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Analysis of the financial and economic state of the enterprise, organization. Sections: analysis of the financial and economic state




Financial and economic condition - one of the most important characteristics of the enterprise. It depends on the results of the production, commercial and financial and economic activities of the enterprise.

Profit is an increase in property, damage is its decrease. Property and money are not the same thing, they are only measured in monetary units. The profit received in the reporting period is almost never equal to the amount of cash account balances. Profit is an increase in property, not cash balances. It is possible to make a significant profit (positive financial result), but not receive payment from buyers on time, and, as a result, not be able to pay off even those obligations that arose as a result of expenses related to expected and already reflected income. Wages are expensed when they are considered earned. Consequently, this amount will necessarily affect the formation of the financial result, and therefore, cannot be ignored when drawing up the balance sheet and the income statement. However, the amount not yet paid to employees cannot reduce cash balances.

The above arguments testify to the impossibility of assessing the success of an enterprise based on an analysis of its financial results. In addition, a general analysis of the financial and economic condition of the enterprise should be carried out, on the basis of which it is possible to find out the real picture of not only the level of profitability of the enterprise, but also its ability to repay loans in a timely manner, pay off suppliers, etc.

The analysis of the financial and economic state of the enterprise is carried out on the basis of the following documents of the financial (accounting) statements of the enterprise.

Balance - a document that reflects the financial condition of the company on a certain date. It lists the assets and liabilities of the company. Assets are what an enterprise owns and what is owed to it; liabilities are the amounts owed by the enterprise. The value of assets should always equal the value of liabilities.

Statement of financial results - a statement of income, current costs and financial results obtained by the enterprise for a certain period.

Cash flow statement - a document reflecting the receipt and expenditure of funds as a result of the activities of the enterprise in the reporting period.

Statement of equity - a report that characterizes changes in the composition of the company's equity capital during the reporting period.

Notes to the annual financial statements:

The balance sheet consists of an asset and a liability.

The assets of the balance sheet of the enterprise are divided into the following sections:

I. - non-current assets; II. - current assets; W. - deferred expenses.

The balance sheet liabilities of the enterprise include the following sections:

Equity;

Ensuring subsequent expenses and payments;

Long term duties;

Current responsibility;

Revenue of the future periods.

Consider, as an example, the balance sheet of a conditional enterprise (Table 10.7).

Table 10.7. V

The financial and economic condition of the enterprise must be systematically assessed using various methods, techniques and methods of analysis.

The main areas of analysis of the financial and economic condition of the enterprise are:

Economic assessment of the balance of the enterprise;

Characteristics of the property of the enterprise and the sources of its formation;

Analysis of liquidity and solvency of the enterprise;

Analysis of the financial stability and stability of the enterprise;

Analysis of the business activity of the enterprise;

Analysis of financial results and profitability of activities.

The financial condition of the enterprise is evaluated according to the indicators presented in table. 10.8.

Table 10.8. Classification of the main indicators for assessing the financial condition of an enterprise, as of the end of the year

Index

Calculation procedure

Assessment of the property stage of the enterprise

1. The amount of economic assets managed by the enterprise

Balance currency (balance total) UAH 6457.3 thousand

2. The structure of the company's assets

The ratio between a group of assets and their total value:

Share of intangible assets:

5,3: 6457,3 100 = 0,1;

Share of fixed assets:

3157.8: 6457.3 o 100 = 48.9;

Share of current assets:

1639.0: 6457.3 o 100 - 25.3%

3. Depreciation rate of fixed assets

Depreciation amount: The original cost of fixed assets on the balance sheet

751.5: 3909.3 o 100 = 19.2%

As of January 1, 2002, the total amount of assets controlled by the enterprise is UAH 6,457.3 thousand, of which the vast majority - 48.9% - are fixed assets, the degree of depreciation of which is 19.2%. Almost 1/4 part (25.3%) of resources falls on current assets

Liquidity and solvency assessment

The liquidity of an enterprise is the ability of an enterprise to quickly realize assets and receive money to pay its obligations. Liquidity is characterized by the ratio of highly liquid assets and short-term debt. Solvency - the ability of the enterprise to fulfill its payment obligations in a timely manner and in full.

1. The amount of equity capital

The result of section 1 of the liability of the balance sheet is 5765.8 thousand UAH

2. Maneuverability of funds

Cash: Equity 85.2: 5765.8 = 0.15

3. Current liquidity ratio (total coverage ratio)

Current assets: Current liabilities 1629.0: 691.5 = 2.36 >1

4. Quick liquidity ratio (intermediate coverage ratio)

(Cash and cash equivalents + + Accounts receivable) : current liabilities

5. Solvency ratio (absolute liquidity ratio)

Cash: Current liabilities 85.3: 691.5 = 0.12< 0,2

6. The share of stocks in current assets

Stocks: current assets

636,4:1639 100 = 38,7%

7. Coefficient of critical evaluation

(Cash + Marketable Securities + Accounts Receivable): current liabilities

(85,3 + (499,9 + 19,9 + 14,3)): 691,5 = 0,9

The volume of the company's own capital as of January 1, 2002 is UAH 6,765.8 thousand. The value of the current liquidity ratio (2.36) significantly exceeds one, which is considered normal. However, the absolute liquidity ratio (0.12) is lower than the recommended value (0.2) and indicates that only 12% of the amount of current liabilities the company is able to repay immediately

Assessment of financial stability and stability of the enterprise

1. Coefficient of autonomy (independence)

Equity capital: Balance currency 5765.8: 6457.3 = 0.89 > 0.5

2. Financial stability ratio

Equity: (Current Liabilities + Deferred Income)

5765,8: (691,5 + 0) = 8,3 > 1

3. Financial independence ratio

Equity: (Securing future expenses and payments + Long-term liabilities + Current liabilities + + Deferred income)

5765,8: (0 + 0 + 691,6 + 0) = 8,3

4. Ratio of borrowed and own funds

(Target Financing + Long-Term Liabilities + Current Liabilities + + Deferred Income): Equity

(0 + 0 + 691,5 + 0): 5765,8 - 0,12

5. The coefficient of maneuverability of own funds

(Equity - Non-current assets):

Equity

(6765,8 - 4816,5); 5765,8 = 0,16

6. Coefficient of financial dependence

Assets: Equity

6457,3:5765,8 = 1,12

The value of the autonomy coefficient (0.89) indicates that 89% of the company's assets are formed from its own funds, which indicates the significant financial stability of the company and independence from creditors. The financial stability ratio (8.3) indicates that equity capital is 8.3 times higher than the current liabilities of the enterprise. The coefficient of financial independence characterizes the share of equity in the total debt of the enterprise. In this case, its value coincides with the value of the financial stability ratio, since the company does not have long-term obligations. The low level of borrowing is also evidenced by the value of the ratio of borrowed and own funds. Only 12% are borrowed funds from the value of the equity capital of the enterprise

