The stability or instability of a firm or company can be determined by analyzing how dependent it is on external sources of financing, whether it has its own funds and whether it manages them wisely and whether it can distribute it so that there are no unnecessary side costs and fines.

Such data is typically needed for suppliers, buyers or users of a particular organization's goods and services to understand whether the enterprise is sustainable and can provide efficient and fruitful cooperation for its partners.

There are many definitions of the term “financial stability” (Financial stability), we offer you the one that is considered the most complete:

FinU is a financially independent enterprise that effectively manages its capital. It can also be noted that financial institutions mean the state of the company’s accounts and whether they can guarantee the stability of the organization. According to the degree of stability, 4 stages can be distinguished.

First, the absolute stability of the company. This means that all borrowed funds (BF) can fully cover equity capital (SC), which means that the enterprise is absolutely independent of creditors. In formula notation this can be expressed as:

The second is normal stability. When supplies are covered from normal sources, the abbreviation is NIP. Formula:

NIP = SC + LC + payments on loans for goods and services

Third, unstable company. This stage occurs when normal sources of covering reserves are not enough, and you have to look for additional funds.

SK< ЗС < НИП

And the last, fourth, crisis. Credit debts and outstanding loans are added to the conditions of the third stage.

NPC< ЗС

How to determine financial stability?

FinU can be fixed through the calculation of certain markers, the so-called FinU coefficients. These indicators express the visible and hidden growth and position of the enterprise's resource base through the ratio of the budget's ability to provide expenses aimed at production and other economic needs.

There are several types of financial institutions, for example, such coefficients as: financial dependence, capital maneuverability and concentration, structure and accumulation of loans, long-term investment ratio and others.

Why are these particular values ​​taken to determine the success of a company? Because KFinU shows how much the company relies on borrowed funds, whether it has the ability to cope with financial risks on its own. Correct and accurate calculations of ratios will help organize the work of a particular business in such a way as to avoid a crisis in the event that creditors demand their funds back.

Long-term investment structure coefficient (KSDV)

Speaking specifically about this coefficient, we will rely on the logic of the following hypothesis - “borrowed funds taken for a long period (more than 12 months) will be used for fixed assets of the enterprise and other financial investments.” Thus, KSDV determines the part of capital made up of long-term loans in the non-current asset of the organization.

Its minimum value may indicate the enterprise’s inability to obtain a long-term loan, and its highest value may indicate either the issuance of collateral and guarantees, or too much subordination to external capital. In this case, an increase in the value of the long-term investment structure coefficient is a bad sign.

The formula for calculating the long-term investment structure coefficient is as follows:

KSDV = DP/WAP

Explanation:

DP – long-term liability

VAP - non-current assets of the enterprise.

Conclusion

Of course, it will be difficult to draw a conclusion based on the long-term investment structure ratio alone, since all of the above ratios determine business assets from completely different angles. Moreover, there are no unified tabular regulatory standards for these indicators. Their values ​​correlate with a number of conditions, such as the industry in which the company operates, on what terms the loan was received, where the organization gets its funds, turnover of funds, reputation and many others.

Kks = SC / VB, (10)

where SK is equity capital; VB - balance sheet currency.

This indicator characterizes the share of the owners of the enterprise in the total amount of funds advanced for its activities. It is believed that the higher the value of this coefficient, the more financially sound, stable and independent of external creditors the enterprise is.

In addition to this indicator is the coefficient of concentration of debt capital KKP:

Kkp = ZK / VB, (11)

where ZK is borrowed capital.

These two coefficients add up: Kcs + Kcp = 1.

2. Debt to equity ratio Kc:

Ks = ZK / SK,

Kc is the ratio of debt and equity capital.

It shows the amount of borrowed funds per each ruble of equity capital invested in the assets of the enterprise.

3. Maneuverability coefficient of own assets Km:

Km=SOS/SC, (12)

where SOS is own working capital.

This ratio shows what part of equity capital is used for financing current activities, i.e. invested in working capital, and what part is capitalized. The value of this indicator can vary significantly depending on the type of activity of the enterprise and the structure of its assets, including current assets.

SOS=SC + DP-VA=(1V + V - 1). (13)

It is assumed that long-term liabilities are intended to finance basic funds and capital investments.

4. Long-term investment structure coefficient Ksv:

Ksw = DP / VA, (14)

where DP are long-term liabilities; VA - non-current assets.

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

5. KUF sustainable financing ratio:

KUf = (SK + DP) / (VA + TA), (15)

where (SC + DP) is permanent capital; (VA + TA) - the sum of non-current and current assets.

This ratio of the total value of own and long-term borrowed sources of funds to the total value of non-current and current assets shows what part of the assets is financed from sustainable sources. In addition, KUf reflects the degree of independence (or dependence) of the enterprise on short-term borrowed sources of coverage.

6. Real property value coefficient Kr:

Kr= Ri / VB, (16)

where Ri is the total cost of fixed assets, raw materials, work in progress and supplies.

The coefficient of the real value of property is calculated as the quotient of dividing the total value of fixed assets, inventories of raw materials and materials, low-value and wear-and-tear items and work in progress by the total value of the enterprise's property (balance sheet currency). The listed elements of assets included in the numerator of the coefficient are essentially means of production, necessary conditions for carrying out the main activity, i.e. production potential of the enterprise. Consequently, the Kr coefficient reflects the share in the assets of the property that ensures the main activity of the enterprise. It is clear that this coefficient has limited application and can reflect the real situation only at enterprises in manufacturing industries, and it will vary significantly in different industries.

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 (material working capital).

