In financial theory and practice, it is recognized that the main criteria for assessing financial condition self-supporting (commercial) organizations are indicators of solvency and financial stability of the organization. These criteria for assessing the financial condition can be applied in the financial analysis of the consumer society - not commercial organization. The criteria and methods for assessing solvency and financial stability used in theory and practice are based on sufficiently in large numbers indicators (coefficients) derived from the composition of the assets and liabilities of the organization's balance sheet. The very concepts of "solvency" and "financial stability", as noted by some financiers, are to a certain extent conditional and do not have strict boundaries. However, in the financial analysis of enterprises they are used everywhere. They are also used by commercial banks when analyzing the creditworthiness of borrowers.
Under solvency is understood as the ability of the consumer society to fulfill its payment obligations in a timely manner and in full. To do this, he must have sufficient funds to make payments.
Many scientists believe that solvency is expressed by coefficients that measure the ratio of current assets or their individual elements with short-term debt, i.e. showing to what extent the assets of an economic entity (organization, enterprise) are able to cover its debts.
The financial position of the consumer society, its solvency can be characterized by a number of indicators.
The need for a new approach to determining the solvency of a consumer society arose in connection with the transition of the economy to market relations.
The solvency of a consumer society in market conditions is determined by a system of indicators, the main ones are three: absolute liquidity ratio; intermediate liquidity ratio; the overall coverage ratio (or the so-called current ratio).
In addition to what has been said, we note the following. Under balance sheet liquidity consumer society, as well as other organizations, it is understood the possibility of converting its assets into cash to pay off liability obligations. For this purpose, the balance sheet assets are divided according to the degree of liquidity into short-term assets, long-term assets and permanent (non-mobile) assets. All liabilities on the balance according to the terms of payments are divided into short-term liabilities, long-term liabilities, permanent (non-mobile) liabilities.
Comparison of short-term assets with short-term liabilities (current liabilities) characterizes absolute liquidity, that is, it shows the proportion of short-term liabilities that can be repaid at the expense of highly liquid assets.
According to the approximate balance given above, we determine the coefficients (K):
where is the absolute liquidity ratio
– interim liquidity ratio
– coverage ratio
DS - cash,
KFV - short-term financial investments,
DZ - accounts receivable,
ZZ - stocks and costs,
KO - short-term liabilities.
We calculate the coefficients according to the above formulas and balance sheet data. They make up:
At the beginning of the year At the end of the year
Standard value of the indicator: 0.2–0.25.
At the beginning of the year At the end of the year
A sufficient criterion Kpr.l is in the range of 0.7–0.8.
At the beginning of the year At the end of the year
The coverage ratio makes it possible to establish whether there are enough liquid assets to repay short-term liabilities. Depending on the forms of payment and turnover working capital the solvency of the consumer society is considered secured at the level of Kp = 1–2.5.
Under financial stability is understood as the financial condition of a consumer society, in which constantly in normal conditions the financing of economic activities and the fulfillment of all its obligations to other organizations, employees and the state are ensured due to the receipt of sufficient income.
The financial stability of a consumer society is determined by: 1) the availability of own funds in circulation; 2) the ratio of reserves and costs of own working capital; 3) the coefficient of financial stability and 4) the coefficient of autonomy.
The methodology for calculating the availability of own funds in circulation and the ratio of reserves and costs of own working capital is shown above.
Supply and cost coverage ratio own funds in a consumer society is respectively:
at the beginning and end of the year - 0.58 and 0.79.
The financial stability ratio (KFU) is defined as the ratio of own funds in circulation and long-term liabilities (credits and loans) to the amount of current assets (stocks, costs, receivables).
where Sos - own working capital,
DO - long-term liabilities (credits and loans),
OK - current assets (stocks, costs, receivables).
Financial Stability Ratio (KFU) in a consumer society
at the beginning and end of the year 
and 
The coefficient of financial autonomy (Kfa) (also called the coefficient of financial independence) is defined as the ratio of the amount of own funds of a consumer society in the form of capital and reserves to the value of all liabilities, i.e.:
The coefficient of autonomy according to the balance of the consumer society, respectively, is:
at the beginning and end of the year and
The optimal value, which ensures a fairly stable financial position of the organization, is 50-60%.
System financial indicators the organization's activities include a number of indicators of profitability (profitability). These profitability indicators are shown in Table 4.15.
Table 4.15
Profitability indicators used in financial analysis
| Name of indicator | Calculation formula | Brief comment |
| 1. Profitability products sold(goods), RRP | where Pr - profit from the sale of products (goods); CRP - full cost of goods sold (goods) | Shows the amount of profit received per 1 ruble of costs (cost) |
| 2. Profitability of production, Rp | Rp = where Pb - balance sheet profit; OF + MZ - average cost fixed assets and material costs(production resources) | Shows the amount of profit received per 1 ruble of production resources |
Indicators for assessing the financial condition of enterprises
To assess the financial condition of enterprises, the sources of data are the balance sheet of the enterprise and the profit and loss statement.
To analyze the financial condition of an enterprise, four groups of coefficients are used:
indicators of solvency and liquidity;
indicators of financial stability;
profitability indicators;
business activity indicators;
indicators of market activity.
1. Indicators of solvency and liquidity.
The liquidity of an enterprise means the ability of its assets to be converted into money. Solvency means the ability of the enterprise to repay its obligations in a timely manner and in full.
To determine the liquidity of an enterprise, the following indicators are calculated:
Absolute liquidity ratio
a.l. =
The minimum standard value of this indicator is set at 0.2-0.25. The absolute liquidity ratio shows what part of accounts payable the company can repay at the time of reporting.
Quick liquidity ratio (interim liquidity ratio)
b.l. =
Current liquidity ratio
K
t.l. =
The recommended value of this coefficient is from 1 to 2. The lower limit indicates the insolvency of the enterprise. If the current liquidity ratio is more than 2-3, as a rule, this indicates the irrational use of the company's funds. The current liquidity ratio shows whether the enterprise has enough funds that can be used by it to pay off its short-term obligations during the year.
Supply and cost coverage ratio own sources
K supply and cost coverage =
This ratio shows the share of own working capital, which fall on the financing of stocks and costs.
