home Business blog The system of indicators characterizing the financial condition. Investment coverage ratio Long-term investment coverage structure ratio normative value

The system of indicators characterizing the financial condition. Investment coverage ratio Long-term investment coverage structure ratio normative value

Long-term investment structure ratio

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

The long-term borrowing ratio characterizes the capital structure, shows the share of attracting long-term loans and borrowings to finance assets along with own funds. The growth of this indicator in dynamics is a negative trend, indicating an increase in the organization's dependence on external investors. The share of receivables in the balance sheet asset shows the share of receivables in the balance sheet asset. The growth of this indicator has a negative impact both on the level of individual indicators and on the overall efficiency. economic activity organizations.

Ratio of accounts payable to accounts receivable. The financial stability of the organization largely depends on the value of this ratio. So, if its value is greater than 2, then the financial stability of the organization is in a critical state.

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

Profitability - an indicator of the effectiveness of the organization, expressing relative value profits and characterizing the degree of return of funds used in production.

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

Profitability indicators are important characteristics of the factor environment of organizations' profit formation. Therefore, they are mandatory when carrying out comparative analysis and assessment of the financial condition of the organization. When analyzing production, profitability indicators are used as an instrument of investment policy and pricing.

The profitability of products shows how much profit falls on a unit of costs for the production and marketing of products. The level of industry-average profitability depends on the number and size of taxes, and the level of product profitability depends on the presence of a competitive environment and practices state regulation pricing.

Profitability of sales

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

The assessment of financial security most fully characterizes financial condition enterprises in terms of:

availability of financial resources (FR)
placement feasibility and effective use FR
financial relationships with other entities (investors, creditors)
solvency and financial stability.

The system of indicators selected for assessing financial security reflects the financial condition of the enterprise long term. that is, its ability to maintain its solvency for a long period, at least for the period allotted for the implementation of a particular project. It characterizes the general financial structure of the enterprise and the degree of its dependence on creditors and investors. Therefore, the analysis of financial security is often called the analysis of long-term solvency.

The main task of assessing the financial security of an enterprise is to determine the degree of dependence of its activities on borrowed sources and the sufficiency equity in a given structure of assets.

The main criteria for assessing financial security

Financial stability. It shows whether the enterprise has enough own funds to cover all obligations, and answers the question: how many hryvnias / kopecks of own funds account for each hryvnia of borrowed funds.

Kfu \u003d Sk / O

kfu

You can calculate this ratio in reverse order (O / Sk), but in this case, an increase in this ratio will indicate a decrease in financial stability, and not a decrease, as in the previous formula. This inverse is sometimes referred to as the ratio. financial leverage.

One way or another, but in itself this indicator already says a lot. So, in cases where equity capital exceeds liabilities at times, then in assessing financial security, one can limit oneself only to this result. Especially if the analyst is faced with more complex tasks related to other sections of the analysis and representing for this enterprise critical areas.

Financial independence (financial autonomy). Another name is the capital concentration ratio. Reflects the share of the owners of the enterprise in the total amount of funds invested, as well as reinvested in its activities:

Kfa \u003d Sk / Wb

kfa

The indicator calculated in reverse order (Wb / Sk) is called the coefficient of financial dependence. Accordingly, the growth of the financial autonomy ratio reflects favorable trends, while the growth of the financial dependence ratio reflects unfavorable ones.

Maneuverability of own capital. Shows how much equity is used for financing current activities(i.e., is in a mobile form), and what part is capitalized in non-current assets. In other words, it determines the share of capital that can be freely maneuvered, because it is not invested in capital assets, and is used in the current activity:

Kmsk \u003d (Sk + To - Vna) / (Sk + To)

kmsk
Sk– own capital (including collateral, reserves and funds of the Central Fund)
Before- long term duties
Vna– non-current (capital) assets.

The formula for calculating the equity capital flexibility ratio can be represented as:

Kmsk \u003d (Ta - To) / (Sk + Do)

kmsk– coefficient of equity capital maneuverability
Ta– current assets (including deferred expenses)
That– current liabilities (including deferred income)
Sk– own capital (including collateral, reserves and funds of the Central Fund)
Before- long term duties.

