Of great importance in the process of managing financial resources is a preliminary analysis of their availability, placement and efficiency of use. Financial resources are reflected in the liabilities of the balance sheet and are grouped according to two main criteria: by legal affiliation and the duration of the funds in circulation (maturity).
In accordance with the first sign, financial resources are divided into equity and debt, in accordance with the second, - into permanent capital (equity plus long-term liabilities) and short-term liabilities.
Own sources of formation of property are located in III and partly V sections (p. 640 "Deferred income") of the balance sheet.
Debt sources, depending on the maturity, are divided into long-term, located in Section IV, and short-term, located in Section V of the balance sheet.
Financial resources are located in the liabilities of the balance sheet in accordance with the principle of increasing the degree of withdrawal of resources: from less to more withdrawn. Financial resources used for a long time in the process of asset formation form permanent capital. The value of the analysis of financial resources lies in the formation of an economically sound assessment of the dynamics and structure of sources of financing assets and identifying opportunities for their improvement. The analysis of the dynamics, composition and structure of financial resources is carried out using the techniques of horizontal, vertical and trend analysis and is presented in Table 9.
Table 7 - Analysis of the dynamics, composition and structure of financial resources of the SEC "Solontsy" for 2009 - 2011.
|
Indicators |
Deviation 2011 to 2010 |
Growth rate, % |
||||||||
|
amount, thousand rubles |
amount, thousand rubles |
specific weight,% |
amount, thousand rubles |
specific weight,% |
amount, thousand rubles |
specific weight,% |
||||
|
1. Financial resources, total, including: |
||||||||||
|
2. Equity capital |
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|
3. Debt capital, from it |
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|
3.1. long term duties |
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|
3.2. Permanent capital |
Analysis of the dynamics of financial resources showed a decrease in the sources of formation of the organization's property by 38.9% compared to 2009 and an increase by 9.6% compared to 2010.
The main changes in 2011 were due to an increase in borrowed capital by 11.8% and an increase in equity capital by 4.7%. During the specified period, there was a decrease in long-term liabilities by 24.5% and an increase in permanent capital by 40.5%.
In general, the structure of financial resources is assessed as irrational, since the share of the organization's equity capital at the end of 2011 is less than 50%. Share of permanent capital in total financial sources higher than the share of equity capital, which characterizes the enterprise as an organization actively developing its material and technical base, incl. at the expense of long-term borrowed sources. However, there is a pronounced negative dynamics of a sharp decrease in the share of own funds in the sources of capital formation and an increase in the share of borrowed funds.
The efficiency of using the financial resources of an economic entity is largely determined by the degree of expediency of their placement by types of assets, which predetermines the need to study the structure of property from the standpoint of its optimality.
The results of the analysis are presented in Table 10.
Table 8 - Analysis of the dynamics, composition and structure of the property of the SEC "Solontsy" for 2009 - 2011.
|
Indicators |
Deviation 2011 to 2010 |
Growth rate, % |
||||||||
|
amount, thousand rubles |
specific weight,% |
amount, thousand rubles |
specific weight,% |
amount, thousand rubles |
specific weight,% |
amount, thousand rubles |
specific weight,% |
|||
|
1. Assets, total, including: |
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|
2. Non-current assets, of which |
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|
2.1. Intangible assets |
||||||||||
|
2.2 Fixed assets and other non-current assets |
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|
3. Current assets, of which |
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|
3.1 Stocks (VAT included) |
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|
3.2 Accounts receivable due within 12 months |
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|
3.3 Most liquid assets (cash and KFV) |
In the structure of the organization's property, the largest share in 2009 falls on current assets - 68.7%. This is typical only for organizations involved in trading activities but not production. Thus, 62.5% of the sources of property formation were invested in reserves in 2009. This is not rational for a manufacturing enterprise, therefore, in 2010 there was a redistribution of sources of property between circulating and non-circulating assets. As a result, the share of current assets in 2010 amounted to 39.0%, and in 2011 - 45.1% of the total value of the enterprise's property.
The largest share in the structure of current assets still falls on inventories (40.7% at the end of 2011). Moreover, there is an outlined, albeit slightly expressed, positive trend towards the growth of more liquid assets in dynamics. However, this does not apply to funds. Here there is a tendency towards a decrease in their share in the composition of assets, which is assessed negatively.
The share of non-current assets increased from 31.3% in 2009 to 54.9% in 2011. This fact is assessed positively because it means an increase in long-term investment, which contributes to an increase in production and profits in the long term.
The financial stability of the organization in general view is determined by the level of assets provision with sources of their formation and is characterized by a system of absolute and relative indicators.
A stable financial position is characterized by the following features:
1) the timeliness of settlements for obligations;
2) sufficient equity participation of equity capital in the formation of property (at least 50%) and current assets (at least 30%).
The ratio of equity and debt capital largely determines the level of financial stability of the organization. Financial stability is also determined by the ratio of the value of the main element of current assets - stocks and costs and the value of own and borrowed sources of their formation.
The following main stages of the analysis of financial stability can be distinguished:
Identification of the type of financial stability on the basis of absolute indicators of surplus (lack) of normal sources of formation of inventories;
Concretization of the assessment of financial stability based on the study of the values and dynamics of relative indicators of financial stability - financial ratios;
Calculation of the influence of factors on the change in the main indicators of financial stability.
Absolute indicators of financial stability are indicators of surplus or lack of sources for the formation of inventories, which are determined by comparing the amount of stocks and costs and normal sources of funds for their formation.
The following are distinguished as normal sources of formation of reserves and costs:
1) own circulating assets;
2) short-term loans and borrowings (excluding overdue debts);
3) accounts payable of a commercial nature (excluding overdue debts): debts to suppliers, advances received.
The total amount of normal sources of formation of stocks and costs (NIFZ) is determined by the formula:
NIFZ = SOS + KKZ + KZTH-PrD
where SOS - own circulating assets; KKZ - short-term loans and borrowings; KZTH - accounts payable of a commodity nature; PD - overdue debts.
The lack of normal sources for the formation of stocks and costs means that a certain part of the latter is formed at the expense of non-commodity accounts payable (wage arrears, social insurance, to the budget and other creditors), or non-payments.
Depending on the ratio of the values of tangible circulating assets and the sources of their formation, they conditionally distinguish the following types financial stability:
Absolute financial stability
where З - stocks.
Normal financial stability
SOS<З?НИФЗ
Precarious financial position
A critical financial situation is characterized by a situation when, in addition to the previous inequality, the organization has arrears, i.e. part of the inventory is formed due to non-payments.
The calculation of indicators of surplus (lack) of sources of formation of stocks and costs is carried out in table. eleven.
Table 9 - Identification of the level of financial stability on the basis of absolute indicators of surplus (lack) of sources of formation of reserves and costs of SEC "Solontsy" for 2009 - 2011.
|
Indicators |
In fact, in 2009. |
In fact, for 2010. |
In fact, for 2011. |
Absolute deviation |
Growth rate, % |
||
|
1. Inventories (MPZ) |
|||||||
|
2. Equity capital |
|||||||
|
3. Long-term liabilities |
|||||||
|
4. Non-current assets |
|||||||
|
6. Surplus (lack) of own working capital for the formation of the MPZ |
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|
7. Surplus (shortage) of own working capital and long-term sources for the formation of inventories |
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|
8. Short-term loans and borrowed funds |
|||||||
|
9. The total value of the normal sources of formation of stocks and costs |
|||||||
|
10. Surplus of normal sources of formation of the MPZ |
Based on the results of the analysis, it was revealed that the type of financial stability of the organization at the end of 2009 is normal, since the value of tangible current assets is less than the value of the normal sources of formation of stocks and costs, i.e. there is a surplus of normal sources of formation of stocks and costs.
