Indicators for assessing the financial condition of enterprises. Criteria for assessing financial condition

To ensure the survival of an enterprise in modern conditions, it is necessary, first of all, to be able to assess the financial condition of both your enterprise and existing and potential competing enterprises. To do this, it is necessary to have appropriate information support and have the knowledge and ability to assess the position of the enterprise using basic indicators and criteria.

Currently, many Russian economists are engaged in the practical application of assessing the financial condition of an enterprise and use in their work the methods outlined in the works of V.V. Kovalev, M.I. Kreykina A.D. Sheremeta, V.G. Savitskaya and others.

It is recommended to begin the analysis of the financial condition of the enterprise by assessing the balance sheet results and changes in its currency, while the decrease in the balance sheet currency is assessed negatively. It is necessary to consider the composition, structure and changes in economic assets (balance sheet assets) and sources of their financing (balance sheet liabilities). The growth of current assets, from a financial point of view, indicates increased mobility of property, the growth of long-term financial investments determines the investment policy pursued by the enterprise, and the growth of intangible assets indicates the innovation policy pursued by the enterprise.

The growth rates of accounts payable and receivable must be in balance. In addition, the growth rate of accounts payable should be lower than the growth rate of accounts receivable. You should pay attention to the presence of “sick” balance sheet items (presence of losses).

An analysis of the solvency of an enterprise is carried out on the basis of balance sheet data and calculations of liquidity ratios. Using liquidity ratios, the company's ability to pay its short-term obligations is determined.

Liquidity indicators are determined by the ratio of current assets (II section of the Asset or its individual parts) to short-term liabilities (V section of the Balance Sheet or its individual parts).

Each part of the working capital of an enterprise, having its own liquidity, when related to the amount of short-term liabilities, shows what share of the enterprise’s short-term liabilities this part will pay off if it turns into money.

Such ratios are called liquidity ratios.

Solvency indicators and algorithms for their calculation are given in Table 1.2.

Table 1.2. Indicators of solvency of the enterprise

The level of solvency determines the availability of funds in the accounts of the enterprise, the timeliness and completeness of repayment of the enterprise's obligations.

Along with the analysis of liquidity ratios, an analysis of the liquidity of the balance sheet is carried out, which is expressed in the degree to which the enterprise’s liabilities are covered by its assets. The period of conversion into money corresponds to the period of repayment of obligations. Balance sheet liquidity is achieved by establishing equality between the enterprise's liabilities and its assets.

The technical side of the analysis of balance sheet liquidity consists in comparing funds for assets, which are grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities for liabilities, which are grouped by their maturity dates and arranged in ascending order of their payment terms.

The balance is considered liquid if

A1>P1,A2>P2,AZ>PZ,A4<П4

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

A1 - the most liquid assets - the company’s cash and short-term financial investments;

A2 - quickly realizable assets - accounts receivable and other assets;

A3 - slowly selling assets - inventories (without line 217 and deferred expenses), as well as items from section A I "Long-term financial investments" (reduced by the amount of investment in the authorized capital of other enterprises);

A4 - hard-to-sell assets - the result of section A I of the balance sheet, with the exception of the articles of this section included in the previous group.

Balance sheet liabilities are grouped according to the degree of urgency of their payment:

P1 - the most urgent obligations - accounts payable, other liabilities, as well as loans not repaid on time;

P2 - short-term liabilities - short-term loans and borrowed funds;

PZ - long-term liabilities - long-term loans and borrowed funds;

P4 - constant liabilities - the result of Section III of Liabilities.

The financial stability of an enterprise is assessed in relation to its own and borrowed capital, as sources of asset formation, with a significant place being occupied by indicators of solvency and profitability of the enterprise.

Relative indicators include: the autonomy coefficient, the ratio of borrowed and equity funds, the coefficient of provision of own working capital, etc.

Important indicators of the financial stability of an enterprise are: the value of net assets (real equity capital) and the provision of inventories with sources of their financing.

Table 1.3. Indicators of financial stability of the enterprise

The business activity of an enterprise in the financial aspect is manifested primarily in the speed of turnover and its funds, as well as in indicators of the efficiency of using the enterprise's resources. The profitability of an enterprise reflects the degree of profitability of its activities. Analysis of business activity and profitability consists of studying the levels and dynamics of various financial indicators, turnover ratios and profitability, which are indicators of the enterprise's performance, such as: growth rate of revenue, profit, level of labor productivity, capital productivity, turnover of funds in calculations, inventories, working capital, equity turnover, as well as indicators of profitability, profitability or return on capital, resources or products.

Table 1.4. Business activity indicators

To analyze profitability, two groups of ratios are calculated: return on capital and return on activity.

Table 1.5. Profitability assessment

Analysis of the financial condition of an enterprise is fundamental for developing the financial policy of an enterprise; in market conditions, an important task is to foresee the financial situation in the future, and the calculation of the degree of distance of firms from bankruptcy and the degree of their reliability acquires a special place.

The Methodological Recommendations for the development of an enterprise’s financial policy, approved by the Ministry of Economy of the Russian Federation (Order No. 118 of October 1, 1997), propose everything financial and economic indicators state organizations divided into two levels: first and second. These categories have significant qualitative differences among themselves.

To the first level includes indicators for which standard values ​​have been determined. These include indicators of solvency and financial stability.

When analyzing the dynamics of these indicators, you should pay attention to the trend of their change. If their values ​​are lower or higher than the normative ones, then this should be considered as a deterioration in the characteristics of the analyzed organization. There are several states of first-level indicators (Table 1.13):

Table 1.13. State of first level indicators

State I.1- the indicator values ​​are within the recommended range of standard values ​​(“corridor”), but at its boundaries. Analysis of the dynamics of indicators indicates that the movement is towards the most acceptable values ​​(movement from the borders to the center of the “corridor”). If the group of indicators of this level is in state I.1, then this aspect of the financial condition of the organization can be rated “excellent”.

