Express analysis of financial statements example. Express method for analyzing the financial condition of a company

Introduction

Theoretical basis

1 The concept, meaning and tasks of analyzing the financial condition of an organization

2 Purposes and methods of financial analysis

3 Analysis of the property status of the organization

4 Analysis of the financial stability of the enterprise

5 Analysis of the solvency of the organization

Express analysis of the financial condition

1 Estimation of financial stability

2 Liquidity assessment

3 Estimating turnover

4 Profitability assessment

Operational Analysis

Traffic report Money

Bibliography

Introduction

In the conditions of market relations, the analysis of the financial condition of the enterprise plays an important role. This is due to the fact that the enterprise, acquiring independence, is fully responsible for the results of its activities. This responsibility, first of all, to its shareholders, employees of the enterprise, the bank, financial authorities and creditors.

The financial condition of the enterprise is characterized by a wide range of indicators reflecting the availability, placement and use of financial resources. In the conditions of mass insolvency of enterprises and the practical application of bankruptcy procedures to many of them, an objective and accurate assessment of their financial condition is of paramount importance. Determining the financial condition on a particular date helps to answer the question of how correctly the company managed financial resources during the period preceding this date. The financial condition of the enterprise is determined by the ability to repay its debts and obligations.

An important role is given to analysis in the determination and use of reserves for increasing the efficiency of production. It promotes the economical use of resources, the identification and implementation of best practices, the scientific organization of labor, new equipment and production technology, and the prevention of unnecessary costs. Analysis is an important element in the production management system, an effective means of identifying on-farm reserves, the main development of scientifically based plans and management decisions.

To manage production, managers need to have complete and reliable information about the progress of the production process, about the progress of the plans. Information is achieved through financial and economic analysis. In the process of analysis, the primary information undergoes analytical processing: a comparison is made results achieved production with data for past periods of time, with indicators of other enterprises and industry averages; the influence of various factors on the value of performance indicators is determined; shortcomings, mistakes, unused opportunities, prospects are revealed.

Assessment of the financial condition is part of the financial analysis. It is characterized by a certain set of indicators reflected in the balance sheet as of a certain date. The financial condition characterizes in the most general form changes in the placement of funds and sources of their coverage.

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

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

The first section will be devoted directly to the analysis of the financial condition of the enterprise, its concept, meaning and purpose, as well as methods for conducting the analysis. We will give the concept of analysis of liquidity and solvency, as well as analysis of the financial stability of the enterprise. In the same section, we will consider an indicator called the effect of financial leverage.

In the second section, we will calculate the analysis of the financial condition of a construction company. At the end of each table, we will draw a conclusion about the indicators, evaluate them positively or negatively for the enterprise.

The third section will be devoted to calculating the effect of financial leverage. In this case, we will use two methods to find it: tabular and analytical.

1. Theoretical foundations

.1 The concept, meaning and objectives of the analysis of the financial condition of the organization

Under the analysis understand - a way of a comprehensive systematic study of the financial condition of the organization and the factors of its formation in order to assess the degree of financial risks and predict the level of profitability and capital. Financial analysis allows you to obtain objective information about the financial condition of the organization, profitability and efficiency of its work.

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

The analysis of the financial condition of the organization is carried out by managers and relevant services, as well as founders, investors in order to study the effective use of resources, banks to assess the conditions for granting a loan and determine the degree of risk, suppliers to receive payments in a timely manner, tax inspectorates to fulfill the plan for the receipt of funds to the budget, etc. .d. Financial analysis is a flexible tool in the hands of the leaders of the organization. The analysis of the financial condition includes the analysis of the balance sheet; analysis of the use of capital and assessment of financial stability; analysis of the solvency of the organization, etc.

The financial condition of the organization is assessed by indicators characterizing the availability, placement and use financial resources. These indicators reflect the results of the economic activity of the enterprise, determine its competitiveness, business potential, allow to calculate the degree of guarantee of the economic interests of the enterprise and its partners in financial and other relations.

The main objectives of financial analysis are:

Based on the study of the relationship between different 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 the actual 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 measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

One of the functions of analysis can be called the study of the nature of the action of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise.

The next function of analysis is monitoring the implementation of plans and management decisions, and the economical use of resources. The central function of the analysis is to search for reserves to improve production efficiency based on the study of best practices and achievements of science and practice. Also, another analysis function is to evaluate the results of the enterprise's activities in fulfilling plans, the level of economic development achieved, and the use of available opportunities. And, finally, the development of measures for the use of identified reserves in the process of economic activity.

Both external and internal users are interested in studying the financial condition of a particular organization. Internal users include the owners and administration of the organization, while external users include creditors, investors, and commercial partners.

The analysis of the financial condition, carried out in the interests of internal users, is aimed at identifying the weakest positions in the financial activities of the enterprise in order to strengthen them and determine the opportunities, working conditions of the enterprise, create an information base for making management decisions that ensure the effective operation of the organization.

An analysis of the financial condition in the interests of external users is carried out to assess the degree of guarantees of their economic interests - the ability of the enterprise to pay off its obligations in a timely manner, ensure the effective use of funds for investors, etc. This analysis allows you to evaluate the profitability and reliability of cooperation with a particular organization.

1.2 Purposes and methods of financial analysis

The analysis of the financial condition has its sources, its purpose and its methodology.

The main purpose of the analysis is to assess the existence of the financial condition of the organization and develop measures for financial recovery; timely identification and elimination of shortcomings in financial activity and forecast of reserves for improving the financial condition of the organization and its solvency.

The principles of financial analysis are the continuity of monitoring the state and development of financial processes, continuity, objectivity, scientific character, dynamism, complexity, consistency, practical significance, materiality, reliability, consistency and interconnection of these forms. financial statements, clarity in interpreting the results of financial analysis, validity and efficiency in making management decisions.

There are various methods for analyzing the financial condition. In our country, according to the experience of economically developed countries, a methodology based on the calculation and use of a system of coefficients is becoming more widespread.

It is necessary to distinguish between types of financial analysis models. The most important of them are descriptive, predicative and normative. Descriptive models are most often descriptive in nature. They are based on the use of financial statements and explanatory notes To her. For such a model of financial analysis, structural, structural-dynamic and coefficient analysis is widely used. Predicative models are usually predictive in nature. They are used to build predictive assessments of the current and prospective nature of profits and incomes, solvency, and financial stability. Regulatory models allow you to compare the actual results of the enterprise with the industry average or internal standards of the enterprise. This model involves the establishment of standards for each indicator and the analysis of deviations of actual data from the standards.

The analysis of the financial condition of the enterprise is based mainly on relative indicators, since absolute indicators balance in terms of inflation is difficult to bring to a comparable form. Relative indicators of the financial condition of the analyzed enterprise can be compared:

with generally accepted "norms" for assessing the degree of risk and predicting the possibility of bankruptcy;

with similar data from other enterprises, which allows you to identify the strengths and weaknesses of the enterprise and its capabilities;

with similar data for previous years to study the trend of improvement or deterioration in the financial condition of the enterprise.

The results and quality of the analysis of the financial condition of the organization is largely determined by the availability and quality of the information base.

The information base of financial analysis is accounting and reporting data, the study of which allows you to assess the financial position of the organization, changes in its assets and liabilities, make sure that there are profits and losses, and identify development prospects.

