The financial condition of the enterprise. Causes of his insolvency (bankruptcy). General analysis of the financial condition. The system of indicators characterizing the financial condition of the enterprise The financial condition of the enterprise is not

The main goal of the enterprise - obtaining maximum profit - can be achieved provided that a stable financial condition is ensured. The correct determination of the financial condition of the enterprise is of great importance not only for itself, but also for shareholders and potential investors of the enterprise. To evaluate it, a financial analysis is carried out. In the course of the analysis, a set of indicators is calculated, the main information for the calculation of which is drawn from the forms of the enterprise's financial statements.

Financial statements

The financial statements consist of the balance sheet, profit and loss statement, attachments to them and an explanatory note. The main information is contained in the balance sheet, which characterizes the financial position of the organization as of the reporting date.

By its form balance sheet represents a table in which, on the left side (in the asset), the funds of the enterprise are reflected, and on the right (in the liability), the sources of their formation.

Passive, from the Latin passivus, means inactive. Inactive in this case means that financial resources and capital in the form of money cannot bring the required income to the enterprise. Active, from the Latin aktivus, means active. The balance sheet asset includes two, and the liability - respectively, three sections (Fig. 21).

Assets and liabilities are always in balance, expressed by the main balance equation:

The sections of the balance sheet contain information determined by the Accounting Regulations.

I. "Non-current assets" This section reflects fixed assets and intangible assets at residual value, except for those fixed assets that are not depreciated and intangible assets that are not depreciated. It also reflects the cost of land, construction in progress, long-term financial investments and other non-current assets.

II. "Current Assets". This section reflects inventories and costs, all types of receivables, short-term financial investments and cash balances. Funds in this section are reflected in ascending order of their liquidity.

Own capital is the basis of independence and independence of enterprises. However, financing the activities of enterprises only at their own expense is not always profitable, especially if production is seasonal. Then, in some periods, large funds will be accumulated in bank accounts, and in other periods they will be lacking. In addition, if the prices for financial resources are low, and the enterprise can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds it can increase the return on equity.

There is a relationship between the asset and the liability of the balance sheet. Each item of the asset has its own sources of funding. The source of financing for long-term capital is usually equity and long-term borrowed funds. Current assets are formed most often at the expense of equity and short-term loans.

The result of the balance sheet is called the balance sheet currency and shows the approximate amount of funds at the disposal of the enterprise. Evaluation of changes in the balance sheet at the beginning and end of the reporting period makes it possible to determine the growth or decline in absolute terms. An increase in the balance sheet usually indicates an increase in the production capabilities of the enterprise. The decrease in the balance sheet is a negative phenomenon, as the production activity of the enterprise is reduced (the demand for products falls, there is no raw materials, materials ...).

Gains and losses report characterizes the financial results of the enterprise for the reporting period. The report contains indicators reflecting all types of income, expenses and profits of the enterprise.

Explanations to the balance sheet and income statement provide users with additional data that is not appropriate to include in the balance sheet and income statement, but which are necessary for a real assessment of the financial position of the enterprise, the financial results of its activities and changes in its financial position. Explanations to the balance sheet and income statement disclose information in the form of separate reporting forms (statement of cash flows, statement of changes in equity, etc.) and in the form of an explanatory note.

INDICATORS CHARACTERIZING THE FINANCIAL STATE OF THE ENTERPRISE

Indicators characterizing the financial condition can be divided into groups, reflecting various aspects of the financial condition of the enterprise. These include liquidity ratios; capital structure indicators (sustainability ratios); profitability ratios; business activity ratios.

The degree of solvency of the enterprise is usually assessed using financial liquidity ratios:

1. The absolute liquidity ratio is calculated as the ratio of cash and marketable short-term securities to the current - short-term debt:

In world practice, the value of the absolute liquidity ratio equal to 0.2 - 0.3 is considered sufficient, that is, the company can immediately repay 20 - 30% of current liabilities.

2. The liquidity ratio is defined as the ratio of cash, short-term financial investments and receivables to current liabilities:

According to estimates accepted in international practice, the value of the coefficient should be 0.8 - 1.

3. The overall coverage ratio, often referred to simply as the coverage ratio, gives an overall assessment of the company's solvency. The coverage ratio is of interest to buyers and holders of the company's shares and bonds. It is calculated by the formula

The normal value of this coefficient is 2.0-2.5.

Financial stability and autonomy reflects the structure of the balance sheet (the ratio between the individual sections of the asset and liability), which is characterized by several indicators.

