Evaluation of the results of financial and economic activities of Granit. Evaluation of the results of financial and economic activities Economic evaluation of the financial and economic activities of the enterprise

Information base for the analysis of indicators for evaluating business performance

The well-being of the enterprise depends on the effectiveness of the main economic activity, this is an important condition for its continuous functioning, which serves in modern conditions the key to survival and the basis for the stable position of the enterprise.

Evaluation of business performance has an impact on the economic, investment and production activities of the enterprise, so it is necessary to analyze the indicators for evaluating business performance.

In this regard, we will consider the methodology for analyzing indicators for assessing business performance and determine the information base for such an assessment.

The main information base for evaluating business performance is financial statements. Target financial statements consists of presenting information about the financial position, results of operations and changes in the financial position of the company. This information is needed by a wide range of users to make economic decisions.

The balance sheet is a document that reflects the results of the calculation and double decomposition of the company's capital at the reporting date. Capital is the only independent and backbone indicator of the balance sheet, which determines the composition and grouping of all its articles and final indicators. Therefore, it would be more correct to say that the balance reflects the state of capital, and not a certain financial state.

The financial result is the main criterion for business efficiency. In addition, a company's net income shown on the income statement is the upper limit of the funds that can be distributed as dividends to shareholders.

Assessing the performance of the business as a whole over the past period is the most important task solved by using data from the income statement.

In this way, information about past transactions and other events is provided, which is extremely important for users in making economic decisions.

Evaluation of the effectiveness of the enterprise on the basis of information from the financial statements of the enterprise, it should help in determining the criteria aspects on the basis of which it is possible to draw conclusions regarding the objective efficiency of the economic activity of the enterprise.

"Reporting is based on the facts that have already happened and reflects the state of capital at the reporting (already past) date and its changes for the reporting (already past) period" . Therefore, the predictive reporting function is not the main one, but a side one. Forecasts, among other things, are based on past events, on already accumulated resources.

In the context of assessing the performance of an enterprise, the purpose of accounting reports is to provide users with useful information. At present, almost all enterprises have recognized the feasibility and necessity of meeting the information needs of numerous users, which can be grouped into three main groups:

Working directly at this enterprise;
Those outside the business but having a direct financial interest in the business;
Having an indirect interest in the business.

Information about the financial position of the enterprise is presented in the form of a balance sheet, balance sheet. This report shows assets i.e. what the company owns and the sources of its financing from accounts payable or share capital. The balance sheet serves as an indicator for evaluating financial condition enterprises. It is intended to assist the user in assessing the ability of an enterprise to meet its obligations.

Assets include equipment, long-term accounts receivable, current accounts receivable, inventories, cash and bank accounts, and advance expenses. Liabilities (liabilities) include equity, short-term loans and liabilities, accounts payable, debts to the budget and personnel of the enterprise.

Assets give a certain idea of the economic potential of the enterprise, liabilities show the amount of funds received by the enterprise and their sources. The structure of the asset balance can be represented in the form of a diagram shown in fig. 1.

Rice. 1. The structure of the asset balance

The liabilities side of the balance reflects the sources of funds of the enterprise on a certain date. They are divided into sources of own funds (capital and reserves), long-term liabilities(credits and loans) and short-term liabilities (credits, loans, settlements and other liabilities).

The sources of own funds include: authorized capital, additional capital, reserve capital, accumulation funds and social sphere, target financing and retained earnings of previous years. Part borrowed money included: long-term and short-term loans and loans, accounts payable, other liabilities.

The structure of the balance sheet liability can be represented as a diagram shown in fig. 2.

Rice. 2. The structure of the balance sheet liability

Reporting - a set of information about the results and conditions of the enterprise for the past time, submitted by the relevant economic entity for the purpose of analysis, control and management of activities. The financial statements contain information about products sold, works and services, the cost of their production, the state of economic assets and the sources of their formation, the financial results of the work.

Methodology for analyzing indicators for assessing the effectiveness of an enterprise

The assessment of business performance is based on the data of the balance sheet and income statement, which present the most important results of the business entity. However, depending on the purpose of the assessment, different users are interested in certain indicators. financial results. The main managers of the enterprise are interested in the amount of profit received and its structure, as well as factors influencing its size. tax office- the amount of taxable income. Shareholders - net profit and the amount of dividends paid per share, the possibility of making a profit in the near and foreseeable future. However, regardless of the purpose of the assessment, performance indicators economic activity enterprises are a criterion aspect of a company's performance.

To assess the performance of a commercial enterprise, it is not enough to use the analysis of absolute profit values, since the presence of profit does not mean that the enterprise is performing well. The absolute amount of profit does not allow us to judge the degree of profitability of an enterprise, transaction, idea. Many commercial enterprises that have received the same amount of profit have different sales volumes, different costs.

"To determine the effectiveness of the costs incurred, to assess the effectiveness and economic feasibility of the enterprise's activities, it is not enough just to determine the absolute indicators, it is necessary to use a relative indicator" . Therefore, to assess the level of work efficiency, the result - profit - is compared with the costs or resources used, which allows you to get a more objective picture. Comparison of profit with costs or resources is characterized by profitability indicators. "Profitability is a relative indicator of economic efficiency that shows the efficiency, profitability, profitability of an enterprise or entrepreneurial activity. This indicator characterizes the level of return on costs and the degree of use of funds" . Thus, profitability indicators are relative characteristics of the financial results and performance of the enterprise.

There are profitability indicators used to assess the effectiveness of advanced resources and costs used in economic activity, and indicators on the basis of which the profitability and efficiency of capital use are determined.

The return on capital characterizes the amount of profit from each ruble invested in the enterprise's funds.

The main indicators of return on capital are:

profitability of assets (property);
profitability of current assets;
return on equity.
return on investment.

The profitability of the property is calculated as follows:

P property \u003d Profit at the disposal of the enterprise / Average value of assets * 100%

This indicator reflects how many units of profit are received from a unit of asset value, regardless of the source of funds raised. This indicator serves to determine the efficiency of using the capitals of various organizations and industries, since it gives an overall assessment of the profitability of capital invested in production, both own and borrowed, attracted on a long-term basis.

Under the profit at the disposal of the enterprise understand the profit remaining after the payment of taxes and repayment of expenses attributable to net income.

The profitability of current assets can be determined by the formula:

P current assets \u003d Profit at the disposal of the enterprise / Average value of current assets * 100%

An indicator of assessing the degree of return on invested capital is the return on equity. The return on equity is expressed as the ratio of net profit (Pch) to sources of equity (Is). This indicator characterizes the amount of profit per ruble of own funds. The return on equity ratio also plays an important role in assessing the level of quotation of the company's shares on the stock exchange.

Return on equity (Rsk) is expressed by the formula:

Rsk \u003d Pch / Is * 100%

If an enterprise focuses its activities on the future, it needs to develop an investment policy. By investing in this case understood long term financing. Information about the funds invested in the enterprise can be calculated from the balance sheet as the sum of own sources of funds and long-term obligations or as difference total amount assets and short-term liabilities. Return on investment (Ri) is calculated as follows:

Ri \u003d Pdn / (B - Ok) * 100%

where Pdn is profit before tax,

B - balance sheet currency,

OK - short-term liabilities.

The indicator of return on investment is considered in practice financial analysis as a way of assessing the "skill" of financial managers in managing investments. Since the company's management cannot influence the amount of taxes paid, for a more accurate calculation of the indicator, the numerator uses the amount of profit before income taxes.

The difference between the profitability of all assets and equity is due to the attraction external sources financing. If the borrowed funds bring more profits than paying interest on this borrowed capital, then the difference can be used to increase the return on equity. However, in the event that the return on assets is less than the interest paid on borrowed funds, the impact of the funds raised on the activities of the enterprise should be assessed negatively.

Return on sales and return on costs are also calculated. Return on sales (Rp) characterizes the ratio of net profit (Pch) to the amount of sales proceeds (VR), expressed as a percentage:

Rp \u003d Pch / Vr * 100%

The profitability of sales is an estimated indicator of the production and economic activities of a business entity. It reflects the level of demand for products, works and services, how correctly the business entity determines the product range and product strategy.

Return on costs (Rz) characterizes the ratio of net profit to the sum of production and sales costs (R), expressed as a percentage:

Rz \u003d Pch / Z * 100%

Return on costs demonstrates the efficiency of economic activity in general, the calculation takes into account the cost, selling and administrative expenses. The cost-effectiveness indicator shows how many kopecks of profit fall on the ruble of expenses.

The dynamics of changes in profitability indicators depends, on the one hand, on factors affecting the value of the numerator of the profit indicator, on the basis of which it is calculated: sales profit, taxable, net. On the other hand, it depends on the factors influencing the value of the denominator: the sum of assets, investments, sales, total cost. The main factor in the growth of profitability is the implementation of measures to improve the efficiency of the enterprise's economic activities.

Practical aspects of the analysis of business performance indicators

Consider on practical example methodology for assessing the effectiveness of the enterprise. To do this, we will analyze the profit indicators of a conditional enterprise in order to evaluate the income received by the enterprise, reduced by the amount of expenses incurred, in the context of reporting and analytical data. Evaluation of the effectiveness of the enterprise's business will be carried out based on the position that the dynamics of profit indicators of an economic entity characterizes its business activity and financial independence. The positive dynamics of absolute profit indicators creates the basis for self-financing of the economic activity of the enterprise on the principles of economic calculation.

The summary analytical table shows the dynamics of the company's profit indicators for 3 years.

Dynamics of profit indicators of the enterprise for three years

Indicators				absolute change	Growth rate
Indicators

Cost price
Gross profit
Selling expenses
Management expenses
Profit (loss) from sales
Other income
other expenses
Profit before tax
Income tax and other similar payments
Net income (retained earnings)

Now let's analyze business performance indicators for this conditional enterprise.

Analyzing the data in the table, it should be noted that the company has demonstrated an improvement in key profit indicators over a three-year period. Gross profit was an exception, since, starting from 2014, administrative expenses are partly recognized as part of the cost, partly transferred to selling expenses. The result was a significant cost growth rate that outpaced revenue growth and a decline in gross profit.

The increase in revenue in 2015 compared to 2013 amounted to almost 1.8 billion rubles, the growth rate reached a level of 34.62%. The cost price increased by more than 2 billion rubles, the growth rate was 43.5%. However, taking into account the internal reasons for the increase in the cost price, it can be judged that there is no negative structural influence of this factor. At the same time, it is not possible to objectively assess the ratio of the dynamics of profit from sales, the growth of which amounted to 21.28%, an increase of 93.7 million rubles, compared with commercial and administrative expenses, for the same internal reasons. However, given the lag in the growth rate of profit from sales from the growth rate of revenue, it can be judged that the company did not use internal reserves to increase the final financial result, a relative reduction in cost, as well as rational optimization of commercial and administrative expenses.

Over the analyzed period, other expenses and income showed a strong decline, but other expenses in 2015 almost doubled other income, which affected the slowdown in the growth rate of profit before tax, which amounted to only 11.38%.

It should also be noted that the company's net profit for the analyzed period increased by 57 million rubles, the growth rate was 19.75%, which, against the background of lower tax payments, indicates the successful use of preferential mechanisms to reduce tax payments and improve the efficiency of the company's financial discipline.

For the period from 2013 to 2015, there are no probabilistic or stochastic fluctuations in terms of profit from sales, profit before tax and net income. This indicates the effective economic activity of the enterprise as a whole and the implementation of a consistent policy regarding economic development as an independent business entity. In addition, for this period there is no stable negative trend in all indicators of profit, which characterizes the maintenance of the profitability of the enterprise by the presence of prospects for economic activity in the future.

Further, it is necessary, taking into account the specifics of the enterprise, its scope of economic activity and characteristics of indicators, to assess the effectiveness of the business, taking into account the factors of increasing sales and net profit and factors that prevented a more significant increase in profits. If enterprise performance evaluation showed the unsatisfactory state of the business, appropriate conclusions should be drawn about the unfavorable prospects of the organization.

As an example of the factors of increase or decrease in sales and net profit, we give the following:

significant expansion or contraction of activities;
change in the structure of income and expenses;
change financial policy enterprises;
increase or decrease costs.

Profitability indicators characterize the efficiency of the enterprise. Profitability is a relative indicator of the level of profitability of production activities. Unlike profit, which characterizes the absolute results of operations, profitability shows the ratio of the effect to the amount of costs incurred, thereby determining the level of financial security and the strength of the situation.

Using formulas (1), (2), (3), (4), (5) and (6), we calculate the profitability indicators based on the data above and present the results in the table.

Analyzing the results of the calculations, it should be noted the negative change in all profitability indicators in 2015, both in comparison with 2014 and in comparison with 2013. Therefore, business performance evaluation shows the unsatisfactory state of economic activity of the enterprise.

When evaluating the effectiveness of a business, it should be taken into account that the level and dynamics of profitability indicators at an enterprise are objectively influenced by the entire set of internal production and economic factors:

the level of organization of economic activity;
the structure of capital and its sources;
degree of use of available resources;
volume of sales;
the amount of costs incurred.

The profitability of property, which characterizes the return on each ruble invested in the assets of the enterprise, makes it possible to judge the decrease in the operating efficiency of the enterprise. In addition, it is necessary to take into account the extremely low value of the indicator, which indicates an insufficient level of rationalization of the financial and economic activities of the enterprise, since the overall assessment of the profitability of capital invested in production, both own and borrowed, attracted on a long-term basis, is a little more than 6 kopecks for every ruble invested.

The profitability of current assets, which demonstrates the ability of the enterprise to provide a sufficient amount of profit in relation to the current assets used, allows us to conclude that the return on the use of current assets is relatively low.

The return on equity, which makes it possible to determine the real efficiency of the use of capital invested by the owners of the enterprise, indicates a fairly high return on equity compared to other indicators. It should be noted that the observed negative dynamics of changes in this indicator in the long term can significantly complicate the financial and economic activities of the enterprise.

Return on investment, characterizing the profitability capital investments and being a financial and economic reflection of the competitiveness of the enterprise, in connection with the observed dynamics of the decrease in the indicator, it makes it possible to judge the decrease in the potential level of competitiveness of the enterprise. At the same time, the long-term nature of the company's activities partially explains the long periods of negative dynamics, but is not a factor that neutralizes unfavorable prospects.

The dynamics of profitability of sales, which characterizes the economic efficiency of the main activity of the enterprise, indicates a slight decrease in demand for the results of economic activity. Despite a slight increase in the profitability of sales in 2014, in 2015 this indicator decreased, which suggests that the economic activity of the enterprise is not sufficiently objectified and the need to revise the strategy for further development is necessary.

The dynamics of return on costs, which determines the efficiency of economic activity as a whole, demonstrates a similar trend as the return on sales. It should be noted that the decrease in the value of this indicator is a consequence of the decrease in the efficiency of using own and borrowed funds for the implementation of the main economic activity of the enterprise.

Thus, it can be judged that the decrease in profitability indicates that the enterprise has difficulties that the enterprise is experiencing in relation to the effective implementation of the main economic activity. It can be judged that there is an objective need to revise the company's policy on major commercial issues in order to increase the amount of profit received.

Based on the results of the assessment of indicators, in order to improve the efficiency of the business, the enterprise needs to find possible ways to increase the efficiency of using net profit.

conclusions

Analysis of indicators for evaluating business performance as part of the analysis of financial statements is necessary for managing the core business of an enterprise based on making informed management decisions.

Information base for the analysis of indicators business performance evaluations serves as financial statements, which provide information about the financial position, results of operations and changes in the financial position of the company. The balance sheet shows assets, i.e. what the enterprise owns and sources of its financing from accounts payable or equity. The balance serves as an indicator for assessing the financial condition of the enterprise. For the purposes of evaluating business performance, financial statements are the main source of information that contains the entire set of information about the results and operating conditions of the enterprise over the past time.

Business performance assessment according to financial statements is used to analyze, control and manage the business activities of the enterprise.

Analysis of business performance indicators is not an end in itself.

Based on the results of the analysis, conclusions are drawn about possible ways improving the efficiency of the economic activity of the enterprise. The methodology for analyzing indicators for evaluating business performance makes it possible to identify possible directions, ways of developing and improving the economic activity of an enterprise in accordance with the results obtained.

Literature

Dontsova L.V., Nikiforova N.A. Analysis of accounting (financial) statements. – M.: Business and service, 2015.
Tolpegina O.A., Tolpegina N.A. Complex economic analysis economic activity. – M.: Yurayt, 2013.
Gubina O.V., Gubin V.E. Analysis of financial and economic activity. – M.: Infra-M, 2014.
Lyubushin N.P. Comprehensive analysis of financial and economic activities. – M.: Finance and statistics, 2014.
Petrova A.N. The economic content of the income statement. // Economic sciences. - 2012. - No. 7. - P. 157-159.
Chechevitsyna L.N. Analysis of financial and economic activity. - Rostov-on-Don: Phoenix, 2014.
Kuter M.I. Theory of accounting. – M.: Finance and statistics, 2013.

The concept of efficiency

PROFITABILITY IN THE SYSTEM OF PERFORMANCE INDICATORS OF THE FINANCIAL AND ECONOMIC ACTIVITIES OF ENTERPRISES

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Methods for a comprehensive assessment of the effectiveness of the financial and economic activities of an enterprise.

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(Analysis and diagnostics of the financial and economic activities of the enterprise)

PERFORMANCE INDICATORS OF THE ORGANIZATION (ENTERPRISE)

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(Economics of the industry (construction))

Evaluation of the effectiveness of production and economic, financial activities is reduced to the analysis of the profitability of a particular type of activity of the organization, that is, it is aimed at maximizing financial results.

The effectiveness of the financial and economic activities of the enterprise is evaluated using absolute and relative indicators.

The performance of an enterprise can be assessed by several groups of indicators. The most commonly used indicators of profit and profitability, depending on the organization of the economic process, the efficiency of the use of certain types of property potential, that is, on the dynamics of financial and economic activity.

The assessment of business activity is aimed at analyzing the results and the effectiveness of current production activities.

An assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of a given enterprise and related enterprises. Such qualitative criteria are: the breadth of product sales markets; availability of products for export; the reputation of the enterprise, which is expressed, in particular, in the popularity of customers using the services of the enterprise, etc. The quantitative assessment is done in two directions:

o the degree of implementation of the plan (established by the parent organization or independently) for the main indicators, ensuring the specified growth rates;
o the level of efficiency in the use of various enterprise resources.

To implement the first line of analysis, it is also advisable to take into account the comparative dynamics of the main indicators. In particular, the following ratio is optimal:

T pb > T p > T ak > 100%, (1.4)

where T pb > T p -, T ak - respectively, the rate of change in profits, sales, advanced capital (Bd).

This dependency means:

a) the economic potential of the enterprise increases;
b) compared with the increase in economic potential, the volume of sales increases at a higher rate, i.e. enterprise resources are used more efficiently;
c) profit increases at a faster pace, which indicates, as a rule, a relative decrease in production and distribution costs. 17, p. 44-48

At the same time, deviations from this ideal dependence are also possible, and they should not always be considered as negative, such reasons are: the development of new prospects for the direction of capital investment, the reconstruction and modernization of existing industries, etc. This activity is always associated with significant investments. financial resources, which for the most part do not provide quick benefits, but in the long run can fully pay off.

To implement the second direction, various indicators can be calculated that characterize the efficiency of the use of material, labor and financial resources. The main ones are output, capital productivity, turnover of inventories, duration of the operating cycle, turnover of advanced capital.

When analyzing the turnover of working capital Special attention should be given to inventories and accounts receivable. The less the financial resources in these assets become dead, the more efficiently they are used, the faster they turn around, and the more and more profits they bring to the enterprise. 18, p. 24-25

The turnover is estimated by comparing the indicators of the average balances of current assets and their turnover for the analyzed period. Turnovers in the assessment and analysis of turnover are:

o for inventories - the cost of manufacturing sold products;
o for receivables - sales of products for non-cash payment(since this indicator is not reflected in the financial statements and can be identified from accounting data, in practice it is often replaced by an indicator of sales proceeds).

