To assess the financial condition of your own enterprise is necessary. Borovkova S.I.

Grade financial condition The enterprise is based on the following actions:

collection of information and its analytical processing for a specific period of time to be assessed;
justification and classification of indicators used for such an assessment;
carrying out the calculation of the resulting assessment indicator;
ranking business entities by rating.

As a result of the qualitative performance of the third stage of activity, the obtained rating score takes into account the full range of the main parameters of the financial and entity. In other words, a complete analysis economic activity.

Indicators of the financial condition of the enterprise include the following data: the production potential of a business entity, the profitability of its products, the efficiency of using available financial resources. This may also include the sources of formation, the state and placement of other funds of the organization.

The substantiation and selection of the initial indicators of the enterprise's activity are carried out on the basis of the basic provisions of the theory of finance, as well as the needs of the company's management in the assessment. After all, a qualitative assessment of the financial condition of an enterprise cannot be based on an arbitrary choice of indicators.

So, let's try to systematize the generally accepted indicators and disband them into four groups.

The first group includes such important indicators as the profitability of business entities. Based on the theory, profitability is calculated as the ratio of the received net profit to the value of the property of the enterprise (or its own funds).

The second group of indicators is responsible for the management of the company. At the same time, it is advisable to consider four generally accepted indicators of profit: balance or gross, net, from the sale of products, and, finally, the general indicator - from the entire sale. The effectiveness of organization management is determined by the ratio of these indicators of profit to the revenue of the subject.

Assessment of the financial condition of the enterprise on the basis of indicators of the third group provides for the assessment of the subject. This category of coefficients is calculated in several ways:

The return of all types of assets - as a private proceeds to the balance sheet;

Return on assets - the ratio of revenue to the value of fixed assets in conjunction with intangible assets;

Asset turnover (the number of their turnovers) is the ratio of the same revenue, but now to the value working capital.

The turnover of inventories, bank assets, receivables is calculated in a similar way, only in the formula, indicators of the cost of inventories, the cost of cash and total receivables, respectively, are used as a denominator.

Analysis of the financial condition of the organization using the fourth group of indicators is carried out by:

Estimates as a calculation of the ratio of all to the value of liabilities requiring urgent repayment;

Calculation of the critical liquidity ratio by the ratio of the aggregate of current assets, including cash, and receivables to term liabilities.

Also, this group may include indicators of the organization's market stability: the index of a permanent asset; security of working capital at the disposal of the enterprise to pay off debt on reserves and other costs.

A complete assessment of the financial condition of the enterprise cannot be carried out without the use of such initial data as the volume of production and profit in the reporting period.

Application for assessment of the financial condition of the enterprise

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

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

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

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

1. Analysis of property status

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

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

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

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

2. Analysis of financial results

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

3. Analysis of the financial condition

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

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

3.2. Analysis of liquidity and solvency of the balance sheet

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PL \u003d A3 - P3

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

3.3. Analysis of financial independence and capital structure

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

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

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

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

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

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

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

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An assessment of the financial condition of an enterprise provides a snapshot of the resource base at a specific point in time and allows you to draw reasonable conclusions and assumptions about the possibilities of business growth, scaling, and the company's potential for financing.

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

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

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

Determination of the boundaries of the concept of "financial condition" of the enterprise

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

You should start by analyzing the profitability of the company. If the business is steadily unprofitable, current performance is already secondary. The next most important is the assessment of the company's ability to pay current expenses, that is, the liquidity of the business. Then you need to understand how the business is financed, is it a source of profit or is it a constant injection of the owner, or maybe loans? If the loans are long-term or short-term? The next question is: what assets does the business have, what are they?

The issue of performance efficiency for the purposes of analyzing the financial condition is not a priority and can be omitted, limited to the definition of profitability.

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

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

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Business opportunities to generate profit

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

Is the company making a profit, if not, what is it? earnings before taxes and depreciation (EBITDA) .
Evaluate a company's earnings and EBITDA retrospectively and prospectively in order to understand how long the company has been profitable, what is its dynamics and whether this dynamics will continue in the future according to forecasts?
View the structure of revenue in terms of expenses, including the dynamics of the structure. How the share of one or another type of expenses grows can say a lot about management: for example, an increase in the share of costs in revenue may indicate that technologies are violated, resources are used inefficiently, the share of defects is growing, and staff productivity is falling.
Study the marginality of the business by product range, perhaps there is a hidden recipe for increasing profits or getting out of losses - some products generate losses and their production should be abandoned in favor of more marginal ones or free up resources to launch new items that can increase the profitability of the entire brand portfolio .