1. The coefficient of autonomy characterizes the dependence of the enterprise on external loans. The lower the value of the coefficient, the more loans the company has, the higher the risk of insolvency. The low value of the coefficient also reflects the potential risk of an enterprise having a cash shortage:

It is considered normal if the value of the autonomy coefficient is greater than 0.5, that is, the financing of the enterprise's activities is carried out by at least 50% from its own sources.

2. The share of borrowed funds is determined by the formula

This ratio shows how much borrowed funds the company attracted for 1 rub. own funds invested in assets.

3. The investment ratio - the ratio of borrowed and own funds - is another form of presentation of the financial independence ratio:

Profitability ratios. In addition to the profitability ratios already considered, when analyzing the financial condition, other modifications are also calculated that characterize various aspects of the enterprise's activities.

1. Sales profitability ratio. Shows the share of net profit in the sales volume of the enterprise:

2. The return on equity ratio allows you to determine the efficiency of the use of capital invested by the owners of the enterprise. Usually this indicator is compared with a possible alternative investment in other securities. The return on equity shows how many monetary units of net profit each unit invested by the owners of the company earned:

3. Return on current assets. Demonstrates the ability of the enterprise to ensure a sufficient amount of profit in relation to the working capital used by the company. The higher the value of this coefficient, the more efficiently working capital is used:

4. The profitability ratio of non-current assets demonstrates the ability of the enterprise to provide a sufficient amount of profit in relation to the company's fixed assets. The higher the value of this ratio, the more efficiently fixed assets are used:

5. The return on investment ratio shows how many monetary units it took the company to obtain one monetary unit of profit. This indicator is one of the most important indicators of competitiveness:

Business activity ratios allow you to analyze how effectively the company uses its funds. Among these coefficients are considered such indicators as capital productivity, when it comes to non-current assets, the turnover of working capital, as well as the turnover of all capital.

Enterprises, as well as the level of efficiency of their use. Optimization of the financial condition of the enterprise is one of the main conditions for its successful development in the future. At the same time, the crisis financial condition of the enterprise creates a serious threat of its bankruptcy.

The level of the financial condition of the enterprise is characterized by a number of elements, the main of which are:

1. Solvency level. It allows you to characterize the ability of an enterprise to pay its financial obligations in a timely manner, depending on the state of liquidity of assets (see).
2. Level of financial stability. It allows you to determine the level of financial risk associated with the formation of the structure of capital sources, and, accordingly, the degree of stability of the financial base for the development of an enterprise in the coming period (see),
3. Asset turnover rate. It allows you to determine the level of commercial activity of the enterprise, showing how quickly certain types of its assets turn around in the course of its operating activities (see).
4. Capital turnover rate. It allows you to determine how effectively equity capital, as well as certain types of borrowed funds, are used in the course of the business of the enterprise (see).
5. The level of profitability of economic activity. It allows you to assess the ability of an enterprise to generate the necessary profit in the course of its business activities (see).
6. Level of financial flexibility. It allows you to determine the ability of an enterprise to quickly generate the required amount of financial resources, while evaluating the optimal composition of their sources (see).

Conducting an integral assessment of the financial condition of an enterprise is usually based on the use of the "DuPont Model" (see).

The financial condition of the enterprise determines the competitiveness of the enterprise, its potential in business cooperation, is the guarantor of the effective implementation of the economic interests of all participants in economic activity.

The financial condition of the enterprise can be assessed as:

• absolutely normal and stable (if there are no non-payments and the reasons for their occurrence, i.e. the company receives regular revenue, profit, observes internal and external financial discipline);
• unstable (when there are violations of financial discipline (delays in wages, use of funds from the reserve fund, etc.), interruptions in the flow of money to settlement accounts and payments, irregular receipt of revenue, profits);
• crisis (when regular non-payments are added to the signs of instability).

Crisis can be:

• 1st stage - the presence of overdue loans to banks;
• 2nd - the presence, in addition, of overdue debts to suppliers for inventory items;
• 3rd - the presence of arrears in payments to budgets and non-budgetary funds, and all this borders on.

The financial condition of the enterprise is determined on the basis of a general assessment of the financial and economic indicators of the enterprise for the reporting period, an assessment of its financial stability, current liquidity, turnover of working capital and analysis of its cash flows.

Sources of information for assessing the financial condition of the enterprise - and their use, other forms, bank statements on the accounts of the enterprise, statistical reporting. In a general assessment of financial and economic indicators, enterprises consider the dynamics of the total value of property, equal to the balance sheet total, respectively, at the beginning and end of the reporting period. Its increase in normal production conditions is assessed as a positive phenomenon. The dynamics of the balance sheet results is compared with the dynamics of production and sales of products and profits. Higher growth rates of these indicators in comparison with the growth rates of the balance sheet results indicate an improvement in the financial condition of the enterprise. The financial stability of an enterprise is assessed using a number of indicators - financial autonomy and profitability.