For a general assessment of the dynamics of the financial condition of the enterprise, an analytical net balance sheet is prepared, which makes it possible to assess the structure of the enterprise's property and simultaneously make a horizontal and vertical analysis.

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

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

This is achieved by preparing the following reporting forms:

Form No. 2 "Profit and Loss Statement";

form No. 3 "Statement of changes in equity";

form No. 4 “Cash flow statement”;

form No. 5 "Appendix to the balance sheet".

a form of statistical reporting, primary and analytical accounting data that decipher and detail individual balance sheet items.

Funds in the asset balance are grouped into two sections. Section 1 reflects long-term (non-current) assets: fixed assets and intangible assets at residual value, long-term financial investments, capital construction in progress. Section 2 provides information on current assets, which include inventories of raw materials, work in progress, finished products, all types of receivables, cash and other assets.

Liabilities of the balance sheet (company's liabilities) are represented by three sections: capital and reserves (section 3), long-term liabilities (section 4), short-term liabilities (section 5).

The classical scheme for analyzing the financial condition of an enterprise provides for a general analysis of the financial condition of the enterprise, determining the financial stability and liquidity of the balance sheet, analyzing financial ratios, determining business activity and profitability, and summarizing the financial condition, indicating the identified critical points in the financial activities of the enterprise.

As a final result, the analysis of the financial position of the enterprise should give the management of the enterprise a picture of its actual state, and to persons not directly working at this enterprise, but interested in its financial condition - the information necessary for an impartial judgment, for example, on the rationality of using additional investments invested in the enterprise and so on.

Before analyzing the financial condition of the enterprise, it is necessary to form an analytical (suitable for analysis) balance sheet.

The list of procedures for converting the reporting form of the balance sheet into an analytical balance sheet depends on the specific conditions. This list cannot be determined in advance for all cases. It is important that the indicators that most significantly distort the real picture be corrected.

1.3 Analysis of the property status of the organization

An analysis of the financial condition of an organization begins with a study of its property, an assessment of the composition, structure, placement and use of funds (assets) and sources of their formation (liabilities) according to the balance sheet. To do this, a comparative analytical balance sheet is drawn up, in which asset items are grouped according to the degree of increase in liquidity, and sources - according to the urgency of the onset of obligations.

The comparative analytical balance sheet includes indicators that characterize the property status of the enterprise, makes it possible to assess its overall change and draw a conclusion about the sources through which the inflow of new funds was and in which assets these funds were invested.

An analysis of the dynamics of the composition and structure of property allows you to establish the size of the absolute and relative increase or decrease in the entire property of the enterprise and its individual types.

According to the comparative analytical balance, the change in the amount of funds at the disposal of the enterprise is estimated, i.e. balance sheet, by comparing the indicators at the end and beginning of the analyzed period.

It is advisable to compare the rate of change in the balance sheet currency with the rate of change in revenue and profit (according to the income statement). It is believed that the outstripping growth rates of revenue compared to the growth rate of balance sheet assets reflect the rational use of the organization's funds.

Then the structure of the distribution of funds is studied, i.e. the share of participation of each type of property in the change in the total value of assets is calculated.

The growth of the amount and share of working capital, from a financial point of view, indicates an increase in the mobility of property or the expansion of the economic activity of the organization. But it is important to establish at the expense of what types of working capital there was a change in the structure of current assets.

The growth in the amount and share of fixed assets (non-current assets) indicates the strengthening of the material and technical base of the organization, but shows that a significant part of the attracted financial resources is invested in less liquid assets, which reduces the financial stability of the enterprise, as it leads to a slowdown in the turnover of the total assets of the enterprise , reducing the efficiency of the use of funds.

The change in the balance sheet currency or the value of assets (property) is provided by sources that can be own and borrowed. The ratio between these sources basically determines the financial position of the enterprise.

The growth in the size and share of own funds indicates the expansion of the enterprise, leads to the strengthening of the financial independence of the enterprise and increases its reliability as a commercial partner.

An increase in the share of borrowed funds may indicate an increase in the financial instability of the organization and an increase in the degree of financial risks. In the course of the analysis, it is necessary to study the structure of borrowed funds in comparison with the assets of the enterprise (cash, short-term financial additions, receivables).

The study of asset and liability data makes it possible to assess the change in the composition and mobility of funds, the sources of formation of the organization's property and the effectiveness of their use.

1.4 Analysis of the financial stability of the enterprise

After a general assessment of the property status of the organization and its changes over the analyzed period, its financial stability is studied.

In conditions market economy the key to survival and the basis of the stable position of the enterprise is its financial stability. It reflects such a state of financial resources in which the enterprise, freely maneuvering cash, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as the costs of its expansion and renewal.

Financial stability is characterized by the state and structure of the organization's assets, their availability of sources. They are the main criteria for the reliability of the organization as a commercial partner. The study of financial stability allows you to assess the ability of the organization to ensure an uninterrupted process of financial and economic activities and the degree of coverage of funds invested in assets by its own sources.

To assess the financial stability of an enterprise, it is necessary to analyze its financial condition. The financial condition is a set of indicators reflecting the availability, placement and use of financial resources. This is the ability of the enterprise to finance its activities.

The factors that allow to study the financial stability of the organization include:

Ownership ratio - is calculated as the ratio of own sources to the balance sheet total and shows what part of the organization's property is formulated at its own expense.

The borrowing ratio is determined by the ratio of borrowed funds to the value of the total funds of the enterprise. It characterizes the structure of the company's funds in terms of the share of borrowed funds.

The ratio of borrowed and own funds is determined by the ratio of borrowed funds to own. Shows the amount of borrowed funds per unit of equity.

Long-term loan attraction ratio - is calculated as the ratio of the value of long-term liabilities to the amount of own funds and long-term loans. It shows the share of long-term loans that ensure the development of the enterprise in sources equivalent to its own.

Mobility coefficient of own funds - the ratio of own working capital and the total value of the enterprise's own funds.

The coefficient of the real value of property - is calculated as the ratio of the total value of fixed assets, inventories and backlogs of work in progress to the value of property, characterizes the production potential of the organization.

The ratio of the real value of fixed assets in the property of the enterprise is calculated by the ratio of fixed assets at residual value to the value of property.

The coefficient of provision with own working capital of current assets - is calculated by dividing own funds in circulation by the cost of working capital shows what part of working capital is formed from own sources.

Analysis of financial stability is carried out to identify the solvency of the enterprise - the ability of the enterprise is calculated by payments to ensure the process of continuous production, i.e. the ability of the enterprise to pay for its fixed and circulating production assets. 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.

Financial stability is determined by the indicator of the availability of reserves of the enterprise with its own and borrowed sources of formation of fixed and circulating production assets.

After studying the financial stability, we proceed to the analysis of the liquidity of the balance sheet.

1.5 Analysis of the solvency of the organization

Speaking about the liquidity of an enterprise, they mean that it has working capital in an amount theoretically sufficient to repay short-term obligations, even if they do not meet the maturity dates stipulated by contracts.

Solvency means that the enterprise has sufficient funds to settle accounts payable requiring immediate repayment.

An analysis of the liquidity of the balance sheet is carried out to assess the creditworthiness of the enterprise (the ability to pay for all obligations).

The solvency of the organization is characterized by liquidity ratios, which are calculated as the ratio various kinds working capital to the value of term liabilities.

An enterprise can be liquid to a greater or lesser extent, since the composition of current assets includes heterogeneous working capital, among which there are both easy to sell and hard to sell to pay off external debt.