A generalized characteristic of the duration of the deadening of financial resources in current assets is the indicator of the duration of the operating cycle, i.e. how many days on average pass from the moment of investment Money into current production activities until they are returned in the form of proceeds to the current account. This indicator largely depends on the nature of production activities; its reduction is one of the main intraeconomic tasks of the enterprise.20, p. 14-15.

Indicators of the effectiveness of the use of certain types of resources are summarized in terms of the turnover of equity capital and the turnover of fixed capital, characterizing, respectively, the return on invested in the enterprise: a) the owner's funds; b) all funds, including those raised. The difference between these ratios is due to the degree of borrowing to finance production activities.

The generalizing indicators for assessing the efficiency of the use of enterprise resources and the dynamism of its development include the resource efficiency indicator and the sustainability coefficient economic growth.

Resource productivity (or the turnover ratio of advanced capital). It characterizes the volume of sold products per ruble of funds invested in the activities of the enterprise. The growth of this indicator in dynamics is considered as a favorable trend.

Coefficient of sustainability of economic growth. The coefficient shows the average pace at which an enterprise can develop in the future, without changing the already established ratio between various sources of financing, capital productivity, production profitability, dividend policy, etc.

Profitability assessment

To the main indicators of this block, used in countries with market economy to characterize the profitability of investments in activities of a particular type, include the return on advanced capital and the return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit fall on one ruble of advanced (own) capital.

Assessment of the position on the securities market is carried out in companies registered on stock exchanges and listing their securities there. The analysis cannot be performed directly on the financial statements - additional information is needed. Because the terminology securities has not yet fully developed in our country, the given names of the indicators are conditional.

Earnings per share. It is the ratio of net profit minus the amount of dividends preferred shares, to the total number ordinary shares. It is this indicator that largely affects the market price of shares. Its main drawback in analytical terms is the spatial incompatibility due to the unequal market value shares of various companies. 19, p. 64-95

Share value. It is calculated as the quotient of dividing the market price of a share by earnings per share. This indicator serves as an indicator of demand for the shares of this company, since it shows how much investors are willing to pay at the moment for one ruble of earnings per share. The relatively high growth of this indicator in dynamics indicates that investors expect more rapid growth profits of this firm compared to others. This indicator can already be used in spatial (inter-farm) comparisons. Companies with a relatively high value of the economic growth stability coefficient are also characterized, as a rule, by a high value of the “share value” indicator.

The dividend yield of a share. It is expressed as the ratio of the dividend paid on shares to its market price. In companies expanding their activities by capitalizing most of the profits, the value of this indicator is relatively small. The dividend yield of a stock is the percentage return on capital invested in a firm's stock. This is a direct effect. There is also an indirect one (income or loss), expressed in a change in the market price of the shares of this company.

dividend yield. Calculated by dividing the dividend paid per share by earnings per share. The most obvious interpretation of this indicator is the share of net profit paid out to shareholders in the form of dividends. The coefficient value depends on investment policy firms. This indicator is closely related to the profit reinvestment coefficient, which characterizes its share aimed at the development of production activities. The sum of the values of the dividend yield indicator and the profit reinvestment coefficient is equal to one.

Share quote ratio. It is calculated by the ratio of the market price of a share to its accounting (book) price. The book price characterizes the share of equity per share. It consists of the nominal value (i.e., the value affixed on the letterhead of the share for which it is included in the share capital), the share of share premium (the accumulated difference between the market price of the shares at the time of their sale and their face value) and the share of profit accumulated and invested in the development of the company. The value of the quote coefficient greater than one means that potential shareholders, when purchasing a share, are ready to give a price for it that exceeds the accounting estimate of the real capital attributable to the share at the moment.

In the process of financial analysis, rigidly deterministic factor models can also be used to identify and give comparative characteristic the main factors that influenced the change of one or another indicator.

The given system is based on the following rigidly determined factor dependence:

where KFZ is the coefficient of financial dependence, VA is the sum of the assets of the enterprise, SC is equity capital.

From the above model, it can be seen that the return on equity depends on three factors: the profitability of economic activity, resource efficiency and the structure of the advanced capital. The significance of the identified factors is explained by the fact that in a certain sense they generalize all aspects of the financial and economic activities of the enterprise, in particular accounting (financial) statements: the first factor summarizes the form "Profit and Loss Statement", the second - the balance sheet asset, the third - balance sheet liabilities.

Determination of the unsatisfactory structure of the balance sheet of the enterprise.

Currently, most Russian enterprises are in a difficult financial condition. Mutual non-payments between business entities, high tax and banking interest rates lead to businesses becoming insolvent. An external sign of the insolvency (bankruptcy) of an enterprise is the suspension of its current payments and the inability to satisfy the claims of creditors within three months from the date of their execution.

In this regard, the issue of assessing the structure of the balance sheet is of particular relevance, since decisions on the insolvency of an enterprise are made upon recognition of the unsatisfactory structure of the balance sheet.

The main purpose of conducting a preliminary analysis of the financial condition of the enterprise is to justify the decision to recognize the balance sheet structure as unsatisfactory, and the enterprise as solvent. The main sources of analysis are balance sheet enterprises and income statement.

Analysis and assessment of the balance sheet structure of the enterprise are carried out on the basis of the following indicators: current liquidity ratio; security ratio own funds.

The basis for recognizing the balance sheet structure of an enterprise as unsatisfactory, and the enterprise as insolvent is one of the following conditions:

* if the current liquidity ratio at the end of the reporting period has

value less than 2; (K t);

* if the equity ratio at the end of the reporting period is less than 0.1. (K oss).

The main indicator characterizing the presence of a real opportunity for an enterprise to restore (or lose) its solvency within a certain period is the coefficient of restoration (loss) of solvency.

If at least one of the coefficients is less than the standard (K tl<2, а К осс <0,1), то рассчитывается коэффициент восстановления платежеспособности за период, установленный равным шести месяцам.

If the current liquidity ratio is greater than or equal to 2, and the equity ratio is greater than or equal to 0.1, the solvency loss ratio is calculated for a period set equal to three months.

Solvency recovery ratio K is defined as the ratio of the estimated current liquidity ratio to its standard.

The estimated current liquidity ratio is determined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period in terms of the solvency recovery period, set equal to six months:

where K ntl is the normative value of the current liquidity ratio,

К ntl = 2; 6 - solvency recovery period for 6 months;

T - reporting period, months.

The solvency recovery ratio, which takes a value greater than 1, indicates that the enterprise has a real opportunity to restore its solvency.

The solvency recovery ratio, which takes a value less than 1, indicates that the company has no real opportunity to restore solvency in the next six months. 10, p. 34-50

The coefficient of loss of solvency K y is defined as the ratio of the estimated current liquidity ratio to its established value. The estimated current liquidity ratio is determined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period in terms of the period of insolvency, set equal to three months:

where T y -- the period of loss of solvency of the enterprise, months.

The calculated coefficients are entered in table 1.1.

Table 1.1. Assessment of the balance sheet structure of an enterprise

Summarizing the theoretical aspects of studying the effectiveness of financial and economic activity, we will draw some conclusions.

Under the financial analysis, as a rule, understand the external and internal analysis of the results and financial condition of the enterprise, as well as financial relationships, financial resources and their flows in the course of production and economic activities.

An analysis of the effectiveness of the financial and economic activities of the enterprise shows in which areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise. 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 financial condition of an enterprise 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 financial condition of the enterprise and its solvency.

The information base of financial analysis is accounting (financial) reporting.

The results of financial analysis are used by both internal users (management, managers) and external users (owners, creditors, suppliers and buyers, consultants, stock exchanges, lawyers, the press).

Under the financial condition 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 expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The economic potential of the organization can be characterized in two ways: from the position of the property status of the enterprise and from the position of its financial position.

The financial results of the enterprise are determined, first of all, by the quality indicators of the products manufactured by the enterprise, the level of demand for these products, since, as a rule, the bulk of the financial results is profit (loss) from the sale of products (works, services).

The assessment of business activity is aimed at analyzing the results and the effectiveness of the current main production activity.

Thus, financial analysis is a fairly flexible tool in the hands of the top management of the enterprise. The efficiency of the financial and economic activity of the enterprise is characterized by the placement and use of the enterprise's funds. This information is presented in the balance sheet of the enterprise under study.

The main factors determining the efficiency of the financial and economic activities of an enterprise are, firstly, the implementation of the financial plan and replenishment, as the need arises, of own working capital at the expense of profits and, secondly, the speed of turnover of working capital (assets).

Assessment of the financial and economic activities of the enterprise

Introduction

The relevance of the topic of the thesis lies in the fact that the assessment of the financial condition becomes the main basis for making managerial decisions. In modern economic conditions, the activity of each economic entity is the subject of attention of a wide range of participants in market relations (organizations and individuals) interested in the results of its functioning. Based on the reporting and accounting information available to them, these persons seek to assess the financial position of the enterprise. The main tool for this is the assessment of the financial condition, the main purpose of which is to obtain a small number of key parameters that give an objective and accurate picture of the financial condition of the enterprise, with the help of which it is possible to objectively assess the internal and external relations of the analyzed object: to characterize its solvency, efficiency and profitability, development perspectives, and then make informed decisions based on its results.

Assessment of the financial condition makes it possible to assess: the property condition of the enterprise; the degree of entrepreneurial risk, in particular the possibility of paying off obligations to third parties; capital adequacy for current activities and long-term investments; the need for additional sources of funding; ability to increase capital; rationality of attraction of borrowed funds; the validity of the policy of distribution and use of profits, etc.

Financial condition is the most important characteristic of the economic activity of an enterprise in the external environment. It determines the competitiveness of the enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial and other relations are guaranteed. Therefore, we can assume that the second main task of the analysis is to show the state of the enterprise for external consumers, the number of which increases significantly with the development of market relations.

An assessment of the financial condition on the basis of the company's statements is necessary to justify the choice of a business partner, determine the degree financial stability and business activity of the enterprise in terms of entrepreneurial risk.

From the foregoing, it follows that right now it is advisable to turn to the issue of studying the financial condition as a basis for making managerial decisions.

The value of the graduation project for the organization under study is determined by the fact that it develops in unstable environmental conditions, in conditions of increasing competition, which requires a financial analysis of the organization's activities and further development of a sequence of actions to improve management.

The purpose of the thesis is the study of financial and economic activities and the development of a project of measures to improve the financial condition of the enterprise "RIK" LLC.

To achieve this goal, it is necessary to solve the following tasks:

consider the concept and identify the essence of the financial condition of the enterprise;

to characterize the features of the analysis of the financial condition of the enterprise;

designate a methodology for assessing the financial condition of an enterprise,

give a general description of the enterprise,

analyze the financial condition of RIK LLC,

develop measures to improve the financial condition of RIK LLC,

calculate the effectiveness of the proposed measures,

calculate the impact of performance indicators on the performance of the enterprise,

The subject of the thesis is the process of assessing the financial condition of the enterprise.

The object of the thesis is LLC "RIK".

The theoretical basis for the study of the thesis was the fundamental developments presented in the works of domestic and foreign authors on the problem under study, namely, such as: Abryutina M.S., Bakanov M.I., Ionova A.F., Savitskaya G.V., Sheremet A.D., and others.

The information sources for the study of the thesis are the internal data of LLC "RIK" and information obtained in the course of independently conducted research on the analysis of the financial condition.

In the process of research, the following scientific methods were used: monographic, analytical, calculation, abstract-logical, comparisons, accounting methods and techniques: accounts, documentation, evaluation, balance sheet and reporting.

The structure of the work: introduction, three chapters with paragraphs that reveal the main tasks of the work, conclusion, list of references, conclusion, appendix.

1. Theoretical foundations for assessing the financial and economic activities of an enterprise

.1 The concept and essence of the financial and economic activities of the enterprise

financial project theoretical

Let us consider the approaches to determining the financial condition of an enterprise that exist in the economic literature.

Kovalev V.V. gives the following definition: the financial condition of an economic entity is 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.

Borisov A.B. under the financial condition of the enterprise understands the timely economic analysis of the results of the enterprise, which comprehensively assesses its compliance with the goals and objectives facing the enterprise at this stage and is a necessary element of management. Such an analysis is aimed at identifying the magnitude and change over time of economic indicators that characterize the production, circulation, consumption of products, goods, services, the efficiency of resource use, the quality of the product. In the course of diagnostics, the causes and possible consequences of the observed, studied factors are identified.

Lisovsky A.G. under the concept of financial condition, it implies the definition of indicators that give a picture of the state of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors based on the available accounting documentation.

Raizberg B.A. interprets this definition: the financial condition of an enterprise is one of the branches of economic analysis associated with the study of production, financial, trading activities of firms, firms, households.

Buryakovsky V.V. understands the definition of the financial condition of an enterprise as follows: it is the process of studying the main results of the financial activity of an enterprise in order to identify reserves for further increasing its market value.

Let's give a more general definition of the financial condition of the enterprise:

Under the financial condition of the company refers to its ability to finance its activities. It is characterized by the provision of financial resources necessary for the normal functioning of the enterprise, their appropriate placement and effective use, financial relationships with other legal entities and individuals, solvency and financial stability.

Assessment of the financial condition is an essential element of financial management. Almost all users financial statements enterprises use methods of analysis and assessment of financial condition to make decisions on optimizing their interests. The results of assessing the financial condition of an enterprise are of paramount importance for a wide range of users, both internal and external to the enterprise - managers, partners, investors and creditors.

Assessment of the financial condition of an enterprise is a way of accumulating, transforming and using information of a financial nature. The assessment of the financial condition of the enterprise is carried out using a set of methods and working methods (methodology) that allow structuring and identifying the relationship between the main indicators.

Based on data about the past performance of an enterprise, a financial assessment is aimed at reducing uncertainty about its future condition.

Thus, the assessment of the financial condition is not only the main component of any of the management functions (forecasting and business planning; coordination, regulation, accounting and control; stimulation; assessment of business conditions, etc.), but is itself a type of management activity that precedes the adoption management decisions to maintain business at the required level.

The successes and failures of the enterprise should be considered as the interaction of a number of factors: external (the enterprise cannot influence them at all or the influence can be weak), internal (as a rule, they depend on the organization of the enterprise itself).

In the economic literature, external factors that have strong influence on the financial condition of the enterprise include:

-the size and structure of the needs of the population;

-the level of income and savings of the population, and, consequently, its purchasing power (this can also include the price level and the possibility of obtaining a consumer loan, which significantly affects entrepreneurial activity);

-political stability and direction domestic policy;

-the development of science and technology, which determines all components of the process of production of goods and its competitiveness;

the level of culture, manifested in the habits and norms of consumption, preferences for some goods and a negative attitude towards others.

No less significant are the internal factors that determine the development of the enterprise and are the result of its work.

In general, they can be represented by four groups.

Enterprise strategy. A strategy is a means of achieving the desired results (goals).

The principles of the company's activities are among the most important categories of management. They are understood as the main fundamental ideas, ideas about management activities, arising directly from the laws and patterns of management.

Resources and their use. Resources are everything that can be used by an enterprise to achieve its goals, to meet its own needs and the needs of the subjects of the external environment.

Quality and level of marketing. Marketing is a system of planning, pricing, promoting and distributing ideas, goods and services to meet the needs, wants and desires of individuals and organizations.

Other internal factors that can negatively affect financial stability are as follows:

-the occurrence of losses of the enterprise associated with the unsatisfactory formulation of work on the market, the inability of the product to successfully compete with other similar products of competitors, untimely updating of the assortment marketable products;

-a sharp increase in the level of sales costs, which can be caused by a variety of reasons, starting with an irrational management structure, bloated management staff, the use of expensive technologies, tools and labor items, etc.;

-loss of the level of production culture and the culture of the enterprise in general, which includes a qualified staff, the technical level of production, the psychological atmosphere of the management personnel and the entire team of the enterprise, its confidence in effective work;

-the presence of work incentives for the personnel of the enterprise

-sources of financing.

Financial management of enterprises is one of the most important parts of the system of financial management and economics. Recently, the management of the financing of the enterprise's activities has received a deeper theoretical basis and effective forms of practical implementation. For the correct organization of financing the activities of the enterprise, it is necessary to classify the sources of financing. Sources of financing - existing and expected sources of obtaining financial resources, a list of economic entities capable of providing such resources. The most reliable are their own sources of business financing. The main own sources of financing of entrepreneurial activity in any commercial organization are net profit and depreciation.

In addition to own sources of financing, there are borrowed funds. Borrowed capital - capital received in the form of a debt obligation.

So, many factors acting in different directions can lead to the destruction of the organizational, economic and production mechanism of the enterprise.

In a classical market economy, as noted by foreign researchers, 1/3 of the blame for the bankruptcy of an enterprise falls on external factors and 2/3 on internal ones. Domestic researchers have not yet made such an assessment, but it is not without reason to assume that modern Russia is characterized by an inverse proportion of the influence of these factors.

Thus, the financial condition of the enterprise is understood as its ability to finance its activities. The financial condition is influenced by external and internal factors. External factors that have a strong impact on the financial condition of the enterprise include: the size and structure of the needs of the population; the level of income and savings of the population; political stability and direction of domestic policy; the development of science and technology, the level of culture, manifested in the habits and norms of consumption, preferences for some goods and a negative attitude towards others. No less significant are internal factors: the strategy of the enterprise, the principles of the company, resources and their use, the quality and level of marketing.

1.2 The role and importance of analysis in the evaluation of financial and economic activities

The purpose of the analysis of the financial condition is to reduce uncertainty about the future state of the enterprise.

For internal users, which primarily include the heads of the enterprise, the results of the analysis of the financial condition are necessary to assess the activities of the enterprise and prepare decisions on adjusting the financial policy of the enterprise.

For external users - partners, investors and creditors - information about the enterprise is necessary for making decisions on the implementation of specific plans for this enterprise (acquisition, investment, conclusion of long-term contracts).

With the help of the analysis of the financial condition, the following tasks are sequentially solved:

1.Determination of the financial condition of the enterprise at the current moment.

2.Identification of trends and patterns in the development of the enterprise for the period under study.

.Identification of factors that negatively affect the financial condition of the enterprise.

.Identification of reserves that the company can use to improve its financial condition.

When analyzing the financial analysis of an enterprise, its main characteristics are studied:

property position. The property of an enterprise is what it owns: fixed capital and working capital, expressed in cash and reflected in the independent balance sheet of the enterprise.

Financial stability, solvency and liquidity. The financial stability of an enterprise is determined by the degree of provision of reserves and costs by own and borrowed sources of their formation, the ratio of the volume of own and borrowed funds and is characterized by a system of absolute and relative indicators.

To determine the financial condition of the enterprise, an assessment of the liquidity and solvency of the enterprise is used. Solvency reflects the ability of the enterprise to answer for all its debts at a given time and solely at the expense of property in cash. Liquidity is the ability of an economic entity to quickly turn assets into cash and thus pay off debts. Those. liquidity is a way to maintain solvency.

Business activity analysis is a separate block in the system of complex financial analysis of the organization's activities. In the most general terms, such an analysis involves both a qualitative assessment (the reputation of the company and its management, its business history, competitiveness, the breadth of sales markets, the presence of stable customers, consumers), and a quantitative assessment, including the calculation of absolute and relative indicators. Absolute indicators include the volume of sales, the value of the company's assets, its losses, the duration of the production and commercial cycle, etc. 4. Financial results: profit and profitability.

The financial results of the enterprise are characterized by the amount of profit received and the level of profitability. The greater the amount of profit and the higher the level of profitability, the more efficiently the enterprise operates, the more stable its financial condition.

