Ideally, it is believed that they should be equal to each other and amount to 0.5.

The ratio between short-term and long-term borrowed funds is important; in financial management this indicator is called the short-term debt ratio. Financial management does not give it a standard meaning, but the higher the share of short-term sources, the higher the risk, the more liquid the company’s assets should be.

Short-term debt ratio = Current liabilities / Long-term liabilities.

We must not forget about such a factor as the effect of financial leverage, which can serve as a basis for increasing the credit load until its differential (the difference between the interest rate and the company's return on assets) is positive.

EFR = (1 – Income tax rate) × (Return on assets ratio – Interest rate on loan) × Debt capital/Equity capital,

All of these indicators also need to be studied over time and their predictive values ​​assessed. At the same time, taking into account the specifics of the industry in which the company operates - comparing indicators with those of competitors and industry values.

Significant illiquid inventories and non-collectible receivables are the result of ineffective management.

Company assets

For the purposes of liquidity analysis and analysis of sources of financing, we divided assets into liquid and non-liquid, calculated their profitability, and this is very useful knowledge for studying the assets themselves.

It is also important to examine the proportion between current and non-current assets, the size, quality and dynamics of inventories, accounts receivable – how reasonable and justified they are for this type of activity and whether they contain hidden potential for increasing business efficiency. Significant illiquid inventories and non-collectible receivables are the result of ineffective management and, in addition to the fact that significant financial resources are immobilized in them, may require additional costs.

Inventory and receivables turnover must be examined both over time to determine the reason for their occurrence, and in comparison with industry indicators and competitors’ indicators:

Accounts receivable turnover ratio in days:

Kodz = (Average annual accounts receivable * 365) / (Revenue).

Inventory turnover ratio in days:

Goats = Cost of goods sold * 365 / Average annual cost of inventories

In addition, it is necessary to analyze existing assets for their use in the production process and the validity of their ownership; it is often more effective to rent property than to immobilize significant amounts in buildings and other non-current assets. Also in Russia, there may be ownership of assets inherited from Soviet times and not used in production processes and which are a useless burden for the company, requiring expenses to maintain in proper form. Such assets should be disposed of.

Having carried out such an analysis, we will get a complete picture of the financial condition of the enterprise:

• we will know whether the business is generating profit and whether it is sufficient to cover existing and planned payments;
• does the company have enough assets to pay off all its obligations if necessary;
• how the business is financed and how efficient its assets are.

Based on this methodology for assessing the financial condition of an enterprise, we will have enough information to make informed decisions regarding investments in the company and increase its attractiveness in the eyes of third-party users of information.

Financial condition enterprises are a movement serving the production and sale of its products.

Between production development And state of finances There is both a direct and inverse relationship.

The financial condition of an economic unit is directly dependent on the volumetric and dynamic indicators of production movement. An increase in production volume improves the financial condition of an enterprise, while a decrease in production volume, on the contrary, worsens it. But the financial condition, in turn, affects production: it slows it down if it worsens, and speeds it up if it increases.

Profit is the difference between sales revenue and current costs.

The current solvency of an organization is directly influenced by the liquidity of its current assets (the ability to convert them into cash or use them to reduce liabilities).

Indicators of financial and market stability of the enterprise

Capitalization rate

Capitalization rate, or the ratio of attracted (borrowed) and own funds (sources). It represents the ratio of total attracted capital to equity capital and is determined by the following formula:

• Raised capital (the sum of the results of the second and third liability sections of the balance sheet “Long-term liabilities” and “Short-term liabilities”) / equity capital (the result of the first liability section “Capital and reserves”).

This ratio gives an idea of ​​what sources of funds the organization has more - attracted (borrowed) or its own. The more this ratio exceeds one, the greater the organization’s dependence on borrowed sources of funds. The critical value of this indicator is 0.7. If the coefficient exceeds this value, then the financial stability of the organization seems doubtful.

Maneuverability coefficient(mobility) of equity capital (own funds) is calculated using the following formula:

Own working capital (the total of the first section of the balance sheet liability “Capital and reserves” minus the total of the first section of the asset “Non-current assets”) is divided by equity capital (the total of the first section of the balance sheet liability “Capital and reserves”).

This the coefficient shows what part of the organization’s own funds is in mobile form, allowing relatively free maneuvering of these means. The standard value of the maneuverability coefficient is 0,2 — 0,5 .

Financial stability ratio expresses the share of those sources of financing that a given organization can use in its activities for a long time, attracted to finance the assets of this organization along with its own funds.