There are usually four types of financial stability:

1. Absolute stability of financial condition, when inventories and costs are less than the amount of own working capital and bank loans for inventory items (KRt.m.ts.):

3 < СОС + КРт.м.ц (17)

In this case, for the coefficient of supply of inventories and costs with sources of funds (Ka), the following condition must be met:

Ka = (SOS + KRt.m.ts) / Z = 1 (18)

2. Normal stability, in which the solvency of the enterprise is guaranteed if

3 = SOS + KRt.m.c at Ka = (SOS + KRt.m.c) / Z > 1 (19)

3. Unstable (pre-crisis) financial condition, in which the balance of payments is disrupted, but the possibility remains of restoring the balance of means of payment and payment obligations by attracting temporarily free sources of funds (IVR) into the turnover of the enterprise (reserve fund, accumulation and consumption fund), bank loans for temporary replenishment of working capital, etc.

3 = SOS + KRt.m.ts + Ivr at Kn = (SOS + KRt.m.ts + Ivr) / Z = 1 (20)

In this case, financial instability is considered acceptable if the following conditions are met:

Inventories plus finished goods are equal

or exceed the amount of short-term loans and borrowed funds involved in the formation of reserves;

· work in progress plus deferred expenses are equal to or less than the amount of own working capital.

4. Crisis financial condition(the company is on the verge of bankruptcy), in which

3 > SOS + KRt.m.ts at Kn = (SOS + KRt.m.ts + Ivr) / Z< 1 (21)

The balance of payments in this situation is ensured by overdue payments for wages, bank loans, suppliers, budget, etc.

Financial stability can be restored:

· acceleration of capital turnover in current assets, which will result in a relative reduction in turnover and revenue per ruble;

· justified reduction of inventories and costs (to the standard);

· replenishment of own working capital from internal and external sources.

Determining the effectiveness of an investment project.

Investment project – justification of the economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation developed in accordance with the legislation of the Russian Federation and duly approved standards (norms and rules), as well as a description of practical actions for making investments (business - plan).

Payback period of the investment project is the period from the date of commencement of financing of the investment project until the day when the actual volume of investments is equal to the amount of net profit accumulated by the investor and accrued accrued depreciation on depreciable property owned by the investor, created as a result of investment activities.

The basis of a firm's investment decision is the calculation of the present value of future earnings. The firm must determine whether future profits will exceed its costs or not. The opportunity cost of investment will be the amount of bank interest on capital equal to the volume of the proposed investment. This is the essence of the firm's investment decision. At the same time, the choice of a company is complicated by the presence of a situation of uncertainty that arises due to the fact that investments are usually long-term.

In financial and investment calculations, the process of reducing future income to current value is usually called discounting.

When assessing the feasibility of investments, a discount rate (capitalization) is established, i.e. interest rate characterizing the investor's rate of return (a relative indicator of the minimum annual income). Using discount (accounting interest), a special discount factor (based on the compound interest formula) is determined to bring investments and cash flows in different years to the present moment.

Discount rate in a broad sense, it represents the opportunity cost of fixed capital and expresses the rate of return that the company could receive from alternative capital investments.

For a constant discount rate E discount coefficient a t determined by the formula:

where t is the number of the calculation step.

The result of comparing two projects with different distributions of the effect over time can significantly depend on the discount rate. Therefore, her choice is important. Typically this value is determined based on the deposit interest on deposits. We need to accept more of it at the expense of inflation and risk.

When all capital is borrowed, the discount rate is the appropriate interest rate determined by the terms of interest payments and loan repayments.

When capital is mixed, the discount rate can be found as the weighted average cost of capital, calculated taking into account the capital structure and tax system.

Any company in any market is forced to invest due to the wear and tear of fixed capital in the production process in the hope of increasing its profits. In this regard, the question arises about the advisability of making investments, will they bring additional profit to the company or lead to a loss?

To answer this question, it is necessary to compare the volume of planned capital investments with the current discounted value of future income from these investments. When expected returns are greater than the investment, the firm can invest. If the ratio of these values ​​is inverse, it is better to refrain from investing to avoid losses.

Therefore, the investment condition will look like:

Ie< PDV,

where Ie is the planned volume of investment,

PDV is the current discounted value of future earnings.

The difference between the values ​​​​presented in the formula is usually called net present value (NPV).

Net present value(net present value, net present value, integral effect) is defined as the sum of current effects for the entire calculation period, reduced to the initial step. Net present value is the excess of the integral inflow of money over the integral outflow (costs).

Obviously, the company makes an investment decision based on a positive net present value, i.e. when (NPV > 0).

Profitability index– the ratio of the sum of the reduced effects to the sum of discounted investments.

Internal efficiency ratio(internal rate of return, internal rate of profitability, rate of return on capital investments) is a discount rate at which the integral economic effect over the life of the investment is zero.

When the internal efficiency ratio is equal to or greater than the rate of return on capital required by investors, investment in a given project is justified. Otherwise, they are inappropriate.

Selection of sources of financing.

The choice of methods and sources of financing for an enterprise depends on many factors: the enterprise’s experience in the market, its current financial condition and development trends, the availability of certain sources of financing, the ability of the enterprise to prepare all the required documents and present the project to the financing party, as well as the terms of financing ( cost of attracted capital). However, it is necessary to note the main thing: an enterprise can find capital only on the terms on which financing operations for similar enterprises are actually carried out at a given time, and only from those sources that are interested in investing in the relevant market (in the country, industry, region). You can get a complete understanding of the financing conditions existing in the market without any problems and in the shortest possible time by interviewing key financial institutions or contacting corporate finance consultants. In this case, both the existing financing conditions and the likelihood of successfully raising capital from the intended source should be assessed.

Enterprise financing is usually carried out in various ways. Moreover, the higher the investor’s risks, the higher the income expected by investors.

The inability to mobilize capital on time has led to the loss of competitiveness of many Russian enterprises, and sometimes to their complete degradation. The time factor in the modern economy, characterized by a high degree of globalization and increased demands on the ability of an enterprise to quickly respond to changes in the market, is the most significant. At the same time, the owners and management of the enterprise must be aware that the enterprise can be financed only from those sources and only on those conditions that are actually presented on the financial market.

