General conclusions on the analysis of the financial condition of the enterprise. Conclusions based on the results of the financial analysis of the enterprise's activities Conclusions based on the results of the analysis

According to the materials of the company "INEK"

Financial analysis is based on the calculation of relative indicators characterizing various aspects of the enterprise and its financial position. However, the main thing when conducting financial analysis is not the calculation of indicators, but the ability to interpret the results.

For financial analysis, you can use the following groups of indicators:

q Volume indicators of profits and losses (financial results).

q Volume indicators of assets and liabilities.

q Relative indicators efficiency of the enterprise, characterizing the profitability of its activities and return on investment.

q Relative indicators financial stability characterizing the degree of independence of the enterprise from external sources financing, changes in interest rates.

q Relative solvency indicators that answer the question of whether the company is able to pay off current debts, whether it will go bankrupt in the near future.

Detailed the financial analysis enterprises must be carried out in dynamics for a number of quarters, for express analysis it is enough to compare the data at the beginning and at the end of the analysis period. And with one and the other method of analysis, it must be remembered that financial analysis (based on the analysis of the balance sheet and income statement) allows you to pay attention to the “bottlenecks” in the activities of the enterprise and form a list of questions that can be answered only with more detailed acquaintance with the activities of the enterprise.

Financial results

When analyzing the financial performance of an enterprise, the net proceeds, profits or losses received by the enterprise in the analyzed period should be evaluated.

Analysis and conclusions about financial results activities of the enterprise should contain detailed answers to the following questions:

ü How has the net proceeds of the Enterprise changed over the analyzed period? Increased, decreased, did not change?

ü Was the main activity for the implementation of which the Enterprise was created profitable, loss-making or break-even during the analyzed period?

ü From what type of activity the Enterprise received the main income for the analyzed period? From the main or investment and other activities?

ü What profit (loss) before tax did the Company receive as a result of all types of activities at the end of the analyzed period?

ü What does the Company's absence of retained earnings indicate? For example, about the inability to replenish working capital to conduct normal business activities.

ü The enterprise operated effectively or inefficiently - it is necessary to compare the growth rate of revenue and cost.

Structure of balance sheet assets

When analyzing the assets of the Enterprise, it is necessary to reflect the absolute changes in the property of the enterprise, to draw conclusions about the improvement or deterioration in the structure of assets. The following questions need to be answered:

What components accounted for the largest specific gravity in structure total assets?

If on current assets, then this indicates the formation of a fairly mobile structure of assets, which contributes to the acceleration of the turnover of the enterprise's funds.

ü In general, how has the property (the sum of non-current and current assets) of the Enterprise changed?

A decrease in property indicates a reduction in the Company's economic turnover, which may lead to its insolvency and vice versa.

The growth of the Company's property may indicate a positive change in the balance sheet.

ü What happened to the components of non-current assets?

An increase in construction in progress may adversely affect the results of the financial and economic activities of the enterprise (it is necessary to additionally analyze the feasibility and effectiveness of investments).

An increase in long-term financial investments indicates a diversion of funds from the main production activities, and the decrease contributes to the involvement of financial resources in the main activities of the enterprise and the improvement of its financial condition.

ü How did the structure of non-current assets change?

ü What is the share of fixed assets in total assets at the end of the analyzed period?

ü Does the company have a "heavy" or "light" asset structure?

If it was less than 40%, the enterprise has a "light" asset structure, which indicates the mobility of the enterprise's property.

If it was more than 40%, the company has a "heavy" asset structure, which indicates significant overhead costs and high sensitivity to changes in revenue.

ü How has the value of current assets of the enterprise changed over the analyzed period?

ü What articles have made the main contribution to the formation of current assets?

1) stocks;

2) accounts receivable;

3) short term financial investments;

4) cash.

ü What problems can such a structure of current assets indicate?

Highly indebted structure with low Money may indicate problems associated with paying for the services of the enterprise, as well as the predominantly non-monetary nature of the settlements.

A structure with a low share of debt and a high level of cash may indicate a favorable state of settlements between the enterprise and consumers.

ü How has the cost of stocks changed over the analyzed period, is this change positive and what does it indicate?

If the cost of inventories has increased, and the duration of the inventory turnover has decreased, this is a negative factor.

ü How did the volume of receivables change during the analyzed period?

1) increased, which is a negative change and may be caused by problems associated with paying for the products (works, services) of the enterprise or the active provision of consumer credit to buyers, i.e. diversion of part of current assets and immobilization of part of working capital from the production process.

2) decreased, which is a positive change and may indicate an improvement in the situation with payment for the Company's products and the choice of an appropriate sales policy.

ü What type of debtors accounted for the largest share in the total debt? On long-term (with a maturity of more than 12 months) debtors, which indicates a long-term withdrawal of funds from circulation, or on short-term ones?

ü During the analyzed period, did the enterprise have an active or passive debt balance?

A comparison of the amounts of receivables and commercial payables may show that the company during the analyzed period had:

1) active balance (accounts receivable exceeds accounts payable);

2) passive balance (accounts payable exceeds accounts receivable).