The numerator of the formula (both in the form: (Sk + To - Vna), and in the form: (Ta - To) represents the value of own working capital (working capital). But in general, the formula is the ratio of working (working) capital to long-term 2 to the source of all own funds (both current and non-current).Therefore, we can assume that the improvement in the state working capital depends on rapid growth own working capital compared to growth sources of own funds(equity capital and long-term liabilities), because there is a well-known relationship: the less the company has fixed assets and other non-current assets, the more it has its own working capital. However, this does not mean that enterprises should strive to reduce the share of capital assets in the total amount of funds at their disposal.

In the numerator and denominator of this formula, the amount of long-term liabilities is added to the amount of equity. This amount can be excluded if we do not accept the point of view that long-term liabilities, due to their long-term nature, are at the complete disposal of the enterprise at the time of analysis, which means that there is no risk of entering a state of critical liquidity, since there is no likelihood of immediate repayment requirements these obligations from creditors. Simply put, long-term liabilities are included in this formula because the flexibility factor is calculated on the assumption that long-term loans to an enterprise are issued for the acquisition of capital assets.

The level of flexibility depends on the nature of the enterprise. So, in capital-intensive industries, its normal level should be lower compared to its level in material-intensive industries. That is, it cannot be unequivocally stated that the higher the maneuverability coefficient, the better the financial condition. At the same time, it cannot be denied that the provision of current assets with equity is a certain guarantee of stability.

Investment coverage ratio. Shows the proportion of assets that are financed from sustainable sources - equity and long-term loans.

Kpi \u003d (Sk + To) / Wb

KPI - investment coverage ratio
Wb - balance currency

This is the inverse of the ratio current liabilities(including deferred income) to the balance sheet, 3 i.e., two indicators taken together add up to one.

Coefficient of structure of long-term investments. Shows how much of the capital assets are financed by long-term debt. At the same time, it is assumed that long-term credits and loans were received in full for these purposes.

Ksdv \u003d To / Vna

Ksdv - coefficient of the structure of long-term investments
Before - long-term liabilities
Vna - non-current assets

A too high indicator of the structure of long-term investments may indicate an unjustified delay in capital investments or premature receipt of long-term loans for these purposes, and both mean a potential risk of increasing the cost of paying interest on loans. The ratio of long-term borrowings is closely related to the coefficient of the structure of long-term investments (see paragraph 7 below).

Coefficient of financial dependence. An indicator that is the opposite of the indicator of financial independence (see item 2). Another name is the debt capital concentration ratio. Shows the share of borrowed (attracted) capital in the total amount of funds at the disposal of the enterprise.

Kfz \u003d O / Wb

Kfz - coefficient of financial dependence
O - total liabilities (including deferred income)
Wb - balance currency

It is advisable to calculate the coefficient of financial dependence if the inverse indicator is not calculated - the coefficient of financial autonomy. It is enough to calculate one of them. Favorable trends reflect the growth of the coefficient of financial autonomy, and unfavorable - the growth of the coefficient of financial dependence.

Long-term borrowing ratio. Shows what part of the sources of formation of non-current assets falls on equity, and what part - on long-term borrowed funds. Determines the risk of the enterprise when using borrowed funds. It is important for determining credit risk, so loan agreements often contain terms that regulate the maximum share of a company's borrowed capital, expressed by the ratio:

Kdpz \u003d Before / (Sk + Before)

Kdpz - coefficient of long-term attraction of borrowed funds
Before - Long-term liabilities
Sk - equity capital (including collateral, reserves and funds of the Central Fund).

The growth of this indicator means increased dependence on creditors. The sum of long-term liabilities and equity (the denominator of the formula) is sometimes called capitalization.

Capital structure ratio. Gives an idea of the structure of attracted capital, reflecting what part of it falls on long-term liabilities, i.e. the share of liabilities from which the company is free in the current period.

Kspk \u003d Before / About
- Kspk - ratio of the structure of attracted capital
- Before - long-term liabilities
- O - the total amount of all liabilities (including deferred income).
Equity ratio. Shows the share of equity attributable to current assets (embodied in current assets). Represents the ratio of the difference between the volume of sources of own funds and the book value of non-current assets to the value of all working capital available to the enterprise.

