I. Liquidity ratios
1. Absolute liquidity ratio
Shows what proportion of current debt obligations (accounts payable, short-term bank loans and other liabilities) can be immediately repaid at the expense of Money and their equivalents.
K AL \u003d (Cash + Short-term financial investments) / Current responsibility
2. Quick liquidity ratio (critical assessment)
The ratio of the most liquid part working capital(cash, receivables, short-term financial investments) to short-term liabilities.
K SL = (Cash + Short-term financial investments + Short-term receivables) / Current liabilities
3. Current liquidity ratio
Shows what proportion of current debt obligations can be repaid in short time through liquid current assets
K TL \u003d Current assets / Current liabilities
- 1. Own working capital
Shows the extent to which current assets are formed at the expense of equity capital.
SOS = Equity - Non-current assets
- 2. Working capital ratio
Koss= SOS / working capital
6. Net working capital
Shows the excess of current assets over short-term liabilities. Reflects the ability of the enterprise to continue the current production activities after paying off their current liabilities.
NFC = Current Assets - Current Liabilities = Equity + Long-Term Liabilities - Non-Current Assets
II. Capital structure indicators (ratios financial stability)
7. Autonomy coefficient (financial independence)
This ratio shows to what extent the company's assets are formed from its own capital, and to what extent the company, regardless of external sources financing.
K A \u003d Equity capital / Balance sheet
8. Funding ratio (ratio of borrowed and own funds) characterizes the amount of borrowed funds per unit of equity capital.
K F \u003d Borrowed capital / Equity capital
9. Current debt ratio characterizes the share of short-term borrowed capital in the total amount of capital.
To TK \u003d Current liabilities / Balance currency
10. Financial stability ratio (long-term financial independence)
shows to what extent the assets of the enterprise are formed at the expense of own and long-term borrowed funds.
TO FU \u003d Equity capital + Long-term borrowed capital / Balance sheet currency
III. Profitability ratios
11. Return on sales ratio, %
Demonstrates the share of net profit in the sales volume of the enterprise. It is calculated for all products in general and for individual assortment types.
ROS= Net profit from sales / Revenue from sales * 100%
12. Return on current assets, %
Demonstrates the ability of the enterprise to ensure a sufficient amount of profit in relation to the working capital used by the company. The higher the value of this ratio, the more efficiently working capital is used.
RCA= Net income * 100% / Average current assets
13. Return on assets , %
Along with the ROE indicator, it is the main one used in countries market economy to characterize the effectiveness of investments in activities of a particular type.
ROA= Profit* 100% / Average Asset Value
14. Return on equity ratio, %
Allows you to determine the effectiveness of the use of capital invested by the owners of the enterprise. Usually this indicator is compared with a possible alternative investment in other assets.
ROE= Net profit* 100% / Equity
15. ROI
Shows how many monetary units it took the company to receive one monetary unit of profit. This indicator is one of the most important indicators of competitiveness.
ROI= Net profit* 100% / (Equity + Long-term liabilities)
IV. Turnover ratios (business activity)
16. Turnover ratio of fixed assets (capital return)
This coefficient characterizes the effectiveness of the use of fixed assets by the enterprise.
K OS \u003d Sales proceeds / Average cost of fixed assets
17. Asset turnover ratio (transformation ratio, resource efficiency)
It characterizes the effectiveness of the company's use of all available resources, regardless of the sources of their attraction.
K OA = Sales proceeds / Average asset value
18. Inventory turnover ratio
Reflects the rate at which stocks are sold.
K OZ = Cost of goods sold / Average inventory
19. Accounts receivable turnover ratio
The higher the turnover ratio and the shorter the collection period, the less funds are frozen in accounts receivable, the more mobile the current assets of the enterprise.
TO ODZ \u003d Sales revenue / Average receivables
Period of collection of receivables: T IDZ = 365 / K ODZ
20. Accounts payable turnover ratio
K OKZ \u003d Cost of sales / Average amount of accounts payable
V. Market Activity Ratios
21. Earnings per share
One of the most important indicators affecting the market value of a company. Shows the share of net profit (in monetary units) attributable to one ordinary share.
EPS= (Net income - Dividends on preference shares) / Number of ordinary shares
22. Dividends per share
Shows the amount of dividends distributed to each ordinary share.
DPS= Dividends paid on common shares) / Number of common shares
23. Share Price to Earnings Ratio
This ratio shows how many monetary units shareholders are willing to pay for one monetary unit of the company's net profit. It also shows how quickly an investment in a company's stock can pay off.
P / E= Market price stock /EPS
24. Coefficient of sustainability of economic growth
This ratio shows how fast the equity through financial and economic activities, and not by attracting additional equity capital.
sgr = (Net Income - Total Dividends Paid) / EquityExplanation of the essence of the indicator
The financial stability indicator (English equivalent - Equity to Debt Ratio) is an indicator of financial stability, which indicates the company's ability to meet its obligations in the medium and long term. The value of the indicator indicates how many rubles of equity account for each ruble of the company's liabilities. A high value indicates a low level of financial risk.
A low value of the indicator does not necessarily mean a high risk of bankruptcy. For example, if 80% financial resources obligations, but the company is able to consistently generate positive cash flow - there should be no difficulties in paying off obligations. The stages of economic cycles, the level of technological development, the active actions of competitors, changes in consumer tastes - all this can lead to a change in the market situation.
A decrease in sales may result in a change in the positive amount of net cash flow to a negative one. Under such conditions, a low value of the financial stability indicator will indicate the possibility of an early bankruptcy, while companies with a standard value and a high share of equity capital will be able to continue working. Given this, the low value of the indicator does not indicate imminent bankruptcy, but indicates the presence of financial risks in the long term.
Conversely, a high value of the indicator may indicate the incomplete use of the company's potential. Credit capital allows you to increase the volume of production and sales, intensify financial, investment and operating activities. If the effect of financial leverage (a coefficient that indicates an increase in the return on equity when attracting an additional ruble of borrowed funds) is positive, then additional borrowing is desirable.