Assessment of the business activity of the enterprise

1. Asset rotation ratio

Net sales income: Assets 12,734.1: 6457.3 = 1.97

2. The coefficient of rotation of mobile assets (working capital)

Net income from sales: The result of II and III sections of the asset balance

12 734,1: (1639,0 + 1,8) - 7,76

3. Average circulation time of working capital

Number of days in the period: Working capital rotation ratio

360: 7.76 = 46.4 days

4. Rotation ratio of finished products

Net sales income: Finished products

12 734,1: 318,3 = 40,0

5. Equity rotation ratio

Sales proceeds: Equity 12,734.1:5765.8 = 2.2

6. Return of non-current assets

Sales proceeds: Non-current assets 12,734.1: 4816.5 = 2.65

The values ​​of the rotation coefficients indicate the number of turnovers that certain assets or the capital of the enterprise made during the year. For example, the working capital of the enterprise turned into a vow 7.76 times. The duration of one turnover was 46.4 days, respectively. Note. In the banners of the rotation coefficients, it is necessary to use the average annual values ​​of the value of the assets or capital of the enterprise

Profitability assessment

1. Profitability of operating activities

Profit from operating activities: : Current expenses associated with operating activities

828.5: 13 515.6 o 100 = 6.1%

2. Return on assets of the enterprise

Enterprise profit before tax: Balance sheet total

791.9: 6457.3 o 100 = 12.3%

Profit of the enterprise after tax: Balance sheet total

553,6:6457,3-100 = 8,6%

3. Return on equity

Enterprise profit before tax: Equity

791.9: 5765.8 o 100 = 13.7%

Profit of the enterprise after tax Equity

553,6: 5765,8- 100 = 9,6%

For a comprehensive assessment of the financial condition of the enterprise, it is necessary to consider the trends in the dynamics of indicators that characterize the financial and economic condition of the enterprise from different angles.

Sustainable solvency, efficient use of capital, timely settlements, the availability of stable financial resources are signs of a high financial condition of the enterprise.


The purpose of the analysis of the financial and economic condition of the enterprise is to characterize the property and financial situation, the results of its activities in the past and reporting period, as well as the possibility of development in the future.

Evaluation of the financial activity of an enterprise is the construction and analysis of a system of interrelated indicators that characterize the effectiveness of financial activity in terms of its compliance with the strategic goals of the business :

Plan for analyzing the financial condition of the enterprise:

Analysis and assessment of the property status of the enterprise;

Analysis and assessment of the liquidity and solvency of the enterprise;

Assessment of the financial stability of the enterprise.

The assessment of the current state must begin with an analysis of the property status of the enterprise, which is characterized by the composition and condition of the assets owned and managed by the enterprise to achieve its goals. It changes over time due to various factors, the main of which is the financial results achieved in the true period. Speaking about the analysis of the property status, one should keep in mind not only the subject-material characteristic, but also the monetary value, which allows making judgments about the optimality, possibility and expediency of investing financial results in the assets of the enterprise. The property and financial position of the enterprise are two sides of the economic potential, which are closely interconnected.

Analysis of the property structure is carried out on the basis of a comparative analytical balance, which includes both vertical and horizontal analysis. The structure of the property value gives a general idea of ​​the financial condition of the enterprise. It shows the share of each element in assets and the ratio of borrowed and own funds covering them in liabilities. Comparing the structural changes in assets and liabilities, we can conclude through which sources the inflow of new funds was mainly and in which assets these new funds were invested. We examine the property status of the research and production company "INTEK" - further NPF "INTEK" (Table 1).

The data in Table 1 indicate that during the study period, the property of NPF "INTEK" increased by 167,392 thousand rubles or 52.64%, including due to a decrease in the volume of fixed capital - by 4,824 thousand rubles and an increase in working capital by 172,216 thousand rubles . Structurally, there is a predominance of current assets, their share increased by 2.9 points and amounted to 97.36% at the end of 2012. However, there were changes in their composition in the direction of an increase in accounts receivable by 248,017 thousand rubles or 265.11%, and its share amounted to 72.28% at the end of 2012, which is 41.13 points more than the same indicator at the end of 2010 . Cash in absolute and relative terms increased, so their size increased by 61,179 thousand rubles, and their share in current assets - by 9.07 points and amounted to 19.70%.

Inventories decreased at the end of the reporting period in absolute terms decreased by 136,980 thousand rubles, or 78.33%, and amounted to 37,894 thousand rubles. Their share in working capital decreased by 50.2% and amounted to 8.02%. Such a change is a negative fact in the activities of the enterprise, since stocks ensure the uninterrupted process of selling goods.

Table 1

Comparative analytical balance sheet of NPF INTEK LLC for 2010-2012 (thousand roubles.)

Grouping balance sheet items Absolute values ​​(at the end of the reporting period Relative values ​​(at the end of the reporting period) Changes
2010 2011 2012 2010 2011 2012 in absolute terms in structure in % of the value at the end of 2010
Enterprise property - 52,64
current assets 94,46 97,72 97,36 2,90 57,37
Stocks 58,22 7,57 8,02 -136980 -50,20 -78,33
Accounts receivable 31,15 47,69 72,28 41,13 265,11
Cash 10,63 44,74 19,70 9,07 191,68
Sources of property formation 52,64
Equity 47,52 35,83 46,42 -1,10 49,11
Borrowed capital 52,48 64,17 53,58 1,10 55,85
Own working capital - - - - 59,20

The passive part of the balance sheet is characterized by the predominant share of borrowed sources of funds, but in general their share remained unchanged throughout the analyzed period. Equity capital for the study period increased by 74,200 thousand rubles, but its share in the total volume of property financing sources decreased and amounted to 46.42% at the end of 2012.

Borrowed funds from the analyzed enterprise are represented only by accounts payable, which in absolute terms increased by 93,192 thousand rubles. or 55.85%.

As a result of the analysis, the following conclusions can be drawn:

The property of the enterprise for the study period increased;

The prevailing place in the property structure is occupied by working capital, the share of which for trade enterprises is high, especially if we take into account the fact that accounts receivable prevail in their composition, and the share of inventories is insignificant;

Borrowed funds in the form of accounts payable predominate among the sources of property formation.

Since the efficiency of the enterprise is inextricably linked with the rationality of investing in assets, it is necessary to analyze its liquidity and solvency in the work.

Let's move on to the analysis and assessment of the liquidity and solvency of the enterprise.

The most important criterion for the financial position of an enterprise is the assessment of its solvency, which is understood as the ability of the enterprise to timely and in full make settlements on short-term obligations to counterparties.

The ability of an enterprise to quickly release from economic circulation the funds necessary for normal financial and economic activities and repayment of its current (short-term) obligations is called liquidity. Moreover, liquidity can be considered both at the moment and in the future.

The liquidity of an asset is understood as its ability to be transformed into cash, 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.

The main sign of liquidity is the formal excess (in valuation) of current assets over short-term liabilities. The greater this excess, the more favorable the financial condition from the position of liquidity. If the amount of current assets is not large enough compared to short-term liabilities, the current position of the enterprise is unstable - a situation may well arise when it does not have enough cash to pay for its obligations.

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:

a) the availability of sufficient funds in the current account;

b) the absence of overdue accounts payable.