However, in 2010 and 2011, the situation changed dramatically in a negative direction. The type of financial situation is a crisis, since there are not enough normal sources of formation to cover the inventories and for this it is necessary to use accounts payable, which is permissible only in the case of non-overdue accounts payable of a commodity nature.
The calculation of absolute indicators of financial stability is complemented by the analysis of relative indicators - ratios. Financial stability ratios are calculated by the ratio of the values of individual items of liability and balance sheet asset and allow to deepen the assessment of financial stability, given on the basis of indicators of surplus (shortage) of the main sources of formation of reserves and costs, as well as to study other aspects that characterize the financial stability of the organization (Table 12) ...
Table 10 - Analysis of relative indicators of financial stability of the SKPK "Solontsy" for 2009 - 2011.
|
Indicators |
In fact, in 2009. |
In fact, for 2010. |
In fact, for 2011. |
Absolute deviation |
Growth rate, % |
||
|
1. Total asset value |
|||||||
|
2. Equity capital |
|||||||
|
3. Long-term liabilities |
|||||||
|
4. Non-current assets |
|||||||
|
5. Own working capital |
|||||||
|
6. Current assets, of which |
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|
6.1 Inventories |
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|
7. Coefficient of autonomy |
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|
8. Coefficient of provision of stocks with own circulating assets |
|||||||
|
9. Coefficient of maneuverability of equity capital |
Characterizing the level of financial stability, it should be noted that the autonomy ratio at the end of 2011 decreased by 0.078 compared to 2010 and by 0.570 compared to 2009, and amounted to 0.300. This means that only 30.0% of the property is formed at its own expense, with an optimal value of at least 50%. Consequently, there is an acute shortage of equity capital in the organization.
The value of the ratio of the provision of stocks with own circulating assets at the end of 2011 has a negative value. This means that a significant part of the company's reserves is acquired from borrowed sources.
The equity capital flexibility ratio at the end of 2010 and 2011 also has a negative value.
Thus, we can conclude that at the end of 2011 the enterprise had a financial crisis.
The assessment of the solvency and liquidity of the organization allows one to characterize the possibilities of timely settlement of short-term liabilities and is carried out on the basis of the characteristics of the liquidity of current (circulating) assets.
The liquidity of an asset is its ability to transform into cash. The degree of liquidity of an asset is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this asset. The liquidity of the organization as a whole is determined by the presence of its circulating assets in an amount theoretically sufficient to pay off short-term obligations, albeit in violation of the terms of payments provided for by contracts.
The analysis of balance sheet liquidity consists in comparing funds for an asset, grouped by their degree of liquidity and arranged in descending order, with liabilities for liabilities, grouped by maturity and arranged in ascending order.
According to the degree of liquidity, assets are divided into the following groups:
A1 (the most liquid assets) - cash on hand and on the current account, as well as short-term financial investments;
A2 (quick assets) - accounts receivable and other current assets;
A3 (slow-moving assets) - inventories and costs, VAT;
A4 (hard-to-sell assets) - non-current assets.
Balance sheet liabilities are grouped according to the urgency of their payment:
P1 (most urgent liabilities) - accounts payable;
P2 (short-term liabilities) - short-term loans and borrowed funds, debts to participants for the payment of income, other short-term liabilities;
P3 (long-term liabilities) - long-term loans and borrowed funds;
P4 (permanent liabilities) - section "Capital and reserves", as well as p. 640, p. 650 section "Current liabilities".
Analysis of balance sheet liquidity by comparing the corresponding groups of assets and liabilities is drawn up in table. 13.
Table 11 - Assessment of balance sheet liquidity
|
Surplus / lack of assets to meet liabilities |
|||||||
|
The most liquid assets - A1 (lines 250 + 260) |
Most urgent obligations - P1 (line 620) |
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|
Quickly realizable assets-A2 (line 240) |
Short-term liabilities - P2 (line 610) |
||||||
|
Slowly traded assets - A3 (line 210 + 220 + 140) |
Long-term liabilities - P3 (p. 510) |
||||||
|
Hard-to-sell assets - A4 (lines 190-140 + 230) |
Permanent liabilities - P4 (p. 490 + 630 ++ 640 + 650) |
||||||
By comparing the results of the above groups for asset and liability, balance sheet liquidity is determined. The balance is considered absolutely liquid if there are ratios:
A1? P1; A2? P2; A3? P3; A4? P4
We do not observe this ratio, both for 2010 and 2011. Consequently, the balance sheet is not liquid.
The assessment of the company's solvency is carried out in Table 14.
Table 12 - Assessment of the company's solvency
|
Indicators |
Normative value |
||
|
Initial data, thousand rubles |
|||
|
1. Total current assets (290) |
|||
|
2. Quick-selling assets (240) |
|||
|
3. Most liquid assets (250 + 260) |
|||
|
4. Most urgent commitments (620) |
|||
|
5. Short-term liabilities (610 + 660) |
|||
|
Estimated indicators |
|||
|
Current liquidity ratio (line 1 / (line 4 + line 5)) |
|||
|
Critical rate (p. 2 + p. 3) / (p. 4 + p. 5)) |
|||
|
Absolute liquidity ratio (line 3 / (line 4 + line 5)) |
Conclusion: According to the calculated indicators, none of the indicators reaches the standard value due to an unreasonable sharp increase in accounts payable with a simultaneous decrease in absolutely liquid assets and the total amount of current assets as a whole. These changes should be assessed negatively.
Financial analysis is a part of general analysis, which consists of two interrelated sections: financial and management analysis. The division of analysis into financial and managerial is due to the existing in practice division of the accounting system. However, this division is arbitrary.
Financial analysis is divided into external and internal. External financial analysis is based on published reports, and internal analysis is based on the entire system of available information about the activities of the enterprise. From this point of view, external financial analysis is an integral part of internal analysis, the scope and possibilities of which are wider.
The subjects of external analysis are business owners, investors, creditors, administration, government agencies, etc.
The subjects of internal financial analysis are the administration of the enterprise, owners, auditors, consultants.
The main difference between internal and external financial analysis lies in the variety of goals and objectives solved by different subjects of the analysis. The process of conducting financial analysis depends on the goal. It can be used for a preliminary check when choosing an investment direction, when considering options for a merger of enterprises, when assessing the activities of the company's management, when predicting financial results, when justifying and issuing loans, when identifying problems in managing production activities, etc.
The variety of goals of financial analysis determines the specifics of the tasks solved by the most important users of information.
Financial analysis is carried out, first of all, by the administration of the enterprise, which is engaged in current activities, is responsible for long-term development prospects, for production efficiency, profitability of the enterprise in the short and long term, efficiency in the use of capital, labor and other types of resources. The administration's interest in the financial condition affects all areas of the enterprise. In the course of the analysis, the administration uses all reliable information, all means and methods to exercise control over the activities of the enterprise. One of these methods is financial analysis. Financial analysis covers changes in trends in key figures and key relationships. It is based on continuous monitoring of significant relationships and timely detection of deficiencies that appear as a result of ongoing changes. When conducting financial analysis, the administration sets the following goals:
- - development of the strategy and tactics of the enterprise;
- - rational organization of the financial activities of the enterprise;
- - improving the efficiency of resource management.
Lenders are one of the most important subjects of financial analysis. Lenders provide the company with funds in various forms and on different terms. A commercial loan is carried out by suppliers upon the shipment of products or the provision of services while waiting for payment, determined by the terms of trade. The lender generally does not receive interest on a commercial loan and may provide a discount for payments earlier than the due date. The creditor's remuneration takes the form of the number of transactions made and the potential profit derived from them. The supplier is interested in the financial condition of the partner and, first of all, his solvency, i.e. the ability to timely pay for the delivered products, services rendered.