State I.2- the indicator values ​​are within the recommended limits, and the analysis of dynamics shows their stability. In this case, for this group of indicators, the financial condition of the organization can be defined as “excellent” (the indicator values ​​are in the middle of the “corridor”) or “good” (the value is at one of the boundaries of the “corridor”).

State I.3- the indicator values ​​are within the recommended limits, but analysis of the dynamics indicates their deterioration (movement from the middle of the “corridor” to its borders). The assessment of financial condition in this case is “good”.

Condition II.1- the indicator values ​​are outside the recommended limits, but there is a trend towards improvement. In this case, depending on the deviation from the norm and the pace of movement towards it, the financial condition of the organization can be characterized as “good” or “satisfactory”.

Condition II.2- indicator values ​​are consistently outside the recommended “corridor”. Rating: “satisfactory” or “unsatisfactory”. The choice of assessment is determined by the magnitude of the deviation from the norm and assessments of other aspects of the financial and economic condition of the organization.

Condition II.3- the indicator values ​​are outside the norm and are getting worse all the time. The rating is “unsatisfactory”.

Applying this methodology to the obtained results of calculating solvency and financial stability ratios, the following conclusions can be drawn (Table 1.14):

Table 1.14. Assessment of the state of first level indicators

Conclusion. Thus, for most indicators, MUP “Management Technologies” has unsatisfactory performance.

This means that not everything is so “excellent” in assessing the financial condition of our organization. Unfortunately, this method does not answer the question about the financial condition of an organization that has different values ​​of first-level indicators.

This opportunity is provided by a technique based on a scoring of financial condition. The essence of this technique is to classify organizations according to the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the number of points “scored”, based on the actual values ​​of its financial ratios.

Column 1 records the names (symbols) of the coefficients (indicators) of solvency and financial stability.

In column 2 it is written “conforms to the standard” or “does not correspond to the standard”.

Column 3 describes the trend “deterioration”, “improvement”, “sustainable”.

Column 4 records one of six indicator states: I.1; I.2; I.3; II.1; II.2; II.3.

Column 5 gives the rating “excellent”, “good”, “satisfactory”, “unsatisfactory” in accordance with the noted status of the indicator.

Then a general conclusion is made about the financial condition of the enterprise.

The analysis reveals indicators with different estimates. This indicates that not everything is so “excellent” in assessing the financial condition of the enterprise under study. Unfortunately, this technique does not answer the question about the financial condition of an enterprise that has different values ​​of first-level indicators.

It should be noted that the methodology includes the analysis of not only indicators of the first level (standardized), but also indicators of the second level (non-standardized).

To the second level includes indicators whose values ​​cannot serve to assess the efficiency of the enterprise and its financial and economic condition without comparison with the values ​​of these indicators at enterprises that produce products similar to the products of our enterprise and have production capacities comparable to the enterprise’s capacities, or for trend analysis changes in these indicators. This group includes profitability indicators, characteristics of the property structure, sources and condition of working capital. For this group of indicators, it is advisable to rely on an analysis of trends in indicators and identify their deterioration or improvement. The second group of indicators is proposed to be characterized by the following states:

"improvement" - 1,

“stability” - 2,

“deterioration” - 3.

For some indicators, it is possible to determine “corridors” of optimal values ​​depending on their belonging to different types of activities and other features of the functioning of the enterprise.

In order to obtain a more objective assessment of the financial and economic condition of the enterprise, it is proposed to compare the status of indicators of the first and second levels (Table 1.15).

Table 1.15. Comparison of the states of indicators of the first and second levels

It should be noted that the presented methodology gives a very approximate and rather general result of assessing the financial and economic condition and does not indicate to the management of the enterprise directions for improving management.

Taking into account the variety of financial processes, the multiplicity of indicators of financial condition, differences in the level of critical assessments, the emerging degree of deviation from them of the actual values ​​of the coefficients and the difficulties arising in connection with this in the overall assessment of the financial position of the enterprise, it is recommended to make a point assessment of the financial condition.

The essence of this technique is to classify enterprises according to the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the number of points “scored”, based on the actual values ​​of its financial ratios (Table 1.15).

• 1st Class- these are enterprises with absolute financial stability and absolutely solvent, whose financial condition allows you to be confident in the timely fulfillment of obligations in accordance with contracts. These are enterprises that have a rational structure of property and its sources, and, as a rule, are quite profitable.
• 2nd Class- these are enterprises with normal financial condition. Their financial indicators as a whole are very close to optimal, but there is some lag in certain ratios. These enterprises, as a rule, have a suboptimal ratio of their own and borrowed sources of financing, shifted in favor of borrowed capital. At the same time, there is a rapid increase in accounts payable compared to the increase in other borrowed sources, as well as compared to the increase in accounts receivable. These are usually profitable enterprises.
• 3rd Class- these are enterprises whose financial condition can be assessed as average. When analyzing the balance sheet, the “weakness” of individual financial indicators is revealed. Either their solvency is on the border of the minimum acceptable level, and their financial stability is normal, or, on the contrary, they have an unstable financial condition due to the predominance of borrowed sources of financing, but there is some current solvency. When dealing with such enterprises, there is hardly a threat of loss of funds, but fulfilling obligations on time seems doubtful.
• 4th Class- These are enterprises with an unstable financial condition. There is a certain financial risk when dealing with them. They have an unsatisfactory capital structure, and their solvency is at the lower limit of acceptable values. Such enterprises, as a rule, have no profit at all or very little, sufficient only for mandatory payments to the budget.
• 5th Class- These are enterprises with a crisis financial condition. They are insolvent and completely unsustainable from a financial point of view. These enterprises are unprofitable.