Koss \u003d (Sk - Vna) / Oa
- Koss - equity ratio
- Sk - equity (including collateral, reserves and funds of the Central Fund)
- Vna - book value of non-current assets
- Oa - the cost of current assets (including deferred expenses).

Interest security.

Some potential lenders, in order to confirm the ability of the borrower to service the debt, require the calculation of the interest coverage ratio. It is calculated as the ratio of net profit to interest payments and shows how many times the profit can cover the required amount of interest for the loan. In other words, how many times the interest fits into the amount of profit. Of course, for the complete peace of mind of creditors, this indicator can always be calculated, but in fact this is not a guarantee that debt service obligations will be strictly observed. After all, profits are not only used to pay interest. Therefore, the author does not pay special attention to this indicator and does not include it in the list of criteria by which one can judge the financial security of an enterprise.

Absolute indicators of financial security.

These are indicators characterizing the availability of assets with the sources of their formation.

The sources of formation of stocks are determined by three indicators:

The presence of working (working) capital (OK), as the difference between equity (SK) and the book value of non-current assets (Vna). At the same time, it is sometimes advisable to add long-term liabilities to equity, if we proceed from the assumption that only capital assets were acquired at the expense of long-term loans. 4 In this case (if long-term liabilities are also taken into account), the formula for calculating the amount of working capital can be presented in a simplified form, as the difference between the sum of current assets and current liabilities (Ta - To). But at the same time, it should be remembered that deferred expenses should be taken into account as part of current assets, and deferred income as part of current liabilities.
The presence of long-term sources of formation of reserves (Isz), as the sum of working capital (OK) and long-term liabilities (Up to). Although, ideally, long-term liabilities should not participate in the formation of stocks. The “ideal case” is when long-term loans and borrowings are attracted only for the acquisition of capital assets.
The value of the total sources of reserves formation (Isz), as the sum of long-term and short-term (current) sources (Izs + To).

Thus, each next indicator is determined on the basis of the previous one.

These three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation:

Surplus (+) or shortage (-) of working (working) capital (I / Nok), as the difference between the amount of working capital (Ok) and the value of stocks (Z).
Excess (+) or shortage (-) of own and long-term borrowed sources of reserves formation (I/Nsz), as the difference between the indicator of the presence of own and long-term borrowed sources (Sl) and the cost of reserves (Z).
Surplus (+) or shortage (-) of the total value of the main sources of reserves formation (I / Noi), as the difference between the indicator of the magnitude of the total sources of reserves formation (Ifz) and the cost of reserves (Z).

Indicators of the value of sources of reserves formation		Indicators of reserves availability with sources of their formation
Name of indicator	Calculation formula	Name of indicator	Calculation formula
Availability of working capital (Ok)	SK–Vna or Ta - That	Surplus / Shortage of working capital (I / Nok)	Ok - Z
Availability of own and long-term borrowed sources of reserves formation (ISZ)	Ok + Do	Excess/Shortage of own and long-term borrowed sources of reserves formation (I/NSZI)	Isz - Z
The value of the total sources of formation of reserves (IFZ)	Isz + That	Surplus / Shortage of the total value of the main sources of formation of reserves (I / Noi)	Ifz - Z

Approximate values of indicators of financial security.

There are no uniform regulatory criteria for considering indicators of financial security in international practice. Certain standards are proposed in various textbooks and methods, but no one has yet given exact justifications why this or that indicator of financial security should be equal to this particular value.

So, according to empirical observations, the financial stability ratio should exceed one, the financial independence ratio should exceed the value of 0.5 or at least equal to this value, and the equity ratio should, as well as the financial stability ratio, have a value greater than one. In no case should one make hasty conclusions, even if it turned out that all three coefficients do not meet the normative ones. Meanwhile, the necessary and / or sufficient share of capital is not only individual for each enterprise, it can be set separately for each period, because in different periods some processes of activity may not be repeated. The share of own capital in sources of financing should not be the maximum possible, it should be optimal in relation to the given structure of assets.