With this information, we will be able to draw informed conclusions about whether the company is in the "red zone" or not! And if the company is unprofitable, is a more rosy prospect possible and what parameters should be changed, what changes will give the greatest effect.

The company's ability to pay operating expenses

Having received an idea of the profitability of a business, it is necessary to understand whether it has the means to conduct current activities and reserves for growth. Analysis will answer liquidity.

The financial analysis toolkit makes it possible to assess the company's ability to pay bills at several levels:

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

Ktl \u003d Current assets / Current liabilities

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

Kbl = Liquid Assets / Current Liabilities

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

Kcl = Cash and Equivalents / Current Liabilities

It is necessary to evaluate liquidity not only in statics, but as a slice in dynamics in order to see the general trend and prevent possible manipulations to improve current indicators.

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

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

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

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

Solvency can also be supplemented by an analysis of payment discipline. It is no secret that many companies resort to the principle - "pull with payment until the last", and suppliers who do not have the leverage to make relevant decisions, in fact, finance the activities of a dishonest counterparty.

Sources of financing

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

We need to understand how risky the company is in business in terms of - the more attracted borrowed capital, the higher the risk of non-repayment of funds. It is necessary to assess the financial stability of the business. The idea of financial risks and the role of borrowed sources in the company's financing scheme gives an indicator financial dependence(Debt Ratio):

Debt Ratio = All Liabilities / All Assets

Having calculated the indicator, we will be able to estimate what part of the assets the company pays for with borrowed funds.

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

The ratio between short-term and long-term borrowings is important, in financial management this indicator is called the short-term debt ratio. Standard value financial management does not give him, but the higher the share of short-term sources, the higher the risk, the more liquid the company's assets should be.

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

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

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

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

Significant non-liquid inventories and non-recoverable receivables are the result of poor management.

Company assets

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

It is also important to investigate the proportion between current and non-current assets, the size, quality and dynamics of stocks, accounts receivable - how justified and justified they are for this type of activity and whether they contain the potential to improve business efficiency. Significant non-liquid inventories and bad receivables are the result of inefficient management and, in addition, they immobilize significant financial resources may incur additional costs.

The turnover of inventories and receivables must be studied both in dynamics in order to determine the reason for their appearance, and in comparison with industry indicators and competitors' indicators:

Accounts receivable turnover ratio in days:

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

Inventory turnover ratio in days:

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

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

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

we will know whether the business brings profit and whether it is enough to cover existing and planned payments;
whether the company has enough assets to, if necessary, pay off all its obligations;
how the business is financed and how efficient its assets are.

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

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

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

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

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

The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, it has a positive effect on the financial condition of the enterprise. And, conversely, as a result of underfulfillment of the plan for the production and sale of products, its cost increases, revenues and profits decrease, and as a result, the financial condition of the enterprise and its solvency worsen. Consequently, a stable financial condition is not a fluke, but the result of a competent, skillful management of the entire complex of factors that determine the results of an enterprise's economic activity.

A stable financial condition, in turn, has a positive impact on the performance production plans and ensuring the needs of production necessary resources. Therefore, financial activity component economic activity is 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 and its most efficient use.

It is very important to constantly analyze the financial condition of the enterprise. The main goal of the analysis is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the enterprise and its solvency. In doing so, it is necessary to solve the following tasks:

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

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

Develop specific activities aimed at more effective use financial resources and strengthening the financial condition of the enterprise.

Analysis of the financial condition of the enterprise includes the following main steps:

Analysis of the structure of assets and liabilities;

Analysis of property status;

Express analysis of the financial condition;

Analysis of liquidity and solvency;

Analysis of financial stability;

Analysis of business activity;

Profitability analysis;

Assessment of the probability of bankruptcy.

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

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

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

Internal financial analysis aims at a deeper study of the causes of the current financial condition, the efficiency of the use of fixed and working capital, the relationship between indicators of volume, cost and profit. For this, additional financial accounting data are used as sources of information.