The financial stability coefficient is calculated using the following formula:

Own capital add long-term loans and loans divided by the currency (total) of the balance sheet.

If this organization does not have long-term borrowed sources of funds, then the value of the financial stability coefficient will coincide with the autonomy (financial independence) coefficient.

Funding ratio shows what part of the organization’s activities is financed from its own sources of funds, and what part is financed from borrowed funds. This indicator is calculated using the following formula:

Divide equity capital by borrowed capital.

A significant decrease in the value of this indicator indicates the possible insolvency of the organization, since most of its property was formed from borrowed sources of funds.

Gearing Ratio(concentration ratio of attracted capital) shows the share of loans, borrowings and accounts payable in the total amount of sources of property of the organization. The value of this indicator should not be more than 0.3.

Long-term investment structure coefficient shows the relationship between long-term liabilities (liabilities) and long-term (non-current) assets:

Long-term liabilities (second liability section of the balance sheet) Non-current assets (first asset section of the balance sheet)

The next indicator is long-term leverage ratio— is defined as follows:

Long-term liabilities (the total of the second section of the balance sheet liability) are divided into Long-term liabilities + equity capital (the sum of the results of the first and second sections of the balance sheet liability).

This ratio characterizes the share of long-term sources of funds in the total amount of permanent liabilities of the organization.

Raised capital structure ratio expresses the share of long-term liabilities in the total amount of attracted (borrowed) sources of funds:

Long-term liabilities (the total of the second section of the balance sheet liabilities) are divided by the attracted capital (the sum of the results of the second and third sections of the balance sheet liabilities).

Investment coverage ratio characterizes the share of equity capital and long-term liabilities in the total assets of the organization:

Long-term liabilities (second liability section) add equity capital (first liability section) divided by the currency (total) of the balance sheet.

The already discussed coefficient of provision of current assets with own working capital is often used, showing what part of the organization’s current assets was formed from its own sources of funds.

The standard value of this indicator must be at least 0.1.

Inventory coverage ratio own working capital shows the extent to which inventories are formed from own sources and do not require borrowed funds. This indicator is determined by the following formula:

Own sources of funds minus non-current assets are divided into inventories (from the second section of the asset).

The standard value of this indicator must be at least 0.5. Another indicator characterizing the state of current assets is the ratio of inventories and own working capital. It is essentially the inverse of the previous indicator:

The standard value of this coefficient is more than one, and taking into account the standard value of the previous indicator, it should not exceed two.

An important indicator is functional capital agility ratio(own working capital). It can be determined by the following formula:

Cash, add short-term financial investments, divided by own sources of funds minus non-current assets.

This indicator characterizes that part of own working capital that is in the form of cash and quickly marketable securities, that is, in the form of current assets with maximum liquidity. In a normally operating organization, this indicator varies from zero to one.

The permanent asset index (the ratio of non-current and own funds) is a coefficient expressing the share of non-current assets covered by sources of own funds. It is determined by the formula:

Non-current assets are divided into own sources of funds.

The approximate value of this indicator is 0.5 - 0.8. An important indicator of financial stability is the coefficient of real property value. This indicator determines what share of the value of the organization’s property is made up of means of production. It is calculated using the following formula:

The total cost of fixed assets, raw materials, materials, semi-finished products, work in progress is divided by the total value of the organization’s property (balance sheet currency).

All components included in the numerator of this formula represent the means of production necessary to carry out the main activities of the organization, i.e. its production potential. Therefore, this coefficient reflects the share in the assets of the property that ensures the main activities of the organization (i.e. production of products, performance of work, provision of services).

The normal value of this indicator is when the real value of the property is more than half of the total value of assets.

An indicator expressing the financial stability of an organization is also ratio of current (current) assets and real estate. It is calculated using the following formula:

Current assets (the second asset section of the balance sheet) are divided into real estate (from the first asset section of the balance sheet).

The minimum standard value of this indicator can be taken as 0.5. Its higher value indicates an increase in the production capabilities of a given organization.

An indicator of financial stability is also the coefficient of sustainability of economic growth, calculated using the following formula:

Net profit minus dividends paid to shareholders divided by equity.

This indicator characterizes the stability of profit generation remaining in the organization for its development and the creation of reserves.

In addition, the net revenue ratio is determined using the following formula:

Net profit plus depreciation charges is divided by revenue from sales of products, works, and services.

This indicator expresses the share of that part of the revenue that remains at the disposal of this organization (i.e., net profit and depreciation).

