Extended list of literature on the topic: "Financial analysis". Financial stability of the enterprise Analysis of the financial stability of the enterprise literature

, COMPANY BALANCE LIQUIDITY.docx , COMPANY HISTORY SINCE 1979 to 2018 .doc , Gasparyan A. control Architecture of the enterprise.docx , Coursework Reconstruction of a mining enterprise.docx .

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2 Balabanov I.T. Financial analysis and planning of an economic entity. - 2nd ed.; add. - M.: Finance and statistics, 2005. - P. 66.

3 Smirnov L.K. Express analysis of the company's liquidity for business evaluation. //Evaluation questions. - 2004. - No. 1. - With. fourteen.

4 Bochkareva T.A. Analysis of financial condition: Monograph. - Khabarovsk: KhGAEP, 2005. - P. 120.

5Artemenko V.G., Bellendir M.V. Financial Analysis: Textbook. - 2nd ed., revised. and additional – M.: Business and Service, 2005. –S. 88.

6Abryutina M.S., Grachev A.V. Analysis of the financial and economic activity of the enterprise: a training manual. - 2nd ed.; correct – M.: Business and service, 2004. – P. 74.

7 Basovsky L.E. Theory of economic analysis: Textbook. - M.: INFRA-M, 2005. - S. 56.

8 Balabanov I.T. Financial analysis and planning of an economic entity. - 2nd ed.; add. - M.: Finance and statistics, 2005. - P. 89.

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10 Artemenko V.G., Bellendir M.V. Financial Analysis: Textbook. - 2nd ed., revised. and additional - M .: Delo and Service, 2005. - P. 91.

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15 3. Investment and financial portfolio / otv. ed. Yu. B. Rubin, V. I. SOLDATKIN. - M.: SOMINTEK, 2003. -S. 88.

16 Zimin N. E. Analysis and diagnostics of the financial and economic activity of the enterprise / N. E. Zimin, V. N. Solopova. - M. : KolosS, 2004. - S. 111.

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INTRODUCTION

financial economic management

Relevance of the topic. Modern market relations involve a detailed study of the financial condition of the enterprise by its users. An analysis of financial activity is necessary for internal users of the enterprise to control and make the right financial decisions, and for external users, such as investors, suppliers, credit organizations, in order to determine the profitability and solvency of a business entity.

Financial stability is one of the important economic factors through which it is possible to assess the financial condition of the enterprise. In market conditions, any commercial transaction, business relationship is preceded by an analysis of the financial condition, in particular the financial stability and solvency of a potential business partner. The conclusion of contracts with a financially unstable partner can lead, for example, to a disruption in the production process due to violations of the terms of delivery of raw materials and materials, which, in turn, will entail additional costs.

The enterprise must clearly define the optimal lower and upper limits financial stability, since insufficient stability threatens with a lack of financial resources for the further development of the enterprise, its solvency and even bankruptcy, and excessive stability is undesirable due to burdening the enterprise's costs with excessive reserves and stocks.

The relevance of the research topic of the master's thesis is also explained by the fact that financial stability, at present, is one of the main characteristics of the financial and economic activities of an enterprise. An enterprise with normal financial stability can make timely payments on its obligations, has an advantage over other business entities in attracting investment capital, in obtaining loans, and in choosing business partners. And most importantly, financial stability gives the company independence from unexpected changes. market conditions and, consequently, the risk of going bankrupt becomes minimal.

Problematic aspects of financial sustainability are considered in the works of scientists A.I. Kovalev, G.D. Kapanadze, A.L. Burtsev, A.M. Batkovsky, Yu.A. Lukash, V.V. Makaryan E.A., Savitskaya G.V., Stoyanova E.S., Sheremeta A.D. Despite the extensive development of this topic, it is worth noting that in modern conditions it is necessary to further study the problems of financial stability.

The aim of the study is to solve the scientific problem of improving the theoretical and methodological foundations of the analysis of the financial stability of an enterprise, analyzing the financial stability of an enterprise and developing a system of measures aimed at improving financial stability in the future.