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

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

Management analysis data play a decisive role in developing the most important issues of the enterprise's competitive policy: improving technology and organizing production, creating a mechanism for achieving maximum profit. That is why the results of management analysis are not subject to publicity, they are used by the management of the enterprise for adoption management decisions both operational and prospective.

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

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

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

Any enterprise, to one degree or another, constantly needs additional sources of financing. You can find them on the capital market by attracting potential investors and creditors by objectively informing them about their financial and economic activities, that is, mainly through financial reporting. As attractive as the published financial results are, showing the current and prospective financial condition of the enterprise, the probability of obtaining additional sources of financing is also high.

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

Relevance means that the information is relevant and influences the user's decision. Information is also considered relevant if it provides the possibility of prospective and retrospective analysis.

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

Information is considered true if it does not contain errors and biased assessments, and also does not falsify the events of economic life.

Neutrality implies that financial reporting does not focus on meeting the interests of one group of users of general reporting to the detriment of another.

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

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

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

Optimal cost-benefit ratio, which means that the costs of reporting must be reasonably balanced against the benefits that the enterprise derives from the provision of these data to interested users.

The principle of caution (conservatism) suggests that reporting documents should not overestimate assets and profits and underestimate liabilities.

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

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

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

The main goal of financial activity is to decide where, when and how to use financial resources for the effective development of production and maximizing profits, and the main objective financial analysis - timely identify and eliminate shortcomings in financial activities and find reserves to improve the financial condition of the enterprise and its solvency.

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

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

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

There are various classifications of analysis of the financial condition of the enterprise (Fig. 9).

Rice. 9.

The first level of classification distinguishes non-formalized and formalized methods of analysis.

Non-formalized methods are based on the description of analytical procedures at the logical level, and not on strict analytical dependencies. These include methods: expert assessments, scenarios, psychological, morphological, comparisons, building systems of indicators, building systems of analytical tables, etc. The application of these methods is characterized by the experience, knowledge and intuition of the analyst.

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

Traditional methods include the main methods of analyzing financial statements:

horizontal analysis;

vertical analysis;

trendy;

method of financial ratios;

comparative analysis;

factor analysis.

Horizontal (temporal) analysis - comparison of each reporting position for the current period 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. With the help of the trend, possible values of indicators in the future are formed, and, therefore, a prospective analysis is carried out.

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

Distribution coefficients are used in cases where it is required to determine what part one or another absolute indicator of financial condition is from the total of the group of absolute indicators that includes it. The coefficients of coordination are used to express the ratios of absolute indicators of financial condition that have different economic meanings, or their linear combinations.

The analysis of financial ratios consists in comparing their values with base values, as well as in studying their dynamics for the reporting period and for a number of years. As basic values, the average indicators of this organization relating to past periods are used; industry average or average national economic values of indicators; the values of the indicators calculated by the reporting of the most successful competitor. In addition, theoretically substantiated or obtained as a result of expert surveys values that characterize the optimal or critical values of relative indicators from the point of view of financial stability can serve as a basis for comparison. Such values actually play the role of standards for financial ratios, although the methodology for their calculation, depending, for example, on the industry, has not yet been created, since at present the set of relative indicators used to analyze the financial condition of an organization is not well-established and therefore lacks a full systemic order. . Too many indicators are often offered. For an accurate and complete characterization of the financial condition of the organization and its trends, a relatively small number of financial ratios is sufficient. It is important that each of these indicators reflect the most significant aspects of the financial condition. The system of relative financial ratios in economic terms can be divided into four groups:

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

indicators for assessing market stability;

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

solvency indicators.

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

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

Factor analysis - analysis of the influence and individual factors (reasons) on the performance indicator using deterministic and stochastic research methods. Factor analysis can be both direct and reverse, i.e. synthesis is the combination of individual elements into a common performance indicator.

The classification of quantitative methods can be represented as follows:

statistical methods;

accounting methods;

economic and mathematical methods.

Statistical methods include:

observation method - recording information according to certain principles and with certain goals;

method of absolute and relative indicators (coefficients);

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

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

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

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

chain substitution method.