The financial condition of the enterprise is characterized by a set of indicators reflecting the process of formation and use of its financial resources. In a market economy, the financial condition of an enterprise reflects the final results of its activities. These results are of interest not only to managers and owners of the enterprise itself, but also to its partners in economic activity, state, financial, tax authorities, etc.:

• for managers of the enterprise and, first of all, financial managers, it is important to evaluate the effectiveness of their decisions, the resources used in economic activities and the financial results obtained;
• owners, including shareholders, need to know what will be the return on investment in the enterprise, the profitability of the enterprise, as well as the level of economic risk;
• lenders and investors are interested in the possibility of returning loans and the possibility of implementing investment projects and their payback periods;
• it is important for suppliers to evaluate payment for delivered products, etc.

To assess the financial condition of the enterprise, the following methods are used: comparison, grouping, the method of chain substitutions.

IN comparison method financial indicators of the reporting period are compared with indicators for the previous period or with planned indicators

When analyzing the financial condition grouping method two types of groupings are used: structural and analytical. IN structural groupings economic indicators are grouped on the basis of similarity. Analytical groupings necessary to identify the relationship between economic indicators and the disclosure of averages and deviations from averages.

The financial and economic activity of the enterprise is the interaction of a large number of factors. To diagnose the financial condition, it is advisable to study the influence of each factor separately. IN chain substitution method concepts have been developed to study the influence of a single factor on the aggregate financial indicator.

There are six mechanisms for analyzing and evaluating the financial condition of an organization:

1. Horizontal analysis. It compares the positions of this reporting period with the previous one.
2. Vertical (structural) analysis. It determines the structure of indicators and assesses the influence of factors on the overall result.
3. Trend analysis. It studies the trend in the dynamics of financial indicators by comparing a specific financial indicator of a given reporting period with previous periods and determining the trend.
4. Analysis of relative indicators (coefficients). In this analysis, the ratio between individual reporting positions is calculated, the relationship between individual indicators is revealed.
5. Comparative analysis. It compares the financial performance of the enterprise and its branches.
6. Factor analysis. With this method of analysis, the influence of individual factors on the overall result is studied using statistical techniques.

The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. And vice versa, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in it, a decrease in the amount and, as a result, a deterioration in the financial condition of the enterprise and its solvency.

A stable financial position, 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 should be aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

The main goal of financial activity is reduced to one strategic task - to increase the assets of the enterprise. To do this, it must constantly maintain solvency and profitability, as well as the optimal structure of the asset and liability balance.

The main tasks of analyzing the financial condition of the enterprise:

1. Timely identification and elimination of shortcomings in financial activities and the search for reserves to improve the financial condition of the enterprise and its solvency.
2. Forecasting possible financial results, economic profitability based on the actual conditions of economic activity and the availability of own and borrowed resources, developing models of financial condition for various options for using resources.
3. Development of specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

To assess the financial condition of the enterprise, its sustainability, a whole system of indicators is used that characterizes:

• availability and allocation of capital, efficiency and intensity of its use;
• the optimality of the structure of the enterprise's liabilities, its financial independence and the degree of financial risk;
• optimality of the structure of the enterprise's assets and degree;
• optimality of the structure of sources of formation;
• solvency and enterprises;
• risk of bankruptcy () of a business entity;
• stock of its financial stability (zone of break-even sales volume).

The analysis of the financial condition of the enterprise is based mainly on relative indicators, since the absolute balance sheet indicators in terms of inflation are very difficult to bring into a comparable form.

The relative indicators of the analyzed enterprise can be compared:

• with generally accepted "norms" for assessing the degree of risk and predicting the possibility of bankruptcy;
• with similar data from other enterprises, which allows you to identify the strengths and weaknesses of the enterprise and its capabilities;
• with similar data for previous years to study trends in the improvement or deterioration of the financial condition of the enterprise.

The analysis of the financial condition is carried out not only by the managers and relevant departments of the enterprise, but also by its founders, investors in order to study the efficiency of the use of resources, banks - to assess credit conditions and determine the degree of risk, suppliers - to receive payments in a timely manner, tax inspectorates - to fulfill the revenue plan funds to the budget, etc. In accordance with this, the analysis is divided into internal and external.

Internal analysis of the financial condition of the enterprise conducted by the services of the enterprise and its results are used to plan, control and predict the financial condition of the enterprise. Its goal is to ensure the systematic flow of funds and place own and borrowed funds in such a way as to create conditions for the normal functioning of the enterprise, maximizing profits and eliminating the risk of bankruptcy.