Own current assets show what part of the enterprise's current assets is financed by the enterprise's own funds, and can be calculated as the difference between current assets and current liabilities of the enterprise. The excess of current assets over current liabilities means the availability of financial resources to expand the activities of the enterprise. However, a significant excess indicates an inefficient use of resources.
2. Indicators of financial stability.
The financial stability of an enterprise is such a state of its financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk.
There are four types of financial stability:
1. absolute stability(occurs extremely rarely);
S = 1; one; 1 , i.e. SOS 0
2. regulatory sustainability, guarantees the solvency of the enterprise;
S = 0; one; 1 , i.e. SOS 0
3. unstable financial condition, in which the solvent balance is violated, but the possibility of restoring the balance by replenishing sources of own funds and accelerating inventory turnover remains;
S = 0; 0; 1 , i.e. SOS 0
4. financial crisis(the company is on the verge of bankruptcy);
S = 0; 0; 0 , i.e. SOS 0
To characterize the sources of formation of reserves, three main indicators are used:
1. Availability of own working capital (SOS):
SOS = balance sheet liability section - balance sheet asset section *
This indicator characterizes net working capital. Its increase in comparison with the previous period indicates the further development of the enterprise.
2. Availability of own and long-term borrowed sources of formation of reserves and costs (SD):
SD \u003d SOS + r.p.b.
3.The total value of the main sources of formation of reserves and costs (OI):
OI \u003d SD + p. 610 r.p.b.
There are three indicators of the provision of reserves with sources of their formation:
1. Surplus (+) or lack (-) SOS ( SOS):
SOS \u003d SOS - Z,
where 3 - reserves (p. 210 r.a.b.).
2. Surplus (+) or deficiency (-) SD ( SD):
SD = SD - W
3. Excess (+) or lack (-) of OI ( OI):
OI \u003d OI - Z
The above indicators of the availability of reserves with sources of their formation are integrated into a three-component indicator S:
S = SOS; SD; OI ,
which characterizes the type of financial stability.
The financial stability of the enterprise is based on the analysis of the capital structure of the enterprise and characterizes the degree of independence of the enterprise from external sources of financing.
The main purpose of the analysis of the financial stability of an enterprise is to assess the financial risk of the enterprise and determine the adequacy of its own capital and the degree of dependence on attracted resources.
The following indicators are used to analyze the financial stability of an enterprise:
Autonomy coefficient (independence ratio, equity concentration ratio)
Autonomy coefficient = 
The autonomy coefficient shows the share of own funds in the structure of the sources of the enterprise.
It is practically impossible to establish a normative value for this coefficient. Normal value for a particular enterprise should be established based on the characteristics of the enterprise, its needs for financial resources and development goals.
The higher the value of this coefficient, the higher the stability of the enterprise. However, when this value is close to one, this indicates an insufficiently effective financial management at the enterprise, not being able to use borrowed funds. On the other hand, an extremely low value speaks of high financial risk and high dependence on creditors.
Dependency coefficient (debt concentration ratio)
Dependency coefficient = 
This coefficient characterizes the share of borrowed funds in the structure of the sources of the enterprise's activities.
Financial stability ratio (coefficient of long-term financial stability)
Coefficient fin. stability =
This indicator characterizes the share of sustainable sources of financing in all sources of the enterprise, that is, the share of those liabilities that can be used to finance investments.
Funding ratio
Funding ratio = 
The financing ratio shows the structure of the company's liabilities.
own funds maneuverability ratio
own funds maneuverability coefficient = 
The equity agility ratio measures the portion of equity that is invested in mobile assets.
3. Indicators of profitability.
Profitability is the efficiency of using one or another type of assets or type of invested funds. The main purpose of profitability analysis is to determine the level of profitability of the enterprise according to various indicators of invested funds and types of property of the enterprise and to assess the sufficiency of the level of profitability received.
To calculate profitability indicators, data from the enterprise's balance sheet and income statement are used.
For profitability analysis, the following main indicators are calculated:
Return on assets , which speaks about the efficiency of using all the assets of the enterprise and shows how much net profit falls on 1 ruble of all the assets of the enterprise.
Return on assets (property) = 
Return on equity
Return on equity =
This indicator characterizes the profitability of using the company's own funds and shows how much net profit is received per 1 ruble of invested own funds.
Profitability indicator of the main activity
Profitability of the main activity =
This ratio shows the cost effectiveness, that is, how much profit from sales in the main activity was received per 1 ruble of costs incurred.
Profitability indicator of turnover (profitability of sales)
Return on turnover = 
This indicator characterizes the effectiveness of the company's sales, or how much profit was received from the sale of products per 1 ruble of revenue received from buyers and customers for the products sold.
Product profitability indicator
Product profitability =
This indicator shows how much profit was received per 1 ruble of costs.
For the purposes of analysis, both the net profit indicator (profit after taxes) and the profit before tax indicator can be used. Comparison of two options for profitability indicators (one - using the profit before tax indicator and the second - using the net profit indicator) allows you to determine the impact of interest payments and tax payments on the level of profitability of a particular type of asset or type of invested funds.
In addition, various profitability indicators can be calculated for certain types of activities, certain types of assets, etc.
4. Indicators of business activity.
The business activity of the enterprise is manifested in the dynamism of its development, testifies to the quality of management of financial resources invested in the property of the enterprise, and is reflected in the system of indicators of the turnover of the enterprise's funds. Business activity ratios make it possible to assess the efficiency of the use of financial resources. The financial condition of the enterprise depends on the speed of transformation of funds invested in various assets of the enterprise into cash.
To calculate the indicators of the turnover of the enterprise's funds and the speed of turnover, the data of the balance sheet and the income statement are used.
The main indicators of turnover and turnover rate:
Asset turnover ratio shows the effectiveness of the use of all resources that the company has in the analyzed period.
Asset turnover ratio =
Asset turnover period = 
Equity turnover ratio testifies to the effectiveness of the use of the company's own capital.
Ownership turnover ratio capital =
Equity turnover period = 
When analyzing business activity, more frequent turnover indicators (accounts receivable, accounts payable, stocks, etc.) and turnover periods in days are also calculated.