An important stage in analyzing the financial stability of an organization is assessing its creditworthiness. Creditworthiness is understood as the organization's ability to timely repay (repay) received loans and borrowings, as well as pay interest for their use within the established time frame.

The creditworthiness of borrowing organizations is determined by a number of indicators: the liquidity of the organization, the share of equity capital (own sources of funds), profitability.

Depending on the values ​​of these indicators and the industry to which a given organization belongs, the latter can be classified as one of the following types:

1. type of creditworthy organizations that have a high level of liquidity and equity;
2. the type of organizations that have a sufficient degree of reliability;
3. a type of non-creditworthy organizations that have illiquid balance sheets or low equity.

To assess the creditworthiness of the borrowing organization, you must first analyze its financial condition. After this and a decision has been made on the possibility of providing a loan to the organization, the net revenue coefficient is calculated, expressing the share of profit and depreciation charges in each ruble of revenue from the sale of products, works, services (without value added tax). The obtained value of this indicator can be extended to the expected receipt of revenue in the future. This will make it possible to determine the possible repayment period of loans and borrowings, since the numerator of this coefficient, that is, profit and depreciation, represents the value of the potential source of repayment of loans and borrowings.

When a loan agreement is concluded between the bank and the organization, the accumulated amount of debt is determined, including the amount of the loan issued and interest for using it. The accumulated amount of debt is determined by the following formula:

Where S is the accumulated amount of debt;

P - loan amount;

(1 + n· i) — growth factor;

n is the period for which the loan is issued;

i is the interest rate for the loan.

The increased amount of debt (S) must be secured by the value of the loan repayment source (Rn) for the period for which the loan is issued. Consequently, if Rn>S, then the borrowing organization is creditworthy. If the value of Rn is not sufficient to repay the increased amount of debt, that is, Rn

Along with assessing the creditworthiness of an organization, it is also necessary to analyze the efficiency of loan use, which is expressed by the following main indicators: the volume of products sold per 1 ruble of average loan debt, as well as loan turnover in days. Comparing these indicators over several periods, we can state an increase in the efficiency of credit use if the volume of products sold per 1 ruble of average loan debt increases and the loan turnover in days accelerates.

1

Assessing the financial condition is a recognized tool for identifying an unfavorable situation in an enterprise. A reliable assessment of the current situation in the organization’s economy is carried out using financial analysis methods. It makes it possible not only to state the improvement or deterioration of the company’s situation, but also to measure the likelihood of its bankruptcy. Currently, the analysis of the debtor's financial condition is carried out in accordance with the Rules for the conduct of financial analysis by the arbitration manager. These rules define the principles and conditions for the arbitration manager to conduct financial analysis, as well as the composition of the information used by the arbitration manager when conducting it. When conducting an analysis, it is necessary to determine the financial condition of the debtor as of the date of the analysis, its financial, economic and investment activities, and its position in commodity and other markets.

Financial analysis is carried out in order to: prepare a proposal on the possibility (impossibility) of restoring the debtor’s solvency and justify the advisability of introducing the appropriate bankruptcy procedure in relation to the debtor; determining the possibility of covering legal costs from the debtor’s property; preparation of an external management plan; preparing a proposal to apply to the court to terminate the financial recovery procedure (external management) and move to bankruptcy proceedings; preparing a proposal to apply to the court to terminate bankruptcy proceedings and transfer to external management.

Financial analysis is carried out on the basis of: statistical, accounting and tax reporting, accounting and tax registers, as well as (if available) audit materials and appraisers’ reports; constituent documents, minutes of general meetings of organization participants, meetings of the board of directors, register of shareholders, contracts, plans, estimates, calculations; provisions on accounting policies, including accounting policies for tax purposes, working chart of accounts, document flow charts and organizational and production structures; reporting of branches, subsidiaries and dependent business entities, structural divisions; materials from tax audits and trials; regulatory legal acts regulating the activities of the debtor.

When assessing the financial condition of the debtor enterprise, special coefficients are used. There are three groups of coefficients: 1. coefficients characterizing the debtor’s solvency; 2. coefficients characterizing the financial stability of the debtor; 3. coefficients characterizing the business activity of the debtor.

