The lender evaluates the financial stability of the enterprise. Coursework: Assessment of the financial stability of an enterprise

Under the conditions of market relations, financial stability is evidence of the stability of the company and the ability to survive. That is, it shows the state of the company's resources on this moment, the ability to freely and efficiently use financial resources, while ensuring production and taking into account the necessary costs.

The main task of management is the ability to ensure financial stability company whose activities are aimed at making a profit.

A stable state is a state when, under the influence of external factors on the activities of an enterprise, it can remain normally functioning, able to pay its obligations, and fulfill its goals.

Fundamentals of financial stability

Company financial stability- this is a certain state of the organization, when the solvency is constant over time, and provides its ratio of equity and borrowed capital.

Thus, financial stability is characterized by the state of financial resources, which corresponds to the market and shows the development needs of the company.

Financial stability is formed during economic activity and is the main component of the stability of the company. Financial stability can be influenced by both internal and external factors.

Tasks of financial stability analysis:

1) Assessment of the solvency and financial stability of the company, detection of violations and their causes.

3) Efficient use of resources and stabilization of financial stability.

4) Making a forecast of probable financial results, and possible financial stability, depending on different ways resource usage.

Internal factors:

Financial stability assessment

financial stability liquidity profitability

One of the most important characteristics financial condition JSC "Russian Railways" is its financial stability.

Financial sustainability depends on many factors, some of which are internal and some external to railways. As a result, there is no single set general rules that would guarantee overall financial stability. However, the analysis presented in this chapter makes it possible to identify factors that negatively affect financial stability, as well as possible means of eliminating them. The analysis is carried out through financial statements (see Appendix 3) and income statement (see Appendix 4).

Analysis of the financial stability of an enterprise based on absolute and relative indicators

The performance of any enterprise can be assessed using absolute and relative indicators.

Using absolute indicators, it is possible to trace the size of balance sheet profit in dynamics or net profit(Table 2.1).

Relative indicators (Table 2.2), characterizing the efficiency of the enterprise, are divided into two groups: the first - indicators business activity(Table 2.7), the second - profitability indicators (Table 2.8).

Table 2.1 - Analysis of the financial stability of an enterprise based on absolute indicators

Index	Conventions				Deviations
Sources of own funds formation: p.490+p.630+p.640+p.650- p.216
Non-current assets: p.190.
Availability of own working capital: SK-VA
Long-term liabilities: p.590.
Availability of own and long-term borrowed funds:
Short-term borrowed funds: p.610.
The total value of the main sources of formation:
Total reserves: p.210+p.220-p.216.
Surplus (+) or shortage (-) of own working capital: SOS - Z.
Surplus (+) or shortage (-) of own and long-term borrowed funds: SD - Z.
Surplus (+) or lack (-) of the main sources of formation: OIF - Z.

In the analyzed periods, there is a lack of SOS, SOS is not provided with reserves and costs, it is necessary to attract additional sources of financing, although in 2010 their growth is noticeable, and there is also a reduction in the lack of own and long-term funds in 2010.

The lack of sources for all three absolute indicators indicates the instability of the financial condition of the enterprise.

Let's analyze the financial stability of the enterprise on the basis of relative indicators presented in table 2.2.

The autonomy coefficient shows how independent the organization is from creditors. For these periods, there are minor changes in the coefficient, its value is greater than the normative one, therefore, the organization does not depend on borrowed sources of financing.

The ratio of borrowed funds in dynamics also has a slight change, which indicates an increase in the company's dependence in 2011 on external sources. However, the value of this indicator remains below the standard.

The funding ratio decreases in 2011, but remains within the norm, which means that the main part of the organization's activities is financed from its own sources of funds.

The financial stability ratio is more than the standard. This means that the company does not depend on short-term borrowed funds.

The coefficient of security with own working capital. The value of Kob is much less than the normative indicator. It means that most of own capital is formed from borrowed sources, but there is a tendency to decrease, namely in 2009 - 88%, in 2010 - 29%, in 2011 - 23%.

Table 2.2 - Analysis of the financial stability of an enterprise based on relative indicators

Index	Conventions				standard
Sources of own funds: p.490+p.630+p.640+ p.650-p.216
Long-term liabilities: p.590
Short-term liabilities: p.610+p.620+p.660.
Non-current assets p.190
Current assets: p.290-p.216.
Availability of own working capital: SC + DO - VA.
Balance currency: p.300-p.216
Financial ratios: autonomy; Borrowed money; Financing; financial stability; Security with own working capital; maneuverability; Investments	Ka = SK / B Kzs \u003d (DO + KO) / B Kf \u003d SK / (DO + KO) Kfu \u003d (SK + DO) / B Kob = SOS / TA Km = SOS / SK Ki = SK / VA

The maneuverability coefficient shows what part of own funds is in mobile form. The value of Km is below the standard, that is, the enterprise is not able to freely maneuver its own means.

The investment ratio shows the extent to which own sources cover investments in fixed assets. In dynamics, the value of this indicator increases, but is below the standard.

Liquidity analysis

When analyzing liquidity, the main task is to study the company's ability to fulfill its short-term obligations. To do this, it is necessary to assess the liquidity of working capital, that is, the degree of their ability to be converted into cash - the most liquid asset (Table 2.3).

Table 2.3 - Liquidity analysis

If one or more inequalities have the opposite sign, the liquidity of the balance sheet is more or less different from the absolute one.

Comparison of liquid funds and liabilities allows you to calculate the following indicators:

Current liquidity

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

Prospective liquidity

Let's analyze the liquidity of the balance sheet (Table 2.4).

According to the data in the structure of assets at the enterprise in 2009-2011, the number of hard-to-sell assets prevails, the liquidity of assets is low. Liabilities are dominated by fixed liabilities, therefore, this is a very volatile indicator, as it can lead to some financial risks. For a comprehensive assessment of the liquidity of the balance sheet, we calculate the total liquidity indicator of the balance sheet of the enterprise using formula 2.1.

where NLA - the most liquid assets;

BRA - quick realizable assets;

MRA - slow-moving assets;

NSO - the most urgent obligations;

KSP - short-term liabilities;

DSP - long-term liabilities.

Table 2.4 - Analysis of balance sheet liquidity

	Most liquid assets: p.250+p.260					Most urgent liabilities: p.620
	Marketable assets: p.215+p.240+ p.270					Short-term liabilities: p.610+p.660
	Slowly selling assets: p.210-p.215-p.216+p.220+ p.230+p.140					Long-term liabilities: p.590
	Difficult-to-market assets: p.110+p.120+ p.130+p.150					Permanent liabilities: p.490+p.630+ p.640+ p.650- p.216
BALANCE p.300-p.216				BALANCE p.700-p.216

Number 2009 = (26,543,455+0.5*92,808,996+0.3*74,329,530)/(308,113,384+0.5*560,035 71+0.3*332,287,093) = 0.22

Number 2010 = (61,653,609+0.5*123,305,097+0.3*70,840,524)/(256,873,673+0.5*73,436,665+0.3*303,341,437) = 0.42

Number 2011 = (187 231 528+0.5*100 164 460+0.3*83 038 392)/(299 420 705+0.5*157 793 746+0.3*316 883 283) = 0.55

A1< П1; А2>P2; A3<П3; А4>P4, therefore, the liquidity of the balance sheet differs from the absolute one.

Analysis of liquidity indicators is presented in Table 2.5.

Table 2.5 - Analysis of liquidity indicators

Coefficient current liquidity below the standard, this indicates an inefficient use of the enterprise's funds, however, there is a tendency to increase this standard, which favorably affects the enterprise.