Government funding

The vast majority of Russian enterprises rely on funding from the state budget. Firstly, this is the most traditional source of funding, and, therefore, trying to obtain funding from the regional administration or government is more common and does not require new knowledge and skills from management. Secondly, preparing a project for a private investor is much more difficult than for the state: the state’s requirements for disclosing information and preparing investment projects are more formal than professional. Thirdly, the state is the most loyal creditor, and many enterprises do not repay loans received from it on time without fear of being declared bankrupt. If your company really has the opportunity to receive direct government funding, guarantees or tax credits, then you should take advantage of this. Best Chances infrastructure, social, defense and scientific projects that, due to objective reasons, are not able to access funding from commercial sources, are eligible to receive funding from the state budget. However, it should be taken into account that the total need for financing of Russian industry exceeds 1 billion US dollars, and therefore, the likelihood of commercial enterprises receiving government funding is negligible and does not exceed 1%.

Leasing or financing by equipment suppliers

Purchasing assets in installments is available to enterprises that have good financial condition and positive development trends. In this case, the asset acquired by the enterprise serves as collateral, which becomes the full property of the enterprise only after its cost has been fully paid. The company must have the amount to pay the initial fee, ranging from 10 to 50% of the cost of the acquired asset. This method of financing is mainly used for the purchase of equipment. Typically, leasing companies give preference to those types of equipment that can be easily dismantled and transported. This is why leasing operations are very common when purchasing vehicles (ships, planes, trucks, etc.).

Vendor financing is also very common. Many manufacturers, as a mechanism for stimulating demand, offer their customers the purchase of equipment in installments, after paying an initial advance payment. At the same time, they also give preference to reliable and dynamically developing enterprises. It is also necessary to take into account that the presence of a reputable private investor (for example, a well-known investment bank or fund) who took the risk and purchased shares of the enterprise is a significant positive factor for manufacturers when deciding to supply equipment in installments.

(We discussed the issue related to the topic of leasing in more detail in No. 2 and 3 of “FM” for 2001)

Commercial loans

This is the most common way of financing businesses. Bank financing conditions vary. For example, in a foreign bank the interest rate may be LIBOR + 2%. However, a Russian enterprise applying for a loan from a foreign bank must not only have high solvency and liquidity, but also submit financial statements that comply with international standards, confirmed by one of the leading international auditing firms. At the same time, the most important factor When the bank made a decision to provide a loan, there was and remains the presence of liquid collateral or reliable guarantees. It is also necessary to take into account that Russian banks practically do not have cheap resources that they can provide to enterprises for a relatively long period of 3-5 years. IN Lately Examples of successful financing of long-term industrial projects have appeared, for example by Sberbank. Thus, if your company has liquid collateral and the terms of the loan are acceptable from an economic point of view, then you can resort to bank loans. However, they are unlikely to be the only long-term financing instrument. Typically a combination of equity and debt capital is used.

Bond loan

Raising capital by placing bonds on the financial market is certainly an attractive way to finance an enterprise. Especially from the point of view of business owners, since in this case there is no redistribution of property. However, an enterprise planning to issue and place bonds must have a stable financial position, good development prospects, and the bond issue must be secured by the assets of the enterprise. Experience of two recent years shows that the largest Russian companies that are well known on the market, demonstrate high rates of development and operate in industries attractive to investors, such as energy and telecommunications, have a real chance of successfully placing their bonds. There is a very high risk that placing bonds on the market will be unsuccessful if you are not confident that your company's bonds will be accepted financial market as a liquid and attractive instrument; in this case, you should refrain from using this method of financing.

Preference shares

Holders of preferred shares have certain advantages over holders of common shares - for example, priority in the distribution of profits or a higher priority in paying off liabilities in the event of liquidation of the enterprise. However, preferred shares do not give their owners the right to participate in the management of the enterprise. Consequently, in the event of negative trends, the investor does not have the opportunity to influence the management decisions made by the enterprise's management. At the same time, selling preferred shares to other investors is also problematic. Thus, preferred shares represent a risky instrument for the investor. An exception may be preferred shares of the largest and most reliable Russian companies.

Ordinary shares

The vast majority of Russian enterprises are characterized by an unstable financial situation, lack of liquid collateral and the ability to provide reliable guarantees for loans. Additionally, while many businesses have decades of history and technological experience in the industry, from a business perspective they are often at a very early stage of development. However, some of them, if the necessary capital is raised, have significant growth potential and, therefore, may be attractive to investors. The only real source of financing for such enterprises is risk capital. Ordinary shares of enterprises are acquired only by those investors who are willing to share the risks of the business with the existing owners of the enterprise; they do not require collateral or guarantees. In this case, investors are guided by the following criteria: growth potential, management’s ability to ensure business growth, financial transparency and the ability to influence decisions made, as well as the possibility of exiting the project by selling shares on the stock market or to a strategic investor.

The profitability that financial investors focus on when purchasing ordinary shares is quite high (IRR > 35%). The results of the activities of investment funds in Russia show that the efficiency indicators they obtain when financing Russian industrial projects are significantly higher. For example, according to Baring Vostok Capital Partners, the internal rate of return for ten completed transactions of this fund was 78%. Despite the fact that the operating profitability of a business may not exceed 20%, the business value of a successfully operating enterprise usually increases many times over. Investors are guided by the fact that they will receive the main profit after selling their stake in 3-5 years on the stock market or to another strategic investor. One of the most serious obstacles to attracting risk capital in Russian industry is the reluctance of existing owners to share property with investors. Unfortunately, more and more often this leads to the fact that the enterprise is destroyed without capital, and the owners are left with nothing. Effective cooperation with private investors is only possible if the existing owners are also focused on increasing the value of the business by ensuring profitable operations of the enterprises. That is, they will consider the main source of their income not from operating cash flow, but from income on the equity capital they own.

Possible sources of capital for industrial enterprises include the following:

1. Venture funds and direct investment funds, forming an investment portfolio from a small number of specific enterprises, for a period of 3 to 6 years, with subsequent withdrawal from the project.