Accounts receivable turnover ratio = 
Receivables due date (in days) =
Inventory turnover ratio = 
Inventory turnover period (realization period) = 
Accounts payable turnover ratio = 
Payables due date (in days) =
5. Indicators of market activity
book value of common stock
basic earnings per share
ordinary share dividend
dividend payout ratio
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One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors. In market conditions, when economic activity enterprise and its development is carried out at the expense of self-financing, and in case of insufficiency of own financial resources - at the expense of borrowed funds, an important analytical characteristic is the financial stability of the enterprise. Financial stability is a certain state of the company's accounts, which guarantees its constant solvency.
The solvency of an enterprise is determined by its ability and ability to timely and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature. The liquidity of an enterprise is determined by the presence of liquid assets, which include cash, cash in bank accounts and easily realizable elements of working capital. Liquidity reflects the ability of the enterprise to make the necessary expenses at any time.
Assets, depending on the rate of conversion into cash (liquidity), are divided into the following groups:
Al - the most liquid assets. These include corporate cash and short-term financial investments.
A2 - fast-moving assets. Accounts receivable and other assets
A3 - slow-moving assets. These include "Current assets" and the item "Long-term financial investments" from section I of the balance sheet "Non-current assets".
A4 - hard-to-sell assets. These are "Non-Current Assets"
Liabilities are grouped according to the degree of urgency of their return:
P1 - the most short-term liabilities. These include the items "Accounts payable" and "Other current liabilities"
P2 - short-term liabilities. Articles "Loans and credits" and other articles of section V of the balance sheet "Current liabilities"
PZ - long-term liabilities. Long-term loans and borrowings
P4 - permanent liabilities. "Capital and reserves".
When determining the liquidity of the balance sheet, asset and liability groups are compared with each other.
Absolute balance liquidity conditions:
A necessary condition for the absolute liquidity of the balance sheet is the fulfillment of the first three inequalities, the fourth inequality is of the so-called balancing nature: its fulfillment indicates that the enterprise has its own working capital. If any of the inequalities has a sign opposite to that fixed in the best option, then the liquidity of the balance sheet differs from the absolute one.
For qualitative assessment solvency and liquidity of the enterprise, in addition to analyzing the liquidity of the balance sheet, it is necessary to calculate the liquidity ratios of current assets. Liquidity ratios are used to assess the ability of an enterprise to meet its short-term obligations.
The absolute liquidity indicator is determined by the ratio of liquid assets of the first group to the total amount of short-term debts of the enterprise ( Section III balance sheet liabilities).
Kal \u003d A1 / (P1 + P2)
It is the most stringent criterion for the liquidity of an enterprise: it shows what part of the short-term debt can be repaid immediately, if necessary, at the expense of Money.
In domestic practice, the actual average values of this coefficient, as a rule, do not reach the standard value. The normal limit is Cal > 0.2 ~ 0.5. A low value indicates a decrease in the solvency of the enterprise.
The coverage or current liquidity ratio is calculated as the ratio of current assets (working capital) to the amount of current liabilities (short-term liabilities):
Ktl \u003d (A1 + A2 + A3) / (P1 + P2)
Normal limit - Ktl from 1 to 2. The coefficient shows what part of current liabilities for loans and settlements can be repaid by mobilizing all working capital
The current liquidity ratio summarizes the previous indicators and is one of the main indicators characterizing the satisfaction balance sheet. Gives a general assessment of the liquidity of assets, showing how many rubles of current assets account for one ruble of current liabilities. In Western accounting and analytical practice, the critical lower value of the indicator is given - 2; however, this is only an indicative value indicating the order of the indicator, but not its exact normative value.
Quick liquidity ratio. By semantic purpose, the indicator is similar to the coverage ratio; however, it is calculated for a narrower range of current assets, when the least liquid part of them - inventories - is excluded from the calculation.
Kbl \u003d (Debtors + cash) / current liabilities
In Western literature, an approximate lower value of the indicator is given - 1, however, this estimate is conditional.
The overall liquidity ratio is calculated as the ratio of the total amount of current assets, including inventories and work in progress, to the total amount of short-term liabilities.
Kolb \u003d (A1 + 0.5A2 + 0.3A3) / (P1 + 0.5P2 + 0.3P3) - used for a comprehensive assessment of the liquidity of the balance sheet as a whole
A coefficient of 1.5-2.0 usually satisfies.
Liquidity ratios are relative indicators and do not change for some time if the numerator and denominator of the fraction increase proportionally. The very same financial position during this time may change significantly, for example, profit, profitability, turnover ratio, etc. will decrease. Therefore, for a more complete and objective assessment of liquidity, you can use the following factorial model:
Current assets Balance sheet profit
Cry. = Balance sheet profit * Short-term debts = X1 * X2
Where X1 is an indicator that characterizes the value of current assets per 1 ruble of income;
X2 - an indicator that indicates the ability of the enterprise to repay its debts at the expense of the results of its activities. It characterizes the stability of finance. The higher its value, the better the financial condition of the enterprise.
And another indicator of liquidity (self-financing ratio) is the ratio of the amount of self-financing income (income + depreciation) to the total amount of internal and external sources of financial income. This ratio can be calculated as the ratio of self-financed income to value added. It shows the extent to which the enterprise is self-financing its activities in relation to the wealth created. You can also determine how much self-financed income falls on one employee of the enterprise. Such indicators in Western countries are considered as one of the best criteria for determining the liquidity and financial independence of the company and can be compared with other enterprises.
Taking into account the varying degree of liquidity of assets, it can be safely assumed that all assets will be sold urgently, and therefore, in this situation, there is a threat to the financial stability of the enterprise. If the value of Kt.l. significantly exceeds the ratio of 1:1, it can be concluded that the company has a significant amount of free resources generated from its own sources.
On the part of creditors of the enterprise, this option for the formation of working capital is the most preferable. At the same time, from the point of view of the manager, a significant accumulation of inventories at the enterprise, the diversion of funds into receivables may be associated with inept asset management of the enterprise.
If an enterprise has a low interim liquidity ratio and a high total coverage ratio, the deterioration of these turnover indicators indicates a deterioration in the solvency of this enterprise.
An analysis of the solvency of an enterprise is carried out by comparing the availability and receipt of funds with payments of essentials. There are current and expected (prospective) solvency. Current solvency is determined on the balance sheet date. An enterprise is considered solvent if it has no overdue debts to suppliers, bank loans and other settlements.