The study of the solvency of the organization allows you to measure the availability and receipt of funds with payments of essentials.

Each type of working capital has its own liquidity. And the liquidity ratio shows what part of short-term liabilities the organization can repay if certain types of working capital are converted into money.

There are the following liquidity ratios characterizing solvency:

Absolute liquidity ratio - is calculated as the ratio of cash to the amount of short-term liabilities.

This is the most stringent solvency criterion, showing what part of short-term liabilities can be repaid immediately. The lower limit of this coefficient should be 0.2, i.e. at least 20% of term liabilities must be covered by cash and short-term financial investments.

Critical liquidity ratio (interim coverage, financial coverage, solvency, etc.) - is defined as the ratio of the total amount of cash, receivables and short-term financial investments to the amount of short-term liabilities.

This ratio shows what part of the organization's term liabilities can be repaid at the expense of the most liquid and quickly realizable assets (cash, short-term financial investments and receivables, payments on which are expected within 12 months after the reporting date). The value of this coefficient should not be lower than 0.7, i.e. at least 70% of term liabilities must be covered by cash, short-term financial investments and short-term receivables.

Current liquidity ratio (total coverage) - is calculated as the ratio of the company's current assets to the amount of short-term liabilities.

The current (general) liquidity ratio reflects whether the enterprise has enough funds that can be used by it to pay off its short-term obligations during the coming year. The value of this coefficient should not be lower than 2, i.e. term liabilities of the organization may be lower than the value of its current assets by at least 2 times.

2. Express analysis of the financial condition

Financial analysis is a process of studying the influence of factors of the external and internal environment on the effectiveness of the financial activities of an enterprise in order to identify features and possible directions of development in the prospective period.

Express analysis of the financial condition, carried out on the basis of calculating the coefficients of financial stability, liquidity, turnover, profitability, characterizes various aspects of financial activity and gives an overall assessment of the financial condition of the enterprise.

Express analysis of the financial condition is the initial, obligatory stage in the management of financial resources, since in order to develop a sound financial strategy focused on the future, reliable, fairly complete information about the financial condition of the enterprise in the reporting period is required.

To conduct an express analysis of the financial condition of the balance sheet, a consolidated balance sheet is built.

2.1 Assessment of financial stability

The financial stability ratios characterize the long-term prospects for the development of the enterprise, reflect the degree of protection of the interests of creditors and investors who have long-term investments in the company. To assess the financial stability of an organization, the following indicators are determined.

1) Autonomy coefficient(financial independence) (Ka) shows the share of own funds in the total resources of the enterprise, calculated by the formula:

) Ka for 2013 = SS/WB

) Ka for 2012 = SS/WB

/144121=0,22 (1)

where SS is the amount of own funds, thousand rubles;

VB - balance sheet currency, thousand rubles.

Standard value: Ka ≥ 0.5.

The organization's autonomy coefficient as of December 31, 2013 was 0.17. The resulting value indicates an insufficient share of equity in the total capital of the organization. The change in the autonomy coefficient during the analyzed period (from December 31, 2012 to December 31, 2013) was -.0.05

2) Financial risk ratio(Kfr) shows the ratio of borrowed funds to own, calculated by the formula:

) Kfrza 2013=AC/SS

45792/149942=0,82

) Kfrza 2012=AC/SS

35289/144121=0,77 (2)

where ZS - the amount of borrowed funds, thousand rubles.

Standard value: Kfr ≤ 1.

The financial risk ratio as of December 31, 2013 was 0.82. The obtained value indicates the optimal share of borrowed capital in the total capital of the organization. The change in the financial risk ratio during the analyzed period (from 31.12.2012 to 31.12.2013) amounted to +0.5

3) Ratio of own working capital(Ko) shows the availability of own working capital necessary for financial stability, is determined by the formula:

,

)Ko for 2013 =SS+DO-VA/OA

78342-104578/149942=0,002

2) Ko for 2012 =SS+DO-VA/OA

76125-95461/144121=0,09 (3)

where SOS - own working capital, thousand rubles;

OA - the value of current assets, thousand rubles;

DO - the value of long-term liabilities (liabilities), thousand rubles;

VA - the value of non-current assets, thousand rubles.

Standard value: Ko ≥ 0.1.

As of December 31, 2013, the equity ratio was 0.002. The resulting value indicates that the company has no equity capital. The change in the financial risk ratio during the analyzed period (from December 31, 2012 to December 31, 2013) was -0.088

4) Maneuverability coefficient (Km) shows what part of the company's own funds is invested in the most mobile assets. The higher the share of these funds, the more the enterprise has the opportunity to maneuver its funds. The maneuverability coefficient is calculated by the formula:

)CMZA 2013=SOS/SS

78342-104578/25808= -0,016

) Kmza 2012=SOS/SS

76125-95461/32707= 0,56 (4)

Standard value: Km ≥ 0.5.

The maneuverability coefficient as of December 31, 2013 was -0.016. At the beginning of the analyzed period, the coefficient was normal, but at the end it took a negative value, which means that it was impossible to use maneuvering by one's own means. The change in the maneuverability coefficient during the analyzed period (from December 31, 2012 to December 31, 2013) was 0.58

5) Funding ratio (Kf) shows how many times own funds exceed borrowed funds, calculated by the formula:

) Kf for 2013= CC/AC

/78342+42792=0,21

) Kf for 2012= CC/AC

/76125+35289=0,29 (5)

Standard value: Kf ≥ 1.

The funding ratio (Kf) as of December 31, 2013 was 0.21. This means that. the company's assets are financed at least only 20%. At the beginning of the analyzed period, this coefficient was higher and amounted to 0.29. The change in the coefficient during the analyzed period (from 12/31/2012 to 12/31/2013) was 0.8

.2 Liquidity assessment

The liquidity of the balance sheet is expressed in the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into money corresponds to the maturity of the obligations. To analyze the liquidity of the balance sheet, asset items are grouped according to the degree of decreasing liquidity, liabilities - according to the degree of increase in maturity, the degree of their compliance is checked.

The liquidity of an enterprise is determined using the following ratios, which determine the ability of an enterprise to pay its short-term obligations during the reporting period.

1) Absolute liquidity ratio (CAL) shows what part of the current debt can be repaid in the nearest time to the time of the balance sheet, is calculated by the formula:

) Cal for 2013 = DS/KO

/19537+22670=0,07

) Cal for 2012 = DC/CO

/3960+28927=0,2 (6)

where DS is the amount of cash, thousand rubles;

KO - the value of short-term liabilities, thousand rubles.

Guideline value: 0.2 ≤ CAL ≤ 0.5.

2) Quick liquidity ratio (KBL) shows the extent to which all current financial liabilities can be met by highly liquid assets:

,

) KBL for 2013=DS+KFV+DZ/KO

69+15912/19537+22670=0,45

)CBL for 2012=DS+KFV+DZ/KO

1379+19237/3960+28927=0,83 (7)

where KFV is the value of short-term financial investments, thousand rubles;

DZ - the amount of receivables, thousand rubles.

Standard value: 0.4 ≤ KBL ≤ 0.8.

3) Current liquidity ratio (coverage ratio) (KTL) shows the extent to which current (current) assets cover short-term liabilities:

,

)KTL for 2013=OA-RBP/KO

/19537+22670=1,07

) KTL for 2012=OA-RBP/KO

/3960+28927=1,48 (8)

where OA is the value of current assets, thousand rubles;

RBP - the amount of deferred expenses, thousand rubles.