Standard value
The standard value of the indicator is in the range of 0.67-1.5. A value below 0.67 indicates a high level of financial risk. A value above 1.5 may mean that there are additional reserves to improve efficiency through borrowing.
The credit organization Rosselkhozbank considers the following indicators to be normative. However, it must be remembered that the interests of creditors and other participants differ. Such values should be taken into account if the financial analysis is carried out from the perspective of the borrower.
Table 1. Normative value of the indicator
Source: Vasina N.V. Modeling the financial condition of agricultural organizations in assessing their creditworthiness: Monograph. Omsk: Publishing house of NOU VPO OmGA, 2012. p. 49.
Directions for solving the problem of finding an indicator outside the normative limits
As in the case of the indicator of financial autonomy, in order to increase the value of the indicator, it is necessary to attract funds from owners or investors, reinvest profits in the company's work, etc.
If it is possible to intensify activities, it is desirable to attract additional borrowed funds.
Average value in the economy
Rice. 1 Dynamics of financial stability of organizations (excluding small businesses) by Russian Federation(according to financial statements)
One of the characteristics of the stable position of the enterprise is its financial stability.
The following financial stability ratios, characterize independence for each element of the enterprise's assets and for property as a whole, make it possible to measure whether the company is financially stable enough.
The simplest financial stability ratios characterize the ratio between assets and liabilities in general, without regard to their structure. The most important indicator of this group is autonomy coefficient(or financial independence, or concentration of equity in assets).
The stable financial position of the enterprise is the result of skillful management of the entire set of production and economic factors that determine the results of the enterprise. Financial stability is due both to the stability of the economic environment within which the enterprise operates, and from the results of its functioning, its active and effective response to changes in internal and external factors.
| Type of financial stability | 3D model | Reserve funding sources | Brief description of financial stability |
| 1. Absolute financial stability | M = (1,1, 1) | Own working capital (net working capital) | High level of solvency. The company is not dependent on external creditors |
| 2. Normal financial stability | M = (0,1,1) | Own working capital plus long-term loans and borrowings | Normal solvency. Rational use borrowed money. High profitability of current activities |
| 3. Unstable financial condition | M = (0,0,1) | Working capital plus long-term loans and borrowings plus short-term loans and borrowings | Violation of normal solvency. There is a need to attract additional sources of funding. Restoration of solvency possible |
| 4. Crisis (critical) financial condition | M = (0, 0, 0) | ----------------- | The company is completely insolvent and is on the verge of bankruptcy. |
First type financial stability can be represented as following formula: М1 = (1, 1, 1), i.e. SOS 0; LED 0; OIZ 0.
Absolute financial stability (M) in modern Russia is very rare.
Second type(normal financial stability) can be expressed by the formula: M2 = (0, 1.1), i.e. SOS< 0; СДИ 0; ОИЗ 0.
Normal financial stability guarantees the fulfillment of the financial obligations of the enterprise i.e. solvency.
Third type(unstable financial condition) is determined by the formula: M3 = (O, O, 1), i.e. SOS< 0; СДИ < 0; ОИЗ 0.
An unstable financial condition associated with a violation of the liquidity condition (a financially stable enterprise is able to repay short-term obligations at the expense of cash and expected, in the short term, receipts from debtors), in which, nevertheless, it remains possible to restore equilibrium by replenishing real equity capital and increase in own working capital, as well as by additional attraction of long-term loans and borrowed funds.
Fourth type(crisis financial situation) can be represented as follows: M4 - (0, 0, 0), i.e. SOS< 0; СДИ < 0; ОИЗ < 0.
In a financial crisis, the company is on the verge of bankruptcy, because in this situation, current assets do not even cover its accounts payable and other short-term liabilities.
The main ways to get out of unstable and crisis financial conditions are replenishment of sources of stock formation and optimization of their structure, as well as a reasonable reduction in the level of stocks.
The least risky way to replenish the sources of stock formation should be recognized as an increase in real equity capital through the accumulation of retained earnings, subject to the growth of part of the profit and reserve capital not invested in non-current assets. The decrease in the level of stocks occurs by setting up a system for planning stock balances, as well as as a result of the sale of unused inventory items.
Relative indicators financial stability..
In international practice and in the practice of many Russian companies carry out a relative assessment of the financial stability of the organization using financial ratios.
Financial stability according to this method is characterized by:
1) the ratio of own and borrowed funds;
2) the rate of accumulation of own sources;
3) the ratio of long-term and short-term liabilities;
4) provision of material working capital from own sources.
The calculation of financial stability indicators gives the manager some of the information necessary to make a decision on the advisability of attracting additional borrowed funds. Along with this, it is important for a manager to know how a company can grow without attracting funding sources.
When assessing financial stability, an analytical approach is used, that is, the calculated actual indicators of financial stability are compared with extreme ones (following from the practice of Western developed countries and Russia). A set or system of coefficients is used to assess the financial stability of an enterprise. There are a lot of such ratios, they reflect different aspects of the state of the assets and liabilities of the enterprise. In addition, there are almost no unified normative criteria for the considered indicators.
Their normative level depends on many factors: industry affiliation of the enterprise, credit conditions. The current structure of sources of funds, the turnover of current assets, the reputation of the enterprise, etc. Therefore, the acceptability of the values of the coefficients, the assessment of their dynamics and directions of change can only be established for a particular enterprise. subject to the conditions of its operation. Some comparisons across enterprises of the same specialization are possible, but they are very limited. It should also be taken into account that some of the coefficients contained in the list provide repeated information on financial stability, while others are functionally interconnected.
Relative indicators of financial stability characterize the degree of dependence of the enterprise on external investors and creditors.
The financial stability of an enterprise is characterized by the state of its own and borrowed funds and is assessed using a system of financial ratios.
The information base for their calculation is the asset and liability items of the balance sheet.
The analysis is carried out by calculating and comparing reporting indicators with the base ones, as well as studying the dynamics of their change over time. certain period.