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

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

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

The method of chain substitutions or elimination consists in replacing a separate reporting indicator with a basic one. At the same time, all other indicators remain unchanged. This method allows you to determine the impact of individual factors on the total financial indicator.

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

Accounting methods include:

double entry method;

balance sheet method.

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

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

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

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

the second direction - economic analysis: "analyzes the balance sheet as an accounting and economic category, as a kind of graphic representation of the property status and economic activity of the enterprise, in terms of its content, in order to productively use the findings in the future: studies rational use attracted funds, the significance of the results achieved, their compliance with planned targets, provides a basis for further planning, reveals certain trends in the development of activities "

Thus, N.A. Blatov distinguishes two directions of analysis, the first of which considers the balance sheet from the formal side, and the second direction of analysis studies the balance from the point of view of its content. Counting analysis precedes economic analysis. According to N.A. Blatov's task of economic analysis is to "study the balance sheet of a given economy, its property condition, determine its financial stability and economic capacity, how rationally and in accordance with the plan was carried out in it economic work for the reporting period, determine the true value and significance of the results achieved , to establish the correctness of capital distribution and capital use, and, finally, to identify the trends in the economy towards development or regression, both as a whole and in separate parts "

Economic-mathematical methods include:

methods of elementary mathematics;

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

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

econometric methods - statistical estimation of parameters of economic dependencies;

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

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

heuristic methods;

methods of economic and mathematical modeling and factor analysis.

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

The general principles of the analysis of the financial condition are:

subsequence;

complexity;

comparison of indicators;

use of scientific apparatus (tools);

consistency.

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

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

Methods of economic cybernetics and optimal programming, economic methods, methods of operations research and decision theory, of course, can be directly applied in the framework of financial analysis.

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

The methodology for analyzing the financial condition is a set of analytical procedures used to determine the financial and economic condition of an enterprise.

Analytical procedures are the analysis and evaluation of the information received, the study of the financial and economic indicators of the audited economic entity.

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

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

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

establish at the expense of which articles the amount of working capital has changed;

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

Balance analysis can be carried out:

directly on the balance sheet without prior change in the composition of balance sheet items;

by constructing an analytical balance by aggregating some articles that are homogeneous in composition;

by clearing the balance sheet from the regulators it contains, followed by the aggregation of items in the required analytical sections.

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

Information about shortcomings in work commercial organization may be directly present in the financial statements in an explicit or veiled form. The first case occurs when there are "sick" articles in the reporting, which can be conditionally divided into groups that indicate:

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

certain shortcomings in the work of the organization.

The first group includes "Uncovered loss of past years", "Uncovered loss of the reporting year". The second group, in particular, includes such articles as: "Settlements with debtors for goods (works, services)", which includes unjustified receivables; "Settlements with personnel for other transactions", which may reflect unjustified receivables in the form of settlements with financial responsible persons in case of shortages, damage, theft; "Other assets", which may include shortages and losses from damage to inventory items not written off from the balance sheet in in due course; "Settlements with creditors for goods and services", which includes unjustified accounts payable.

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

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

Explanations to the balance sheet and income statement reveal the essence of the presented reporting information, the accounting policy of the organization and provide users of financial statements with additional data that are necessary for a real assessment of the property, financial position of the organization and financial result her activities.

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

Analysis of the balance sheet structure also involves the classification of assets according to their degree of liquidity, and liabilities according to the speed of their repayment.

For the convenience of such an analysis and assessment of the structure of the asset and liabilities of the balance sheet, its articles are subject to grouping into separate specific groups.

The main features of the grouping of asset items are the degree of their liquidity, i.e. the rate of transformation into cash, and the direction of the use of assets in the economy of the enterprise. Depending on the degree of liquidity, the assets of the enterprise are divided into two large groups:

non-current assets (immobilized funds);

current assets (mobile funds).

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

The liabilities side of the balance reflects the sources of funds of the enterprise on a certain date. They are divided into the following groups:

sources of own funds (capital and reserves);

long-term liabilities (credits and loans);

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

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

Analysis of the balance sheet structure shows:

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

ratio of equity to liabilities;

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

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

what is the distribution of borrowed funds by maturity.

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

The final stage of the analysis methodology is the use of financial ratios in the areas of analysis. The most common are three main areas:

analysis of liquidity and solvency indicators;

analysis of business activity indicators;

analysis of financial stability indicators;

analysis of profitability indicators.