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

In market conditions, the key to survival and the basis for the stable position of the enterprise is its financial condition. The financial condition is a set of indicators reflecting the availability and efficiency of placement and use of financial resources. It reflects such a state of financial resources in which the enterprise, freely maneuvering cash, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as its expansion and renewal.

Determining the boundaries of the financial condition of enterprises is one of the most important economic problems in the transition to a market economy, since insufficient financial stability can lead to a lack of funds for enterprises to develop production, their insolvency and, ultimately, to bankruptcy, and "excessive" stability will hinder development, burdening the costs of the enterprise with excessive stocks and reserves.

Firstly, the financial condition is understood as a characteristic of the placement of the enterprise's funds and their dynamics in the process of reproduction, which also reflects the ability of the enterprise to further develop.

The financial condition, according to Markaryan E.A., is a set of indicators reflecting his ability to repay debt obligations. Financial activities cover the processes of formation, movement and preservation of the property of the enterprise, control over its use. The financial condition is the result of the interaction of all elements of the system of financial relations of the enterprise.

HELL. Sheremet and R.S. Saifulin note that "... the financial condition of an enterprise is characterized by the composition and allocation of funds, the structure of their sources, the rate of capital turnover, the ability of the enterprise to repay its obligations on time and in full, as well as other factors" .

G.V. Savitskaya interprets the financial condition of an enterprise as an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-develop at a fixed point in time.

Some definitions emphasize the planning and control aspect. M.I. Bakanov, A.D. Sheremet indicate: "The financial condition of enterprises characterizes the placement and use of funds, the degree of replenishment of own funds from profits and other sources, if it is provided for by the plan, as well as the rate of turnover of production assets and especially working capital."

Secondly, the financial condition is considered as an integral part of the economic potential of the enterprise, reflecting the financial results of its activities.

In particular, V.V. Kovalev believes that the analysis of the financial condition is based on the concept of the economic potential of a commercial organization and its permanent changes over time. Economic potential is understood as "... the ability of an enterprise to achieve its goals, using its material, labor and financial resources" .

There are two sides of the economic potential: property status and financial condition.

The property position is characterized by the size, composition and condition of the assets owned and managed by the enterprise. It will change over time due to various factors, the main of which is the financial results achieved over the past period. The financial condition is determined by the financial results achieved during the reporting period, shown in the income statement, and, in addition, is described by some balance sheet items, as well as the ratios between them.

At the same time, from a short-term perspective, they talk about the liquidity and solvency of the enterprise, and in the long term, about its financial stability.

Thirdly, there is an accounting and analytical approach to determining the financial condition as a set of indicators of the financial statements of an enterprise.

L.T. Gilyarovskaya under the assessment of the financial condition means a part of the financial analysis, characterized by "... a certain set of indicators reflected in the balance sheet as of a certain date (the beginning and end of a quarter, six months, nine months, a year) as balances on specific accounts or a set of accounting accounts. Financial the state of the organization characterizes in the most general form changes in the allocation of funds and sources of their coverage (own or borrowed) at the end of the period compared to their beginning.

Fourthly, the financial condition is understood as a characteristic of the investment attractiveness of an enterprise, its competitiveness in the financial market.

In particular, I.T. Balabanov defines the financial condition of an economic entity as a characteristic of its financial competitiveness (i.e. solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other economic entities.

At the same time, Lyubushin N.P. emphasizes that financial condition is the ability of an organization to finance its activities. It is characterized by the availability of financial resources necessary for normal functioning, their appropriate placement and effective use, financial relationships with other legal entities and individuals, solvency and creditworthiness, and financial stability.

Analysis of the financial condition of the enterprise allows you to obtain indicators that are the basis of a comprehensive analysis. A stable financial condition and good financial results can determine the competitiveness of an enterprise. The financial position of the enterprise is the result of managing all its financial and economic activities and thus determines its comprehensive assessment.

The most generalized and important indicators for evaluating profitability are indicators of the profitability of economic activity. The overall profitability of an enterprise is the ratio of balance sheet profit to assets. Return on equity - the ratio of net profit to the value of equity capital. Return on assets - net profit of the enterprise for 1 rub. total assets. Its turnover is closely related to the return on capital, which serves as one of the most important indicators characterizing the intensity of the use of enterprise funds and its business activity.

One of the indicators characterizing the financial position of an enterprise is its solvency, i.e. opportunity to pay off their payment obligations with cash resources in a timely manner .