Baselines can be:
Values of indicators for the previous period;
Values of indicators of similar firms;
Industry average values of indicators;
The assessment of the financial stability of the enterprise is carried out using a sufficiently large number of financial ratios.
Table 6 Relative indicators of the financial stability of the enterprise (coefficients of the capital structure) (thousand rubles)
| Name of indicator | What characterizes | Recom. value | Calculation |
| Financial Independence Ratio | The share of equity capital in the balance sheet | 0,6 | Kfn \u003d SC / WB (the result of section III of the balance sheet / the total balance sheet) |
| Debt ratio (financial dependency) | The ratio between borrowed and own funds | 0,5-0,7 | Kz \u003d ZK / SK (the result of section IV + V of the balance sheet / the result of section III of the balance sheet) |
| Working capital ratio | The share of own working capital in current assets | ³ 0.1 | Ko \u003d SOS / OA (formula (1) / total of section II of the balance sheet) |
| Agility factor | The share of own working capital in equity | 0,2-0,5 | Km \u003d SOS / SC (formula (1) / total of section III of the balance sheet) |
| Financial tension ratio | The share of borrowed funds in the balance sheet currency | £0.4 | Kfnapr \u003d ZK / WB (total of section IV + V of the balance sheet / total balance sheet) |
| Ratio of mobile and mobilized assets | How many non-current assets account for each ruble of current assets | individual | Kc \u003d OA / BOA (the result of section II of the balance sheet / the result of section I of the balance sheet) |
The analysis of these coefficients for a number of related reporting periods allows us to identify trends in the financial stability of the enterprise.
Coefficient of autonomy (financial independence) is the ratio of own funds to the balance sheet currency of the enterprise:
Ka \u003d SS / Wb \u003d p. 490 / p. 699,
This indicator judges how much the enterprise is independent of borrowed capital. The autonomy coefficient is the most general indicator financial stability of the enterprise.
AT foreign practice there are different points of view regarding the threshold value of this indicator. The most common point of view: 60%. Lenders are more willing to invest in an enterprise with a high share of equity capital and provide more favorable lending conditions. But the standard (normal, normative) share of equity, which is the same for all enterprises, industries, countries, cannot be specified. In Japan, for example, the share of equity capital is on average 50% lower than in the United States (the share of debt capital is about 80%). The reason for this difference is in the sources of borrowed capital. In Japan, this is bank capital, in the USA, it is the funds of the population. The high share of borrowed capital of a Japanese company indicates the trust of banks, and therefore its reliability. For the population, on the contrary, a decrease in the share of equity capital is a risk factor.
The share of equity in assets is also affected by the nature of the financial policy implemented by the firm. Aggressive firms always increase their leverage. Solid companies reduce risk, increase the share of their own funds in assets.
Thus, the optimal value of this ratio is 50%, that is, it is desirable that the amount of own funds be more than half of all funds available to the enterprise. In this case, the creditors feel calm, realizing that all borrowed capital can be compensated by the property of the enterprise. The growth of this ratio indicates the strengthening of the financial stability of the enterprise.
1. Coefficient of financial dependence(debt ratio) is the ratio of borrowed funds to equity. It shows how much borrowed funds the company has attracted for the ruble of its own.
Kfr \u003d ZK / SK \u003d (p. 590 + p. 690) / p. 490,
The optimal value of this indicator, developed by Western practice, is 0.5. It is believed that if its value exceeds one, then the financial autonomy and stability of the assessed enterprise reaches a critical point, but everything depends on the nature of the activity and the specifics of the industry to which the enterprise belongs.
The growth of the indicator indicates an increase in the dependence of the enterprise on external financial sources, that is, in a certain sense, a decrease in financial stability and often makes it difficult to obtain a loan.
The analyst must build his conclusions on the basis of analytical (internal) accounting data that reveal the direction of investment. Therefore, when calculating the normal level of the ratio of borrowed and own funds, it is necessary to take into account the qualitative structure and turnover rate of tangible working capital and receivables. If receivables turn around faster than material working capital, this means a rather high intensity of cash receipts to the company's accounts, and as a result, an increase in own funds; with a high turnover of material working capital and an even higher turnover of receivables, the ratio of borrowed and own funds may exceed one.
In accordance with Order No. 118, it was established normative value given coefficient - the ratio must be less than 0.7. Exceeding this limit means the company's dependence on external sources of funds, loss of financial stability.
2. Coefficient of financial tension is the ratio of borrowed funds to the balance sheet currency:
Kd \u003d ZK / WB \u003d (p. 590 + p. 690) / p. 699,
International standard (European) up to 50%. The trend of normal financial stability is also confirmed by the debt ratio: if the share of borrowed funds in the balance sheet decreases, then there is a tendency to strengthen the financial stability of the enterprise, which makes it more attractive to business partners.
The normative value of the coefficient of attracted capital must be less than or equal to 0.4.
Financial stability ratio- this is the ratio of the total of own and long-term borrowed funds to the balance sheet of the enterprise (long-term loans are legally added to equity, since they are similar in their mode of use):
Kfu \u003d SK + DKZ / Wb \u003d (p. 490 + p. 590) / p. 699,
where KFU is the coefficient of financial stability.
Long-term borrowed funds (including long-term loans) are quite legitimate to attach to the company's own funds, since in terms of their use they are close to their own sources. Therefore, in addition to calculating the coefficients of financial stability and independence of the enterprise, they analyze the structure of its borrowed funds: specific gravity in it long-term loans is a sign of a stable financial condition of the enterprise.
The optimal value of this indicator is 0.8-0.9.
Coefficient of maneuverability of own sources is the ratio of its own working capital to the sum of sources of own funds:
Km \u003d (SS-VA-U) / SS \u003d (p. 490 - p. 190 - (p. 390)) / p. 490,
where Km is the coefficient of maneuverability of own sources.
The coefficient of flexibility of own sources, shows the value of own working capital per 1 rub. own capital.
This indicator is essentially close to liquidity indicators. However, it complements and significantly increases the information content of the first indicator.