We explore the possibilities and criteria for solvency of NPF "INTEK" (Table 2).

table 2

Liquidity indicators of NPF INTEK LLC for 2010-2012

Table 2 shows that the overall coverage ratio is in line with the regulatory limit. However, this is not yet a confirmation of the solvency of the enterprise. Formally, in accordance with the criterion - yes. But if you pay attention to the structure of working capital, which is dominated by the least liquid part of them - accounts receivable, then this conclusion can be called into question. If we talk about the quick liquidity ratio, it exceeds the normative value. But this fact is due to the circumstance indicated above, that is, a significant share of receivables. But, nevertheless, the absolute liquidity ratio is above the normative limit. At the end of 2011, the company could cover 68% of its current liabilities at the expense of cash, and at the end of 2012 - already 36%. This suggests that part of the funds was idle, that is, like any other type of asset, it did not generate income. In order to present schematically the change in the coverage ratio, the quick liquidity ratio and the absolute liquidity ratio, we will depict their dynamics in the diagram in Appendix B.

Solvency and liquidity ratios of an enterprise make it possible to determine how the enterprise is able to meet its obligations and whether it is close to bankruptcy. However, these criteria are one-time indicators. The criterion of reliability is financial stability.

The financial stability of the enterprise determines the long-term (as opposed to liquidity) stability of the enterprise. It is associated with dependence on creditors and investors, i.e. with the ratio "own capital - borrowed funds". The presence of significant liabilities that are not fully covered by their own liquid capital creates the prerequisites for bankruptcy if large creditors demand the return of their funds. But at the same time, investing borrowed funds can significantly increase the return on equity. Therefore, when analyzing financial stability, one should consider a system of indicators that reflect the risk and profitability of the enterprise in the future.

Financially stable is such an economic entity that covers investments in assets (fixed assets, intangible assets, working capital) at its own expense, does not allow unjustified receivables and payables, and pays its obligations on time.

The task of financial stability analysis is to assess the size and structure of assets and liabilities. Indicators that characterize independence for each element of assets and for property as a whole, make it possible to measure whether the analyzed enterprise is sufficiently stable in the same respect.

Table 3

Analysis of the financial stability of LLC NPF "INTEK"

for 2010-2012 (rub.)


Table 3 continued

Table 3 shows that in 2010 NPF "INTEK" was not provided with any of the provided sources of reserves formation. But in the next two years, the company had its own working capital available, which fully covered its reserves and costs. At the same time, the surplus of own working capital increased from 148,529 thousand rubles to 174,603 thousand rubles.

Rhythm, coherence and high performance of the enterprise largely depend on its availability of working capital. Excessive diversion of funds into receivables leads to the deadening of resources, their inefficient use. Since working capital includes both material and monetary resources, not only the process of circulation, but also the financial stability of the enterprise depends on their organization and efficiency of use. The growth of the surplus of working capital is due to the reduction of stocks, which does not allow us to conclude that the company's financial position is stable. It should be noted that the company during the study period did not use the possibility of attracting borrowed funds to finance its current activities.

Considering that there are four types of financial stability, let's define the one that fully corresponds to the position of NPF "INTEK". Let's use Table 4 for this.

Table 4 shows that in 2010 the company was in a financial crisis. This is due to the fact that own working capital did not cover the need for reserves, and borrowed funds were not used. However, the absence of overdue accounts payable for the period under review does not allow the analyzed enterprise to be classified as bankrupt.

In 2011 and 2012, the company covered the need for reserves and costs with its own working capital, which allows, in accordance with the three-component indicator, to determine the type of financial condition as absolutely stable. But at the same time, it is necessary to take into account the fact that there was a decrease in inventories by 78%, and own working capital increased by 59.20%.

Table 4

Indicators for determining the type of financial situation of NPF INTEK LLC (thousand rubles)

In addition to absolute indicators, financial stability is also characterized by relative indicators, which can be divided into two groups. The first group combines indicators that determine the state of working capital, among them are:

Equity ratio;

The coefficient of provision of material reserves with own working capital;

The coefficient of maneuverability of own funds.

The second group combines indicators that determine the state of fixed assets and the degree of financial independence:

Permanent asset index;

Long-term borrowing ratio;

Wear factor;

Coefficient of the real value of the property;

The degree of financial dependence;

Autonomy coefficient;

Ratio of borrowed and own funds.

The calculated actual coefficients are compared with standard values, with the value of the previous period, a similar enterprise, and thereby the real financial condition, weaknesses and strengths of the enterprise are revealed.

1. The coefficient of provision with own funds (K axis) shows what part of current assets is financed at the expense of the enterprise's own funds. The normal value of the indicator should be greater than 0.1.

2. The coefficient of maneuverability of own capital (K m) shows what part of the company's own working capital is in a mobile form, allowing relatively free maneuvering of these funds.

Providing own current assets with own capital is a guarantee of the stability of the financial condition with an unstable credit policy. High values ​​of the coefficient positively characterize the financial condition. In the special literature, the optimal value of the coefficient is recommended in the range of 0.4 - 0.6, however, there are no normal values ​​​​of the indicator established in practice, since its level depends on the nature of the enterprise. Since in capital-intensive industries a significant part of own funds is a source of covering production assets, its normal level should be lower than in material-intensive ones.

3. Index of permanent asset (Iа) evaluates the share of fixed assets and non-current assets in the sources of own funds.

4. The coefficient of long-term attraction of borrowed funds (K dpa) is found according to the following formula:

It characterizes how intensively the company uses borrowed funds to update and expand production processes. If capital investments made through lending lead to a significant increase in liabilities, then the use is advisable.

5. The coefficient of autonomy, financial independence, capitalization or concentration of equity capital (K a) is determined by the following formula:

This coefficient is one of the most important characteristics of the stability of the financial position of the enterprise, its independence from borrowed funds in general and directly shows the amount of financial risk when issuing a loan. It shows what is the share of the total amount of equity capital in the total balance sheet.

The minimum allowable value of the autonomy coefficient is considered to be more than 0.5. The fulfillment of this condition means that all obligations of the enterprise can be covered by its own funds. The growth of this indicator indicates an increase in the financial independence of the enterprise.

6. The ratio of borrowed and own funds or the ratio of debt in relation to own funds (K zs), shows what part of the enterprise's activities is financed by creditors (how much borrowed funds account for 1 ruble of own funds). It is calculated as follows:

The semantic meaning of the autonomy coefficient and the ratio of borrowed and own funds is very close. In practice, one of them can be used to assess financial stability.

Nevertheless, according to many experts, the degree of dependence of an enterprise on borrowed funds is more clearly expressed in the ratio of borrowed and own funds. It shows what funds the company has more - borrowed or own. A high value of the coefficient (critical - one) characterizes an unfavorable situation, in which more than half of the assets are formed at the expense of borrowed funds. The permissible level of dependence is determined by the operating conditions of each enterprise and, first of all, by the speed of turnover of working capital.

In addition to absolute indicators, it is advisable to calculate and analyze the dynamics of a number of financial stability ratios (Table 5).

The results obtained during the calculation allow us to conclude that the position of the enterprise during 2010 - 2012. has not changed significantly. This is evidenced by the dynamics of the main financial stability ratios.