The quick liquidity ratio is also below the standard, which means that the dynamics is declining, the company is not quite able to fulfill its current obligations at the expense of liquid assets.

The absolute liquidity ratio has increased significantly compared to 2009 and in 2011 is 0.41, which exceeds the standard by about 2 times, therefore, in the near future the company is able to pay off accounts payable.

Solvency analysis

One of the indicators characterizing the financial stability of an enterprise is its solvency, i.e. the ability to timely pay off their payment obligations with cash resources. Solvency is outward manifestation financial condition, its stability.

Solvency analysis is carried out using financial ratios that characterize the liquidity of the balance sheet.

Various liquidity indicators not only characterize the stability of the financial condition of the organization with different methods of accounting for the liquidity of funds, but also meet the interests of various external users of analytical information. For suppliers of raw materials and materials, the absolute liquidity ratio is most interesting. A bank giving a loan to an organization pays more attention to the “critical assessment” coefficient. Buyers and shareholders of the enterprise to a greater extent evaluate the financial stability of the organization by the current liquidity ratio.

Let's analyze the solvency presented in table 2.6.

Table 2.6 - Analysis of solvency

Name of indicator	Line code			Change
I. Initial data for analysis
1. Cash and short-term financial investments
2. Cash, short-term financial investments and short-term accounts receivable	1240+1250+KDZ
3. The total value of current assets
4. Total assets
5. Current liabilities
6. Total amount of liabilities	1400+1500-1530-1540
II. Assessment of current solvency	Optimal value
1. Absolute liquidity ratio R2 (cash reserve ratio)
2. Quick liquidity ratio L3 (“critical assessment”)
3. Current liquidity ratio R4 (debt coverage)
III. Additional indicators of solvency
1. Total liquidity ratio R1 (A1+0.5A2+0.3A3)/(P1+0.5P2+0.3P3)
2. The coefficient of maneuverability of the functioning capital L5 (A3 / (A1 + A2 + A3) - (P1 + P2))
3. Share of working capital in assets L6 (А1+А2+А3)/B
4. The coefficient of provision with own working capital L7 (P4-A4) / (A1 + A2 + A3)

The absolute liquidity ratio (L2) shows what part of the short-term debt the organization can repay in the near future at the expense of cash. For the reporting period, the solvency of the enterprise is considered optimal. At the same time, the guarantee of repayment of debts increased.

The coefficient of critical assessment (P3) shows what part of the organization's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as receipts from accounts. The level of quick liquidity ratio is considered practically optimal.

Current liquidity ratio (L4) shows the extent to which current assets cover current assets. The level of this coefficient is insufficient. The company is unable to provide a reserve stock to compensate for losses.

The overall liquidity ratio (L1) shows what part of the company's short-term liabilities can be repaid at the expense of the entire amount of its current assets. In the analyzed period, the level of total liquidity of the enterprise increased slightly, but did not reach the optimal value. At the same time, after paying off debts, the enterprise will not have current assets to continue its activities.

The coefficient of maneuverability of the functioning capital (L5) shows what part of the functioning capital is immobilized in production stocks and long-term receivables. The indicator remained unchanged, which indicates the stability of the balance sheet structure.

The ratio of own funds (L7) characterizes the availability of own working capital of the organization, necessary for its financial stability. During the analyzed period, the provision of the enterprise with its own working capital slightly improved, but it did not reach the optimal value and financial stability did not improve.

Business activity analysis

This analysis allows you to consider how effectively the company uses its funds.

It is important in assessing financial stability, since the rate of conversion of funds into cash has a significant impact on the solvency of the enterprise.

Business activity has a close relationship with other important characteristics of the organization. It's about on the impact of business activity on investment attractiveness and creditworthiness. The high business activity of an economic entity motivates potential investors to carry out operations with the assets of this company, to invest funds. In turn, banks are more willing to provide credit resources to organizations with high rates of business activity, since they are able to use credits and loans more efficiently and service their debt obligations. Appendix 2 presents an analysis of business activity, the corresponding conclusions are drawn below.

Business activity indicators show how efficiently the company uses its funds. There is a reduction in the turnover of current assets, which entails a decrease in profits and sales proceeds.

The rate of inventory turnover increases, which means that over the period, inventory is consumed and renewed large quantity once.

The rate of turnover of receivables slightly increased. This means that over the period under study, receivables began to turn into cash more often during the reporting period.

The rate of turnover of fixed assets increased, i.е. the company began to use cash more efficiently.

The asset turnover rate has not changed in dynamics.

The turnover rate of equity and invested capital has not changed much. This means that the company returns the invested funds in the form of profit for the reporting period the same number of times as for the previous period.

The rate of turnover of accounts payable increased due to a decrease in its amount. This indicates a decrease in the dependence of the enterprise on such sources.

Profitability analysis

One of the main and traditionally used indicators in evaluating the performance of an organization is profitability.

Profitability refers to the group of financial ratios, which are a quick and relatively simple means of studying the financial and economic activities of the organization. Speed ​​is ensured by the use of already available accounting (financial) reporting data, and simplicity is due to the fact that the ratio expresses the ratio between two of some numbers from the reporting.

The assessment of the profitability of enterprises is carried out to ensure comparability of absolute profit indicators with economic analysis, as well as for forecasting financial results in connection with changing business circumstances.

Profitability is the most important evaluation indicator that characterizes the performance of a business.

Let's analyze the profitability of Russian Railways (Table 2.7)

Table 2.7. Profitability analysis

Index			Deviations
Balance sheet profit: f. No. 2 p. 140
Net profit: f. No. 2 p.140-p.150
Average value of current assets: p.290-p.216
Average assets: p.300-p.216-p.465-p.475
Average value of own sources: p.490+p.630+p.640+ p.650-p.216-p.465-p.475
Average value of short-term liabilities: p.610+p.620+p.660
Proceeds from the sale of products, works, services:
Costs for the production of sold products, works, services: f. No. 2 p. 020
Profitability, %: Assets: line 2/line 4*100% Current assets: line 2/line 3*100% Investment: line1/(line4-line6)*100% Equity: line 2/line 5*100% Sold products: p.2/p.7*100% Costs: p.2/p.8*100%

Return on assets shows how much profit the company receives from 1 ruble invested in non-current assets. In dynamics, this figure is significantly reduced.

Return on current assets shows how much profit the company receives from 1 ruble invested in current assets. The value of this indicator has decreased significantly.

Return on investment reflects the effectiveness of the use of funds invested in the enterprise. The indicator value has not changed. Return on equity reflects the share of profit in equity. The value of the indicator decreases, which means that each ruble invested by the owners of the enterprise began to bring a smaller amount of profit. The profitability of sold products decreased in dynamics, which may indicate a decrease in demand for the company's products. Return on costs shows the share of profit in the amount of costs for the production of sold products. The value of the profitability indicator in comparison with 2010 in 2011 increased significantly.

Financial sustainability score

Table 2.8 and Table 2.9 present the criteria for assessing the indicators of the financial stability of an enterprise and the classification of financial stability by the sum of points, respectively, on the basis of which conclusions will be drawn about the stability or instability of the enterprise.

Table 2.8 - Criteria for assessing the indicators of the financial stability of an enterprise

		CRITERIA
		Criterion reduction conditions
Absolute liquidity ratio (L2)		20 points		For every 0.1 point reduction, compared to 0.5, 4 points are deducted
Critical evaluation coefficient (P3)		18 points		For every 0.1 point reduction, compared to 1.5, 3 points are deducted
Current liquidity ratio (L4)				For every 0.1 point decrease, compared to 2.0, 1.5 points are deducted
Coefficient financial independence(U12)		17 points		For every 0.01 point reduction, compared to 0.6, 0.8 points are deducted
Security ratio own sources financing (U1)		15 points		For every 0.1 point reduction, compared to 0.5, 3 points are deducted
Financial independence ratio in terms of the formation of reserves and costs (U24)		13.5 points		For every 0.1 point reduction, compared to 1.0, 2.5 points are deducted

Table 2.9 - Classification of financial stability by the amount of points

Let's assess the company's financial stability (Table 2.10).