Solvency is a momentary characteristic of an enterprise, reflecting the availability of free settlement funds in an amount sufficient for the immediate repayment of creditors' claims, which cannot be rolled over.

The assessment of solvency on the balance sheet is carried out on the basis of the characteristics of the liquidity 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. The liquidity of the balance sheet is the ability of a business entity to turn assets into cash and pay off its payment obligations, or rather, it is the degree of coverage of the company's debt obligations by its assets, the period of conversion of which into cash corresponds to the maturity of payment obligations. It depends on the extent to which the amount of available means of payment corresponds to the amount of short-term debt obligations.

The liquidity of the enterprise is a more general concept than the liquidity of the balance sheet. The liquidity of the balance sheet involves finding means of payment only from internal sources (realization of assets). But the company can attract borrowed funds from outside.

The concepts of solvency and liquidity are very close, but the second is more capacious. Its 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 entity may be solvent at the balance sheet date but have adverse future opportunities, and vice versa.

The relationship between various types of liquidity and the solvency of the enterprise is shown in the diagram in fig. 1.

Figure 1 - The relationship of various types of liquidity and solvency of the enterprise

Analysis of the liquidity of the balance sheet consists in comparing the assets of the asset, grouped by the degree of diminishing liquidity, with short-term liabilities of the liability, which are grouped by the degree of urgency of their repayment. The interconnection of groups of assets by the degree of liquidity and liabilities by the degree of urgency of their repayment can be illustrated by the diagram in Fig. 2.

Figure 2 - Interrelation of groups of assets by the degree of liquidity and liabilities by the degree of urgency of their repayment

So, the solvency of an enterprise is the ability to fulfill its external (short-term and long-term) obligations using its assets. Solvency ratio () is determined by the ratio:

The ratio measures the financial risk, i.e. the likelihood of bankruptcy. A high solvency ratio reflects minimal financial risk and good opportunities to raise additional funds from outside. Absolute liquidity ratio () is determined by the ratio:

The most liquid assets include cash and short-term financial investments. The standard of this coefficient is 0.2, which means that the company can pay 20% of the debt immediately.

Quick liquidity ratio () is determined by the ratio:

Marketable assets are the sum of the most liquid assets and short-term receivables. The standard for this coefficient: 0.7-0.8.

The overall liquidity ratio () is determined by the ratio:

The standard for this coefficient: 2.0. The higher the liquidity ratios, the higher the firm's solvency. The coverage ratio () is determined by the ratio:

The ratio shows the extent to which the company's short-term debt is covered by its current assets. The choice and use of certain indicators is dictated by the goals of the analysis. It should be noted that in order to determine the real state of affairs of an enterprise, it is necessary to analyze its balance sheet and key indicators for at least three years. In addition, to characterize the financial stability of an enterprise, the following coefficients are analyzed:

1. The coefficient of financial independence or the share of equity in the balance sheet. The standard for this coefficient: 0.5. The decrease in equity capital in dynamics shows the weakening of the enterprise's capabilities in its development.

2. The coefficient of financial stability or the share of the amount of equity and long-term liabilities in the balance sheet. The standard for this coefficient: 0.6.

3. The concentration ratio of attracted capital or the share of borrowed capital in the balance sheet. The standard for this coefficient: 0.5. An increase in the amount of borrowed capital increases the financial dependence of the enterprise on creditors.

4. Capitalization ratio or the ratio of borrowed and own funds. The growth of this ratio also means an increase in the financial dependence of the enterprise. Standard: 0.1.

5. The coefficient of maneuverability of equity or the share of own working capital in equity. Own current assets are characterized by the amount of own capital without the value of non-current assets. Standard: 0.6.

6. Coefficient of providing current assets with own sources, showing what part of current assets is financed from working capital. Standard: 0.1.

Most organizations go through boom and bust phases, and many of them are approaching or going bankrupt. The causes of failures are defined in different ways and their precursors are different (Figure 3).

Ups and downs in the activity of the enterprise should be considered as an interaction of factors, some of which are external to it - the enterprise cannot influence them. Other factors are internal. As a rule, they depend on the organization of the work of the enterprise itself. The bankruptcy of an enterprise is the result of a joint negative effect of both those and other factors, the share of the "contribution" of which may be different. In developed countries with a stable political and economic system, external factors are involved in bankruptcy by 1/3 and by internal factors by 2/3. The ability of an enterprise to adapt to changing technological, economic and social factors is a guarantee not only of survival, but also of its prosperity.