The profit of the enterprise is the main goal of entrepreneurial activity. The profit of the enterprise for a period of time is the difference between the income of the enterprise for a given period and its costs that caused the receipt of these incomes. In the process of profit analysis, it is necessary to study the composition of profit, its structure, dynamics for the reporting year.

Profitability is one of the main qualitative indicators of production efficiency at an enterprise, characterizing the level of return on costs and the degree of use of funds in the process of production and sale of products (works, services). Profitability indicators more fully than profit characterize the final results of management, because their value reflects the ratio of the effect to the invested capital or consumed resources.

The practice of financial analysis has already developed the main types of analysis (method of analysis) of financial statements. Among them, 6 main methods can be distinguished:

horizontal (temporal) analysis - comparison of each reporting position with the previous period;

vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;

trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values of indicators are formed in the future, and, therefore, a prospective predictive analysis is carried out;

analysis of relative indicators (coefficients) - calculation of relationships between individual positions of the report or positions of different reporting forms, determination of the relationship of indicators;

comparative (spatial) analysis is both an on-farm analysis of summary reporting indicators for individual indicators of an enterprise, branches, divisions, workshops, and an inter-farm analysis of the indicators of a given enterprise in comparison with those of competitors, with average industry and average economic data;

Factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator using deterministic or stochastic research methods. Moreover, factor analysis can be both direct (analysis itself), when the effective indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a general effective indicator.

The life of an organization, enterprises are constantly changing situations and complex problems.

To organize reliable financial management, it is necessary to understand the real movement of affairs in an enterprise, to know what it does, to have information about its markets, customers, suppliers, competitors, the quality of its products, further goals, etc.

One of the means of coordinating the work of the enterprise and monitoring its funds is the analysis of the financial condition. It allows you to answer many questions regarding the movement of funds in the company, the quality of their management and the market position that the organization acquires as a result of its activities.

The movement of material assets in the enterprise determines the movement of funds. A financial analyst must understand that any sector of the economy has its own characteristics and, as a result, different financial needs and financial strategy from others. In heavy engineering or construction, the production and sales cycle is much longer than in the service sector (for example, in consulting agencies, travel companies or the bakery industry).

The difference in the duration of the financial and production cycle is reflected in the change in the degree of risk to which each of the industries is exposed, and also affects the formation of the structure and method of financing a particular commercial activity.

In the process of supply, production, marketing and financial activities, there is a continuous process of capital circulation, the structure of funds and sources of their formation, the availability and need for financial resources and, as a result, the financial stability of the enterprise change.

The ability of an enterprise to make payments on time, finance its activities on an extended basis, withstand unforeseen shocks, and maintain its solvency in adverse circumstances is indicative of its sound financial condition, and vice versa.

The essence of evaluating the effectiveness of the economic activity of an enterprise is manifested primarily in its goals and objectives.

The main purpose of assessing the effectiveness of the economic activity of an enterprise is to increase the efficiency of its work on the basis of a systematic study of all types of activities and generalization of their results.

From the purpose of assessing the effectiveness of the economic activity of the enterprise, its main tasks follow:

determining the assessment of the real financial condition of the organization;

assessment of the main factors affecting the economic activity of the organization;

assessment to improve the efficiency of the organization's economic activities.

Thus, when analyzing the financial analysis of an enterprise, its main characteristics are studied: property status, financial stability, solvency and liquidity, business activity, financial results: profit and profitability. The practice of financial analysis has already developed the main types of analysis (method of analysis) of financial reports: horizontal (temporal) analysis; vertical (structural) analysis; trend analysis; analysis of relative indicators (coefficients); comparative (spatial) analysis; factor analysis.

1.3 Methodology for assessing the financial and economic condition of the enterprise

The methodology for analyzing the financial condition includes: analysis of property status; analysis of financial stability, solvency and liquidity; business activity analysis; analysis of financial results (profit and profitability).

Property analysis.

The main source of information for the analysis of the financial condition is the balance sheet of the enterprise (form No. 1 according to OKUD). To analyze the structure and dynamics of capital, horizontal and vertical balance sheet analysis is used.

The following formulas are used for horizontal analysis:

Absolute change.

A i=A 2-A 1

where? i - absolute change in assets,

A 2- value at the end of the year,

A 1- value at the beginning of the year.

P i=P 2-P 1,

where? i - absolute change in liabilities,

P 2- value at the end of the year,

P 1- value at the beginning of the year.

Analyzing the dynamic series of absolute changes in indicators, we determine the direction of development (growth, decline).

relative change.

where TrAi is the growth rate of assets.

where ТрПi is the growth rate of liabilities.

The growth rate shows the percentage of the comparable level to the base or previous level of the dynamics series and allows you to determine the direction and nature of the relative change in the indicator.

Vertical analysis allows you to draw a conclusion about the structure of the balance in the current state, as well as analyze the dynamics of this structure.

where dAi is the share of the type of assets,

VB - balance currency.

where dPi is the share of the type of liabilities.

The vertical analysis of the balance sheet shows the structure of the enterprise's funds and their sources, when the amounts for individual items or sections are taken as a percentage of the balance sheet currency.

Financial stability, liquidity and solvency.

Absolute indicators of the financial condition are indicators characterizing the degree of provision of reserves and costs with the sources of their formation.

A general indicator of financial independence is the surplus or shortage of sources of funds for the formation of reserves and costs, which is determined as the difference between the value of sources of funds and the value of reserves and costs. First of all, to assess the financial condition, they study the sufficiency of funds for the formation of reserves.

To check the stability according to this criterion, calculations of the total amount of reserves and costs, the availability of own working capital, the availability of own and long-term borrowed sources of formation of reserves and costs or functioning capital, the total value of the main sources of formation of reserves and costs are performed:

Z=ZAP + VAT,

where Z is the total amount of reserves and costs,

ZAP - stocks,

VAT - value added tax.

SOS \u003d SK - VnA,

where SOS is the availability of own working capital,

SC - equity,

VnA - non-current assets.

CF=SOS + DP

where CF - functioning capital,

DP - long-term liabilities of the formation of reserves and costs.

where VI is the total value of the main sources of formation of reserves and costs,

TO - short-term liabilities.

The indicators of the availability of sources of formation of reserves and costs correspond to the indicators of the availability of reserves and costs by sources of formation. Using these indicators, you can define a three-component indicator of the type financial situation(formula (11)):

where S (Ф) is a three-component indicator of the type of financial situation,

F- surplus (+) or shortage (-) of enterprise funds.

It is possible to distinguish 4 types of financial situations:

Absolute financial independence. This type of situation is extremely rare, represents an extreme type of financial stability, i.e. three-component indicator of the type of financial situation: S = (1,1,1).

Normal dependence of the financial condition, which guarantees solvency, i.e. S = (0,1,1).

An unstable financial condition, associated with a violation of solvency, but which still retains the possibility of restoring balance by replenishing sources of own funds, by reducing accounts receivable, accelerating inventory turnover, i.e. S = (0,0,1).

Crisis financial condition, in which the company is completely dependent on borrowed sources of financing.

Own capital and long-term and short-term loans and borrowings are not enough to finance working capital, that is, replenishment of stocks comes from funds generated as a result of a slowdown in the repayment of accounts payable, i.e. S = (0,0,0).

When analyzing the financial condition, the liquidity analysis of the balance sheet is used. To determine the liquidity of the balance sheet, it is necessary to compare the totals for assets and liabilities.

The first group of the most liquid assets includes cash and short-term financial investments (securities). The second group of quickly realizable assets includes receivables, finished products, goods shipped and other assets. The third group of slowly realizable assets includes the articles of section 2 of the asset “Inventories and costs” (with the exception of “Expenses of future periods”), as well as the articles from section 1 of the asset of the balance sheet “Long-term financial investments” (reduced by the amount of investments in the authorized capital of other enterprises) and "Settlements with suppliers". The fourth group of hard-to-sell assets includes the articles of section 1 of the balance sheet asset “Fixed assets and other non-current assets”, with the exception of the articles of this section that are included in the previous group (from the article “Long-term financial investments” - “investments in the authorized capital of other enterprises”).

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

The most urgent liabilities include creditors' debt (articles of section 5 of the liabilities side of the balance sheet), as well as loans that were repaid on time from certificate 2 (f. No. 5).

Short-term liabilities include short-term loans and borrowings. Long-term liabilities include long-term loans and borrowings. Permanent liabilities include the articles of section 3 of the liabilities side of the balance sheet “Sources of own funds” (capital and reserves).

In order to maintain the balance of assets and liabilities, the total of this group is reduced by an amount under the item “Expenses of future periods” - line 216 - and increased by lines 630-660 of the balance sheet.

The balance is considered to be absolutely liquid if the following ratios exist: the most liquid assets are greater than the most urgent liabilities; quickly realizable assets are greater than short-term liabilities; Slowly realizable assets are greater than long-term liabilities, hard-to-sell assets are less than permanent liabilities.

In the case when one or more of the system's inequalities 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.

At the same time, the lack of funds for one group of assets is compensated by their surplus for another group in valuation, in a real situation, less liquid assets can replace it with more liquid ones. .

In addition to absolute indicators, relative indicators are used.

A set or system of coefficients is used to assess financial stability. Let's name the most important of them:

Working capital ratio:

where Koss is the ratio of own working capital,

Characterizes the degree of security with own working capital of the enterprise, necessary for financial stability. The minimum value of the coefficient is 0.1, the recommended value is 0.6.

Security ratio inventories by own means.

where K omz - coefficient of provision of material reserves with own funds

It shows what part of the tangible current assets is financed by equity.

The level of this coefficient, regardless of the type of activity of the enterprise, should be close to 1, or rather > 0,6¸ 0,8.

The coefficient of maneuverability of equity capital.

where Km is the coefficient of equity capital maneuverability.

It shows how much of the equity capital is used to finance current activities, i.e. invested in working capital. The value of this indicator can vary significantly depending on the type of activity of the enterprise and the structure of its assets.

For industrial enterprises, the maneuverability coefficient should be ³ 0,3.

Financial stability ratio.

where KFU is the coefficient of financial stability.

The coefficient reflects the share of long-term sources of financing in the total volume of the enterprise. Or shows what part of the property of the enterprise is formed at the expense of long-term financial resources. The coefficient value should be ³ 0.5.

The coefficient of financial leverage.

where Kfr - coefficient of financial leverage,

KP - short-term liabilities,

DP - long-term liabilities.

The coefficient of financial leverage must be less than 0.7. This coefficient shows how much borrowed funds the company has attracted for each ruble of its own funds.

Imagine the calculation of liquidity and solvency indicators.

General indicator liquidity.

where L1 - absolute liquidity ratio,

KFV - short-term financial investments.

DZ1-receivables (payments for which are expected within 12 months),

ZAP - stocks,

P - deferred expenses,

VAT - value added tax,

DZ2 - receivables (payments for which are expected within 12 months after the reporting date),

ZiK - loans and credits,

ZU - debt to participants for the payment of income,

PC - other credit obligations,

TO - long-term liabilities,

DBP - deferred income,

Res - reserves.

With its help, the company's ability to pay short-term obligations on time using current assets available is quantified. The level of this coefficient must be >1.

where A2 is the absolute liquidity ratio.

Shows what part of the short-term debt the organization can repay in the near future at the expense of cash. The level of this coefficient should be > 0.2-0.7

Solvency ratio.

This ratio shows how much the company's current debts are covered by its current assets. The optimal value is not less than 0.5.

The above list of financial stability ratios shows that there are a lot of such ratios, they reflect different aspects of the state of the assets and liabilities of the enterprise.

Business activity.

Analysis of business activity allows you to characterize the results and efficiency of the current main production activities.

Consider the indicators of business activity.

Equity turnover ratio.

where BP is the proceeds from the sale of products.

The ratio shows the rate of turnover of equity capital.

The sharp increase in the ratio reflects the increase in sales. A significant decrease in the coefficient reflects the tendency for part of the equity to become inactive.

Total capital turnover ratio.

This indicator reflects the rate of turnover of the entire capital of the enterprise.

Cash turnover ratio.

where DS is money.

This indicator shows the rate of turnover of funds.

Working capital turnover ratio.

This indicator characterizes the effectiveness of the use of enterprise funds.

Profit and profitability.

Dynamics of changes in the net profit indicator.

CHP=CHP2 -CHP1,

where? NP - absolute change in net profit,

NP2 - value at the end of the year,

NP1 - value at the beginning of the year.

Return on assets (ratio of economic profitability). It characterizes the overall level of profit generated by all assets used by the enterprise.

where KPa - profitability ratio of all used assets;

A - the average cost of all used assets in the period under review.

Return on equity ratio (financial profitability ratio). It characterizes the overall level of profit generated by the enterprise's own capital, and serves as a measure for evaluating the effectiveness of its use in this enterprise.

The calculation of this indicator is carried out according to the following formula:

where KRSK - return on equity ratio;

PE - the amount of net profit in the period under review;

SC - the average amount of equity in the period under review.

Product profitability - is measured by the ratio of profit from the production and sale of products to its total cost and is expressed as a percentage.

It is calculated for each type of product separately and in general for all marketable products of the enterprise.

where RP is the profitability of products,

PE - profit from sales,

C is the cost of production.

Return on sales is the ratio of a company's net profit to sales.

Based on the study of methodological approaches to the analysis of the financial condition, the report proposes an analysis according to the algorithm presented in Appendix A.

Under the financial condition of the company refers to its ability to finance its activities. External factors that have a strong impact on the financial condition of the enterprise include: the size and structure of the needs of the population; the level of income and savings of the population; political stability and direction of domestic policy; the development of science and technology, the level of culture, manifested in the habits and norms of consumption, preferences for some goods and a negative attitude towards others. Internal factors include: the strategy of the enterprise, the principles of the firm, resources and their use, the quality and level of marketing.

Let's note the main types of analysis of financial reports: horizontal (temporal) analysis; vertical (structural) analysis; trend analysis; analysis of relative indicators (coefficients); comparative (spatial) analysis; factor analysis.

The methodology for assessing the financial condition of an enterprise includes: analysis of the property status; analysis of financial stability, solvency, liquidity; business activity analysis; analysis of financial results. Based on this algorithm, an analysis of the financial condition of RIK LLC will be carried out in the next chapter of the graduation project.

2. Evaluation financial and economic activities of RIK LLC

.1 general characteristics enterprises LLC "RIK"

LLC "RIK" is a factory for the production of high-quality and inexpensive furniture from solid wood of valuable species. In the production of such furniture, natural wood of valuable species of oak, alder, pine, environmentally friendly varnishes and paints from leading German companies are widely used.

Full corporate name of the Company: Limited Liability Company "RIK", abbreviated corporate name: LLC "RIK".

Address: 107078, Moscow, st. Leningradsky proezd, d1.

The purpose of the company's activity is the implementation of market relations and making a profit based on meeting the needs of citizens, enterprises, institutions and organizations in the products and goods, services rendered and work performed in the areas determined by the subject of activity.

At the moment, the factory has its own production base, the area of which is about 2500 sq.m. and developed infrastructure. The main activity of the enterprise is the serial production of cabinet (bedrooms, hallways, living rooms, cabinets, coffee tables) and upholstered furniture from solid wood of valuable species. The assortment list is periodically updated based on the analysis of demand for the products of the furniture factory. A feature of the assortment policy of the enterprise in question is the production of furniture of various functional purpose.

The production departments include: a blank shop, a furniture assembly shop, a laboratory, a department software, quality department.

The development of new models is carried out by the own design group of the furniture factory RIK LLC. At the same time, each produced model is focused on maximum customer satisfaction. Each model takes into account convenience, functionality and aesthetic appearance. Employees of the design department translate extraordinary solutions into a product: they evaluate the possibilities, select materials and accessories, and make the first samples of new furniture. Some of the most "running" models can simply be refined to meet the needs of the market.

The factory's products are of high quality and reliability, excellent value for money and furniture characteristics.

Furniture is produced on the basis of the latest European technologies and high-quality equipment, using fittings and finishing materials made in Italy and Germany. The furniture of the factory is very comfortable and durable, because it is made of natural wood of valuable species (oak, beech, ash). All furniture is certified and meets European quality standards.

Large selection, quality, modern design, thanks to these factors, the factory's products are still in stable demand in the market of Russia and neighboring countries. The factory cooperates with Moscow, the Moscow Region, the Urals, Western Siberia, the Krasnodar Territory, and Kazakhstan.

The RIK LLC enterprise produces products in large volumes and is looking for new channels for the sale of products. The factory invites other companies to cooperate and considers issues of partnership and production development.

The products of the furniture factory "RIK" LLC are liked by both ordinary buyers and people with exquisite taste. A large assortment, quality, elegant and modern design, these are the factors that contribute to the constant demand for factory furniture in the markets of Moscow and other cities of Russia and the CIS countries.

Quality is the main indicator of the factory. The high quality of finished furniture is the merit of a special production cycle that allows you to control the process of furniture production: from sawing wood and drying it, to making furniture panels and facade parts on ultra-precise German and Italian machines. All employees of the factory are highly qualified, experienced and have been working in the field of furniture production for many years.

The furniture of the RIK LLC factory has won first places at furniture exhibitions more than once.

Advantages:

The company uses a full production cycle from sawing and drying wood to selling finished products;

In the manufacture of furniture, only certified, environmentally friendly raw materials and components are used;

High level of quality and reliability;

Favorable ratio of consumer value and its cost;

Constant increase in the range of manufactured products in accordance with trends consumer market.

In general, the main indicators that qualitatively distinguish the products of the furniture factory RIK LLC from competitors include:

The optimum ratio of price and quality;

the possibility of element-by-element dialing;

a significant and constantly updated range of furniture, taking into account market needs;

delivery of furniture both disassembled and assembled;

providing a guarantee for all manufactured cabinet furniture.

Technological processes for the production of furniture are determined by its design features and at individual stages of production may differ from each other, but correspond general principles wood processing. The technological process of furniture production begins with cutting dry lumber with a moisture content of (8 ± 2)% into rough blanks, which, after machining, acquire the required dimensions and become parts.

Wood-based board materials, materials made of pressed wood, glued, bent and bent-glued wood are processed similarly. Then, parts and assemblies are finished with paints and varnishes.

An important role in the choice of equipment, as well as in determining the degree of mechanization of sections, is played by the type of production, which determines the productivity of individual workshops and the enterprise as a whole. For example, for the individual production of furniture, the use of separate machines with low productivity is typical. For serial or mass production of furniture, high-performance machines, semi-automatic and automatic lines are used, which reduce the share of manual labor in the workshop, as well as reduce the cost of production due to significant volumes of products.

Assembly of parts into units, and units into a specific product is carried out in a certain sequence, which is determined by the design feature of a particular type of furniture. At large furniture enterprises, furniture is assembled on assembly lines, which greatly simplify operations and increase labor productivity. The supply of parts to the assembly line is carried out by traverse trolleys.

For each conveyor, the number of workers and the rhythm of work are fixed, which is determined by calculating the time spent on the technological operation.

The sequence of assembly operations includes the installation of furniture fittings on vertical and horizontal walls and doors, the formation of the frame of the product, fastening the back wall with holes for screws or brackets. All fixings of elements are carried out with manual pneumatic tools. Then the frame of the product is installed in a vertical position in order to hang the doors and adjust them. This operation is carried out using assembly slipways, which are a frame-welded structure on which the support bars are mounted. If necessary, the position of these strips is changed, which ensures the correct angles and high-quality connection of horizontal panels with vertical ones, and hence the required geometric shapes of the product.