If the enterprise has a positive balance, then it provided its customers with free commercial credit in an amount exceeding the funds received in the form of deferrals of payments to commercial creditors, and if it is passive, it financed its reserves and deferments of payments of its debtors by non-payments to commercial creditors (that is, the budget, extrabudgetary funds and etc.)

ü How has the share of cash in the structure of current assets of the Enterprise changed over the analyzed period?

Lack of funds in current assets may be a consequence of the barter nature of settlements.

Structure of balance sheet liabilities

When analyzing the sources of formation of the enterprise's property, absolute and relative changes in the enterprise's own and borrowed funds should be considered. It is necessary to determine:

ü What funds (own or borrowed) are the main source of formation of the Company's total assets?

ü How does equity change (actual, minus losses and debts of the founders) in the share in the balance sheet for the analyzed period?

1) The increase contributes to the growth of the financial stability of the Enterprise

2) The decrease contributes to the decrease in the financial stability of the Enterprise

ü How has the share of borrowed funds in total sources of asset formation changed, as evidenced by this?

Increased, which may indicate an increase in the financial instability of the enterprise and an increase in the degree of its financial risks.

Decreased, which may indicate an increase financial independence enterprises.

Hasn't changed.

ü What can the decrease (increase) in the value of reserves, funds and profits of the enterprise indicate?

In general, an increase in reserves, funds and retained earnings may be the result of effective work enterprises.

In general, a decrease in reserves, funds and retained earnings may indicate a decline in the Company's business activity.

How has the structure changed over the analyzed period? equity(announced), which components accounted for the largest share?

ü What liabilities prevail in the structure of debt capital?

ü How have long-term liabilities changed over the analyzed period?

ü Analysis of the structure of financial liabilities gives an answer to the question whether the risk of loss of financial stability of the enterprise has increased or decreased.

The predominance of short-term sources in the structure of borrowed funds is a negative fact that characterizes the deterioration of the balance sheet structure and the increased risk of loss of financial stability.

The predominance of long-term sources in the structure of borrowed funds is a positive fact that characterizes the improvement of the balance sheet structure and the reduction of the risk of loss of financial stability.

ü What liabilities prevail in the structure of commercial accounts payable at the beginning and at the end of the analyzed period?

to suppliers and contractors;

on bills payable;

on wages;

on social insurance and provision;

before children and dependent companies;

before the budget

for advances received;

to other creditors.

ü How did the short-term liabilities to the budget, to suppliers and contractors, for wages, for social insurance and security, for bills payable, for subsidiaries and affiliates, for advances received change during the analyzed period?

An increase in the amount of advances received can be a positive development.

Reducing the amount of advances received can be a negative point.

ü What types of short-term debt in the analyzed period are characterized by the highest growth rates?

The negative point is the high share of debt (more than 60%) to the budget, since delays in the relevant payments cause the accrual of penalties, the interest rates for which are quite high. In addition, the likelihood of an enterprise falling under Article 3 of the Bankruptcy Law increases. There is a need for additional analysis of accounting data.

The negative point is the high share (more than 60%) of debt to extra-budgetary funds.

Operational efficiency

When evaluating the effectiveness of the enterprise, one should evaluate the indicators of profitability and turnover, draw reasonable conclusions about the profitability of the main and other activities of the enterprise.

ü Did the enterprise make a profit or loss from each ruble invested in assets?

ü What is the degree of profitability of investments in property and the efficiency of using the assets of the enterprise?

ü How has the return on assets changed in terms of profit before tax?

overall property efficiency was high (> 0.3)

the efficiency of property use as a whole was average (from 0.1 to 0.3)

overall property efficiency was low (less than 0.1)

ü From what level of asset turnover of the Enterprise and the degree of profitability of all operations is the level of return on assets formed?

ü Are the Company's problems related to difficulties in selling products, high production costs or inefficient management of working capital?

The simultaneous decline in profitability and asset turnover is a "diagnosis" of the presence of problems associated, for example, with the sale of products and the work of the marketing department (revenue growth is slowing down).

What is the effectiveness of attracting investment investments to the enterprise?

ü Return on equity (actual) of the enterprise

increased, which indicates the possibility and sufficient efficiency of attracting investment in the enterprise;

decreased, which indicates the low efficiency of attracting investment in the enterprise;

throughout the analyzed period was negative, which indicates the absolute unprofitability of investments in the enterprise

ü Is the trend of changes in the structure of working capital positive or negative in terms of the duration of the turnover of net production working capital?

The value of the indicator is less than 0, on the one hand, indicates a positive trend in the structure of working capital, because. the enterprise finances commercial credit to its customers, as well as its inventory by deferring payments to creditors.

On the other hand, this fact is associated with the risk of loss of financial stability and solvency.

The value of the indicator is greater than 0, on the one hand, indicates a negative trend in the structure of working capital, because the enterprise “freezes” funds in the form of inventory or commercial credit provided to customers, which is financed either by its own funds or by attracting a paid bank loan. On the other hand, this circumstance is positive, because the risk of loss of financial stability and solvency is thus reduced.