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

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

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

The liquidity of the balance sheet involves finding means of payment from the outside, if it has an appropriate image in the business world and enough high level investment attractiveness.

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

The concept of liquidity can be considered from different points of view. So, we can talk about the liquidity of the balance sheet of the enterprise, which is defined as the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into cash corresponds to the maturity of the obligations. The liquidity of assets is the reciprocal of the liquidity of the balance sheet by the time the assets are converted into cash: the less time is required for this type of asset to acquire a monetary form, the higher its liquidity.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of terms (table 5).

Table 5 Grouping of balance sheet funds and liabilities

Index	Calculation (sum of balance sheet lines)

	p.250+p.260
	p.230+p.240+p.270
	p.210+p.220+p.140
	p.190 - p.140

	p.620 + p.630 + p.640 + p.650
	p.610+p.660

	p.490 - p.216

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

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

fast-moving assets (A2) - short-term financial investments ( securities with a maturity of up to 12 months), investments that require certain time, this group of assets includes accounts receivable, payments on which are expected within 12 months after the reporting date, other current assets;

average realizable assets (A3) - long-term financial investments (all other securities), stocks of raw materials, materials, low-value and wearing items, work in progress, receivables, payments for which are expected more than 12 months after the reporting date, other stocks and expenses;

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

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

the most urgent liabilities (P1) - accounts payable;

short-term borrowings (P2) - bank loans repayable within 12 months and other short-term liabilities;

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

permanent (sustainable) liabilities (P4) - the result of section 3 of the liabilities side of the balance sheet "Capital and reserves".

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

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

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

To analyze the liquidity of the balance sheet, a table is drawn up. The columns of this table contain data at the beginning and end of the reporting period from the comparative analytical balance sheet by asset and liability groups. Comparing the results of these groups, determine absolute values payment surpluses or shortfalls at the beginning and end of the reporting period.

The following financial ratios are used to assess the solvency and liquidity of an enterprise.

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

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

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

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

Quick (intermediate) liquidity ratio - the purpose of the indicator is similar to the current liquidity ratio; however, it is calculated on a narrower range of current assets, when the least liquid part of them - production reserves - is excluded from the calculation. The logic behind this exclusion is not only that inventory is significantly less liquid but, more importantly, that the cash that could be raised in the event of a forced sale production stocks, can be significantly lower than the cost of their acquisition. In particular, in a market economy, a typical situation is when, during the liquidation of an enterprise, they receive 40% or less of the book value of inventories. In Western literature, an approximate lower value of the indicator is given - 1, however, this estimate is also conditional. In addition, when analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change.

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

where OA - current assets;

З - stocks;

KP - short-term liabilities.

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

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

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

where DS - cash;

KP - short-term liabilities.

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

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

where OS - current assets of the enterprise;

A is all assets.

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

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

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

where DS - cash;

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

Inventory coverage ratio - characterizes at what expense the stocks and costs of the enterprise were acquired: its positive value indicates that the reserves and costs are provided by "normal" sources of coverage, while its negative value indicates that part of the reserves and costs - in percentage terms, acquired at the expense of short-term accounts payable. If this coefficient is greater than one, then the amount of working capital exceeds the amount of reserves and costs, and the company has absolute financial stability. The lower the coefficient value, the higher financial risk and dependence on creditors.

The solvency of the company, its ability to make the necessary payments and settlements in certain deadlines, depending both on the inflow of funds from debtors, buyers and customers of the company, and on the outflow of funds to make payments to the budget, settlements with suppliers and other creditors of the company - a key factor in its financial stability. No wonder in Russia any cooperation with an enterprise, firm, bank always begins with an assessment of its solvency. For the management of the company, it is especially important to conduct a systematic analysis of the solvency of the enterprise for its effective management, to prevent the occurrence and timely termination of crisis situations that have already arisen.

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

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

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

increase in own capital;

sale of part of permanent assets;

reduction of excess stocks;

improvement of work on collection of receivables;

receiving long-term financing.