Table 1 presents the financial and economic indicators of RIK LLC:

Table 1 Financial and economic indicators of RIK LLC

Name of indicators Unit Value of indicator Growth rate, %change 2009201020112010/2009*100%2011/2010*100%1. Ex. from real., total.r.78714136182139047173.01102.12. Number of personnel people 626262100100 incl. working personnel people 4747471001003. Average output: 1 working t.r. 127021962243173.01102.11 working t.r. PCB boards 297603011530255101.19100.46 incl. working personnel

5. Average annual salary of 1 working person, t.r. working personnel r.474,9476,8479,9100,4100,656. Cost price, total r.63789121096122312189.8101.07. Costs per 1 ruble of sales, rub. 0.80.90.9109.798.98. Profit from sales, r.615610128599.2210.79. Net profit thousand rubles 492488102899.2210.710. Product profitability% 0.80.40.852.2208.611. Return on sales%0.60.40.757.3206.3

The table shows that in 2010 there was a decrease in the main financial results of the enterprise (profit, profitability), and in 2011 there was an improvement in all financial indicators of the enterprise (income, output, profit, profitability).

An important place in solving the issues of organizing the main production is occupied by the characteristics of the technological equipment park in terms of the degree of its progressiveness (Table 2).

Table 2. The composition of the equipment in RIK LLC

Workshop, area Type of products, works, services Name of equipment Quantity units of equipment. Specific weight of owls. equipment, %Main production shop1. Production of cabinet furnitureEdge banding machines3100Postforming2100Drilling and filler machines31002 Production of upholstered furnitureEdgebanding machines2100Postforming1100Format cutting machines21003. Manufacture of custom-made furnitureCNC panel saws3100CNC routers3100

All equipment is state of the art as the researched company is committed to improving production efficiency.

The enterprise has a monthly planning of sales volumes in accordance with the applications received by the enterprise from consumers.

RIK LLC pursues a pricing policy, the most important principles of which are:

?scientific justification of prices;

?target orientation of prices;

?continuity of the pricing process;

?unity of the process of pricing and control over compliance with prices.

Prices are set on the basis of production costs and based on the analysis of competitors' prices (no higher than those of the closest competitors).

Potential buyers are both individuals and legal entities(both large and small companies).

The share of RIK LLC in the market is 5%.

An analysis of the market in which the company operates is presented in Table 3.

Table 3. Market characteristics

№IndicatorsUnit. change LLC "RIK" Diva-FurnitureFurniture-Moscow1 Market capacity ths. rub.1390471 036 217800 0262Market share%1,108,196,3233 enterprises incl. by districtmed.1324Volume of sales of products, services per 1 inhabitant, rub. terms of use services, productsd.343.56 Level of satisfaction of demand for services, products%9089.9689.92

As you can see, RIK LLC is inferior to competitors in terms of volume and market share. However, despite this, the deadlines for fulfilling customer requests are lower than those of competitors, and therefore, the company has the opportunity to expand its business due to the high satisfaction of demand for the company's services.

RIK LLC uses a zero-level channel (also called a direct marketing channel), which consists of a manufacturer selling services directly to consumers.

Expenses for the sale of products of RIK LLC include the costs of: distribution, distribution of goods, sales promotion (advertising on the Internet, image creation, demand formation), other expenses for sale.

The company employs 62 people.

The company consists of two main divisions. The organizational sector provides the general management of the company, the study of demand and the sale of finished products, and the management of financial flows.

The manufacturing sector is the one that directly manufactures the company's products.

Thus, the main activity of LLC "RIK" is the mass production of cabinet (bedrooms, hallways, living rooms, cabinets, coffee tables) and upholstered furniture from solid wood of valuable species. The factory's products are of high quality and reliability, excellent value for money and furniture characteristics. Prices are set on the basis of production costs and based on the analysis of competitors' prices (no higher than those of the closest competitors). Potential buyers are both individuals and legal entities (both large and small enterprises). RIK LLC uses a zero-level channel (also called a direct marketing channel), which consists of a manufacturer selling services directly to consumers.

Management in LLC "RIK" is carried out by administrative methods (based on discipline, power, penalties), economic and socio-psychological methods.

RIK LLC uses a clear system of regulations and various standards.

The administrative influence is expressed in the form of orders, instructions, instructions, which are legal acts non-standard nature.

A disciplinary sanction is applied in case of violation of labor discipline.

Economic management methods include: planning, which determines the program of the enterprise; remuneration of employees of the organization.

Socio-psychological methods of personnel management include: authority (the authority of the boss is used), persuasion (impact on the system of norms and values of the employee); formation of a psychological climate in the team.

LLC "RIK" makes the following basic requirements for its employees:

-work in the company is for full-time employees the only source of income from labor activity and a place of constant labor activity;

-employees of the company constantly take care of their health and performance and do not abuse the disease as a reason for absence from work. They drive healthy lifestyle life, consistent with the image of the company - refrain from smoking. Alcohol abuse is incompatible with company work;

-employees of the company take every possible care of observing the interests of the company, contribute to the preservation and enhancement of its image, do not allow discredit by their actions and deeds;

-employees of the company refuse any cooperation with competitors, which may directly or indirectly cause damage to the company (moral or material), except when such actions are caused by official necessity and approved by management.

Personnel motivation plays a significant role, in order to improve the efficiency of personnel work, the management of RIK LLC uses a bonus system or a piece-rate remuneration system. In general, comfortable working conditions are provided for each employee of the furniture factory LLC "RIK".

Management of the activities of RIK LLC is entrusted to the General Director. He independently decides on the activities of the enterprise, acts on its behalf, has the right to sign official documents and dispose of the property of the enterprise, hires and dismisses employees. The General Director has material and administrative responsibility for the reliability of statistical and accounting.

In accordance with the market production orientation of the company, the CEO appoints a commercial director, who must organize marketing research, advertising and sales of products. The financial director carries out financial control of the factory, in his charge are the financial department, accounting and economic department.

The chief designer leads the development of new types of furniture and the production of furniture.

The technical director manages the production cycle of RIK LLC.

HR department deals with the issues of hiring, dismissal of employees, organization of their training.

The organizational structure of the organization, indicating the main organizational, production and management units, is shown in Figure 1.

Fig.1 - Organizational structure of RIK LLC

The organizational structure of management of RIK LLC is linear-functional.

The linear-functional structure provides such a division of managerial work, in which the linear levels of management are called upon to command, and the functional ones - to control, control specific issues and preparation of appropriate decisions, programs, plans.

Advantages: high competence of functional managers; reduce duplication of effort and consumption material resources in functional areas; improved coordination in functional areas; high efficiency with a small variety of products and markets; maximum adaptation to the diversification of production; formalization and standardization of processes; high level of capacity utilization.

Disadvantages: excessive interest in the results of the activities of "their" units, responsibility for the overall results only on highest level; problems of interfunctional coordination; excessive centralization; increase in decision-making time due to the need for approvals; response to market changes is extremely slow; the scale of entrepreneurship and innovation is limited.

Table 4 shows the structure of the number of personnel of RIK LLC.

Table 4. Personnel structure of RIK LLC in 2011

As you can see, in the personnel structure, the largest share is made up of workers.

Including workers of the main production make up 66.1% of the total number of personnel.

The distribution of the heads of the enterprise (organization) by management levels is presented in table 5.

Table 5. Distribution of managers of an enterprise (organization) by management levels

Level of managementNumber, persons Share, %Higher14.8Medium523.8Lower1571.4Total:21100

As we see from the table, a large percentage managers in RIK LLC are low-level managers 74%. Because a very large burden of responsibility falls on the shoulders of these managers.

Table 6. Distribution of managers of an enterprise (organization) by level of education

Level of managementNumber of staff with education, people average secondary prof. weight,% -28.671.410009.5

As we can see from the table, the majority of managers have a higher education;

Thus, management in RIK LLC is carried out by administrative methods (based on discipline, power, penalties), economic and socio-psychological methods. Personnel motivation plays a significant role, in order to improve the efficiency of personnel work, the management of RIK LLC uses a bonus system or a piece-rate remuneration system. In general, comfortable working conditions are provided for each employee of the furniture factory LLC "RIK". The company employs 62 people. The organizational structure of management of RIK LLC is linear-functional. In the personnel structure, the largest share is made up of workers. Greater percentage managers in RIK LLC are low-level managers 74%. Most of the leaders have a higher education, all of them have specialized education, 2 have an academic degree.

2.2 Evaluation of the financial and economic activities of RIK LLC

Let's do a vertical and horizontal analysis balance sheet of RIK LLC based on the company's financial statements presented in Appendix B. Let's analyze the capital structure of RIK LLC in 2009-2011. (the table is presented in Appendix B).

During the analyzed period, the equity capital of RIK LLC increased annually: in 2010, the increase amounted to 8193 thousand rubles. (the growth rate was 1505.3%), and in 2011 by 1261 thousand rubles. (growth rate was 114.4%). As part of equity, the value authorized capital did not change, and the value of the additional and reserve capital in 2010 increased by 8164 thousand rubles. (20012.2%) and 1241 thousand rubles. (115.1%) respectively.

During the analyzed period, the borrowed capital of RIK LLC also increased annually: in 2010, the increase amounted to 10,086 thousand rubles. (the growth rate was 453.8%), and in 2011 by 11460 thousand rubles. (growth rate was 188.6%).

As part of borrowed capital, the amount of debt to suppliers and contractors in 2010 increased by 9804 thousand rubles. (the growth rate was 454.6%), and in 2011 it increased by 11,487 thousand rubles. (the growth rate was 191.4%), the amount of debt to state off-budget funds in 2010 increased by 266 thousand rubles. (the growth rate was 575%), and in 2011 it decreased by 28 thousand rubles. (growth rate was 91.3%), debt to other creditors in 2010 increased by 16 thousand rubles. (the growth rate was 153.3%), and in 2011 it increased by 1 thousand rubles. (growth rate was 102.2%).

Based on the data presented, it can be concluded that the capital of RIK LLC increased during the analyzed period: in 2010 it increased by 18,279 thousand rubles. (the growth rate was 632.3%), and in 2011 it increased by 12,721 thousand rubles. (growth rate was 158.6%).

The capital structure of RIK LLC in 2008-2010 we will present in appendix D.

For the analyzed period, the share of equity capital of LLC "RIK" in 2010. increased by 23.44% (the growth rate was 238.1%), and in 2011 it decreased by 11.27% (the growth rate was 72.1%). Reducing the share of equity has a negative impact on the activities of the enterprise. With the composition of equity capital, the share of authorized and reserve capital for the analyzed period of time decreased, and the share additional capital increased. In the composition of the equity capital of RIK LLC, the majority is additional capital. The share of additional capital in 2010 increased by 36.59% (the growth rate was 3165%), and in 2011 it decreased by 10.36% (the growth rate was 72.6%).

The share of borrowed capital of RIK LLC in 2010 decreased by 23.44% (the growth rate was 71.8%), and in 2011 it increased by 11.27% (the growth rate was 118.9%). The share of debt to suppliers and contractors is high in the composition of borrowed capital: in 2010 it decreased by 22.63% (the growth rate was 71.9%), and in 2011 it increased by 11.97% (the growth rate was 120, 7%), the share of debt to state off-budget funds is decreasing annually: in 2010 it decreased by 0.15% (the growth rate was 90.9%), and in 2011 it decreased by 0.63% (the growth rate was 57.6 %). The share of debt to other creditors in 2010 decreased by 0.66% (the growth rate was 24.3%), and in 2011 it decreased by 0.08% (the growth rate was 64.4%). Thus, in the structure of capital prevails during 2009-2011. borrowed capital.

In 2010, the following changes occurred in non-current assets: the amount of fixed assets increased by 5519 thousand rubles. (growth rate 6301.1%), the amount of construction in progress increased by 4153 thousand rubles, the total value non-current assets increased by 9672 thousand rubles. (growth rate 10967.4%). In 2011, the following changes occurred in non-current assets: the amount of fixed assets increased by 6355 thousand rubles. (growth rate 213.3%), but the value of construction in progress decreased by 3365 thousand rubles. (growth rate 19%), the total value of non-current assets increased by 2990 thousand rubles. (growth rate 130.6%).

In 2010, the following changes took place in current assets: the amount of reserves increased by 1237 thousand rubles. (growth rate 2434%), the amount of receivables for the payment period of more than 12 months increased by 300 thousand rubles. (growth rate of 400%), the amount of accounts receivable for a payment period of less than 12 months increased by 6,740 thousand rubles. (growth rate 883.7%), the value of VAT increased by 32 thousand rubles. (growth rate 223.1%), the amount of cash increased by 298 thousand rubles. (growth rate 112.9%).

In 2011, the following changes took place in current assets: the amount of reserves increased by 9036 thousand rubles. (growth rate of 800.5%), the amount of receivables for the payment period of more than 12 months increased by 300 thousand rubles. (growth rate of 175%), the amount of receivables for a payment period of less than 12 months decreased by 1600 thousand rubles. (growth rate 78.9%), the value of VAT decreased by 10 thousand rubles. (growth rate 82.8%), the amount of cash increased by 2005 thousand rubles. (growth rate 177%). The total value of current assets in 2010 increased by 8607 thousand rubles. (growth rate 357.3%), and in 2011 by 9731 thousand rubles. (growth rate 181.4%).

Let us consider the asset structure of the balance sheet of RIK LLC in 2008-2011. in appendix E.

In 2010, the following changes occurred in non-current assets: the share of fixed assets increased by 23.24% (growth rate 996.5%), the share of construction in progress increased by 19.13%, the share of non-current assets increased by 42.36% (growth rate growth of 1734.5%). In 2011, the following changes occurred in non-current assets: the share of fixed assets increased by 8.91% (growth rate 134.5%), but the share of construction in progress decreased by 16.84% (growth rate 12%), the share of non-current assets decreased by 7.92% (growth rate 82.4%).

In 2010, the following changes occurred in current assets: the share of inventories increased by 4.4% (growth rate 384.9%), the share of accounts receivable with a maturity of more than 12 months decreased by 1.07% (growth rate 63.3% ), the share of receivables with a maturity of less than 12 months increased by 9.96% (growth rate 139.8%), the share of VAT decreased by 0.49% (growth rate 35.3%), the share of cash decreased by 55, 16% (growth rate 17.9%). In 2011, the following changes occurred in current assets: the share of inventories increased by 24.05% (growth rate 504.7%), the share of accounts receivable with a maturity of more than 12 months increased by 0.19% (growth rate 110.3% ), the share of receivables with a maturity of less than 12 months decreased by 17.58% (growth rate 49.8%), the share of VAT decreased by 0.13% (growth rate 52.2%), the share of cash increased by 1, 39% (growth rate 111.6%). The assets are currently dominated by inventories (30%), as well as a large share of fixed assets 34.7%. In the assets of RIK LLC in 2009-2011. current assets prevailed (more than 60%), the share of non-current assets was 2.59-44.95%. During the analyzed period of time increased the share of non-current assets.

Thus, in 2009-2011. LLC "RIK" revealed the predominance of borrowed capital over its own, and in which the debt to suppliers and contractors prevails. In the assets of RIK LLC in 2009-2011. dominated by current assets. Let us consider the indicators characterizing the degree of availability of reserves and costs by the sources of their formation in RIK LLC for 2008-2010. in table 7.

Table 7. Analysis of the provision of reserves and costs with the sources of their formation in RIK LLC for 2009-2011, thousand rubles.

Indicator 2009 2010 2011 Total inventory and costs (CV) 79134810374 Own working capital (COC) 494-985-2,714 Own and long-term borrowed sources of reserves and costs, or total operating capital (CF) 494-985-2714 main sources. formation of stocks and costs (VI)33451195221683

Let's calculate a three-component indicator of the type of financial situation according to the formula 11.

fs (2009) = 494-79 = 415 thousand rubles.

ft (2009) = 494-79 = 415 thousand rubles.

Fo (2009) = 3345-79 = 2851 thousand rubles.

S (2009) =(1,1,1) - stable financial condition.

fs (2010) = -985- 1348 = -2333 thousand rubles.

ft (2010) = -985- 1348 = -2333 thousand rubles.

Fo (2010) = 11952-1348=12937 thousand rubles

S (2010)

fs (2011)

ft (2011) = -2 714- 10374 = -13088 thousand rubles.

Fo (2011) = 21683- 10374=24397 thousand rubles

S (2011) =(0,0,1) - unstable financial condition.

In 2010-2011 an unstable financial condition was revealed, associated with a violation of solvency, but in which it is still possible to restore balance by replenishing sources of own funds, by reducing accounts receivable, and accelerating inventory turnover.

We will analyze the liquidity of the balance sheet of RIK LLC for 2009-2011. in table 8.

Table 8. Calculation of the liquidity of the balance sheet of LLC "RIK" for 2009-2011, thousand rubles.

Name 2009 2010 2011 Asset A1 Most liquid assets 230626044609A2 Quickly realizable assets86076006000A3 Slowly realizable assets179174811074A4 Hardly realizable assets89976112751Total34342171334434 LiabilitiesP1 397P12 83122 current liabilities000P3 Long-term liabilities000P4 Permanent liabilities5838 77610 037Total34342171334434

We will evaluate the liquidity of the balance sheet of RIK LLC (table 9).

Table 9. Liquidity analysis of the balance sheet of RIK LLC for 2009-2011, thousand rubles

In 2009-2011 when comparing the results for groups of assets and liabilities, the conditions under which the balance sheet is considered absolutely liquid are not met, therefore the balance sheet is not sufficiently liquid and there is a threat of a decrease in financial stability.

Let's calculate the relative coefficients of financial stability, liquidity and solvency.

Let's calculate the coefficients of financial stability.

The coefficient of provision with own working capital is calculated by the formula (12).

Koss(2009)==7.6.

Koss(2010)==-1.4.

Koss(2011)==-0.7.

We calculate the ratio of material reserves with own funds using the formula (13).

Komz (2009) = = 476.8.

Komz(2010)==13.1.

Komz(2011)==1.4.

We calculate the coefficient of maneuverability of equity capital according to the formula (14).

Km (2009) = = 0.019.

Km (2010) = = -0.037.

Km (2011) = = -0.1.

The financial stability ratio is calculated by the formula (15).

KFU(2009)==0.17.

KFU(2010)==0.4.

KFU(2011)==0.29.

The coefficient of financial leverage is calculated by the formula (16).

Kfr (2009) = =4.9.

Kfr (2010) = =1.5.

Kfr (2011) = = 2.4.

Let's calculate the total liquidity indicator using the formula (17).

L12009 == 0.98.

L22010 == 0.54.

L32011 == 0.45.

The absolute liquidity ratio is calculated by the formula (18).

L22009 == 0.8.

L22010 == 0.2.

L22011 == 0.19.

Solvency ratio is calculated by the formula (19).

Kp(2009)==1.2.

Kp(2010)==0.9.

Kp (2011) = = 0.89.

Let's summarize the indicators in table 10

Table 10. Indicators of financial stability, liquidity and solvency of RIK LLC for 2009-2011

IndicatorPeriod Change 2010 to 2009 Change 2011 to 2010200920102011 )7.6-1.4-0.7-9-180.750.0Mat. own funds reserves (0.6-0.8)476.813.11.4-463.72.7-11.710.7 ³ 0.3)0.02-0.04-0.1-0.06-200.0-0.06250.0 Financial stability ratio ( ³ 0.5)0.170.40.290.23235.3-0.1172.5 Financial leverage ratio (<0,7)4,91,52,4-3,430,60,9160,0Общая ликвидность (норм. значеениее?1)0,980,540,45-0,4455,1-0,0983,3Абсолютная ликвидность (нормативноее значеениее? 0,2)0,80,20,19-0,625,0-0,0195,0Коэффициент платежеспособности(<0,5)1,20,90,89-0,375,0-0,0198,9

The table shows that in 2010-2011. the relative indicators of the financial stability of the enterprise, liquidity and solvency are deteriorating. Most of the coefficients do not meet the standard.