Financial stability

An analysis of financial stability should show the presence or absence of the enterprise's ability to attract additional borrowed funds, the ability to repay current liabilities at the expense of assets of varying degrees of liquidity.

ü What margin of safety is evidenced by the level of equity capital of the enterprise? The company is characterized

significant margin of safety (> 0.5);

insignificant margin of safety (0< - <= 0,5);

extremely low margin of safety (<= 0).

ü Did the Enterprise have the opportunity to attract additional borrowed funds without the risk of loss of financial stability? How has the situation changed at the end of the analyzed period?

ü Analysis of the level of equity at the beginning of the period allows you to identify:

ample opportunities to attract additional borrowed funds without the risk of loss of financial stability (> 0.5);

limited opportunities to attract additional borrowed funds without the risk of loss of financial stability (0<--<= 0,5);

lack of opportunities to attract additional borrowed funds without the risk of loss of financial stability (<= 0).

ü What is the coverage of non-current assets by own capital (actual)? At the expense of what sources are long-term assets of the enterprise financed?

ü What is the level of solvency of the enterprise according to the Beaver criterion?

Indicator value<= 0,17 позволяет отнести предприятие к высокой группе “риска потери платежеспособности”, т.е. уровень его платежеспособности низкий.

The value of the indicator is 0.17< 2п <= 0,4 позволяет отнести предприятие к средней группе “риска потери платежеспособности”, т.е. уровень его платежеспособности оценивается как средний.

The value of the indicator > 0.4 makes it possible to refer the enterprise to the low group of “risk of loss of solvency”, i.e. its level of solvency is quite high.

ü How many days is the self-financing interval of the Enterprise?

ü What is the level of the Enterprise's reserves to finance its costs and other expenses?

ü The interval of self-financing (or solvency) of the enterprise may indicate

about a high level of reserves (> = 90);

about the low level of reserves of the Enterprise to finance its costs as part of the cost (< 90).

In international practice, it is considered normal if this indicator exceeds 90 days.

Based on the calculated data, it is possible to deduce complex indicator investment attractiveness of the enterprise and classify enterprises into one of four groups:

The first group - At the end of the analyzed period, the company has a high profitability and it is financially stable. The solvency of the enterprise is not in doubt. The quality of financial and production management is high. The company has excellent chances for further development.

The second group - At the end of the analyzed period, the company has a satisfactory level of profitability. Its solvency and financial stability are, in general, at an acceptable level, although some indicators are below the recommended values. However, this enterprise is not sufficiently resistant to fluctuations in market demand for products and other factors of financial and economic activity. Working with an enterprise requires a balanced approach.

The third group - At the end of the analyzed period, the company is not financially stable, it has low profitability to maintain solvency at an acceptable level. As a rule, such a company has overdue debts. It is on the verge of losing financial stability. To bring the enterprise out of the crisis, significant changes should be made in its financial and economic activities. Investing in a business is associated with increased risk.

The fourth group - At the end of the analyzed period, the company is in a deep financial crisis. The amount of accounts payable is large, it is not able to pay off its obligations. The financial stability of the enterprise is almost completely lost. The value of the indicator return on equity does not allow us to hope for improvement. The degree of the enterprise's crisis is so deep that the likelihood of improvement even in the event of a fundamental change in financial and economic activity is low.

Similar information.

On the basis of the calculations carried out, it is possible to put a general assessment of the financial and economic activities of OAO ROMASHKA.

The share of reserves in assets is almost 45% at the beginning of the study period. Despite the fact that by the end of the study period, the reserves decreased slightly (by 39,487 thousand rubles), nevertheless, their share in current assets continues to remain at a fairly high level of 39.69%. Also, among the negatively changed balance sheet items, one can single out "financial investments" in the asset - 38,374 thousand rubles.

At the same time, there is an increase in accounts receivable (by 119,776 thousand rubles or 37.36%). The growth of accounts payable for the study period amounted to 131,979 thousand rubles. or 33.75%.

The share of cost in relation to revenue from the beginning to the end of the reporting period increased from 84.68% to 85.03%.

Despite the mass of negative influences on the financial structure of OAO ROMASHKA, nevertheless, during the reporting period there was an increase in the balance sheet total by 91,250 thousand rubles. and net profit by 30,045 thousand rubles, which indicates an increase in production capabilities and deserves a positive assessment.

The organization's own capital on the last day of the analyzed period amounted to 694,326.0 thousand rubles, but as of June 30, 2012, the organization's own capital was less - 653,994.0 thousand rubles, an increase amounted to 40,332.0 thousand rubles.

Comparing the structure of changes in assets and liabilities, it was concluded that the inflow of new funds occurred due to an increase in accounts payable, which was used to repay short-term loans and borrowings, as well as to build fixed assets.