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

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

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

The accounts receivable turnover ratio measures how many times, on average, receivables (or only customer accounts) have been converted into cash during the reporting period. The coefficient is calculated by dividing the proceeds from product sales by average annual cost net accounts receivable. Despite the fact that there is no other comparison base for the analysis of this ratio, except for industry average ratios, it is useful to compare this indicator with the accounts payable turnover ratio. This approach allows you to compare the terms of commercial lending, which the company uses from other companies, with the terms of lending, which the company provides to other enterprises.

The accounts payable turnover ratio is calculated as the quotient of the cost of goods sold or the amount net proceeds on the average annual value of accounts payable, and shows how many turnovers the company needs to pay the invoices issued to it. Accounts receivable and accounts payable turnover rates can also be calculated in days. To do this, it is necessary to divide the number of days in a year (360 or 365) by the coefficients we have considered. Then we will find out how many days on average it takes to pay, respectively, receivables or payables.

The inventory turnover ratio reflects the rate at which these inventories are sold. It is calculated as the quotient of cost of goods sold (or net sales proceeds) divided by the average annual cost of inventories. To calculate the coefficient in days, it is necessary to divide 360 or 365 days by the quotient of dividing the cost of goods sold or revenue by the average annual cost of inventories. Then you can find out how many days it takes to sell (without payment) inventory. In the course of the analysis of this indicator, it is necessary to take into account the impact of the assessment of inventories, especially when comparing activities this enterprise with competitors. In general, the higher the inventory turnover rate, the less funds are associated in this least liquid item of working capital, the more liquid the working capital structure is and the more stable the financial position of the enterprise (ceteris paribus). It is especially important to increase turnover and reduce inventory in the presence of significant debt in the company's liabilities. In this case, creditor pressure may come before anything can be done with these reserves, especially in an unfavorable market situation. It should be noted that in some cases, an increase in inventory turnover reflects negative developments in the company's activities, for example, in the case of an increase in sales volume due to the sale of goods with minimal profit or no profit at all.

The duration of the operating cycle. According to this indicator, the duration of the period between the acquisition of stocks for the implementation of activities and the receipt of funds from the sale of products made from them is determined.

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

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

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

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

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

An analysis of the stability of the financial condition on a particular date allows you to find out how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess - hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources.

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

The most common indicator of financial stability is the excess or lack of sources of funds for the formation of reserves and costs. To characterize these sources, several indicators are used, which, in turn, correspond to indicators of the availability of reserves and costs by sources of formation. On the basis of the indicators obtained, it is possible to construct a three-component financial state vector S(D) = (D1, D2, D3). The data for calculating the three-component vector are given in Table 6.

Table 6 Indicators for calculating the three-component vector

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

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

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

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

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

Crisis financial condition is a type of condition when the enterprise is practically bankrupt. S=(0,0,0).

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

Table 7 Indicators of financial stability and methods of their calculation

Name of indicator		Formula for calculation and standard value
Capitalization ratio (U1)	Shows how much borrowed funds the organization has attracted for 1 rub. own funds invested in assets	(p.590+p.690) F1
Coverage ratio with own sources of financing (U2)	Shows what part of current assets is financed from own sources	(p. 490-p. 190) F1 p.290 F1 (0.6
Financial Independence Ratio (U3)	Shows the share of own funds in the total amount of funding sources
Funding ratio (U4)	Shows how much of the assets are financed from sustainable sources. Reflects the degree of independence (or dependence) of the enterprise on short-term borrowed sources of coverage.	(p.590+p.690) F1
Financial stability ratio (U5)	Shows how much of an asset is financed from sustainable sources	(p.490+p.590) F1 (0,8

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

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

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

return on investment (capital);

sales profitability.

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

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

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

Table 8 Profitability indicators and methods for their calculation

Name of indicator	Economic meaning of the indicator	Formula for calculation
Overall profitability (R1)	Shows the ratio of profit before tax to revenue from product sales.
Return on sales (R2)	Indicates how much profit is accounted for per unit of product sold.
Return on equity (R3)	Shows the effectiveness of the use of fixed assets and other non-current assets
Operating profitability (R4)	Shows how much profit falls on 1 rub. costs.
Return on permanent capital (R5)	Shows the effectiveness of the use of capital invested in the activities of the organization for a long time	p. 490 - p. 590 f1
Profitability of production assets (R6)	Shows the effectiveness of the use of fixed assets, intangible assets and stocks.	p. 110 + p. 120 + p. 210 f1
Return on all assets (R7)	It characterizes the level of net profit generated by all the assets of the organization that are in its use on the balance sheet.