Standard value: 1 ≤ KTL ≤ 2.

As of December 31, 2013, the value of the current ratio is in line with the norm. At the same time, it should be noted that the coefficient decreased over the entire period under review.

The quick liquidity ratio as of December 31, 2013 was also within the normal range. This means that OJSC Avtovaz has enough assets that can be converted into cash in a short time to pay off short-term accounts payable.

The third of the coefficients, characterizing the organization's ability to repay all or part of short-term debt at the expense of cash and short-term financial investments, is below the acceptable limit.

2.3 Estimating turnover

Turnover indicators (business activity) allow you to analyze how efficiently the company uses its funds. In addition, turnover indicators occupy an important place in financial management, since the rate of turnover of funds, that is, the rate of their conversion into cash, has a direct impact on the solvency of the enterprise. In addition, an increase in the rate of turnover, ceteris paribus, contributes to an increase in the production potential of the enterprise. When assessing the turnover of funds, the following indicators are calculated.

1) Asset turnover ratio (transformation) (KOa) characterizes the efficiency of the use of all available resources by the enterprise, that is, it shows how many times a year a full cycle of production and circulation is completed, bringing the corresponding effect in the form of profit. This coefficient is calculated by the formula:

)KOaza2013=B/A

) KOaza2012=B/A

/144121=1,27 (11)

where B is the proceeds from the sale of products, thousand rubles;

Average annual value of assets, thousand rubles

2) The period of circulation of inventories (POZ)- the average length of time required for the transformation of raw materials into finished products and its sale:

)POs for 2013=360*ZR/CRP

*24846/163012=54,87

) PO for 2012=360*Z/Av

*19997/165517=43,49 (12)

where - the average annual value of inventory, thousand rubles;

CRP - cost of goods sold, thousand rubles.

3) The period of circulation of receivables (POz)- the average number of days required for the conversion of receivables into cash:

,

)PODZ for 2013=360*DZ/V

*15912/175152=32,7

) PDO for 2012=360*DZ/V

*19237/183217=37,8 (13)

where - the average annual value of receivables (only for buyers and customers).

) The equity turnover period (POsk) is calculated by the formula:

,

)SC for 2013=360*SK/V

*25808/175152=53.04 for 2013

) POsc for 2012=360*SK/V

360*32707/183217=64.26 for 2012 (14)

2.4 Profitability assessment

Profitability is a relative indicator that characterizes the level of profitability of an enterprise, the value of which shows the ratio of results to costs. Profitability is an integral indicator, which, by taking into account the impact a large number factors, gives a fairly complete description of the activities of the enterprise.

Profitability (profitability) ratios characterize the ability of an enterprise to generate the necessary profit in the course of its economic activity and determine the overall efficiency of the enterprise's property and invested capital.

The following profitability ratios are calculated.

1) Return on assets (Ra) enterprise characterizes the level of net profit in use by the enterprise:

,

)Ra for 2013=PE/A*100

) Ra for 2012=PE/A*100

/144121*100=0,15 (15)

where PE is the amount of net profit (after taxation);

The average annual value of assets.

2) Return on sales (Rpr) characterizes the profitability of the production activity of the enterprise:

.

)Rpr for 2013=PE/B*100

/175152*100=3,94

) Rpr for 2012=PE/B*100

/183217*100=0,11 (16)

3) Profitability of products (Rp) characterizes the level of profit received per unit cost of production:

,

)Rp for 2013=PE/SRR*100

/163012*100=2,23

) Rp for 2013=PE/SRR*100

/165517*100=0,13 (17)

where CRP is the cost of goods sold.

4) Return on equity (RSC) characterizes the level of return on equity:

.

) RSK for 2013=PE/SK*100

/25808*100=26,73

) RSK for 2013=PE/SK*100

/32707*100=0,65 (18)

Table 1

Calculation of the influence of factors on the return on equity

All three profitability indicators for the last year, given in the table, are negative, since the organization received both a loss on sales and, in general, a loss from financial and economic activities.

In 2013, the organization for ordinary activities received a loss from each ruble of sales proceeds.

Profitability, calculated as the ratio of profit before taxes and interest expenses (EBIT) to the organization's revenue for the last year. That is, each ruble of the proceeds of JSC "Avtovaz" contained -0.64 kopecks. loss before tax and interest payable. In 2013, every ruble of the organization's own capital brought a loss. For the entire analyzed period, the decrease in the return on equity was 60%. For 2013, the value of the return on equity is characterized as clearly not in line with the norm.

The value of return on assets for 2013 amounted to 25%. For the entire period under review, the decline in return on assets amounted to 50%.

A visual change in the main indicators of profitability of assets and capital of OAO Avtovaz during the analyzed period is shown in the following chart.

3. Operational analysis

In the context of financial resource management, operational analysis makes it possible to determine the amount of cash capital mobilized by the production and economic activities of the enterprise, reveals the dependence of the financial results of the enterprise on production and sales volumes

table 2

Calculation of the threshold of profitability, the margin of financial strength and the strength of the impact of the operating lever

Since, as of December 31, 2013, there is a shortage of own working capital calculated for all three options, the financial position of the organization on this basis can be characterized as unsatisfactory. Moreover, all three indicators of the coverage of stocks by own working capital during the analyzed period worsened their values.

4. Cash flow statement

In the classical sense, the object of financial management is the finances of the enterprise, that is, cash. Accordingly, the objects of financial management also include the sources of their formation and relations that develop in the process of their formation and use. The cash flow statement (DS) is a document financial reporting, which reflects the receipts, expenditures and net change in funds in the course of the current activities of the enterprise (economic, investment, financial) for a certain period. The DS movement report is important for assessing the financial capabilities of an enterprise, since it provides information reflecting all operations related to the formation of financial resources and their use. Before compiling a report on the movement of DS, a table is formed that characterizes the amount of sources and use of funds by balance sheet items in the form below (Table 3).

Table 3

Calculation of cash flow according to the consolidated balance sheet of the enterprise

Drawing up a report on the movement of the CA is necessary to obtain information about the nature of the resulting cash flow and its structure in order to be able to reliably form the optimal capital structure of the enterprise.

Table 4

Cash flow statement

Below, on a qualitative basis, the most important indicators of the financial position and the results of the activities of OAO Avtovaz for two years are summarized.

An indicator that has an exceptionally good value is the following - net assets exceed the authorized capital, moreover, they increased over the analyzed period.

The following 3 indicators of the financial position of OAO Avtovaz have unsatisfactory values:

Low equity capital relative to total assets

The absolute liquidity ratio is below the accepted norm;

The investment coverage ratio is below the norm.

On the critical side, the financial position and performance of OAO Avtovaz are characterized by the following indicators:

· the coefficient of security with own working capital is of critical importance;

current (total) liquidity ratio is significantly below the normal value;

· quick (intermediate) liquidity ratio is significantly lower than the normative value;

The assets of the organization do not cover the liabilities corresponding to them in terms of maturity;

· extremely unstable financial situation in terms of own working capital;

· in 2013 there was a loss on sales (-3,497 thousand rubles), moreover, there was a negative trend compared to the previous year (-3,497 thousand rubles);

· the loss from financial and economic activities for 2013 amounted to -4,413 thousand rubles.