The coefficient of flexibility of own sources indicates the degree of mobility (flexibility) of the use of own funds, that is, what part of equity capital is not fixed in non-current assets and makes it possible to maneuver the enterprise's funds.
Providing own current assets with own capital is a guarantee of a stable credit policy. A high value of the maneuverability coefficient positively characterizes the financial condition of the company, and also convinces that the company's managers put down sufficient flexibility in the use of their own funds. Some authors consider the optimal value of this indicator equal to 0.5. However, this supposed criterion can be called into question. The level of the flexibility coefficient depends on the nature of the enterprise's activity: in capital-intensive industries, its normal level should be lower than in material-intensive ones (since in capital-intensive industries, a significant part of own funds is a source of covering fixed production assets). From a financial point of view, the higher the agility ratio, the better the financial condition.
The numerator of the indicator is own working capital, therefore, in general, the improvement in the state of working capital depends on the outstripping growth of the amount of own working capital compared to the growth of own sources of funds. The dependence can also be determined based on the fact that the enterprise has the more own working capital, the less fixed assets and non-current assets account for the ruble of sources of own funds. It is clear that it is not always advisable to strive for a decrease in fixed assets and non-current assets (or for their relatively slow growth).
In accordance with Order No. 118, the standard value of this coefficient is set: 0.2 - 0.5. The closer the value of the indicator is to the upper limit, the more possibilities financial maneuver in the enterprise.
Working capital ratio with own sources is the ratio of working capital to current assets. It shows what part of current assets is financed from its own sources and does not need to be borrowed:
Ko \u003d SOS / OA / total of section II of the balance sheet
In accordance with Order No. 118 and Order No. 31 - p, the normative value of this coefficient is established: the lower limit is 0.1.
If the indicator is below 0.1, the balance sheet structure is recognized as unsatisfactory, and the organization is insolvent. A higher value of the indicator (up to 0.5) indicates a good financial condition of the organization, its ability to pursue an independent financial policy.
The level of the indicator of the provision of material reserves with own working capital is estimated, first of all, depending on the state of material reserves. If their value is much higher than the reasonable need, then own working capital can cover only part of the inventories. On the contrary, if the enterprise does not have enough material reserves for the smooth implementation of activities, but this will not be a sign of a good financial condition of the enterprise.
The numerator of the indicator is own working capital, therefore, in general, the improvement in the state of working capital depends on the outstripping growth of the amount of own working capital compared to the growth of inventories. Dependence can also be determined based on the fact that the enterprise has the more own working capital, the less fixed assets and non-current assets account for the ruble of sources of own funds. It is clear that it is not always advisable to strive for a decrease in fixed assets and non-current assets (or for their relatively slow growth).
2.6 Analysis of financial stability.
Financial stability - a certain state of the company's accounts, guaranteeing its solvency. Depending on the ratio of the values of the indicators of the MPZ, own working capital (working capital) and sources of the formation of the MPZ, there are 4 types of financial stability:
1. Absolute financial stability:
Inventory amount< суммы оборотного капитала, то есть МПЗ полностью покрываются оборотным капиталом. Предприятие в этом случае не зависит от внешних кредиторов. Такой тип финансовой устойчивости встречается редко.
2. Normal financial stability:
Guarantees the solvency of the enterprise. For covered inventory, own and borrowed funds are used. The amount of inventory > the amount of working capital, but less than the sum of the sources of formation of stocks.
3. Unstable financial condition:
AT this case although solvency has been violated, it remains possible to cover the inventory by replenishing sources of own funds and increasing working capital. EMF > the sum of the sources of the formation of EMF.
4. Critical financial condition:
This is a situation in which, in addition to the previous inequality, the enterprise has loans and loans that are not repaid on time, as well as accounts payable and receivable. This state is close to bankruptcy.
To determine the type of financial stability, we need to calculate the values of inventories, working capital and sources of reserves.
EMF data are taken from Table 3
OK = TA - KO (24)
where OK - working capital;
TA-current;
KO- Short-term liabilities.
OK \u003d SC + TO - NO (25)
where OK- working capital;
SC- equity;
BEFORE- long term duties;
NO- real estate.
IF \u003d KKb + KZ TV+ KZb+OK (26)
where IF- sources of reserves formation;
KKb- short-term bank loans;
KZb- Short-term bank loans;
KZtv- accounts payable on commodity transactions (suppliers, contractors, advances received, bills paid).
The indicators obtained by calculations are presented in Table 13.
Table13
MPZ and sources of their formation
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Indicators |
As of |
To cover reserves, surplus (+) or shortage (-) sources of funds |
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MPZ, thousand rubles |
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Working capital thous.rub. |
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Sources formation of reserves thous.rub. |
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Conclusion: the analysis of the MPZ and the sources of their formation shows that during the analyzed period, the MPZ increased by 9593 thousand rubles (24444 - 14851). At the same time, working capital decreased by 313 thousand rubles.
Additional total amount of sources of reserves formation by the end of 2014 = 27883 - 17313 = 10570 thousand rubles.
2462 + 10570 = 13032 thousand rubles
This amount was enough to cover the inventory in the amount of 9593 rubles (24444 - 14851 = 9593 thousand rubles).
Surplus of sources for the formation of MPZ = 3439 thousand rubles,
13032 - 9593 = 3439 thousand rubles
Type of financial stability of the enterprise:- normal financial stability, since the amount of inventories > the amount of working capital (58219 > 2599), but less than the sum of sources of inventory formation (58219< 67830).
Management of the financial stability of the enterprise.
Financial stability indicators are divided into three groups:
1.Indicators, characterized by the ratio of own and borrowed funds;
2. Indicators, characterized by the state of working capital;
3.Indicators, characterized by the state of fixed assets.