Thus, the analysis of the financial stability of the enterprise, liquidity and solvency showed that in 2010-2011. an unstable financial condition was revealed, in which the enterprise is completely dependent on borrowed sources of financing. Calculation of the liquidity of the balance sheet of RIK LLC for 2009-2011. showed that the balance sheet is not sufficiently liquid and there is a threat of a decrease in financial stability. In 2010-2011 the relative indicators of the financial stability of the enterprise, liquidity and solvency are deteriorating.

Most of the coefficients do not meet the standard.

Calculate business activity indicators

The equity turnover ratio is calculated using the formula (20).

Kosk(2009)==135.0.

Kosk(2010)==15.5.

Kosk(2011)==13.9.

The total capital turnover ratio is calculated using the formula (21).

Ksk(2009)==22.9.

Ksk (2010) = = 6.3.

Ksk(2011)==4.0.

The cash turnover ratio is calculated by the formula (22).

Kds (2009) == 34.1.

Kds (2010) = = 52.3.

Kds (2011) = = 30.2.

The turnover ratio of working capital is calculated by the formula (23).

Cobs(2009)==23.5.

Cobs(2010)==11.4.

Cobs(2011)==6.4.

Let's summarize the indicators in table 11

Table 11. Indicators of business activity of RIK LLC for 2009-2011

IndicatorPeriodChange in 2010 to 2009Change in 2011 to 2010200920102011AbsoluteRelative,%AbsoluteRelative,%Turnover ratio of own capital capital22.96.34.0-16.727.4-2.264.4 Cash turnover ratio34.152.330.218.2153.2-22.157.7Working capital turnover ratio23.511.46.4-12.148.4-5.056.3

In 2010, the growth rate of the equity turnover ratio was 11.5%, the growth rate of the total capital turnover ratio was 27.4%, the growth rate of the cash turnover ratio was 153.2%, the growth rate of the working capital turnover ratio was 48.4 %.

In 2011, the growth rate of the equity turnover ratio was 89.3%, the growth rate of the total capital turnover ratio was 64.4%, the growth rate of the cash turnover ratio was 57.7%, the growth rate of the working capital turnover ratio was 56.3 %.

We calculate the dynamics of changes in the net profit indicator using the formula (24)

state of emergency (2010)=488-492=-4 thousand rubles

state of emergency (2011)=1028-488=540 thousand rubles

The profitability ratio of assets is calculated by the formula (25).

Cobs(2009)==0.14.

Cobs(2010)==0.02.

Cobs(2011)==0.03.

The return on equity ratio is calculated using the formula (26).

Cobs(2009)==0.84.

Cobs(2010)==0.06.

Cobs(2011)==0.1.

We summarize the indicators in table 12.

Table 12. Financial results of RIK LLC for 2009-2011

IndicatorPeriodChangeChange 2010 to 2009 2011 to 2010 2009 2010 2011 Absolute Relative, % Absolute Relative, % 12345678 profitability ratio assets14.32.23.0-12.08-84.30.7379232.8 equity84.45.610.2-78.83-93.44.6814884.2

Net profit in 2010 slightly decreased by 4 thousand rubles. (growth rate was 99.2%). And in 2011 it increased by 540 thousand rubles. (growth rate was 210.7%). This positively characterizes the work of the enterprise in 2011. For 2009-2011. indicators of profitability of assets and capital have decreased. Thus, in the assets of RIK LLC in 2009-2011. dominated by current assets. Analysis of the financial stability of the enterprise, liquidity and solvency showed that in 2010-2011. an unstable financial condition was revealed, in which the enterprise is completely dependent on borrowed sources of financing. Calculation of the liquidity of the balance sheet of RIK LLC for 2009-2011. showed that the balance sheet is not sufficiently liquid and there is a threat of a decrease in financial stability. In 2010-2011 the relative indicators of the financial stability of the enterprise, liquidity and solvency are deteriorating. Most of the coefficients do not meet the standard. Analysis of business activity and financial results of RIK LLC for 2009-2011 revealed a decrease in all indicators of business activity, a decrease in the profitability of assets and capital.

2.3 Problems of financial and economic activity of RIK LLC

The problem of strengthening the financial condition of many existing enterprises in various sectors of the economy and fields of activity is becoming quite relevant at this point in time. Hundreds of banks and other financial companies, thousands of industrial and commercial firms, especially small and medium ones, have already ceased to exist. The analysis showed that the main reason for this was the inept management of them, i.e. low qualifications of most financial services, both middle and top management, and in many enterprises they simply do not exist.

It is necessary to trust more competent specialists - in economic and financial matters, in marketing research, financial planning, etc. - it means to determine the goal, to know and soberly assess the available resources and be able to use them to achieve goals, to be able to formulate a task, bring it to the immediate performer and control the execution, be able to make decisions, plan, manage, analyze. Intuition and even talent alone are not enough here, knowledge is needed.

Consider the general problems of enterprises related to the organization of management, bottlenecks and problem areas, their relationship and impact on the financial result of the enterprise. There are several such problem areas - at the level of marketing, sales, production, supply. Almost all of them lead to the following main problems: overstocked raw materials, materials, work in progress, finished products, increased costs and loss of market share, which, in turn, lead to a decrease in working capital, loss and loss of profit. Let's follow some cause-and-effect chains. Inaccuracies in the forecast and acceptance of customer orders without taking into account the possibilities and production schedules lead to both frequent changes in the sales plan and the need to reschedule production. Private rescheduling of production leads to the fact that the logistics department creates buffer stocks of raw materials and materials, and an increase in stocks of raw materials and materials leads to a decrease in working capital (the age-old problem of enterprises is a lack of funds). The imperfect inventory replenishment methodology also “contributes” to the increase in stocks of raw materials and materials.

Frequent rescheduling of production also leads to the fact that production is in a fever, the deadlines for fulfilling orders are broken. On the one hand, failure to meet deadlines leads to an increase in inventories of work in progress and, again, to a decrease in working capital. On the other hand - to changing orders or refusing orders from customers. The consequence of this is a change in the sales plan, an increase in stocks of finished products and a decrease in working capital. This example already shows the formation of a vicious circle of cause and effect, which with each turn increases the pressure on the enterprise. The next consequence of frequent changes in the production plan is frequent changeovers, and these are additional costs and an increase in cost. An increase in cost means a loss, a shortfall in profit.

As you can see, the main bottleneck that escalates the original problems to other levels is production planning and management. So, having analyzed the financial activity of the enterprise step by step, it is possible to identify both positive and negative aspects in the activity of the enterprise. “To see the problem is not the main thing, the most important thing is how to solve it for the benefit of the enterprise…”

The capital of the enterprise was formed from the authorized capital and accounts payable, neither short-term nor long-term borrowed funds were involved, and if we compare this with a sufficiently large margin of financial stability of the Olvia enterprise, we can conclude that the financial and credit policy of the enterprise is ineffective.

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Financial assessment is a comprehensive assessment of the company's financial performance. The main purpose of its implementation is to obtain a small number of key indicators that give an accurate and objective picture of the company's activities. Financial assessment indicators are very important, which provide information about the profit and loss of the enterprise, the structure of assets and liabilities, and the state of receivables and payables. It is very important to obtain information not only about the current activities of the company, but also to predict the results for the near future, that is, to calculate the parameters of the financial condition for the future.

Financial analysis functions:

1) An objective and timely assessment of the financial condition of the institution.
2) Establishment of "weak" sides of the financial condition and identification of the reasons for their formation.
3) Financial assessment of the results achieved and the reasons for the achieved indicators.
4) Development and justification of the management decisions made on the financial activities of the company.
5) Identification and use of reserves to improve the financial condition of the company, increase the efficiency and profitability of production.
6) Forecasting possible financial results for various options for the use of resources.

Financial assessment of the enterprise: the main methods of its implementation:

1) Time (horizontal) analysis.

Its essence is to compare each item of the financial report with the previous period. To conduct a horizontal analysis, several analytical tables are built, which indicate the balance sheet data of the enterprise and the relative growth or decline in percentage terms.

2) Structural (vertical) analysis.

Determination of the structure of financial indicators of the enterprise with the identification of the impact of each value on the final result as a whole. This financial assessment of the organization allows you to determine the share of a separate balance sheet item in the overall result. A mandatory element of this type of analysis is the time series of these values. With their help, you can track and predict structural changes in the asset balance, determine the sources of their coverage.

These two types of analysis complement each other. In practice, an economist maintains analytical tables that characterize the structure of the balance sheet and the dynamics of individual financial indicators.

3) Trend analysis.

Comparison of each reporting indicator with previous periods and determination of the trend, that is, the trend in this result, cleared of the random influence of the characteristics of individual periods. Based on the trend, an assessment of the financial condition of the enterprise for future periods is carried out, a predictive analysis of all indicators is carried out.

4) Analysis of relative coefficients.

Calculation of reporting relationships, identification of the relationship between the obtained indicators.

5) Spatial (comparative) analysis.

Analysis of individual indicators of subsidiaries, divisions, departments, comparing them with data from competing firms that have similar general economic results.

6) Factor analysis.

Determination of the influence of individual factors on the final indicator. This type of analysis can be direct - splitting the effective indicator into components or reverse - combining its individual elements into one final indicator.

General assessment of the financial condition of the enterprise

This type of analysis is carried out to determine the general characteristics of the company's financial indicators, their dynamics and changes during the reporting period. This type of analysis is carried out on the basis of information contained in the balance sheet.

To do this, use one of the following methods:

Analysis by balance sheet items without prior change in their composition;
assessment based on the construction of a compacted analytical balance, by combining some balance elements similar in composition.

Estimating the financial condition of a company directly from its balance sheet is a complex, time-consuming, but inefficient process. Most of the results obtained do not allow to determine the trends that have occurred in the financial condition of the enterprise.

Mandatory elements of the financial analysis of the company's performance are:

Analysis of changes in each result for the reporting period;
analysis of the structure of indicators and the reasons for their change;
identification of the dynamics of changes in financial results for several settlement periods;
determination of the reasons for the change in the profit of the enterprise, their quantitative assessment.

Balance sheet liquidity analysis is a comparison of the funds in the asset, which are grouped by the degree of liquidity and arranged in descending order, with the liabilities in the balance sheet liabilities, which are sorted by their maturity and arranged in ascending order of maturity.

The high solvency of the company is evidenced by the timely payment of wages, settlements with creditors, payment of bank loans. When analyzing solvency for a month on a cumulative basis from the beginning of the year, it is necessary to compare all balances of funds and their receipts (funds from the sale of products, securities, fixed assets). For these purposes, the company develops a payment calendar.

Assessment of the financial stability of the enterprise

An assessment of the financial stability of an enterprise is the most important element of financial analysis. When determining the liquidity of a company's balance sheet, they compare the state of liabilities with assets. This indicator gives a realistic assessment of whether the company can easily pay off its debts to various counterparties. This element of financial analysis is very important. This makes it possible to answer the question - what degree of dependence does the company have on its creditors, does it increase or decrease, does the state of liabilities and assets correspond to the main tasks of the company's financial and economic activities. With the help of indicators that make it possible to assess the independence of each individual element of the balance sheet, it is possible to determine how financially stable the enterprise is.

The financial stability of a company is the state of its financial resources, the distribution and use of them, which guarantees the development of the enterprise on the basis of profits and capital, while maintaining its creditworthiness and solvency under conditions of a moderate level of risk. That is why the financial stability of the company is formed in the process of its production and economic activities. This is the most important indicator of its activity.

Conducting a financial analysis on a specific date allows you to answer the question - how correctly the company managed its financial resources during the billing period that preceded the reporting date. Thus, financial sustainability is the effective formation, distribution and use of . Solvency is only its external manifestation.

The analysis of financial stability is carried out on the basis of the balance formula, which allows you to determine the balance of all liabilities and assets of the balance sheet of the enterprise.

Assessment of the financial condition

The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to repay debt obligations and self-development at a fixed point in time.

Thus, the financial condition of the organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity and liabilities, i.e. liabilities).

A stable financial condition is a necessary condition for the effective operation of the company. The financial condition of enterprises (FSP), its stability largely depend on the optimal structure of capital sources (the ratio of own and borrowed funds) and on the optimal structure of the enterprise's assets, and, first of all, on the ratio of fixed and working capital, as well as on the balance of assets and liabilities enterprises.

To assess the financial stability of the company, it is necessary to determine whether it has the necessary funds to pay off obligations; how quickly funds invested in assets turn into real money; how effectively property, assets, own and borrowed capital, etc. are used. Consequently, the main purpose of analyzing the financial condition of an enterprise is to study and assess the availability of economic resources to business entities, identify and mobilize reserves for their optimization and increase in efficiency of use.

TYPES OF FINANCIAL STABILITY OF AN ENTERPRISE

The financial stability of an organization is determined by the level of its financial independence and the level of its solvency.

The level of financial independence is determined by the ratio of various articles and sections of the asset and liability of the organization's balance sheet.

Analysis of the structure of the balance sheet liability allows you to establish the reasons for the financial instability of the organization, which led to its insolvency. This can be both the irrational use of equity capital (sources of own funds) of the organization, and a high proportion of borrowed sources of funds (borrowed capital) attracted to finance the economic activities of the organization. Own working capital is constantly at the disposal of the organization and is formed at the expense of its own resources (mainly at the expense of profit). Borrowed current assets are credits and loans, accounts payable and other liabilities. The effective work of the organization is achieved if the maximum results take place at the lowest cost. Minimization of costs is achieved, first of all, by optimizing the structure of the sources of formation of the organization's current assets, i.e. the most appropriate combination of own and borrowed liabilities.

There are four types of financial stability of the organization:

Absolute financial stability;
normal stability of the financial condition, ensuring the solvency of the organization;
unstable financial condition;
crisis financial condition.

The stability of the financial condition of the organization is based on the ratio between the cost of inventories and the sources of their formation (own and borrowed). If the security of these reserves with sources is the essence of financial stability, then solvency is an external manifestation of financial stability.

Types of financial stability of an enterprise:

Type of financial stability	Sources of cost coverage used	a brief description of
Absolute financial stability. Occurs if the value of inventories is less than the amount of own working capital and bank loans for these inventory items (taking into account loans for goods shipped and parts of accounts payable offset by the bank when lending);	Own working capital	High solvency; the company is not dependent on creditors
Normal financial stability. It is expressed by the equality between the value of inventories and the amount of own working capital and the above loans (including accounts payable offset by the bank when lending);	Own working capital plus long-term loans	Normal solvency; efficient production activity
Precarious financial situation. May lead to a violation of the solvency of the organization. However, in this case it is possible to restore balance between means of payment and payment obligations through the use in the economic turnover of the organization of sources of funds that ease financial tension (temporarily free funds of reserve capital, special funds, that is, accumulation and consumption funds, excess of non-overdue accounts payable over receivables, bank loans for temporary replenishment of working capital ).	Equity working capital plus long-term and short-term loans and borrowings	Violation of solvency; attraction of borrowed funds; opportunity to improve the situation
Crisis financial condition. In this state, the organization is on the verge of bankruptcy. In this case, the value of inventories is greater than the sum of own working capital and the above-mentioned bank loans (including accounts payable offset by the bank when lending).	All possible sources of cost coverage	The company is insolvent and on the verge of bankruptcy

One of the most important criteria for assessing the financial condition of an organization is its solvency. In the practice of analysis, a distinction is made between long-term and current solvency. Long-term solvency is understood as the ability of the enterprise to pay for its obligations in the long term.

The ability of the organization to pay for its short-term obligations is called the current solvency. In other words, an organization is considered solvent when it is able to meet its short-term obligations using current assets.

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

Assessment of financial performance

The main task of analyzing the financial activity of an organization is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the organization and its solvency.

In this case, it is necessary:

1) based on the study of the causal relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the standpoint of improving the financial condition of the organization;
2) predict possible financial results, economic profitability based on the actual conditions of economic activity and the availability of own and borrowed resources and developed models of financial condition with a variety of options for using resources;
3) develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the organization.

The financial condition of the organization, its sustainability and stability depend on the results of its production, commercial and financial activities. If the tasks set in the listed activities are successfully implemented, this has a positive effect on the financial position of the organization. And, conversely, due to a decline in production and sales of products, as a rule, the volume of revenue and the amount of profit will decrease, and as a result, the financial condition of the organization worsens. Thus, the stable financial condition of the organization is the result of competent and rational management of the whole complex of factors that determine the results of the financial and economic activities of the organization.

The practice of analysis has developed the main methods for its implementation:

Horizontal (temporal) analysis - comparing each reporting position with the corresponding position of the previous period, consists in building one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates;
- vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole. Such an analysis allows you to see the share of each balance sheet item in the total. An obligatory element of the analysis is the dynamic series of these values, by means of which it is possible to track and predict structural changes in the composition of assets and their sources of coverage.

Horizontal and vertical analysis complement each other, so in practice it is possible to build analytical tables that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators:

Trend analysis - comparing each reporting position with the positions of a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values of indicators are formed in the future, and, therefore, a prospective, predictive analysis is carried out;
- analysis of relative indicators (coefficients) - calculation of reporting ratios, determination of the relationship of indicators;
- comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as a comparison of the organization's financial indicators with those of competing organizations, industry average and average general economic data;
- factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator. Factor analysis can be direct (analysis itself), i.e. splitting the performance indicator into its constituent parts, and the reverse (synthesis), when its individual elements are combined into a common performance indicator.

As a tool for analyzing the financial condition of an entrepreneurial firm, financial ratios are widely used - relative indicators of the financial condition of an organization that express the relationship of some absolute financial indicators to others. Financial ratios are used:

To compare the indicators of the financial condition of a particular company with basic (normative) values, similar indicators of other organizations or industry averages;
- identifying the dynamics of development of indicators and trends in the financial condition of the company;
- definitions of the normal limit and criteria for various aspects of the financial condition of an entrepreneurial firm.

As basic values, theoretically substantiated or obtained as a result of expert surveys values are used that characterize the optimal or critical values of financial ratios from the point of view of the stability of the financial position of the organization. In addition, the comparison can be based on the time-series averaged values of the indicators of a given organization related to financially favorable periods, industry average values of indicators, and indicator values calculated based on the reporting data of similar organizations. Such basic values actually play the role of standards for the coefficients calculated in the course of the analysis of the financial condition.

The financial condition of the organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity and liabilities, i.e. liabilities).

The balance sheet asset contains information about the placement of capital at the disposal of the organization. Each type of allocated capital corresponds to a separate balance sheet item.

For analysis, indicators are calculated that characterize the structure (shares, shares) and dynamics (growth and growth rates) of property (assets) and sources of financing (liabilities).

The placement of the organization's funds is very important in financial activities and improving its efficiency.

The financial condition of the organization is characterized by a system of indicators reflecting the availability, placement and use of its financial resources. The calculation and analysis of such indicators is carried out according to the balance sheet of the organization in a certain sequence.

The basis of the financial stability of the organization is its security with its own funds (own capital).

The most general indicator of financial stability is the surplus or lack of sources of funds for the formation of reserves and costs, obtained as the difference between the value of sources and the value of reserves and costs.

In general, we can say that financial stability is a complex concept that has external forms of manifestation, which is formed in the process of all financial and economic activities, which is influenced by many different factors.

Financial stability assessment

One of the most important characteristics of the financial condition of the organization is the stability of its activities in the long term. It is related to the overall financial structure of the organization, the degree of its dependence on creditors and investors.

If liquidity characterizes the organization's ability to repay obligations on time and in full at the current time, then financial stability characterizes its ability to maintain the ability to repay obligations in the future.

Financial stability is such a state of the organization's financial resources, their distribution and use, which ensures development based on the growth of profits and capital while maintaining solvency and creditworthiness in the face of entrepreneurial risk. Financial stability is characterized by the financial independence of the organization, its ability to maneuver its own capital, which is formed on the basis of profit growth.