Table 2.10 - Assessment of financial stability

Financial condition indicators
Actual values	Number of points	Actual values	Number of points
1. Absolute liquidity ratio (L2)
2. Coefficient of critical evaluation (P3)
3. Current liquidity ratio (L4)
4. Financial independence ratio (U12) p.490/p.700
5. The coefficient of financial independence in terms of the formation of reserves and costs (U24) (p. 490 - p. 190)/(p. 210 - p. 220)

At the beginning of the period and at the end of the period: 4th class of financial stability. The company has an unsatisfactory financial condition. The risk of partner relationships with this enterprise is very significant. However, it should be noted that compared to the previous year, the financial condition in 2011 improved significantly, although it did not reach financial stability.

Diploma Plan

“Financial stability of an enterprise and methods of its assessment”

Introduction

Chapter 1. Specificity of the analysis of the financial stability of the enterprise

1.1. Assessment of the financial condition of the enterprise, the main criteria

1.2. Methods for assessing the financial stability of an enterprise

1.2.1. Assessment of the financial stability of an enterprise using absolute and relative indicators

1.2.2. The use of matrix balances to assess the financial condition

1.2.3. Balance model for assessing the financial stability of an enterprise

1.3. General assessment of the financial stability of the enterprise

1.4. The system of indicators reflecting the financial stability of the enterprise

1.4.1. Share of equity in assets

1.4.2. own funds maneuverability ratio

1.4.3. Calculation of indicators (conditions) of financial stability according to the sources of the enterprise's needs for reserves and costs

1.4.4. Sustainable growth rate

1.4.5. Interest coverage ratio

Chapter 2. Analysis of the financial stability of the enterprise (case study)

2.1. General characteristics of the activities of Arkhbum OJSC

2.2. Analysis of the financial position of Arkhbum JSC

2.2. Calculation of the main coefficients reflecting the financial stability of the enterprise

Chapter III. General assessment of the financial stability of Arkhbum OJSC and analysis of long-term prospects

3.1. General assessment of the financial stability of Arkhbum OJSC

3.2. Market position analysis

Conclusion

List of used literature

Application

Doing

In a market economy, the elements of the financial mechanism are the main regulators of the economy, and the financial results most fully reflect the overall performance of individual enterprises.

The financial activities of enterprises include:

Meeting the need for financial resources;

Optimization of the structure of financial capital according to the sources of its transformation;

Ensuring financial discipline in relations with other enterprises (suppliers and consumers), banks, tax authorities;

regulation financial relations enterprises with owners (shareholders), employees, between divisions (branches), etc.

To determine the financial position of the enterprise, a number of characteristics are used that most fully and accurately show the state of the enterprise both in the internal and external environment.

The financial stability of the enterprise is one of these characteristics. It is associated with dependence on creditors, investors, i.e. with the ratio “own capital - borrowed capital”. The presence of significant liabilities not fully covered by own liquid capital creates the preconditions for bankruptcy if major creditors demand a refund of their funds.

But at the same time, investing borrowed funds can significantly increase the return on equity. Therefore, it is very important when analyzing the financial stability of an enterprise to use a system of indicators that reflect the risk and profitability of the company in the future.

The purpose of this work is a general description of several methods for assessing the financial stability of an enterprise and the choice of the main criteria that should be taken into account in the analysis and assessment of financial stability.

The main objective of this work is to consider one of the methods for assessing the financial stability of an enterprise using the example of Arkhbum OJSC, conclusions on the stability of the financial position of this enterprise and proposals for the analysis and functioning of the enterprise as a whole.

This work has the following structure:

Chapter I. Theoretical part, which is aimed at highlighting theoretical issues related to financial analysis and assessment of the financial stability of an enterprise.

It consists of the following items:

1.1. Assessment of the financial condition of the enterprise, the main criteria. In this paragraph, we will consider the methodology for conducting financial analysis.

1.2. Methods for assessing the financial stability of an enterprise. In this paragraph, we will consider such basic methods for assessing financial stability as: assessing the financial stability of an enterprise using absolute and relative indicators; the use of matrix balances to assess the financial condition; balance model for assessing the financial stability of an enterprise.

1.3. General assessment of the financial stability of the enterprise, in this paragraph we will give common methodology assessment of the financial stability of the enterprise;

1.4. The system of indicators reflecting the financial stability of the enterprise, here we will consider a system of indicators, consisting of the following coefficients and indicators: the share of equity in assets; coefficient of maneuverability of own funds, an indicator (condition) of financial stability according to the sources of the enterprise's needs for reserves and costs; reserve coverage ratio.

Chapter II. It has practical purpose. In this chapter, we will analyze the financial condition of Arkhbum OJSC, calculate the indicators that are most often used in assessing the financial independence of an enterprise.

This chapter has the following structure:

2.1. General characteristics of the activities of JSC "Arkhbum";

2.2. Analysis of the financial position of Arkhbum OJSC;

2.3. Calculation of the main coefficients reflecting the financial stability of the enterprise

Chapter III. Final Chapter. Contains a general methodology for assessing the financial stability of OAO Arkhbum, analysis current situation occupied by the enterprise in the market and the main recommendations for the successful functioning of Arkhbum OJSC in the future.

Has the following structure:

3.1. The overall assessment of the financial stability of Arkhbum OJSC, in this paragraph, is the actual assessment of the financial stability of the enterprise using the method of absolute indicators and balance sheet analysis;

3.2. Market position analysis - General characteristics enterprises, prospects for its development and indicators that Arkhbum OJSC managed to achieve;

Chapter 1. Specificity of the analysis of the financial stability of the enterprise

1.1. Assessment of the financial condition of the enterprise, the main criteria

The content and main target of financial analysis is the assessment of the financial condition and the identification of the possibility of improving the efficiency of the functioning of an economic entity with the help of a rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e. solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other economic entities

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by employees of the enterprise ( financial managers). External Analysis conducted by analysts who are outsiders to the enterprise (for example, auditors).

Analysis of the financial condition of the enterprise has several goals:

Determining the financial position;

Identification of changes in the financial condition in the spatio-temporal context;

Identification of the main factors causing changes in the financial condition;

Forecast of the main trends in financial condition.

The financial condition of the company is a complex concept and is characterized by a system of indicators that reflect the real and potential financial capabilities of the company as a business partner, capital investment object, taxpayer. The goal of any company (company, organization, enterprise) is such a financial condition when there is an efficient use of resources, when the company is able to meet its obligations on time and in full, etc. Sufficiency of own funds for exclusion high risk, good profit prospects are also indicators of the good financial condition of the firm (organization, enterprise, company). Poor financial condition is expressed in unsatisfactory payment readiness, low efficiency of resource use, inefficient allocation of funds, their immobilization. The limit of the company's poor financial condition is the state of bankruptcy, i.e. the company's inability to fully meet its obligations.

At general assessment the financial condition of the enterprise the main task of the financier is to identify and analyze trends in the development of financial processes in the enterprise.

What is the risk of a financial relationship with the company and what is the expected return?

How will risk and return change over time?

What are the main directions for improving the financial condition of the company?

The information necessary to analyze the financial condition of the enterprise is contained in the financial statements, audit reports, operational accounting and other sources.