An analysis of the dynamics and structure of the sources of formation of the organization's property showed that the enterprise does not have enough funds to pay off its obligations, since when paying off short-term loans, the organization is forced to suspend its settlements with suppliers and contractors. This fact may also be due to the fact that debtors do not respond on time for their obligations. Nevertheless, the company's position for the reporting period is quite stable and the organization still has reserves to pay off liabilities. However, further growth of receivables may provoke a financial crisis in the enterprise.

When analyzing the liquidity of the balance sheet, it was found that out of the four ratios that characterize the ratio of assets in terms of liquidity and liabilities in terms of maturity, all but one are met. JSC "ROMASHKA" does not have enough cash and short-term financial investments (highly liquid assets) to pay off the most urgent liabilities (the difference is 441,412 thousand rubles).

Determining the type of financial situation showed that over the analyzed period, own and long-term borrowed sources of reserves formation increased, but at the end of the year the state of the enterprise worsened, the lack of reserves with sources of their formation increased. A three-component indicator characterizes the financial situation as a crisis.

Consequently, the enterprise is not provided with any of the provided sources of stock formation and accounts payable is used for other purposes - as a source of stock formation.

According to the type of financial stability JSC "ROMASHKA" belongs to the fourth type (crisis financial condition).

The calculation of the financial stability ratios confirms the above data: the ratio of stocks with own working capital is below the norm and amounts to 0.44% at the beginning of the period, and 0.53% at the end. This means that the company needs to attract additional sources of financing to provide production reserves; the coefficient of maneuverability of equity capital is also below the norm and amounts to 0.43% and 0.46%, respectively, at the beginning and end of the reporting period.

However, the real value of the property is higher than the norm (0.65% at the beginning of the period and 0.59% at the end), which indicates a good production potential of the organization.

The equity concentration ratio shows that while the company is dependent on borrowed funds. Since the beginning of the period, the financing ratio has increased by 0.7% and amounted to 2.49% at the end of the period, which is a good sign and suggests that in the near future the situation at the enterprise will stabilize and reach normal stability, which guarantees solvency.

Analysis of financial results determined the following results:

1. The growth rate of production costs in the reporting period outpaced the growth rate of revenue;

2. There was an increase in the commercial expenses of the enterprise, a decrease in the administrative expenses of the enterprise and an increase in other income, which positively affected the increase in net profit.

It can be noted that during the analyzed period, an increase in profitability ratios was revealed: resource productivity (by 0.15%), turnover of working capital (by 0.21%), return on intangible assets (by 594%), capital productivity (by 0.71%) , turnover of own capital (by 0.34%), turnover of material assets (by 0.36%), turnover of receivables (by 0.6%), turnover of accounts payable (by 0.5%). A positive fact is the reduction of the operating cycle (by 15.71 days). The duration of the financial cycle was reduced (by 8.55 days) due to the acceleration of the turnover of receivables, as well as a reduction in the production cycle.

The effect of the release of current assets from circulation amounted to 241,480.52 thousand rubles. as a result of increased intensity of their use.

During the analyzed period, the share of revenue per unit of sold products changed slightly upward (by 0.01%), overall profitability as well as economic profitability increased by 0.02%. These indicators indicate that the company has become more efficient use of property in the course of production activities. From each ruble invested in non-current assets, the enterprise began to receive more by 12 kopecks, and an additional 4 kopecks from each ruble attracts capital invested in the organization's activities for a long time.

A positive development is also the reduction of the payback period of equity capital. Since the beginning of the analyzed period, it has decreased by 5.87 years.

Thus, with the further efficient use of assets and increase in own funds, the introduction of modern technologies, the enterprise will be able to feel more confident among competitors, guaranteeing timely payment to suppliers, and buyers - high-quality and inexpensive products that meet consumer demand.

Based on the analysis of the financial condition of the limited liability company "DC Capital", the following conclusions can be drawn.

During the reporting period, the property of DC Capital increased by 436,400 rubles, amounting to 2,589,600 rubles at the end of 2008.

Analyzing the structure of the balance sheet asset, it was noted that the largest share in the economic assets of the enterprise is occupied by current assets (2007 - 84.3%; 2008 - 83.72%), mainly due to stocks of finished products and goods for resale , the increase of which amounted to 161,400 rubles, as well as at the expense of funds located on the settlement account of the enterprise, the increase of which amounted to 135,500 rubles. The increase in non-current assets occurred mainly due to fixed assets and intangible assets.

Analyzing the structure of the balance sheet liability, one can draw conclusions about the change in equity and reserves; one can also draw some conclusions about the financial activity of the enterprise based on indicators of short-term liabilities, i.e. credits and loans, debts. The increase in the sources of funds of the enterprise was due to the growth of accounts payable by 173,740 rubles. The largest share in liabilities is occupied by "capital and reserves" - 61.06%, but they decreased by 1.84%. But since this article accounts for more than 50% of liabilities at the end of the period, if all creditors present claims to the enterprise, it will be able to satisfy them.

The proceeds from the sale of the company's products at the end of 2008 amounted to 4,814,400 rubles. The share of profit in revenue is 3.1%, which is 149,400 rubles. The amount of net profit is 73,750 rubles, which is 2.85% of the property of the enterprise.