More stable is such a state of the object, which, with equal strength of external influences and internal shifts, is subject to smaller changes, deviations from the previous position. The condition for having resistance to external influences is the internal properties of the object itself, i.e. the basis of stability is laid within the object itself. In order to increase its resistance to various factors, it is necessary first of all to improve the object itself from the inside. The economic condition of an enterprise can vary from extremely unstable, in which it is on the verge of bankruptcy, to relatively stable. In the case of a violation of stability, the direction of the process is essential: strengthening of the instability or its weakening.

The purpose of a financial soundness analysis is to assess an entity's ability to meet its obligations and retain ownership of the entity over the long term.

The main task of analyzing the financial condition is to characterize the financial condition of the organization at the current time and the dynamics of its change, identify the reasons for its improvement or deterioration, and prepare recommendations to improve the financial stability and solvency of the organization. In the ordinary sense, stability means that the object is not subject to fluctuations, is constant, stable, etc. Stability characterizes the state of the object in relation to external influences on it.

These tasks are solved by studying the dynamics of absolute and relative financial indicators and are divided into the following analytical blocks:

Structural analysis of assets and liabilities;
analysis of financial stability;
analysis of liquidity and solvency;
business activity analysis;
use efficiency analysis ;
analysis and diagnostics of the financial condition of the organization.

It should be noted that there are no unified normative criteria for the considered indicators. They depend on many factors: the industry affiliation of the organization, the principles of lending, the current structure of sources of funds, the turnover of working capital, the reputation of the organization, etc. Therefore, the acceptability of the values of these coefficients, an assessment of their dynamics and directions of change can only be established as a result of comparison by groups.

The main condition for ensuring the financial stability of the organization is the growth in the volume of sales, which is a source of coverage of current costs and forms the profit necessary for normal functioning. Profit growth strengthens its financial condition, increases the possibility of expanding the business. Consequently, financial stability should be characterized by such a state of financial resources that meets the requirements of the market and meets the needs of the development of the enterprise and is the main component of the overall sustainability of the enterprise.

The main problems in the financial condition of the organization is as follows:

1. Shortage of funds. Low solvency. The economic essence of the problem is that the organization in the near future may not have the funds to pay off current liabilities in a timely manner. An indicator may be a decrease in liquidity ratios. The deterioration of the financial condition is evidenced by the decrease in these ratios below the normative level. There may also be excessive debts to the budget, personnel, creditors, an increase in attracted loans, and a decrease in net working capital.
2. Insufficient satisfaction of the interests of the owner. Low return on capital. In practice, this means that the owner receives income below the required level. The result may be a negative assessment of the work of the enterprise management, the exit of the owner from the organization.
3. Decreased financial independence or low financial stability. In practice, low financial stability means possible problems in paying off obligations in the future, i.e. dependence of the organization on creditors, loss of independence. In fact, the problem lies in the insufficient level of financing of current activities at the expense of own funds.

One of the results of the organization's activity is the profit received. Performance results mean the use of profits in the following areas: financing non-current and current assets of the enterprise, making payments of dividends, supporting social facilities, repaying the principal debt on a loan.

When diagnosing the financial condition of an organization, it is necessary to analyze:

profit of the organization;
working capital management;
investment activity;
distribution and use of profits.

Therefore, the potential ability of the organization to maintain an acceptable financial condition is determined by the amount of profit received.

The main components on which the volume of the organization's profit depends are prices and sales volumes, the level of production costs and income from other activities. The reason for the decrease in sales volumes may be the low demand for the organization's products, which indicates the lack of efforts of marketing services and the non-competitiveness of products.

There are three main components that relate to the area of performance management of the organization.

These are investment activities, working capital management and management of the structure of funding sources:

1. Investment activity. The implementation of a large-scale investment program may be accompanied by a decrease in financial performance. In addition to own funds and long-term loans, short-term loans and accounts payable are sometimes used to finance capital expenditures, which can lead to a decrease in liquidity indicators.

The task of financial management is to prevent a critical reduction in performance during the implementation of the investment program, as well as to determine whether future profit growth is sufficient to restore financial performance to an acceptable level.

If, during the implementation of the investment program, financial indicators have fallen to a critical level, a reduction in investment can be recommended.

2. Working capital management. One of the possible reasons for the financial difficulties of the company is the irrational management of the working capital of the enterprise.

3. Structure of funding sources. One of the reasons for the decrease in the return on equity is the predominance of more expensive liabilities, both equity and borrowed funds, in the composition of the company's financing sources.

Assessment of the impact of the current structure of funding sources on the return on equity is carried out using the analysis of financial leverage.

The financial condition of the organization 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.

In the process of supply, production, marketing and financial activities of the organization, a continuous process of capital circulation occurs, the structure of funds and sources of their formation, the availability and need for financial resources and, as a result, the financial condition, the external manifestation of which is solvency, change.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an organization to successfully function and develop, maintain a balance of its assets and liabilities in a changing internal and external environment, constantly maintain its solvency and within the acceptable risk level indicates its stable financial condition, and vice versa.

Analysis of the financial condition of the organization includes a sequential check:

Indicators of solvency (liquidity), financial stability, business activity;
the creditworthiness of the organization and the liquidity of its balance sheet.

A stable financial position, in turn, has a positive effect on the volume of core activities, the supply of the necessary resources. Therefore, financial activity as an integral part of the financial and economic activities of the organization should be aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of own and borrowed capital for its most efficient use.

The financial condition of the organization largely depends on what funds it has at its disposal and where they are invested. The need for equity capital is due to the requirement of self-financing of the organization. Own capital is the basis of independence and independence of the organization.

It should be borne in mind that if the prices for financial resources are low, and the organization can provide a higher level of return on invested capital than it pays for credit services, then by attracting borrowed funds, it can increase the return on equity.

At the same time, if the organization's funds are created mainly from short-term liabilities, its financial position will be unstable, since short-term capital needs constant operational work aimed at monitoring their timely return and attracting other capital into circulation for a short time. Consequently, the financial position of the organization largely depends on the ratio of equity and debt capital. Developing a sound financial strategy will help many organizations improve their performance.

Attracting borrowed funds into the turnover of the organization is a normal phenomenon. This contributes to a temporary improvement in the financial condition, provided that the funds are not frozen for a long time in circulation and are returned in a timely manner.

Otherwise, overdue accounts payable may arise, which will lead to the payment of fines, sanctions and a deterioration in the financial situation.

Therefore, reasonable amounts of borrowed capital can improve the financial situation, and excessive ones can worsen it.

When analyzing accounts payable, it should be borne in mind that it is also a source of coverage for receivables. Therefore, in the analysis process, it is necessary to compare the amounts of accounts payable and receivable. If the second exceeds the first, then this indicates the immobilization of equity in receivables.

Thus, an analysis of the structure of own and borrowed funds is necessary to assess the rationality of the formation of the organization's activities and its market sustainability. This point is very important, firstly, for external consumers of information when studying the degree and, secondly, for the organization itself when determining a promising option for organizing finances and developing a financial strategy.

Significantly affects the financial stability and the phase of the economic cycle in which the country's economy is located. During a crisis, the rate of sales of products lags behind the rate of its production. In general, the incomes of subjects of economic activity are decreasing, and the scale of profits is also decreasing relatively. All this leads to a decrease in the liquidity of enterprises, their solvency. During the crisis, a series of bankruptcies intensifies.

The fall in effective demand, characteristic of the crisis, leads not only to an increase in non-payments, but also to an intensification of competition. The severity of competition is also an important external factor in the financial stability of the enterprise.

Serious macroeconomic factors of financial stability are, in addition, tax and credit policy, the degree of development of the financial market, insurance business and foreign economic relations.

The economic and financial stability of any enterprise depends on the overall political stability. The significance of this factor is especially great for entrepreneurial activity in Russia. The attitude of the state to entrepreneurial activity, the principles of state regulation of the economy (its prohibitive or stimulating nature), property relations, the principles of land reform, measures to protect consumers and entrepreneurs cannot but be taken into account when considering the financial stability of an enterprise.

Finally, one of the most large-scale unfavorable external factors that destabilize the financial position of enterprises is inflation.

All of the above suggests that financial sustainability is a complex concept that depends on many factors.

Such a variety of factors subdivides the resistance itself by type. In order to determine priority areas for ensuring the financial stability of economic entities, it is first advisable to assess the impact of these factors and the likelihood of their occurrence, and then choose adequate means and methods of protection to ensure this stability.

So, in relation to an enterprise, it can be - depending on the factors affecting it - internal and external, general (price), financial:

1. Internal stability is such a general financial condition of the enterprise, which ensures a consistently high result of its functioning. Its achievement is based on the principle of active response to changes in internal and external factors.

The external stability of the enterprise is due to the stability of the economic environment in which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country.

2. The overall sustainability of the enterprise is such a cash flow that ensures a constant excess of the receipt of funds (income) over their expenditure (costs).

3. Financial stability is a reflection of a stable excess of income over expenses, ensures free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted production and sale of products. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.

The financial condition of the enterprise from the point of view of the long term is characterized by the stability of the main activity, the degree of dependence on creditors and investors. The most important feature expressing the degree of such dependence is the structure of sources of funds, as well as the availability of reserves and costs with sources of their formation.

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

The task of financial stability analysis is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed organization is financially stable enough.

The assessment of financial stability is supposed to be carried out in three stages, using the data of the organization's balance sheet as the initial data.

At the first stage, the financial stability ratios are calculated. To do this, an analysis of the structure of the sources of capital of the organization is carried out, and the following indicators are calculated: the coefficient of financial autonomy; financial dependence; current debt; long-term financial independence; covering debts with equity capital and financial leverage. The next task, after analyzing the sources of capital, is to analyze the availability and sufficiency of sources for the formation of reserves. To characterize the sources of the formation of reserves and costs, several indicators are used that reflect the varying degree of coverage of various types of sources: the presence of own defense means; availability of own and long-term borrowed sources of reserves and costs. Three indicators of the availability of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs with sources of their formation: surplus or shortage of own working capital; surplus or shortage of long-term sources of formation of reserves and surplus or shortage of the total value of the main sources of formation of reserves.

At the second stage, the type of financial stability is determined. The type of financial stability is determined on the basis of the calculation of three indicators of the availability of reserves by the sources of their formation. When identifying the type of financial stability, a three-dimensional indicator is used, which makes it possible to distinguish four types of financial stability: absolute stability of the financial condition; normal financial stability; unstable financial condition and crisis financial condition.

At the third, final stage of the assessment, the analysis of the trend in the change in the financial stability of the organization for a number of reporting periods, based on the calculation of the following financial ratios, for a number of adjacent reporting periods, is carried out: the coefficient of maneuverability, autonomy of the sources of formation of reserves, the availability of inventories with working capital, security (current assets) by own means.

The financial condition of the enterprise, its stability largely depend on the optimality of the structure of capital sources (the ratio of own and borrowed funds) and on the optimal structure of the enterprise's assets, primarily on the ratio of fixed and working capital, as well as on the balance of certain types of assets and liabilities of the enterprise.

Therefore, it is first necessary to analyze the structure of the sources of capital of the enterprise and assess the degree of financial stability and financial risk.

Assessment of financial results

The main purpose of financial analysis is to obtain a small number of key parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager may be interested in both the current financial condition of the enterprise and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis.

Evaluation of the financial activity of the enterprise is carried out on the basis of financial statements.

The basic principle of analytical reading of financial statements is the deductive method, i.e. From general to specific. But it must be applied repeatedly. In the course of such an analysis, as it were, the historical and logical sequence of economic factors and events, the direction and strength of their influence on the results of activity are reproduced.

The practice of financial analysis has developed the basic rules for reading (method of analysis) of financial statements.

Among them, 6 main methods can be distinguished:

Horizontal analysis - comparison of each reporting position with the previous period;
Vertical analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;
Trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values of indicators are formed in the future, and, therefore, a prospective predictive analysis is carried out;
Analysis of relative indicators - calculation of relationships between individual positions of the report or positions of different forms of reporting, determination of interrelations of indicators;
Comparative analysis - this is both an on-farm analysis of summary reporting indicators for individual indicators of a company, subsidiaries, divisions, and an inter-farm analysis of the indicators of a given company with competitors' indicators, with average industry and average economic data;
Factor analysis - analysis of the influence of individual factors on the performance indicator using deterministic or stochastic research methods. Moreover, factor analysis can be both direct, when the performance indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common performance indicator.

Financial analysis is part of a general, complete analysis of economic activity, which consists of two closely related sections: financial analysis and production management analysis.

Financial analysis is divided into external and internal.

Features of external financial analysis are:

The plurality of subjects of analysis, users of information about the activities of the enterprise;
variety of goals and interests of the subjects of analysis;
availability of standard methods of analysis, accounting and reporting standards;
orientation of the analysis only to the public, external reporting of the enterprise;
limited analysis tasks as a consequence of the previous factor;
maximum openness of the analysis results for users of information about the activities of the enterprise.

Financial analysis, based on data only from financial statements, acquires the character of an external analysis carried out outside the enterprise by its interested counterparties, owners or government agencies. This analysis does not reveal all the secrets of the firm's success.

The main content of the external financial analysis carried out by the partners of the enterprise, according to public financial statements, is:

Analysis of absolute indicators of profit;
analysis of relative profitability indicators;
analysis of the financial condition, market stability, liquidity of the balance sheet, solvency of the enterprise;
analysis of the effectiveness of the use of borrowed capital;
economic diagnostics of the financial condition of the enterprise and the rating assessment of issuers.

There is a variety of economic information about the activities of enterprises and many ways to analyze these activities. Financial analysis according to financial statements is called the classic method of analysis. On-farm financial analysis uses as a source of information other system accounting data, data on the technical preparation of production, regulatory and planning information, etc.

The main content of on-farm financial analysis can be supplemented by other aspects that are important for optimizing management, such as analysis of the effectiveness of capital advances, analysis of the relationship between costs, turnover and profit. In the system of on-farm management analysis, it is possible to deepen financial analysis by attracting management production accounting data, in other words, it is possible to conduct a comprehensive economic analysis and evaluate the effectiveness of economic activity.

Features of management analysis are:

Orientation of the results of the analysis to their management;
use of all sources of information for analysis;
lack of regulation of analysis from the outside;
completeness of the analysis, study of all aspects of the enterprise;
integration of accounting, analysis, planning and decision making;
maximum secrecy of the analysis results in order to preserve commercial secrets.

Financial risk assessment

In order to manage risks, they must be assessed (measured). Consider the classification of methods for assessing the financial risks of an enterprise, highlight their advantages and disadvantages, presented in the table below.

All methods can be divided into two large groups:

So, we will analyze in more detail the quantitative methods for assessing the financial risks of an enterprise.

Methods for assessing the credit risks of an enterprise

A component of the financial risk of an enterprise is credit risk. Credit risk is associated with the possibility of an enterprise not paying its obligations/debts on time and in full. This property of the enterprise is also called creditworthiness. The extreme stage of loss of creditworthiness is called the risk of bankruptcy, when the company cannot fully repay its obligations.

Assessment of credit risks according to the model of E. Altman

The Altman model allows assessing the risk of bankruptcy of an enterprise/company or a decrease in its creditworthiness based on the discriminant model presented below:

Z = 1.2 x k1 + 1.4 x k2 + 3.3 x k3 + 0.6 x k4 + k5 where:

Z is the final indicator for assessing the credit risk of an enterprise/company;
K1 - own working capital / total assets;
K2 - net profit / total assets;
K3 - profit before tax and interest payments / total assets;
K4 - shares / borrowed capital;
K5 - revenue / amount of assets.

To assess the credit risk of an enterprise, it is necessary to compare the obtained indicator with the risk levels presented in the table below:

It should be noted that this model can only be applied to enterprises that have ordinary shares on the stock market, which allows you to adequately calculate the K4 indicator. Decrease in creditworthiness increases the total financial risk of the company.

Financial and economic assessment

This section of the investment project is the final one and is performed in the following order:

* assessment of the commercial effectiveness of the investment project as a whole:
- costs of production and sale of products,
- determination of the need for working capital and the increase in working capital,
- general capital investments (investments),
- Profits and Losses Report,
- cash flows and performance indicators,
- assessment of the sustainability of the investment project as a whole,
- financial profile of the project.
* assessment of the effectiveness of participation in the project for enterprises and shareholders:
- assessment of the financial feasibility of the project and calculation of performance indicators of the enterprise's participation in the project,
- Evaluation of project effectiveness for shareholders.

Assessment of the commercial effectiveness of the investment project as a whole

As noted above (see section 5.1.1), the commercial effectiveness of the project as a whole is evaluated in order to determine its potential attractiveness for possible participants and search for sources of funding.

The indicators of the project's commercial efficiency in this case take into account the financial consequences of its implementation for the sole participant (organizer) implementing the investment project on the assumption that he incurs all the costs necessary for the implementation of the project and uses all its results.

The indicators of the commercial efficiency of the project are determined on the basis of cash flows, the calculation of which is made on the basis of a database determined by the steps of the calculation period:

Costs of production and sales of products;
- determination of the need for working capital and increase in working capital;
- general investment;
- statement of income and expenses and indicators of profitability.

Assessment of the financial activity of the enterprise

The development of market relations has put business entities of various organizational and legal forms in such harsh economic conditions that objectively determine their balanced, interested policy to maintain and strengthen the financial condition, its solvency and financial stability. Assessment of the financial condition is part of the financial analysis. It is characterized by a certain set of indicators reflected in the balance sheet as of a certain date. The financial condition characterizes in the most general form changes in the placement of funds and sources of their coverage.

The financial condition is the result of the interaction of all production and economic factors: labor, land, capital, entrepreneurship.

The financial condition is manifested in the solvency of an economic entity, in the ability to timely satisfy the payment requirements of suppliers in accordance with business contracts, repay loans, pay salaries, and make payments to the budget on time.

The main purpose of the analysis of the financial condition is to identify, on the basis of an objective assessment of the use of financial resources, intra-economic reserves to strengthen the financial situation and increase solvency.

The purpose of the analysis of the financial condition determines the tasks of the analysis of the financial condition, which are:

Assessment of the dynamics, composition and structure of assets, their condition and movement;
- assessment of the dynamics, composition and structure of sources of own and borrowed capital, their condition and movement;
- analysis of absolute and relative indicators of the financial stability of the enterprise and assessment of changes in its level;
- analysis of the solvency of an economic entity and the liquidity of the assets of its balance sheet.

The main sources of information for analyzing the financial condition of an economic entity are:

Information about the technical preparation of production;
- regulatory information;
- planning information (business plan);
- economic (economic) accounting, operational (operational-technical) accounting, accounting, statistical accounting;
-reporting (public financial accounting reporting (annual), quarterly reporting (non-public, which is a commercial secret), selective statistical and financial reporting (commercial reporting produced under special instructions), mandatory statistical reporting);
- other information (publications in the press, surveys of the head, expert information).

As part of the annual accounting report of the enterprise, there are the following forms that provide information for analyzing the financial condition:

Form No. 1 "Balance sheet". It fixes the value (monetary value) of the balances of non-current and current assets of capital, funds, profits, loans and borrowings, accounts payable and other liabilities. The balance sheet contains generalized information about the state of the economic assets of the enterprise, included in the asset, and the sources of their formation, constituting liabilities. This information is presented "at the beginning of the year" and "at the end of the year", which makes it possible to analyze, compare indicators, identify their growth or decline. However, the reflection in the balance sheet of only balances does not make it possible to answer all the questions of owners and other interested services. Additional detailed information is needed not only on balances, but also on the movement of economic assets and their sources.

This is achieved by preparing the following reporting forms:

Form No. 2 "Profit and Loss Statement";
- form No. 3 "Capital flow statement";
- form No. 4 “Cash flow statement”;
- form No. 5 "Appendix to the balance sheet".

"Explanatory note" outlining the main factors that influenced the final results of the enterprise's activities in the reporting year, with an assessment of its financial condition.