To achieve this goal, it is necessary to solve the following tasks:

-consideration of the meaning and essence of the concept of "financial stability";

-characteristics of the main methods of financial analysis;

-study of the main indicators and types of financial stability;

-organizational and economic characteristics of the enterprise;

-analysis of the financial stability of JSC Aviaagregat for 2010-2012;

-development of a system of measures aimed at ensuring and improving the financial stability of the JSC Aviaagregat enterprise;

-development of a model for optimizing the financial stability of the analyzed enterprise.

The object of the dissertation research is the economic activity of the Open Joint Stock Company "Aviaagregat".

The subject of the study is a set of theoretical and practical issues of analyzing the financial stability of an economic entity.

The theoretical basis of the study is the legislation of the Russian Federation that regulates financial activities, the work of scientists and practicing economists on the analysis of financial stability, periodicals and financial documents of JSC Aviaagregat.

The information base of the study is the statistical data on the activities of Aviaagregat OJSC presented on the official website of the organization, financial statements, and the author's own calculations.

The scientific novelty of the research lies in the development of theoretical and practical advice aimed at improving the financial stability of the enterprise.

AT this study the following main provisions of scientific novelty have been formulated and submitted for defense:

investigated the economic content of the concept of "financial stability";

the main techniques and methods for analyzing the financial stability of an enterprise are considered;

substantiates the need to use various combinations of financial ratios in the analysis of financial stability;

proposed a set of measures to improve the financial stability of the enterprise;

a model for optimizing the financial stability of the enterprise has been developed.

When writing the work, methods of general scientific research, a logical approach, a comparison of the studied indicators, the method of financial ratios, a systematic approach, etc. were used.

Practical significance master's thesis is the ability to put into practice the results of the study to address the issues of the financial condition of the enterprise and improve management decisions aimed at improving the financial stability of the enterprise.

The master's thesis has the following structure:

The first chapter is devoted to theoretical and methodological aspects of financial stability. It widely covers the theoretical and methodological foundations of the analysis of financial stability, in particular, the meaning, essence, main approaches to determining financial stability and analysis methods are considered.

The second chapter is devoted to the practical part, in which the organizational and legal characteristics of the analyzed enterprise are given, the composition and structure of the capital of the enterprise is studied, and the analysis of financial stability indicators is carried out.

In conclusion, the main conclusions and proposals based on the results of the study are presented. The list of references gives a list of literature used in the work and authors.

CHAPTER 1

.1 The concept, essence and classification of the financial stability of the enterprise

Financial sustainability is a multifaceted, complex and broad concept. In domestic and foreign literature, the authors have not come to an unambiguous interpretation of this concept. In many publications, the authors identify financial stability with solvency, financial independence, profitability, liquidity. But, in our opinion, this approach of the authors is incorrect, and solvency, financial independence, liquidity and profitability can be considered as indicators that determine it.

Let us consider the main approaches and interpretations of the term we are studying. In works on financial analysis, there are three most popular approaches to the definition of the concept of financial stability.

Proponents of the first approach (Sevostyanov A.V., Grachev A.V.) consider an enterprise as financially stable if it has financial resources to pay off its financial obligations in a timely manner.

Within the framework of this approach, the financial stability of an enterprise is assessed by using absolute (value equity, profit, etc.) and relative (profitability of assets, capital, etc.) coefficients.

The disadvantage of this approach is that the coefficients used are short-term and medium-term, respectively, they do not characterize the strategic development of the organization. In our opinion, it would also be advisable to use indicators that characterize the relationship of the enterprise with the external economic environment, because the state and characteristics of the market directly affect the stability of the enterprise.

Proponents of the second approach associate financial stability not only with the assessment of the value, but also with the capital structure of the enterprise. Representatives of this approach are Savitskaya G.V., Sheremet A.D., Kovalev V.V., Melnik M.V., Efimova O.V., Saifulin R.S. and others.