Table 1.16. Boundaries of classes of enterprises according to the criteria for assessing financial condition

A general assessment of the financial condition of the analyzed enterprise is carried out in tabular form (Table 1.17).

Table 1.17. Classification of the level of financial condition

According to calculations, it turns out that the organization we are analyzing belongs to class 3 (average) financial condition, but by the end of the year the indicators became slightly better.

The task of analyzing balance sheet liquidity in the course of analyzing the financial condition of an enterprise arises in connection with the need to assess the creditworthiness (payment) of the enterprise, i.e. its ability to timely and fully pay all its obligations. Creditworthiness is ensured by liquidity. Liquidity is the ability of an enterprise to pay its obligations by selling its assets. There are balance sheet liquidity and asset liquidity.

Balance sheet liquidity is defined as the degree to which the obligations of a business organization are covered by its assets, the period of transformation of which into cash corresponds to the period of repayment of obligations. Asset liquidity- the speed (time) of converting assets into cash, which is defined as the reciprocal of the time required to convert assets into cash. The shorter the time it takes for a given type of asset to turn into cash, the higher its liquidity. A business whose working capital consists primarily of cash and short-term accounts receivable is generally considered more liquid than a business whose working capital consists primarily of inventories.

When assessing the financial condition of an organization, a balance sheet liquidity analysis is widely used, which consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities, grouped by their maturity dates and arranged in ascending order of maturity.

All assets of the enterprise, depending on the degree of liquidity, i.e. the rate of conversion into cash can be divided into the following groups.

Most liquid assets(A1) - amounts for all items of cash that can be used to carry out current payments immediately. This group also includes short-term financial investments.

Quickly selling assets(A2) - assets that require a certain time to convert into cash. This group can include accounts receivable, payments for which are expected within 12 months after the reporting date, and other current assets.

Slow moving assets(A3) - the least liquid assets - inventories, accounts receivable, payments for which are expected more than 12 months after the reporting date, value added tax on acquired assets. However, the item “Deferred expenses” is not included in this group.

Hard to sell assets(A4) - assets that are intended to be used in business activities for a relatively long period of time. This group includes articles in Section I of the balance sheet asset “Non-current assets”.

The first three groups of assets during the current business period can constantly change and relate to the current assets of the enterprise. Current assets are more liquid than the rest of the company's assets.

Balance sheet liabilities according to the degree of increasing maturity of obligations are grouped as follows.

Most urgent obligations(P1) – accounts payable, dividend payments, other short-term liabilities, as well as loans not repaid on time (according to the appendices to the balance sheet).

Short-term liabilities(P2) – short-term bank loans and other loans subject to repayment within 12 months after the reporting date.

When determining liability groups I and II, in order to obtain reliable results, it is necessary to know the time of fulfillment of all short-term obligations. In practice, this is only possible for internal analytics. In external analysis, due to limited information, this problem becomes much more complicated and is solved, as a rule, on the basis of the previous experience of the analyst performing the analysis.

Long term duties(P3) - long-term borrowed loans and other long-term liabilities. These are items in Section IV of the balance sheet “Long-term liabilities” that are due to be repaid more than 12 months after the reporting date.

Permanent liabilities(P4) - articles of section III “Capital and reserves” and individual articles of section V of the balance sheet that are not included in the previous groups: “Deferred income” and “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 items “Deferred expenses”.

To determine the liquidity of the balance sheet, you should compare the amounts for each group of assets and liabilities on an accrual basis.

The balance is considered absolutely liquid if the following conditions are met:

A1 + A2  P1 + P2;

A1 + A2 + A3  P1 + P2 + P3;

If the first three inequalities are satisfied, i.e. current assets exceed the external liabilities of the enterprise, then the last inequality is necessarily satisfied. Failure to meet any of the first three inequalities indicates that balance sheet liquidity differs to a greater or lesser extent from absolute.

It is more convenient to carry out a preliminary analysis of the liquidity of an enterprise’s balance sheet using a table (Table 8.3).

Table 8.3 – Preliminary analysis of balance sheet liquidity

The columns of this table record data at the beginning and end of the reporting period by asset and liability groups. By comparing the results of these groups, the absolute values ​​of payment surpluses or deficiencies at the beginning and end of the reporting period are determined. Thus, using this table, you can identify the mismatch between the maturities of assets and liabilities, and get a general idea of ​​the liquidity and solvency of the analyzed enterprise.

In addition, a comparison of liquid funds and liabilities allows one to calculate the following indicators.

Current liquidity (Lt), which indicates the solvency or insolvency of the enterprise as of the reporting date:

Lt = (A1+A2) – (P1+P2)

Prospective liquidity (LP) - forecast of solvency based on comparison of future receipts and payments:

Lp = A3 – P3.

However, it should be noted that the analysis of balance sheet liquidity carried out according to the outlined scheme (based on absolute indicators) does not take into account the structural relationships of assets and liabilities and does not allow the formation of normative estimates. Therefore, such an analysis should be supplemented by an analysis of solvency and liquidity using appropriate financial ratios.

Absolute liquidity ratio (Kla) shows what part of the accounts payable the company can repay immediately:

Kla = A1 / (P1+P2).

This ratio reflects the ratio of the most liquid assets (cash, equivalent securities, etc.) and current liabilities. It most accurately characterizes the solvency of an enterprise, therefore some economists call it the solvency coefficient, which, of course, better reflects the economic content of this coefficient. The recommended value of this indicator is from 0.2-0.3 to 0.7.

Quick ratio (Club) , or “critical assessment coefficient”, “liquidity ratio”, shows how much the liquid funds of an enterprise cover its short-term debt:

Klb = (A1+A2) / (P1+P2).