As a result of such work, DC Capital LLC achieved certain successes: the turnover of assets in days decreased by 19.1 days compared to the previous year, which indicates the turnover of assets, and therefore their effective use. The turnover of receivables increased from 28.15 to 33.05 turnover, and, consequently, the period of buyers' settlements decreased by 1.9 days. The inventory turnover rate at the end of 2008 was 4.54 turnovers, which is 0.15 more than in 2007. The duration of stocks decreased by 2.7 days, which indicates the effective use of working capital by the enterprise.

The definition of financial stability showed that the company is absolutely stable, since the company's own working capital fully provides for reserves and costs, and even has a surplus (at the end of 2007, the surplus is 288,700 rubles, at the end of 2008 - 225,560 rubles). A number of coefficients were also calculated to characterize financial stability. An analysis of financial ratios showed that the vast majority of them satisfy the normal constraints. The independence ratio slightly decreased by 0.02%, however, when tracking its dynamics, a steady decline is noted (compared to 2006, it decreased by 0.07%). This may be a signal of a decrease in the financial independence of the enterprise, an increase in the risk of financial difficulties in future periods. The ratio of own and borrowed funds gives the most general assessment of the financial stability of the enterprise. In this case, there was a slight increase in the coefficient, which indicates an increase in the degree of dependence of the enterprise on external creditors, but the value is within the normal range. Agility coefficient, i.e. the share of own working capital in the sources of own funds decreased by 0.02%, which indicates a slight decrease in the mobility of own funds. The value of the stock and cost coverage ratio is within the regulatory limit, but there was a slight decrease (0.13%), which indicates that the company still provides stocks and costs with its own sources of financing, but the company should pay attention to this.

Describing the liquidity of the company's balance sheet, we can say that the company's balance sheet is absolutely liquid, although the liquidity ratios have slightly decreased: the current liquidity ratio by 0.06%; quick liquidity ratio by 0.04%; absolute liquidity ratio by 0.02%. Despite the fact that the data indicate some deterioration in the situation, the company's payment readiness remains quite high, which is indicated by the fact that the values of the coefficients are in line with the normative ones. During the reporting period, there is an increase in the most liquid assets to cover the most urgent liabilities. By the end of the period, the value of marketable assets increased. Slowly realizable assets (ie, mainly inventories and costs) during the reporting period exceeded long-term liabilities, the amount of which, in fact, was equal to zero.

The analysis of financial results showed that the share of costs from the sale of products decreased by 1.02 points, and commercial expenses in revenue by 0.21 points, and, as a result, there was an increase in profit for the reporting period. Such sources of income as non-operating income and income from other sales were not involved. From the analysis of profitability indicators, it can be seen that all indicators increased: net profit - by 35.95 points; product profitability - by 1.2 points; profitability of core activities - by 1.3 points; profitability of property - by 1.84 points. This speaks of a rational policy of managing the economy, by reducing costs, improving the quality of activities.

An analysis of the state of current assets showed that the turnover of assets in days in 2007 is less than in 2008 by 19.1 days - this indicates an acceleration in the turnover of assets, and, consequently, their effective use. The turnover of receivables increased by 4.9 turnovers and, as a result, there was a decrease in the period of settlements with buyers by 1.9 days. The rate of inventory turnover increased by 0.15 compared to 2007. The duration of storage of inventories decreased by 1.8 days, which indicates the effective use of working capital by the enterprise. The indicators characterizing the main stages of cash were also considered. The calculation results showed that the enterprise is experiencing a decrease in the full production cycle and circulation as a whole. The duration of the operating cycle decreased by 3.7 days, and the duration of the financial cycle by 4.21 days. The shortening of the operating and financial cycles in dynamics is seen as a positive trend.

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Introduction

1.1 Essence and goals of financial analysis

1.2 Methods of financial analysis

2. Analysis of the financial condition and financial results

2.1 Analysis of the asset balance

2.2 Liability analysis

2.3 Determination of solvency indicators

2.4 Analysis of balance sheet liquidity

2.5 Definition of absolute indicators of financial stability

2.6 Determination of relative indicators of financial stability

3. General conclusion on the financial condition of the enterprise

Conclusion

List of sources used

1. Analysis of the financial condition

One of the most important conditions for successful financial management of an enterprise is the analysis of its financial condition. The financial condition of an enterprise is a complex concept characterized by a system of indicators reflecting the availability, distribution and use of financial resources, which is the result of the interaction of all elements of the system of financial relations of an enterprise, determined by the totality of production and economic factors.

The financial condition can have absolute financial stability, normal financial stability, be unstable and crisis.

Absolute financial stability is characterized by the fact that all the reserves of the enterprise are covered by their own working capital, i.e. the organization does not depend on external creditors, the absence of non-payments and the reasons for their occurrence, the absence of violations of internal and external financial discipline. This situation is extremely rare. Moreover, it can hardly be considered ideal, since it means that the company's management is unable, unwilling, or unable to use external sources of funds for its core business.