Financial System Assessment

There are three dimensions to assessing the effectiveness of a financial system: placement efficiency, cost efficiency, and price efficiency. The cost of raising capital should be equal to the minimum profit from its placement.

Open financial markets make it possible to achieve maximum placement efficiency. At the microeconomic level, placement efficiency means that firms accept any project that has a return that exceeds the cost of investing capital, and individual investors prefer portfolios that provide the highest return for a given level of risk or the least risk for a given level of return.

A financial system is cost effective if it minimizes the cost of transactions or the cost of conducting financial transactions. Transaction costs include broker and dealer fees for securities transactions, underwriters for issuing securities, and various bank fees for opening and maintaining checking accounts, guarantees, loan products and agreements.

Excessively high transaction costs reduce the demand for financial transactions, so there may be fewer actual transactions or investment projects. Since investment activity creates jobs and stimulates economic growth, the decline in investment worsens the economic situation in society.

Information, or price, efficiency is the ability of securities quotes to reflect known and incoming information. In an efficient market characterized by a large number of buyers and sellers, as well as the availability of free access to information, the price of securities reflects the information available; any new information is invariably reflected in share prices, where share prices reflect only historical information.

There are three types of market efficiency:

1. weak first form;
2. the average form, in which stock prices reflect all information known to the general public;
3. strong form, in which securities prices reflect both public and private information.

Under these conditions, the investor gets the opportunity to make truly informed decisions, since market prices serve as indicators of the attractiveness of financial instruments.

Information efficiency and cost efficiency allows to achieve placement efficiency. In general, funds cannot be placed profitably in the absence of cost and operational efficiency.

Purpose of the financial assessment

Financial analysis is a scientific research method used to process information about the financial and economic activities of an organization.

The purpose of the financial assessment is to assess the financial parameters of the organization's activities.

The results of financial analysis provide the necessary information about the state of the object of analysis and serve as the basis for making appropriate management decisions.

The objectives of financial analysis are:

Determination of the current financial condition of the organization;
identification and assessment of changes in the financial condition in the spatio-temporal context;
identification and assessment of the main factors causing changes in the financial condition;
building a forecast of changes in the financial condition of the organization in the future.

The subject of financial analysis is the relationship between individual divisions of the organization in the field of financial management, as well as the financial relations of the organization with external counterparties.

The object of financial analysis is the financial and economic activities of the organization, in particular, the processes associated with the change:

The resource base of the organization (own and borrowed capital);
assets of the organization (current and non-current);
income and expenses of the organization;
organization's cash flows, etc.

Bank's financial assessment

The approaches proposed by this methodology are based on the assessment of risks regulated by the Bank of Russia and are aimed at conducting a comprehensive analysis of the bank's financial condition based on reports, as well as other sources of official information about its activities.

The ultimate goal of the analysis is to identify the bank's problems at the earliest possible stages of their formation. The results of the analysis should be used in determining the supervisory regime, including deciding on the advisability of conducting inspections of banks and determining their scope, as well as the nature of the supervisory response measures applied to banks.

Directly within the framework of the analysis, the task of obtaining a reliable picture of the current financial position of the bank, existing trends in its change and forecast for a period of up to 1 year, including with a possible unfavorable change in external conditions, is solved.

Conducting an effective analysis of the financial condition of the bank involves the fulfillment of a number of conditions. The key conditions are the reliability and accuracy of the information used in the analysis, as well as its timeliness and completeness. The lack of reliable data leads to an underestimation of the problems of banks, which can have dangerous consequences for the development of the situation. The reliability of the reports submitted by banks, as well as the adequacy of the assessment of the risks they assume, should be checked both in the process of documentary supervision and during inspections, and the results should be used as an important source of information in the analysis.

The analysis is carried out using the software package "Analysis of the financial condition of the bank" and is based on:

Using a system of indicators that characterize the activities of the bank and the types of risks taken, identifying the relationship between indicators;
studying the factors of change in these indicators and the magnitude of the risks taken;
comparison of the obtained indicators with the average indicators for a group of homogeneous banks.

Note: banks are divided into homogeneous groups using cluster analysis methods.

The system of indicators used within the framework of this methodology is grouped into analytical packages in the following areas of analysis:

1. Structural analysis of the balance sheet.
2. Structural analysis of the income statement. Commercial efficiency (profitability) of the bank's activities and its individual operations.
3. Capital adequacy analysis.
4. Credit risk analysis.
5. Market risk analysis.
6. Liquidity risk analysis.

Each analytical package contains tables of analytical indicators that allow you to identify trends and draw conclusions in the relevant area of analysis, as well as graphs that characterize the dynamics of indicators, and diagrams that reflect structural characteristics. The analysis of the bank also involves determining the compliance of the work of a particular bank with established norms, as well as with the trends of a homogeneous group of banks (especially when evaluating the profitability of work, the structure of the balance sheet and capital adequacy).

The analysis is based on data from the following reporting forms:

Turnover sheet for accounting accounts of a credit institution (form 101); Note: hereinafter in the text of this methodology, the numbers of reporting forms of credit institutions are given in accordance with Bank of Russia Ordinance No. 2332-U “On the list, forms and procedure for compiling and submitting reporting forms of credit institutions to the Central Bank of the Russian Federation” (as amended and supplemented) );
profit and loss statement of the credit institution (form 102);
decoding of individual indicators of the activity of the credit institution (form 110);
information on the quality of the credit institution's assets (form 115);
information about securities acquired by the credit institution (form 116);
data on large loans (f.117);
data on the concentration of credit risk (form 118);
information about assets and liabilities by terms of demand and repayment (f. 125);
calculation of own funds (capital) (f.134);
information on mandatory standards (form 135);
consolidated report on the amount of market risk (form 153);
information on placed and attracted funds (form 302);
information on interbank loans and deposits (f. 501);
information about open correspondent accounts and balances on them (f. 603);
report on open currency positions (form 634), as well as the data of inspection and audit checks of banks.

Assessments of financial and economic activities

To determine the essence of financial analysis as a type of activity, on the one hand, and as a science, on the other, it is necessary to define its main constituent elements. Such elements are: the finances of the enterprise, the structure of the enterprise's funds, the structure of the property of the enterprise, the financial condition of the enterprise, the goals of financial analysis, the subjects of financial analysis, the place of financial analysis as a science, the interaction of financial analysis with other activities.

Under market conditions, the finances of enterprises are of particular importance. The emphasis on the financial aspect of the activities of enterprises has recently been one of the most characteristic features of the economic life of the developed capitalist countries. The growing role of enterprise finance should be seen as a worldwide trend.

The term "finance" comes from the Latin "financia" - cash payment. Enterprise finance is an economic category, the peculiarity of which lies in its scope and inherent functions.

The modern financial system of the state consists of centralized and decentralized finance.

“Finance is a set of monetary relations that arise in the process of creating funds of funds from business entities and the state and using them for the purpose of reproduction, stimulation and satisfaction of the social needs of society. In the total set of financial relations, there are three major interrelated areas: finances of business entities (enterprises, organizations, institutions), insurance, public finances.

Financial relations arise when in one way or another (legislative, contractual, etc.) it is necessary to make cash and non-cash payments, as well as when payments actually occur. The finances of enterprises are a system of relations that are associated with their monetary payments and arise in the process of individual circulation of the funds of enterprises and the sources of these funds. In other words, the financial processes of enterprises are in the formation of their cash income and expenses.

Enterprise finance serves the continuous circulation of enterprise funds and sources of their formation, which consists in the supply, production, marketing, receipt and distribution of financial results (revenues, profits), attraction and return of borrowed funds. In the process of circulation, there is a continuous change in the structure of the enterprise's funds and their sources, defined as the ratio between the elements of property and the elements of the capital that forms it.

The structure of the company's funds is formed as a proportion between the value of fixed assets and other non-current assets, stocks and costs, cash, settlements and other current assets. The structure of the sources of the enterprise's property is the proportion between the cost values of the sources of own funds, long-term loans and borrowings, short-term loans and borrowings, settlements with creditors and other short-term liabilities. Each of the listed aggregates, respectively, has its own structure, determined by smaller elements.

The ratio of the structure of the enterprise's funds and the structure of the sources of their formation at each fixed point in time sets the financial condition of the enterprise, the determination of the degree of stability of which is one of the most important tasks of financial analysis. Financial condition is a set of indicators reflecting the availability, placement and use of financial resources.

Since the purpose of the analysis is not only to establish and evaluate the financial condition of the enterprise, but also to constantly carry out work aimed at improving it.

An analysis of the financial condition of the enterprise shows in which specific areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise.

The assessment of the financial condition can be performed with varying degrees of detail, depending on the purpose of the analysis, available information, software, technical and staffing. The most appropriate is the allocation of procedures for express analysis and in-depth analysis of the financial condition.

Financial analysis makes it possible to evaluate:

The property condition of the enterprise;
- the degree of entrepreneurial risk;
- capital adequacy for current activities and long-term investments;
- the need for additional sources of funding;
- ability to increase capital;
- rationality of attraction of borrowed funds;
- the validity of the policy of distribution and use of profits.

The basis of information support for the analysis of the financial condition should be financial statements, which are the same for the organization of all industries and forms of ownership.

The results of financial analysis make it possible to identify vulnerabilities that require special attention and develop measures to eliminate them.

All this once again indicates that financial analysis in modern conditions is becoming a control element, a tool for assessing the reliability of a potential partner.

The need to combine formalized and non-formalized procedures in the process of making managerial decisions affects both the procedure for preparing documents and the sequence of procedures for analyzing the financial condition. It is this understanding of the logic of financial analysis that is most appropriate for the logic of the functioning of an enterprise in a market economy.

Business financial valuation

The business valuation is based on the analysis of financial reports, which contain initial data on the financial condition of the enterprise. Correct analysis and adequate interpretation of information about the financial condition of the enterprise largely determine the reliability of the results obtained as a result of calculating the value of the enterprise's equity capital.

Financial analysis and data adjustments serve three purposes:

1) gain an understanding of the relationships that exist between the income statement and balance sheet, including trends over time, in order to assess the risk inherent in the operations of this business and the prospects for future performance;
2) make comparisons with similar businesses to assess risk and cost parameters;
3) adjust the data of reports for past periods in order to assess economic opportunities and business prospects.

To make it easier to understand the economic aspects and risk associated with a stake in a business, you should analyze the financial statements:

In terms of money;
- percent (percentage of sales volume in the profit and loss account and percentage of total assets for balance sheet positions);
- terms of financial ratios (coefficients).

An analysis of the monetary values presented in the financial statements is used to establish trends over time in the income and expense accounts and the relationships between them related to the business share. These trends and relationships are used to estimate the expected future revenue stream, along with the capital required for the business to generate that revenue stream.

The analysis of values expressed as a percentage allows you to compare the indicators on the accounts of the profit and loss account with the volume of receipts and the indicators on the balance sheet accounts with total assets. Percentage analysis is used to compare trends in ratios (between total receipts and expenditure figures or between balance sheet figures) for the business in question over time, as well as with similar businesses.

Analysis in terms of financial ratios (ratios) is designed to compare the relative risk of the business under consideration for different periods of time, as well as with similar businesses.

To determine the market value of a business, general adjustments to the financial statements of a business are made to approximate the economic reality of both the income stream and the balance sheet.

Adjustments to financial statements are made for items that are directly relevant and important to the valuation process.

Adjustments may be appropriate for the following reasons:

Bring income and expenditure to levels that are reasonably representative of the operations that are expected to continue;
- provide financial data for the business in question and the businesses that are benchmarks for comparison, on an agreed basis;
- bring the indicators indicated in the reporting in line with their market values;
- make adjustments to take into account the value of assets and liabilities not related to operating activities and related income and expenses;
- make adjustments to take into account income and expenses not related to business activities.

The need for adjustment may depend on the degree of control provided by the estimated interest. For controlling interests, including 100% ownership, most adjustments are appropriate if the owner could make the changes reflected by the adjustment. In the case of the valuation of non-controlling interests whose owners are unable to make changes in most positions, the valuer should be especially careful in reflecting reality when considering adjustments.

General adjustments include:

Elimination of the impact of extraordinary events on the income statement and balance sheet (if any). Since such events are unlikely to occur, the share purchaser does not expect them to occur and will not reflect them in the income stream. Tax adjustments may be required. These types of adjustments are generally relevant to the valuation of both controlling and non-controlling interests;
- elimination of the influence of positions that are not related to operating activities ("non-operating" positions) on the indicators of the balance sheet and income statement when assessing a controlling stake. When assessing a minority stake, these adjustments may not be necessary. If there are non-operating items on the balance sheet, they can be removed and valued separately from the core business. Non-operating positions should be valued at their market value. Tax adjustments may be required. Consideration should be given to the costs of selling non-operating items. Adjustments to the income statement should be associated with the exclusion of both income and expenses related to non-operating assets, including taking into account the impact of taxes.

Below are the cooperative positions and the corresponding adjustments.

Staff you can't do without. Payroll expenses and taxes associated with these expenses are excluded and income taxes are adjusted. In calculating a reasonable profit margin, the valuer should be careful about adjusting to reflect the presence of items such as personnel that can be dispensed with. If the valuer does not know whether the buyer, or anyone else the valuer provides services to, actually has the right to control to make changes, and whether he intends to get rid of such personnel, then there is a danger of overvaluing the business if the above costs are added back to profit.

Assets you can do without. The balance sheet excludes the value of non-dispensable assets and their associated assets and liabilities (after the business has been valued, the value of the non-dispensable asset(s) is added to the final value of the business less costs to sell, including taxes, if any. are available). Profit and loss statements eliminate the impact of owning assets that can be dispensed with, including the costs of maintaining them (for an aircraft, these are the costs of fuel, crew, hangar, taxes, maintenance and current repairs, etc.) , as well as income from them (income from renting or renting).

Surplus assets (excessive or not necessary for the needs of the business) should be treated in the same way as non-operating positions. Excess asset positions may include mostly unused licenses, franchises, copyrights and patents; investments in land, leased buildings and surplus equipment; investments in other businesses; a portfolio of marketable securities, as well as excess cash and term deposits. The net realizable value of surplus assets (net of income tax and selling costs) should be added to the net cash flow from operations, especially in the first year of the forecast period.

Adjusting tax or accounting depreciation shown on the financial statements to calculate depreciation that is more closely comparable to that used in similar businesses. Tax adjustments may also be required.

Accounting adjustments to inventory items to better compare with similar businesses that may be accounted for on a different basis than the business in question, or to more accurately reflect economic reality. Inventory adjustments may be different for the income statement or balance sheet. For example, the FIFO method can more accurately reflect the value of inventories when building a balance sheet at market prices. However, when examining the income statement, the LIFO method can more accurately reflect the level of income during periods of inflation or deflation. Tax adjustments may be required.

Adjustment of the remuneration of the owner (owners) to reflect at market prices the cost of replacing the labor of the owner (owners).

It may be necessary to take into account employee termination benefits, which can be dispensed with.

Acquisition costs for leased, leased or otherwise contracted items from related parties may need to be adjusted to reflect payments at market value. Tax adjustments may be required.

Some adjustments that would be made in the valuation of the whole business may not be made in the valuation of a minority interest in an entity because a minority interest does not provide the ability to make such adjustments.

Indicators of the financial assessment of the enterprise

To assess the financial analysis of an enterprise, a system of indicators is used, included in the following groups:

1) liquidity ratios;
2) profitability ratios;
3) coefficients of market activity;
4) financial stability ratios;
5) coefficients of business activity.

Liquidity ratios

Liquidity - the ability of the company to meet its short-term obligations (up to 12 months). If current assets (working capital) exceed short-term liabilities, then the company is liquid. To measure liquidity, a system of coefficients is used.

Consider the most important:

1) Total liquidity ratio = (Current assets) / (total liabilities); The indicator gives an overall assessment of the liquidity of assets, showing how many rubles of current assets account for 1 ruble of current liabilities. The value of the indicator may vary in different industries, its growth in dynamics is considered as a positive trend. Meaning - the company is recommended to have working capital 2 times more than its short-term accounts payable;
2) Quick liquidity ratio = (Current stocks - Stocks) / (Current short-term liabilities); The indicator should be greater than 1. The meaning of the criterion is that the company should strive to ensure that the amount of credit provided to customers (accounts receivable) does not exceed the amount of accounts payable. The growth of the indicator is a positive trend if it is not associated with an unreasonable increase in receivables. If the growth of this indicator is associated with an unjustified increase in receivables, then this does not characterize the activity of the enterprise on the positive side.
3) absolute liquidity ratio = (current assets)/(short-term liabilities). The absolute liquidity ratio must be greater than 0.2. The ratio shows what part of short-term liabilities, if necessary, can be repaid immediately.
4) The value of own working capital (SOS) = Current assets - Short-term liabilities.

The value of own working capital (SOS) = current assets - short-term liabilities. This indicator shows how much current assets will remain at the disposal of the enterprise after settlement of a short-term obligation. If he
Profitability ratios:

1) Return on equity = Net profit / Equity;
2) Return on Advance Capital = Net Income / Advance Capital;
3) Return on assets = Net profit / Average annual value of assets;
4) The indicator of profitability of sales = Net profit / Proceeds from sales.

Efficiency coefficients characterize the efficiency of the use of material and financial resources of the enterprise:

1) Asset turnover = Sales proceeds / Assets;
2) Accounts receivable turnover = Sales proceeds / Average accounts receivable;
3) Credit debt turnover = (Average credit debt / Cost price) x 360 days;
4) Inventory turnover in turnovers = Cost of sales / Average inventory.

Financial stability indicators:

1) Equity concentration ratio (sustainability ratio) = Equity capital / Total economic assets advanced into the enterprise's activities (assets);

Must be greater than 0.6. The growth of the indicator is a positive trend. It characterizes the share of the property of the owners of the enterprise in the total amount of funds advanced in its activities.

2) Financial stability ratio = Total business assets / Equity capital);

The decrease in the indicator is a positive trend. If the coefficient = 1, then the owners fully finance their enterprise, if it = 0.25, then for every 1 rub. 25 kopecks invested in assets, 25 kopecks - borrowed.

3) Debt capital concentration ratio = Debt capital / Total business assets (assets);

The decline is a positive trend.

4) Equity concentration ratio + Debt capital concentration ratio = 1

5) The coefficient of the structure of long-term investments = Long-term liabilities / Non-current assets

Shows what part of fixed assets and other non-current assets is financed by external investors, that is, it belongs to them, and not to the owners of the enterprise.

6) Long-term leverage ratio = Long-term liabilities / (Long-term liabilities + equity))

It characterizes the capital structure. Growth in dynamics is a negative trend, as it means that the company is increasingly dependent on external investors.

7) The ratio of own and borrowed funds = Equity / Borrowed capital (current liabilities)

Growth in dynamics is a positive trend. An enterprise in the general sense is considered solvent if the value of its total assets exceeds the value of external liabilities.

8) Level of financial leverage = Long-term debt / Equity.

It characterizes how many rubles of borrowed capital account for 1 ruble. own funds. The higher the value, the higher the risk associated with the company.

Indicators of market activity of the enterprise

The indicators of this group characterize the results and efficiency of the current main production activity. An assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of this enterprise and enterprises related in the field of capital investment. Such qualitative criteria are: the breadth of product sales markets, the reputation of the enterprise, etc.

Quantification is given in two directions:

- the degree of implementation of the plan for the main indicators, ensuring the specified rates of their growth;
- the level of efficiency in the use of enterprise resources.

1) Earnings per share = (Net income - Preferred dividends) / Total number of ordinary shares outstanding

2) The ratio of the market price of a share and earnings per share = Market value / Profit per share

3) Book value of a share = (Value of equity - Value of preferred shares) / Number of shares outstanding

4) The ratio of the market and book value of the share = Market value / Book value

5) Share current yield = Dividend per share / Market value of 1 share

6) Ultimate share return = (Dividend per 1 share + (Purchase price - Sale price)) / Market price or purchase price

7) Share of dividends paid = Dividend per 1 share / Net profit per 1 share (less than 1).