Within the framework of this approach, the basis for the analysis is indicators characterizing the value of own property and its structure. One of the popular options for determining the value of own property and its structure is to determine the amount of net assets in accordance with international financial reporting standards. According to International Financial Reporting Standards, profit is understood as the amount of net assets, which at the end of the reporting period should exceed the amount of net assets at the beginning of the reporting period after deducting all distributions and contributions from owners during this period, as well as after eliminating the distorting effect of inflation on accounting data.

Today, the application of international financial reporting standards in the analysis of financial stability is necessary for its improvement.

The third approach considers the analysis of financial stability as a mechanism for protecting the enterprise from risks. This approach is followed in their works by such authors as Gradov A.P., Ershova I.V., Martynyuk I.V. and others. Within the framework of this approach, a quantitative analysis of financial stability is carried out through the use of correlation-regression models of factor relationships.

The use of the main provisions of this approach in the analysis of financial stability can be considered as one of the ways to improve the methodology for conducting analysis in modern conditions. In the third chapter of the dissertation, a correlation-regression model was applied.

Comparison of different approaches to the interpretation of the concept under study shows that financial stability must be analyzed using various systems of indicators that are used within the framework of the above approaches.

Different interpretations of the term under study are given by representatives of three domestic scientific and financial schools. So, Kovalev V.V. (representative of the St. Petersburg Scientific and Financial School) considers financial stability as the ability of an enterprise to meet its long-term obligations.

Kolchina I.S. (representative of the Moscow Scientific and Financial School) believes that the essence of financial stability is expressed in the provision of all reserves and costs of the enterprise with sources of their formation.

Sergeev V.N. (a representative of the Baltic scientific and financial school) points out that in order to achieve financial stability, an enterprise needs its development based on the growth of capital profits. At the same time, a financially stable enterprise must be solvent and creditworthy.

Some authors present their interpretation of the concept of financial stability in their works. So, Kapanadze G.D. financial stability is understood as an integrated characteristic, which reflects the ability of an enterprise to consistently carry out financial and economic activities in the long term.

Sevostyanov A.V. considers the financial stability of the enterprise as a financial condition that allows the enterprise to fulfill all its obligations to personnel, counterparties, the state thanks to stable income and matching income and expenses.

Bocharov V.V. considers financial stability as the effective formation and use of funds necessary for normal economic and production activities.

Burtsev A.L. considers financial stability as temporal and spatial trends in the functioning of the financial mechanism of an enterprise, caused by the stability (instability) of economic development.

According to Zetkina O.V., sustainability can be understood as ensuring the cost-effective economic activity of an enterprise by increasing the efficiency of the use of production resources and enterprise management.

Grachev A.V. considers the financial stability of an enterprise as the ability of an enterprise to meet its debts and obligations at the expense of specific sources of coverage - current assets.

Blank N.A. believes that financial stability is dependent on the financial structure of the enterprise and is expressed by the degree of dependence on creditors and investors.

In foreign economic literature, approaches to the definition of the concept under consideration do not differ significantly from domestic interpretations. Thus, foreign authors consider financial stability in combination with the balance of financial structures and minimization of risks for investors and creditors.

Accordingly, foreign analysts prefer to measure financial stability by indicators that characterize different kinds the ratio of own and borrowed sources of funds for the formation of property.

Thus, the analysis of various interpretations of the concept of financial stability shows that some authors do not state the wording of the concept of this term, but list a number of indicators that characterize the stability of a business entity. Many of them consider financial stability more narrowly and succinctly, expressing it in one or two indicators, which seems unjustified to us. Other authors give the term financial stability a broad description that goes beyond financial analysis, which also seems inappropriate.

After analyzing the existing definitions of the concept under study, in the dissertation, financial stability will be understood as a multidimensional economic phenomenon that characterizes the placement and use of financial resources, as well as their sufficiency at any given time.

Financial sustainability issues are also addressed in international law and Russian legislation.

In an International Monetary Fund white paper, financial soundness indicators are seen as “indicators of the current financial health and soundness of the entire sector financial institutions countries, as well as the corporate and household sectors that are clients of financial institutions.” These indicators represent innovative and new area macroeconomic data.