Normal financial stability is characterized by the fact that the company uses, in addition to its own working capital, long-term borrowed funds to cover stocks. This type of stock financing is “normal” from a financial management point of view. Normal financial stability is the most desirable for the enterprise. To cover reserves, normal sources of coverage are used, i.e. own working capital, long-term borrowed funds and settlements with creditors for goods.

The unstable financial situation is characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds, reducing accounts receivable, and accelerating inventory turnover. The presence of violations of financial discipline (delays in wages, the use of temporarily free own funds of the reserve fund and economic incentive funds, etc.), interruptions in the flow of money to settlement accounts and payments, unstable profitability, failure to fulfill the financial plan, including profit.

A financial crisis is a state in which an enterprise is on the verge of bankruptcy, because cash, short-term securities and receivables do not even cover his accounts payable and delinquent loans.

The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. Conversely, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit, as a result of a deterioration in the financial condition of the enterprise and its solvency. Consequently, a stable financial condition is not a fluke, but the result of a competent, skillful management of the entire complex of factors that determine the results of an enterprise's economic activity.

A stable financial position, in turn, has a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity, as an integral part of economic activity, should be aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

1.1 Essenceandgoalsfinancialanalysis

The purpose of financial analysis is to assess the past performance and current position of the enterprise, as well as to assess the future potential of the enterprise.

The objectives of the economic analysis of the financial condition of the enterprise are: an objective assessment of the use of financial resources in the enterprise, the identification of on-farm reserves to strengthen the financial position, as well as the improvement of relations between the enterprise and external financial, credit authorities, etc.

The purpose of studying the financial condition of the enterprise is to find additional funds of funds for the most rational and economic management of business activities. A good financial condition is a stable payment readiness, sufficient security of own working capital and their effective use with economic expediency, a clear organization of settlements, and the presence of a stable financial base. The unsatisfactory financial condition is characterized by inefficient allocation of funds, their immobilization, poor payment readiness, overdue debts to the budget, suppliers and the bank, insufficiently stable real and potential financial base due to unfavorable trends in production.

The study of the financial position of the enterprise should give the management of the enterprise a picture of its actual state, and persons interested in its financial condition, the information necessary for an impartial judgment, for example, on the rationality of using additional investments invested in the enterprise.

The financial condition of the enterprise is the most important characteristic of its business activity and reliability. It determines the competitiveness of the enterprise and its potential in business cooperation, is a guarantor in the effective implementation of the economic interests of all participants in economic activity, both the enterprise itself and its partners.

The stable financial position of the enterprise is the result of skillful and calculated management of the entire set of production and economic factors that determine the results of the enterprise. These are internal factors, illustrative results, the impact of which is the state of assets and their turnover, the composition and ratio of financial resources. The financial well-being of the company is also influenced by the external environment or external factors, among which are the state policy of taxes and expenditures, market position (including financial), unemployment and inflation, average labor productivity, average profit level, etc. . From this point of view, sustainability is the process of the firm's resistance to negative external circumstances. For a market economy, stability is important, which is based on feedback control, i.e. active response of management to changes in external and internal factors.

1.2 Methodsfinancialanalysis

There are six main methods of financial analysis:

§ horizontal (temporal) analysis - comparison of each reporting position with the previous period;

§ vertical (structural) analysis - identification of the share of individual articles in the final indicator, taken as 100%;

§ trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out;

§ analysis of relative indicators (coefficients) - calculation of ratios between individual reporting positions, determination of interrelations of indicators;

§ comparative (spatial) analysis - on the one hand, this is an analysis of the reporting indicators of subsidiaries, structural divisions, on the other hand, a comparative analysis with competitors' indicators, industry average indicators, etc.;

§ factor analysis - analysis of the influence of individual factors (reasons) on the resulting indicator. Moreover, factor analysis can be both direct (analysis itself), when the resulting indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common indicator.

The main methods of financial analysis carried out at the enterprise:

Vertical (structural) analysis - determining the structure of the final financial indicators (the amounts for individual items are taken as a percentage of the balance sheet currency) and identifying the impact of each of them on the overall result of economic activity. The transition to relative indicators allows for inter-farm comparisons of the economic potential and performance of enterprises that differ in the amount of resources used, and also smoothes out the negative impact of inflationary processes that distort the absolute indicators of financial statements.

Horizontal (dynamic) analysis is based on the study of the dynamics of individual financial indicators over time.

Dynamic analysis is the next step after the analysis of financial indicators (vertical analysis). At this stage, it is determined which sections and items of the balance sheet have undergone changes.

The analysis of financial ratios is based on the calculation of the ratio of various absolute indicators of financial activity among themselves. The source of information is the financial statements of the enterprise.

The most important groups of financial indicators:

1. Liquidity indicators.

2. Indicators of financial stability and solvency.

3. Indicators of profitability.

4. Indicators of turnover (business activity).

5. Indicators of market activity

When analyzing financial ratios, the following points should be kept in mind:

§ the value of financial ratios is greatly influenced by the accounting policy of the enterprise;

§ diversification of activities makes it difficult to compare coefficients by industry, since standard values can vary significantly for different industries;

§ The normative coefficients chosen as the basis for comparison may not be optimal and may not correspond to the short-term objectives of the period under review.