Each enterprise sets its own criteria, depending on the sectoral affiliation of the enterprise, the structure of its capital, credit conditions, capital intensity, material intensity, the rate of turnover of capital advanced into production, and other factors. Therefore, the values of these indicators can vary, depending on the factors affecting the activities of a particular enterprise. All indicators of financial security calculated during the analysis of a particular enterprise are compared with similar normative and industry average indicators. At the same time, it often happens that the actual values of the financial security indicators of a given enterprise are lower than the normative and industry average, but this does not prevent it from being listed among the successful market participants.

Name of evaluation criterion	Indicator value
Financial stability	The recommended value is 1.0 and above. In this case, all obligations of the enterprise are covered by its own funds. However, this is not enough in case of liquidation of the enterprise, since in this case it is necessary to pay off not only with creditors, but also with the participants. Therefore, for such cases, it should be higher.
Financial independence	The recommended value is 0.5 and above. It is generally accepted that the higher the value of this indicator, the more stable the financial situation.
Maneuverability of equity	Any value of this coefficient can be considered acceptable, depending on the sectoral affiliation of the enterprise. In capital-intensive industries, even a value of 0.05 may be considered acceptable; in material-intensive industries, even 0.5 may not be enough. The increase in the coefficient of maneuverability over time is considered to be a positive trend. However, this trend may also hide an increase specific gravity illiquid assets in current assets.
Investment coverage ratio	According to some sources, the normative value of this indicator is 0.9, while 0.75 is considered critical. Others argue that 0.75 is a normative indicator, and a critical one is 0.5. Therefore, only the value determined for each specific enterprise individually can be optimal (acceptable). An increased (compared to acceptable) value of this indicator occurs with active construction, reconstruction and other capital works. Its reduced value may indicate the inability of the enterprise to "live within its means".
Long-term investment structure ratio	A low value of this indicator, as a rule, indicates that almost all non-current assets are the company's own funds (a favorable sign). Its high value may indicate: about strong dependence on investors, that long-term loans and borrowings may be used to finance current activities, on the scope of ongoing activities to technical development and expansion of the enterprise about the possibility of providing reliable collateral or financial guarantees about unjustified delays in capital investments or about the premature receipt of long-term loans for these purposes, which, in turn, means a potential risk of increasing the cost of paying interest on loans. A low value is typical for newly created enterprises, a high value for enterprises that have been operating for a long time. This indicator is considered in conjunction with other criteria for assessing financial security. There is no value that would be considered equally acceptable for all enterprises.
Long-term borrowing ratio	A high value of this indicator may indicate a strong dependence on attracted capital and, in this regard, the need, in connection with this, to pay large amounts in the future to repay loans and make significant interest payments. The optimal level of the value of this indicator cannot be unequivocally specified.
Capital structure ratio	There is no standard value for this indicator. Since this ratio shows the share of long-term liabilities in the total amount of accounts payable, its acceptable value is determined by the need (lack of need) for long-term loans. Assuming that long-term loans and borrowings are used to finance capital projects, then the commensurability of these loans with the planned cost of such projects is crucial.
Security of current activities with own funds	The recommended value is 1.0. But the acceptable share of own funds in current assets, which is determined by this ratio, depends on the structure of assets, which, in turn, depends on the sectoral affiliation of the enterprise. So, in capital-intensive industries, the value of 0.1 may indicate a normal supply, while in material-intensive industries, such a level of provision of current activities with own funds is considered unacceptably low.

Determination of financial stability

Financial condition is usually defined as:

sustainable
unstable
crisis.

The financial position of an enterprise is considered stable if the analysis has shown its ability to finance its activities and make payments on time.

About instability financial position can be judged without even conducting an in-depth analysis: this is evidenced by delays in payments for wages, the constant presence of overdue loans and overdue debts to other creditors, as well as taxes. These external symptoms eloquently testify to the precariousness of the situation, the analysis then only confirms the diagnosis.

A conclusion about a financial crisis is made if, in the presence of characteristics of its instability, the dynamics of profitability is constantly decreasing.