Enterprises also receive short-term and long-term loans from banks, on terms of repayment, urgency and payment. The fee for using the loan is in the form of interest. If the company is performing well and has a strong financial position, the creditor's claims are limited to a fixed rate of interest. If the company finds itself in unfavorable conditions, not only the remuneration for the loan provided, but also the amount of the principal debt may be exposed to the risk of default. This circumstance forces the lender to analyze the possibility of providing a loan. At the same time, banks set themselves the following goals:
- - to determine the reasons for the enterprise's need for additional funds;
- - find out from what sources the company will receive funds for interest payments and debt repayment;
- - find out how the administration has met the needs for short and long term funding in the past, what it plans for the future.
The financial condition of the enterprise is the most important characteristic of the economic activity of the enterprise in the external environment. It determines the competitiveness of an enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners are guaranteed.
The main goal of the analysis of the financial condition is to timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.
The main tasks of financial analysis are:
- - an objective assessment of the composition and use of the company's financial resources;
- - determination of factors and causes of the achieved state;
- - identification, measurement and mobilization of reserves for improving the financial condition and increasing the efficiency of economic activity;
- - preparation and justification of the adopted management decisions in the field of finance.
The main characteristics (indicators) of the financial condition of the enterprise are:
- - property assessment and financing structure;
- - assessment of financial stability;
- - assessment of solvency and liquidity;
- - assessment of the profitability of sales and property.
The financial condition of the enterprise is characterized by a system of indicators reflecting the availability, placement and use of its financial resources. The calculation and analysis of indicators is carried out according to the balance sheet of the enterprise in a certain sequence.
The financial condition is understood as the sufficient financial security of the enterprise with the financial resources necessary for the normal functioning of the enterprise and the timely settlement of the enterprise with its counterparties. The expression of the financial condition is the existing structure of the enterprise's funds.
In the process of circulation, there is a continuous change in the structure of the enterprise's funds and their sources, defined as the ratio between the elements of the property and the elements of the capital that forms it. Finding the optimal balance between all the elements of capital and the sources of its financing is one of the most difficult tasks of financial management.
The structure of the company's funds is formed as a proportion between the value of fixed assets and other non-current assets, inventories and costs, cash, settlements with debtors and other current assets. The structure of sources of property of an enterprise is the proportion between the value of sources of own funds, long-term loans and borrowings, short-term loans and borrowings, settlements with creditors and other short-term liabilities. Each of the listed aggregates, respectively, has its own structure, determined by smaller elements.
The ratio of the structure of the enterprise's funds and the structure of the sources of their formation at each fixed point in time sets the financial state of the enterprise, determining the degree of stability of which is one of the most important tasks of financial analysis. Operations carried out in the course of financial and economic circulation and constituting the content of the processes of supply, production, sales, etc., continuously change the financial condition of the enterprise.
Basically, in the theory of financial analysis, financial condition is defined as stable or unstable. An unstable financial condition leads to negative consequences, both in financial activities and in production and investment.
Introduction
1. Comprehensive analysis financial condition of the enterprise
2. Operational analysis of the enterprise
3. Enterprise budget
Conclusion
List of used literature
Introduction
The transition to a market economy requires an enterprise to improve production efficiency, competitiveness of products and services based on the implementation of the achievements of scientific and technological progress, effective forms business management and production management, enhancing entrepreneurship, etc. An important role in the implementation of this task is assigned to the analysis of the economic activities of enterprises. With its help, a strategy and tactics for the development of an enterprise are developed, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, the results of the enterprise, its divisions and employees are assessed.
Analysis is understood as a way of cognizing objects and phenomena of the environment, based on dividing the whole into its component parts and studying them in all the variety of connections and dependencies.
The content of the analysis follows from the functions. One of these functions is the study of the nature of the operation of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise. Next function analysis - control over the implementation of plans and management decisions, for economical use resources. The central function of the analysis is the search for reserves for increasing production efficiency based on the study of advanced experience and the achievements of science and practice. Also another function analysis - evaluation the results of the enterprise's activities on the implementation of plans, the achieved level of economic development, the use of existing opportunities. And finally, the development of measures for the use of the identified reserves in the process of economic activity.
Financial analysis is an essential element of financial management and auditing. Almost all users of financial statements of enterprises use financial analysis methods to make decisions to optimize their interests.
The financial analysis methodology includes three interrelated blocks:
1) analysis of the financial results of the enterprise;
2) analysis of the financial condition of the enterprise;
3) analysis of the effectiveness of the financial and economic activities of the enterprise.
The main purpose of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. In this case, the analyst and the manager (manager) may be interested in both the current financial state of the enterprise and its projection for the near or more distant future, i.e. expected parameters of financial condition.
But not only time boundaries determine the alternativeness of the goals of financial analysis. They also depend on the tasks of the subjects of financial analysis, i.e. specific users of financial information.
The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical problems. An analytical task is the specification of the objectives of the analysis, taking into account the organizational, informational, technical and methodological capabilities of this analysis. Ultimately, the main factor is the volume and quality of the original information.
The main functions of financial analysis are:
Objective assessment of the financial condition of the object of analysis;
Identification of factors and causes of the achieved state;
Preparation and justification of the adopted management decisions in the field of finance;
Identification and mobilization of reserves for improving the financial condition and increasing the efficiency of all economic activities.
There are 4 groups of basic financial indicators:
Financial stability,
Liquidity,
Profitability,
Business activity (turnover).
1. Comprehensive analysis of the financial condition of the enterprise
Financial condition refers to the ability of an enterprise to finance its activities. It is characterized by the provision 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 an enterprise to make payments in a timely manner, to finance its activities on an expanded basis indicates its good financial condition.
The financial condition of the enterprise (FSP) depends on the results of its production, commercial and financial activities. If the production and financial plans are successfully carried out, this has a positive effect on the financial position of the enterprise. And vice versa, as a result of the failure to fulfill the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a consequence, a deterioration in the financial condition of the enterprise and its solvency
A stable financial position, in turn, has a positive effect on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of monetary resources, the implementation of calculation discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.
The main purpose of the analysis is to timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.
The analysis begins with an overview of the key performance indicators of the enterprise. The following issues need to be considered during this review:
· The property status of the enterprise at the beginning and end of the reporting period;
· Working conditions of the enterprise in the reporting period;
· The results achieved by the company in the reporting period;
· Prospects of financial and economic activities of the enterprise.
The property position of the enterprise at the beginning and end of the reporting period is characterized by the balance sheet data. Comparing the dynamics of the totals of the sections of the balance sheet asset, you can find out the trends in the property status. Information about the change in organizational structure management, the opening of new types of enterprise activities, the specifics of working with counterparties, etc. is usually contained in an explanatory note to the annual financial statements. The effectiveness and prospects of the enterprise's activities can be generalized assessed according to the analysis of the dynamics of profit, as well as comparative analysis elements of growth of funds of the enterprise, the volume of its production activities and profits. Information about shortcomings in the work of the enterprise can be directly present in the balance sheet in an explicit or veiled form. This case may occur when there are items in the reporting that indicate the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the item "Losses"). In the balance sheets of completely profitable enterprises, there may also be items in a hidden, veiled form that indicate certain shortcomings in the work.
This can be caused not only by falsifications on the part of the enterprise, but also by the adopted reporting methodology, according to which many balance sheet items are complex (for example, items "Other debtors", "Other creditors").
