The financial stability of the enterprise is its assessment. Methodology for assessing the financial stability of an enterprise

Financial condition enterprises are a movement serving the production and sale of its products.

Between production development and finances There is both a direct and an inverse relationship.

The financial condition of the economic unit is directly dependent on the volumetric and dynamic indicators of the movement of production. Growth in production improves financial condition enterprises, and its reduction, on the contrary, worsens. But the financial condition, in turn, affects production: it slows it down if it worsens, and speeds it up if it increases.

Profit is the difference between sales revenue and current costs.

The current solvency of the organization is directly affected by the liquidity of its current assets (the ability to convert them into cash or use them to reduce liabilities).

Indicators of financial and market stability of the enterprise

Capitalization ratio

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

• Attracted capital (the sum of the results of the second and third sections of the balance sheet liability "Long-term liabilities" and "Short-term liabilities") / equity capital (the result of the first section of the liability "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 coefficient exceeds one, the greater the organization's dependence on borrowed sources of funds. critical value this indicator is 0.7. If the coefficient exceeds this value, then the financial stability of the organization is doubtful.

Agility factor(mobility) of own capital (own funds) is calculated according to the following formula:

Own current assets (the result of the first section of the liability of the balance sheet "Capital and reserves" minus the result of the first section of the asset "Non-current assets") divided by equity capital (the result of the first section of the liability of the balance sheet "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 .

Coefficient financial stability expresses the proportion of those sources of funding that the 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 ratio is calculated according to the following formula:

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

If this organization does not have long-term borrowed sources of funds, then the value of the coefficient of financial stability will coincide with the coefficient of autonomy (financial independence).

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

Divide equity capital by debt capital.

A significant decrease in the value of this indicator indicates the possible insolvency of the organization, since most of its property is formed at the expense of borrowed sources of funds.

Debt ratio(concentration ratio of attracted capital) shows the share of credits, loans 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.

Structure coefficient long-term investments shows the ratio between long-term liabilities (liabilities) and long-term (non-current) assets:

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

The next indicator is long-term borrowing ratio- is defined as follows:

Long-term liabilities (the result of the second section of the balance sheet liability) divided by Long-term liabilities + equity(the sum of the results of the first and second sections of the balance sheet liability).

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

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

Divide long-term liabilities (the result of the second section of the balance sheet liabilities) 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 and long-term liabilities in the total assets of the organization:

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

In often the already considered coefficient of security of current assets with own working capital, showing what part of the organization's current assets was formed from its own sources of funds.

The standard value of this indicator should be at least 0.1.

Inventory back-to-back ratio own working capital shows the extent to which stocks of inventory items are formed at the expense of own sources and do not need to attract borrowed funds. This indicator is determined by the following formula:

Divide own sources of funds minus non-current assets by inventories (from the second section of the asset).

The standard value of this indicator should be at least 0.5. Another indicator that characterizes the state of current assets is the ratio of inventories and own working capital. It is essentially the reverse of the previous indicator:

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

An important indicator is an functional capital maneuverability ratio(own working capital). It can be determined by the following formula:

Add cash to short-term financial investments divided by own sources of funds minus non-current assets.

This indicator characterizes that part of own working capital, which is in the form of cash and 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.

The fixed asset index (the ratio of non-current to equity) is a ratio expressing the share of non-current assets covered by sources of equity. 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. An important indicator of financial stability is the ratio of the real value of the property. This indicator determines what share in the value of the organization's property is the means of production. It is calculated according to the following formula:

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

All components included in the numerator of this formula are the means of production necessary for the implementation of the main activities of the organization, i.e. its production potential. Therefore, this ratio reflects the share in the assets of the property that provides the main activity of the organization (i.e., output, work, 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.

An indicator expressing the financial stability of the organization is also ratio of current (current) assets and real estate. It is calculated according to the following formula:

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

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

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

Net income minus dividends paid to shareholders divided by equity.

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

In addition, the net revenue ratio is determined by the following formula:

Divide net profit plus depreciation by the proceeds from the sale of products, works, services.