2. Strategic investors, industrial companies or financial institutions specializing in certain industries.

3. Investment brokers conducting private placements of enterprise shares among individual and institutional investors.

4. Investment banks providing project financing.

Traffic report analysis Money

The cash flow statement (hereinafter referred to as the cash flow statement) is the main source of information for analyzing cash flows. Analysis of the cash flow statement allows you to significantly deepen and adjust conclusions regarding the liquidity and solvency of the organization, its future financial potential, previously obtained on the basis of static indicators in the course of traditional financial analysis.

The main purpose of the cash flow statement is to provide information about changes in cash and cash equivalents to characterize the organization's ability to generate cash. The organization's cash flows are classified according to current, investing and financial activities. ODDS structure:

1. The result of section I: net inflow (+| / outflow (-) of funds from the operating (current) activities of the enterprise.

2. The result of section II: net inflow (+] / outflow (-] of funds from the investment activities of the enterprise.

3. Section III result: net inflow (+) / outflow (-) of funds from financial activities enterprises.

4. Change in the amount of funds (page I +/- page 2 +/- page 3).

5. The amount of cash at the beginning of the reporting period.

6. The amount of cash at the end of the reporting period (page 4 + page 5).

The methodological basis for drawing up a cash flow statement is currently determined in Russia by Order of the Ministry of Finance of the Russian Federation dated July 22, 2003 No. 67n “On the forms of financial statements of organizations.” The cash flow statement is presented in the form No. 4 of the annual financial statements.

Cash means the balance of cash and cash equivalents in settlement, foreign currency and special bank accounts, and in the cash register.

Cash equivalents are short-term, highly liquid investments that are easily convertible into a certain amount of cash and are subject to an insignificant risk of changes in value, with a placement period usually not exceeding 3 months (as well as overdraft lending).

Cash flows are the inflows and outflows of cash and cash equivalents.

Current activities - main income-generating activities and other activities other than investment and financial ones.

Investment activity - the acquisition and sale of long-term assets and other investments that are not cash equivalents.

Financial activity is an activity that leads to changes in the size and composition of the organization's own and borrowed capital (excluding overdraft lending).

In international practice, various approaches to compiling ODDS are used.

With all the variety of approaches in international practice, it is generally recognized that the highest analytical value is possessed by the ODDS compiled according to International standard financial statements No. 7 (IFRS 7) and the American standard SFAS No. 95. In this regard, European companies participating in trading on international stock exchanges are required to publish the income tax as part of the annual report not in accordance with their national standards (for example, in Germany - HFA 1/1995, in Austria - OFG, in Switzerland - FER 6, in the UK - FRS 1), and according to IFRS 7 or SFAS No. 95.

Currently, there are two main approaches to determining the amount of net cash flow from current activities (hereinafter referred to as NCF). IN foreign practice This indicator is widely known as Cash Flow from Operation - or CFfO for short. The first of them is to calculate the NPV from the organization’s accounts, when data on turnover in cash accounts is used and data is not involved financial forms reporting (balance sheet and profit and loss account). The second approach consists, on the contrary, in using such financial forms to calculate the NPV. Therefore, in the first case, it is appropriate to talk about the primary nature of the calculation of the PDPT, and in the second - about the derivative (secondary) nature. At the same time, in the practice of cash flow analysis, two main algorithms for calculating NPV are used - based on the balance sheet and the profit and loss statement. The first determines NPV by adjusting income statement items, including sales and cost of sales, for changes during the period in inventories, short-term accounts receivable and payable, and other non-cash items. Therefore, this method should be called direct derivative.

In accordance with the second algorithm, when calculating the net profit (loss), the amount of net profit (loss) is adjusted by the amount of non-cash transactions associated with the disposal of long-term assets, and by the amount of changes in current assets and current liabilities. This method is considered to be indirect derivative. Thus, today there are three main methods for calculating net cash flow from operating activities (NCF): primary direct, derivative direct and derivative indirect. However, the use of the derivative direct method in Russia is difficult, since the income statement reflects net revenue (net of VAT), while in the balance sheet the receivables of counterparties include VAT payable from buyers.

Taking this into account, in practice two methods are most widespread: direct (primary) and indirect.

Net cash flows from investing and financing activities are calculated using the direct method only.

ODDS allows the financial analyst to obtain information o:

The organization’s ability to generate cash growth in the course of its activities;

The organization’s ability now and in the future to meet its financial obligations, pay dividends and remain creditworthy;

Possible discrepancies between the amount of annual net profit/loss and the actual net cash flow for the main (current) economic activity and the reasons for this discrepancy;

The impact on the financial condition of the organization of its investment and financial transactions related and not related to cash flows;

The impact on the future financial condition of the organization of decisions made in past periods in the field of investment and financing;

The magnitude of the estimated need for external financing. Despite the usefulness of structuring cash flows into three areas of activity (current, investing and financial), as, for example, in accordance with IFRS 7, information on the internal and external sources of financing of the organization and the directions of use of its financial resources is of no less interest for the analysis of cash flows .

External sources of financing - an increase in the amount of equity capital (primarily authorized capital) and borrowed capital (primarily the total amount of loans and borrowings). A decrease in the amount of equity and borrowed capital can, accordingly, be considered an external use of funds.

Internal financial sources include cash at the beginning of the reporting period, proceeds from the sale (i.e., disinvestment) of non-current assets and net cash flow from operating activities (NCF). The latter is the main source of self-financing of the organization and therefore should constitute a significant share in the structure of internal financing of any business entity.

Assessment and analysis of the company’s business activity

Business activity(or " turnover") in financial activities is defined as the entire range of actions aimed at promoting of this enterprise in all areas: product sales market, financial activities, labor market, etc. An increase in the business activity of any enterprise is manifested in the expansion of the service sector or sales market, an increase in the range of goods and services and its successful implementation, stable development (professional, personal development) of the company’s staff, efficient use of the entire resource base (finance, personnel, raw materials).