Based on the results of the above analysis, the following results were obtained: the financial position of Avtovaz OJSC - performance results during the analyzed period (from 2012 to 2013) - According to the rating scale, these are CC (poor position) and CCC (unsatisfactory results), respectively. The assessment was made taking into account both the values ​​of key indicators at the end of the analyzed period and the dynamics of indicators, including their predicted values ​​for the next year. Based on these two assessments, the final rating assessment of the financial condition of the organization was calculated. The financial condition was rated CCC - unsatisfactory.

The "ССС" rating testifies to the unsatisfactory financial condition of the organization, in which financial indicators, as a rule, do not fit into the norm. The reasons for this state can be both objective (mobilization of resources for the implementation of large-scale projects, large transactions, a general recession or crisis in the economy of a country or industry, etc.), or caused by inefficient management. Such organizations can apply for credit resources only with reliable guarantees of the return of funds that do not depend on the results of the organization's activities in the future (poor creditworthiness).

financial solvency stability monetary

Bibliography

1. Balabanov I.T. Fundamentals of financial management. How to manage capital? - M.: Finance and statistics, 2013. - 384 p.

Dybal S.V. Financial analysis theory and practice: Proc. allowance. - St. Petersburg: Publishing House "Business Press", 2013. - 304 p.

V.V. Kovalev, O.N. Volkov "Analysis of the economic activity of the enterprise"; Moscow, Prospekt, 2012. - pp. 240-256;

V.V. Kovalev. Introduction to financial management. - M.: Finance and statistics, 2012. - 768 p.

Lyubushin N. ., Leshcheva V. ., Dyakova V. . Analysis of the financial and economic activities of the enterprise: Proc. manual for universities / Ed. prof. N. . Lyubushin. - M.: UNITI-DANA, 2013. - 471 p.

Marengo A. Financial management. Express course for managers. Under the general editorship of the academician of the international Pedagogical Academy, professor M. . Trofimov. - St. Petersburg: Aleteyya, 2012. - 163 p.

Pavlova L. Financial management. Cash management of the enterprise: Textbook for universities. - M.: Banks and stock exchanges, UNITI, 2013. - 400 p.

Ryabykh O. ., Pavlenko V. ., Ivasenko A. . "Financial Management", Novosibirsk, 2012. - pp. 15-27;

G.V. Savitskaya, "Analysis of economic activity at the enterprise"; Minsk, - LLC "New Knowledge", 2012, pp. 636 - 645;

Financial management: theory and practice: Textbook / Ed. E.S. Stoyanova. - 5th ed., revised and additional. - M.: "Perspective", 2013. - 656 p.

Express analysis is a brief economic study that gives a general idea of ​​the company's activities, establishes its "weak" sides and forms directions for their extended study. Such an analysis can be carried out by the firm's economists or external users on the published financial statements - balance sheet, income statement, etc.

Financial Express Analysis: Goals and Highlights

The purpose of the analysis is to track the dynamics of significant indicators of the financial condition of the company and compare them real values with the regulations. If in-depth analysis makes it possible to study and evaluate the effectiveness of the company's activities in more than 300 indicators, then express analysis allows you to determine the state of affairs when considering only 25-30 values. The main indicators of interest to the analyst are:

• coefficients of absolute and current liquidity, profitability, financial stability, solvency;
• capital structure,
• debt level.

An express analysis is carried out by comparing the reporting data using various methods.

Methodology for analyzing the financial condition of an enterprise

There are many practical methods for assessing the state of the company. Among them, the main ones are:

• Horizontal (temporal) analysis, which makes it possible to assess the dynamics of changes in assets and their sources for a specific period of time. It is carried out by comparing the current balance sheet indicators, the values ​​of which are taken as 100%, with the results of previous periods and the subsequent study of their transformations;
• Vertical (structural) analysis, which consists in determining the proportion of report indicators to the base one, selected as a 100 percent value. The purpose of this analysis is to identify changes in the internal structure of assets and liabilities, to determine the need for an in-depth analysis of the causes of the negative changes that have arisen;
• Calculation of financial ratios that establish interdependencies between changes in individual values, their dynamics and impact on the state of the company.

The level of detail of the study is determined by the tasks facing the analyst. The economist selects the necessary data and calculates the necessary coefficients. Let us briefly consider how an express analysis of the financial condition of an enterprise is carried out using the example of financial statements of a particular company.

Analyzing the balance sheet items after conducting a horizontal and vertical study, we can state:

• the cost of fixed assets in 2018 decreased by 0.56%, and the volume of construction in progress increased by 2.5 million rubles, however, the share of this item in the balance sheet structure decreased by 3.6%;
• balances of inventories and raw materials decreased, which indicates a normal asset turnover, the amount of receivables increased, but its share in the balance sheet structure fell, the free cash balance also increased, increasing its share in the total amount of economic assets by 4.3%;
• increase in the amount of profit by 1.14 million rubles. and a simultaneous decrease in its share in the balance structure by 9.6%;
• the growth of accounts payable (mainly to suppliers) increased its share from 12.9 to 28.1%, which cannot but be alarming.

The vertical analysis of the Statement of Financial Results was performed by linking all values ​​to the amount of revenue. He showed:

• an increase in the cost of production, which will require a deeper study;
• decrease in income from participation in other companies.

Analytical indicators for express analysis are summarized in a separate table:

So, with the help of an express analysis of the financial condition of the company, the property condition and composition of the capital are assessed, the financial position is determined on the basis of the coefficients, and problems that need to be addressed are identified. Based on all the calculations, the analyst gives an assessment of the real state of the company at a certain moment.

Express analysis of the quarterly consolidated financial statements of the enterprise (forms No. 1 and 2, balance sheet and income statement), as a rule, is carried out:

a) employees of the accounting department of the enterprise itself to draw up an analytical note to management based on the results of the company's activities for the reporting period;

b) external users of information (potential creditors, shareholders, state control bodies, etc.) in order to determine the level of financial stability of the company for a possible investment of funds or, conversely, to make a decision on bankruptcy.

The convenience of express analysis of consolidated financial statements is in the simplicity of the information base of the analysis. The two main reporting forms (balance sheet and income statement) are, firstly, standard and, secondly, mandatory for submission to the tax office. In other words, there is no need to collect “bit by bit” data in various functional services of the enterprise, to specify information (that is, to find out how this or that figure was calculated and how reliable it is) ...

Analysts, however, often complain that consolidated financial statements, not supported by operational reporting data, can say little about the state of the enterprise. However, with proper handling of the figures of consolidated financial statements and a well-thought-out methodology, express analysis of financial statements can provide a comprehensive overview of the state of the enterprise, which is necessary for making serious management decisions.

GENERAL SCHEME OF EXPRESS ANALYSIS

The most important attribute of financial analysis is its consistency. Since the object of analysis itself (the enterprise) is a system, the approach to its study should be systemic. In other words, financial analysis (including express analysis of financial statements) is more than just a set of ratios.

Each of the coefficients (quantitative indicators) occupies a strictly defined place and has a clearly defined economic meaning and economic relationship with other coefficients in the overall "through" block diagram of the analysis. The block diagram (see diagram) is a multi-stage hierarchy of analysis factors, at the head of which is the resulting indicator - the target function, the optimization of which is the main criterion for the analyst.