Liquid assets include all current assets of the enterprise, with the exception of inventory. Since repayment of obligations with finished products and inventories of raw materials requires their preliminary sale, this ratio shows what share of accounts payable can be repaid using the most liquid assets, i.e. what part of the enterprise's short-term liabilities can be immediately repaid from funds in various accounts, in short-term securities, as well as from proceeds from settlements. The recommended value of this indicator is from 0.7-0.8 to 1.5, however, it should be borne in mind that the reliability of the conclusions based on the results of calculations of this coefficient and its dynamics largely depends on the “quality” of receivables, which can only be determined by internal accounting data.

Current ratio (Klt) shows whether the enterprise has enough funds that can be used to pay off its short-term liabilities during the period. This is the main indicator of the solvency of an enterprise:

Klt = (A1+A2+A3) / (P1+P2).

In world practice, it is generally accepted that the value of this ratio should be in the range from 1 to 2. Naturally, there are circumstances in which the value of this indicator may be greater, however, if the current liquidity ratio is more than 2, then, as a rule, this indicates about irrational use of enterprise funds or economic instability. A value of the current liquidity ratio below 1 (and for an unstable economy - below 2) indicates the insolvency of the enterprise.

The high instability of the economy makes it impossible to standardize this indicator. In such economic conditions, the current liquidity indicator must be assessed for each specific enterprise based on its accounting data.

If the ratio of current assets and short-term liabilities is lower than 1:1, then we can conclude that there is a high financial risk associated with the fact that the organization is not able to pay its bills. Taking into account the varying degrees of liquidity of assets, it can be assumed that not all assets can be sold urgently, and therefore, there will be a threat to the financial stability of the enterprise. If the value of the current liquidity ratio exceeds 1, then we can conclude that the enterprise has a certain amount of free resources (the higher the ratio, the greater this volume), generated from its own sources.

In accordance with Decree of the Government of the Russian Federation No. 498 of May 20, 1994, which has not been repealed to this day, when assessing Russian enterprises, the standard value of the current liquidity ratio KLT is provided. normal = 2.0.

Overall balance sheet liquidity indicator , which is recommended to be used for a comprehensive assessment of the liquidity of the balance sheet as a whole, shows the ratio of the sum of all liquid funds of the enterprise to the sum of all payment obligations (short-, long- and medium-term), provided that various groups of liquid funds and payment obligations are included in the specified amounts with certain weights coefficients that take into account their significance in terms of the timing of receipt of funds and repayment of obligations.

The overall balance sheet liquidity indicator (Cl) is determined by the formula:

Clo = (A1+0.5A2+0.3A3) / (P1+0.5P2+0.3P3).

The value of this coefficient must be greater than or equal to 1. With its help, changes in the financial situation of the enterprise are assessed from the point of view of liquidity. This indicator is also used when choosing the most reliable of many potential partners based on analysis of reporting.

Liquidity indicator when raising funds (Klm) characterizes the degree of dependence of the enterprise’s solvency on inventories and costs from the point of view of the need to mobilize funds to pay off its short-term obligations:

Klm = A3 / (P1+P2).

The recommended values ​​of this indicator are from 0.5 to 1. The need to calculate it is due to the fact that the liquidity of individual components of the working capital of an enterprise, as already noted, is far from the same. If cash can directly serve as a source of payment for current obligations, then inventories and costs can be used for this purpose only after their sale, which presupposes the presence of not only a buyer, but also cash from the buyer. This coefficient can have significant fluctuations depending on the material intensity of production and is individual for each enterprise. It is desirable that its dynamics do not have large deviations.

The main ratios calculated when assessing balance sheet liquidity during the analysis of financial condition are summarized in table. 8.4.

Table 8.4 – Ratios used to assess the liquidity of an enterprise's balance sheet

During the analysis of balance sheet liquidity, each of the considered liquidity ratios is calculated at the beginning and end of the reporting period. If the actual value of the coefficient does not correspond to the normal limit, then it can be estimated by its dynamics (increase or decrease in value).

Different liquidity indicators not only characterize the solvency of an enterprise with different degrees of accounting for the liquidity of funds, but also meet the interests of various external users of analytical information. For example, for suppliers of raw materials and materials, the absolute liquidity ratio is most interesting. When deciding whether to issue a loan to an enterprise, a commercial bank pays more attention to the critical liquidity ratio. Buyers and holders of shares of an enterprise are more interested in the current liquidity ratio, since it is by it that they assess the solvency of the enterprise whose shares they own.

Financial stability of an organization: concept, main indicators and methods of their calculation

Financial stability is a reflection of the stable excess of income over expenses, ensures free maneuvering of the organization’s funds and, through their effective use, contributes to the uninterrupted process of production and sales of products. In other words, financial stability of the organization- this is the state of its financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk. Financial stability is formed in the process of all production and economic activities and is the main component of the overall (financial and economic) stability of the enterprise.

Financial stability is influenced by a large number of factors, which can be classified as follows.

According to the place of origin - external and internal.

According to the importance of the result - main and secondary.

The structure is simple and complex.

In terms of time, actions are permanent and temporary.

TO internal factors affecting the financial stability of the enterprise include:

industry affiliation of the business entity;

structure of manufactured products (services), its share in total effective demand;

the amount of paid authorized capital;

the amount of costs, their dynamics in comparison with cash income;

the state of property and financial resources, including stocks and reserves, their composition and structure.

The influence of these factors largely depends on the competence and professionalism of enterprise managers, their ability to take into account changes in the internal and external environment.

TO external factors include:

the influence of economic conditions;

the dominant technology in society;

effective demand and income level of consumers;

tax and credit policy of the Russian government;

legislative acts regulating the business activities of the company;

foreign economic relations;

value system in society, etc.

Analysis of the stability of the financial condition on a particular date allows us to answer the question: how correctly the organization managed financial resources during the period preceding this date. It is important that the state of financial resources meets the requirements of the market and meets the development needs of the organization, since insufficient financial stability can lead to the insolvency of the organization and its lack of funds for the development of production, and excess financial stability can hinder development, burdening the organization’s costs with excess inventories and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation.