In Russian legislation, financial analysis and sustainability issues are regulated in the following federal laws and by-laws:

the federal law dated October 26, 2002 N 127-FZ "On insolvency (bankruptcy)";

Federal Law No. 208-FZ of December 26, 1995 (as amended on July 23, 2013) “On joint-stock companies Oh";

Decree Government of the Russian Federation dated June 25, 2003 N 367 "On Approval of the Rules for Conducting a Financial Analysis by an Arbitration Manager";

Decree Government of the Russian Federation of April 21, 2006 N 233 "On the standards for assessing the financial stability of the developer";

Order FFMS of Russia dated November 30, 2006 N 06-137/pz-n "On approval of the Instruction on the procedure for calculating the standards for assessing the financial stability of the developer";

Order of the Ministry of Finance of the Russian Federation N 10n, Federal Commission for the Securities Market of the Russian Federation N 03-6 / pz dated January 29, 2003 “On Approval of the Procedure for Estimating the Net Assets of Joint-Stock Companies” and others.

An analysis of the current domestic legislation in the field of financial and civil law allows us to formulate a normative definition of the term "financial stability". Thus, the legislator under financial stability means the state of the enterprise's finances, which ensures an uninterrupted extended production process, and sales of products based on profit growth.

Having considered the terminological side of the issue, let us turn to the methodological one. From a methodological point of view, financial stability can be considered as a property of the economic system to maintain balance, which allows maintaining the main characteristics of the system unchanged for a certain time and ensuring the stability of functioning.

On this basis, we can put forward two main approaches to understanding the essence of financial stability, which are found in the economic literature (table 1).

Table 1 Approaches to the essence of financial stability

Cybernetic approachEconomic and mathematical approachStability is determined by the conditions that provide a state of equilibrium Stability is associated with the idea of invariance, according to which some properties of the system remain unchanged, even if the system itself undergoes changes

Thus, in the literature, the essence of financial stability is characterized ambiguously. The essence of financial stability is expressed in the rational formation, distribution and use of financial resources of the organization.

Forms of manifestation of financial stability are various. So, one of the forms of external manifestation of financial stability is its ability to pay. The solvency of an enterprise is understood as its ability to pay for its own obligations, which include:

civil law obligations;

wage obligations;

obligations to the budget and off-budget funds;

obligations to the founders (shareholders);

liabilities to banks on loans received and others.

To ensure the solvency of the enterprise, the funds in the accounts must have an optimal amount. A significant amount of cash in the accounts confirms that the company has sufficient capital to carry out current settlements and payments. But, the presence of insignificant funds in the accounts does not threaten the enterprise with insolvency, since the funds can be transferred to settlement, foreign currency accounts, to the cash desk in the near future, or, if necessary, short-term financial investments can be turned into cash.

If the company is characterized permanent absence cash, then it can be argued that the organization becomes insolvent and is on the way to bankruptcy. It should be noted that the level of solvency of the enterprise can be considered as an indicator of the financial stability of the enterprise.

Moreover, solvency and financial stability can be considered as interrelated indicators of the financial condition of an enterprise. The dependence of solvency and financial stability is expressed in the fact that a solvent company can repay term liabilities at the expense of net assets, but if financial stability is violated, the amount of net assets will be insufficient to cover short-term liabilities. Accordingly, a financially unstable enterprise is insolvent in terms of its obligations, and the absence of one of the indicators entails the loss of another indicator.

For a better understanding of financial stability, consider its main classifications.

According to the nature of occurrence, financial stability is distinguished:

absolute. This implies sustainability actually achieved in the current period in the absence of deviations from the given trajectory of the enterprise's development. At the same time, it is important to take into account that achieving a high level of financial stability should not violate the chosen long-term strategy. Such violations can lead to insolvency.

normative, that is, laid down in financial terms enterprises for a year. Financial planning is the basis of financial sustainability management.

According to the methods of management, financial stability is distinguished:

conservative, characteristic of enterprises with a prudent financial policy. The company minimizes the amount of borrowed funds.

progressive, which is typical for enterprises with a high share of effectively used borrowed capital.