1. Indicators characterized by the ratio of own and borrowed
funds are divided into:
1) Coefficient of autonomy independence. It shows the share of the company's own funds in the total balance sheet. The autonomy coefficient is presented as a percentage. It is important for both investors and creditors, as it characterizes the share of own funds invested in the total value of the property. Having sold half of the property formed at the expense of its own funds, the company will be able to pay off its debt obligations. The growth of the autonomy coefficient indicates an increase in the financial stability of the enterprise. The recommended value is not less than 0.5. It is presented as a percentage.
Kav = SK / WB (27)
where Kav- coefficient of autonomy;
SC- equity;
WB- balance currency.
Kav 2012 \u003d 15938 / 34397 \u003d 0.46 or 46%;
Kav 2013 \u003d 14455 / 40154 \u003d 0.36 or 36%;
Kav 2014 = 16621 / 48046 = 0.35 or 35%.
During the analyzed period, the value of the indicator decreased by 0.11 or 11%. This indicates a significant reduction in the share of own funds invested in the total value of the property. The autonomy coefficient continues to remain below the recommended level, that is, below 0.5 (50%). If at the beginning of 2012 it was 46%, then at the beginning of 2014 it dropped to 35%. All this indicates a decrease in the financial stability of the enterprise.
2) Coefficient of financial dependence. It is the inverse of the autonomy coefficient. This ratio shows the amount of borrowed funds in kopecks. The growth of this ratio to the dynamics means an increase in the share of borrowed funds in the financing of the enterprise. A decrease in the dynamics of the coefficient to 1 means that the enterprise is fully financed from its own funds.
Kfz \u003d WB / SK (28)
where Kfz- coefficient of financial dependence;
SC- equity;
WB- balance currency.
Kfz 2012 \u003d 34397 / 15938 \u003d 2.16, i.e. 16 kop. - this is borrowed funds in every 2 rubles 16 kopecks. - own funds;
Kfz 2013 = 40154/14455 = 2.77, i.e. 77 kop. - this is borrowed funds in every 2 rubles 77 kopecks - own funds;
Kfz 2014 = 48046/16621 = 2.89 i.e. 89 kop. - this is borrowed funds in every 2 rubles 89 kopecks - own funds.
During the analyzed period, there is an increase in the indicator, which indicates an increase in the share of borrowed funds in the financing of the enterprise.
3) The ratio of borrowed and own funds. It shows the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the enterprise, i.e. what amount of funds advanced in the activities of the enterprise is financed from the funds of attracted sources. The recommended value is no more than 1.
Кзс =AP / SK (29)
where Kzs- ratio of borrowed and own funds;
AP- borrowed funds;
SC- equity.
Kzs 2012 =18459/15938 = 1,16;
Kzs 2013 = 25699/14455 = 1,77;
Kzs 2014 = 31425/16621 = 1,89.
Coefficient values for reporting period exceed the recommended value and grows in dynamics. This indicates the insufficiency of own funds to cover obligations.
4) Funding ratio. It is the inverse of the ratio of debt and equity. It shows what part of the company's activities is financed by its own funds. The recommended value is at least 1.
Kf \u003d SK / ZS (30)
where Kf– funding ratio;
AP- borrowed funds;
SC- equity.
Kf 2012 = 15938/18459 = 0,86;
Kf 2013 = 14455/25699 = 0,56;
Kf 2014= 16621/31425 = 0,53.
The value of the indicator for the reporting period decreased significantly (by 0.33) and remained below the standard level. The decrease in the funding ratio allows us to conclude that most of the organization is financed by borrowed funds. The value of the financing ratio above the norm does not always indicate a sufficiently high financial stability of the enterprise and a small risk for creditors. Since the sources of the enterprise's own funds, although they have the largest share, can be invested in hard-to-sell assets, which will create a threat to solvency. At the same time, an enterprise whose share of own funds in their total volume is less than half can have a fairly high financial stability. This applies to those enterprises whose activities are characterized by a high turnover of assets, a stable demand for products sold, well-established supply and marketing channels, and a low level of fixed costs.
5) Investment coverage ratio. Shows the share in the balance sheet of those sources of financing that can be used for a long time. The recommended value is greater than or equal to 0.9. Calculated according to the formula:
Kpi \u003d (SK + DO) / WB (31)
where kpi- investment coverage ratio;
SC- equity;
WB- balance currency;
BEFORE-long term duties.
In this case, the investment coverage ratio equal to the coefficient autonomy, since long-term liabilities for 2012, 2013 and 2014 are 0.
2.Indicators characterizing the state of working capital.
1) The coefficient of provision with current assets. Shows what part of the working capital of the enterprise was formed at the expense of working capital. The recommended value is not lower than 0.1.
K obta = OK / TA (32)
where Kobta- coefficient of provision with current assets.
OK- working capital;
TA- current assets.
Kobta 2012 = 971/19430 = 0,05;
Kobta 2013 = 970/26669 = 0,04;
Kobta 2014 = 658/32083 = 0,02.
The values of the indicators are below the standard, their decrease is observed. Thus, the share of working capital in current assets is small. By the beginning of 2014, current assets were formed at the expense of working capital by 2.1%.
2) The coefficient of supply of MPZ with its own working capital.
Shows what part of the inventory is covered by own working capital and does not need to attract borrowed funds. The recommended value is not less than 0.5.
Kobmpz \u003d OK / MPZ (33)
where Kobmpz- coefficient of provision of inventories with own working capital
means;
OK- working capital;
MPZ
Kobmpz 2012 = 971/14851 = 0,07;
Kobmpz 2013 = 970/18924 = 0,05
Kobmpz 2014 = 658/24444 = 0,03.
The values of indicators are significantly below the norm. This indicates that the company needs additional borrowing, and the inventory is not covered by its own working capital. As a result of a decrease in the cost of working capital and an increase in inventories, the security ratio decreased from 0.07 at the beginning of 2012 to 0.03 at the beginning of 2014.
3) The ratio of the inventory and working capital. It is the reciprocal of the coefficient of supply of inventories with own working capital.
Kmpz and ok \u003d MPZ / OK (34)
where Kmpz and ok- ratio of inventory and working capital;
OK- working capital;
MPZ- inventories.