An assessment of the financial condition of an organization will be incomplete without an assessment of financial stability. By analyzing the liquidity of the organization’s balance sheet, they compare the state of liabilities and the state of assets, which makes it possible to assess the degree of readiness of the organization to repay its debts. When determining financial stability, you should evaluate the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed business organization is financially stable enough.

The financial strength of an organization is related to its overall financial structure and the degree of its dependence on creditors and debtors. For example, an organization that is financed mainly by borrowed funds may go bankrupt in a situation where several creditors simultaneously demand their loans back. In this case, the structure of the organization “equity capital - borrowed capital” has a significant advantage in favor of the latter. Consequently, the financial stability of an organization in the long term is characterized by the ratio of its own and borrowed funds. The provision of reserves and costs with sources of formation is the basis of financial stability.

The analysis of financial stability is based on the basic balance sheet formula, which establishes the balance between the assets and liabilities of the balance sheet, which has the following form:

VnA + ObA = KR + DO + KO,

Where VnA- non-current assets (result of section I assets of the balance sheet);

Both- current assets (result of section II assets of the balance sheet);

KR- capital and reserves of the enterprise, i.e. the enterprise’s own capital (the result of section III of the liabilities side of the enterprise’s balance sheet);

BEFORE- long-term loans and borrowings taken out by the enterprise (the result of section IV of the liabilities side of the enterprise’s balance sheet);

KO- short-term loans and borrowings taken out by the enterprise, which, as a rule, are used to cover the lack of working capital of the enterprise (result of section V of the liabilities side of the enterprise’s balance sheet). KO include: short-term loans and borrowings (LC), accounts payable of the enterprise, for which it must pay almost immediately (KZ) and other funds in settlements (PS).

Detailing sections II and V of the balance sheet, this formula can be presented as follows:

VnA + (ObAp + OAo) = KR + DO + (ZSk + KZ + PS),

Where ObAp- working production assets;

OJSC- circulating assets in circulation (circulation funds).

(VnA + ObAp) + OAO = (KR + PS) + DO + ZSk + KZ,

Where (KR + PS)- own and equivalent capital of the enterprise, used, as a rule, to cover the lack of working capital.

In the event that the non-current and current production assets of an enterprise are repaid at the expense of its own and equivalent capital with the possible attraction of long-term and short-term loans, and the enterprise’s funds in settlements are sufficient to repay urgent obligations, then we can talk about one or another the degree of financial stability of the enterprise, which is characterized by a system of inequalities:

Moreover, the fulfillment of one of the inequalities automatically entails the fulfillment of the other, therefore, when determining the financial stability of an enterprise, they usually proceed from the first inequality, transforming it taking into account the fact that, first of all, the enterprise must provide capital to its existing non-current assets, i.e.:

ObAp< (КР + ПС + ДО + ЗСк) - ВнА.

The fulfillment of this inequality is the main condition for the solvency of the enterprise, since in this case cash, short-term financial investments and active settlements will cover the short-term debt of the enterprise.

Thus, the ratio of the cost of material working capital and the values ​​of own and borrowed sources of their formation determines the stability of the financial condition of the enterprise.

The most important general indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, obtained in the form of the difference in the value of sources of funds and the value of reserves and costs.

When assessing the state of inventories and costs, the initial data of the group of items “Inventories” of Section II of the balance sheet asset is used.

To characterize the sources of reserve formation, three main indicators are determined.

1) Availability of own working capital (SOS) - the difference between capital and reserves (Section III of the balance sheet liabilities) and non-current assets (Section I of the balance sheet assets). An increase in this indicator compared to the previous period indicates the further development of the enterprise’s activities. In formalized form, the availability of own working capital can be written as

SOS = KR - VnA.

2) Availability of own and long-term borrowed sources of reserve formation (SD), determined by increasing the previous indicator by the amount of long-term liabilities:

SD = (KR + DO) - VnA = SOS + DO.

3) The total value of the main sources of reserve formation (OI), determined by increasing the previous indicator by the amount of short-term borrowed funds:

OI = (KR + DO + ZSk) - VnA.

These indicators of sources of formation of reserves and costs correspond to three indicators of the provision of reserves and costs with sources of their formation:

1. Surplus (+) or deficiency (-) of own working capital ():

,

Where 3 - inventories (page 210 of section II of the balance sheet assets).

2. Excess (+) or shortage (-) of own and long-term sources of reserve formation ():

.

3. Excess (+) or deficiency (-) of the total amount of the main sources of reserve formation ():

.

To characterize the financial situation at the enterprise, there is four types of financial stability.

1. Absolutely stable financial condition (occurs extremely rarely in the current conditions of Russian economic development) represents an extreme type of financial stability and is specified by the condition:

This ratio shows that all inventories are fully covered by its own working capital, i.e. the enterprise is completely independent of external creditors. However, such a situation cannot be considered as ideal, since it means that the management of the enterprise does not know how, does not want or does not have the opportunity to use external sources of financing its core activities.

2. Normally stable financial condition of an enterprise that guarantees its solvency meets the following condition:

Z = SOS + ZSk.

This ratio corresponds to the situation when an enterprise successfully uses and combines various sources of funds - both its own and attracted - to cover inventories and costs.

3. Unstable financial condition characterized by a violation of solvency, when it remains possible to restore the balance of the need for inventories and costs and sources of covering them by replenishing sources of own funds at the expense of I:

3 = SOS + ZSk + I,

Where AND- part of the equity capital intended to service other short-term obligations, restraining financial tension (reserves for future expenses, debt to participants (founders) for payment of income, bank loans for temporary replenishment of working capital and other borrowed funds).