Table 5

Financial stability ratios of NPF INTEK LLC for 2010-2012

The following should be noted:

If we take into account that the critical limitation of the coefficient of the ratio of own and borrowed funds is one, then it can be noted that throughout the entire study period, its value did not correspond to the normative one. Thus, at the end of 2010, for every ruble of borrowed funds invested in assets, there were 0.91 rubles of own funds, at the end of 2011 - 0.56 rubles, and at the end of 2012 - 0.87 rubles. These values ​​of the coefficient indicate the lack of financial stability of the enterprise;

The coefficient of provision with own working capital complies with the regulatory limit and shows that 45% of current assets are secured at the expense of own funds;

The coefficient of maneuverability of own capital for the study period increased from 0.88 to 0.94. However, the lack of standards for this coefficient in the specialized literature does not allow us to characterize this circumstance;

The value of the coefficient of financial independence (autonomy) for the analyzed period is below the "critical point" (0.5). This indicates a not entirely favorable financial situation; the owners own 46% of the value of the property.

According to the results of the study, liquidity ratios are in line with regulatory restrictions. The enterprise is provided with its own sources of stock formation. But the current rate of change in receivables and payables reduces the ability to finance current needs, which in turn requires the attraction of short-term loans and a review of the credit policy in relation to buyers.

Based on the study of the financial condition of the enterprise in question and the establishment of an unsatisfactory balance sheet structure, NPF INTEK LLC has a satisfactory balance sheet structure and is solvent.

Limited Liability Company "Techsnab" was established on the basis of the founding agreement dated September 18, 1992.

The Civil Code of the Russian Federation defines that “a limited liability company is a company established by one or more persons, the authorized capital of which is divided into shares of sizes determined by the constituent documents; members of a limited liability company are not liable for its obligations and bear the risk of losses associated with the activities of the company, to the extent of the value of their contributions.

Members of the company who have made contributions incompletely shall be jointly and severally liable for its obligations within the value of the unpaid part of the contribution of each of the participants.

The legal status of a limited liability company, the rights and obligations of its participants are determined by the Civil Code, the law "On Limited Liability Companies" and the Charter.

The analyzed enterprise is a commercial organization.

The Company was established in order to saturate the consumer market with goods and services, as well as to make profit in the interests of the Participants.

Tekhsnab LLC is engaged in the trade of automotive parts, assemblies and accessories; providing services for the installation, repair and maintenance of machinery for agriculture, including wheeled tractors and forestry; maintenance and repair of motor vehicles; activities of road freight transport; retail trade in other non-food consumer goods.

Tekhsnab LLC is a legal entity, the rights and obligations of which it acquired from the date of its state registration in accordance with the procedure established by federal laws, has an independent balance sheet, the authorized capital is 1,166 thousand rubles.

2.2 Analysis of the financial condition of the enterprise company

Let's analyze the financial condition of the enterprise "Techsnab" LLC. Analyzing the data in Table 2.1., in 2009, from the main activity - the sale of goods - the organization made a profit in the amount of 28,065 thousand rubles. At the same time, profit from the sale of goods increased by 54.2% in 2009, and by 31.9% in 2008. This was due to the expansion of the goods sales market. The operating and non-operating activities of the organization for the study period were unprofitable. The amount of loss in 2009 amounted to 10,028 thousand rubles. The following constraining factors for improving the financial performance of the enterprise can be noted:

1) the outpacing growth rate of purchase prices compared to the growth rate of proceeds from the sale of goods, products, services;

2) unprofitability of operating and non-operating activities.

All this significantly reduces the profit of the enterprise, reducing the ability to develop on the principles of self-financing and the accumulation of its own financial resources.

Table 2.1. an assessment of the profitability indicators of the enterprise under study for 2007-2009 is presented.

According to table 2.1. it can be noted that the profitability of sales shows that the analyzed enterprise in 2009 received 6.91 rubles. profit from 100 rubles. sales revenue, which is 0.34 rubles. less than in 2008. In 2008, there is also a negative trend in the calculated indicator. Profitability of the main activity shows the profit from the costs incurred and complements the indicator of profitability of sales. This indicator in 2009 amounted to 8.92%, which is 0.64% less than in 2008.

This dynamics may indicate the need to revise prices and strengthen control over the cost of goods sold.

Table 2.1.

Formation of financial results of Victoria LLC for 2007-2009.

Indicators

Absolute

deviation, (+,-)

Relative

amount deviation, %

2008 to 2007

2009 to 2008

1. Proceeds from the sale of goods, products, works, services (excluding VAT)

2. Cost of sold goods, products, works, services

3. Gross profit

4. Selling expenses

5. Management expenses

6. Profit (loss) from sales

7. Interest receivable

8. Interest payable

9. Other income

10. Other expenses

11. Profit (loss) before tax

12. Deferred tax assets

13. Deferred tax liabilities

14. Current income tax

15. Net profit (loss) of the reporting period

Economic profitability, which shows the efficiency of the use of all property, in 2009 amounted to 13.98%, in 2008 - 14.01%, in 2007 - 15.17%. This is due to the irrational use of the company's capital. The profitability of current assets shows that in 2009 the company under study received 2.48% more profit per 1 ruble invested in current assets.

Table 2.2.

Indicators of profit and profitability of Tekhsnab LLC

for 2007-2009

Indicators

Changes (+,-)

2008 from 2007

2009 from 2008

1. Revenue from the sale of goods (B), thousand rubles.

2. Cost of goods sold (C / C), thousand rubles.

3. Profit from sales (Ppr), thousand rubles.

4. Net profit (Pch), thousand rubles.

5. Average balance sheet total for the period (Bsr), thous.rub.

6. The average annual cost of current assets (OAav), thousand rubles.

7. The average annual value of non-current assets (VAav), thousand rubles.

8. Average cost of equity capital (Aavg.), thous. rub.

9. Return on sales (Rp),%

10. Profitability of the main activity, %

11. Return on total capital (economic profitability) (Рк),%

12. Return on current assets (Rta),%

13. Return on non-current assets (Rva),%

14. Return on equity (Rec),%

The return on non-current assets indicates that these assets were used most effectively in 2008. Analyzing the return on equity, we can say that Tekhsnab LLC effectively used the funds belonging to the owners of the enterprise for the analyzed periods. This indicator in 2009 increased by 4.74%, in 2008 - by 3.22%. In general, the dynamics of profitability in all indicators is declining, which is an unfavorable trend. And the decrease in one of the indicators of profitability affects the financial condition of the enterprise.

Let's calculate the performance indicators of the use of fixed assets by the enterprise, for which we will build a table 2.3 ..

Table 2.3.

Indicators of the efficiency of the use of fixed assets

OOO Tekhsnab for 2007 - 2009

Indicators

Changes, (+,-)

Rate of change, %

2008 to 2007

2009 to 2008

1. Average cost of fixed assets, thousand rubles

2. Scope of activity,

thousand roubles.

At current prices

At comparable prices

4. Profit from sales, thousand rubles.

5. Average number of employees, pers.

6. Labor productivity, thousand rubles.

7. Capital productivity, rub.

8. Capital intensity, rub.

9. Return on equity, rub.

10. Capital-labor ratio, thousand rubles

From table 2.3. it can be seen that in 2009 LLC Tekhsnab used fixed assets more efficiently. In 2009, for 1 rub. invested fixed assets accounted for 13.52 rubles. volume of activity, which is higher than in 2008 by 1.57 rubles. Accordingly, capital intensity decreased, which is a favorable trend for the enterprise.