The expected (prospective) solvency is determined on a specific upcoming date by comparing the amount of its means of payment with the urgent (priority) obligations of the enterprise on this date.
"Tax planning", N 4, 2004
Analysis of the financial condition of the organization allows you to form an idea of its true financial position and assess the financial risks that it bears.
The financial condition is characterized by the availability of financial resources necessary for the normal functioning of the organization, the expediency of their placement and efficiency of use, financial relationships with other legal and individuals, solvency and financial stability.
An analysis of the financial condition includes an analysis of the balance sheet and the statement of financial results of the evaluated organization for the past periods in order to identify trends in its activities and determine the main financial indicators. the main objective analysis - timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition and solvency of the organization.
Analysis of the financial condition of the organization involves the following steps:
I. Analysis of the dynamics and structure of balance sheet items.
II. Assessment of the financial situation.
III. Evaluation and analysis of the effectiveness of financial and economic activities.
Stage I. Analysis of the dynamics and structure of balance sheet items
In the process of functioning of the organization, the value of assets and their structure undergo constant changes. Most general idea qualitative changes in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analyzes of the organization's financial statements.
The purpose of the horizontal and vertical analysis of financial statements is to visualize the changes that have occurred in the main items of the balance sheet, income statement and cash flow statement, and to help company managers make decisions regarding further activities organizations.
Vertical analysis allows you to draw a conclusion about the structure of the balance sheet and income statement in the current state, as well as analyze the dynamics of this structure. The technology of vertical analysis consists in the fact that the total amount of the organization's assets (when analyzing the balance sheet) and revenue (when analyzing the income statement) are taken as 100% and each article of the financial report is presented as a percentage of the accepted base value.
Horizontal analysis consists in comparing the organization's financial data for the past two periods (years) in relative and absolute form.
The form of vertical and horizontal balance sheet analysis is shown in Table 1.
Table 1
Form of vertical and horizontal balance sheet analysis
| Indicators | Back to top of the year | Finally of the year | Change (+, -) | ||||
| thousand rub. | VK total | thousand rub. | VK total | thousand rub. | in specific scales | VK size |
|
| Assets | |||||||
| 1. Basic facilities | |||||||
| 2. Other non-current assets | |||||||
| 3. Stocks and expenses | |||||||
| 4. Accounts receivable debt | |||||||
| 5. Cash funds and other assets | |||||||
| Balance | |||||||
| Passive | |||||||
| 6. Capital and reserves | |||||||
| 7. Long term credits and loans | |||||||
| 8. Short term credits and loans | |||||||
| 9. Payable debt | |||||||
| Balance |
Stage II. Assessment of financial position
For a general assessment of the dynamics of the financial condition, the balance sheet items should be grouped into separate specific groups on the basis of liquidity and maturity of obligations (aggregate balance sheet). On the basis of the aggregated balance sheet, an analysis of the organization's property structure is carried out. Directly from the analytical balance can be obtained the most important characteristics the financial condition of the organization, which are presented in table 2.
table 2
Indicators of the financial condition of the organization
| Financial states | Share in balance for the reporting date, % | Changes absolute quantities, thousand roubles. | Changes relative values, % |
| total cost property of the organization (p. 300 - p. 252 - page 244) | |||
| Price immobilized (non-current) funds (assets) (p. 190) | |||
| The cost of mobile (working) funds (p. 290) | |||
| Cost of material working capital (p. 210) | |||
| The value of own means of organization (p. 490) | |||
| Amount of borrowed funds (p. 590 + p. 690) | |||
| Current own working capital (p. 490 - p. 252 - page 244 + page 590 - page 190 - page 230) | |||
| The value of the receivable debt (p. 230 + p. 240) | |||
| The value of accounts payable debt (p. 620) | |||
| working capital (p. 290 - p. 690) |
The dynamic analysis of the indicators given in Table 2 makes it possible to establish their absolute increments and growth rates.
Liquidity and solvency of the balance sheet
The financial position of the organization can be assessed in terms of short-term or long-term perspective. In the first case, the criteria for assessing the financial position are liquidity and solvency, i.e. the ability to timely and in full make settlements on short-term obligations.
It is necessary to analyze the liquidity of the balance sheet in order to assess the creditworthiness of the organization (the ability to pay off all its obligations in a timely and complete manner).
Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities. Liquidity of the balance sheet should be distinguished from the liquidity of assets, which is defined as the temporary value necessary for the transformation of assets into cash. The shorter the time it takes to monetize a given asset, the higher its liquidity.
Solvency implies that the organization has sufficient cash and cash equivalents to settle accounts payable requiring immediate repayment. Thus, the main signs of solvency are:
- availability of sufficient funds in the current account;
- no overdue accounts payable.
Obviously, liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables.
Depending on the degree of liquidity, the assets of the organization can be divided into the following groups:
A1 - the most liquid assets. These include all items of the organization's cash and short-term financial investments. This indicator is calculated as follows:
A1 = p. 250 + p. 260;
A2 - quickly realizable assets.
Accounts receivable for which payments are expected within 12 months after the reporting date:
A2 = p. 240;
A3 - slow-moving assets.
Articles of section II of the balance sheet asset, including inventories, value added tax, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets:
A3 = p. 210 + p. 220 + p. 230 + p. 270;
A4 - hard-to-sell assets.
Articles of section I of the balance sheet asset - non-current assets:
A4 = p. 190.
Liabilities of the balance are grouped according to the degree of urgency of their payment:
P1 - the most urgent obligations. These include accounts payable:
P1 = p. 620;
P2 - short-term liabilities. Short-term borrowings and other short-term liabilities:
P2 = p. 610 + p. 660;
P3 - long-term liabilities. Balance sheet items relating to sections V and VI, i.e. long-term loans and borrowings, as well as debt to participants for the payment of income, deferred income and reserves for future expenses:
P3 = p. 590 + p. 630 + p. 640 + p. 650;
P4 - permanent, or stable, liabilities. Articles of section IV of the balance sheet "Capital and reserves". If the organization has losses, they are deducted:
P4 = p. 490.
To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities.