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of inventories and expenses does not exceed the total cost of inventories and finished products (the most liquid part of inventories and expenses), i.e. the following conditions are met:

Where Salary- productive reserves;

NP- unfinished production;

RBP- Future expenses;

GP- finished products;

ZSk - [±I]- part of short-term loans and borrowed funds involved in the formation of inventories and costs.

If these conditions are not met, financial instability is not normal and reflects a tendency towards a significant deterioration in the financial condition of the enterprise.

4. Crisis financial condition , or crisis financial instability:

3 > SOS + ZS.

In the last two cases (unstable and crisis financial condition), stability can be restored by optimizing the structure of liabilities, as well as by reasonably reducing the level of inventories and costs.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors. In market conditions, when the economic activity of an enterprise and its development is carried out through self-financing, and if its own financial resources are insufficient, through borrowed funds, an important analytical characteristic is the financial stability of the enterprise. Financial stability is a certain state of the company’s accounts, guaranteeing its constant solvency.

The solvency of an enterprise is determined by its ability and ability to timely and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature. The liquidity of an enterprise is determined by the availability of liquid assets, which include cash, funds in bank accounts and easily salable elements of working resources. Liquidity reflects the ability of an enterprise to make necessary expenses at any time.

Assets, depending on the speed of conversion into cash (liquidity), are divided into the following groups:

Al are the most liquid assets. These include enterprise cash and short-term financial investments.

A2 - quickly realizable assets. Accounts receivable and other assets

A3 - slowly selling assets. These include “Current assets” and the article “Long-term financial investments” from section I of the balance sheet “Non-current assets”.

A4 - hard-to-sell assets. These are "Non-current assets"

Liabilities are grouped according to the degree of urgency of their return:

P1 - the most short-term liabilities. These include the items "Accounts payable" and "Other short-term liabilities"

P2 - short-term liabilities. Items "Loans and credits" and other items of section V of the balance sheet "Current liabilities"

LP - long-term liabilities. Long-term loans and borrowed funds

P4 - permanent liabilities. "Capital and reserves".

When determining the liquidity of the balance sheet, asset and liability groups are compared with each other.

Conditions for absolute liquidity of the balance sheet:

A necessary condition for absolute liquidity of the balance sheet is the fulfillment of the first three inequalities; the fourth inequality is of a so-called balancing nature: its fulfillment indicates that the enterprise has its own working capital. If any of the inequalities has a sign opposite to that fixed in the optimal option, then the balance sheet liquidity differs from absolute.

For a qualitative assessment of the solvency and liquidity of an enterprise, in addition to analyzing the balance sheet liquidity, it is necessary to calculate the liquidity ratios of current assets. Liquidity indicators are used to assess the ability of an enterprise to meet its short-term obligations.

The absolute liquidity indicator is determined by the ratio of liquid funds of the first group to the entire amount of short-term debts of the enterprise (III section of the balance sheet liabilities).

Cal = A1/(P1+P2)

It is the most stringent criterion for the liquidity of an enterprise: it shows what part of the short-term debt can, if necessary, be repaid immediately with cash.

In domestic practice, the actual average values ​​of this coefficient, as a rule, do not reach the standard value. The normal limit is Cal>0.2~0.5. A low value indicates a decrease in the solvency of the enterprise.

The coverage ratio or current liquidity is calculated as the ratio of current assets (current assets) to the amount of current liabilities (short-term liabilities):

Ktl = (A1+A2+A3) /(P1+P2)

The normal limit is Ktl from 1 to 2. The coefficient shows what part of current obligations on loans and payments can be repaid by mobilizing all working capital

The current ratio summarizes previous indicators and is one of the main indicators characterizing the satisfactory balance sheet. Gives a general assessment of asset liquidity, showing how many rubles of current assets account for one ruble of current liabilities. In Western accounting and analytical practice, the critical lower value of the indicator is 2; however, this is only an indicative value indicating the order of the indicator, but not its exact normative value.

Quick ratio. In terms of semantic purpose, the indicator is similar to the coverage ratio; however, it is calculated based on a narrower range of current assets, when the least liquid part of them, industrial inventories, is excluded from the calculation.

Kbl = (Debtors + cash) / current liabilities

Western literature provides an approximate lower value of the indicator - 1, however, this assessment is conditional.

The total liquidity ratio is calculated by the ratio of the total amount of current assets, including inventories and work in progress, to the total amount of current liabilities.

Colb=(A1+0.5A2+0.3A3) /(P1+0.5P2+0.3P3) - used for a comprehensive assessment of the liquidity of the balance sheet as a whole

A coefficient of 1.5-2.0 usually satisfies.

Liquidity ratios are relative indicators and do not change for some time if the numerator and denominator of the fraction increase proportionally. The financial situation itself may change significantly during this time, for example, profit, profitability level, turnover ratio, etc. will decrease. Therefore, for a more complete and objective assessment of liquidity, the following factor model can be used:

Current assets Balance sheet profit

Cry. = Balance sheet profit * Short-term debts = X1 * X2

Where X1 is an indicator characterizing the value of current assets per 1 ruble of income;

X2 is an indicator that indicates the ability of an enterprise to repay its debts through the results of its activities. It characterizes financial stability. The higher its value, the better the financial condition of the enterprise.

And another indicator of liquidity (self-financing ratio) is the ratio of the amount of self-financing income (income + depreciation) to the total amount of internal and external sources of financial income. This ratio can be calculated by the ratio of self-financing income to value added. It shows the extent to which an enterprise finances its own activities in relation to the wealth created. You can also determine how much self-financing income falls on one employee of the enterprise. Such indicators in Western countries are considered one of the best criteria for determining the liquidity and financial independence of a company and can be compared with other enterprises.