In 2009, the capital-labor ratio increased by 26.57 thousand rubles, i.е. the degree of equipment of employees with fixed assets increased, this was one of the reasons for the increase in labor productivity by 444.73 thousand rubles. The return on equity in 2009 amounted to 93.43 rubles, i.е. the analyzed enterprise received 93.43 rubles. profit from 100 rubles. the cost of fixed assets, this figure compared to 2008 increased by 0.24 rubles. This happened as a result of an increase in the company's profits.

The successful operation of the enterprise is not possible without the reasonable management of financial resources. It is not difficult to formulate goals for the achievement of which rational management of financial resources is necessary.

Survival of the firm in a competitive environment;

Avoiding bankruptcy and major financial failures;

Leadership in the fight against competitors;

Maximizing the market value of the firm;

Acceptable growth rates of the economic potential of the company;

Growth in production and sales volumes;

Profit maximization;

Cost minimization;

Ensuring cost-effective activities, etc.

The functions of managing the activities of Tekhsnab LLC are implemented by departments of the management apparatus and individual employees, who at the same time enter into economic, organizational, social, psychological and other relationships with each other. Organizational relations that develop between departments and employees of the enterprise management apparatus determine its organizational structure.

The organizational structure is a set of management units, between which a system of relationships has been established, designed to ensure the implementation of various types of work, functions and processes to achieve certain goals. The structure reflects the structure of the system, that is, the composition and interconnection of its elements. Each organization has its own organizational structure. In the complex variety of these structures, certain types can be distinguished.

The analyzed enterprise has a typical linear-functional organizational structure.

This structure is associated with the vertical division of the organization from top to bottom and the direct subordination of the lower management to the highest. They are characterized by a clear unity of command - each leader, each employee is subordinate to only one superior person.

Accounting as a management function has its own organizational structure. The organizational support of accounting should be subordinated to the task of timely provision of reliable and necessary information to the Company's management apparatus at the lowest cost. The solution to this problem is provided by a combination of factors, each of which is implemented in accordance with established traditions, specific conditions for the functioning of the organization and the amount of accounting work.

Responsibility for the organization of accounting in the form and compliance with the current legislation lies with the head of the Company. The development of accounting policy elements is carried out by the chief accountant of the organization.

    providing financial resources for the economic activities of the organization and their effective use to achieve the goals;

    organization of relationships with the financial and credit system and other business entities;

    preservation and rational use of the main and circulating

capital;

Ensuring the timeliness of payments for the organization's obligations to the budget, banks, suppliers and employees.

Financial planning at the enterprise is carried out by the general director and accounting department. Since financial planning is the final stage of production planning, when drawing up a financial plan, such main tasks should be solved as:

    identification of reserves for increasing the income of the enterprise and ways to mobilize them;

    effective use of financial resources, determination of the most rational directions of investments of the enterprise, providing the greatest profit in the planned period;

    linking indicators of the production plan of the enterprise with financial resources;

    substantiation of optimal financial relationships with the budget and banks, as well as other creditors.

At the enterprise under study, the following types of financial plans are drawn up: sales plan; plan of income and expenses of the enterprise; cash plan.

Let's draw up a plan of income and expenses of the analyzed enterprise for 2009, for which we determine the planned revenue for 2009 by extrapolation. This method of planning is based on the analysis of indicators for past periods and the development on the basis of its optimal indicators for the planning period.

Table 2.4.

Calculation of the planned amount of proceeds from the sale of goods of Tekhsnab LLC

Aggregate turnover, thousand rubles

Rate of change, %

Let's calculate the average annual growth rate of sales proceeds: Тр = 406117/102455 = 1.5826. So, on average, the turnover increased annually by 1.5826 times. Let's calculate the volume of activity for 2008: O = 406117 * 1.5826 = 642721 thousand rubles.

Table 2.5. the plan of incomes and expenses of the studied enterprise is presented.

Table 2.5.

Income and expense plan of Techsnab LLC for 2008

Indicators

Plan for 2008

Change (+.-)

Abs.. thousand rubles.

Revenue from the sale of works, services

variable costs

Gross profit

fixed costs

Revenue from sales

Other income

Other expenses

Taxable income

income tax

Net profit

Retained earnings

Thus, in 2008 it is planned to increase the volume of activities by 236,604 thousand rubles. or by 58.3%, and financial results by 51,626 thousand rubles. or 3.9 times.

Thus, making a conclusion on the assessment of the financial management and control system, we can draw the following conclusions:

    the enterprise exercises control and management by responsibility centers, i.e. for individual services and links of the enterprise;

Control and management of individual responsibility centers is carried out directly by the head of each division of the enterprise.

The main functions of control in society are:

Monitoring the implementation of financial targets established by the system of planned financial indicators and standards;

Measurement of the degree of deviation of the actual results of financial activities from those envisaged;

Diagnosis by the size of deviations of serious deterioration in the financial condition of the enterprise and a significant decrease in the pace of its financial development;

Adjustment, if necessary, of individual goals and indicators of financial development in connection with changes in the external financial environment, financial market conditions and internal conditions for the implementation of the economic activity of the enterprise.

As can be seen from these functions, control and management is not limited to the implementation of only internal control over financial activities and financial transactions, but is an effective coordinating system for ensuring the relationship between the formation of an information base, financial analysis, financial planning and internal financial control in the enterprise. Control tools in Techsnab LLC include:

    liquidity ratios;

    time comparisons of balances;

    a scorecard based on the breakdown of positions in the balance sheet and income statement;

    indicators of financial stability and profitability of the enterprise.

Under the financial condition of the enterprise (FSP) refers to the ability of the 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.

In order to survive in a market economy and prevent the bankruptcy of an enterprise, you need to know well how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be occupied by own and borrowed funds. You should also know such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of an enterprise, profitability threshold, financial stability margin (safety zone), degree of risk, effect of financial leverage, and others, as well as the methodology for their analysis.

The purpose of the analysis is not only to establish and evaluate the FSP, but also to constantly carry out work aimed at improving it. The analysis of the FSP shows in what areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the FSP. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the FSP in a particular period of its activity. But the main purpose of the analysis is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the FSP and its solvency.

Let's analyze the financial and economic state of NC "Alliance", for this we will evaluate various indicators of the financial stability of the enterprise:

Assessment of property status and capital structure

Everything that has value belongs to the enterprise and is reflected in the asset balance, called its assets. The balance sheet asset contains information about the placement of capital at the disposal of the enterprise, i.e. on investing it in specific property and material values, on the costs of the enterprise for the production and sale of products and on the balance of free cash. Each type of allocated capital corresponds to a separate balance sheet item (Figure 1).

Table 7 shows an analysis of the structure of long-term assets of NC "Alliance".

Table 7 - Analysis of the structure of long-term assets of NC "Alliance"

Name of articles

Abs. magnitude

Relative value

Changes

at the beginning G.

at the beginning G.

in abs. led.

in % of total

Fixed assets

fixed assets

Construction in progress

Long-term financial investments

Deferred tax assets

AND T O G O for Section I:

According to Table 7, we can say that there were no serious negative changes. The share of deferred tax assets decreased by 36.2%, which in absolute terms is 525 thousand rubles, but this does not have a significant impact on the company's activities. As for the increase in the value of fixed assets, it can not be considered either a positive or a negative point, because. this increase was influenced by the high rate of inflation.

Analysis of the structure of working capital of NC "Alliance" is shown in table 8.