Kmpz and ok 2012= 14851/971 = 15,29;
Kmpz and ok 2013= 18924/970 = 19,51;
Kmpz and ok 2014= 24444/658 = 37,15.
The values of the indicators are much higher than the standard, which once again shows a decrease in the financial stability of the enterprise. The source of coverage of inventories at the enterprise is not working capital.
4) EMF coverage factor. Shows which part of the inventory is covered not only by working capital, but also by other components of the sources of stock formation. The recommended value is at least 1.
Kpmpz=Imps/MPZ (35)
where kmpz- EMF coverage factor;
Imps- sources of MPZ formation;
MPZ- inventories.
Kpmpz 2012 =17313/14851= 1,17
Kpmpz 2013 = 22634/18924= 1,20
Kpmpz 2014 = 27883/24444= 1,14
The value of the coefficient is greater than the standard. This indicates an excess of sources for the formation of reserves, but not by much. A significant part of the inventory is covered at the enterprise by the sources of the formation of the inventory.
5) The coefficient of maneuverability of equity capital. Shows how much of the company's equity capital is in mobile form.
Providing own capital with own working capital is a guarantee of the stability of the financial position of the enterprise. High values of the coefficient positively characterize the financial condition. The recommended value is at least 0.5.
Kmsk = OK / SK (36)
where kmsk- coefficient of equity capital maneuverability;
OK- working capital;
SC- equity;
kmsk 2012 = 971/15938 = 0,06;
kmsk 2013= 970/14455 = 0,07;
Ksmsk 2014 = 658/16621 = 0,04.
The coefficient values are below the norm. By the end of 2014, only 4% of the company's own funds were in mobile form.
3. Indicators, characterized by the state of fixed assets.
1) Permanent asset index. It characterizes the share of non-current assets in the sources of own funds. The recommended value is less than 1.
Ipa \u003d VA / Isr (37)
where Ipa- permanent asset index;
VA- non-current assets (real estate);
Isr- sources of own funds (own capital).
Ipa 2012 = 14967/15938 = 0,94;
Ipa 2013= 13485/14455 = 0,93;
Ipa 2014 = 15963/16621 = 0,96.
An increase in this ratio over the analyzed period indicates an increase in the share of non-current assets in the sources of own funds from 94% at the beginning of 2012 to 96% at the beginning of 2014. The value of the indicator remains practically within the normal range, but the increase in the coefficient is considered as a negative trend.
2) The coefficient of the real value of the property. Shows the share of real assets in the value of the property of the enterprise. Recommended value - > 0.5.
Krsi = RA / WB (38)
where Krsi- the coefficient of the real value of the property;
RA- real assets;
WB- balance currency.
Krsi 2012= 28473/34397 = 0,83;
Krsi 2013=30582/40154 = 0,76
Krsi 2014 = 39693/48046 = 0,83
During the analyzed period, the values of the indicator were normal, that is, more than 0.5. Although at the beginning of 2013 there was a decline in the coefficient to 0.76, but at the beginning of 2014 it rose again to 0.83. The share of industrial property or means of production in the value of the company's property by the beginning of 2014 amounted to 83%, which is a good result.
3) Depreciation accumulation factor. Shows the share of the amount of depreciation for fixed assets and intangible assets in the amount of their initial cost. The initial cost of fixed assets and intangible assets is indicated in the form No. 5 of the appendix to the balance sheet: section 3 - depreciable property. The residual value of fixed assets and intangible assets is indicated in the form No. 1 - balance sheet. Recommended value - > 0.25.
Kna = (Ios + Ina) / (Spos + Spna) (39)
where kna- depreciation accumulation factor;
ios- depreciation of fixed assets;
Ina- depreciation of intangible assets;
Spos- the initial cost of fixed assets;
Spina- the initial cost of intangible assets.
kna 2012 = (15297 + (-28) / (28309 + 70) = 0,54
kna 2013 = (17230 + (-31) / (28322 + 100) = 0,61
kna 2014 = (13796 + 121) / (28391 + 121) = 0,49
The values of the coefficients are higher than the normative, which means that the fixed assets are badly worn out and require renovation and technical re-equipment. For the analyzed period, the value of the coefficient decreased by 5%.
4) The ratio of current assets and real estate. Shows the share of current assets in the value of real estate of the enterprise. To ensure the minimum financial stability of the enterprise, the ratio of borrowed and own funds of the enterprise must be less than the value of the ratio of current assets and real estate.
Ktn = TA / NI (40)
where ktn-coefficient of current assets;
TA- current assets;
NO- real estate.
ktn 2012 = 19430/14967 = 1,30
ktn 2013 = 26669/13485 = 1,98
ktn 2014 = 32083/15963 = 2,01
These indicators in reporting years exceed the values of the debt-to-equity ratio (1.30 > 1.16 at the beginning of 2012; 1.98 > 1.77 at the beginning of 2013; 2.01 > 1.89 at the beginning of 2014). Accordingly, we can say that the minimum financial stability enterprises. All results of calculations of financial stability indicators are given in Appendix 2.
Financial stability ratios
Financial stability the enterprise is characterized by a group of indicators reflecting the structure of its capital, the ability to repay its long-term debt and pay off loans. The most important of them are:
· coefficient of autonomy (property);
· debt capital ratio;
· coefficient of financial dependence (financial leverage);
· creditor protection ratio (interest coverage ratio).
In theory and practice financial analysis a large number of other coefficients related to the structure of the balance sheet are also used. However, they do not formally carry new information, but are useful only from a substantive point of view, since they allow a deeper understanding of the situation (for example, the coefficient of long-term dependence, the coefficient of non-current assets, the coefficient of maneuverability, etc.).
Autonomy coefficient(property) shows the degree of independence of the enterprise from external sources of financing, or in other words, the share of equity in assets.
where - own capital;
- balance sheet asset.
Debt Capital Dependence Concentration Factor reflects the share of borrowed capital in the sources of financing.
Where ZK - borrowed capital.