Taking into account the varying degrees of liquidity of assets, we can confidently assume that all assets will be sold urgently, and therefore, in this situation, a threat to the financial stability of the enterprise arises. If the value of Kt.l. significantly exceeds the 1:1 ratio, we can conclude that the enterprise has a significant amount of free resources generated from its own sources.

On the part of the company's creditors, this option for forming working capital is the most preferable. At the same time, from the manager’s point of view, a significant accumulation of inventories at the enterprise and diversion of funds into accounts receivable may be associated with inept management of the enterprise’s assets.

If an enterprise has a low intermediate liquidity ratio and a high total coverage ratio, a deterioration in the above turnover indicators indicates a deterioration in the solvency of this enterprise.

An analysis of the solvency of an enterprise is carried out by comparing the availability and receipt of funds with essential payments. A distinction is made between current and expected (future) solvency. Current solvency is determined as of the balance sheet date. An enterprise is considered solvent if it has no overdue debts to suppliers, bank loans and other payments.

Expected (prospective) solvency is determined for a specific upcoming date by comparing the amount of its means of payment with the urgent (priority) obligations of the enterprise on this date.

"Tax planning", N 4, 2004

Analysis of the financial condition of an organization allows you to form an idea of ​​its true financial position and assess the financial risks that it bears.

Financial condition is characterized by the availability of financial resources necessary for the normal functioning of the organization, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

Analysis of financial condition includes analysis of the balance sheet and statement of financial results of the organization being assessed for past periods to identify trends in its activities and determine key financial indicators. The main goal of the analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition and solvency of the organization.

Analysis of the financial condition of the organization involves the following stages:

I. Analysis of the dynamics and structure of balance sheet items.

II. Assessment of financial situation.

III. Assessment and analysis of the effectiveness of financial and economic activities.

Stage I. Analysis of the dynamics and structure of balance sheet items

During the functioning of the organization, the value of assets and their structure undergo constant changes. The most general idea of ​​qualitative changes in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analyzes of the organization’s financial statements.

The purpose of horizontal and vertical analysis of financial statements is to visualize changes that have occurred in the main items of the balance sheet, income statement and cash flow statement, and to help company managers make decisions regarding the future activities of the organization.

Vertical analysis allows you to draw a conclusion about the structure of the balance sheet and profit and loss account in the current state, as well as analyze the dynamics of this structure. The technology of vertical analysis is that the total amount of the organization's assets (when analyzing the balance sheet) and revenue (when analyzing the profit statement) are taken as 100% and each item of the financial statement is presented as a percentage of the accepted base value.

Horizontal analysis consists of comparing the financial data of an organization for two past periods (years) in relative and absolute form.

The form of vertical and horizontal balance analysis is shown in Table 1.

Table 1

Vertical and horizontal balance analysis form

Stage II. Financial position assessment

For a general assessment of the dynamics of the financial condition, balance sheet items should be grouped into separate specific groups based on liquidity and maturity of liabilities (aggregated balance sheet). Based on the aggregated balance sheet, the structure of the organization's property is analyzed. Directly from the analytical balance sheet you can obtain the most important characteristics of the financial condition of the organization, which are presented in Table 2.

table 2

Indicators of the financial condition of the organization

Dynamic analysis of the indicators given in Table 2 allows us to establish their absolute increments and growth rates.

Liquidity and solvency of the balance sheet

The financial position of an organization can be assessed from a short-term or long-term perspective. In the first case, the criteria for assessing the financial position are liquidity and solvency, i.e. the ability to timely and fully make payments on short-term obligations.

It is necessary to analyze the liquidity of the balance sheet to assess the creditworthiness of the organization (the ability to timely and fully pay all its obligations).

Balance sheet liquidity is defined as the degree to which an organization's liabilities are covered by its assets, the period of conversion of which into money corresponds to the period of repayment of obligations. The liquidity of assets should be distinguished from balance sheet liquidity, which is defined as the temporary quantity necessary to convert assets into cash. The shorter the time it takes to convert a given asset into money, the higher its liquidity.

Solvency implies that the organization has cash and cash equivalents sufficient to pay accounts payable that require immediate repayment. Thus, the main signs of solvency are:

• availability of sufficient funds in the current account;
• absence of overdue accounts payable.

It is obvious that liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, but in essence this assessment may be erroneous if current assets have a significant share of illiquid assets and overdue receivables.

Depending on the degree of liquidity, the organization’s assets can be divided into the following groups:

A1 - the most liquid assets. These include all items of the organization's funds and short-term financial investments. This indicator is calculated as follows:

A1 = page 250 + page 260;

A2 - quickly realizable assets.

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

A2 = page 240;

A3 - slowly selling assets.

Items in section II of the balance sheet assets, including inventories, value added tax, accounts receivable (payments for which are expected more than 12 months after the reporting date) and other current assets:

A3 = page 210 + page 220 + page 230 + page 270;

A4 - hard-to-sell assets.

Articles in section I of the balance sheet asset - non-current assets:

A4 = page 190.

Balance sheet liabilities are grouped according to the degree of urgency of their payment:

P1 - the most urgent obligations. These include accounts payable:

P1 = page 620;

P2 - short-term liabilities. Short-term borrowings and other short-term liabilities:

P2 = page 610 + page 660;

P3 - long-term liabilities. Balance sheet items related to sections V and VI, i.e. long-term loans and borrowed funds, as well as debt to participants in the payment of income, deferred income and reserves for future expenses:

P3 = page 590 + page 630 + page 640 + page 650;

P4 - permanent, or stable, liabilities. Articles of section IV of the balance sheet "Capital and reserves". If the organization has losses, they are deducted:

P4 = page 490.

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

The balance is considered absolutely liquid if the following ratios exist:

A1 >= P1; A2 >= P2; A3 >= P3; A4<= П4.

The fulfillment of the first three inequalities in this system entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups for assets and liabilities.