In order to determine the level of business activity of an enterprise, it is necessary to conduct a full, competent analysis. In this case, the levels and dynamics of certain “financial ratios”, which are indicators of the achieved results in the activities of the enterprise, are analyzed.

An analysis of the business activity of an enterprise can be carried out using the following indicators:

qualitative indicators,

quantitative indicators.

Below we will consider each group of indicators in more detail.

1. Assessing the activities of an enterprise at a qualitative level involves analysis using so-called “non-formalizable” criteria. We are talking about comparing this enterprise with other organizations operating in a similar industry. Such information can be obtained by studying the results of marketing research, questionnaires, and surveys. Quality indicators include:

sales market, namely its volumes, annual expansion rates;

volume of products intended for export;

reputation of the enterprise, including: the number of regular customers, consumers of services; level of fame of purchasing enterprises;

the level of demand for the products of this particular enterprise in the market.

2. Quantitative assessment includes analysis in two areas:

absolute indicators,

relative indicators.

Absolute indicators of business activity- these are values ​​that characterize the relationship between two main financial indicators of the activity of any enterprise - the amount of invested capital, assets and the volume of sales of finished goods or services.

Thus, absolute indicators include:

volume of invested capital,

volume of product sales,

the difference between the first two indicators is profit.

It is best to analyze these indicators systematically (once a quarter or a year) in order to track any changes in dynamics and correlate them with the current market situation.

Relative business activity indicators– these are certain financial ratios that characterize the level of efficiency of invested assets. This efficiency directly depends on the turnover rate of these assets. Therefore, a second name has been introduced for relative indicators of business activity - turnover rates.

Relative indicators are divided into two groups:

1. A coefficient characterizing the rate of asset turnover. In general, speed refers to the number of asset turnovers over the analyzed period - a quarter or a year.

2. Coefficient characterizing the duration of one revolution. This refers to the period during which all funds invested in production assets (tangible and intangible) are returned.

These coefficients have very important informative value for analyzing the progress of financial processes at an enterprise and their regulation. They differ not only in semantic content, but also in the assessment of numerical values. In the case of the first coefficient, the higher the numerical value, the better for the financial condition of production. In the second case, it’s the other way around: the lower the numerical value, the more efficient the process of production and sales of products is.

For example, production costs directly depend on the rate of cash turnover. The faster the investment turns around, the more products the enterprise can sell in one unit of time. When the turnover process slows down, costs increase, additional financial investments are required and the overall financial condition of the enterprise may worsen.

In addition, the speed of financial turnover has a direct impact on the total annual turnover and net profit.

If you divide the production process into separate stages, then the acceleration of turnover, at least at one stage, will necessarily entail an acceleration in other areas of production.

Both indicators ( turnover rate coefficient, duration of one revolution coefficient) it is more correct to compare with indicators typical only for this industry. The value of these indicators can significantly change their numerical values ​​depending on the industry of the enterprise.

So, the conclusion is that the financial well-being of any enterprise directly depends on how quickly the invested money will bring net profit.

IN general view analysis of the turnover level consists of four subtasks depending on the indicators for which the indicator is calculated (enterprise funds, sources of enterprise funds):

Enterprise funds (assets):

analysis of turnover of non-current assets;

analysis of accounts receivable turnover;

analysis of turnover of current assets;

analysis of inventory turnover.

Sources of formation of enterprise funds (liabilities):

analysis of equity capital turnover;

analysis of debt capital turnover (accounts payable).

Assessing the company's liquidity

One of the most important indicators efficiency activity of the enterprise is liquidity. Liquidity Analysis Problem balance and arises in connection with the need to assess the creditworthiness of the organization, i.e. its ability to pay its obligations in a timely and complete manner.

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. Liquidity is the firm's ability to:

respond quickly to unexpected financial problems and opportunities,

increase assets with increasing sales volume,

repay short-term debts by routinely converting assets into cash.

There are several degrees of liquidity. Thus, insufficient liquidity, as a rule, means that the enterprise is not able to take advantage of discounts and lucrative business opportunities that arise. At this level, lack of liquidity means there is no freedom of choice and this limits management's discretion. A more significant lack of liquidity leads to the fact that the company is unable to pay its current debts and obligations. The result is intensive sales of long-term investments and assets, and in the worst case, insolvency and bankruptcy.

For business owners, insufficient liquidity can mean reduced profitability, loss of control and partial or complete loss of capital investment. For creditors, a debtor's lack of liquidity may mean a delay in the payment of interest and principal or a partial or complete loss of the funds lent. Current liquidity status companies may also affect its relationships with customers and suppliers of goods and services. Such a change may result in the enterprise's inability to fulfill the terms of its contracts and lead to the loss of relationships with suppliers. This is why liquidity is so important.

If a business is unable to pay its current obligations as they fall due, its continued existence is called into question and this puts everything on hold. steel new performance indicators take a back seat. In other words, shortcomings in the financial management of the project will lead to the risk of suspension and even its destruction, i.e. to the loss of investor funds.

Liquidity characterizes the ratio of various items of current (current) assets and liabilities of the company and, thus, the availability of free (not related to current payments) liquid resources.

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

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

A2. Quickly realizable assets - accounts receivable, payments for which are expected within 12 months after the reporting date. A2 = line 240;

A3. Slowly selling assets are items in Section II of the balance sheet asset, 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 = line 210 + line 220 + line 230 + line 270;

A4. Hard-to-sell assets - items in section I of the balance sheet asset - non-current assets. A4 = line 190.

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

P1. Most urgent obligations; These include accounts payable. P1 = line 620;

P2. Short-term liabilities are short-term borrowed funds, etc. P2 = line 610;

P3. Long-term liabilities are balance sheet items related to sections V and VI, i.e. long-term loans and borrowed funds, as well as deferred income, consumption funds, reserves for future expenses and payments. P3 = line 590 + line 630 + line 640 + line 650 + line 660;

P4. Permanent liabilities or stable ones are articles in section IV of the balance sheet “Capital and reserves”.