The sum of the coefficients of autonomy and dependence is always equal to 1. The financial position of the enterprise is considered the more stable, the higher the first coefficient and, accordingly, lower than the second. The decrease in the autonomy coefficient is associated with obtaining loans. This can lead to a significant deterioration in the financial position during a downturn. market conditions, when incomes fall, but you have to pay interest in the same fixed amount and repay the principal. As a result, there is a real threat of loss of solvency of the enterprise. A situation is considered favorable when it is above 0.5, that is, equity capital exceeds liabilities.
Capital structure ratio(financial leverage) is considered one of the main ones in characterizing the financial stability of an enterprise; it shows how much borrowed funds account for 1 ruble of own.
, (1.8)
This coefficient should not be more than 1. Its value of 0.67 (40%: 60%) is considered optimal.
A high dependence on external loans can significantly worsen the position of an enterprise in the event of a slowdown in sales, since the cost of paying interest on loans is fixed costs. In addition, it may be difficult to obtain new loans.
In some cases, it is beneficial for an enterprise to take out loans even if its own funds are sufficient, since the return on equity increases as a result of the fact that the effect of using borrowed funds is much higher than the interest rate for a loan.
Creditor protection ratio(or interest coverage ratio) characterizes the degree of protection of creditors from non-payment of interest for a loan.
The value of the interest coverage ratio must be greater than 1, otherwise the company will not be able to fully pay off current liabilities with creditors.
Profitability ratios
Profitability ratios(efficiency) characterize the effectiveness of the use of assets and invested capital. Unlike indicators of liquidity and financial stability, designed to analyze the state of the enterprise on a certain date, profitability indicators reflect the results of the enterprise's activities for a certain period of time (year, quarter).
AT financial management The most commonly used metrics are:
· return on assets of the enterprise;
· profitability of sales;
Profitability of sales- this is profit divided by the volume of products sold, calculated on the basis of both sales profit and net profit.
, (1.11)
where is the sales revenue.
This indicator indicates the amount of profit (gross or net) brought by each monetary unit of sold products.
The dynamics of the product profitability indicator reflects changes in pricing policy enterprise and its ability to control the cost of production.
Return on invested capital allows you to evaluate the effectiveness and expediency of relationships with investors, as it indicates the profitability of long-term capital.
Return on equity allows you to determine the effectiveness of the capital invested by the owners, and compare this indicator with the possible income from investing these funds in other securities.
3.6 Financial sustainability analysis
Financial stability of the enterprise characterizes its financial position from the standpoint of the sufficiency and efficiency of the use of equity capital. Indicators of financial stability together with indicators of liquidity characterize the reliability of the enterprise. If financial stability is lost, then the probability of bankruptcy is high, the enterprise is financially insolvent.
The key to survival and the basis for the stability of the enterprise is its sustainability. The stability of the enterprise is influenced by various factors:
position of the enterprise in the commodity market;
production and release of cheap, in-demand products;
its potential in business cooperation;
degree of dependence on external creditors and investors;
presence of insolvent debtors;
efficiency of business and financial transactions, etc.
Financial stability is a reflection of a stable excess of income over expenses, provides free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted production and sale of products. In other words, the financial stability of a company is the state of its financial resources, their distribution and use, which ensure the development of the company based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.
In order to determine the financial stability of Kalina Concern OJSC, it is necessary to calculate a number of coefficients.
Debt ratio - coefficient characterizing the amount of borrowed capital in the total amount of financing. It is calculated as the ratio of the amount of borrowed capital to the total amount of financing.
Autonomy coefficient (coefficient of concentration of own capital, coefficient of ownership) - characterizes the share of ownership of the owners of the enterprise in the total amount of advanced funds. The higher the value of the coefficient, the more financially stable and independent of external creditors the enterprise. Standard value for this indicator equals 0.5. The autonomy ratio is of great importance for investors and lenders, because the higher the value of the coefficient, the lower the risk of losing investments and loans.
Equity ratio - an indicator that characterizes the availability of own working capital of the organization, necessary for its financial stability.
The normal value of the coefficient should be greater than 0.1.
Coefficient of "critical evaluation" - an indicator that reflects what part of the organization's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as receipts on settlements.
The allowable value of the "critical assessment" coefficient is from 0.7 to 0.8.
Ratio of own and borrowed funds (coefficient financial risk) - one of the types of financial ratios, characterizes the financial stability of the enterprise, the degree of dependence on external sources of financing. It is generally accepted in world practice that the value of the ratio of own and borrowed funds should not exceed 1, otherwise the enterprise cannot be considered financially stable. The level of this coefficient above the acceptable level indicates the potential danger of a lack of own funds, which may cause difficulties in obtaining new loans.
Financial dependency ratio - coefficient characterizing the extent to which the assets of the enterprise are financed by borrowed funds.
Too much borrowing reduces the solvency of the enterprise, undermines its financial stability and, accordingly, reduces the confidence of counterparties in it and reduces the likelihood of obtaining a loan. However, a too large share of own funds is also unprofitable for the enterprise, since if the profitability of the enterprise's assets exceeds the cost of sources of borrowed funds, then due to a lack of own funds, it is beneficial to take a loan. Therefore, each enterprise, depending on the field of activity and set on this moment tasks, you need to set for yourself the normative value of the coefficient.
Business activity analysis
The business activity of the enterprise in the financial aspect is manifested, first of all, in the speed of turnover of its funds. The profitability of an enterprise reflects the degree of profitability of its activities.
Business activity commercial organization manifests itself in the dynamism of its development, the achievement of its goals, which reflect physical and cost indicators, in the effective use of economic potential, and the expansion of markets for its products.
One of the indicators of the business activity of the enterprise is asset turnover ratio is calculated as the ratio of turnover and other trading income (sales proceeds or sales proceeds) to current assets (the total amount of tangible assets or average cost fixed assets). The asset turnover ratio indicates the efficiency with which the company uses its resources to produce products and has an economic interpretation, showing how many rubles of sales proceeds fall on one ruble of investments in fixed assets.