If, in the presence of all other characteristics listed above, the amount of uncovered losses accumulated on the balance sheet reaches the amount of equity capital, the enterprise is declared bankrupt.

Recognition of the financial position of an enterprise as unstable requires the calculation of the solvency recovery ratio (see the section "Assessment of liquidity and solvency"). However, the recognition of the financial position of the enterprise as stable does not relieve the analyst from calculating this coefficient, which in this case will be called the coefficient of loss of solvency. For the coefficient of restoration of solvency, a period of 6 months is taken into account; for the coefficient of loss of solvency - 3 months.

Formally, the stability / instability of the financial situation can be defined as follows:

It should be emphasized that the table gives only formal conditions for recognizing the financial position of an enterprise as stable or unstable. Therefore, be guided by formal features in isolation from the main indicators for assessing financial security is not recommended.

1 TF - target financing.

2 term long-term sources here introduced to denote equity, reserves, collateral and long-term liabilities taken together. Those. this term should be understood as all liabilities minus current liabilities.

3 This reciprocal coefficient, due to the obviousness of its value, is not given here.

4 See above the explanation to paragraph 3 of the Handbook of criteria for assessing financial security.

Every enterprise, firm or organization is aimed at making a profit. It is profit that allows you to pursue an investment policy in your own working capital and beyond. working capital, develop production capacity and product innovation. In order to assess the direction of development of the enterprise, reference points are needed.

Such guidelines in financial terms and financial policy are the coefficients of financial stability.

Definition of financial stability
Financial stability is the degree of solvency (creditworthiness) of the enterprise, or the share of the overall stability of the enterprise, which determines the presence Money, to maintain the stable and efficient operation of the enterprise. Financial sustainability assessment is an important step financial analysis enterprise, therefore it shows the degree of independence of the enterprise from its debts and obligations.

Types of Financial Strength Ratios
The first coefficient characterizing the financial stability of the enterprise is financial stability ratio, which determines the dynamics of state change financial resources enterprise in relation to how much the total budget of the enterprise can cover the costs of the production process and other purposes. The following types of coefficients (indicators) of financial stability can be distinguished:

Indicator of financial dependence;
Equity concentration indicator;
The ratio of own and borrowed funds;
Index of equity capital flexibility;
Indicator of the structure of long-term investments;
Debt capital concentration indicator;
Indicator of the structure of borrowed capital;
The indicator of long-term attraction of borrowed funds.

The financial stability ratio determines the success of the enterprise, because its value characterizes how much the enterprise (organization) depends on the borrowed funds of creditors and investors and the ability of the enterprise to fulfill its obligations in a timely manner and in full. High dependence on borrowed funds can hamper the activity of the enterprise in the event of an unplanned payment.

Financial dependency ratios
The coefficient of financial dependence is a kind of coefficients of financial stability of an enterprise and shows the degree to which its assets are provided with borrowed funds. A large proportion of asset financing with borrowed funds shows the low solvency of the enterprise and low financial stability. This, in turn, already affects the quality of relations with partners and financial institutions (banks). Another name for the coefficient of financial dependence (independence) is the coefficient of autonomy (in more detail).

The high value of own funds in the assets of the enterprise is also not an indicator of success. The profitability of a business is higher when, in addition to its own funds, the enterprise also uses borrowed funds. The task is to determine the optimal ratio of own and borrowed funds for effective functioning. The formula for calculating the financial dependency ratio is as follows:

Financial dependency ratio = Balance sheet / Equity capital

Equity concentration ratio
This indicator of financial stability shows the share of the company's funds that is invested in the activities of the organization. A high value of this financial stability ratio indicates a low degree of dependence on external creditors. To calculate this financial stability ratio, you must:

Equity concentration ratio = Equity / Balance sheet

Ratio of own and borrowed funds
This ratio of financial stability shows the ratio of own and borrowed funds from the enterprise. If this coefficient exceeds 1, then the enterprise is considered independent of the borrowed funds of creditors and investors. If less, then it is considered dependent. It is also necessary to take into account the speed of turnover of working capital, therefore, in addition, it is also useful to take into account the speed of turnover of receivables and the speed of material working capital. If receivables turn around faster than working capital, then this shows a high intensity of cash inflows into the organization. Calculation formula this indicator:

Ratio of own and borrowed funds = Own funds / Borrowed capital of the enterprise

Equity maneuverability ratio
This financial stability ratio shows the size of the company's own cash sources in mobile form. The standard value is 0.5 and above. The equity capital flexibility ratio is calculated as follows:

Equity maneuverability ratio = Own working capital / Equity capital

It should be noted that the normative values also depend on the type of activity of the enterprise.