The balance is considered absolutely liquid if the following ratios take place:
A1 >= P1; A2 >= P2; A3 >= P3; A4<= П4.
The fulfillment of the first three inequalities in this system entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups by asset and liability.
In the case when one or more inequalities of the system have a sign opposite to that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. At the same time, the lack of funds in one group of assets is compensated by their surplus in another group in value, but in a real situation, less liquid assets cannot replace more liquid ones.
Further comparison of liquid funds and liabilities allows us to calculate the following indicators:
Current liquidity (TL) - indicates the solvency of the organization for the nearest period of time to the considered moment:
TL - (A1 + A2) - (P1 + P2).
Prospective liquidity (PL) - solvency forecast based on a comparison of future receipts and payments:
PL \u003d A3-P3.
The analysis of financial statements and liquidity of the balance sheet carried out according to the above scheme is approximate. More detailed is the analysis of financial indicators and ratios given in Table 3.
Table 3
Liquidity indicators of the organization's balance sheet
| Name indicator | Definition | Calculation formula | standard |
| General indicator liquidity | It is applied for integrated assessment liquidity balance generally. With the help of this indicator is being assessment of change financial situation in the organization from the point liquidity perspective. Also used when choosing the most reliable from potential partners | L1 = (A1 + 0.5A2+ 0.3A3) / (P1 + 0.5P2 + 0.3P3) | L1 >= 1 |
| Coefficient absolute liquidity | Is the toughest liquidity criterion organizations. Shows what part of short-term loan obligations can be if necessary repaid immediately for cash account. In domestic practice actual averages the value of this coefficient is usually do not reach the standard values | L2 = page 260 / page 690 | L2 >= 0,2 - 0,5 |
| Coefficient fast liquidity | Similar to coefficient current liquidity, however, calculated according to narrower circle current assets. Shows predicted payment options organization, subject to timely settlements with debtors. Analyzing the dynamics of this coefficient, it is necessary pay attention to factors that caused it change. Growth fast liquidity associated with mostly with growth unjustified receivables debt, cannot characterize activities of the organization positive side | L3= (p. 290 - page 252 - page 244 - page 210 - page 220 - page 230) / page 690 | L3 >= 1 |
| Coefficient current liquidity | Gives an overall rating liquidity of assets, showing how many rubles current assets accounted for for one ruble of current obligations. Logics calculation of this indicator is that short-term obligations are repaid mainly due to current assets; hence, if current assets outnumber Current responsibility, organization can regarded as successfully functioning (on at least, in theory). Meaning indicator can vary by industry and activities, and reasonable growth in dynamics usually regarded as favorable trend | L4= (p. 290 - page 252 - page 244 - page 230) / page 690 | L4 >= 2 |
| Coefficient provided- news own means | Characterizes the presence own working capital funds needed for financial stability organizations. Meaning this ratio is less than 0.1 gives grounds for structure recognition balance unsatisfactory and organizations - insolvent | L5= (p. 490 - page 252 - page 244 + page 590 - page 190 - page 230) / (p. 290 - page 252 - page 244 - page 230) | L5 >= 0,1 |
| Coefficient restored payment capabilities | Calculated for 6 months if security ratio own funds and (or) current liquidity less than normative quantities. Meaning coefficient greater than 1 testifies to the real opportunities for the organization restore your solvency | L6= L4 end lane + 6 / t (L4end.trans - L4initial lane) / 2 | L6 >= 1 |
| Coefficient maneuverable news own negotiable funds | Characterizes own working capital, which are in the form cash, i.e. funds that have absolute liquidity. Other equal conditions indicator growth in dynamics regarded as positive trend. Acceptable indicative indicator value installed organization independent and dependent for example, from how high daily need in free cash resources | L7 = page 260 / (p. 290 - page 252 - page 244 - page 230 - p. 690) | L7 from 0 up to 1 |
| Share negotiable funds in assets | Characterizes the share own working capital funds in total household funds | L8= (p. 290 - page 252 - page 244 - page 230) / (p. 300 - page 252 - page 244) | L8 >= 0,5 |
| Coefficient coatings reserves | Calculated as magnitude ratio coverage sources stocks and the amount of stocks. If the value of this indicator is less than one, current financial state of the organization regarded as unstable | L9= (p. 490 - page 252 - page 244 + page 590 - page 190 - page 230 + page 610 + page 621 + page 622 + page 627) / (p. 210+ page 220) | L9 > 1 |
Financial strength and capital structure
An assessment of the financial condition of an organization will be incomplete without an analysis of financial stability. Determining the degree of solvency, compare the state of liabilities and assets. The task of financial stability analysis is to assess the size and structure of assets and liabilities. Indicators that characterize the independence of each element of the assets and property in general, make it possible to measure whether the analyzed organization is financially stable enough.
Under the financial stability of an economic entity, one should understand the security of its reserves and costs with the sources of their formation. A detailed analysis of the financial condition of the organization can be carried out using absolute and relative indicators.
The simplest and most approximate way to assess financial stability is to comply with the ratio:
< Текущие оборотные средства (стр. 490 - стр. 252 - стр. 244 + стр. 590 - стр. 190 - стр. 230).
This ratio shows that all stocks are fully covered by own working capital, i.e. the organization is not dependent on external creditors. However, this situation cannot be considered normal, since it means that the administration is unable, unwilling or unable to use external sources to carry out its core activities. Therefore, the ratio is more fair:
Inventories (line 210 + line 220)< Текущие оборотные средства (стр. 490 - стр. 252 - стр. 244 + стр. 590 - стр. 190 - стр. 230) + Краткосрочные заемные средства (стр. 610) + Расчеты с кредиторами по товарным операциям (стр. 621 + стр. 622 + стр. 627).
However, in addition to absolute indicators, financial stability is also characterized by relative coefficients, which are accepted in world and domestic accounting and analytical practice (Table 4).