The main forms of financial (accounting) reporting Russian enterprises are (Annex 1):

- “Balance sheet of the enterprise” (form No. 1);

- “Report on financial results and their use” (form No. 2);

- “Cash flow statement” (Form No. 4);

- “Appendix to the balance sheet of the enterprise” (form No. 5)

Balance - the main form of financial statements. The balance sheet shows the state of the assets of the enterprise and the sources of their formation on certain date. In financial analysis, it is customary to distinguish between an accounting (gross) balance sheet and an analytical (net) balance sheet.

Under financial stability is understood as such a state of the enterprise, in which the solvency is constant over time, and the ratio of equity and borrowed capital ensures this solvency. A system of coefficients is used to assess financial stability.

1. Concentration ratio of own capital (autonomy, independence) KKS:

This indicator characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities. The addition to this indicator is the coefficient of concentration of borrowed capital KKP:

These two coefficients add up: KKS + KKP = 1.

2. The ratio of debt and equity capital of the CU:

It shows the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the enterprise.

3. The coefficient of maneuverability of own funds of the CM:

This ratio shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized. Own working capital is the sum of equity and long-term loans minus non-current assets (p. III + p. IV - p. I of the balance sheet).

4. Coefficient of structure of long-term investments SWR:

The ratio shows what part of fixed assets and other non-current assets is financed from long-term borrowed sources.

5. Ratio of sustainable financing of the KUF:

This ratio shows how much of the assets are financed from sustainable sources. In addition, the ratio reflects the degree of independence or dependence of the enterprise on short-term borrowed sources of coverage.

6. The coefficient of the real value of the property of the Kyrgyz Republic:

Let's calculate the financial stability ratios for the analyzed enterprise, put the obtained data in table 7. As can be seen from table 7, the value of the KKS coefficient is quite high: 0.76 at the beginning of the period and 0.77 at the end of the period. Thus, the company is financially stable, stable and little dependent on external creditors. This is also evidenced by the coefficient of concentration of borrowed capital KKP.

The ratio of own and borrowed capital KKS shows that for each ruble of own funds invested in the assets of the enterprise, at the beginning of the period there were 32 kopecks of borrowed funds, and at the end of the period - 30 kopecks.

The coefficient of maneuverability of own funds of CM at the end of the analyzed period decreased slightly compared to the beginning of the period: from 0.46 to 0.30. Therefore, at the end of the period, 30% of own funds are used to finance current activities, and 70% are capitalized.

The coefficient of the structure of long-term investments CVR shows that at the beginning of the analyzed period, 16% of non-current assets were financed by long-term loans and borrowings, at the end of the period - 7% of non-current assets. The decrease in this ratio is associated with a decrease in the amount of long-term borrowed sources.

The coefficient of sustainable financing of the FCF shows that at the beginning of the analyzed period, 84% of assets were financed from sustainable sources, at the end of the period - 81% of assets. The high value of this coefficient reflects a high degree independence of the enterprise from short-term borrowed sources of coverage.

The value of the coefficient of the real value of the property of the Kyrgyz Republic at the end of the analyzed period increased significantly compared to the beginning of the period: from 0.54 to 0.61. Thus, the production potential of the enterprise has increased.

Table 7

Financial stability ratios

One of the criteria for assessing the financial stability of an enterprise is the surplus or lack of sources of funds for the formation of reserves and costs.

There are 4 types of financial stability:

1. Absolute financial stability: Z< СОС.

2. Normal financial stability: Z = SOS.

3. Unstable state: Z = SOS + KR T.M.Ts.

4. Crisis financial condition: Z > SOS + KR T.M.Ts. + Funds and reserves.

At the same time, the following condition must be met for the ratio of reserves and costs by sources of funds (CA):

For the analyzed enterprise:

At the beginning of the period 110244< 187890 + 35000 или 110244 < 222890,

At the end of the period 72944< 194670 + 62000 или 72944 < 256670,

Thus, the financial condition of the analyzed enterprise is characterized by normal stability, i.e. such a state when stocks and costs are less than the amount of own working capital and bank loans for inventory items (KR T.M.Ts.).

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Graduation qualifying work

Assessment of the financial stability of the enterprise

Introduction

In a market economy, any enterprise should pay attention to the issue of finance Special attention. To manage finances effectively, an enterprise needs to systematically conduct financial analysis. The purpose of financial analysis is a comprehensive study of the financial condition of the organization and influencing factors, which will make it possible to predict the level of return on capital and identify opportunities to improve the efficiency of its functioning.

The ability of an organization to successfully function and develop, maintain a balance of assets and liabilities in a changing internal and external business environment, maintain solvency and financial stability indicates its stable financial condition, and vice versa.

Financial analysis is a method for assessing the retrospective (past) and prospective (future) financial stability of an economic entity based on the study of the dependence and dynamics of financial information indicators. Therefore, only financial analysis is able to comprehensively explore and evaluate all aspects and results of cash flow, the level of relations associated with cash flow, as well as the possible financial stability of the organization.

Any type of economic activity begins with the investment of money, goes through the movement of money and ends with results that have a monetary value. Therefore, only financial analysis is able to comprehensively explore and evaluate all aspects and results of cash flow, the level of relations associated with cash flow, as well as the possible financial stability of the organization.

The financial stability of an enterprise is understood as its ability to finance its activities. It is characterized by security financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and efficiency of use, financial relationships with other legal entities and individuals.

Financial stability is the stability of the financial position of the enterprise, provided by a sufficient share of equity capital as part of the sources of financing.

It depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, it has a positive effect on the financial position of the enterprise. And, conversely, as a result of underfulfillment of the plan for the production and sale of products, its cost increases, revenues and profits decrease, and as a result, the financial condition of the enterprise and its solvency worsen.

A stable financial position, in turn, provides positive influence to fulfill production plans and provide the needs of production with the necessary resources.

That's why financial activities how component economic activity is aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of own and borrowed capital and its most efficient use.

The relevance of this topic lies in the fact that ensuring the financial stability of any commercial enterprise is the most important task of its management.

The purpose of this work is to assess the financial stability of MashstalOptProm LLC and develop measures to improve the efficiency of its work.

To achieve this goal in the final qualifying work, the following tasks were solved:

Disclosure of the essence, functions and significance of the analysis of the financial stability of the enterprise and its liquidity;

Evaluation of various approaches to the analysis of the liquidity of the balance sheet of an enterprise;

Conducting an analysis of the financial condition of the enterprise;

Calculation of financial ratios to assess the liquidity and financial stability of the enterprise;

Assessment of the degree of solvency and the probability of bankruptcy of the enterprise;

The subject of research of the final qualifying work is an assessment of the financial stability of MashstalOptProm LLC.

The object of study of this work is the Limited Liability Company "MashstalOptProm".

The main sources of information for analyzing the activities of MashstalOptProm LLC are financial statements (balance sheet, income statement) for the period 2008-2010.

The final qualifying work is written using various methods economic research: abstract-logical, economic-statistical, analytical, research, etc.

The work consists of an introduction, three chapters, a conclusion and a list of references.

In the first chapter of the final qualifying work the theoretical foundations of the analysis of the financial stability and liquidity of the enterprise from the authors of foreign and domestic literature are given.

In the second chapter, an analysis of the financial stability of the enterprise follows, which describes the characteristics of the organization in question, analyzes liquidity and assesses its financial stability.

The practical significance of this work lies in the possibility of using the results of the analysis of the activities of MashstalOptProm LLC in order to increase the profitability, liquidity and solvency of the enterprise.