Long-term investment structure ratio
This ratio of the financial stability of the enterprise shows the share of long-term liabilities among all assets of the enterprise. Low value This indicator indicates the inability of the enterprise to attract long-term loans and borrowings. A high value of the coefficient shows the ability of the organization to issue loans on its own. A high value can also be due to a strong dependence on investors. To calculate the coefficient of the structure of long-term investments, it is necessary:
Long-term investment structure ratio = Long-term liabilities / Non-current assets

Debt capital concentration ratio
This financial stability ratio is similar to the indicator of equity maneuverability, the calculation formula is given below:

Debt capital concentration ratio = Debt capital / Balance sheet currency

Borrowed capital includes both long-term and short-term liabilities of the organization.

Debt structure ratio
This ratio of financial stability shows the sources of formation of borrowed capital of the enterprise. From the source of formation, we can conclude how the non-current and current assets of the organization were created, because long-term borrowed funds are usually taken to form non-current assets (buildings, machines, structures, etc.) and short-term funds to acquire current assets (raw materials, materials, etc.)

Debt structure ratio = Long-term liabilities / Non-current assets of the enterprise

Long-term borrowing ratio
This financial stability ratio shows the share of sources of formation of non-current assets, which falls on long-term loans and equity. The high value of the coefficient characterizes the high dependence of the enterprise on borrowed funds.

Debt structure ratio = Long-term liabilities / (Long-term liabilities + Enterprise equity)

Conclusion
A set of financial stability ratios allows you to comprehensively determine and evaluate the success, nature and trends in the activities of the enterprise and the management of financial resources.

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

Such data is generally necessary for suppliers, buyers or users of goods and services of a particular organization in order to understand whether the enterprise is sustainable and whether it can provide effective and fruitful cooperation for its partners.

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

FinU is a financially independent company that effectively manages its capital. It can also be noted that FinU is understood as the state of the company's accounts, whether they can guarantee the stability of the organization. According to the degree of stability, 4 stages can be distinguished.

First, the absolute stability of the company. This means that all borrowed funds (LC) can be fully covered by equity capital (IC), which means that the company is absolutely independent of creditors. In formulaic notation, this can be expressed as:

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

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

The third, unstable company. This stage occurs when the normal sources of coverage of reserves are not enough, you have to look for additional funds.

SC< ЗС < НИП

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

NPC< ЗС

How to define financial stability?

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

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

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

Long-term investment structure ratio (KSDV)

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

Its minimum value may indicate the inability of the enterprise to obtain a long-term loan, and the highest one may indicate either the issuance of collateral and guarantee, or too strong subordination to external capital. In this case, an increase in the value of the coefficient of the structure of long-term investments is a bad sign.

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

KSDV = DP / VAP

Decryption:

DP - long-term liability

VAP - non-current assets of the enterprise.

Conclusion

Of course, it will be difficult to draw a conclusion on the basis of the coefficient of the structure of long-term investments alone, since all the coefficients listed above determine the assets of a business from completely different angles. Moreover, there are no unified tabular normative standards for these indicators. Their values are correlated with a number of conditions, such as the industry in which the company operates, under what conditions the loan is received, where the organization draws its funds from, the turnover of funds, reputation and many others.

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

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

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

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

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

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

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

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

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

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

5. Ratio of sustainable financing of the KUF:

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

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

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

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

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

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

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

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

Table 7

Financial stability ratios

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

There are 4 types of financial stability:

1. Absolute financial stability: Z< СОС.

2. Normal financial stability: Z = SOS.

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

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

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

For the analyzed enterprise:

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

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

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