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

An important stage in the analysis of the financial stability of the organization is the assessment of its creditworthiness. Creditworthiness is understood as the organization's ability to timely repay (repay) received loans and borrowings, as well as pay interest for using them on time.

The creditworthiness of borrowing organizations is determined by a number of indicators: the liquidity of the organization, the share of equity capital (own sources of funds), profitability.

Depending on the values ​​of these indicators and the industry to which this organization belongs, the latter can be assigned to one of the following types:

1. the type of creditworthy organizations that have a high level of liquidity and security with their own funds;
2. the type of organizations that have a sufficient degree of reliability;
3. a type of insolvent organizations with illiquid balance sheets or low equity.

To assess the creditworthiness of the borrowing organization, you should first analyze its financial condition. After this and the decision on the possibility of granting a loan to the organization, the net proceeds ratio is calculated, expressing the share of profit and depreciation in each ruble of proceeds from the sale of products, works, services (without value added tax). The resulting value of this indicator can be extended to the expected receipt of revenue in the future. This will determine the possible maturity of loans and borrowings, since the numerator of this ratio, that is, profit and amortization, represents the value of the potential source of repayment of loans and borrowings.

When concluding a loan agreement between the bank and the organization, the accumulated amount of debt is determined, which includes the amount of the loan and interest for using it. The accumulated amount of debt is determined by the following formula:

Where S is the accumulated amount of debt;

R - the amount of the loan;

(1 + n i) is the growth factor;

n - the period for which the loan is issued;

i is the interest rate for the loan.

The accumulated amount of debt (S) must be secured by the value of the source of repayment of the loan (Rn) for the period for which the loan is issued. Therefore, if Rn>S, then the borrowing organization is creditworthy. If the value of Rn is insufficient to pay off the accumulated amount of debt, that is, Rn

Along with assessing the creditworthiness of an organization, it is also necessary to analyze the efficiency of using a loan, which is expressed by the following main indicators: products sold per 1 ruble of average debt on loans, as well as the turnover of loans in days. Comparing these indicators in dynamics over several periods, we can state an increase in the efficiency of using a loan if the volume of sales per 1 ruble of average debt on loans increases, and the turnover of loans in days accelerates.

Diploma Plan

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

Introduction

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

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

1.2. Methods for assessing the financial stability of an enterprise

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

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

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

1.3. General assessment of the financial stability of the enterprise

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

1.4.1. Share of equity in assets

1.4.2. own funds maneuverability ratio

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

1.4.4. Sustainable growth rate

1.4.5. Interest coverage ratio

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

2.1. General characteristics of the activities of Arkhbum OJSC

2.2. Analysis financial position JSC "Arkhbum"

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

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

3.1. General assessment of the financial stability of Arkhbum JSC

3.2. Market position analysis

Conclusion

List of used literature

Appendix

Doing

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

The financial activities of enterprises include:

Meeting the need for financial resources;

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

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

Regulation of financial relations of the enterprise with owners (shareholders), employees, between divisions (branches), etc.

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

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

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

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

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

This work has the following structure:

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

It consists of the following items:

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

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

1.3. General assessment of the financial stability of an enterprise, in this paragraph we will present a general methodology for assessing the financial stability of an enterprise;

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

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

This chapter has the following structure:

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

2.2. Analysis of the financial position of Arkhbum OJSC;

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

Chapter III. Final chapter. It contains a general methodology for assessing financial stability at Arkhbum OJSC, an analysis of the current position occupied by the enterprise in the market and basic recommendations for the successful operation of Arkhbum OJSC in the future.

Has the following structure:

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

3.2. Analysis of the position on the market - general characteristics of the enterprise, prospects for its development and indicators that Arkhbum OJSC managed to achieve;

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

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

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

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

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

Determining the financial position;

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

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

Forecast of the main trends in financial condition.

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

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

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

How will risk and return change over time?