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

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

Current liquidity (TL) - indicates the solvency of the organization for the period of time closest to the moment under consideration:

TL - (A1 + A2) - (P1 + P2).

Prospective liquidity (PL) - forecast of solvency based on comparison of future receipts and payments:

PL = A3-P3.

The analysis of financial statements and balance sheet liquidity carried out according to the above scheme is approximate. A more detailed analysis of the financial indicators and ratios given in Table 3.

Table 3

Liquidity indicators of the organization's balance sheet

Financial stability and capital structure

An assessment of the financial condition of an organization will be incomplete without an analysis of financial stability. When determining the degree of solvency, the state of liabilities and assets is compared. The task of financial stability analysis is to assess the size and structure of assets and liabilities. Indicators that characterize independence for each element of assets and property as a whole make it possible to measure whether the analyzed organization is financially stable enough.

The financial stability of an economic entity should be understood as the provision of its reserves and costs with the sources of their formation. A detailed analysis of the financial condition of an organization can be carried out using absolute and relative indicators.

The simplest and most approximate way to assess financial stability is to observe the ratio:

< Текущие оборотные средства (стр. 490 - стр. 252 - стр. 244 + стр. 590 - стр. 190 - стр. 230).

This ratio shows that all inventories are fully covered by own working capital, i.e. the organization does not depend on external creditors. However, such a situation cannot be considered normal, since it means that the administration is unable, unwilling or unable to use external sources to carry out its core activities. Therefore, the following ratio is more fair:

Inventory (page 210 + page 220)< Текущие оборотные средства (стр. 490 - стр. 252 - стр. 244 + стр. 590 - стр. 190 - стр. 230) + Краткосрочные заемные средства (стр. 610) + Расчеты с кредиторами по товарным операциям (стр. 621 + стр. 622 + стр. 627).

However, in addition to absolute indicators, financial stability is also characterized by relative coefficients, which are accepted in global and domestic accounting and analytical practice (Table 4).

Table 4

Financial stability indicators

A general indicator of financial independence is the surplus or shortage of sources of funds for the formation of reserves and costs, which is defined as the difference in the amount of sources of funds and the amount of reserves and costs.

The total amount of inventories and costs (ZZ) is equal to the sum of lines 210 and 220 of the balance sheet asset:

ZZ = page 210 + page 220.

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

1. Own working capital (SOS):

SOS = page 490 - page 190.

1. Own and long-term borrowed sources of formation of reserves and costs, or total operating capital (CF):

CF = page 490 + page 590 - page 190.

1. The total value of the main sources of reserve formation and costs (VI):

VI = page 490 + page 590 + page 610 - page 190.

Three indicators of the availability of sources for the formation of reserves and costs correspond to three indicators of the provision of reserves and costs with sources of formation.

It is possible to distinguish four types of financial situations (Table 5):

1. Absolute independence of financial condition. This type of situation is extremely rare and represents an extreme type of financial stability.
2. Normal independence of financial condition guarantees the solvency of the organization.
3. An unstable financial condition is associated with a violation of solvency, but it is still possible to restore balance by replenishing sources of own funds, reducing accounts receivable, and accelerating inventory turnover.
4. A crisis financial condition in which the enterprise is completely dependent on borrowed sources of financing. Own capital, long-term and short-term credits and borrowings are not enough to finance working capital, i.e. Inventory replenishment comes from funds generated as a result of slower repayment of accounts payable.

Table 5

Types of financial situations

Stage III. Assessment and analysis of financial and economic activities Assessment of business activity

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

At a qualitative level, such an assessment can be obtained by comparing the activities of organizations related in the field of investment of capital. Such qualitative criteria are: breadth of product markets; availability of products for export; the reputation of the organization, expressed, in particular, in the fame of clients using its services, etc.

When analyzing working capital turnover, special attention must be paid to inventories and accounts receivable. The less financial resources of the organization are such assets, the more efficiently they are used, the faster they turn over and generate profit.

Turnover is assessed by comparing the average balances of current assets and their turnover for the analyzed period. Turnovers when assessing and analyzing turnover are:

• for inventories - costs of production of sold products;
• for accounts receivable - sales of products by bank transfer (since this indicator is not reflected in the reporting and can be identified from accounting data, in practice it is often replaced by an indicator of sales revenue).

Turnover, expressed in turnovers, shows the average number of turnovers of funds invested in assets of a given type for the analyzed period; turnover, expressed in days, is the duration (in days) of one turnover of funds invested in assets of a given type.

A generalized characteristic of the duration of the death of financial resources in current assets is the indicator of the duration of the operating cycle, i.e. the number of days on average from the moment funds are invested in current production activities until they are returned in the form of revenue to the current account. This indicator largely depends on the nature of production activities; its reduction is one of the main internal tasks of the organization.

Indicators of the efficiency of using individual types of resources are summarized in indicators of equity capital turnover and fixed capital turnover, which characterize, respectively, the return on invested funds.

Table 6 presents indicators of business activity calculated in the process of financial analysis.

Table 6

Business activity indicators

Profitability assessment

The effectiveness and economic feasibility of the organization’s functioning are measured by absolute and relative indicators: profit, level of gross income, profitability, etc.

Profitability indicators are relative characteristics of the financial results and efficiency of an organization. They reflect the profitability of the organization and are grouped in accordance with the interests of participants in the economic process. These indicators characterize the factor environment for the formation of profit and income of organizations.

To calculate the main profitability indicators, data from the consolidated balance sheet and profit and loss account are used (Table 7).

Table 7

Key profitability indicators

The given indicators do not have standard values, depend on many factors and vary significantly depending on the profile, size, structure of assets and sources of funds of the organization, therefore it is advisable to analyze trends in their changes over time.

T.A.Fadeeva

Head of Evaluation Department

JSC "BKR-Intercom-Audit"