Figure 3 - Factors affecting the insolvency of the organization

So, we examined the definition of financial condition from different points of view of different authors. And from the foregoing, we can conclude that the definition of the boundaries of the financial condition of enterprises is one of the most important economic problems in the transition to a market economy, since if an enterprise is financially stable and solvent, then it has advantages over other enterprises of the same profile in attracting investments, in obtaining loans, in the selection of suppliers and the selection of qualified personnel.

Application for assessment of the financial condition of the enterprise

It is one of the key points of its assessment, as it serves as the basis for understanding the true state of the enterprise. Financial analysis is the process of researching and evaluating an enterprise in order to develop the most reasonable decisions for its further development and understanding of its current state.Under the financial condition refers to the ability of the company to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.The results of financial analysis directly affect the choice of valuation methods, forecasting the income and expenses of the enterprise, determining the discount rate used in the discounted cash flow method, and the value of the multiplier used in the comparative approach.

Analysis of the financial condition of the enterprise includes the analysis of balance sheets and reports on the financial results of the evaluated enterprise for the past periods in order to identify trends in its activities and determine the main financial indicators.

Analysis of the financial condition of the enterprise involves the following steps:

• Analysis of property status
• Analysis of financial results
• Analysis of the financial condition

1. Analysis of property status

In the course of the functioning of the enterprise, the value of assets, their structure undergo constant changes. The most general idea of ​​the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of reporting.

Vertical analysis shows the structure of enterprise funds and their sources. Vertical analysis allows you to move on to relative estimates and conduct economic comparisons of the economic performance of enterprises that differ in the amount of resources used, smooth out the impact of inflationary processes that distort the absolute indicators of financial statements.

Horizontal analysis of reporting consists in the construction of one or more analytical tables in which absolute indicators are supplemented by relative growth (decrease) rates. The degree of aggregation of indicators is determined by the analyst. As a rule, basic growth rates are taken for a number of years (contiguous periods), which makes it possible to analyze not only the change in individual indicators, but also to predict their values.

Horizontal and vertical analyzes complement each other. Therefore, in practice, it is not uncommon to build analytical tables that characterize both the structure of financial statements and the dynamics of its individual indicators. Both of these types of analysis are especially valuable in inter-farm comparisons, as they allow you to compare the statements of enterprises that differ in type of activity and production volumes.

2. Analysis of financial results

Profitability indicators are relative characteristics of the financial results and performance of the enterprise. They measure the profitability of an enterprise from various positions and are grouped according to the interests of the participants in the economic process, market volume. Profitability indicators are important characteristics of the factor environment for the formation of profits and income of enterprises. The effectiveness and economic feasibility of the operation of an enterprise are measured by absolute and relative indicators: profit, gross income, profitability, etc.

3. Analysis of the financial condition

3.1. Assessment of the dynamics and structure of balance sheet items

The financial condition of the enterprise is characterized by the placement and use of funds and sources of their formation.For a general assessment of the dynamics of the financial condition, balance sheet items should be grouped into separate specific groups on the basis of liquidity and maturity of obligations (aggregate balance sheet). On the basis of the aggregated balance sheet, an analysis of the structure of the enterprise's property is carried out. Directly from the analytical balance sheet, you can get a number of the most important characteristics of the financial condition of the enterprise.Dynamic analysis of these indicators allows you to set their absolute increments and growth rates, which is important for characterizing the financial condition of the enterprise.

3.2. Analysis of liquidity and solvency of the balance sheet

The financial position of the enterprise can be assessed from the point of view of the short and long term. In the first case, the criteria for assessing the financial position are the liquidity and solvency of the enterprise, i.e. the ability to timely and in full make settlements on short-term obligations.The task of analyzing the liquidity of the balance sheet arises in connection with the need to assess the creditworthiness of the organization, i.e. its ability to timely and fully pay all its obligations.

Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities. Liquidity of the balance sheet should be distinguished from the liquidity of assets, which is defined as the temporary value necessary to convert them into cash. The less time it takes for this type of asset to turn into money, the higher their liquidity.

Solvency means that the enterprise has cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment. Thus, the main signs of solvency are: a) the presence of sufficient funds in the current account; b) the absence of overdue accounts payable.

Obviously, liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the Company's assets can be divided into the following groups:

A1. Most liquid assets- these include all items of cash assets of the enterprise and short-term financial investments. This group is calculated as follows: (line 260+line 250)

A2. Quick Selling Assets- accounts receivable, payments on which are expected within 12 months after the reporting date: (line 240+line 270).

A3. Slow selling assets- items in section II of the balance sheet asset, including inventories, value added tax, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets:

A4. Difficult-to-sell assets- articles of section I of the balance sheet asset - non-current assets: (line 110 + line 120-line 140)

Liabilities of the balance are grouped according to the degree of urgency of their payment.