The coefficients characterizing the solvency of the debtor are: the absolute liquidity ratio, the current liquidity ratio, the indicator of the security of the debtor's obligations with its assets, the degree of solvency for current obligations. The absolute liquidity ratio shows what part of short-term liabilities can be repaid immediately, and is calculated as the ratio of the most liquid current assets to the debtor's current liabilities. The current liquidity ratio characterizes the organization's provision with working capital for conducting business activities and timely repayment of obligations and is defined as the ratio of liquid assets to the current liabilities of the debtor. The indicator of the security of the debtor's obligations with its assets characterizes the amount of the debtor's assets per unit of debt and is defined as the ratio of the amount of liquid and adjusted non-current assets to the debtor's liabilities.

The degree of solvency for current obligations determines the current solvency of the organization, the volume of its short-term borrowed funds and the period of possible repayment by the organization of current debts to creditors from proceeds. The degree of solvency is determined as the ratio of the debtor's current obligations to the average monthly revenue.

To determine the financial stability of the debtor, the following coefficients should be calculated: the coefficient of autonomy (financial independence) shows the share of the debtor’s assets that are provided by its own funds, and is defined as the ratio of its own funds to total assets; The coefficient of provision with own working capital determines the degree of provision of the organization with its own working capital, necessary for its financial stability, and is calculated as the ratio of the difference between own funds and adjusted non-current assets to the value of current assets.

Bibliographic link

Kirillov K.V. ASSESSMENT OF THE FINANCIAL STATUS OF THE ENTERPRISE // Fundamental Research. – 2009. – No. 3. – P. 30-30;
URL: http://fundamental-research.ru/ru/article/view?id=1952 (access date: 09/19/2019). We bring to your attention magazines published by the publishing house "Academy of Natural Sciences"

Financial analysis is used to study economic processes and financial relations, shows the strengths and weaknesses of an enterprise and is used to make optimal management decisions.

Analysis of the financial condition can act as a tool for forecasting individual indicators of the enterprise and financial activities as a whole, allows you to monitor the correctness of the movement of the financial flows of the organization's funds, check compliance with the rules and regulations for the expenditure of financial and material resources and the feasibility of the costs incurred.

Financial stability is a complex concept that is characterized by a system of indicators reflecting the availability, allocation and use of an enterprise’s financial resources; it is a characteristic of its financial competitiveness (i.e. solvency, creditworthiness), fulfillment of obligations to the state and other economic entities.

The financial condition of an economic entity reflects all aspects of activity, since the movement of any inventory and labor resources is accompanied by the formation and expenditure of funds.

Financial condition is the most important characteristic of the economic activity of an enterprise. It determines the competitiveness of an enterprise, its potential in business cooperation, and is an assessment of the degree to which the economic interests of the enterprise itself and its partners in financial and other relations are guaranteed.

The main goal of analyzing the financial condition of an enterprise is to obtain a small number of key parameters that provide an objective and accurate assessment of its financial position, which is reflected in profits and losses, the dynamics and structure of assets and liabilities, and settlements with debtors and creditors.

The purpose of the first (preliminary) stage- making a decision on the feasibility of analyzing the organization’s financial statements. This stage is especially important when assessing the financial condition of an organization - a potential partner.

It is advisable to assess the financial condition of an organization in three stages: preliminary, preparatory and main (Figure 1).

At this stage, a visual and simple counting check of the indicators of accounting reporting forms is carried out according to formal characteristics and essentially - qualitative characteristics; the availability of all necessary forms and applications is determined; the correctness and clarity of filling out the reporting forms is checked (name of the organization, industry or type of activity, organizational and legal form, i.e. details, as well as the reporting date, required signatures, etc.); a counting check is performed, which consists of establishing the correctness of the calculation of final and intermediate results; indicators of different reporting forms are coordinated, i.e., the so-called interconnection of indicators is carried out.

The purpose of the second (preparatory) stage- familiarization with the explanatory note to the balance sheet in connection with the need to assess working conditions in the reporting period, determine trends in changes in performance indicators and qualitative changes in property and financial position.

The purpose of the third (main) stage- carrying out analytical procedures, i.e. calculating a system of quantitative and qualitative indicators that provide a comprehensive description and assessment of the financial stability of the organization and can be used in spatio-temporal comparisons. A more detailed analysis in order to search for reserves and areas for strengthening financial stability is associated with the selection of optimal solutions for adjusting current activities and predicting results.

Thus, the general content of the procedures for analyzing the financial stability of an organization is determined both by the specifics of the organization’s work and by the selected types of analysis and methods of its implementation.

Determination of the degree of financial stability is formed on the basis of financial analysis data, i.e. To assess the financial condition of a business entity, it is necessary to analyze its financial condition. In its process, various methods and approaches are used, taking into account the set goals, objectives, as well as the time, information and human resources and technical support available to the analyst.