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

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

The main forms of financial (accounting) statements of Russian enterprises are (Appendix 1):

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

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

- “Cash flow statement” (Form No. 4);

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

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

Financial stability assessment

financial stability liquidity profitability

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

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

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

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

Using absolute indicators, one can trace the dynamics of the balance sheet profit or net profit (Table 2.1).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Liquidity analysis

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

Table 2.3 - Liquidity analysis

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

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

Current liquidity

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

Prospective liquidity

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

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

where NLA - the most liquid assets;

BRA - quick realizable assets;

MRA - slow-moving assets;

NSO - the most urgent obligations;

KSP - short-term liabilities;

DSP - long-term liabilities.

Table 2.4 - Analysis of balance sheet liquidity

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

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

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

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

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

Analysis of liquidity indicators is presented in Table 2.5.

Table 2.5 - Analysis of liquidity indicators

The current liquidity ratio is below the standard, this indicates an inefficient use of the enterprise's funds, however, there is a tendency to increase this standard, which has a positive effect on the enterprise.

The quick liquidity ratio is also below the standard, which means that the dynamics is declining, the company is not quite able to fulfill Current responsibility through liquid assets.

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

Solvency analysis

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

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

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

Let's analyze the solvency presented in table 2.6.

Table 2.6 - Analysis of solvency

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

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

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

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

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

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

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

Business activity analysis

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

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

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

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

The inventory turnover rate increases, which means that inventory is consumed and replenished more times over the period.

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

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

The asset turnover rate has not changed in dynamics.

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

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

Profitability analysis

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

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

The assessment of the profitability of enterprises is carried out to ensure comparability of absolute profit indicators with economic analysis, as well as for predicting financial results due to changing business conditions.

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

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

Table 2.7. Profitability analysis

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

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

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

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

Financial sustainability score

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

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

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

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

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

Table 2.10 - Assessment of financial stability

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

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

Borukhin D. S., Tsareva S. V., Gaponenkova N. B., Motina T. N., Breslavets I. N., Bespalova S. V., Drozhdinina A. I., Skotarenko O. V., Smirnov A V., Rapnitskaya N. M., Kibitkin A. I.,

2.2.3. Assessment of the financial stability of the organization

One of the characteristics of the stable position of the organization is its financial stability. It is due to the stability of the economic environment in which the enterprise operates, and the results of its functioning.

Financial stability is such a state of financial resources, their distribution and use, which ensure the development of an organization based on the growth of profits and capital while maintaining solvency.

Financial sustainability means:

Stable excess of income over expenses;

Free maneuvering of funds and their effective use;

Uninterrupted process of production and sales of goods, works, services.

Financial stability is influenced by many factors that can be divided into external and internal.

To external factors financial stability include:

Economic conditions of managing;

Technique and technology dominating in society;

Effective demand and income level of consumers;

Tax and credit policy of the state;

The level of development of foreign economic relations;

Industry affiliation of the organization, etc.

Internal factors affecting the financial stability of the organization are:

The structure of products, its share in the total effective demand;

The size and structure of expenses, their correlation with cash income;

Condition and structure of property;

Structure and efficiency of capital use (own and borrowed);

The competence and professionalism of the managers of the organization, the flexibility of their economic and financial policies (the ability to respond to changes in the internal and external environment) and etc.

financial stability is assessed using absolute and relative indicators.

Absolute indicators of financial stability are indicators that characterize the state of reserves and the availability of their sources of formation. In this case, the total amount of stocks is taken equal to the sum of the values ​​of lines 1210 "Stocks" and 1220 "VAT on acquired values" of the balance sheet, respectively (the amount of such VAT is taken into account in the calculation, since before it is accepted for reimbursement from the budget, VAT must be financed from sources of stock formation ).

To characterize the sources of formation of reserves, indicators are used that reflect the degree of coverage different types sources (2.4)-(2.6):

1. Availability of own working capital (SOK):

SOK \u003d SK - VA. (2.4)

2. Availability of own and equivalent capital - permanent capital (PC):

PC = SOC + TO, (2.5)

where TO - long-term liabilities.