Comparative financial analysis is based on comparing the values of individual groups of similar indicators with each other:

§ indicators of the given enterprise and average industry indicators;

§ financial indicators of the given enterprise and indicators of the enterprises-competitors;

§ financial indicators of individual structural units and divisions of the given enterprise;

§ comparative analysis of reporting and planned indicators.

Integral (factorial) financial analysis allows you to get the most in-depth assessment of the financial condition of the enterprise.

2. Analysisfinancialstatesandfinancialresults

2.1 Analysisassetbalance

Balance - a monetary document in which the assets of the enterprise are reflected in the liability, and the assets in which they are invested are reflected in the asset. Everything that has value belongs to the enterprise and is reflected in the asset balance, called it assets for analysis. All asset items are grouped according to two most important features:

1. By the degree of liquidity of the asset.

Liquidity is the conversion of an asset into money. From this point of view, all asset items can be divided into two groups:

A) Immobilized funds with low liquidity. As a result, they cannot serve as a means of payment.

B) Mobile means that have high liquidity and therefore serve as a means of payment.

2. According to the place of use of assets. They can be:

A) Used internally.

B) Used outside the enterprise.

The reporting data of the balance sheet of the enterprise are entered in table No. 1.

Table 1

Analysis of the asset balance

	At the beginning of the period	At the end of the period	Deviations	Percentage to currency change
	Amount (tr.)	Structure (%)	Amount (tr.)	Structure (%)	Absolute (i.e.)	Relative (%)









VAT PR.C.
DZ B.12 MONTHS.
DZ UP TO 12 MONTHS.

Conclusion: Table 1 shows that the enterprise's asset balance is decreasing. Accounts receivable increases, which indicates certain shortcomings in the work of the enterprise.

2.2 Analysisliabilitiesbalance

The liabilities side of the balance reflects the sources at the expense of which the assets of the enterprise are acquired. To analyze the liability, all his articles are also grouped according to two criteria:

1. On the basis of legal affiliation. Sources can be own and borrowed.

Analyzing liabilities, we can judge the financial stability of the enterprise, i.e. the ability to exist on its own account and not depend on external sources of funding.

2. According to the duration of the use of sources. They can be long term use and short term use.

Durable sources are preferable, because by using them for a long time, you can get more economic efficiency.

All calculations for the analysis of a liability are carried out according to the same formulas as for an asset and are summarized in the same table.

table 2

Liabilities Analysis

Sources of enterprise property	At the beginning of the period	At the end of the period	Deviations	Percentage to currency change
	Amount (tr.)	Structure (%)	Amount (tr.)	Structure (%)	Absolute (i.e.)	Relative (%)








NP OTCH.G.
NU OCH.G.

Conclusion: The financial analysis showed that the following items underwent the greatest changes: Retained earnings, Borrowed funds, Accounts payable, i.е. had the greatest impact on the financial condition of the enterprise.

liquidity stability solvency profitability

2.3 Definitionindicatorssolvency

Solvency is the ability of an enterprise to fulfill all its financial obligations in a timely manner and in full.

In general, solvency is characterized by 3 liquidity indicators that have the same essence: they show what part of short-term liabilities can be covered by the assets of the enterprise.

TO ABS.LIK. =

TO TEK.LIK. =

Table 3

Determination of solvency indicators

Conclusion: Current liquidity is low, which means that creditors are uncertain about the possibility of repaying the debt. Absolute liquidity is very low, which means that the company's ability to meet short-term obligations at the expense of free cash and short-term financial investments is very low.

2.4 Analysisliquiditybalance

This analysis is done for a more in-depth analysis of solvency.

The liquidity of the balance sheet is the degree to which the obligations of the enterprise are covered by its assets, the transformation of which into money corresponds to the maturity of the obligations.

To conduct this analysis, all funds in the asset are divided into 4 groups based on their liquidity and arranged in descending order of liquidity; A1, A2, A3, A4.

All sources of funds in liabilities are also grouped into 4 groups according to the urgency of their payment and arranged in descending order of urgency: P1, P2, P3, P4.

A1 \u003d DS + KFV

A2 = DZ UP TO 12 MONTHS.

A3 = DZ B. 12 MONTHS. +ZZ+DFV

A4 = VA-DFV

P4 = SIS + DBP

The calculated indicators are transferred to table No. 4.

Table 4

Balance liquidity analysis

Group of asset items	Amount (tr.)	Group of liability articles	Amount (tr.)	Payment surpluses or shortages (tr.)	Deviation from the amount of the obligation (%)
	At the beginning of the period	At the end of the period		At the beginning of the period	At the end of the period	At the beginning of the period	At the end of the period	At the beginning of the period	At the end of the period

Conclusion: Inequality A1> P1 is not fulfilled, the enterprise is not solvent, i.e. At the moment, the company does not have a sufficient number of the most liquid assets.