1. Financial stability as one of the components of the assessment of the financial condition of the enterprise

1.1 Theoretical basis liquidity analysis of the enterprise and different approaches her grades

Financial stability is one of the characteristics of the conformity of the structure of funding sources in the structure of assets. The assessment of financial stability is closely related to the liquidity of the enterprise, i.e. the ability to timely fulfill obligations for all types of payments, realizing current assets.

The liquidity of an economic entity can be assessed by its balance sheet. The liquidity of the balance sheet involves finding means of payment only at the expense of internal sources(realization of assets). But an enterprise can attract borrowed funds from outside if it has an appropriate image in the business world and enough high level investment attractiveness.

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

Currently, there are two approaches to determining liquidity.

The first is to identify liquidity and solvency, while the solvency of an enterprise means its ability to pay its debts on time. This is the main indicator of the stability of its financial condition. According to this approach, liquidity is the broadest definition of solvency.

In a closer, specific sense, solvency is the availability of funds and cash equivalents for an enterprise sufficient to pay for accounts payable that require repayment in the near future.

The second approach determines the possibility of realizing material and other assets to turn them into cash, while all property is divided into four groups according to the degree of liquidity:

· first-class liquid funds - all types of funds;

· fast-moving assets - short-term financial investments, receivables, payments on which are expected within 12 months, other current assets;

· mid-market assets - long-term financial investments, stocks of raw materials, materials, low-value and wearing items, construction in progress, accounts receivable, payments for which are expected in more than 12 months, other stocks and costs;

· hard-to-sell, or non-liquid assets - property intended for current economic activity (the result of section I of the balance sheet asset).

According to this approach, liquidity and solvency are not identical to each other. For us, the second approach is closer, since liquidity ratios can characterize the financial position as satisfactory, but this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables.

The indicators of liquidity are the liquidity ratios of the enterprise. These ratios allow you to determine the ability of the company to pay its short-term obligations during the reporting period. Savitskaya G.V. applies these coefficients to assess the solvency of the enterprise in the short term.

The most important among them are the following:

· total (current) liquidity ratio;

· quick liquidity ratio;

· critical liquidity ratio (intermediate coverage ratio;

absolute liquidity ratio;

net working capital.

The overall (current) liquidity ratio is calculated as the quotient of current assets divided by short-term liabilities and shows whether the company has enough funds that can be used to pay off its short-term liabilities within a certain period. According to generally accepted international standards, it is believed that this coefficient should be in the range from 1 to 2. The lower limit is due to the fact that working capital should be at least enough to pay off short-term obligations, otherwise the company will be at risk of bankruptcy. An excess of working capital over short-term liabilities by more than two (three) times is also considered undesirable, since it may indicate an irrational capital structure.

Professor Gilyarovskaya L.T. considers in his work the quick liquidity ratio. It is designed to assess the borrower's ability to quickly release cash from circulation and repay short-term debt obligations and is calculated as the ratio of the most liquid assets (cash and short-term financial investments) to term liabilities.

Some authors, Sheremet A.D. and Saifulin R.S. , do not consider this coefficient at all. Perhaps this is due to the fact that urgent liquidity should be calculated only during the period of time when it becomes necessary to pay off obligations immediately. Standard value this indicator - 1 .

The critical liquidity ratio (intermediate coverage ratio) reflects the projected payment capabilities of the enterprise, subject to timely settlements with debtors. To calculate it, liquid assets include cash, short-term financial investments, receivables and other assets. Thus, the amount of liquid funds in the numerator is equal to the total section III balance sheet asset minus the immobilization of working capital under the items of this section (ie expenses not covered by funds and targeted financing, etc.). indicative lower value indicator - 1 .

The need to calculate this ratio is due to the fact that the liquidity of certain categories of working capital is far from the same.

In the conditions of the Russian financial market, there are features of the application of this indicator. The fact is that in a developed market economy, the most liquid working capital includes not only cash, but also short-term securities and net receivables.

This approach is fully justified, because firstly, short-term securities are indeed highly liquid funds; secondly, an enterprise in a developed market economy has whole line legally regulated opportunities by which it can collect debts from its client. However, such conditions do not exist in the Russian economy due to the lack of a developed financial market.

The most commonly used absolute liquidity ratio. It is valued in terms of cash. The optimal level in Russia is considered to be 0.2 - 0.25. There are various approaches to calculating this coefficient. A number of authors, in addition to cash, also use short-term financial investments. However, in our opinion, in the conditions of the Russian economy, absolute liquidity should be associated only with in cash as the most liquid asset.

When evaluating the above coefficients, a logical incorrectness may occur. First, in view of the fact that debts can be repaid within a certain time, the denominator of the liquidity ratios will become significantly less at the time of calculation .

Secondly, when determining the liquidity of organizations, the assessment of assets presented in the balance sheet is carried out at cost. In the event that the organization's assets are considered as collateral for debts, then the prices of their possible sale. However, the company's balance sheet cannot provide such an assessment.

In this regard, the current liquidity ratio calculated according to the balance sheet data in the presence of stocks in the organization's assets will be partly underestimated, since the stocks in the balance sheet are valued at cost, and not at their possible selling prices.

For enterprises with significant reserves of future expenses and (or) deferred income, liquidity ratios calculated without adjusting current liabilities will be unreasonably low. At the same time, it should be taken into account that the liquidity indicators of Russian enterprises are already low.

An important indicator in the analysis of the liquidity of the enterprise is the net working capital, the value of which is found as the difference between the firm's current assets and its short-term liabilities. It gives the organization more confidence in own forces. After all, it is he who rescues the enterprise in difficult economic conditions. For example, in the event of a delay in repayment of receivables or difficulties in marketing products, impairment or loss of working capital. In the work of Sheremet A.D. This indicator is called net current assets.

On the financial position enterprises are negatively affected by both a shortage and an excess of net working capital. The lack of these funds can lead the company to bankruptcy, as it indicates its inability to repay short-term obligations in a timely manner. The disadvantage can be caused by losses in economic activity, the growth of bad receivables, the acquisition of expensive fixed assets without prior accumulation of funds for these purposes, the payment of dividends in the absence of corresponding profits, financial unpreparedness to repay long-term obligations of the enterprise.

A significant excess of net working capital over the optimal need for it indicates inefficient use of resources. Examples are: issuing shares or obtaining loans without a real need for them for the economic activity of the enterprise, irrational use of profits from economic activity.

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

Depending on the degree of liquidity, that is, on the speed of conversion into money, the assets of any enterprise are divided into groups:

A1) the most liquid assets - cash;

A2) quickly realizable assets - short-term financial investments, receivables (with a maturity within 12 months), other current assets, goods shipped from section II of the asset balance sheet item "Inventories";

A3) slow-moving assets - items in section II of the balance sheet asset "Inventories" (minus goods shipped) and "VAT on acquired valuables";

А4) hard-to-sell assets - articles of section I of the balance sheet asset "Fixed assets and other non-current assets" and long-term receivables from section II "Current assets".

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

P1) the most urgent obligations - accounts payable;

P2) short-term liabilities - short-term loans and borrowings;

P3) long-term liabilities - long-term loans and borrowings;

P4) permanent liabilities - articles of section III of the balance sheet liability "Capital and reserves", debt to participants (founders) for the payment of income, deferred income, reserves for future expenses from section V "Short-term liabilities"

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities. The balance sheet is liquid if the following ratios (inequalities) are observed:

1) A1 >= P1

2) A2 >= P2

3) A3 >= P3

4) A4<= П4

The first three inequalities mean the need to comply with the invariable liquidity rule - the excess of assets over liabilities.

Failure to fulfill one of the first three inequalities indicates a violation of the liquidity of the balance sheet. At the same time, the lack of funds in one group of assets is not compensated by their excess in another group, since compensation can only be in terms of cost; in a real payment situation, less liquid assets cannot replace more liquid ones.