Table 1
Analysis of the composition and structure of property
| Assets | the beginning of the year | The end of the year |
balance sheet total |
|||||
1. non-turn |
1876 | 50,70 | 1751 | 46,14 | -125 | -4,56 | -0,07 | -131,58 |
| Fixed assets | 1876 | 50,70 | 1751 | 46,14 | -125 | -4,56 | -0,07 | -131,58 |
| 2.current assets | 1824 | 49,30 | 2044 | 53,86 | 220 | 4,56 | 0,12 | 231,58 |
| Stocks | 1100 | 29,73 | 832 | 21,92 | -268 | -7,81 | -0,24 | -282,11 |
| -VAT on purchased assets | 275 | 7,43 | 271 | 7,14 | -4 | -0,29 | -0,01 | -4,21 |
| Accounts receivable (> 12 months) | 110 | 2,97 | 97 | 2,56 | -13 | -0,42 | -0,12 | -13,68 |
| Accounts receivable (≤12 months) | 131 | 3,54 | 87 | 2,29 | -44 | -1,25 | -0,34 | -46,32 |
| - buyers and customers | 131 | 3,54 | 87 | 2,29 | -44 | -1,25 | -0,34 | -46,32 |
| Cash | 208 | 5,62 | 757 | 19,95 | 549 | 14,33 | 2,64 | 577,89 |
| -cashbox | 21 | 0,57 | 25 | 0,66 | 4 | 0,09 | 0,19 | 4,21 |
| - settlement accounts | 187 | 5,05 | 732 | 19,29 | 545 | 14,23 | 2,91 | 573,68 |
| BALANCE | 3700 | 3795 | 95 | 0,03 |
table 2
Analysis of the composition and structure of sources of property formation
| Passive | the beginning of the year | the end of the year |
balance sheet total |
|||||
| 3.capital and reserves | 687 | 18,57 | 1054 | 27,77 | 367 | 9,21 | 0,53 | 386,32 |
| Authorized capital | 120 | 3,24 | 120 | 3,16 | 0 | -0,08 | 0,00 | 0,00 |
| Extra capital | 126 | 3,41 | 126 | 3,32 | 0 | -0,09 | 0,00 | 0,00 |
| Retained earnings of previous years | 231 | 6,24 | 441 | 11,62 | 210 | 5,38 | 0,91 | 221,05 |
| Retained earnings of the reporting year | 210 | 5,68 | 367 | 9,67 | 157 | 3,99 | 0,75 | 165,26 |
| 5. short-term liabilities | 3013 | 81,43 | 2741 | 72,23 | -272 | -9,21 | -0,09 | -286,32 |
| Loans | 1243 | 33,59 | 951 | 25,06 | -292 | -8,54 | -0,23 | -307,37 |
| Accounts payable | 1770 | 47,84 | 1790 | 47,17 | 20 | -0,67 | 0,01 | 21,05 |
| - suppliers and contractors | 1139 | 30,78 | 1029 | 27,11 | -110 | -3,67 | -0,10 | -115,79 |
| - in front of the staff | 143 | 3,86 | 240 | 6,32 | 97 | 2,46 | 0,68 | 102,11 |
| - off-budget funds | 158 | 4,27 | 176 | 4,64 | 18 | 0,37 | 0,11 | 18,95 |
| - budget | 256 | 6,92 | 254 | 6,69 | -2 | -0,23 | -0,01 | -2,11 |
| - other creditors | 74 | 2,00 | 91 | 2,40 | 17 | 0,40 | 0,23 | 17,89 |
| BALANCE | 3700 | 3795 | 95 | 0,03 |
Specific weight = asset (liability) indicator / balance sheet * 100%;
Change in absolute value = indicator per kg. - indicator for n.y.; Change in specific gravity = beats weight per kg - beats weight per ng; Change in% to n.y. = abs. change / indicator n.y .; Change in% to the balance sheet = abs. change / abs. balance currency change * 100%
Table 3
Analysis of the financial stability of the enterprise
| P / p No. | Financial indicator | the beginning of the year | the end of the year | the change |
| 1. | Capital and reserves | 687 | 1054 | 367 |
| 2. | Fixed assets | 1876 | 1751 | -125 |
| 3. | Own working capital | -1189 | -697 | 492 |
| 4. | Shared sources | 54 | 254 | 200 |
| 5. | long term duties | - | - | - |
| 6. | Availability of own circulating and long-term borrowed funds | -1189 | -697 | 492 |
| 7. | Short-term loans and borrowings | 1243 | 951 | -292 |
| 8. | Stocks | 1100 | 832 | -268 |
| 9. | Provision of reserves with own sources | -2289 | -1529 | 760 |
| 10. | Provision of reserves with own and long-term borrowed funds | -2289 | -1529 | 760 |
| 11. | Availability of reserves by common sources | -1046 | -578 | 468 |
| 12. | Financial strength type | crisis | crisis |
Own working capital = Capital and reserves (p. 490) - non-current assets (p. 190); availability of own circulating and long-term borrowed funds = (capital and reserves (line 490) + long-term liabilities (line 590)) - non-current assets (line 190); the presence of common sources = (capital and reserves (p. 490) + long-term liabilities (p. 590) + loans and credits (p. 610)) - non-current assets (p. 190); provision of stocks with own sources = own sources - stocks; provision of stocks with own and long-term borrowed funds = own and long-term borrowed funds - stocks; endowment of stocks with common sources = common sources - stocks. The type of financial stability when own sources< запасов, считается кризисной.
Table 4
Analysis of the financial stability of the enterprise based on relative indicators
| № | Index | For the beginning of the year | At the end of the year | Deviation from the beginning of the year |
meaning |
| 1 | 2 | 3 | 4 | 5 | |
| 1. | Autonomy ratio | 0,19 | 0,28 | 0,09 | >0,6 |
| 2. | Debt capital ratio | 0,81 | 0,72 | -0,09 | |
| 3. | Equity multiplier | 5,39 | 3,60 | -1,79 | >1,5 |
| 4. | Interest coverage ratio | - | - | - | |
| 5. | Long-term financial independence ratio | 0,19 | 0,28 | 0,09 | >0,8 |
| 6. | Funding ratio | 0,23 | 0,38 | 0,16 | >1 |
| 7. | Long-term investment security ratio | 2,73 | 1,66 | -1,07 | |
| 8. | Capitalization Ratio (Financial Leverage) | 4,39 | 2,60 | -1,79 | <1 |
| 9. | Coefficient of provision with own circulating assets | -0,65 | -0,34 | 0,31 | >0,5 |
| 10 | Maneuverability coefficient | -1,73 | -0,66 | 1,07 | >0,5 |
| 11 | Long-term investment structure ratio | - | - | - |
Equity ratio = equity (p. 490) / total liabilities (p. 700); Debt capital ratio = borrowed capital (line 590 + 690) / total financing; Equity multiplier = total assets (p. 300) / own. capital; Interest coverage ratio = net income / interest payable (none); Long-term financial independence ratio = permanent capital (equity + long-term liabilities (p. 590)) / total assets; Financing ratio = equity / debt capital; Long-term investment security ratio = non-current assets / permanent capital; Capitalization Ratio = Equity / Equity capital; Coefficient of provision with own circulating assets = own. current assets (p. 490-190) / current assets (p. 290); Maneuverability coefficient = own. working capital / own. capital.