The inequality A2>P2 is not satisfied, i.e. the organization's quickly realizable assets are less than short-term liabilities. The enterprise will be able to become solvent when settling with creditors and receiving funds from the sale of products.

Inequality A3<П3 не выполнятся. Это говорит о том, что в будущем при получении денежных средств от продажи продукции предприятие не может стать платежеспособным.

2.5 Definitionabsoluteindicatorsfinancialsustainability

Using these coefficients, it is determined: what part of the reserves and costs is covered by own sources of funds, and what part is borrowed.

1. We determine the availability of our own sources of funds to cover reserves and costs:

SOS 1 \u003d SIS-VA (+; -)

SOS 1 N.P. = 16434.2-35880.6 = -19446.4

SOS 1K.P = 16335.48-36250.2 = -19914.72

2. We determine the availability of our own sources of funds and equivalent funds (RCF) to cover reserves and costs:

SOS 2 \u003d (SIS + DKZ) - VA (+; -)

SOS 2N.P. = (16434.2+7278.6)-35880.6 = -12167.8

SOS 2K.P. = (16335.48+7312.2)-36250.2 = -12602.52

3. Let's determine the availability of own and borrowed sources to cover reserves and costs:

SOS 3 \u003d (SIS + DKZ + KKZ) - VA (+; -)

SOS 3N.P. = . (16434.2+7278.6+11452.56)-35880.6 = -715.8

SOS 3K.P. = (16335.48+7312.2+11465.16)-36250.2 = -1137.36

Based on the above calculations, we determine which part of the ZZ:

A) Covered by SIS:

19446,4-1276,8 = -20723,2

19914,72-1197 = -21111,72

B) Covered by own and equated sources:

12167,8-1276,8 = -13444,6

12602,52-1197 = -13799,52

C) Covered by own and borrowed sources:

715,8-1276,8 = -1991,8

1137,36-1197 = -2334,36

Conclusion: The decrease in SOS is a negative trend. Attracting long-term borrowed funds shows the sufficiency of own and borrowed funds for the formation of reserves and costs. An absolute indicator that characterizes the presence of stocks and costs in an unfinished state for an enterprise to conduct financial and economic activities. There is not enough working capital. It is necessary to carry out the implementation of stocks in a timely manner.

2.6 Definitionrelativeindicatorsfinancialsustainability

Relative indicators of financial stability characterize the degree of dependence of the enterprise on external investors and creditors.

1. The autonomy coefficient shows what part of own sources of funds in the total amount of all invested sources.

2. The ratio of borrowed and own funds shows how much borrowed funds the company has attracted for each ruble of invested own funds.

3. The coefficient of the ratio of mobile and immobilized funds shows how much liquid funds the enterprise has for each ruble of illiquid ones.

4. The liquidity ratio shows what share of own sources of funds is in a mobile form, allowing more or less free maneuvering of these funds.

5. The bankruptcy forecast coefficient shows what part of own funds is from the balance sheet.

To bankr. =

Table 5

Relative indicators of financial stability

Odds	Meaning	Deviation (+;-)
		At the beginning of the period	At the end of the period




5. To bankr.

In practice, there are often situations when it becomes necessary not only to assess the financial condition of an enterprise, but also to compare several enterprises and choose the best one from them.

To do this, apply a technique based on simple mathematical calculations - the rating of the enterprise is determined. To determine the rating, it is first necessary to determine 4 groups of indicators. Group 1: Indicators for assessing the profitability of economic activity.

A) The overall profitability of the enterprise

B) Net profitability of the enterprise

C) Profitability to production assets

D) Total profitability to production assets

Group 2: Management performance indicators

A) Net profit per 1 ruble of sales volume

B) Profit from the sale of products per 1 ruble of the volume of sales of products.

R prod.2. =

C) Profit from all sales per 1 ruble of sales volume.

D) Total profit per 1 ruble of sales volume.

Group 3: Indicators of business activity assessment.

A) Return of all assets.

B) The return of fixed assets.

B) turnover of working capital.

D) inventory turnover.

To rev. app. =

D) the turnover of accounts receivable.

To rev. DZ =

E) =

Group 4: Liquidity assessment indicators.

A) K abs. , B) Click. , C) To current lik. , D) K aut.

Indicators	Enterprise / organization



R event cap.
P total OPF









To rev.
To rev. DZ
To rev.bank.act. To rev.

To abs.lik.

To current lik.

Then all indicators of the table are standardized according to the formula:

P ok.stand. =

And a new table of indicators is compiled to calculate the rating of the enterprise (Table 7).

Indicators	Enterprise / organization

R event cap. P total OPF



To rev. To rev. DZ To rev.bank.act. To rev. cap.

To abs.lik. To current lik.

Based on the standardized indicators, the rating of the enterprise is determined by the formula:

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General conclusions on the analysis of the financial condition of the enterprise. Conclusions based on the results of the financial analysis of the enterprise's activities Conclusions based on the results of the analysis

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