To determine the liquidity of the balance sheet, the results of the given groups for assets and liabilities are compared.

A balance is considered absolutely liquid if it has place the following ratios:

A1 ≥ P1

A2 ≥ P2

A3 ≥ P3

A4 ≤ P4

If the first three inequalities are satisfied in a given system, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups for assets and liabilities. It is also important to note that the lack of funds in one group of assets cannot be compensated by their excess in another group, i.e. less liquid assets cannot replace more liquid ones.

Based on these comparisons, the following indicators can be calculated:

current liquidity = A1 + A2 - P1 - P2

prospective liquidity = A3 - P3

The main liquidity indicators in domestic analysis are:

overall liquidity indicator L1 = (A1 + 0.5A2 + + 0.3A3) / (P1 + 0.5P2 + 0.3P3).

The normal value is greater than or equal to 1. Using this coefficient, the most general assessment of changes in the financial situation of the company from the point of view of liquidity is made;

absolute liquidity ratio L2 = A1 / (P1 + P2).

The optimal coefficient is 0.25, the minimum acceptable is 0.1. Shows what part of the short-term debt the organization can repay in the near future using cash;

critical assessment coefficient L3 = (A1 + A2) / (P1 + P2).

The optimal coefficient is greater than or equal to 1.5, the acceptable value is 0.7-0.8. It shows what part of the organization's short-term liabilities can be immediately repaid from funds in various accounts, in short-term valuable papers ah, as well as income from settlements;

current liquidity ratio L4 = (A1 + A2 + A3) / (P1 + P2).

The optimal coefficient, depending on the industry, varies in the range of 1.5-2.5. The minimum acceptable ratio is 1. A value of the current liquidity ratio less than 1 means that at the moment the company is most definitely insolvent, because the liquid funds at its disposal are insufficient to cover even current obligations, excluding interest on the loan;

maneuverability coefficient of operating capital L5 = A3 / (A1 + A2 + A3) - (P1 + P2).

A decrease in this coefficient over time is noted as a positive factor. The agility ratio shows what part of the operating capital is immobilized in inventories and long-term receivables;

share working capital in assets L6 = (A1+A2+A3) / B

(where B is the balance sheet total). The value of this coefficient depends on the industry sector of the organization;

equity ratio L7 = (P4 - A4) / (A1 + A2 + A3).

The criterion value is not less than 0.1. Characterizes the availability of the organization’s own working capital necessary for its financial stability.

General liquidity ratio (L1). Using this indicator, changes in a financial organization are assessed from the point of view of liquidity. This indicator is also used when choosing the most reliable partner from a variety of potential partners based on reporting.

The absolute liquidity ratio (L2) shows the company's ability to pay off its obligations immediately. IN practice In Western Europe, it is considered sufficient to have a liquidity ratio of more than 0.2. Despite the purely theoretical significance of this coefficient (it is unlikely that an enterprise will have to answer for all its obligations at once), it is desirable to have it sufficient.

The critical rating ratio (L3) is also outside the normal range at the end of the period.

The agility coefficient (L5) shows what part of the operating capital is immobilized in inventories and long-term receivables. A decrease in this indicator over time is a positive factor for the enterprise.

The considered coefficients themselves do not carry a serious semantic load, however, taken over a number of time intervals, they quite fully characterize the work of the enterprise during the implementation of the project for which the business plan was drawn up.

When calculating analytical coefficients that characterize the operation of an enterprise, it is necessary to keep in mind that they are integral in nature and for a more accurate calculation it is advisable to use not only the balance sheet, but also the data contained in order journals, statements, and other information.

Finally, about the role of the current ratio (L4) in project analysis. It allows you to determine the ratio of current assets to cover short-term liabilities. If the ratio of current assets and short-term liabilities is lower than 1:1, then we can talk about high financial the risk that the organization is unable to pay its bills.

The current liquidity ratio (L4) summarizes previous indicators and is one of the indicators characterizing the satisfactory (unsatisfactory) balance sheet.

Assessment and analysis of company profitability

The business activity of the enterprise is characterized by the dynamism of its development and the achievement of its goals, reflected by a number of natural and cost indicators, as well as the effective use of the economic potential of the enterprise and the expansion of the sales market for its products.

The activities of any enterprise can be characterized from various aspects, and an assessment of business activity at a qualitative level can be obtained by comparing the activities of a given enterprise and related enterprises in the area of ​​investment of capital. So high quality, i.e. non-formalized criteria are

breadth of sales markets;

availability of products for export;

the reputation of the enterprise, expressed, in particular, in the fame of clients using the services of the enterprise;

As for the quantitative assessment of the analysis of business activity of an enterprise, here can be considered (used)

the degree of implementation of the independently developed plan according to the main indicators;

level effective use enterprise resources

The main evaluation indicator is sales volume and profit. In this case, the most effective ratio is when the rate of change in book profit is higher than the rate of change in sales revenue, and the latter is higher than the rate of change in fixed capital, i.e.

TR (PB) TR (V) TR (OK) 100%

In addition, such indicators characterizing the use of resources can be used

labor productivity

return on assets

turnover of funds in settlements

inventory turnover

operating cycle duration

turnover of equity and fixed capital;

stability factor economic growth(this indicator is for characterizing joint stock companies)

With the help of these indicators, it is possible to overcome the spatial incomparability of the main indicators of an enterprise’s activity and compare enterprises that are identical in the area of ​​application of capital, but differ in the scale of activity and the size of their economic potential.

Methods for analyzing financial statements.