The objective function of financial analysis is to maximize the value of the expected return on net worth (ERONW - expected return on net worth), which determines the market value of the company, in particular, the stock price for large companies whose securities traded on the stock exchange. The expected return on equity is determined by two main factors:

• current return on own funds (RONW - return on net worth);
• short-term solvency.

Mathematically, the formula for ERONW as a function of RONW and solvency looks like this

ERONW=E(RONWi*Pi)

where E is the sum, RONWi is the return on equity for outcome i, Pi is the probability of outcome i (the sum of the probabilities of all outcomes is 1).

The economic meaning of the expected return indicator lies in the formalization of the relationship between indicators of short-term solvency and efficiency in the company's activities. An entity may have a high current return on equity and yet operate outside of acceptable financial risk, which increases the likelihood of losses and reduced return on equity in the near future.

Choosing one of the alternative options for distributing free cash: into production programs (increase in efficiency) or into an increase in financial reserves (improvement of financial stability), the manager intuitively tries to optimize the function E (RONWi * Pi) either by increasing RONWi or by increasing the share "favorable" outcomes Pi.

The formalization of this problem requires the use of mathematical modeling methods and a very detailed information support through company reporting data. At the level of express analysis, formalization of the objective function is impossible.

Therefore, in this case, the problem is solved more simply: maximizing the integral indicator of efficiency (return on equity) while maintaining financial stability indicators in the range of acceptable (normative) values ​​- something like a matrix with one equation and restrictions.

ANALYSIS OF THE EFFICIENCY OF ECONOMIC ACTIVITIES

An integral indicator of the effectiveness of economic activity is the value of the current return on own funds (RONW). RONW is calculated based on the use of forms 1 and 2. Calculation formula:

RONW = net income: equity

where net profit is equal to the value in line 140 of form 2, the indicator is taken as the average for the period, and equity - to the value in line 490 of form 1, the indicator is taken as the average for the period (for the first quarter - the arithmetic average of columns 3 and 4, for other quarters - arithmetic mean of columns 4 balances of the reporting and previous quarters).

It is convenient to build a dynamic table of the resulting indicator at the beginning of factor analysis. A possible format for such a table is table 1.

To decompose the integral performance indicator (profit / equity), as a rule, a three-factor model is used, which characterizes the return on invested equity capital as a function of three factors:

• profitability (profitability) = profit / sales volume;
• the speed of the financial cycle (turnover) = sales volume / balance sheet currency;
• structures of funding sources (long-term solvency) = own funds / balance sheet currency.

In other words, if we denote profitability as A, turnover as B, the inverse of total solvency as C, then

RONW=A*B:C.

Mathematically, it is possible to calculate the contribution of each of the factors to the change in the resulting indicator. So, denoting the indicators of the reporting period with the index "1", the base period - with the index "0", and the change through "D" (delta), we get

D RONW \u003d (RONW1 - RONW0) \u003d A1B1C1 - A0B0C0 \u003d D A * B1 * C1 + D B * A0 * C0 + D C * A0 * B1,

where D A * B1 * C1 - "contribution" of changes in profitability to the dynamics of returns on equity, D B * A0 * C0 - "contribution" of changes in turnover to the dynamics of returns on equity, D C * A0 * B1- - "contribution" changes in the overall solvency in the dynamics of return on own funds.

Note that in the above three-factor model, indicators of sales volume and balance sheet currency are factors of two coefficients at once. Thus, as a result, the dynamics of the resulting performance indicator is determined by the change in four factors: sales volume (= line 010, f.2), net profit (= line 140, f.2 - line 150, f.2), balance sheet currency (= p. 399, f. 1 = p. 699, f. 1), own funds (= p. 490, f. 1). By the way, the relationship between factors is much more complicated than can be identified on the basis of an express analysis of financial statements.

For example, cost (difference between sales volume and net profit) and sales volume are also indicators interconnected through the cost function (an increase in the physical volume of sales leads to an increase in total variable costs).

The analyzer must keep this point in mind, any technique is more or less a simplification of reality, and financial analysis is more of an art than a routine. It is convenient to present the analysis of changes in the return on own funds in the form of Table 2.

Based on the table, a number of significant conclusions can be drawn about the change in the efficiency of the company's activities in the 2nd quarter of 1999 compared to the 1st quarter of 1999. So, the return on invested capital (own funds) more than doubled - from 0.67 to 0, 3, that is, if in the 1st quarter the enterprise received 67 kopecks of net profit per 1 ruble of its own funds, then in the 2nd quarter - 30 kopecks.

It is noteworthy that the decrease in the profitability of own funds occurred due to the deterioration of all three efficiency factors - profitability decreased, the financial cycle slowed down, and the share of attracted funds in the sources of financing of the enterprise decreased. It should be noted that the main role in reducing the profitability of equity capital was played by the decrease in the share of borrowed funds - this factor accounts for 73% of the fall in the resulting indicator, while the share of turnover - 22% and the share of profitability - 5%.

It should be noted that in the second quarter of 1999, the value of the company's own funds increased significantly due to the capitalization of the profit of the previous quarter (from 90,000 thousand rubles to 150,000 thousand rubles), while total liabilities (sources of financing) decreased from 600,000 thousand rubles up to 540,000 thousand rubles. This means that in the second quarter the company pursued a policy of financial rehabilitation, that is, a reduction in attracted sources of financing and an increase in the volume of financial reserves.

The course towards improving financial stability in the short term, as a rule, leads to a deterioration in efficiency and a decrease in financial performance. This example- not an exception. The decrease in the resource base led to a simultaneous decrease in both the volume of sales (from 150,000 thousand rubles to 120,000 thousand rubles) and net profit (from 60,000 thousand rubles to 45,000 thousand rubles). At the same time, the profitability of sales (from 0.4 to 0.38) and the turnover rate (from 0.25 to 0.22) slightly decreased, but this decrease cannot be considered very significant. Nevertheless, the volume of sales declined ahead of the decline in the resource base, and the fall in the final financial results (net profit) “overtook” the decline in sales volumes - this characteristics deterioration in the efficiency of the enterprise.

Based on the foregoing, is it possible to consider that the course towards financial recovery in the second quarter of 1999 was erroneous? No you can not. It has already been noted above that the target function of an enterprise is not to maximize the current return on equity, but the expected (future) return, which is determined, among other things, by the level of financial stability. Therefore, in order to formulate final conclusions, it is necessary to look at how the solvency and financial stability of the enterprise changed in the second quarter of 1999.

ANALYSIS OF THE FINANCIAL STABILITY OF THE ENTERPRISE

We note two key points on which the analysis of the financial stability of the company is based:

a) a normative approach to the analysis of financial stability ratios. Full formalization of the solution of the problem of optimization of the objective function (expected return on own funds) involves the use of a positive approach. This approach means that by probabilistic analysis and modeling of pairs (probability of outcome i, return on own funds for outcome i), a mathematical interdependence is established between indicators of financial condition and efficiency.

Thus, there are no normative financial ratios with a positive approach - an arbitrarily large decrease in the level of financial reserves is acceptable if the increase in efficiency is such that the objective function increases. Generally speaking, a positive approach from a theoretical point of view is the most correct, however, as already mentioned, it is very time consuming, requires detailed information support and therefore is not applicable when conducting an express analysis of financial statements. More often, a normative approach is used - more rough, but realistically feasible in practice.