Table 5
Analysis of the liquidity of the company's balance sheet
| Assets | the beginning of the year | the end of the year | Passive | the beginning of the year | the end of the year | Payment surplus (deficiency) n.a. | Payment surplus (disadvantage) c.g. |
A1 - the most liquid assets Cash Short-term fin. attachments |
P1 - the most urgent obligations Accounts payable Loans not repaid on time |
-1562 | -1033 | ||||
A2 - quick assets Receivables Other assets |
P2 - short-term liabilities Short-term loans and borrowings |
-727 | -496 | ||||
A3 - slow-moving assets Reserves - RBP Long-term financial investments |
P3 - long-term liabilities Long-term loans and borrowings |
1100 | 832 | ||||
A4 - hard-to-sell assets Non-current assets are long-term. fin. attachments |
P4 - permanent liabilities Capital and reserves - BPO Articles 630-660 |
1189 | 697 | ||||
| Balance | 3700 | 3795 | Balance | 3700 | 3795 |
Table 6
Indicators for assessing solvency and liquidity
| № | Index | For the beginning of the year | At the end of the year | Deviation from the beginning of the year | Deviation from standards |
| 1 | 2 | 3 | 4 | 5 | |
| 1. | Current solvency ratio | 4,33 | 3,57 | -0,76 | tends to a minimum |
| 2. | Intermediate solvency and liquidity ratio | 0,24 | 0,44 | 0,2 | 0,1 – 0,2 |
| 3. | Absolute liquidity ratio | 0,07 | 0,28 | 0,21 | 0,09 – 0,14 |
| 4. | Net working capital | -1189 | -697 | 492 | |
| 5. | Cash to Net Working Capital Ratio | -0,17 | -1,09 | -0,91 | |
| 6. | Inventory to short-term debt ratio | 0,88 | 0,87 | -0,01 | |
| 7. | Ratio of receivables and payables for commercial transactions | 0,07 | 0,05 | -0,03 | |
| 8. | Current liquidity ratio | 0,61 | 0,75 | 0,14 | 0,83 – 1,33 |
| 9. | Security of liabilities with assets | 1,23 | 1,38 | 0,15 | tends to the maximum |
To the current solvency = P1 + P2 / average monthly revenue; Intermediate solvency and liquidity ratio = A1 + A2 / P1 + P2; Absolute liquidity ratio = A1 / P1 + P2; Net working capital = current assets - short-term liabilities; Ratio of cash and net working capital = cash / net working capital; Ratio of stocks to short-term debt = stocks / loans and borrowings; Ratio of accounts receivable to accounts payable = accounts receivable (within 12 months) / accounts payable; Current liquidity ratio = A1 + A2 + A3 / P1 + P2; Security of liabilities with assets = total assets / P1 + P2 + P3.
Table 7
Calculation of indicators of turnover of current assets
| № | Index | For the beginning of the year | At the end of the year | Deviation from the beginning of the year |
| 11. | Asset turnover (turnover) | 2,26 | 2,43 | 0,17 |
| 22. | Inventory turnover (turnover) | 7,08 | 10,66 | 3,58 |
| 33. | Return on assets | 4,45 | 5,26 | 0,81 |
| 44. | Accounts receivable turnover (turnover) | 34,62 | 50,05 | 15,43 |
| 55. | Receivables circulation time (days) | 10,40 | 7,19 | -3,21 |
| 66. | Average stock age | 50,85 | 33,77 | -17,08 |
| 77. | Operating cycle (days) | 61,25 | 40,96 | -20,29 |
| 88. | Turnover of finished products (rpm) | - | - | - |
| 99. | Working capital turnover (rev) | 4,57 | 4,51 | -0,07 |
| 110. | Equity capital turnover (turnover) | 12,15 | 8,74 | -3,41 |
| 111. | Total debt turnover | 2,58 | 3,24 | 0,65 |
| 112. | The turnover of attracted financial capital (debt on loans) | 4,40 | 4,95 | 0,56 |
Asset turnover = revenue / total assets; Inventory turnover = cost of sales / inventory; Return on assets = revenue / main production facilities(p. 120); Accounts receivable turnover = revenue / accounts receivable; Accounts receivable turnover time = period duration (360 days) / accounts receivable turnover; Average inventory age = period duration / inventory turnover; Operating cycle = accounts receivable turnover time + average inventory age; Turnover of finished goods = revenue / finished goods (p. 214); Working capital turnover = revenue / working capital; Equity capital turnover = revenue / equity; Total debt turnover = cost / total debt (line 590 + 690); The turnover of the attracted financial capital = cost price / accounts payable (page 620).
Table 8 Analysis of the composition and structure of profit
| Indicators | the end of the year | |||||
| 1. Sales revenue | 8344 | 9210 | 866 | |||
| 2. Cost of goods, services | 7787 | 93,32 | 8869 | 96,30 | 1082 | 2,97 |
| 3. Gross profit | 557 | 6,68 | 341 | 3,70 | -216 | -2,97 |
| 4. Selling expenses | 54 | 0,65 | 62 | 0,67 | 8 | 0,03 |
| 5. Administrative expenses | 26 | 0,31 | 12 | 0,13 | -14 | -0,18 |
| 6. Profit (loss) from sales | 477 | 5,72 | 267 | 2,90 | -210 | -2,82 |
| 7. Other operating income | 34 | 0,41 | 27 | 0,29 | -7 | -0,11 |
| 8. Other operating expenses | 28 | 0,34 | 18 | 0,20 | -10 | -0,14 |
| 9. Profit (loss) before tax | 483 | 5,79 | 276 | 3,00 | -207 | -2,79 |
| 10. Income tax | 116 | 1,39 | 66 | 0,72 | -50 | -0,67 |
| 11. Profit (loss) from ordinary activities | 367 | 4,40 | 210 | 2,28 | -157 | -2,12 |
| 12. Net profit | 367 | 4,40 | 210 | 2,28 | -157 | -2,12 |
Table 9 Analysis of profitability indicators
Total profitability = balance sheet profit (line 050 f.№2) / production assets * 100; Profitability of core activities (costs) = net profit / cost of goods sold * 100; Return on turnover (sales) = gross profit/ revenue * 100; Return on assets (property) = retained earnings / assets * 100; Profitability of production assets = gross profit / production assets * 100; Economic profitability = net profit / investment capital (authorized capital) * 100; Financial profitability = net profit / equity * 100; Return on borrowed capital = net profit / borrowed capital * 100
Table 10 Analysis of the business activity of the enterprise
| Indicators | The beginning of the year | the end of the year | changes |
| 1. Net profit | 367 | 210 | -157 |
| 2. Sales proceeds | 8344 | 9210 | 866 |
| 3. Capital advanced | 441,00 | 808,00 | 367,00 |
| 4. Working capital | 1844 | 2044 | 200 |
| 5. Return on equity | 53,42 | 19,92 | -33,50 |
| 6. Return on working capital | 20,12 | 10,27 | -9,85 |
| 7. Profitability of turnover (sales) | 6,68 | 3,70 | -2,97 |
| 8. Capital turnover (turnover) | 12,15 | 8,74 | -3,41 |
| 9. Working capital turnover (turnover) | 4,57 | 4,51 | -0,07 |
| 10. Duration of capital turnover (days) | 29,64 | 41,20 | 11,56 |
| 11. Duration of working capital turnover (days) | 78,77 | 79,82 | 1,05 |
Capital advanced = reserve capital + retained earnings; Return on equity = net profit / equity * 100; Return on working capital = net profit / working capital * 100; Capital turnover = revenue / equity; Duration of capital turnover (days) = duration of the period / capital turnover; Duration of working capital turnover (days) = duration of the period / working capital turnover
Table 11
Calculation of financial ratios to assess the likelihood of bankruptcy
Data in tables 4, 6 and 10.
There is no share of overdue accounts payable in liabilities; Share of accounts receivable in total assets = accounts receivable / total assets; Net profit margin = net profit / sales revenue
Table 12
Bankruptcy Probability Analysis (Altman Model)
Ratio of net working capital to total assets = net working capital / total assets; Return on assets = gross profit / total assets; Ratio of equity and debt capital = equity / debt capital; integral indicator of the level of the threat of bankruptcy = 0.012x1 + 0.014x2 + + 0.033x3 + 0.006x4 + 0.999x5.
The degree of probability of bankruptcy with an integral indicator from 1.81 to 2.7 is considered high, from 2.7 to 2.99 small.