Table 4
Indicators of financial stability
| Name indicator | Definition | Calculation formula | standard |
| Coefficient capitalization tions | Shows how much borrowed money the organization attracted 1 rub. invested in assets own funds. Growth indicator in dynamics testifies to increased dependence organizations from external investors and lenders those. about some reduction financial sustainability, and vice versa | (p. 590+ page 690) / (p. 490 - page 252 - page 244) | U1<= 1,5 |
| Coefficient financial regardless- sti or concentration own capital | Characterizes the share owners of the organization the total amount of funds advanced in his activity. The higher the meaning of this ratio, especially financially stable stable and independent of external loans company. Supplement to this indicator is the coefficient concentration of borrowed (loan) capital - their the sum is 1 (or 100%) | (p. 490 - page 252 - page 244) / (p. 300 - page 252 - page 244) | U2 >= 0,4 - 0,6 |
| Coefficient concentration borrowed capital | Shows the share of debt capital in total sources of formation capital and reflects addiction trend organizations from borrowed sources of formation capital | (p. 590+ page 690) / (p. 300 - page 252 - page 244) | U3 = 1 - U2 |
| Coefficient maneuverable sti own capital | reflects part own capital, in mobile form | (p. 290 - page 252 - page 244 - page 230 - page 690) / (p. 490 - page 252 - page 244) | U4~0.5 |
| Coefficient financial sustainability | Shows security current assets long-term sources formation | (p. 490 - page 252 - page 244 + page 590) / (p. 300 - page 252 - page 244) | U5 >= 1,0 |
A generalizing indicator of financial independence is the surplus or shortage of sources of funds for the formation of reserves and costs, which is determined as the difference between the value of sources of funds and the value of reserves and costs.
The total amount of reserves and costs (ZZ) is equal to the sum of lines 210 and 220 of the asset balance:
33 = p. 210 + p. 220.
To characterize the sources of the formation of reserves and costs, several indicators are used that reflect different types of sources:
- Own working capital (SOS):
SOS = p. 490 - p. 190.
- Own and long-term borrowed sources of formation of reserves and costs, or total functioning capital (CF):
KF = p. 490 + p. 590 - p. 190.
- The total value of the main sources of formation of reserves and costs (VI):
VI \u003d p. 490 + p. 590 + p. 610 - p. 190.
Three indicators of the availability of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs by sources of formation.
It is possible to distinguish four types of financial situations (Table 5):
- Absolute financial independence. This type of situation is extremely rare and represents an extreme type of financial stability.
- The normal independence of the financial condition guarantees the solvency of the organization.
- An unstable financial condition is associated with a violation of solvency, but there is still the possibility of restoring balance by replenishing sources of own funds, reducing accounts receivable, and accelerating inventory turnover.
- Crisis financial condition, in which the company is completely dependent on borrowed sources of financing. Own capital, long-term and short-term loans and borrowings are not enough to finance working capital, i.е. replenishment of stocks comes at the expense of funds generated as a result of slowing down the repayment of accounts payable.
Table 5
Types of financial situations
Stage III. Assessment and analysis of financial and economic activities Assessment of business activity
The assessment of business activity is aimed at analyzing the results and effectiveness of the current main production activities.
At a qualitative level, such an assessment can be obtained as a result of comparing the activities of organizations related in the field of capital investment. Such qualitative criteria are: the breadth of product sales markets; availability of products for export; the reputation of the organization, expressed, in particular, in the popularity of customers using its services, etc.
When analyzing the turnover of working capital Special attention should be given to inventories and receivables. The less financial resources of the organization are such assets, the more efficiently they are used, turn around faster and make a profit.
The turnover is estimated by comparing the indicators of the average balances of current assets and their turnover for the analyzed period. Turnovers in the assessment and analysis of turnover are:
- for production stocks- production costs of sold products;
- for receivables - sales of products by bank transfer (since this indicator is not reflected in the reporting and can be identified from the data accounting, in practice it is often replaced by an indicator of sales revenue).
The turnover, expressed in turnovers, shows the average number of turnovers of funds invested in assets of this type for the analyzed period; turnover, expressed in days, is the duration (in days) of one turnover of funds invested in assets of this type.
A generalized characteristic of the duration of the deadening of financial resources in current assets is the indicator of the duration of the operating cycle, i.e. the number of days on average from the moment of investing funds in current production activities until they are returned in the form of proceeds to the current account. This indicator largely depends on the nature of production activities; its reduction is one of the main intraeconomic tasks of the organization.
Usage performance indicators certain types resources are summarized in terms of equity turnover and fixed capital turnover, characterizing, respectively, the return on invested funds.
Table 6 presents business activity indicators calculated in the process of financial analysis.
Table 6
Business Activity Indicators
| Name indicator | Characteristics of the indicator | Calculation formula |
| turnover funds in calculations | Decrease in turnover says on the decline in sales, demand on products or growth accounts receivable. Turnover increase funds in settlements characterized as positive trend. This indicator is calculated in turns. If for analysis need to get the value indicator in days, then 365 days needs to be divided into number of revolutions | Obsr/calc = VR / DZ, where BP - proceeds from implementation, DZ - medium magnitude accounts receivable debt |
| turnover reserves | Characterizes the speed consumption or sale of raw materials or stocks. In practice often there is a situation where managers, fearing product shortages and "underearnings", create excess inventory to insure without hesitation that it leads to redundant spending, freezing funds and reduced profits | Reserved = VR / ZZ, where ZZ - average price reserves and costs |
| turnover creditor debt | Associates the amount of money that organization must return creditors (mainly suppliers) to a certain term, and the current value purchases or purchased from creditors of goods/services. how as a rule, this indicator expressed in calendar days, characterizing the average term payment for goods and/or services, purchased on credit. high share of accounts payable reduces financial stability and solvency organizations, however accounts payable suppliers and contractors allows you to use "free" money for a while its existence | Obkz \u003d KZ / SR, where short circuit - average accounts payable debt x interval analysis, SR - cost price implementation or revenue from implementation |
| turnover own capital | reflects activity use of funds. The low value of this indicator indicates inaction part of own funds. Turnover increase say what you own means of organization are introduced into circulation | Obsk = VR / SK, where SC - magnitude own capital organizations |
| Duration- ness operational cycle | The operating cycle is equal to the time between the purchase of raw materials and materials or goods and receipt of proceeds from the sale products. With a decrease operating cycle with other equal conditions decreases time between the purchase of raw materials and receiving revenue as a result which increases profitability. Accordingly, the decrease in this indicator in days favorable characterizes the activity organizations | OCprod = Obsr/calc (in days) + Reserves (in days) |
| Duration- ness financial cycle | The financial cycle begins from the moment of payment to suppliers materials (repayment accounts payable), ends at the time of receipt money from buyers shipped products (repayment accounts receivable) | FCprod = OTsprod - Obkz |
Profitability assessment
The effectiveness and economic feasibility of the functioning of the organization are measured by absolute and relative indicators: profit, gross income, profitability, etc.