Profitability of business activity is the ratio of book profit to sales revenue.
Inventory turnover ratio - financial indicator, calculated as the ratio of the cost of goods sold to the average annual value of stocks. The higher the inventory turnover of a company, the more efficient production is and the less the need for working capital for its organization.
Share of receivables is the ratio of accounts receivable to working capital.
Accounts receivable turnover ratio - a financial indicator calculated as the ratio of the company's turnover to the average annual amount of receivables.
The accounts receivable turnover ratio shows how effectively the company has organized the work of collecting payment for its products. A decrease in this indicator may signal an increase in the number of insolvent customers and other sales problems, but may also be associated with the company's transition to a softer customer relationship policy aimed at expanding market share. The lower the turnover of receivables, the higher the company's need for working capital to expand sales.
Let's calculate the average annual receivables of JSC Concern Kalina.
Based on the turnover ratio of receivables, you can calculate the period of repayment of receivables.
The main factors determining the financial stability of an enterprise include the financial structure of capital (the ratio of borrowed and own funds, as well as long-term and short-term sources of funds) and the policy of financing individual components of assets (primarily non-current assets and stocks). Therefore, in order to assess financial stability, it is necessary to analyze not only the structure of financial resources, but also the directions of their investment.
To assess the level of financial stability, the following indicators are used (table 1.2.1):
The ratio of borrowed and own funds;
Coefficient of autonomy (solvency);
The coefficient of maneuverability of own funds;
The coefficient of financial stability of the organization;
Coefficient of financial dependence;
Equity concentration ratio;
Debt capital concentration ratio;
Debt capital structure ratio;
Ratio of borrowed and own funds.
Table 1.2.1
Indicators of financial stability.
Continuation of table 1.2.1
|
Coefficient of financial independence (autonomy) |
It characterizes the independence of the enterprise from borrowed funds and shows the share of own funds in the total value of all the funds of the enterprise. |
|
|
Equity ratio |
Shows that the enterprise has its own funds necessary for its financial stability. |
|
|
Agility factor |
Shows what part of own working capital is in circulation. The ratio should be high enough to allow flexibility in the use of own funds. |
|
|
The ratio of mobile and immobilized means |
Shows how many non-current assets account for each ruble of current assets. |
Continuation of table 1.2.1
Financial stability ratios are calculated to assess various kinds activities of the company (for example, operations with own, borrowed funds, etc.).
1. Ratio of own and borrowed funds:
KSZS \u003d ZK / SK, where ZK is borrowed capital;
SC - equity.
This ratio gives the most general assessment of the financial stability of the enterprise. For example, its value at the level of 0.5 shows that for every ruble of own funds invested in the assets of the enterprise, there are 50 kopecks of borrowed sources. The growth of the indicator indicates an increase in the dependence of the enterprise on external financial sources, i.e. in a certain sense, about reducing its financial stability.
2.Coefficient of autonomy:
KA =SK/VB, where SK - equity;
VB - balance currency.
The coefficient shows the degree of independence of the enterprise from borrowed sources of funds. The coefficient value must be > 0.5.
3. Coefficient of maneuverability of own funds:
KM=CC/CK, where СС - own working capital;
SC - equity.
It shows how much of the equity capital is used to finance current activities, i.e. invested in working capital. The value of this indicator can vary significantly depending on the type of activity of the enterprise and the structure of its assets. For industrial enterprises, the maneuverability coefficient should be ≥ 0.3.
4. Coefficient of financial stability of the organization.
Financial stability ratio - determines the degree of efficiency in the use of capital invested in the assets of the enterprise. The calculation is made according to the formula:
KFU=(NC+FEFD)/WB, where FEFD is long-term financial liabilities.
5.Coefficient of financial dependence:
Kfz=Vb/Sk, where: Kfz is the reciprocal of the equity concentration ratio; Sk - equity, Vb - balance sheet currency. If the coefficient of financial dependence has a value greater than 1.5, then this means that a sufficiently large proportion of the total assets of the enterprise is financed by borrowed funds. The financial stability of such an enterprise is low, as the enterprise becomes dependent on creditors.
6.Coefficient of concentration of own capital.
Determines the share of funds invested in the activities of the enterprise by its owners. The higher the value of this ratio, the more financially stable, stable and independent of external creditors the enterprise.
The equity concentration ratio is calculated using the following formula:
KKSK=SK/VB, where: SK-own capital;
WB - balance sheet currency.
7.Coefficient of concentration of borrowed capital.
The concentration ratio of debt capital is essentially very similar to the concentration ratio of equity
The debt capital concentration ratio is calculated using the following formula:
ККЗК=ЗК/ВБ, where: ЗК - borrowed capital (long-term and short-term obligations of the enterprise);
VB - balance currency.
8.Coefficient of the structure of borrowed capital.
The indicator shows from what sources the borrowed capital of the enterprise is formed. Depending on the source of capital formation of the enterprise, it can be concluded how the non-current and current assets of the enterprise are formed, since long-term borrowed funds are usually taken for the acquisition (restoration) of non-current assets, and short-term loans for the acquisition of current assets and the implementation of current activities.
Debt capital structure ratio is calculated using the following formula:
KSZK=DP/ZK, where: DP-long-term liabilities;
ZK-borrowed capital.
9. The ratio of borrowed and own funds.
The more the coefficient exceeds 1, the greater the dependence of the enterprise on borrowed funds. The permissible level is often determined by the operating conditions of each enterprise, primarily by the speed of turnover of working capital. Therefore, it is additionally necessary to determine the turnover rate of inventories and receivables for the analyzed period. If accounts receivable turn around faster than working capital, which means a rather high intensity of cash flow to the enterprise, i.e. as a result - an increase in own funds. Therefore, with a high turnover of material working capital and an even higher turnover of receivables, the ratio of own and borrowed funds can be much higher than 1.
The ratio of own and borrowed funds is calculated according to the following formula:
KSZ=ZK/SK, where: ZK-borrowed capital of the enterprise;
SC-own capital of the enterprise.