2. Operational analysis of the enterprise
Operational analysis of the enterprise The key elements of the operational analysis of any enterprise are: operational leverage; profitability threshold; the financial strength of the enterprise. Operational analysis is an integral part of management accounting. Unlike external financial analysis, the results of operational (internal) analysis can constitute a trade secret of the enterprise. The action of the operational (production, economic) leverage is manifested in the fact that any change in sales proceeds always generates a stronger change in profit. In practical calculations, the ratio of the so-called gross margin (the result from sales after reimbursement of variable costs) to profit is used to determine the strength of the influence of the operating leverage. Gross margin is the difference between sales revenue and variable costs. It is desirable that the margin is sufficient not only to cover fixed costs, but also to generate profits. The action of the operating leverage and the degree of flexibility of the enterprise all together generate entrepreneurial risk.
financial solvency liquidity current asset
Table 13 Operational Analysis
| Indicators | Meaning |
| Unit price (without VAT) | 5500 |
| Volume of sales | 1517 |
| Proceeds from the sale of goods, services | 8343500 |
| Cost of goods | 7787000 |
| Variable costs in the cost of goods, services | 5061550 |
| Fixed costs in cost | 2725450 |
| Selling expenses, incl. | 54000 |
| permanent | 39420 |
| variables | 14580 |
| Administrative and administrative expenses, incl. | 26000 |
| permanent | 17940 |
| variables | 8060 |
| Margin profit | 3259310 |
| Margin profit ratio | 0,39 |
| Profit | 476500 |
| Operating Lever Force | 6,84 |
| Profitability threshold | 7135410 |
| Financial safety margin | 1208090 |
Profit margin = revenue - variable costs; Margin profit ratio = profit margin / revenue; Operating leverage = profit margin / / profit; profitability threshold = fixed costs / profit margin ratio; Financial safety margin = revenue - profitability threshold
EFR = (1 - Cn) * (KR - Sk) * ZK / SK, where:
EFR is the effect of financial leverage, Cn is the income tax rate, KR is the return on assets ratio,%, CK is the interest rate for a loan, ZK is borrowed capital, SK is equity
EGF = (1 - 0.2) * (21 - 12.5) * 2741/1054 = 17.68
The return on assets is higher than the interest rate for a loan, therefore, the use of borrowed capital is advisable.
3. Enterprise budget
Let's draw up a budget of income and expenses for the planned year, taking into account the available data shown in Table 14.
Table 14
| Indicators | 2 |
| Price change plan | +5% |
| Change in sales volume | +2% |
| % of payment of buyers for products in the budget period | 78% |
| Planned production costs | |
| Materials, rub. | 4123913 |
| Salary, rub. | 522749 |
| Unified social tax, rub. | 135915 |
| ODA variables, rub. | 420558 |
| Permanent ODA, rub. | 605193 |
| incl. depreciation | 125000 |
| Planned business expenses | |
| Variables, rub. | 14580 |
| Permanent, rub. | 39420 |
| Planned administrative and management expenses | |
| Variables, rub. | 8450 |
| Permanent, rub. | 18540 |
| % of expenses paid in the budget period | |
| Production costs | 92% |
| Business expenses | 95% |
| Administrative and administrative expenses | 98% |
| Loans | |
| Interest on loans and borrowings | 12,5% |
| % of repayment of loans and borrowings in the budget period | 67% |
Note:
1. The volume of production corresponds to the volume of sales (the balances of finished products remain unchanged)
2. Materials are purchased in the amount necessary for the production of products that will be sold (the remainder of the materials remains unchanged)
Table 15 Budget of income and expenses
According to the preparation of the budget of income and expenses, the need for additional financing is: 8935888.5 - 6014318 = 2921570.5 thousand rubles. - we observe an excess of income over expenses, therefore, there is no need for financing.
Table 16 Cash flow budget
The need for additional financing will be: 6969993.03 - 5536411.96 = 1433581.07 thousand rubles.
Conclusion
In the real conditions of economic activity, it is advisable for any enterprise to periodically conduct a comprehensive financial analysis of its condition in order to identify shortcomings in the operation of the enterprise, the reasons for their occurrence and develop specific recommendations for improving performance.
Analysis of the financial condition of the enterprise has a multipurpose orientation and, in particular, can be carried out in the following main areas: constant monitoring of the actual efficiency of the enterprise on the basis of financial statements; identification of the company's solvency and a satisfactory structure of the company's balance sheet in order to prevent its bankruptcy; assessment of the financial condition of the enterprise from the standpoint of the expedient investment of financial resources in the development of production.
In practice, several groups of indicators are used to determine the financial condition of an enterprise: absolute values financial assets in the sections of the balance sheet and their shares in the overall structure of the balance sheet, the actual indicators of the enterprise in comparison with their standard and industry average values. In addition, special ratios can be applied, calculated on the basis of the ratios of individual items of the reporting balance sheet. With their help, you can quickly assess the financial position of the company. However, they are not universal and are mainly used as indicative indicators.
In the course of a general assessment of the financial condition of the enterprise, detailed analysis its activities, based on the study of the dynamics of balance sheet assets, the structure of liabilities, sources of formation of working capital and their structure, fixed assets and other non-current assets. In the course of this work, it is advisable to use a comparative analytical balance, which summarizes and systematizes the calculations performed in order to obtain general assessments of the financial position of the enterprise and its dynamics in the reporting period.
Analysis of the financial condition allows you to assess the reliability of an enterprise in terms of its solvency, to determine the type and value of its financial stability. With a deeper study of the financial stability of the enterprise, indicators of the liquidity of the balance and the solvency of the enterprise are calculated, on the basis of which its ability is established in a timely manner and in in full calculate on its liabilities The level of balance sheet liquidity is determined by the degree of security of the company's liabilities with its own and general assets, the period of conversion of which into cash corresponds to the maturity of the liabilities.
To assess the liquidity of the balance sheet, as a rule, they use indicators that can be used to determine the company's ability to pay its short-term liabilities within a year: the current liquidity ratio, which characterizes the degree of total coverage of the amount of urgent liabilities by all current assets of the enterprise, the absolute liquidity ratio, which reflects the company's capabilities instantly settle accounts with creditors without relying on accounts receivable, the ratio of provision with own circulating assets. The financial stability of the enterprise is also characterized by the ratio of borrowed and own working capital.
Thus, the analysis of the financial condition of the enterprise and, as an element of the analysis of financial stability, is an important tool for identifying its place in the market environment.
List of used literature
1. Boronenkova S.A. Management analysis: Textbook. Manual.-M .: Finance and Statistics, 2003.
2. Bocharov V.V. The financial analysis. SPb: Peter, 2005.
3. Grachev A.V. Financial stability of the enterprise: analysis, assessment and management: Study guide. - M .: Publishing house "Business and Service", 2004.
4. Endovitskaya A.V. Comprehensive assessment financial stability of the agricultural organization. // Economic analysis: theory and practice. 2006. No. 22 (79).
5. Efimova O.V. Analysis of financial results and efficiency of property use. //Accounting. 2008. No. 1.
6. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. - M.: OOO "TK Welby", 2006.
7. Krylov E.I., Vlasova V.M., Zhuravkova I.V. Analysis of financial results, profitability and cost of production: Textbook. allowance. –M .: Finance and Statistics, 2005.
8. Kovalev V.V. Financial Analysis: Capital Management. Investment selection. Analysis of reporting.-M .: F. and St., 2000.
9. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. Textbook.- M .: OOO "TK Welby", 2002.
10. Lyubushin N.P., Babicheva N.E. Analysis of methods for assessing the financial condition of an organization. // Economic analysis: theory and practice. 2008. No. 22 (79).
11. Lobushin NP, Complex economic analysis of economic activity .: Textbook - 2nd ed. –M .: UNITY-DANA, 2005.
12. Savitskaya G.V. Analysis of the economic activity of the enterprise: Textbook. - 3rd ed., Rev. And add. - M .: INFRA-M, 2006.
13. Economic analysis: Textbook for universities / Ed. L.T. Gilyarovskaya. - 3rd ed., Add. - M .: UNITY-DANA, 2005.
14. Economic Analysis: Foundations of Theory. Comprehensive analysis of the economic activity of the organization: Textbook / Ed. N.V. Voitolovsky, A.P. Kalinina, I.I. Mazurova. - M .: Higher education, 2005.
Financial analysis as part of economic analysis, represents a system of certain knowledge related to the study of the financial position of the organization and its financial results, formed under the influence of objective and subjective factors, based on financial statements.