Profitability indicators are relative characteristics of the financial results and performance of the organization. They reflect the profitability of the organization and are grouped according to the interests of the participants. economic process. These indicators characterize the factor environment for the formation of profits and income of organizations.
To calculate the main indicators of profitability, the data of the consolidated balance sheet and income statement are used (Table 7).
Table 7
Key profitability indicators
| Name of indicator | The content of the indicator | Calculation formula |
| Profitability of sales | Profit per unit products sold | page 050 / page 010 of the report <*> |
| Profitability of the main activities | Profit from sales for 1 rub. costs | page 050 / (page 020 report + page 030 report + page 040 report) |
| Profitability total capital | Efficiency use of capital. Profitability dynamics equity has an impact on share price dynamics | (page 140 report - page 150 report) / (p. 300 - page 252 - page 244) |
| Profitability equity | (page 140 report - page 150 report) / (p. 490 - page 252 - page 244) |
|
| Payback period equity | Number of years during which are completely investments will pay off to this organization | (p. 490 - page 252 - page 244) / (page 140 report - page 150 report) |
| Rate of return (ROS) | Net profit ratio to gross sales | page 140 report / page 010 of the report |
| Return on assets (ROA) | Net profit ratio to total assets organizations | page 140 report / average magnitude assets (amount lines 300 balance on beginning and the end period / 2) |
| return on capital (ROE) | Net profit ratio to equity organizations | page 140 report / average magnitude own funds (amount lines 490 balance on beginning and the end period / 2) |
These indicators do not have standard values, depend on many factors and vary significantly depending on the profile, size, structure of assets and sources of funds of the organization, so it is advisable to analyze trends in their change over time.
T.A. Fadeeva
Head of evaluation department
CJSC "BKR-Intercom-Audit"
AT methodological recommendations on the development of the financial policy of the enterprise, approved by the Ministry of Economy of the Russian Federation (order No. 118 of 01.10.1997), all indicators of financial and economic states organizations divided into two levels: first and second. These categories have significant qualitative differences between them.
To the first level includes indicators for which normative values are determined. These include indicators of solvency and financial stability.
Analyzing the dynamics of these indicators, one should pay attention to the trend of their change. If their values are lower or higher than the normative ones, then this should be considered as a deterioration in the characteristics of the analyzed organization. There are several states of indicators of the first level (Table 1.13):
Table 1.13. The state of indicators of the first level
State I.1- the values of the indicators are within the recommended range of standard values ("corridor"), but at its borders. An analysis of the dynamics of indicators shows that the movement is in the direction of the most acceptable values (movement from the borders to the center of the "corridor"). If the group of indicators of this level is in the state I.1, then this aspect of the financial condition of the organization can be rated "excellent".
State I.2- the values of the indicators are within the recommended limits, and the analysis of the dynamics shows their stability. In this case, according to this group of indicators, the financial condition of the organization can be defined as “excellent” (the indicator values are in the middle of the “corridor”) or “good” (the value is at one of the boundaries of the “corridor”).
State I.3- the values of the indicators are within the recommended limits, but the analysis of the dynamics indicates their deterioration (movement from the middle of the "corridor" to its borders). The assessment of the financial condition in this case is “good”.
State II.1- the values of the indicators are outside the recommended ones, but there is a tendency to improve. In this case, depending on the deviation from the norm and the pace of movement towards it, the financial condition of the organization can be characterized as "good" or "satisfactory".
State II.2- the values of the indicators are consistently outside the recommended "corridor". Rating - "satisfactory" or "unsatisfactory". The choice of assessment is determined by the magnitude of the deviation from the norm and assessments of other aspects of the financial and economic condition of the organization.
State II.3- the values of the indicators are outside the norm and are deteriorating all the time. Rating - "unsatisfactory".
Applying this technique to the results of calculating solvency and financial stability ratios, we can make following conclusions(Table 1.14):
Table 1.14. Assessment of the state of indicators of the first level
|
Name of indicator |
Compliance |
Trend |
Indicator status |
|
|
General indicator of solvency |
Compliant |
improvement |
||
|
Kt absolute |
Does not match standard |
worsening |
||
|
Does not match standard |
worsening |
|||
|
Kt of current liquidity K TL |
Does not match standard |
worsening |
||
|
Corresponds standard |
improvement |
|||
|
Kt security own. funding sources |
Corresponds standard |
improvement |
||
|
K-t capitalization K K |
Does not match standard |
worsening |
||
|
Does not match standard |
worsening |
|||
|
K-t financing K F |
Does not match standard |
worsening |
||
|
Does not match standard |
worsening |
Conclusion. Thus, according to most indicators, MUP "Management Technologies" has unsatisfactory performance.
It means that not everything is so “excellent” in assessing the financial condition of our organization. Unfortunately, the answer to the question about the financial condition of an organization that has various meanings indicators of the first level, this technique does not give.
This possibility is provided by a technique based on a scoring of the financial condition. The essence of this technique lies in the classification of organizations by the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the “scored” number of points, based on the actual values of its financial ratios.
Column 1 records the names (symbols) of the coefficients (indicators) of solvency and financial stability.
In column 2, it is written “meets the standard” or “does not meet the standard”.
Column 3 describes the trend "deterioration", "improvement", "sustainable".
In column 4, one of the six states of the indicator is fixed: I.1; I.2; I.3; II.1; II.2; II.3.
Column 5 gives an assessment of "excellent", "good", "satisfactory", "unsatisfactory" in accordance with the noted state of the indicator.
Then a general conclusion is made about the financial condition of the enterprise.
The analysis reveals indicators with different estimates. This indicates that not everything is so “excellent” in assessing the financial condition of the enterprise under study. Unfortunately, this method does not give an answer to the question about the financial condition of an enterprise with different values of the first level indicators.