The essence of the normative approach lies in the fact that for an enterprise, taking into account its industry and individual specifics, standard values ​​​​of financial stability ratios are established. The standards fix the optimal and minimum allowable values ​​of the coefficient. The purpose of the financial policy of the enterprise is to maintain financial stability indicators at a level close to optimal, in any case, not lower than the minimum acceptable. It is noteworthy that exceeding the optimal value of the coefficient should not be welcomed, since it means excessive immobilization of funds in financial reserves;

b) highlighting the aspects of short-term and long-term financial stability of the enterprise. Distinguishing between short- and long-term solvency in the analysis is necessary because these two aspects of financial stability have a fundamentally different background in the context of managerial decision-making and are differently related to the dynamics of the company's performance. Long-term solvency is a guarantee of an enterprise from bankruptcy in a strategic perspective.

The goals of long-term solvency and the goals of increasing the efficiency of activities in the strategic aspect are interrelated (conjugated), since the capitalization of the profits of the enterprise increases the size of its own funds and, therefore, makes it more sustainable. Short-term solvency is a guarantee of an enterprise against non-payment of current obligations. Here, the goals of improving efficiency and the goals of increasing solvency are conflicting (opposite).

The management of the company, deciding the issue of distribution of free cash, can invest them in the growth of fixed assets and capital construction, that is, in increasing current and future profits. However, in this case, the amount of net working capital (own liquid resources) may not be sufficient to pay off current liabilities (current assets). You can do the opposite, reducing the level of financial risk, sacrificing the tasks of increasing production efficiency. It should also be noted that the goals and methods of improving short- and long-term solvency are largely autonomous (independent) from each other.

Thus, the policy of replacing own funds with long-term loans does not affect the current solvency of the enterprise, but reduces its long-term solvency. All of the above requires that the time horizons for considering the problems of maintaining the financial stability of the company are delimited during the analysis.

Now we will show by example how to carry out express analysis balance sheet. So, the comparative analytical balance of our company looks like this:

We begin the analysis, as mentioned above, with an assessment of the change in the value of the property of the enterprise. The figure of 34.7% differs slightly from "33.3%" - accordingly, here percentages can be replaced by shares:

During the reporting period, the value of the company's property increased by more than a third.

Now let's see what caused this increase. To do this, we will evaluate changes in the totals of asset sections. As you can see, both non-current and current assets increased - however, current assets increased by a much larger amount:

This was due to an increase in both non-current (by 17%) and current (by 78%) assets of the enterprise.

Now it is time to evaluate the structure of the asset balance. As you can see, non-current assets make up the majority (72% in 2006 and 62% in 2007), but over the reporting period, the company moved from a conservative asset management policy to a moderate asset management policy. There is a fundamental change:

The share of current assets in the value of property increased during the reporting period from 28% to 38%, thus, the company moved from a conservative asset management policy to a moderate asset management policy.

Now let's look at the liability of the organization and the changes that have taken place in it. Note that the share of short-term loans in the value of property corresponds to a moderate liability management policy, and the change in this share can be neglected (the difference between 8% and 6% is less than the materiality threshold, which we will set here at 5%):

The structure of the sources of property formation is characterized by a moderate liability management policy, and during the reporting period there were no significant changes in this policy.

Now let's look at the share of balance sheet liability sections and note the most important change - a twofold increase in long-term liabilities:

The main factor that influenced the structure of liabilities is a significant increase in the share of long-term liabilities in it - from 42% to 63%, while the share of the company's own capital decreased from 42% to 31%.

Please note that we did not mention in the summary the share of the first and fifth sections of the balance sheet in the value of the property - we do not overload the summary with numbers. But at the same time, if desired, this share can be easily calculated from the data that we mentioned.

Now let's go "inside" the balance sections. A cursory glance at the non-current assets of the enterprise allows us to say that they increased only at the expense of fixed assets:

Non-current assets of the enterprise increased due to the line "Fixed assets".

Inside the section "Current assets" there have been much more serious changes. As you can see, stocks have seriously increased - 4 times. If we look at the structure of inventories, we will see that all the components of this line have increased - raw materials, work in progress, and finished products. Yes, they have increased to varying degrees - but as part of an express analysis, this difference can be neglected so as not to make the summary heavier. Accounts receivable decreased by 20%, but cash increased very significantly - more than 4 times. As you can see, all three components have changed, but two of them have changed to a much greater extent than the third. This is where we need to separate significant changes from just "changes".

The main goal of analyzing the structure of current assets is its comparison with the optimal one (65-30-5). At the beginning of the period, we had too little inventory and too much receivables and cash, by the end of the period, despite all the changes, inventory is still low, receivables - still a lot, cash - still a lot. This is the case when very serious and significant changes fundamentally did not change anything:

The structure of working capital of the enterprise has undergone significant, but not fundamental changes. It is far from optimal and is characterized by insufficient inventory and an excessive share of receivables and cash. It should be noted that during the reporting period there was a significant increase in inventories (4 times) and cash assets of the enterprise (more than 4 times) and a slight decrease in accounts receivable (by 20%).

Now let's climb "inside" the sections of the liability of the enterprise. The company's own capital in absolute terms remained the same, however, due to the general increase in the value of the company's property, its share decreased. This should be reflected in the resume. But its structure remained unchanged. The short-term liabilities of the enterprise decreased both in absolute and relative terms, and this happened due to the disappearance of accounts payable from the enterprise:

The company's own capital in absolute terms remained the same, however, due to the general increase in the value of the company's property, its share decreased. Short-term liabilities of the enterprise decreased due to the disappearance of accounts payable from the enterprise.

Now let's try to look for "similar" changes and make some hypotheses about the nature of the change based on them. business processes at the enterprise during the reporting period. So, we have an increase in the balance sheet by 165 million rubles. In the asset, the most significant changes are +50 million for fixed assets, +60 million for inventories and +65 million for cash. Accounts receivable, on the contrary, gave us -20 million rubles.

There are fewer changes in liabilities, but they are more serious: +200 for long-term borrowings and -35 for accounts payable.

It seems obvious to us that the changes at the enterprise began with the fact that it took a long-term loan for 200 million rubles. Further, the following hypothesis can be put forward: with this money, accounts payable were paid off (165 million rubles remained), new fixed assets were purchased (115 million rubles remained) and raw materials for production. The remaining amount settled on the current account of the enterprise, plus it was replenished with money received from debtors. Let's formulate our hypothesis in the correct analytical language, not forgetting to make reservations about its non-100% probability:

Most likely, in the reporting period, the company increased its production base and output through a long-term loan, which also helped pay off creditors.

The time has come to arrange our disparate findings in the form of a single analytical summary. It is also worth adding to it our assessments of the changes that have taken place at the enterprise. Our final summary will look like this:

During the reporting period, the value of the company's property increased by more than a third. This was due to an increase in both non-current (by 17%) and current (by 78%) assets of the enterprise. This fact characterizes the enterprise as successfully developing.

The share of current assets in the value of property increased during the reporting period from 28% to 38%, thus, the company moved from a conservative asset management policy to a moderate asset management policy, increasing its mobility in the market.

Non-current assets of the enterprise have increased due to the line "Fixed assets", therefore, the enterprise is increasing its production base.

The structure of working capital of the enterprise has undergone significant, but not fundamental changes. It is far from optimal and is characterized by insufficient inventory and an excessive share of receivables and cash. At the same time, it should be noted that during the reporting period there was a significant increase in inventories (4 times) and cash assets of the enterprise (more than 4 times) and a slight decrease in accounts receivable (by 20%). Thus, the enterprise may have seriously increased the volume of production and improved work with debtors, but it is not actively investing money in production, which most likely reduces the efficiency of their use.