Table 8 - Analysis of the structure of working capital of NC "Alliance"

Name of articles

Abs. magnitude

Relative quantities

Changes

in abs. led.

in % of total

current assets

Value added tax on acquired valuables

Accounts receivable (for which payments are expected more than 12 months after the reporting date)

Accounts receivable (payments for which are expected within 12 months after the reporting date)

Short-term financial investments

Cash

TOTAL for section II:

According to table 8, we can conclude that the share of inventories in the structure of current assets has decreased - this is a negative factor and, despite the fact that the decrease was only 5.8%, this may have a negative impact on the organization's activities. In addition, there is a significant decrease in the share of cash (by 45.5%), which may also have a negative impact on the company's performance.

Analysis of sources of capital formation

The reasons for the increase or decrease in the property of enterprises are established by studying changes in the composition of the sources of its formation. The receipt, acquisition, creation of property can be carried out at the expense of own and borrowed funds (capital), the characteristic of the ratio of which reveals the essence of the financial position of the enterprise. Thus, an increase in the share of borrowed funds, on the one hand, indicates an increase in the financial instability of the enterprise and an increase in the degree of its financial risks, and on the other hand, an active redistribution (in conditions of inflation and failure to meet financial obligations on time) of income from creditors to the debtor enterprise.

If the structure of the balance sheet liability is presented in the form of a diagram, then, taking into account two options for analytical groupings, it can be represented as follows: (Figure 2).

Figure 2 - Scheme of the structure of the liabilities side of the balance sheet

Assessment of the dynamics of the composition and structure of sources, own and borrowed funds is carried out according to the data of form No. 1 "Balance sheet" in table 9.

Table 9 - Analysis of the composition and structure of sources of capital formation

Name of liability articles

Abs. magnitude

Relative value

Changes

in abs. led.

in % of total

Capital and reserves

Authorized capital

Extra capital

Reserve capital

Retained earnings (uncovered loss)

Retained earnings (loss) of the reporting year

AND T O G O under section III:

Long-term liabilities

Deferred tax liabilities

AND T O G O for section I V:

Short-term liabilities

Loans and credits

Accounts payable

Debt to the participants (founders) for the payment of income

AND T O G O for section V:

As can be seen from Table 9, the increase in the value of the company's property for the reporting period by 4.1% is mainly due to an increase in borrowed funds by 7.7%. The increase in borrowed funds was mainly due to the growth of accounts payable by 46.9%, which led to an increase in the balance sheet by 34.4%.

The enterprise's own funds did not increase significantly, their growth by 26,557 thousand rubles was due to an increase in the sources of the enterprise's funds by 1.9%.

Evaluation of the efficiency and intensity of capital use

Analysis of profitability (profitability) of capital

Profitability - efficiency, profitability, profitability of an enterprise or entrepreneurial activity. Quantitatively, profitability is calculated as a quotient of profit divided by costs, by resource consumption.

Return on equity

where - the average for the period the value of the sources of own funds of the enterprise according to the balance sheet (section III of the balance sheet liability in the amount of the debt to the participants (founders) for the payment of income, deferred income and reserves for future expenses (p. 640 + p. 650 section V)).

Calculate the return on equity for our company:

K SR \u003d 14645, 15 thousand rubles.

This coefficient characterizes the efficiency of the use of equity capital (including investment capital, equity capital) and reflects the share of profit in equity capital. It allows investors and shareholders to determine the potential income from investing in the securities of the analyzed company, and therefore affects the level of share quotation on stock exchanges.

That. for NC "Alliance" return on equity is 14645.15 thousand rubles. This suggests that the company has a high return on capital, the share of profit in equity capital is quite high.

Based on the profitability indicator, the time is determined during which the funds invested in this enterprise will fully pay off. Time should be understood as the number of considered (reporting) periods for which the return on equity is calculated:

CURRENT = 1 / k5R = 6.8 years.

This indicator indicates that the funds invested in this enterprise will pay off in almost 7 years. This is quite fast, given the scope of the enterprise and the large amount of invested funds.

Return on permanent capital

where is the average value of long-term credits and loans for the period.

This indicator reflects the effectiveness of the use of long-term (permanent) capital in the activities of the organization (both own and borrowed).

For NC "Alliance" this indicator is 0.03. The value of this indicator depends on the amount of long-term liabilities, which for our company at the beginning of the year amounted to 2428 thousand rubles, and at the end of the reporting period were fully repaid. Those. the efficiency of using long-term capital is quite low, since there is practically no borrowed capital.

Capital turnover analysis

The capital turnover ratio is calculated in section 1.1 (table 5), where the equity turnover is 5.04 - this is a fairly good indicator and its growth reflects a positive trend towards the active use of own funds and an increase in sales.

Analysis of the financial stability and solvency of the enterprise

The financial stability of the enterprise is characterized by a system of absolute and relative indicators. It is determined by the ratio of the cost of material working capital (stocks and costs) and the values ​​of own and borrowed sources of funds for their formation. Providing reserves and costs with sources of funds for their formation is the essence of the financial stability of the enterprise.

The most generalized absolute indicator of financial stability is the correspondence or mismatch (surplus or shortage) of sources of funds for the formation of reserves and costs, that is, the difference between the value of sources of funds and the value of reserves and costs. This refers to the provision of sources of own and borrowed funds, with the exception of accounts payable and other liabilities.

To characterize the sources of the formation of reserves and costs, several indicators are used that reflect the different degree of coverage of different types of sources:

1). The presence of own working capital, which is defined as the difference between the sum of the sources of own funds and the cost of fixed assets and non-current assets. (SOS)

Ec = Is - F, SOS = p.490 - p.190,

where Ес - availability of own working capital;

Is - sources of own funds (the result of the VI section of the liability balance);

F - fixed assets and other non-current assets (total I distributed the balance sheet assets).

2). Availability of own working and long-term borrowed sources of funds for the formation of reserves and costs, determined by summing up own working capital and long-term loans and borrowings. (KF)

Et \u003d (Is + CT) - F, KF \u003d str. 490 + str. 590 - str. 190,

where Ет - availability of own current and long-term borrowed sources of funds;

Kt - long-term loans and borrowings (V section of the balance sheet).

3). The total value of the main sources of funds for the formation of reserves and costs, equal to the sum of own working capital, long-term and short-term loans and borrowings. (IN AND)

E \u003d (Is + Kt + Kt) - F, VI \u003d (p. 490 + p. 590 + p. 610) - p. 190

where E is the total amount of the main sources of funds for the formation of reserves and costs; Kt - long-term loans and borrowings without overdue loans (VI section of the balance sheet).

Three indicators of the availability of sources of funds for the formation of cost reserves correspond to three indicators of security or reserves and costs.

1). Surplus (+), lack (-) own working capital.

Es = Es - Z, FS = SOS - ZZ ZZ = p.210 + p.220

FS = (p. 490 - p. 190) - (p. 210 + p. 220)

where Z - reserves and costs (pp. 211-215, 217 II section of the balance sheet).

2). Surplus (+), lack (-) own current and long-term borrowed funds for the formation of reserves and costs.

Et \u003d Et -Z \u003d (Es + Kt) - Z Ft \u003d KF - ZZ,

where ZZ - the total amount of reserves and costs.