It should be noted that the methodology includes the analysis of not only indicators of the first level (normalized), but also indicators of the second level (non-normalized).
To the second level includes indicators whose values cannot serve to assess the efficiency of the enterprise and its financial and economic condition without comparison with the values of these indicators at enterprises that produce products similar to those of our enterprise and have production capacities comparable to those of the enterprise, or for trend analysis changes in these indicators. This group includes profitability indicators, characteristics of the property structure, sources and status of working capital. For this group of indicators, it is advisable to rely on the analysis of trends in indicators and to identify their deterioration or improvement. The second group of indicators is proposed to be characterized by the following states:
"improvement" - 1,
"stability" - 2,
"deterioration" - 3.
For some indicators, you can define "corridors" optimal values depending on their affiliation various types activities and other features of the functioning of the enterprise.
In order to obtain a more objective assessment of the financial and economic condition of the enterprise, it is proposed to compare the status of indicators of the first and second levels (Table 1.15).
Table 1.15. Comparison of the states of indicators of the first and second levels
It should be noted that the method described gives a very approximate and quite overall result assessment of the financial and economic condition and does not indicate to the management of the enterprise the directions for improving management.
Considering the variety of financial processes, the multiplicity of indicators of the financial condition, the differences in the level of critical assessments, the emerging degree of deviation from them of the actual values of the coefficients and the difficulties arising in connection with this in general assessment the financial position of the enterprise, it is recommended to make a scoring assessment of the financial condition.
The essence of this technique lies in the classification of enterprises by the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the "scored" number of points, based on the actual values of its financial ratios (Table 1.15).
- 1st Class- these are enterprises with absolute financial stability and absolutely solvent, whose financial condition allows you to be sure of the timely fulfillment of obligations in accordance with the agreements. These are enterprises that have a rational structure of property and its sources, and, as a rule, are quite profitable.
- 2nd Class- These are enterprises with a normal financial condition. On the whole, their financial indicators are very close to optimal, but there is some lag in some ratios. These enterprises, as a rule, have a non-optimal ratio of own and borrowed sources of financing, shifted in favor of borrowed capital. At the same time, there is a faster increase in accounts payable compared to the increase in other borrowed sources, as well as in comparison with the increase in receivables. Usually these are profitable enterprises.
- 3rd Class- These are enterprises whose financial condition can be assessed as average. When analyzing the balance sheet, the “weakness” of individual financial indicators is revealed. They either have solvency at the minimum acceptable level, and financial stability is normal, or vice versa - an unstable financial condition due to the predominance of borrowed sources of financing, but there is some current solvency. In relationships with such enterprises, there is hardly a threat of loss of funds, but the fulfillment of obligations on time seems doubtful.
- 4th Class- These are enterprises with an unstable financial condition. When dealing with them, there is a certain financial risk. They have an unsatisfactory capital structure, and solvency is at the lower limit allowed values. As a rule, such enterprises have no profit at all or very little, sufficient only for obligatory payments to the budget.
- 5th Class- These are enterprises with a crisis financial condition. They are insolvent and absolutely unstable from a financial point of view. These enterprises are unprofitable.
Table 1.16. The boundaries of the classes of enterprises according to the criteria for assessing the financial condition
|
Criteria Conditions |
Class boundaries according to criteria |
|||||
|
Kt of absolute liquidity |
0.70 and more assign 14 points |
0.69 - 0.50 assign from 13.8 to 10 points |
0.49 - 0.30 assign from 9.8 to 6 points |
0.29 - 0.10 assign from 5.8 to 2 points |
Less than 0.10 assign from 1.8 to 0 points |
|
|
Intermediate coat set |
For every 0.01 point reduction, 0.2 points are deducted |
1 or more > 11 points |
0.99 - 0.80 > 10.8 - 7 points |
|
|
0.59 or less > from 2.8 to 0 points |
|
Kt of current liquidity |
For every 0.01 point reduction, 0.3 points are deducted |
|
from 18.7 to 13 points |
from 12.7 to 7 points |
from 6.7 to 1 points |
0.99 or less > from 0.7 to 0 points |
|
Share of working capital in assets |
|
9 to 7 points |
from 6.5 to 4 points |
from 3.5 to 1 points |
Less than 0.20 > From 0.5 to 0 points |
|
|
Security kit To-t of security of financing |
For every 0.01 point reduction, 0.3 points are deducted |
|
from 12.2 to 9.5 points |
from 9.2 to 3.5 points |
from 3.2 to 0.5 points |
Less than 0.10 > 0.2 points |
|
Capitalization set |
For every 0.01 point increase, 0.3 points are deducted |
Less than 0.70 > 17.5 points 1.0 - 0.7 > 17.1 - 17.4 points |
from 17.0 to 10.7 points |
from 10.4 to 4.1 points |
from 3.8 to 0.5 points |
1.57 or more > from 0.2 to 0 points |
|
Set of financial independence |
For every 0.01 point reduction, 0.4 points are deducted |
|
from 8 to 6.4 points |
from 6 to 4.4 points |
from 4 to 0.8 points |
0.30 or less > from 0.4 to 0 points |
|
Set of financial stability |
For every 0.01 point reduction, 1 point is deducted |
|
|
|
|
0.49 or less > from 1 to 0 points |
|
100 - 97.6 points |
93.5 - 67.6 points |
64.4 - 37.0 points |
33.8 - 10.8 points |
7.5 - 0 points |
A generalized assessment of the financial condition of the analyzed enterprise is carried out in tabular form (Table 1.17).
Table 1.17. Classification of the level of financial condition
|
Financial condition indicators |
For the beginning of the year |
At the end of the year |
||
|
Number of points |
The actual value of the coefficient |
Number of points |
||
|
Absolute liquidity K AL |
||||
|
Set of intermediate coat K PP |
||||
|
Kt of current liquidity K TL |
||||
|
The share of working capital in the assets of DOS |
||||
|
Kt of provision with own funds K OSS or Kt of provision with own sources of financing K OSI |
||||
|
K-t capitalization K K |
||||
|
Financial Independence K FN |
||||
|
K-t of financial stability K FU |
||||
According to the calculations, it turns out that the organization we are analyzing belongs to the 3rd class of (average) financial condition, but by the end of the year the indicators became a little better.
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