For a comprehensive assessment of the liquidity of the balance sheet as a whole, the general liquidity indicator should be used. It shows the ratio of the sum of all liquid funds of the enterprise to the sum of all payment obligations (both short-term and long-term and medium-term), provided that various groups of liquid funds and payment obligations are included in the indicated amounts with weighting coefficients that take into account their significance in terms of timing of receipt funds and repayment of liabilities.

This indicator allows you to compare the balance sheets of an enterprise relating to different reporting periods, as well as the balance sheets of various enterprises and find out which balance is the most liquid. The positive dynamics of the overall liquidity indicator indicates an increase in the solvency of the enterprise.

1.2 Determining the type of financial stability of an enterprise and a system of indicators for its assessment

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. Therefore, financial stability in the long term is characterized by the ratio of own and borrowed funds.

Due to the fact that this indicator gives only a general assessment of financial stability, a system of indicators has been developed in world and domestic accounting and analytical practice:

· equity concentration ratio;

The coefficient of financial dependence;

· factor of maneuverability of own capital;

· coefficient of structure of long-term investments;

· coefficient of long-term attraction of borrowed funds;

· the ratio of own and borrowed funds.

HELL. Sheremet, V.V. Kovalev distinguishes four types of financial stability:

1) absolute financial stability, if stocks and costs are less than the amount of own working capital and bank loans for inventory items, and the ratio of stocks and costs to sources of funds is greater than one;

2) normal financial stability, in which the solvency of the organization is guaranteed (if reserves and costs are equal to the sum of own working capital and bank loans for inventory items);

3) unstable financial stability, in which the balance of payments is disturbed, but it remains possible to restore the balance of means of payment and payment obligations by attracting temporarily free sources of funds into the enterprise's turnover (reserve fund, accumulation and consumption fund), bank loans for temporary replenishment of working capital, excess of normal accounts payable over accounts receivable and others. At the same time, financial stability is considered acceptable if the following conditions are met:

Inventories plus finished goods equal or exceed the amount of short-term loans and borrowings involved in the formation of stocks;

Work in progress plus prepaid expenses are equal to or less than the amount of own working capital. If the conditions are not met, then there is a tendency for the financial condition to deteriorate;

4) a financial crisis (the organization is on the verge of bankruptcy), in which stocks and costs are greater than the amount of own working capital, bank loans for inventory items and temporarily free sources of funds.

The equilibrium of the balance of payments in this situation is ensured by overdue payments on wages, bank loans, suppliers, and the budget. Financial stability can be restored by:

1) acceleration of capital turnover in current assets, as a result of which there will be a relative reduction in its turnover ruble;

2) reasonable reduction of stocks and costs to the standard;

3) replenishment of own working capital at the expense of internal and external sources.

Therefore, in the internal analysis, an in-depth study of the causes of changes in inventories and costs, the presence of own working capital, the identification of reserves for the reduction of long-term and current tangible assets, the acceleration of the turnover of funds, and the increase in own working capital are carried out.

The current liquidity ratio (coverage) shows what part of the organization's short-term liabilities can be repaid if all working capital is mobilized. Values ​​corresponding to the standard from 2 and above.

Calculated according to the formula:

K tl \u003d (A 1 + A 2 + A 3) / (P 1 + P 2) (1.1)

Quick liquidity ratio, or "critical assessment" ratio , shows how liquid funds of the organization cover its short-term debt. The recommended value of this indicator is from 0.8 to 1.5. Determined by the formula:

K bl \u003d (A 1 + A 2) / (P 1 + P 2) (1.2)

The absolute liquidity ratio is the ratio of the funds that the organization has in bank accounts and on hand to short-term liabilities. The values ​​of this coefficient for the period under review should correspond to the standard from 0.2 to 0.5. Determined by the formula:

K al \u003d A 1 / (P 1 + P 2) (1.3)

The autonomy coefficient (Ka) is calculated as the ratio of the value of sources of own funds (capital) (Ksob) (the result of section 3 of the liabilities side of the balance sheet) to the total (currency) of the balance sheet (B):

Ka \u003d Ksob / B (1.4)

Financial leverage (leverage) To 2 , is determined by the formula:

K 2 = KZ / SK (1.5)

where KZ - borrowed funds attracted by the organization. The relationship between the coefficient of autonomy and financial leverage is expressed by the formula: K 2 \u003d 1 / K 1 -1, from which it follows that the normal limit for the ratio of borrowed and own funds is K 2< 1.

The coefficient of security of current assets with own funds funding (TO 3 ) shows what part of current assets is financed from own sources:

K 3 \u003d (SK + VA) / OA, (1.6)

where, VA - non-current assets; OA - current assets.

Flexibility coefficient (Km), calculated as the ratio of own working capital (SOS) to the total amount of equity capital (Ksob):

Km = SOS / Ksob (1.7)

Investment coverage ratio (financial stability ratio) characterizes the share of equity and long-term liabilities in the total assets of the organization:

K 5 \u003d (SK + DZ) / V, (1.8)

where DZ - long-term loans.

The equity concentration ratio (Kcc) characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities. The higher the value of this ratio, the more financially stable, stable and independent of external loans the enterprise. An addition to this indicator is the concentration ratio of attracted (borrowed) capital - their sum is equal to 1 (or 100%).

Regarding the degree of attraction of borrowed funds in foreign practice, there are different, sometimes opposing opinions. The most common opinion is that the share of equity capital should be large enough. The lower limit of this indicator is also indicated - 0.6 (or 60%). An enterprise with a high share of equity capital (IC) is more likely to be invested by creditors because it is more likely to repay debts with its own funds. On the contrary, many Japanese companies are characterized by a high share of attracted capital (up to 80%), and the value of this indicator is on average 58% higher than, for example, in American corporations.

The fact is that in these two countries, investment flows are of a completely different nature - in the US, the main flow of investment comes from the population, in Japan - from banks. Therefore, a high value of the concentration ratio of attracted capital indicates the degree of confidence in the corporation on the part of banks, and hence its financial reliability; on the contrary, the low value of this coefficient for a Japanese corporation indicates its inability to obtain bank loans, which is a certain warning to investors and creditors. The indicator is calculated by the formula:

Kks \u003d SK / Balance currency (1.9)

The financial dependence ratio (Kfz) is the inverse of the equity concentration ratio. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise:

Kfz = 1 / Kks (1.10)

Equity flexibility ratio (Km1) shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized. The value of this indicator can significantly vary depending on the capital structure and industry sector of the enterprise. Providing own current assets with own capital is a guarantee of the stability of the financial condition with an unstable credit policy. A high value of the maneuverability coefficient positively characterizes the financial condition. The indicator is calculated by the formula:

Km1 \u003d (SK + DO-VA) / SK (1.11)

where VA - non-current assets,

TO - long-term liabilities.

The coefficient of the structure of long-term investments (Ksdv). The logic for calculating this indicator is based on the assumption that long-term loans and borrowings are used to finance fixed assets and other capital investments. The ratio shows what part of fixed assets and other non-current assets is financed by external investors. A low value of this ratio may indicate the impossibility of attracting long-term loans and borrowings, while a too high value may indicate either the possibility of providing reliable collateral or financial guarantees, or a strong dependence on third-party investors.