P1. Most urgent obligations- these include accounts payable: (line 620 + line 670)

P2. Short-term liabilities- these are short-term borrowed funds, and other short-term liabilities: (line 610 + line 630 + line 640 + line 650 + line 660)

P3. Long-term liabilities- these are balance sheet items related to sections V and VI, i.e. long-term loans and borrowings, as well as debt to participants for the payment of income, deferred income and reserves for future expenses: (line 510 + line 520)

P4. Permanent liabilities or sustainable- these are articles of the IV section of the balance sheet "Capital and reserves". (p. 490-p. 217). If the organization has losses, then they are deducted:

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities.

The balance is considered absolutely liquid if the following ratios take place:

A1 > P1; A2 > P2; A3 > P3; A4

If the first three inequalities are satisfied in this system, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups by asset and liability.

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

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

Current liquidity of TL, which indicates the solvency (+) or insolvency (-) of the organization for the nearest time period to the moment in question:

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

Prospective liquidity of PL is a forecast of solvency based on a comparison of future receipts and payments:

PL \u003d A3 - P3

The analysis of financial statements and liquidity of the balance sheet carried out according to the above scheme is approximate. More detailed is the analysis of financial indicators and ratios.

3.3. Analysis of financial independence and capital structure

An assessment of the financial condition of an enterprise will be incomplete without an analysis of financial stability. Financial independence - a certain state of the company's accounts, guaranteeing its constant solvency.

An analysis of financial independence for a particular date allows you to answer the question: how correctly did the organization manage financial resources during the period preceding this date. The essence of financial independence is determined by the effective formation, distribution and use of financial resources. An important indicator that characterizes the financial condition of the enterprise and its independence is the availability of material working capital from its own sources, i.e. financial independence is the provision of reserves with sources of their formation, and solvency is its external manifestation. It is important not only the ability of the enterprise to return borrowed funds, but also its financial stability, i.e. financial independence of the enterprise, the ability to maneuver with its own funds, sufficient financial security for an uninterrupted process of activity.

The tasks of analyzing the financial stability of an enterprise are to assess the size and structure of assets and liabilities - this is necessary in order to find out:

a) how independent the enterprise is from a financial point of view;

b) the level of this independence increases or decreases and whether the state of assets and liabilities meets the objectives of the financial and economic activities of the enterprise.

Financial independence is characterized by a system of absolute and relative indicators. Absolute are used to characterize the financial situation arising within the same enterprise. Relative - to characterize the financial situation in the economy, they are called financial ratios.

The most general indicator of financial independence is the excess or lack of a source of funds for the formation of reserves. The meaning of the analysis of financial independence using an absolute indicator is to check what sources of funds and in what amount are used to cover stocks.

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The financial condition of an enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time.

Thus, a comprehensive assessment of the financial condition of an enterprise is based on a system of financial ratios. Characterizing the structure of the sources of capital formation and its placement, the balance between the assets and liabilities of the enterprise, the efficiency and intensity of the use of capital, the liquidity and quality of assets, etc. for this purpose, the dynamics of each indicator is studied, comparisons are made with average and standard values ​​for the industry.

Indicators characterizing the financial condition can be divided into groups, reflecting various aspects of the financial condition of the enterprise. These include liquidity and solvency ratios; financial stability ratios; profitability ratios; business activity ratios.

Liquidity and solvency assessment.

The financial condition of the enterprise from a short-term perspective is assessed by indicators of liquidity and solvency, in the most general form characterizing whether it can timely and in full make settlements on short-term obligations to counterparties.

Therefore, speaking about the liquidity and solvency of an enterprise as characteristics of its current financial condition, it is quite logical to compare short-term liabilities with current assets as their real and economically justified provision.

The liquidity of an asset is understood as its ability to be transformed into cash in the course of the envisaged production and technological process, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets.

In other words, liquidity means a formal excess of current assets over short-term liabilities.

Solvency means that the enterprise has cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment. The main features of solvency are: the presence of sufficient funds in the current account; no overdue accounts payable.

Thus, the concepts of solvency and liquidity are very close, but the second is more capacious. The solvency of the enterprise depends on the degree of liquidity of the balance sheet.

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

1. The absolute liquidity ratio (the rate of cash reserves) is determined by the ratio of cash and short-term financial investments to the total amount of short-term debts of the enterprise. Its level shows what part of short-term liabilities can be repaid at the expense of available cash.

2. Quick (urgent) liquidity ratio - the ratio of cash, short-term financial investments and short-term receivables, payments on which are expected within 12 months after the reporting date, to the amount of short-term financial liabilities. A ratio of 0.8-1 usually satisfies.