3). Surplus (+), lack (-) of the total value of the main sources of funds for the formation of reserves and costs.

E \u003d E - Z \u003d (Es + Kt + Kt) - Z, Fo \u003d VI - ZZ

The calculation results are presented in Table 10.

Table 10 - Indicators of financial stability of NC "Alliance"

Indicators

For n.g., thousand rubles

Per year, thousand rubles

Change per year

Sources of own funds

The total value of the main sources of funds for the formation of reserves and costs (5 + 6)

Total inventory and costs

Surplus (+), lack (-) own working capital (3-8)

Surplus (+), lack (-) of own current and long-term borrowed funds for the formation of reserves and costs (5-8)

Surplus (+), lack (-) of the total value of the main sources of funds for the formation of reserves and costs (7-8)

Table 11 - Summary table of indicators by types of financial stability

According to tables 10 -11, we can say that the company has a lack of its own current and long-term borrowed funds for the formation of reserves and costs, there is also a lack of the total value of the main sources of funds for the formation of reserves and costs. And if the values ​​of indicators 4 and 5 can be attributed to normal stability, then the value of indicator 6 indicates a crisis state and may adversely affect the company's activities.

Analysis of financial stability ratios

The analysis of financial ratios consists in comparing their values ​​with basic values, in studying their dynamics for the reporting period and for a number of years. In our case, we can only have basic values.

Autonomy coefficient(financial independence ratio) is one of the important characteristics of the stability of the financial condition, its independence from borrowed sources of funds. It is equal to the share of sources of own funds in the total balance sheet.

Ka = p.490 / p.699 = 0.59

The normative minimum value of the coefficient is estimated at the level of 0.5. In our case, the autonomy coefficient does not much exceed the minimum value, which indicates a sufficient degree of financial independence of the enterprise.

Ratio of borrowed and own funds.

Kz / s \u003d (s. 590 + s. 690) / s. 490 \u003d 0.7

This ratio shows which funds the company has more. In our case, the enterprise has more own funds than borrowed ones - this is a positive trend, because there is no dependence on attracted sources.

The relationship of Kz / s and Ka is expressed:

Kz / s \u003d 1 / Ka - 1 \u003d 0.69

The greater this coefficient is to one, the greater the dependence of the enterprise on borrowed funds. The large value of Kz/s is caused by the high turnover of inventories and receivables for the analyzed period. In our case, the coefficient is 0.7 - this indicates that the company has sufficient financial independence.

Ka and Kz/s reflect the degree of financial independence of the enterprise as a whole.

The coefficient of maneuverability of own funds.

Km = Own. rev. Wed-va pr-i / Total lead-on ist-kov own. Wed-in (section 4).

The coefficient of security of material reserves with own working capital.

Cobosp = Own. rev. Wed-va pr-i / Inventories

Cobosp = 1.88

Material reserves are sufficiently covered by their own sources and do not need to attract a large amount of borrowed funds.

Enterprise liquidity analysis

The liquidity of the balance sheet is defined as the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into cash corresponds to the maturity of the obligations.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in order of decreasing liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of terms.

Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups:

most liquid assets(A1) - these include the company's cash and short-term financial investments (securities);

fast-moving assets(А2) - accounts receivable, payments on which are expected within 12 months after the reporting date;

slow-moving assets(A3) - inventories, VAT, accounts receivable, payments on which are expected more than 12 months after the reporting date and other current assets;

hard-to-sell assets(A4) - non-current assets.

The liability of the balance is grouped according to the degree of urgency of payment:

most urgent obligations(P1) - these include accounts payable;

short-term liabilities(P2) are short-term borrowed funds and other short-term liabilities;

long-term liabilities(P3) - long-term loans and borrowings, as well as deferred income, consumption funds, reserves for future payments;

permanent liabilities(P4) - these are articles 3 of the balance sheet section "Capital and reserves". If the company has losses, they are deducted.

The liquidity analysis of the balance sheet of NC "Alliance" is made in table 12.

Table 12 - Analysis of the liquidity of the balance sheet of NC "Alliance"

surplus (lack)

1. Most liquid assets (A1)

1. The most urgent obligations (P1)

2. Marketable assets (A2)

2. Short-term liabilities (P2)

3. Slowly realizable assets (A3)

3. Long-term liabilities (P3)

4. Hard to sell assets (A4)

4. Permanent liabilities (P4)

The balance is considered absolutely liquid if the following ratio is observed:

In the case when one or more inequalities of the system have a sign opposite to that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one.

The liquidity analysis of the balance sheet is reduced to checking whether the liabilities in the liabilities side of the balance sheet are covered by assets, the period of transformation of which into cash is equal to the maturity of the liabilities.

Analyzing table 12, we can conclude that at the beginning of the year the balance could not be called liquid, since the ratios A1 P1 A2 P2 and A4 P4 were not observed. However, at the end of the year, the ratios A3 P3 and A1 P1 began to be observed. According to these data, the company cannot be considered absolutely liquid, but the observance of certain ratios allows us to judge the sufficient degree of liquidity of the assets of NC "Alliance".

Analysis of the solvency of the enterprise

Solvency indicators of NC "Alliance" are calculated in table 13.

Table 13 - Solvency indicators of NC "Alliance"

To assess the solvency of the enterprise, 3 relative indicators of liquidity are used. which differ in the set of liquid funds considered as coverage of short-term liabilities.

The absolute liquidity ratio (A1/(P1+P2)) shows that our company is not absolutely liquid and cannot fully repay short-term debt in the near future.

The critical liquidity ratio ((A1+A2)/(P1+P2)) shows that our company at the end of 2005 will be able to repay short-term debt for a period of time equal to the average duration of one turnover of receivables.

The current liquidity ratio ((A1+A2+A3)/(P1+P2)) shows that our company at the end of 2005, subject to the mobilization of all working capital (not only timely settlements with debtors and favorable sales of finished products, but also sales in in case of need of other elements of material working capital) will be able to repay short-term accounts payable.

Thus, we can conclude that this enterprise is not absolutely liquid, but has a sufficient level of liquidity for its functioning and will be able to repay the debt that it has.

Assessment of creditworthiness and bankruptcy risk

Bankruptcy may be unsatisfactory balance structure or such a state of the property and obligations of the debtor, in which the timely fulfillment of obligations to creditors cannot be ensured at the expense of the property due to the insufficient degree of liquidity of the debtor's property. In this case, the total value of the property may be equal to or exceed the total amount of the debtor's obligations.

In the practice of analyzing financial forecasts, the earliest diagnosis or forecasting of the possibility of an organization's bankruptcy is required. Forecast analysis allows to anticipate prospects at an earlier stage, timely adjust business plans and make decisions that affect tactical and strategic development tasks.

The most common in the practice of predicting possible bankruptcy are the Z-models proposed by the American professor E. Altman.

The simplest of them is two-factor model. For her, two indicators are selected, on which, according to E. Altman, the probability of bankruptcy depends. These include the current liquidity ratio (discussed earlier) and the financial dependence ratio. As a result of a statistical analysis of Western practice, weighting coefficients were established that characterize the significance of each of these factors.

This model is expressed by the dependence:

Z = -0.3877 -- 1.0736K TL +0.0579K FZ .

If Z= 0, the probability of bankruptcy is 50%.