The coefficient of the structure of long-term investments is calculated according to the following formula:

Ksdv \u003d DO / VA (1.12)

The coefficient of long-term attraction of borrowed funds (Kdp) characterizes the structure of capital. It shows which part of the sources of formation of non-current assets at the reporting date falls on equity, and which part on long-term borrowed funds. A particularly high value of this indicator indicates a strong dependence on attracted capital, the need to pay in the future significant amounts of money in the form of interest on loans, etc. The indicator is calculated using the following formula:

Kdp \u003d DO / (DO + SK) (1.13)

The ratio of own and borrowed funds (Kc / z) gives the most general assessment of the financial stability of the enterprise. The more the coefficient exceeds 1, the greater the dependence of the enterprise on borrowed funds. The permissible level is often determined by the operating conditions of each enterprise, primarily by the speed of turnover of working capital. Therefore, it is additionally necessary to determine the turnover rate of inventories and receivables for the analyzed period.

If accounts receivable turn around faster than material working capital, which means a rather high intensity of cash flow to the enterprise, then as a result, an increase in own funds. Therefore, with a high turnover of material working capital and an even higher turnover of receivables, the ratio of own and borrowed funds can be much higher than 1.

The ratio of own funds to borrowed funds has a fairly simple interpretation: its value, for example, equal to 0.178, means that for every ruble of own funds invested in the assets of the enterprise, there are 17.8 kopecks of borrowed funds. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e. about some decrease in financial stability, and vice versa.

This indicator is calculated using the following formula:

Ks / z \u003d ZK / SK (1.14)

where ZK - borrowed capital.

There are no single normative criteria for the considered indicators. They depend on many factors: the sectoral affiliation of the enterprise, the principles of lending, the current structure of sources of funds, the turnover of working capital, the reputation of the enterprise, etc. Therefore, the acceptability of the values ​​of these coefficients, an assessment of their dynamics and directions of change can only be established as a result of comparison by groups of related enterprises.

It is possible to formulate only one rule that "works" for enterprises of any type: the owners of the enterprise (shareholders, investors and other persons who have contributed to the authorized capital) prefer a reasonable increase in the dynamics of the share of borrowed funds; on the contrary, creditors (suppliers of raw materials and materials, banks providing short-term loans, and other counterparties) prefer enterprises with a high share of equity capital, with greater financial autonomy.

The financial stability of an enterprise is a certain state of the enterprise's accounts, which guarantees its constant solvency. Knowing the limiting boundaries of changes in sources of funds to cover capital investments in fixed assets or inventories allows you to generate such areas of business operations that lead to an improvement in the financial condition of the enterprise.

The balance sheet model of financial stability has the following form:

VA + Z + OA \u003d SK + DO + KO + KZ (1.15)

where Z - stocks,

OA - current assets,

KO - short-term liabilities,

KZ - accounts payable.

To ensure sustainability, it is necessary that after covering non-current assets with permanent (permanent) capital of own sources and long-term liabilities, they should be sufficient to cover reserves, i.e. Z< (СК + ДО) - ВА. Обеспеченность запасов источниками формирования является сущностью финансовой устойчивости.

To characterize the sources of formation of reserves, a number of indicators are used that reflect the varying degree of coverage of various types of sources:

1. The amount of own working capital . It characterizes that part of the company's own capital, which is the source of coverage of the company's current assets (ie, assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds.

The indicator is of particular importance for enterprises engaged in commercial activities and other intermediary operations. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend. The main and constant source of increasing own working capital is profit.

The concepts of "working capital" and "own working capital" should not be confused. The first indicator characterizes the assets of the enterprise (section II of the balance sheet asset), the second - the sources of funds, namely the part of the enterprise's own capital, considered as a source of coverage for current assets. The value of own working capital is numerically equal to the excess of current assets over current liabilities. Theoretically (sometimes practically) a situation is possible when the value of current liabilities exceeds the value of current assets. From the standpoint of theory, this situation is anomalous, since in this case one of the sources of coverage of fixed assets and non-current assets is short-term accounts payable. The financial position of the enterprise in this case is considered as unstable, immediate measures are required to correct it.

SOS \u003d SK - VA (1.16)

2. The value of own and long-term borrowed sources for the formation of reserves and costs. It is determined by increasing the previous indicator by the amount of long-term liabilities (section IV of the liabilities side of the balance sheet).

3. The total value of the main sources of formation of reserves and costs. It is calculated by increasing the previous indicator by the amount of short-term borrowed funds (line 610 of section V of the balance sheet liability).

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation. Identification of surpluses (+) or shortcomings (-) of sources of formation of reserves and costs allows you to determine the type of financial stability, for which a three-component indicator of the following type is built (see Table 1.1).

Absolute stability is rare. It is given by condition (1.1.1). Its observance indicates the possibility of immediate repayment of obligations.

Normal stability guarantees optimal solvency, when the timing of receipts and the amount of cash, financial investments and expected term receipts approximately correspond to the maturity and size of term liabilities. It corresponds to the condition (0.1.1.).

Table 1.1. Classification of types of financial stability

Pre-crisis (minimum) stability (condition (0.0.1)) is associated with a violation of the current solvency, in which it is possible to restore balance in the event of replenishment of the sources of own funds, an increase in own working capital by selling part of the assets to pay off debts.

The crisis financial state (condition (0.0.0.)) occurs when the company's current assets are not enough to cover its accounts payable and overdue liabilities.

Assessing financial stability, in addition to the above coefficients, an additional number of indicators are used:

1. The coefficient of maneuverability of own working capital (Km2) . It shows what part of the volume of own working capital (in the special literature they are sometimes also called functioning, or working, capital) falls on the most mobile component of current assets - cash (DS). It is determined by the ratio of the amount of cash to the amount of own working capital.

For a normally functioning enterprise, this indicator usually varies from zero to one. Ceteris paribus, the growth of the indicator in dynamics is considered as a positive trend.

When using this coefficient in economic analysis, it is necessary to remember its limitations. Considering the specifics of the Russian economy (lack of effective market institutions), this coefficient should be treated with great caution.

Only as normal, due to the specifics of the type of activity under consideration, structural relationships and proportions in property and sources of financing develop under stable conditions, this indicator will begin to acquire analytical value.

First of all, it will act as an indicator of changes in the conditions for the receipt of funds and their expenditure. A decrease in this ratio indicates a possible slowdown in the repayment of receivables or a tightening of conditions for the provision of trade credit from suppliers and contractors, while an increase indicates a growing ability to meet current obligations.

Km2 = DS / SOS (1.17)

There is another approach to assessing the maneuverability of functioning capital. For example, the flexibility ratio is recommended to be defined as the quotient of the cost of inventories and long-term receivables (with a maturity of more than one year from the date of the report) divided by the amount of working capital. With such a calculation scheme, the coefficient of maneuverability of own working capital shows what proportion of their volume is poorly mobile current assets.

The value of the coefficient of flexibility of own working capital depends on the nature of the enterprise: in capital-intensive industries, its normal level should be lower than in material-intensive ones, since in this case a significant part of own funds is a source of coverage of fixed production assets.

1. The share of working capital in assets (DoA). This indicator characterizes the availability of working capital in all assets (A) of the enterprise as a percentage.

Doa = OA / A (1.18)

3. The share of stocks in current assets (Dz). This indicator reflects the share of stocks in current assets. Too high a share may be a sign of overstocking, or reduced demand for products.

Dz \u003d Z / OA (1.19)

4. The share of own working capital in covering stocks (Dsos). This indicator characterizes that part of the cost of inventories, which is covered by own working capital, and also traditionally is of great importance in the analysis of the financial condition. The value of this coefficient must exceed 0.5 .

Dsos = SOS / Z (1.20)

5. Inventory coverage ratio (KPC). The indicator characterizes at what expense the stocks and expenses of the enterprise were acquired. Its positive value indicates that stocks and costs are secured « normal" sources of coverage, while its negative value indicates that part of the reserves and costs - in percentage terms, was acquired at the expense of short-term accounts payable, and the current financial condition of the enterprise is considered unstable.