3. Current liquidity ratio (general debt coverage ratio) - the ratio of the total amount of current assets, including reserves minus deferred expenses, to the total amount of short-term liabilities. It shows the extent to which current assets cover current liabilities. Satisfies usually a coefficient > 0.2.

Assessment of financial stability.

The key to the survival of an enterprise in a market economy is its financial stability, that is, the ability of an enterprise to carry out its current activities.

Financial stability ratios include:

1. The coefficient of security of current assets (OA) with own working capital (K OB. SOS). This indicator characterizes the degree of provision with own working capital of the enterprise. The normative value of the coefficient is > 0.1.

2. The coefficient of security of material reserves with own working capital (K OB. MZ). Shows the extent to which inventories (W) are covered by own sources. The normative value of the coefficient = 0.5 - 0.8.

3. The coefficient of maneuverability of own capital (To MSK). Shows how mobile the company's own sources of funds are from a financial point of view and is determined by the ratio of own working capital to the sum of sources of own funds (KR). Level = 0.5 is considered optimal.

4. Permanent asset index (K IPA). Shows the ratio of non-current assets (VNA) of the enterprise to its own funds (KR).

5. The coefficient of long-term borrowing (To DZ). Reflects the ratio of the amount of long-term loans and borrowings (DC) to equity (CR). This ratio shows how intensively the company uses borrowed funds to upgrade production.

6. Coefficient of the real value of property (K RSI). It is calculated as the ratio of the total value of own funds (F) and inventories (Z) to the value of the organization's assets (A). Determines what proportion of the value of property is the means of production. The standard value of this indicator is approximately 0.5.

7. Coefficient of autonomy (concentration of equity capital) (K A), which is calculated as the ratio of equity capital (CR) to the balance sheet currency (B). What is the normative value of this coefficient? 0.6.

8. Coefficient of financial dependence (K FZ) (concentration of borrowed capital), which is calculated as the ratio of borrowed funds to the balance sheet currency. Normative meaning? 0.4.

9. Ratio of financial activity (shoulder of financial leverage) (K FA). Reflects the ratio of borrowed and own funds of the enterprise.

10. The financing ratio (K FIN) is the ratio of own and borrowed funds. Normative value of the funding ratio? 1.

11. The coefficient of financial stability (the share of long-term sources of financing in assets) (To FU), is calculated as the ratio of own (KR) and long-term borrowed sources (DK) to the balance sheet currency (B).

Profitability assessment.

Profitability is the degree of profitability, profitability, profitability of a business. It is measured using a whole system of relative indicators that characterize the efficiency of the enterprise as a whole, the profitability of various activities, the profitability of the production of certain types of products and services.

In the practice of economic analysis, two groups of profitability indicators are distinguished: profitability of products; return on capital.

Product profitability includes the following indicators:

1) profitability of certain types of products (R PROD);

2) product profitability (R PR);

3) marginal profitability (R PREV).

Return on equity indicators include:

1) return on assets (R A);

2) profitability of non-current assets, fixed assets;

3) profitability of current assets (R TA);

4) profitability of production assets;

5) profitability of financial investments.

Assessment of business activity.

In a broad sense, business activity means the whole range of efforts aimed at promoting the company in the product, labor, and capital markets. In the context of managing the financial and economic activities of an enterprise, this term is understood in a narrower sense - as its current production and commercial activities.

The business activity of an enterprise is measured using a system of quantitative and qualitative indicators.

The qualitative characteristics of the enterprise's business activity include: the breadth of sales markets, the business reputation of the enterprise, its competitiveness, the presence of regular suppliers and buyers of finished products.

Quantitative indicators of business activity are characterized by absolute and relative indicators.

The absolute indicators include: sales volumes, profit, amount of advanced capital.

Relative indicators of business activity characterize the efficiency of resource use. These include:

1. Turnover of all assets (K OA). Shows the rate of turnover of all advanced capital, i.e. the number of turnovers made by him for the analyzed period.

2. Period of asset turnover (T OA). It characterizes the duration of one turnover of the advanced capital (in days).

3. The turnover ratio of non-current assets (K O.VA).

4. Turnover of current assets - characterizes the rate of turnover of current assets (K OOA).

5. The turnover of material working capital characterizes the rate of turnover of tangible assets (TO O.MA).

6. The turnover of receivables (To ODZ) characterizes the rate of turnover of the company's funds invested in receivables.

7. The volume of sales per employee is the ratio of sales proceeds to the average number of employees.

In addition to these indicators, others can be used to assess business activity.

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