The structure of the sources of property formation is characterized by a moderate liability management policy, and during the reporting period there were no significant changes in this policy. The main factor that influenced the structure of liabilities is a significant increase in the share of long-term liabilities in it - from 42% to 63%, while the share of the company's own capital, which remained unchanged in absolute terms, decreased from 42% to 31%, which had a positive effect on the financial stability of the enterprise, but increased its financial dependence. Short-term liabilities of the enterprise decreased due to the disappearance of accounts payable from the enterprise, which had a positive impact on its solvency.

Most likely, in the reporting period, the company increased its production base and output through a long-term loan, which also helped pay off creditors. These facts can be assessed as a whole positively, however, it should be recommended to the enterprise to invest more actively in production and reduce financial dependence on attracted capital.

It is worth noting that this summary is only the first in our textbook, and warn readers against mindlessly copying it in their practice. In the future, we will give many more examples of analytical summaries, and very often they will seriously differ from the one above. There are no two identical resumes, since the analysis of financial statements is a creative science!

Analysis of the financial condition of the enterprise: 5 complete stages + a practical example of analysis + 4 main indicators of the financial condition of the organization.

Running a business is a big responsibility. In order to avoid mistakes in their activities, it is necessary to constantly analyze and correct the financial performance of the company.

Today we will analyze how to conduct an express analysis of the financial condition of the enterprise.

A practical example will help to resolve points that may cause difficulties at various stages of the study.

General principles for analyzing the financial condition of an enterprise

To understand the economic capabilities of the enterprise, its creditworthiness and investment potential is one of the main goals of the analysis.

The data obtained will help company leaders make the right decisions in a timely manner.

Each organization has its own priorities in reporting analysis, but the general algorithm remains unchanged:

The list of main points for the procedure is shown in the table above.

At the discretion of the leading positions of the accounting department, the calculation of the state may not be carried out according to all parameters. Only sections where financial problems are possible that need to be identified and resolved as soon as possible are taken into circulation.

1) Measurement of liquidity indicators in the analysis of the financial condition of the enterprise

The important components of the analysis of the state include the solvency of the company and its liquidity.

The term " solvency' implies the presence financial support to cover unforeseen items of expenditure by the firm. Lenders first of all pay attention to this section.

Liquidity is a complex section that signals the possibility of repaying debts in any outcome, even with time delays.

An indicator of availability is the predominance of active funds over passive ones in the financial condition of the organization.

The liquidity system contains:

• liquidity ratio;
• an indicator of the stability of the organization;
• the value of business activity;
• the effectiveness of the organization.

The calculation of the coefficients provides an opportunity to assess the state of competitiveness of enterprises with the same focus in the field of work.

*Fig.1. Relative liquidity values

A more detailed analysis of the state will make it possible to carry out additional coefficients presented in Fig. 1.

The global state of affairs in the solvency of the enterprise will show total liquidity coverage value(Ktl).

Intermediate values ​​of this indicator should be kept within 0.7-0.9, and for retail sales, the allowable reduction limit is 0.5.

These parameters contain information about the company's ability to repay at the current moment.

The most demanding one is the absolute liquidity ratio. Its value should not fall below 0.3.

2) Calculation of the stability of the enterprise in financial terms

Doing research economic indicators enterprises, you can not ignore the state financial stability organizations.

More details in Fig.2:

*Fig.2 - Values ​​of the state of financial stability

Autonomy coefficient(Kavt) should always be above 0.5. The trust of investment institutions and experts directly depends on the state of the current parameter.

The resulting characteristics of financial dependence (Kfz) and the ratio of borrowed funds to the amount of cash in the account (Ksas) range from 0.9 - 1.

• value inverse to the autonomy parameter;
• from 1 subtract Cavt.

Will keep you up to date on the amount of available funds at the moment maneuverability parameter(Kmss). The optimal value for it will be 0.5.

3) Calculation of business activity

It will be most convenient to calculate the resource return and cash flow using the formulas in Fig. 3:

*Figure 3 - Values ​​for business activity

Depending on the industry in which your firm operates, total returns (d1) can be abnormally low or high.

The fact is that heavy production with a large amount of resource spending will always show results lower than with general consumption.

The turnover of monetary resources is estimated:

speed.

How many times the invested money will have time to return to the investor for the analyzed period.

Period.

How long does it take for the money to make a complete turnover and return to the depositor 1 time.

How exhausted the monetary resource of your additional sources of financing will let you know the characteristic - return on assets (d2).

Unforeseen expenses can reduce the rate of return on assets, but if resources are used to improve the technical base, the result may well pay for itself in the future.

4) Measuring the profitability of an enterprise

To understand how profitable your company is, the analysis uses the concept of enterprise profitability.

*Rice. 4 - The value of the profitability of the organization

All characteristics of this direction are calculated according to the same principle: in the numerator, the value of profit, and in the denominator, the cost of producing goods.

Higher profitability - better business at.

Sometimes the value does not always give 100% objective information. The reason for this may be long-term investment - the figures are lower than the real state of the enterprise.

When 2-3 risky projects have paid off, the value, on the contrary, increases, although in fact there have not been any special changes in the economic plan.

If you do not have a private business, but an open Joint-Stock Company, then, in addition to standard financial statements, information from the external market should be used.

This will help you evaluate the profitability and development prospects of your business from an independent point of view.

Express analysis of the financial condition of the enterprise on an example

Suppose we have data on any limited liability company. Based on it, we will analyze the financial condition of the enterprise for a certain reporting period.

Stage 1: General characteristics of the enterprise.

Before proceeding with the analysis of the main indicators, the accountant must draw up short review organization's activities.

Components of a general analysis:

• type of economic activity;
• composition of the governing body;
• production structure;
• basic services.

The information should fully reflect all the key points in the work. The introductory part should not be voluminous - display only the main thing.

Stage 2: Analysis of the material condition.

These indicators reflect the amount of funds from the enterprise for economic needs.

Their percentage in common bank organizations for the current period.

Analysis is required both for personal purposes and for reporting to government agencies.

It makes it possible to track financial risks during transactions at all stages of the operation of the enterprise.

Stage 3: Analysis of the financial situation.

Helps to identify adverse situations in business development.

Accurate calculations using elements of financial analysis make it possible to determine the possibility of bankruptcy with a 90% probability.

For the full implementation of this procedure, accounting and tax reporting for the studied time period will be required.

Stage 4: Profitability of the enterprise.

It will help to analyze how effectively the company conducts its activities.

Required to identify articles to reduce funding and optimize the process of selling goods.

In order for your company to be profitable, the items must cover all available items of expenditure for the analyzed period.

For example, net profit indicates the high profitability of the organization.

Stage 5: Finding weaknesses in financial statements.

The final step that allows you to identify problems in the state of the enterprise in advance and close these gaps.

The final data from the express analysis will provide an opportunity to focus on improving the state of affairs in problem areas, if any.

Full analysis of the financial condition of the enterprise as a result, it will allow you to find the strengths and weaknesses of your business.

How is the analysis of the financial condition of the enterprise?

All stages of the process are in the following training video:

It will become easier to manage free finances and decide on priority areas in the development of your enterprise.

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