A huge number of different techniques and methods for assessing financial indicators have been developed, which, in the conditions of the formation of market relations, change due to the increasing requirements for analysis. The possibility of a real assessment of the financial stability of an organization is ensured by a certain analysis methodology, appropriate information support and qualified personnel.

The main methods of analyzing financial statements are considered to be: horizontal, vertical, trend, ratio and factor analysis. The domestic methodology of financial analysis provides for the following basic (standard) methods for analyzing financial statements:

– horizontal (dynamic) analysis - used to determine absolute and relative deviations, changes in values ​​are identified, and the rate of change over a number of years makes it possible to predict their value;

– vertical (structural) analysis is the study of the structure of the final financial indicators and the assessment of these changes. It allows for comparative analysis taking into account industry specifics and smoothes out the negative impact of inflationary processes. In practice, analysts should combine horizontal and vertical analysis (structural-dynamic);

– trend analysis (horizontal version) - used in the study of time series and makes it possible to determine the trend, with the help of which possible values ​​of indicators are formed in the future; therefore, an analysis of development trends is carried out, i.e., a forward-looking analysis. A forecast based on trend models contains two elements: a point forecast - a single value of the predicted indicator; interval forecast - based on calculating a confidence interval in which, with a certain probability, the actual value of the predicted indicator can be expected to appear;

– analysis of ratios (relative indicators) - its essence lies in the calculation of various financial ratios based on reporting data, their factor analysis with the determination of the relationship and interdependence of various, but logically comparable indicators. A classic example of such an aggregate indicator is the Du Pont formula “Return on Assets”;

– comparative (spatial) analysis is an intra-farm and inter-farm analysis of an enterprise’s indicators with the indicators of competitors and the industry average. The advantage of industry benchmarking is that as a result, the analyst has a deeper understanding of the content of the business and has the opportunity to assess the stability of its financial position and solvency;

– factor analysis is a comprehensive, systematic study and measurement of the impact of individual factors on a performance indicator using deterministic or stochastic analysis models. Moreover, it can be both direct and reverse. The factor indicator characterizes the object of study, i.e. effective indicator. The selected methods for analyzing financial stability are shown in Figure 2.

As a result of in-depth analytical work, a search is made for untapped opportunities to increase the financial stability of a commercial organization.

Many Russian methods for assessing the financial condition of an enterprise are based on the methodological developments of the analysis of A.D. Sheremet on absolute indicators, which consists in calculating indicators of the provision of inventories and costs with the sources of their formation (sufficiency of own working capital; own working and long-term borrowed funds; own working, long-term and short-term borrowed funds). Based on these absolute indicators, four types of financial stability of an enterprise are distinguished.

The economic literature gives different approaches to the analysis of financial stability. Let's consider the technique of Sheremet A.D. and Saifulina R.S., who recommends determining a three-component indicator of the type of financial situation to assess financial stability.

Of the many financial stability ratios, priority is given to the following indicators:

debt to equity ratio;


debt ratio;


autonomy coefficient;


financial stability ratio;


coefficient of maneuverability of own funds;


coefficient of stability of the structure of mobile devices;


• coefficient of working capital provision from own sources of financing.
  

  Of these seven coefficients, only three have universal application, regardless of the nature of the activity and the structure of the assets and liabilities of the enterprise: the ratio of borrowed and equity funds, the coefficient of maneuverability of own funds and the coefficient of provision of working capital with its own sources of financing.
  

  When analyzing financial stability, a set of the following enterprise indicators is used, which were proposed by L. V. Dontsova, N. A. Nikiforova:
  

  1) Financial risk ratio (debt ratio, debt-to-equity ratio, leverage) is the ratio of borrowed funds to equity. It shows how much borrowed funds the company raised per ruble of its own:
  

  To fr =ZS/SS=(p.590+p.690)/p.490, (1)
  

  where K fr – financial risk coefficient;
  

  LS – borrowed funds.
  

  The optimal value of this indicator, developed by Western practice, is 0.5. An increase in the indicator indicates an increase in the enterprise’s dependence on external financial sources, that is, in a certain sense, a decrease in financial stability and often makes it difficult to obtain a loan. The standard value of this coefficient has been established - the ratio should be less than 0.7. Exceeding this limit means the enterprise's dependence on external sources of funds and loss of financial stability.
  

  2) Debt ratio (financial tension index) is the ratio of borrowed funds to balance sheet currency:
  

  K d = ZS/Wb = (p. 590 + p. 690)/p. 699, (2)
  

  where K d – debt ratio;
  

  B – balance sheet currency.
  