The analysis of financial statements acts as a tool for identifying the problems of managing financial and economic activities, for choosing areas for capital investment and forecasting individual indicators. Nikulina N., D.V. Sukhodoev, N. D. Eriashvili, Financial management of the organization. Theory and Practice Publisher: Unity-Dana, 2009
One of the tasks of the enterprise reform is the transition to the management of financial and economic activities based on the analysis of the economic state, taking into account the setting of strategic goals for the enterprise, adequate to market conditions, and the search for ways to achieve them. The results of the financial and economic activities of the enterprise are of interest to both external market agents (consumers and manufacturers, creditors, shareholders, investors) and internal (employees of administrative divisions, heads of the enterprise, etc.). V.V. Kovalev Financial management. - M .: Prospect, 2008.
The main sources of information for financial analysis are accounting and management accounting data:
1. Data on the property of the enterprise (assets) and the sources of its formation (liabilities) at the beginning and end of the study period in the form of an analytical balance.
2. Data on the results of the enterprise for the study period in the form of an analytical income statement.
When conducting financial analysis for a more accurate interpretation of the initial data, the following information may additionally be required:
· Information about the accounting policy of the enterprise.
· The amount of the accrued depreciation of fixed assets and intangible assets.
Average headcount and fund wages enterprises.
· Share of overdue receivables and payables.
· The share of barter (commodity) settlements in the sales proceeds.
Financial statements commercial organizations comprises:
a) balance sheet (form N 1);
b) profit and loss statement (form N 2);
c) annexes to them, provided for by regulatory enactments;
d) an auditor's report confirming the accuracy of the organization's financial statements, if it is in accordance with federal laws is subject to mandatory audit;
e) explanatory note.
In accordance with paragraph 1 of Order No. 67n, the annexes to the balance sheet and the profit and loss statement of the financial statements include:
Form N 3 "Statement of changes in equity";
Form N 4 "Statement of cash flows";
Form No. 5 "Appendix to the Balance Sheet";
Form No. 6 "Report on the targeted use of funds received" (for public organizations). Magazine "Glavbukh" No. 8 for 2009
The balance sheet is the main form of accounting. It characterizes the property and financial condition of the organization at the reporting date. In the form of a balance sheet for each item, the numbers of accounting accounts are indicated in brackets, the balance of which should be transferred to this item.
For the convenience of work, reducing the space and time for writing the formulas used in the analysis, it is advisable to record the balance sheet indicators and other financial indicators in the form of symbols.
Form No. 2 "Profit and Loss Statement" - reflects the financial results of the organization for the reporting period and the same period of the previous year.
Form No. 3 "Statement of changes in capital" discloses the structure and movement of the capital of the enterprise. What is included in it is stated in paragraph 66 of the Regulation on accounting and accounting reports in Russian Federation, approved by the order of the Ministry of Finance of Russia dated July 29, 1998. No. 34n. So, the structure of the company's equity capital includes: charter (reserve), additional and reserve capital, retained earnings and other reserves.
Form No. 4 "Statement of Cash Flows" consists of 3 sections. The form reflects information on the funds at the expense of which the organization conducted its activities in the reporting year and how exactly it spent them for each type of the organization's activities: current (main), investment and financial.
The report according to the form No. 5 "Appendix to the balance sheet" deciphers the data of the form No. 1 "Balance sheet". The indicators to be reflected in the form No. 5, by the decision of the organization, can form independent reports or be included in an explanatory note.
An explanatory note is drawn up in an arbitrary form and contains information about the activities of the enterprise, the number of employees, the main indicators and factors that influenced the results of the organization's activities, as well as decisions on the distribution of profits remaining at the disposal of the enterprise. Markaryan E.A. Financial analysis: educational assistance / E.A. Markarian. - M .: KNORUS, 2007.
The methodology for analyzing the financial condition of an enterprise includes the following blocks of analysis: general assessment of the financial condition and its changes for the reporting period; analysis of the financial stability of the enterprise; analysis of balance sheet liquidity, analysis of business activity and solvency of the enterprise. Assessment of the financial condition and its changes for the reporting period according to the comparative, analytical balance, as well as the analysis of financial stability indicators constitute the starting point from which the final block of the financial condition analysis should logically develop. Utkin E.A. Financial management. Textbook for universities. - M .: Publishing house<Зерцало>, 2007.
In the course of the analysis, both absolute indicators and financial ratios, which are relative indicators of financial condition, are used to characterize various aspects of the financial condition. The latter are calculated in the form of ratios of absolute indicators of financial condition or their linear combinations. According to the classification of N. A. Blatov, one of the founders of balance studies, the relative indicators of the financial condition are divided into divisions and coordination coefficients, distribution coefficients. Distribution ratios are used in cases where it is required to determine what part of a particular absolute indicator of financial condition is from the total of the group of absolute indicators that includes it. Distribution ratios and their changes for the reporting period play an important role in the course of preliminary acquaintance with the financial condition according to the comparative analytical net balance. Coefficients of coordination are used to express the relationship of essentially different absolute indicators of financial condition or their linear combinations that have different economic meaning. Chechevitsyna L.N. Analysis of financial and economic activity.-Rostov n / a: Phoenix, 2008.
The analysis of financial ratios consists in comparing their values with basic values, as well as in studying their dynamics for the reporting period and for a number of years. The values of indicators averaged over the time series are used as basic values of this enterprise related to the past, favorable from the point of view of financial condition, periods; average industry values of indicators, values of indicators calculated according to the reporting data of the most successful competitor. In addition, the base of comparison can be theoretically grounded or obtained as a result of expert surveys, values characterizing the optimal or critical values of relative indicators from the point of view of financial stability. Such values actually play the role of standards for financial ratios. Lyubushin N.P. Analysis of the financial condition of the organization. - M .: Eksmo, 2007.
A preliminary assessment of the financial condition of the enterprise and changes in its indicators is intended for general characteristics financial indicators of the enterprise, determining their dynamics and deviations for the reporting period. In order to conduct such an analysis, it is recommended to draw up a comparative analytical balance, which includes the main aggregated indicators of the balance sheet.
Comparative analytical balance allows you to simplify the work of horizontal and vertical analysis of the main financial indicators of the enterprise. Horizontal analysis characterizes changes in indicators for the reporting period, and vertical analysis - the proportion of indicators in the total total (currency) of the balance sheet of the enterprise. Calculation of change specific weights the values of balance sheet items for the reporting period is carried out according to the following formula:
where ai- is an article of the analytical balance;
t1 - indicator of the analytical balance sheet at the beginning of the period;
t2 is the indicator of the analytical balance sheet at the end of the period.
The calculation of changes in balance sheet items as a percentage of the values at the beginning of the year is carried out according to the formula:
The calculation of the change in balance sheet items as a percentage of the change in the total of the analytical balance is carried out according to the formula:
The obtained indicators of structural changes make it possible to identify the sources of changes in the assets of the enterprise.
In order to deepen the analysis of the financial indicators of the enterprise, comparative analytical tables can also be drawn up for specific indicators, for example, fixed assets, stocks, cash, settlements and other assets, etc.
Analysis of balance sheet liquidity should assess the current solvency and give an opinion on the possibility of maintaining financial balance and solvency in the future. Comparative analytical balance and financial stability indicators reflect the essence of the financial condition. The liquidity of the balance sheet characterizes the external manifestations of the financial condition, which are due to its essence.
The liquidity of an organization is understood as its ability to cover its liabilities with assets, the term of transformation of which into monetary form corresponds to the maturity of the liabilities. Liquidity means the unconditional solvency of the organization and assumes constant equality between its assets and liabilities simultaneously in two parameters: in the total amount; by the terms of conversion into money (assets) and maturity (liabilities) Ionova A.F., Selezneva N.N. The financial analysis. - study. - M .: TK Welby, Prospect Publishing House, 2008. - 624s. - P.379 ..