Evaluation of financial decisions

For the competent and efficient conduct of financial work at the enterprise and making informed decisions, the financial manager needs to know the methods for evaluating the effectiveness of financial decisions.

The main purpose of assets from an economic point of view is to provide income, which can be in the form of interest, dividends, discounts, commissions, that is, income is understood as the benefit that an asset brings. Therefore, the main criterion for the effectiveness of a financial solution is its profitability.

Since the receipt of income usually does not coincide in time with the cost of funds and is distributed over time, the tasks of evaluating specific financial decisions and comparing them with each other arise. In addition, the concept of risk is closely related to income and return on assets, that is, the likelihood of not receiving one or another amount of income or even loss of initial value. Therefore, more or less risky assets are distinguished and the risks of financial transactions are analyzed.

Of course, the main task of financial management is to ensure the solvency and financial stability of the enterprise, so decisions that do not meet the criterion of solvency should not be made. However, mass decisions on a relatively small scale cannot significantly affect the solvency of an enterprise, and therefore, for such decisions, the criteria for evaluating their effectiveness are the criteria of profitability and risk, and the solvency criteria are used in relation to the entire investment portfolio as a whole.

In the theory of evaluation of financial decisions, there are:

Evaluation of accrual and discount operations,
- analysis of payment flows,
- risk analysis and management.

Typically, interest and discount rates are accepted per annum, and the conditions for paying and joining interest and time intervals can be different and the formulas become somewhat more complicated.

Payment flow analysis (cash flow analysis)

Very often, there are not one-time payments (a loan is issued - an accrued amount is received), but streams of payments, for example, a loan is issued - and during the loan term, interest is paid at certain intervals, and at the end of the term the amount of debt is returned; or, for example, dividends on shares and interest on bonds are constantly paid; or as a result of capital investments, income is constantly received from the operation of fixed assets or rental payments, etc. Such cash flows with constant successive payments are called financial rent or annuity, and the main analytical formulas of financial analysis have been obtained for them. More complex cash flows with variable payments are analyzed using tabular methods.

Financial rents are varied. There are term annuities (if the term of the annuity is limited) and perpetual annuity, if the receipts are made indefinitely. Payments can be annual and urgent (several payments per year). Interest can be calculated once a year or several times a year. If receipts are made at the beginning of the period (for example, rent is paid before the start of the lease period), then the annuity is called prenumerando, and if at the end - postnumerando.

The main indicators of payment flows that characterize their profitability are:

The accumulated amount is the sum of all members of the payment sequence with accrued interest by the end of the term,
- the present value is the sum of all members of the sequence of payments, discounted at a certain point in time with a certain interest rate (meaning not accounting, but mathematical discounting).

In addition, some other indicators are used that are typical for various types of financial transactions and instruments (bond placement rate, profitability of industrial investments, volatility of bonds, industrial investments, etc.). Consider the basic ratios characteristic of annuities.

The concept of the modern value of the payment stream is the basis for determining the profitability of any asset that generates a stream of payments. Based on this indicator, all other indicators of payment flows generated by various financial instruments and assets created as a result of investments are determined, in particular, the placement rate (for bonds), the internal rate of return (for productive investments). For example, the placement rate of a bond is an equivalent interest rate that measures the real financial performance of a bond for an investor, given different types of income. The accrual of interest at this rate on the purchase price of the bond gives an income equivalent to the income actually received from it for the entire period of the bond's life up to the moment of redemption (repurchase).

The considered formulas are suitable if we are dealing with annuities (rents), that is, the payments are uniform and the same. As mentioned above, in practice there are often cases of unequal payments and receipts, and then it is necessary to use the general calculation rules and make the decision in tabular form.

Financial Evaluation Criteria

First of all, it is important to clearly distinguish between the final effectiveness of the project and the costs of the company until the moment when the project begins to pay off.

A high estimate of the final effectiveness of a project can divert attention from the depletion of a company's financial resources due to development and implementation costs, which consist of R&D costs, including the creation of a prototype, capital investments in production facilities, pre-production costs at a serial plant, as well as start-up market costs.

Not only the amount of abstracted funds is extremely important, but also the time of their investment. The availability of financial resources for the implementation of an R&D project depends on the state of the company, determined by all its activities, all costs and income. Therefore, the cash flows of the company, including during the implementation of the project, should be estimated with the greatest possible accuracy.

Such an analysis may reveal the following:

The maximum value of negative cash flow does not exceed the firm's financial resources. In this case, financial constraints will have little effect on project selection;
- the required financial resources have reached the limit of the expected availability of funds. The risk of a shortage of funds increases, and the development schedule must be revised, the maximum cost can be moved forward in time, or an emergency plan for replenishment of financial resources should be developed;
- the need for funds may exceed their probable availability. The project may be terminated or licensing, joint development with other firms may be used.

None of the investment opportunities should be considered in isolation from the entire portfolio of investments (for company diversification, expansion and modernization of production, R&D). The R&D portfolio is constantly changing. Its content always depends on past decisions, but balancing requires the emergence of new projects.

Valuation of financial markets

The securities market is a market in which various types of stock instruments are traded, the vast majority of which are securities. It is also called the stock market. Securities are put into circulation by joint-stock companies, enterprises, banks, government agencies, and various financial organizations. Securities are of various types. The securities market is an integral part of the market economy. It represents the most widespread part of the financial markets. In economically developed countries, its instruments are diverse, the infrastructure helps to attract large amounts of temporarily free funds and their highly efficient use.

The functioning of the securities market regulates many processes in the national economy and contributes to the efficiency of the investment process. There is a well-established mechanism for fast transactions in the securities market. Therefore, they talk about its high liquidity. In addition, the pricing mechanism in the stock market is built in such a way that stock market prices are used not only for analysis when making investment decisions, but also for calculating special indicators - indices that are used to characterize the current macroeconomic situation, and their dynamics is the basis for forecasting .

In the foreign exchange market, the objects of sale and purchase are foreign currency and financial instruments servicing transactions with it. In the foreign exchange market, in fact, there is an exchange of the monetary unit of one country for the monetary unit of another country. According to the ratio of the amount of one and the other currency in transactions, the market exchange rate is set. An exchange rate is the price of one country's currency expressed in terms of an equivalent amount of another country's currency. The exchange rate is fixed on a certain date. In the foreign exchange market, those economic entities that need it to pay for foreign trade operations, most often the import of goods, buy the currency of other states. The sale of currency is carried out by economic entities that carry out exports and have revenue in foreign currency. Another important participant in the foreign exchange market is the state, represented by the central bike. The Central Bank implements the monetary policy of the state in the foreign exchange market, maintaining the specified parameters of the national currency rate.

In the market of precious metals, the objects of sale and purchase are precious metals, primarily gold; here they buy and sell the metals themselves and financial instruments, the prices of which are pegged to the prices of precious metals. Other types of precious metals, such as silver, platinum, etc., play a less prominent role in this market. In the precious metals market, gold is bought by those business entities that use it in the production process, who need gold for the manufacture of certain types of products, such as jewelry, electronics, etc. Another purpose of buying gold is to save accumulated assets, ensure the reserve of funds for the purchase of currency speculative transactions. The multifunctionality of the gold market is connected, firstly, with its indispensability as a raw material for certain types of production and, secondly, with the fact that it is still considered the least risky and highly liquid means of reserve in the long run. It is with this property that the concept of hoarding (from Greek - treasure) is connected - the accumulation of gold as a treasure by private individuals. The accumulation of gold reserves by the state for international settlements, the formation of strategic reserves, the strengthening of money circulation, etc. is not a thesaurus.

According to the period of circulation of financial instruments, the money market and the capital market are distinguished.

The money market includes those markets where market financial instruments and financial services of all the considered types of financial markets with a circulation period of up to one year are sold and bought. This is a market for short-term financial instruments with high liquidity. Investments in these assets have a low level of financial risk, the pricing system for them is relatively simple. This market is used by business entities to ensure current solvency, through short-term borrowing, effective short-term investment of temporarily free cash. The properties of financial instruments of the money market allow enterprises to use them to form a portfolio of securities.

In the capital market, financial instruments and financial services with a maturity of more than one year are sold and bought. Financial assets traded on the capital market are less liquid, carry higher risk, and should provide a higher rate of return.

The functioning of the capital market allows business entities to use it to attract long-term investment resources for the implementation of investment projects with long payback periods and repayment periods, as well as to make long-term financial investments in other types of business.

It should be noted that this classical division of financial markets according to the terms of circulation of financial instruments is somewhat arbitrary in modern conditions. At present, market technologies and issuance conditions provide for the transformation of certain types of financial instruments from short-term to long-term and vice versa.

Comparing the classification of financial markets by types of financial instruments and terms of their circulation, it should be noted that all these types of markets: credit, stock, currency and gold markets are simultaneously components of both the money market and the capital market.

Trading in financial instruments can be organized in various ways. Meetings of sellers and buyers can take place at various trading platforms. The trading procedure itself can be strictly regulated or have only certain restrictions. According to the method of organizing trade, there are exchange and over-the-counter markets, organized and unorganized. The organization of the financial market has gone from a wild, unorganized market to its most modern form - the exchange market, using modern electronic trading systems.

The least regulated trade takes place in the unorganized market. It is often referred to as a "street" market. It should be noted that the concepts of "street" and over-the-counter markets are not identical, since the over-the-counter market can be well organized. In particular, the market for interbank loans, being a part of the financial market, belongs to the credit markets and can be characterized as an organized over-the-counter market.

Methods for assessing the financial condition

The analysis of financial statements involves the use of specific techniques or methods, one of which is the "reading" of the balance, or the study of absolute values. "Reading" or familiarity with the content of the balance allows you to establish the main sources of funds (own and borrowed); the main directions of investment; the ratio of funds and sources and other characteristics that make it possible to assess the financial position of the enterprise and its security. But the information presented in absolute terms does not always make it possible to accurately determine the dynamics of indicators and is not sufficient to justify decisions. Therefore, along with absolute values in the analysis of financial statements, various methods of analysis are used, involving the calculation and evaluation of relative indicators. These include horizontal, vertical, trend, factor analysis and coefficient calculation.

Horizontal analysis involves the study of the absolute indicators of the organization's reporting items for a certain period, the calculation of the rate of change and evaluation.

Under conditions of inflation, the value of horizontal analysis is somewhat reduced, since the calculations made with its help do not reflect the objective change in indicators associated with inflationary processes.

Horizontal analysis is complemented by a vertical analysis of the study of financial indicators.

Vertical analysis refers to the presentation of reporting data in the form of relative indicators through the share of each item in the total reporting and assessment of their changes in dynamics. Relative indicators smooth out the impact of inflation, which makes it possible to fairly objectively assess the changes taking place.

Vertical analysis data make it possible to evaluate structural changes in the composition of assets, liabilities, other reporting indicators, the dynamics of the share of the main elements of the organization's income, product profitability ratios, etc.

Trend analysis (analysis of development trends) is a kind of horizontal analysis oriented to the future. Trend analysis involves the study of indicators for the maximum possible period of time, while each reporting position is compared with the values of the analyzed indicators for a number of previous periods and the trend is determined, i.e. the main recurring trend in the development of the indicator, cleared of the influence of random factors and individual characteristics of the periods.

To conduct a factor analysis, the indicator under study is expressed through the factors that form it, the calculation and assessment of the influence of these factors on the change in the indicator are carried out. Factor analysis can be direct, i.e. the indicator is studied and decomposed into its constituent parts, and in reverse (synthesis) - individual elements (components) are combined into a common studied (effective) indicator.

Comparative (spatial) analysis is a comparison and evaluation of the performance indicators of an enterprise with those of competing organizations, with average industry and average business data, with standards, etc.

The analysis of coefficients (relative indicators) involves the calculation and evaluation of the ratios of various types of funds and sources, indicators of the efficiency of the use of enterprise resources, types of profitability. The analysis of relative indicators allows to evaluate the relationship of indicators and is used in the study of financial stability, solvency of the enterprise, liquidity of its balance sheet.

The simultaneous use of all techniques (methods) makes it possible to most objectively assess the financial position of the enterprise, its reliability as a business partner, and the development prospects.

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.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to make payments on time, finance its activities, withstand unforeseen shocks and maintain its solvency in adverse circumstances indicates its sound financial condition, and vice versa. Therefore, one of the indicators characterizing the financial position of an enterprise is its solvency, i.e. the ability to pay in cash in a timely manner their payment obligations.

Solvency assessment is carried out on the basis of the calculation of relative liquidity indicators (current liquidity ratio, intermediate coverage ratio and absolute liquidity ratio). Absolute liquidity ratio - the ratio of the value of absolutely and the most liquid assets to the value of short-term liabilities.

Financial valuation ratios

Analysis of financial ratios includes all indicators of the state of the enterprise. It is impossible to make a correct assessment of the company's performance without a detailed consideration of the dynamics of liquidity, profitability and solvency. The indicators have a direct relationship, and when one of them changes, the entire structure can be transformed.

Information sources

Analysis of financial ratios is performed using a large number of sources of information. One of the most popular is the reporting of enterprises. Financial ratios compiled on the basis of these materials, and the analysis of such indicators provide initial information for a subsequent more detailed study of the organization. Objective quantitative and generalized characteristics obtained by methods of continuous observation, documentation, systematization and combination of parameters allow observing the general situation with great accuracy.

All organizations are required to provide reporting documentation in accordance with generally accepted forms, which makes it possible to more systematically, and therefore relatively conveniently and quickly, draw up financial ratios.

Tasks of financial analysis

The analysis of financial ratios involves a general and complete assessment of the organization's activities at the moment, as well as its predicted potential.

Among the goals pursued are:

Assessment of the objectivity of spending resources;
accounting for internal reserves of the financial position;
building mutually beneficial relationships with various enterprises and institutions.

The financial ratios of the enterprise play an important role, showing the need to replenish working capital or its absence. Often companies with insufficient working capital are forced to resort to loans to stabilize the situation.

In the final formulation, the main tasks of financial analysis can be concluded in a small list:

Full assessment of the financial condition of the company;
identification of factors that lead to the deviation of indicators;
forecasting the financial future of the company;
development of solutions to increase the liquidity of the enterprise.

Financial stability of the enterprise

Also, one of the important criteria are financial ratios on the balance sheet. Such parameters, indicating the current stability of the enterprise, predict the need to make any changes in the structure. The study of the balance of the company helps to identify the rationality of the use of production, economic and financial factors that directly affect the performance of the entire enterprise.

Analytics, the study of the state in this case, it is necessary to begin with the dynamic indicators of property and financial assets. To establish the general position of the enterprise, an analysis of the value of the property is also carried out, since an irrational structure can lead to a deterioration in the financial situation.

When drawing up a balance sheet, you will need to familiarize yourself with international requirements, according to which it is necessary to distinguish structures:

Financial aspect (capital);
aspect of investment (property, which is necessary to obtain data on liquidity);
solvency of the company (property and capital).

The analysis is carried out in several ways:

The first is direct, performed on the basis of the balance sheet, without changing the composition of articles.
In the second case, the basis is comparative analytics and the use of the method of drowning homogeneous elements of balance sheet items.
The third one suggests making adjustments to the balance sheet for the inflation index, and then summing up the articles in the required direction.

With the help of such methods of analysis, financial ratios make it possible to assess and predict the state of enterprises using accounting information.

Internal and external financial analysis

There are two types of financial analysis: internal and external. The first type is carried out by the employees of the enterprise. The second, also known as an audit, is carried out with the help of third-party specialists based on published data on the financial condition of the enterprise.

Financial ratios: formulas and meaning

The formulas for calculating financial ratios are very simple, however, it is necessary to clearly understand their meaning, since any error will noticeably affect the overall result of the research.

In order to calculate the value of the financial ratios of an enterprise, you will need to familiarize yourself with their names, functions and formulas. First of all, it is worth mentioning the absolute liquidity ratio. It shows the share of the company's debts, which can be paid immediately at the expense of finances or tangible property. To calculate this value, short-term financial investments are added to the current amount of the company's cash, and then the amount is divided by current liabilities, presented in monetary terms.

The coefficient of financial activity of the enterprise has an even simpler formula and is expressed as the ratio of borrowed capital to equity.

Quick liquidity ratio (or, as it is also called, critical assessment) expresses the ratio of liquid funds in circulation to short-term liabilities. It is calculated by summing cash, short-term investments and accounts receivable divided by the company's current liabilities.

They also highlight the current liquidity ratio - it shows the amount of debt that can be covered by the turnover of assets that are valid at the moment. It can be calculated from the ratio of current assets to liabilities at the current date.

The financial activity ratio, as well as absolute, urgent and current liquidity, represent a number of basic criteria with which it is necessary to start studying the state of any enterprise.

Indicators of the financial stability of the enterprise

Among them are:

The coefficient of financial independence, which is calculated from the ratio of own funds to the balance sheet;
financing ratio, calculated as private capital, borrowed, and own funds;
the company's debt ratio at the moment, calculated from the ratio of current short-term liabilities to the balance sheet;
the coefficient of stability of the financial condition of the enterprise, which is found from the amount of own funds and long-term borrowed capital, divided by the balance sheet currency.

Financial condition of the enterprise

An economic category that reflects the state of finance in the process of their circulation, the company's self-development and the ability to repay debt obligations - all this describes such a thing as the financial condition of an enterprise.

The calculation of financial ratios for assessing the current state of the company plays an important role and helps to draw up the next steps for the development and expansion of the field of activity. A stable and stable state of finance is the main condition for the effective operation of an enterprise. It also largely depends on the choice of optimal sources of capital, the correct structure of assets and their balance with liabilities, and most importantly, of course, on the ratio of fixed assets to finance in circulation.

The main tool that provides a complete overview of the material condition, advantages and development prospects is the calculation and analysis of the company's financial ratios. A variety of reporting verification methods will allow you to make a multilateral analysis and get the maximum amount of useful information about the company's profitability.

Financial Management Assessment

The Ministry of Finance of the Russian Federation, in accordance with Order No. 552, assesses the quality of regional finance management in the constituent entities of the Russian Federation. One of the indicators used in this assessment is the assessment of the quality of financial management of the main budget funds managers in the constituent entities of the Russian Federation.

In accordance with Article 7 of Law No. 7-2617 “On the Budget Process in the Krasnoyarsk Territory”, in order to assess the quality of the financial work of the executive authorities of the Krasnoyarsk Territory, the Ministry of Finance developed indicators of the quality of financial management of the main administrators of the regional budget funds and a methodology for their assessment, approved by a Government decree of the Krasnoyarsk Territory No. 72-p "On approval of the quality indicators of financial management of the main managers of the funds of the regional budget and the methodology for their assessment."

All main managers of the regional budget funds (hereinafter referred to as the Chief Managers) are subject to assessment.

Group 1 - Chief administrators with subordinate institutions;
Group 2 - Chief administrators who do not have subordinate institutions.

Monitoring of the quality of financial management carried out by the main managers of the regional budget funds is carried out according to the following groups of indicators:

Evaluation of the mechanisms for planning expenditures of the regional budget;
- evaluation of the results of the implementation of the regional budget in terms of income;
- evaluation of the results of the execution of the regional budget in terms of expenses;
- assessment of the management of obligations in the process of execution of the regional budget;
- assessment of the state of accounting and reporting;
assessment of the organization of financial control;
- assessment of the execution of judicial acts;
- assessment of the financial and economic activities of institutions subordinate to the Chief Manager.

The quality of financial management makes it possible to quantify the organization by the Chief Administrator of budget planning procedures, budget execution, budget accounting, preparation and presentation of budget reporting, as well as work with subordinate institutions on relevant issues.
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