An interesting classification of financial stability from the standpoint of utility:

active sustainability aimed at improving financial performance and meeting the objectives of long-term development of enterprises;

passive stability, aimed at solving more general and relatively quickly implemented tasks, which does not involve serious interference in the production process.

Summing up, we can conclude that in contemporary literature according to financial management and analysis, the financial stability of an enterprise is considered as:

) the stable functioning of the enterprise in the current period, expressed in the ability of the enterprise to carry out basic and additional activities, to function and develop, a certain state of the accounts of the enterprise;

) stable operation of the enterprise in the future, when an economic entity is characterized by effective investments in assets, financial resources, investment attractiveness with an acceptable level of risk;

) the ability of the enterprise to meet its debts and obligations by the appointed time, the absence of overdue debts;

) availability of funding sources.

1.2 Classification of methods and techniques of financial analysis

In economic theory and the established practice of management, there is no single unambiguous methodological approach to the analysis of financial stability. In particular, there is no single methodology, a single list of indicators, as well as a general methodology for their calculation and interpretation.

The methodology of economic analysis is divided into general (typical), which includes a set of analysis techniques used in the study of any financial and economic processes, and private (sectoral), which is part of the general methodology in relation to the features of certain economic processes.

The number of developed methods is quite large. Most of them are similar to each other, but there are methods that have fundamental differences.

All existing methodologies can be divided into:

Methods based on a system of coefficients;

methods, including integral indicators;

multidimensional statistical methods and elementary economic and mathematical methods and models.

We do not have the opportunity to cover all the variety of methods, consider the most popular:

A.D. Sheremet's technique and Negasheva E.V. The advantage of this technique is the possibility of a comprehensive in-depth study of the sustainability of the enterprise using various financial information. The disadvantage of the technique lies in its complexity. The application of this technique in the analysis will require a significant amount of financial information, and its implementation is possible only by full-time employees of the enterprise itself.

Methodology Lysenko D.V. It is convenient to use in that it does not require intra-company information, but at the same time it gives a fairly broad idea of resilience. A feature of the method under consideration is a detailed comparative assessment of the values of financial stability indicators.

Methodology Glazunov M.I. interesting in that the coefficient of own working capital can be calculated using various formulas, depending on the sources of its formation. This, in turn, makes the analysis more accurate and allows you to take into account the specifics of the financial management of a particular organization.

Methodology Dontsova L.V. and Nikiforova N.A. is based on the analysis of the dynamics of indicators of the capital structure. The application of this technique gives a generalized idea of the financial condition of the organization and allows you to assess the reserves of sustainability. The advantage of this technique is its ease of use.

The considered methods and approaches to the analysis of financial stability have certain disadvantages and advantages. It should be noted that the application of these methods in practice cannot be unambiguous. When working with analysis methods, an analyst faces such problems as the lack of a methodology for evaluating the results of calculations, the impossibility of an unambiguous assessment of the level of financial stability. To solve these and other problems, it is necessary to improve the existing analysis tools and constantly search for new ones. effective ways and methods of analysis.

The methodology of financial analysis is created on the basis of standard methods and techniques that are used in the study of business processes. Under the method of financial analysis, we will understand "... a set of methods for processing economic information, analytical techniques and quantitative methods aimed at solving analytical problems, and also this is an analytical toolkit that allows you to technically realize the goals of analysis."

All considered methods of financial stability analysis have their own characteristics:

application of a system of indicators that comprehensively characterizes all aspects of the financial activity of the enterprise;

Identification, measurement and study of the causes of changes in the values of indicators to make the necessary managerial financial decisions aimed at improving the financial condition of the enterprise and increasing the efficiency of using the available financial resources of an economic entity.

quantitative measurement of the influence of external and internal factors for the total score.

The methodology of economic analysis is based on three areas of knowledge - economics, statistics and mathematics. Economic methods of analysis are comparison, grouping, graphic method, balance and other methods.

Statistical methods of analysis include the use of average and relative values, the index method, correlation and regression analysis, etc.

Mathematical methods used in economic analysis include modeling methods ( matrix methods, theory of production functions and others); methods of mathematical programming (linear, non-linear, dynamic programming); operations research methods (graph theory, game theory, queuing theory).