Depending on the purposes of the analysis of financial statements and the users interested in its results, various types of analysis and a different set of indicators - financial ratios - are used, namely:

Absolute indicators for familiarizing yourself with the reporting, allowing you to draw conclusions about the main sources of raising funds, directions of their investments, sources of funds, the amount of profit received, the dividend distribution system:

Comparable percentage indicators (Percentage Changes) for reading statements and identifying deviations on the most important items of financial statements;

Analysis of horizontal percentage changes (Horizontal Percentage Changes), characterizing changes in individual items of financial statements for a year or a number of years. For example, percentage growth: net sales, cost products sold, gross profit, net profit, production costs, etc.;

Analysis of vertical percentage changes (Vertical Percentage Analyzes), which assumes the ratio of the indicators of various articles in relation to one selected article. For example, the share as a percentage of sales volume: cost of goods sold, gross profit, production expenses, operating income, net income;

Analysis of trends (trend analysis) characterizing changes in the company's performance indicators over a number of years compared to a base indicator of 100. Its purpose is to evaluate the work of financial managers in the past period and determine a forecast of their behavior for the future;

A comparative analysis carried out to compare individual performance indicators of one’s own company with the indicators of competing companies in the same industry and approximately the same size (taking into account different reporting methods). This analysis allows us to identify competitors’ strategies and prospects for their development;

Comparison with industry averages, showing the stability of the company’s position in the market. It is carried out taking into account general changes in the state of economic conditions in the industry and in the country’s economy as a whole, in particular, the price level, interest rate dynamics, the degree of provision with raw materials and materials;

Analysis of indicators by using financial ratios (Ratios), the calculation of which is based on the existence of certain relationships between individual reporting items. The value of such ratios is determined by the possibility of comparing the results obtained with existing generally accepted standard norms - average industry ratios, as well as with financial reporting analysis indicators used in the country or in a particular company.

Financial ratios are used to evaluate the performance of financial managers and are taken into account by them when making management decisions. Such ratios are also available to shareholders, who, based on them, can independently analyze the performance of the company and its current financial position.

Improving the financial resource management system.

You can increase the efficiency of financial resource management through the following activities:

Development of a financial strategy for increasing your own financial resources by optimizing the product range and reducing the cost of goods sold.

Development of a payment calendar and monitoring the status of settlements with buyers and customers.

Development and improvement of the existing depreciation policy of the enterprise, including the selection of optimal methods for calculating depreciation for a particular enterprise, the choice of timing and methods for revaluation of fixed assets in accordance with accounting standards.

Investment coverage ratio is a financial ratio showing what part of an organization’s assets is financed from sustainable sources: own funds and long-term liabilities. Another name for the indicator is the long-term financial independence ratio.

Calculation of investment coverage ratio

Investment coverage ratio = (Equity+F1)/F1,

Where
Equity capital = the amount of the “Capital and Reserves” section of the Balance Sheet plus the debt of the founders for contributions to the authorized capital;
F1 – balance sheet line “Total long-term liabilities”;
F1 – total Balance sheet (i.e. the total amount of the organization’s assets).

Normal value of the indicator

If the ratio is close to 1 or more, this indicates full coverage of long-term investments in the enterprise’s activities with its own funds and borrowed funds with a long repayment period. If the value is less than 0.7-0.8, a situation is possible in which the organization will not be able to pay off creditors for the reason that it used short-term loans and attracted short time cash for the purchase of non-current assets (buildings, equipment, etc.), which will bring cash returns later. In this case, the investor should analyze other indicators of solvency for sustainability financial situation organizations.

Long-term investment structure coefficient

shows what part of fixed assets and other non-current assets is financed by external investors, that is, belongs to them and not to the organization. The growth of this indicator in dynamics indicates a negative trend in the financial stability of the organization.

The long-term borrowing ratio characterizes the capital structure and shows the share of attracting long-term loans and borrowings to finance assets along with own funds. The growth of this indicator in dynamics is a negative trend, indicating the increasing dependence of the organization on external investors. The share of accounts receivable in the balance sheet asset shows specific gravity accounts receivable in the asset balance sheet. The growth of this indicator has Negative influence, both on the level of individual indicators and on the overall efficiency of the organization’s economic activities.

Accounts payable to receivable ratio. The financial stability of an organization largely depends on the value of this ratio. So, if its value is greater than 2, then the financial stability of the organization is in critical condition.

So, we have before us a universal set of generally accepted financial stability ratios. There are no uniform normative criteria for the considered indicators. They depend on many factors: the industry affiliation of the organization, lending principles, the existing structure of sources of funds, turnover of working capital, reputation of the organization, etc. Therefore, the acceptability of the values ​​of these coefficients, assessment of their dynamics and directions of change can only be established as a result of a thorough analysis (comparison of groups).

Profitability is an indicator of the effectiveness of an organization's activities, expressing the relative amount of profit and characterizing the degree of return on funds used in production.

In turn, profitability has a number of indicators that characterize financial results and the effectiveness of the organization. They consider the profitability of an organization from various positions and are grouped in accordance with the interests of participants in the economic process and market exchange.

Profitability indicators are important characteristics factor environment of formation of profit of organizations. Therefore, they are mandatory when conducting a comparative analysis and assessing the financial condition of the organization. When analyzing production, profitability indicators are used as a tool for investment policy and pricing.

Product profitability shows how much profit is generated per unit of production and marketing costs. The level of industry average profitability depends on the number and size of taxes, and the level of product profitability depends on the availability competitive environment and practices government regulation pricing.

Return on sales

means the share of profit in sales revenue. Its growth is a consequence of rising prices with fixed costs for the production of sold products (goods, works, services) or reducing production costs at constant prices. A decrease indicates a decrease in prices with constant production costs or an increase in production costs with constant prices, that is, a decrease in demand for the organization’s products. The average level of return on sales varies depending on the industry, and therefore does not have any standard. The optimal value is the industry average level in a given market niche. This indicator is important when comparing it with the corresponding indicators of similar organizations over time or in comparison with planned indicators.

The financial condition of an enterprise is the movement of cash flows servicing the production and sale of its products.

There is both a direct and inverse relationship between the development of production and the state of finances.

The financial condition of an economic unit is directly dependent on the volumetric and dynamic indicators of production movement. An increase in production volume improves the financial condition of an enterprise, while a decrease in production volume, on the contrary, worsens it. But the financial condition, in turn, affects production: it slows it down if it worsens, and speeds it up if it increases.