3. The total value of the main sources of reserves formation (OI):

OI \u003d SOC + DO + KK, (2.6)

where KK - short-term assets.

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves by these sources (2.7) - (2.9):

1. Surplus (+) or shortage (-) of own working capital (? SOK):

SOK \u003d SOK - Z. (2.7)

2. Surplus (+) or shortage (-) of permanent capital (? PC):

PC \u003d PC - Z. (2.8)

3. Surplus (+) or shortage (-) of the main sources of reserves formation (?OI):

OI \u003d OI - Z. (2.9)

The identification of these three indicators allows you to determine the type of financial stability of the organization.

There are four types of financial stability: absolute stability, normal stability, unstable state, crisis state.

The absolute stability of the financial condition is extremely rare and is set by the condition: surplus (+) SOC or its equality with the value of reserves (Z), i.e. (2.10):

THE JUICE? Z. (2.10)

Normal stability of the financial condition - guarantees solvency and is set by the conditions:

Disadvantage (-) SOC;

Excess (+) PC or its equality with the amount of stocks, i.e. (2.11)-(2.12):

THE JUICE? Z; (2.11)

An unstable financial condition is associated with a violation of solvency, however, it remains possible to restore balance by replenishing equity capital and additionally attracting loans and borrowings.

This type of financial stability is given by conditions (2.13)-(2.15):

Disadvantage (-) SOC;

Disadvantage (-) PC;

Excess (+) OI or their equality with the amount of reserves,

THE JUICE? Z; (2.13)

PC? Z; (2.14)

The crisis financial condition means that the organization is on the verge of bankruptcy, since in this situation, cash, short-term financial investments, receivables and other current assets do not even cover accounts payable and other short-term liabilities. This type of financial stability is given by the condition: lack of (-) OI, i.e. (2.16):

From the presented calculations, there are two main ways to get out of an unstable and crisis financial state:

Replenishment of sources of reserves formation (primarily at the expense of profit, attraction of credits and loans on favorable terms) and optimization of their structure;

Reasonable reduction in the level of stocks (as a result of planning their balances, strengthening control over their use, the sale of unused inventory items, etc.).

Financial stability can be assessed using relative indicators - coefficients that characterize the degree of independence of the organization from external sources of financing.

In theory and practice, there are several dozen such indicators, however, many of them duplicate each other. The most common financial stability ratios are presented in table. 2.2.

Insolvency, financial instability of the organization may end in a state of bankruptcy. In accordance with federal law dated October 26, 2002 No. 127-FZ “On Insolvency (Bankruptcy)”, which entered into force on December 2, 2002, insolvency (bankruptcy) means the inability of the debtor recognized by the arbitration court to fully satisfy the claims of creditors for monetary obligations and ( or) fulfill the obligation to pay mandatory payments.

Law No. 127-FZ establishes signs of bankruptcy: the debtor is considered insolvent (bankrupt) if the relevant obligations are not fulfilled by him within three months from the date when they should have been fulfilled. To determine the presence of signs of bankruptcy of the debtor, the amounts of monetary obligations and mandatory payments are taken into account. The amount of liabilities includes:

The amount of debt for the transferred goods, performed
works and services rendered;

The amount of the loan, taking into account the interest payable by the debtor;

The amount of debt arising from unjust enrichment;

The amount of debt arising as a result of damage to the property of creditors.

Table 2.2

Indicators of financial stability of the organization

Indicator and its meaning	Characteristics of indicators	Optimal value
Coefficient of independence (autonomy or concentration of equity)	characterizes the share of own funds in the total amount of sources of financing of the organization's activities
Dependence coefficient (concentration of borrowed capital)	characterizes the share of borrowed funds in the total value of sources of financing the organization's activities
Financial stability ratio	shows the share of funding sources that can be used for a long time
Funding ratio	characterizes the ratio of own and borrowed funds
Financial activity ratio (shoulder of financial leverage)	characterizes the ratio of borrowed and own funds
Own working capital	characterizes the amount of working capital generated from own sources	10% of the value of current assets
Equity maneuverability ratio	shows what part of own funds is invested in the most mobile (current) assets
The coefficient of provision with own working capital means	shows the share of current assets formed from own sources in the total value of current assets
Reserves coverage ratio with own sources	shows the extent to which the company's reserves are formed at the expense of its own funds or need to attract borrowed funds
Ratio (index) of a permanent asset	shows the share of non-current assets in the amount of own sources of funds