  International standard (European) up to 50%. The standard value of the attracted capital ratio must be less than or equal to 0.4.
  

  3) The coefficient of autonomy (financial independence) is the ratio of equity to the balance sheet currency of the enterprise:
  

  K a = SS / Wb = p. 490 / p. 699, (3)
  

  where K a is the autonomy coefficient.
  

  This indicator is used to judge how independent an enterprise is from borrowed capital. The autonomy coefficient is the most general indicator of the financial stability of an enterprise.
  

  Thus, the optimal value of this ratio is 50%, that is, it is desirable that the amount of own funds be more than half of all funds available to the enterprise.
  

  4) The financial stability coefficient is the ratio of the total of own and long-term borrowed funds to the balance sheet currency of the enterprise (long-term loans are legally added to equity capital, since they are similar in the mode of their use):
  

  K fu = PC / Wb = (p. 490 + p. 590) / p. 699, (4)
  

  where K FU is the financial stability coefficient.
  

  5) The coefficient of maneuverability of own sources is the ratio of its own working capital to the sum of sources of own funds:
  

  K m = (SS – VA)/SS = (p. 490 – p. 190)/ p. 490, (5)
  

  where K m is the maneuverability coefficient of own sources.
  

  The coefficient of maneuverability of own sources shows the amount of own working capital per 1 ruble. own capital. This indicator is inherently close to liquidity indicators. However, it complements and significantly increases the information content of the first indicator.
  

  The coefficient of maneuverability of own sources indicates the degree of mobility (flexibility) of the use of own funds, that is, it shows what part of the equity capital is not fixed in immobile values ​​and makes it possible to maneuver the enterprise’s funds. Some authors consider the optimal value of this indicator to be 0.5.
  

  6) The coefficient of stability of the structure of mobile funds is the ratio of net working capital to total working capital:
  

  To us.ms. =(OB – KP)/OB = (p. 290 – p. 690)/p. 290, (6)
  

  where K set.ms. – coefficient of stability of the structure of mobile devices;
  

  OB – the amount of current assets;
  

  KP – short-term liabilities.
  

  7) The coefficient of working capital provision from own sources is the ratio of own working capital to current assets. It shows what part of current assets is financed from its own sources and does not require borrowing:
  

  K SOS = (SS – VA)/OB = (p. 490 – p. 190) / p. 290, (7)
  

  where K sos is the coefficient of working capital provision from own sources.
  

  The standard value of this coefficient has been established: the lower limit is 0.1. If the indicator is below 0.1, the balance sheet structure is considered unsatisfactory and the organization is considered insolvent. A higher value of the indicator (up to 0.5) indicates the good financial condition of the organization and its ability to pursue an independent financial policy.
  

  The financial stability of an enterprise in the long term depends entirely on the results of current activities.
  

  We propose to analyze the state of financial stability of the organization in detail in the following areas:
  

  – calculation of quantitative and qualitative indicators of the financial stability of the organization;
  

  – comparison of individual calculated indicators characterizing financial stability with standard and recommended indicators;
  

  – determination of trends in changes in the calculated indicators of the financial stability of the organization (spatial-temporal analysis);
  

  – assessment of the financial stability of the enterprise at the time (a certain date) and on average for the period, taking into account the influence of factors;
  

  – analysis and assessment of the organization’s development prospects based on a forecast analysis of financial ratios.
  

  The overall assessment of the financial stability of an organization is presented by a system of indicators that most fully characterize the degree of stability of its financial position. The system of evaluation indicators we propose is divided into four groups, which take into account their diversity and their characteristic spatiotemporal multicollinearity.
  

  2 Problem
  

  Analyze changes in trade turnover in general and due to changes in the physical volume of products and prices. Draw a conclusion.
  

  Index	Base period		Reporting period
  	Quantity, pcs	Price, units	Quantity, pcs	Price, units

  Solution
  

  We are building an auxiliary table in which we will calculate individual cost indexes for 1 ton of products
  

  Types of products	Base period		Reporting period		Work			Indexes
  	Quantity, pcs	Price, units p 0	Quantity, pcs	Price, units p 1	q 0 * p 0	q 1 * p 1	q 1 * p 0	i q =q 1 /q 0	i p =p 1 /p 0
  					7000	6400	8000	1,1429	0,8000
  					6000	4050	3600	0,6000	1,1250
  					11400	8000	9600	0,8421	0,8333
  TOTAL