If Z Z.

If Z> 0, the probability of bankruptcy is greater than 50% and increases with Z.

Meaning K TL for this model, is given in table. 8.

The financial dependence ratio is equal to the ratio of borrowed funds to the total cost of capital (balance sheet currency):

For NC "Alliance" the coefficient of financial dependence at the end of the year will be:

K fz = 987829/2407042=0.41

So, the bankruptcy rate is:

Thus, the probability of bankruptcy of NK "Alliance" is less than 50%. This suggests that the company is operating efficiently enough and there is no risk of bankruptcy in the near future. It follows from this that the company has sufficient creditworthiness and, in case of a difficult situation, will be able to take and safely repay various loans and borrowings.

where D - cash and short-term financial investments;

KP - short-term liabilities.

This indicator belongs to the class of normalized indicators, and experts believe that the theoretically normal value of the coefficient is 0.2 - 0.3.

Liquidity ratios should be considered in dynamics over a number of years, which makes it possible to assess the trend in their change. If the current liquidity ratio does not reach the recommended value, but shows an upward trend over the study period, the solvency recovery indicator should be calculated:

Kvp \u003d [Kt.l1 + 0.5 (Kt.l1 - Kt.l0)] / Kt.l (norm) , where (20)

Kvp - solvency recovery ratio,

Kt.l1, Kt.l0, Kt.l(norms) - the values ​​of the current liquidity ratio (reporting, base period and standard, respectively).

The value of this coefficient is the higher, the higher the possibility of restoring the company's solvency.

The opposite situation is also possible - the value of the current liquidity ratio corresponds to the standard, but it decreases during the study, then the probability of loss of solvency by the enterprise should be predicted by calculating the coefficient of loss of solvency (Kup):

Coup \u003d [Kt.l1 + 0.25 (Kt.l1 - Kt.l0)] / Kt.l (norms) (21)

If the value of this indicator is greater than one, the company is likely to lose solvency in the short term.

After assessing the solvency of the enterprise, its financial stability should be analyzed, for which the data of the balance sheet are used and the following coefficients are calculated:

1. Coefficient of financial independence (autonomy) - shows the share of own funds in the value of the property of the enterprise. It is calculated as the ratio of the amount of own funds to their entire amount, that is, it is determined by the share of own sources of funds in their total value according to the balance sheet, that is:

, (22)

The independence coefficient reflects the independence of the enterprise from borrowed sources; the increase in its value should be carried out mainly at the expense of the profit remaining at the disposal of the enterprise (net profit).

In practice, an independence coefficient of 0.5 or more is considered optimal, since in this case the risk of creditors is minimized: by selling half of the property formed at the expense of its own funds, the enterprise can pay off its debt obligations.

2. Debt financing ratio - shows the share of borrowed funds in the total value of the company's property. It is calculated using the following formula:

, (23)

The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise. This indicator is very widely used in practice; one of the reasons for its appearance is the convenience of use in deterministic factor analysis. It is logical that in the sum of the coefficient of independence, the coefficient of debt financing is 1.

3. The dependence of an enterprise on external loans characterizes the ratio of borrowed and own funds and is calculated by the formula:

, (24)

The higher the value of this indicator, the higher the risk of shareholders, since in the event of an increase in payment obligations, the possibility of bankruptcy increases. The valid value is between 0.5–0.9. For critical take equal to one. A value of more than 1.0 indicates that the financial stability of the enterprise is in doubt.

4. The debt coverage ratio with equity is the inverse of the financial risk ratio:

, (25)

5. The coefficient of financial stability of the enterprise (the share of own and long-term borrowed funds in the value of property):

, (26)

6. The coefficient of capital maneuverability shows - what part of equity capital is in circulation, goods in the form that allows you to freely maneuver these funds. It is calculated by the formula:

, (27)

This factor should be high enough to allow flexibility in use. The normal limit is greater than or equal to 0.5. If the value of the calculated coefficients of the enterprise is lower than the maximum limit of the above coefficients, then this indicates its unstable financial condition.

After assessing the financial stability of the company, an analysis of its business activity should be carried out. The information base for calculating business activity indicators will be the balance sheet and the “profit and loss statement.” This group includes various turnover indicators:

1. Asset turnover ratio - the ratio of proceeds from product sales to the total balance sheet asset, characterizes the efficiency of the company's use of all available resources, regardless of the sources of their attraction, i.e. shows how many times a year (or other reporting period) a full cycle of production and circulation takes place or how many monetary units of sold products each unit of assets brought. This coefficient varies depending on the industry, reflecting the characteristics of the production process.

2. Accounts receivable turnover ratio - it is used to judge how many times, on average, accounts receivable turned into cash during the reporting period. The ratio is calculated by dividing the proceeds from product sales by the average annual value of net receivables.

3. Accounts payable turnover ratio - calculated as a quotient of the cost of goods sold divided by the average annual cost of accounts payable, and shows how much the organization needs to turn over to pay its invoices.

For receivables and payables, you can also calculate the duration of the turnover in days. To do this, you need the number of days in a year (360 or 365) divided by the turnover ratio. Then we find out how many days on average it takes to pay receivables or payables, respectively.

4. The inventory turnover ratio reflects the speed of realization of these stocks. It is calculated as the quotient of sales revenue divided by the average annual cost of inventories. To calculate the duration of turnover in days, you need to divide 360 ​​or 365 days by the inventory turnover ratio. Then you can find out how many days it takes to sell (without payment) inventory.

5. The turnover ratio of fixed assets (capital productivity). It characterizes the effectiveness of the organization's use of fixed assets at its disposal. The higher the value of the coefficient, the more efficiently the organization uses fixed assets. A low rate of return on capital indicates insufficient sales or too high a level of capital investment. In addition to indicators of turnover in the analysis of business activity, the duration of the operating and financial cycles is used. The formula for calculating the duration of the operating cycle of an enterprise is:


POC=POMZ+POGP+PODZ (28)

where POC is the duration of the operating cycle of the enterprise, in days;

POMZ - the duration of the turnover of stocks of raw materials, materials and other material factors of production as part of current assets, in days;

POGP - the duration of the turnover of stocks of finished products, in days;

POdz - the duration of the turnover of the current receivables, in days.

The financial cycle (cash turnover cycle) of an enterprise is the period of time between the start of payment to suppliers of raw materials and materials received from them (repayment of accounts payable) and the beginning of the receipt of funds from buyers for the products supplied to them (repayment of receivables).

The duration of the financial cycle (or cash flow cycle) of an enterprise is determined by the following formula:

PFC \u003d POC - POKZ, (29)

where PFC is the duration of the financial cycle (money turnover cycle) of the enterprise, in days; POC - the duration of the operating cycle of the enterprise, in days;

POKZ - the average period of turnover of the current accounts payable, in days.

General indicators of the effectiveness of the financial and economic activities of the enterprise are indicators of profitability. The profitability ratios show how profitable the company's activities are. The growth of these coefficients is a positive trend in the financial and economic activities of the organization.

The value of profitability ratios has no norms. The higher their value, the better the company works. The value of profitability ratios can be negative, in which case they demonstrate the unprofitability of the company's activities.

The profitability ratio of sales or overall profitability is the main indicator of the effectiveness of the sale of the company's products.