Mandatory payments include taxes, fees and other mandatory contributions to the budget of the appropriate level and state non-budgetary funds in the manner and under the conditions determined by law Russian Federation. The amount of mandatory payments is calculated excluding fines (penalties) and other financial sanctions.

According to this law, a bankruptcy case may be initiated by an arbitration court under the following conditions:

Requirements for the debtor legal entity in the aggregate amount to at least 100,000 rubles, to a debtor-citizen - at least 10,000 rubles;

Obligations to satisfy the claims of creditors are not fulfilled by the debtor within three months from the date on which they should be repaid.

At the same time, many experts seriously criticized the assessment of the organization's financial viability based on these indicators. The opinion was expressed that such an assessment could not be considered objective for the following reasons:

Normative values ​​of indicators do not take into account the specifics of individual sectors of the economy (the duration of the operating cycle, the nature of the raw materials used, etc.);

An increase in current liquidity and equity ratios may actually mean not an improvement, but a deterioration in the financial position of an enterprise (for example, due to an increase in overdue, doubtful debts, accumulation of illiquid stocks, etc.);

The coefficients do not take into account the real economic situation in Russia (for example, the value of the current liquidity ratio equal to two characterizes the normal liquidity of an organization operating in a stable developed market).

However, in addition to the considered formal criteria that make it possible to consider an organization financially insolvent, one should use informal criteria that make it possible to predict the likelihood of potential bankruptcy, including according to financial statements.

Informal criteria include:

1) unsatisfactory structure of the property of the organization (growth of construction in progress, overdue receivables of inventories with a long period of circulation, etc.);

2) slowdown in the turnover of the organization's funds (excessive accumulation of inventories, deterioration in the state of settlements with buyers, etc.);

3) an increase in the period of repayment of accounts payable and a slowdown in the turnover of current assets;

4) tendencies to crowd out “cheap” borrowed funds by “expensive” ones (in the form of loans) as part of the organization’s liabilities;

5) the presence of overdue accounts payable and its increase specific gravity as part of the obligations of the enterprise;

6) presence and increase of uncovered losses;

7) the trend of outpacing growth of the most urgent liabilities in comparison with the change in highly liquid assets;

8) falling values ​​of liquidity ratios;

9) irrational structure of attraction and placement of funds (formation of long-term (non-current) assets at the expense of short-term sources of funds), etc.

We bring to your attention the journals published by the publishing house "Academy of Natural History"

Financial stability is the stability of the financial position of the enterprise, provided by a sufficient share of equity capital as part of the sources of financing. A sufficient share of equity capital means that borrowed sources of financing are used by the enterprise only to the extent that it can ensure their full and timely return.

AT general view, a company can be considered financially stable if the following inequality is met:

current assets< Собственный капитал - Внеоборотные активы.

From this point of view, short-term liabilities should not exceed the value of liquid assets in amount. In this case liquid assets- not all current assets that can be quickly turned into money without significant loss of value compared to the balance sheet, but only part of them. Liquid assets include inventories and work in progress. Their conversion into money is possible, but this will disrupt the smooth operation of the enterprise. We are talking only about those liquid assets, the transformation of which into money is a natural stage of their movement.

In addition to the cash and financial investments themselves, this includes accounts receivable and stocks of finished products intended for sale. The share of the listed elements of current assets in the total value of the enterprise's assets determines the maximum possible share of short-term borrowings as part of the sources of financing.