By the degree of liquidity, i.e. the speed of transformation into cash, the assets of the organization are divided into the following groups:
The most liquid assets A1 (4):
Amounts for all items of funds that can be used for settlements immediately;
Short-term financial investments (securities).
A1 = line 260 + line 250 (7)
Quickly realizable assets A2 (8) are assets that require a certain amount of time to turn into cash. These include:
Accounts receivable (payments for which are expected within 12 months after the reporting date);
Other receivable assets.
A2 = line 240 + line 270 (8)
Slow-realizing assets A3 (9) - the least liquid assets. This includes:
Inventories, except for the line "Deferred expenses";
Value added tax on purchased valuables;
Accounts receivable (expected to be paid more than 12 months after the reporting date).
A3 = line 210 + line 220 + line 230 (9)
Hard-to-sell assets A4 (10). This group includes all articles of the I section of the balance sheet "Non-current assets".
A4 = p. 190 (10)
Sources of the balance sheet liability are grouped according to the urgency of their payment as follows:
The most urgent obligations P1 (11):
Accounts payable;
Debts to participants (founders) for the payment of income;
Other short-term liabilities;
Loans not repaid on time.
P1 = line 620 + line 630 + line 660 (11)
Short-term liabilities P2 (12):
Short-term loans and credits;
Other loans due within 12 months after the reporting date.
P2 = p. 610 (12)
Long-term liabilities P3 (13).
The group includes long-term loans and borrowings, article IV of the section of the balance sheet.
P3 = p. 560 (13)
Permanent liabilities P4 (14):
These are articles III of the section of the balance sheet "Capital and reserves";
Separate articles of the V section of the balance sheet "Short-term liabilities" not included in the previous groups;
Revenue of the future periods;
Reserves for future expenses.
To maintain the balance of assets and liabilities, the total of this group should be reduced by the amount under the item "Deferred expenses".
P4 = line 490 + line 640 + line 650 (14)
To determine the liquidity of the balance sheet of the enterprise, it is necessary to compare the results of the listed groups by asset and liability. The balance is considered absolutely liquid with the following ratios:
Moreover, if the following three conditions are met:
A1? P1; A2? P2; A3? P3, (16)
those. current assets exceed the external liabilities of the organization, then the last inequality is necessarily fulfilled:
which confirms that the organization has its own circulating assets. All this means compliance with the minimum condition for financial stability.
Failure to fulfill one of the first three inequalities indicates a violation of balance sheet liquidity. At the same time, the lack of funds for one group of assets, which is not compensated by their surplus for another group, since compensation can only be at cost, in a real payment situation, less liquid assets cannot replace more liquid ones. Kolchina N.V. Financial management: tutorial... - M .: UNITY-DANA, 2008.
Comparison of the first and second groups of assets (the most liquid assets and quick-selling assets) with the first two groups of liabilities (the most urgent liabilities and short-term liabilities) shows the current liquidity, i.e. the solvency or insolvency of the organization in the nearest time to the moment of the analysis.
Comparison of the third group of assets and liabilities (slowly sold assets with long-term liabilities) shows promising liquidity, i.e. the forecast of the organization's solvency.
Solvency and financial stability are the most important characteristics of the financial and economic activity of an enterprise in a market economy Grachev A.V. Analysis and management of the financial stability of the enterprise. - M .: Publishing house "Finpress", 2008. - 208 p. ... The solvency of an enterprise is characterized by liquidity ratios, which are calculated as ratios different types working capital to the amount of urgent liabilities Abryutin M.S. Express analysis of financial statements: Toolkit... - M .: Publishing house "Delo and Service", 2008. - 256 p. ... There are the following liquidity indicators characterizing solvency:
1. Absolute liquidity ratio (18):
2. Ratio of critical liquidity (intermediate (financial) coverage, solvency, etc.) (19):
3. Current liquidity ratio (total coverage) (20):
To assess the structure of the balance, the coefficient of loss of solvency is calculated for a period of 3 months, if not, then the restoration of solvency for a period of 6 months is calculated using the formula (21):
Solvency loss / recovery ratio;
Current liquidity ratio at the end of the analyzed period;
Current liquidity ratio at the beginning of the analyzed period;
ty - time of loss / restoration of solvency - 3/6 months;
ta is the duration of the analyzed period in months.
If the value of the coefficient of loss of solvency is less than 1, a decision may be made on the loss of solvency, if the value of the coefficient of recovery turns out to be higher than one, the company has the opportunity to restore its solvency for this period. To develop specific measures to normalize the structure of the balance sheet and ensure the solvency of the organization, it is necessary to study its financial condition in more detail, in terms of directions.
Solvency analysis is necessary not only for the organizations themselves in order to assess and predict their further financial activities, but also for their external partners and potential investors. The assessment of solvency is carried out on the basis of an analysis of the liquidity of the organization's current assets, i.e. their ability to turn into cash. At the same time, the concept of liquidity is broader than solvency and means not only the current state of settlements, but also characterizes the corresponding development prospects of the company. Gilyarovskaya L.T., Endovitskaya A.V. Analysis and assessment of the financial stability of commercial organizations. - M .: "UNITY", 2007.
One of critical characteristics the financial condition of the enterprise - the stability of its activities in the light of the long-term perspective. Long-term financial stability is characterized by the ratio of own and borrowed funds. However, this indicator provides only a general assessment of financial stability. Therefore, in world and domestic practice, a system of the following indicators has been developed:
1. Provision of circulating assets with own sources or the ratio of provision with own circulating assets (22):
2. Ratio of financial independence (autonomy) - shows the share of own funds in the total amount of funding sources, the normal limit is more than or equal to 0.4-0.6:
3. The financial stability ratio shows what part of the asset is financed from sustainable sources, a normal limitation? 0.6: (23)
The essence of the financial stability of the enterprise is the provision of inventories with sources of funds for their formation (coverage). The financial stability of an enterprise is characterized by a system of absolute and relative indicators. The most generalizing absolute indicator of financial stability is the compliance (or discrepancy - surplus or deficiency) of the size of the sources of funds for the formation of stocks. This refers to the sources of own and borrowed funds Markaryan E.A. Financial analysis: educational assistance / E.A. Markarian. - M .: KNORUS, 2007 .-- 224 p. ... The objective of the financial stability analysis is to assess the degree of independence from borrowed sources of financing in order to measure whether the analyzed organization is financially sound enough.
4. The coefficient of flexibility of equity capital - shows what part of equity capital is used to finance current activities, ie, invested in working capital, and what is capitalized. The value of this indicator can vary significantly.
The coefficient of maneuverability of own circulating assets (24):
5. The capitalization ratio (leverage of financial leverage) (Kcap) shows how much borrowed funds the organization has attracted per 1 ruble of its own funds invested in assets, the normal limit is no more than 1.5:
After carrying out these calculations of the above indicators, the enterprise can be characterized by one of four types of financial stability:
1. Absolute financial stability. This type of financial stability is characterized by the fact that all stocks of the enterprise are covered by its own circulating assets, that is, the organization does not depend on external creditors. This situation is extremely rare.
2. Normal financial stability. In such a situation, the company uses to cover stocks, in addition to its own working capital, also long-term borrowed funds. This type of inventory financing is “normal” from a financial management perspective. Normal financial stability is the most desirable for the enterprise.
3. Unstable financial situation. This situation is characterized by the lack of “normal” sources for the company to finance stocks. In this situation, there is still the possibility of restoring equilibrium by replenishing the sources of own funds, reducing accounts receivable, accelerating inventory turnover.
4. The financial crisis is characterized by a situation in which the company has loans and borrowings not repaid on time, as well as overdue accounts payable and receivable. In this case, we can say that the enterprise is on the verge of bankruptcy Kovalev V.V. Financial analysis: methods and procedures. - M .: Finance and statistics, 2008