The higher the growth rate of production at the enterprise, the higher the revenue from sales of products, and therefore the profit.

Financial condition of the enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to repay debt obligations and self-development at a fixed point in time.

Thus, the financial condition of an organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity capital and obligations, i.e. liabilities).

Stable financial condition is a necessary condition for the effective operation of the company. Financial condition of enterprises (FSP), its stability largely depends on the optimal structure of capital sources (the ratio of own and borrowed funds) and on the optimal structure of the enterprise's assets, and first of all, on the ratio of fixed and working capital, as well as on the balance of the enterprise's assets and liabilities.

Analysis of the financial condition of the company includes the blocks presented in Figure 3.

Rice. 3 Main blocks of analysis of the financial condition of an enterprise

Indicators of financial and market stability of the enterprise

Capitalization rate

Capitalization rate, or the ratio of attracted (borrowed) and own funds (sources). It represents the ratio of total attracted capital to equity capital and is determined by the following formula:

Raised capital (the sum of the results of the second and third liability sections of the balance sheet “Long-term liabilities” and “Short-term liabilities”) / equity capital (the result of the first liability section “Capital and reserves”).

This ratio gives an idea of ​​what sources of funds the organization has more - attracted (borrowed) or its own. The more this ratio exceeds one, the greater the organization’s dependence on borrowed sources of funds. The critical value of this indicator is 0.7. If the coefficient exceeds this value, then the financial stability of the organization seems doubtful.

Maneuverability coefficient(mobility) of equity capital (own funds) is calculated using the following formula:

Own working capital (the total of the first section of the balance sheet liability “Capital and reserves” minus the total of the first section of the asset “Non-current assets”) is divided by equity capital (the total of the first section of the balance sheet liability “Capital and reserves”).

This the coefficient shows what part of the organization’s own funds is in mobile form, allowing relatively free maneuvering of these means. The standard value of the maneuverability coefficient is 0,2 - 0,5 .

Financial stability ratio expresses the share of those sources of financing that a given organization can use in its activities for a long time, attracted to finance the assets of this organization along with its own funds.

The financial stability coefficient is calculated using the following formula:

Own capital add long-term loans and loans divided by the currency (total) of the balance sheet.

Funding ratio shows what part of the organization’s activities is financed from its own sources of funds, and what part is financed from borrowed funds. This indicator is calculated using the following formula:

Divide equity capital by borrowed capital.

Gearing Ratio(concentration ratio of attracted capital) shows the share of loans, borrowings and accounts payable in the total amount of sources of property of the organization. The value of this indicator should not be more than 0.3.

Long-term investment structure coefficient shows the relationship between long-term liabilities (liabilities) and long-term (non-current) assets:

Long-term liabilities (second liability section of the balance sheet) Non-current assets (first asset section of the balance sheet)

Long-term leverage ratio- is defined as follows:

Long-term liabilities (the total of the second section of the balance sheet liability) are divided into Long-term liabilities + equity capital (the sum of the results of the first and second sections of the balance sheet liability).

This ratio characterizes the share of long-term sources of funds in the total amount of permanent liabilities of the organization.

Raised capital structure ratio expresses the share of long-term liabilities in the total amount of attracted (borrowed) sources of funds:

Long-term liabilities (the total of the second section of the balance sheet liabilities) are divided by the attracted capital (the sum of the results of the second and third sections of the balance sheet liabilities).

Investment coverage ratio characterizes the share of equity capital and long-term liabilities in the total assets of the organization:

Long-term liabilities (second liability section) add equity capital (first liability section) divided by the currency (total) of the balance sheet.

Inventory coverage ratio own working capital shows the extent to which inventories are formed from own sources and do not require borrowed funds. This indicator is determined by the following formula:

Own sources of funds minus non-current assets are divided into inventories (from the second section of the asset).

The standard value of this indicator must be at least 0.5. Another indicator characterizing the state of current assets is ratio of inventories and own working capital. It is the inverse of the previous indicator:

The standard value of this coefficient is more than one, and taking into account the standard value of the previous indicator, it should not exceed two.

Functional capital agility coefficient(own working capital). It can be determined by the following formula:

Cash, add short-term financial investments, divided by own sources of funds minus non-current assets.

This indicator characterizes that part of own working capital that is in the form of cash and quickly marketable securities, that is, in the form of current assets with maximum liquidity. In a normally operating organization, this indicator varies from zero to one.

Permanent asset index(ratio of non-current and own funds) is a coefficient expressing the share of non-current assets covered by sources of own funds. It is determined by the formula:

Non-current assets are divided into own sources of funds.

The approximate value of this indicator is 0.5 - 0.8.

Real property value coefficient. This indicator determines what share of the value of the organization’s property is made up of means of production. It is calculated using the following formula:

The total cost of fixed assets, raw materials, materials, semi-finished products, work in progress is divided by the total value of the organization’s property (balance sheet currency).

This ratio reflects the share in the assets of the property that ensures the main activities of the organization (i.e. production of products, performance of work, provision of services).

The normal value of this indicator is when the real value of the property is more than half of the total value of assets.

Ratio of current (current) assets and real estate. It is calculated using the following formula:

Current assets (the second asset section of the balance sheet) are divided into real estate (from the first asset section of the balance sheet).

The minimum standard value of this indicator can be taken as 0.5. Its higher value indicates an increase in the production capabilities of a given organization.

An indicator of financial stability is also economic growth sustainability coefficient, calculated by the following formula:

Net profit minus dividends paid to shareholders divided by equity.

This indicator characterizes the stability of profit generation remaining in the organization for its development and the creation of reserves.

Net revenue ratio according to the following formula:

Net profit plus depreciation charges is divided by revenue from sales of products, works, and services.

This indicator expresses the share of that part of the revenue that remains at the disposal of this organization (i.e., net profit and depreciation).