The rest of the asset value must be financed from equity or long-term liabilities. Based on this, the sufficiency or insufficiency of own capital is determined. Two conclusions follow from the above:

1. The necessary (sufficient) share of equity capital in the composition of funding sources is individual for each enterprise and for each reporting or planning date; it cannot be assessed using any standard values.
2. A sufficient share of own capital in the composition of financing sources is not its maximum possible share, but a reasonable one, determined by an appropriate combination of borrowed and own sources, corresponding to the structure of assets.

A number of financial ratios are traditionally used to assess the level of financial stability. They show the level of financial stability to a certain extent, but do not answer the question of whether such a level is sufficient.

Their calculation is made according to the indicators of the planned or actual balance of assets and liabilities. The level of coefficients can serve as a starting point for assessing the financial stability of an organization, however, with some reservations and clarifications. In practice, various methods of analyzing financial stability are used, including coefficients, one of options given below.

Name	Formula	Recommended value	Note
1. Capitalization ratio	(B - P4) / P4	Not higher than 1.5	Shows how much borrowed funds the organization has attracted 1 thousand rubles invested in equity assets
2. Ratio of provision with own sources of financing	(P4 - A4) / (A1+A2+A3)	Not less than 0.1 and not more than 0.5	Shows what part of current assets is financed from own sources
3. Financial independence ratio	P4 / B	Not more than 0.6 and not less than 0.4	Shows the share of own funds in the total amount of funding sources. Reflects the degree of independence from borrowed funds
4. Funding ratio	P4 / (B-P4)	Not less than 0.7	Shows which part of the activity is financed by own funds and which part is financed by borrowed funds
5. Financial stability ratio	(P4 + p. 590) / B	Not less than 0.6	Shows how much of the assets are financed from sustainable sources

Note:
P1 - the most urgent obligations. P1 \u003d p. 620 + 630
P2 - short-term liabilities. P2 = p. 610 + p. 650 + p. 660
P3 - long-term liabilities. P3 = p. 590
P4 - permanent or stable liabilities. P4 \u003d p. 490 + 640 - 216
B - Balance
(Source: Dontsova L.V., Nikiforova N.A. Comprehensive analysis of financial statements. 4th ed., revised and supplemented.)

Each of the possible methods assessing the financial stability of the organization indicates the same aspect of the financial stability of the enterprise: measure of its dependence on borrowed sources of financing. However, dependence on long-term borrowed sources is not the same as dependence on short-term liabilities, unreasonably large amounts that can lead to the company's insolvency. Long-term borrowed funds can, in essence, be equated to equity. Therefore, none of the considered coefficients can have an independent value without specifying the composition of borrowed sources, i.e. without dividing them into long-term and short-term.

Having calculated the levels of coefficients, we do not get an answer to the questions whether the financial stability of the enterprise is sufficient. The first sign of sufficient financial stability is the provision of financing of the necessary reserves with own working capital. They cannot be financed from the short-term debt of the enterprise, since the necessary reserves are an element of current assets that cannot be converted into cash to pay off debts, but serves as the basis for ensuring the smooth operation of the enterprise.

For a generalized assessment of the level of financial stability in accordance with the purpose of the analysis, you can use integral criterion of financial stability:

J = Kavt * Kmnsk * Ksos * Kfu

where, Kavt - coefficient of autonomy; Kmnsk - coefficient of equity capital maneuverability; Ksos - coefficient of provision with own working capital; Kfu - coefficient of financial stability.

The calculation of the components of the integral criterion of financial stability will be carried out according to the formulas:

Kavt \u003d SK / KAP

Kmnsk \u003d FK / SK

Xos = SOS/TA

Kfu = SK/PC

where,
SC - equity capital of the company;
KAP - company's capital - balance sheet currency;
FC - functioning capital, i.e. the difference between own working capital and long-term receivables together with overdue receivables;
SOS - own working capital;
TA - current assets;
PC - attracted capital, i.e. the sum of long-term and short-term obligations of the company.

When forming an integral criterion, the following condition should be taken into account: creditors (suppliers of raw materials, materials, credit institutions) prefer enterprises with a high share of equity capital, with greater financial autonomy. Accordingly, the owners of the enterprise tend to use borrowed funds, the costs of covering which do not lead to a deterioration in the financial condition.