In today's business environment, it becomes obvious that enterprises and companies, in order to survive and maintain long-term competitiveness, must constantly adjust their activities, taking into account the requirements of the surrounding reality. The new business environment implies a constant readiness for change.

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

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

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

Fig.10.

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

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

With centralized diversification (when new productions coincide with the main profile), there are the following conditions for choosing an organizational strategy: the company competes in an industry that does not have growth or has very low growth rates; the addition of new, but at the same time, core products could significantly improve the implementation of traditional products; new core products can be offered on the market at fairly high competitive prices; introduced new core products have seasonal fluctuations in demand, and these fluctuations are in antiphase with fluctuations in the financial peaks and recessions of the company; traditional products of the company are in the process of dying in their life cycle; The company has a strong management team. With horizontal diversification (new non-core products for traditional markets), there are the following conditions for choosing an organizational strategy: adding new, but at the same time non-core products, which could significantly improve the sale of traditional products; the company competes in a highly competitive and non-developing industry with a fairly low rate of return and income; traditional distribution channels for a company's products can be used to market new products to traditional consumers; the implementation of new products in time will be in antiphase with the products already produced by the company. With conglomerate diversification (new non-core production for new markets), there are the following conditions for choosing an organizational strategy: in the core industry of the company, there is an annual decrease in sales and profits; the company has the capital and managerial staff necessary to compete in a new industry; the company has the opportunity to buy up a non-core business for it, which is a reliable investment object; there is a financial interaction between the acquired and acquiring firms; existing markets for the company's products are quite saturated.

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

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

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

Another direction of restructuring is the reduction of business. The reduction strategy can be implemented through division, separation, sale of property, reduction of equity capital, leasing property, creation of a subsidiary, transfer of assets free of charge, transfer of property against liabilities, conservation of property, liquidation of the enterprise.

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

Under the financial condition of the enterprise first of all, the movement of financial flows aimed at servicing production and ensuring the sale of products is implied. A positive is the state when the company is able to independently provide money for its activities. An analysis of the financial condition is a key stage in the assessment: it allows you to find out how effectively and efficiently the organization is operating. There is a straight line between financial condition and production:

Moreover, this relationship is cyclical: the growth of production improves the financial condition of the company, and the ability to provide finance, in turn, stimulates the growth rate of production (the reverse situation is also possible).

In general, the scheme of analysis of the company looks like this:

The main indicators of the state of the organization

To conduct a quantitative analysis, the manager will have to stock up on a calculator, patience and basic accounting documentation - a balance sheet and a profit and loss account (this is where you can find all the necessary information). Naturally, the indicators need to be studied in dynamics, so reports are required for the last 3-5 years.

These are the following indicators:

Consider starting with sales proceeds also called gross income. There is no need to calculate this indicator, since it should appear in the income statement.

Based on the sales proceeds, you can determine. To do this, you need to subtract everything from gross income, as well as management and commerce. There are several different types of profit in the income statement - you can read about what each of them means and how each of them is calculated in this article. Most often it is estimated, that is, after deducting a tax of 20%. Getting net profit is the main goal of the enterprise; if there is no profit and the revenue does not cover the costs, significant structural changes are required, for example, it is advisable to turn to the reengineering method.

- Z- reserves;

- Ra- highly liquid assets (for example, short-term receivables);

- IS - sources of own funds;

- K with indicesTandt- long-term and short-term debt, respectively;

- K0 - overdue loans;

The simplified formula, where only net profit is in the numerator, is becoming more and more widespread. This formula is less flexible, but it allows you to fit all indicators of return on capital "one size fits all".

Return on equity and equity calculated according to the same formula.

To assess the financial condition of your own enterprise is necessary. Borovkova S.I.

2. Analysis of financial results

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

3.2. Analysis of liquidity and solvency of the balance sheet

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

Determination of the boundaries of the concept of "financial condition" of the enterprise

Business opportunities to generate profit

The company's ability to pay operating expenses

Sources of financing

Company assets

The main indicators of the state of the organization

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