Calculated by correlating the value of "normal" sources of coverage of reserves and the amount of reserves. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered as unstable.

Kpz \u003d NIP / Z (1.21)

6. The coefficient of security of current assets with own funds (KOSS). This ratio shows the share of own working capital in the total amount of current assets of the enterprise. The standard value is 0.1.

KOSS \u003d SOS / OA (1.22)

The financial and economic condition of the enterprise, its solvency are directly dependent on the turnover of funds invested in assets. The higher the turnover rate, the faster the funds invested in assets are converted into cash, with which the company pays for its obligations.

Certain types of current assets of the enterprise have different turnover rates. Turnover indicators reflect the structure of the company's current assets and depend on their types, inventories, receivables. The duration of the turnover of the current assets of the enterprise is determined by the combined influence of external and internal factors.

External factors include: industry affiliation; scope of the enterprise; scale of the enterprise; business conditions of the enterprise, including the well-established relations with suppliers and consumers, solvent demand for the company's products. The internal factors that determine the effectiveness of an enterprise asset management strategy include: cost management system; price policy; the existence of an accounting policy that allows the use of sound methods for estimating inventories.

financial liquidity economic stability

1.3 Information base for analyzing the financial stability of an enterprise

Within the framework of the current legal and regulatory support, the functioning of any financial management system is carried out. These include: laws, presidential decrees, government decrees, orders and orders of ministries and departments, licenses, statutory documents, norms, instructions, guidelines, etc.

The following requirements apply to information used in making financial decisions:

1) utility - can be used to make informed decisions;

2) relevance - a real reflection at every moment of the state of the organization's environment;

3) timeliness - if the information is received later than the required time, it can no longer influence the decision;

4) reliability - a fairly accurate reproduction of the objective state of the environment;

5) relevance - the absence of unnecessary (unnecessary) information, obtaining information in strict accordance with the formulated requirements and avoiding work with unnecessary data;

6) completeness (sufficiency) - taking into account all the necessary data, necessary for an objective account of all factors that form or influence the state and development of the environment;

7) comparability (consistency and information unity) - the ability to compare data from different time periods and different objects of observation for similar information groups, secondary and primary information.

The following information can be used in the process of financial analysis: information on the technical preparation of production; regulatory information; planning information; business accounting (operational, accounting, statistical); financial statements.

The list of additional data may be extended depending on the task set during the analysis.

One of the tasks of financial analysis is to identify the dynamics (trends and patterns) of changes in the financial condition of an enterprise in the period under study. In this regard, the information base for analysis should include data for a period of at least a year with a quarterly (monthly) breakdown.

The reliability of the results of financial analysis and, consequently, the correctness of the management decisions taken depends on the degree of truthfulness of the initial data.

The sources of information for analyzing the liquidity of the balance sheet and current assets, the solvency of the organization are standard forms of financial statements:

1. Balance sheet (form No. 1).

2. Profit and loss statement (form No. 2).

3. Annexes to the Balance Sheet and Profit and Loss Statement (Statement of Changes in Equity (Form No. 3), Statement of Cash Flows (Form No. 4), Appendix to the Balance Sheet (Form No. 5), Report on the intended use of funds received (form No. 6)).

All of the above reporting forms are compiled in accordance with the order of the Ministry of Finance of the Russian Federation "On the forms of financial statements of an organization" dated July 22, 2003 No. 67n.

The purpose of compiling the balance sheet of an enterprise, calculating its profits and losses, is, on the one hand, to verify the identity of all active and passive accounts (debit / credit), on the other hand, to obtain quantitative data on the activities of the enterprise.

In the Russian Federation, the asset balance is built in order of increasing liquidity of funds, i.e. in ascending order of the rate of transformation of these assets in the process of economic turnover into a monetary form.

To make the analysis more accurate, on the basis of accounting data (including analytical) from section II of the asset balance, it is necessary to allocate expenses that are not covered by special funds and special-purpose financing according to the report on changes in capital (form No. 3 (Appendix 3)) and report on the intended use of the funds received (form No. 6 (Appendix 6)), indicating the immobilization of current assets, and from liabilities of the balance sheet - non-payments, namely obligations not repaid on time, payment claims of suppliers not paid on time, arrears to the budget etc., reflected in the appendices to the balance sheet (sections 1, 2 and in the certificate to section 2 of Form No. 5 (Appendix 5)).

Directly from the analytical balance sheet, you can get a number of the most important characteristics of the financial condition of the enterprise. On the basis of the compiled time series, graphs are built, functions are determined that describe the behavior of a particular balance sheet item, a correlation-regression analysis of comparing changes in indicators necessary for making management decisions is possible.

The modern balance sheet and profit and loss reporting are in the nature of a comprehensive accounting of the activities and development of the enterprise in the past year and determining its prospects for the near future.

The purpose of such accounting is closely linked to the nature of the information that is required to be obtained from it, namely, the display:

· in absolute figures of the capital and property of the enterprise (balance sheet total);

· structure of the capital and property (balance sheet);

net equity (equity);

changes in equity during one period.

Obtaining such information is due to the need for it:

1) management of the enterprise;

2) the owner;

3) the state (financial bodies);

4) creditors;

5) the public;

6) scientific institutes, etc.

The motives of each of these parties may vary greatly. Thus, management requires information in order to ensure effective management of the enterprise, the owner - to control the activities of management, financial authorities - to verify compliance with the regulatory framework, creditors want to check the solvency of the enterprise as a guarantee of compliance with their requirements, etc.

The main, dominant motive is to protect the own interests of each of the parties. Based on this, an important place in the analysis is the assessment of the financial condition of the enterprise, its solvency.

This assessment is carried out not in terms of proximity to the reference value, but in terms of distance from the critical state. Therefore, a positive enterprise has financial indicators that correspond to the normative minimum values ​​determined based on the criteria for the efficiency of economic activity and the organization of the enterprise's finances.

Thus, the theoretical foundations for analyzing the financial position of an enterprise, discussed in this chapter, are the fundamental basis used in practice in determining the solvency of an enterprise and its financial stability.

The methodology for analyzing and evaluating the financial position of MashstalOptProm LLC, considered in this chapter, was applied in the analysis of financial statements for the period 2008-2010, which is presented in the next chapter.

2. Financial stability analysisOOO « MASHSTALOPTPROM"

2.1 Technical and economicenterprise characteristic

MashstalOptProm Limited Liability Company was established on January 23, 2008 in accordance with the Federal Law of February 8, 1998 No. 14-FZ “On Limited Liability Companies” (as amended on July 11, 2011) . The main purpose of establishing the company is to carry out commercial activities in the field of production of machinery and equipment.

The company is located at: 440008, Penza, st. Nekrasova, 24.

The main goal of the enterprise is to make profit. The main tasks are: business development, retaining and attracting new customers, effective enterprise management.

The main activity of MashstalOptProm LLC is the production of other machinery and equipment for agriculture and forestry. The clients of the enterprise are agricultural enterprises of the region and other regions.

The enterprise is a legal entity under Russian law: it owns separate property and is liable for its obligations with this property, can acquire and exercise property and personal non-property rights on its own behalf, be a plaintiff and defendant in court.

The Company in its activities is guided by the Charter of the enterprise, the legislation of the Russian Federation and binding acts of the executive authorities.

Below, we will consider the technical and economic performance of MashstalOptProm LLC for 2008-2010 and conduct a comparative analysis in Table 2.1.

Table 2.1. Dynamics of technical and economic indicators of MashstalOptProm LLC

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