Monitoring the financial stability of the company

In order to effectively monitor the financial stability of the company, it is necessary to develop a risk management system and the following is recommended.

Internal environment

promote risk management processes and procedures to the level of employees in order to create an understanding among employees of the impact of their work on the company's performance, regularly publish materials in the corporate magazine that reveal the principles and procedures of risk management, showing examples of risk management in the company's activities, create educational films, conduct at the forum, consultations on issues related to risk management, broadcast the best experience of departments;

annually calculate and approve the level of the company's risk appetite, ensure a common understanding by management of the level of acceptable risk;

define the functions of the audit committee, strengthen the role of risk administrators, the audit committee of the board of directors annually hear reports from risk administrators on updating the list of risks, risk mitigation plans, the effectiveness of the implementation of plans for the reporting period, changes in the level of risks over the past period, approve risk mitigation plans for a year;

regularly improve the level of skills of managers and specialists in the field of risk management, regularly conduct workshops for company executives on the use of risk management tools in current activities (Case Study);

clearly define the roles and responsibilities of job descriptions employees involved in risk management processes and regulations on subdivisions to ensure the performance of the functionality provided for by the company's regulatory and regulatory documents.

Setting goals and defining events

formulate specific, measurable tactical goals at the business unit level;

when setting goals, compare goals with the level of risk appetite;

determine the acceptable level of risk in relation to the strategic goals and objectives provided for by the plan strategic development;

identify risks in relation to strategic goals and tasks stipulated by the strategic development plan;

ensure that the instructions for describing risks are followed when documenting a business process for all business processes;

when conducting trainings, pay special attention to training employees in techniques for determining interdependent events when identifying risks;

formally define the categories and principles for categorizing risk events at the business process level;

identify not only risks, but also opportunities, take them into account when formulating a strategy.

Risk assessment

assess inherent and residual risk levels across all business processes and at the level of key risks;

develop and approve a unified risk assessment methodology;

prepare and implement methods and approaches to risk assessment of each category;

include recommendations on risk assessment in the instructions for describing risks when documenting business processes;

Means of response

when planning risk mitigation measures, compare management costs with the expected effect of risk reduction;

when forming measures to respond to risks, also develop measures for effective use favorable opportunities;

invite responsible managers who are largely involved in the risk management process to meetings of the company's board dedicated to discussing the planning and results of risk mitigation measures.

Controls

ensure control over changes in the level of risk, develop a system for informing about the occurrence and development of risks;

increase the degree of automation of the risk management system, introduce automatic control (for example, an automated registry that provides information on the status of risk mitigation measures online, with automatic notification of the involved management about the status of measures when the deadlines specified in the action plan occur);

improve the KPI system in order to develop the initiative and responsibility of the company's employees within the framework of risk management processes and procedures; establish measurable indicators that depend on the quantitative characteristics of risk management processes;

develop and implement risk indicators for the company's key risks, allowing to control changes in the level of key risks, to ensure proactive actions to manage key risks.

Information and communications

contribute to the creation of a single information field for the exchange of information on risks (for example, to create single base knowledge, including an online database of company risks and electronic library providing access to foreign risk subscriptions);

formally define the requirements for information related to risk management processes for all business processes;

reflect in the annual report information that the risks are in acceptable limits and do not threaten the achievement of the company's goals;

develop a unified terminology in the field of risk that meets the standard and use it when developing risk management documents.

Monitoring

regularly conduct an external audit of the risk management system (in the case of entering the initial public offering of shares - once every two years, otherwise - once every three years);

communicate the results of the audit of the risk management system to the board of directors;

it is advisable for the internal audit department to evaluate and prioritize the risks identified during the audit in reports on the results of a risk-based audit of business processes;

to introduce a unified scale that makes it possible to single out weak, moderate, significant and critical risks in order to prioritize and effectively allocate resources for managing them, and to assess them in accordance with the developed scale.