AT Russian practice the following methods of financial stability analysis are used:

1.Horizontal analysis, the essence of which is to compare each position with the previous period. The results of horizontal analysis provide an assessment of changes in the main indicators of accounting (financial) statements. This method is used in the study of balance. The disadvantage of horizontal analysis lies in the incompatibility of data in terms of inflation. To overcome this shortcoming, it is necessary to recalculate the data.

2.Vertical (structural) analysis is used to determine the structure of the final financial indicators. At the same time, it is possible to identify the impact of each reporting indicator on the result as a whole. Most often, the considered method is used in the analysis of the structure of the balance sheet by calculating the proportion of individual balance sheet items in the overall total or in the context of the main groups of items. A feature of vertical analysis lies in the possibility of presenting the structure of indicators in dynamics. This is necessary to control and predict structural changes in the assets and liabilities of the company's balance sheet.

3.Trend analysis is a type of horizontal analysis used to compare performance over more than three reporting periods. In this case, indices are used for long-term comparisons.

The essence of trend analysis is to compare each reporting position with a number of previous periods to determine the trend. Trend - the main trend of the indicator. To calculate a series of index numbers, a base year must be selected for all indicators. As the base year, it is best to choose the reporting year, which is typical in terms of business conditions. When index numbers are used, percentage changes should only be interpreted in comparison to the base year.

This type of analysis is prospective, predictive in nature, and is used to make a forecast for individual indicators of financial performance or for the financial condition of the enterprise as a whole for the future period.

.Comparative analysis is used by a financial analyst to compare individual indicators of the financial performance of an enterprise. The use of the method under consideration will make it possible to identify similarities and differences of homogeneous objects, as well as to determine changes in the level of individual economic indicators, to observe trends and patterns of their development.

5.Factor analysis is a method that allows you to study the impact of factors on the value of the effective indicator. Factor analysis is direct if the performance indicator is divided into component parts, and reverse if the individual elements are combined into a common performance indicator.

Kapanadze G.D. in his work indicates that the relevant methods for analyzing the financial stability of an enterprise are:

− method of valuation of net assets;

− coefficient method;

- a method for assessing the availability of own working capital based on determining the ratio of reserves and sources of their financing, as well as calculating the three-component indicator S;

− analysis and assessment of the dynamics of the structure of assets from the standpoint of creating prerequisites for ensuring financial stability.

The method of valuation of net assets has found legislative consolidation in the Procedure for valuation of the net assets of a joint-stock company. This regulatory legal act determines the procedure for assessing net assets and includes non-current and current assets in the composition of assets accepted for calculation.

According to the Procedure, net assets (NA) are a value that is calculated by subtracting from the amount of assets of a joint-stock company accepted for calculation, the amount of its liabilities accepted for calculation.

The coefficient method is the most common among analysts and is a calculation of a set of coefficient indicators. Based on the results of calculating the values of indicators, it is possible to determine the type of financial stability of the enterprise, form a reasonable conclusion on this basis and develop a set of measures aimed at stabilizing the values of the coefficients.

Within the framework of the method under consideration, we distinguish two directions:

calculation of coefficient values characterizing the capital structure. These include the coefficient financial independence, financial leverage ratio, financial stability ratio, security ratio current assets own funds, etc.;

calculation of the values of the coefficients that determine the level of coverage of obligations. These include interest coverage ratio, cash coverage ratio, debt service coverage ratio, etc.

In the theory of economic analysis, a large number of coefficients have been developed that characterize the level of financial stability. Most indicators of financial stability reflect the ratio of various combinations of balance sheet items (mainly liabilities). The study legislative framework allows us to conclude that different regulatory legal acts list different systems of indicators for the analysis of financial stability, which makes it impossible to compare the results of the analysis. In addition, constant changes in the forms of financial statements cause certain shifts in the normative values of individual indicators of financial stability.

The coefficient method is very popular among Russian business entities. The advantages of this method are open access to the necessary information for analysis, ease of calculating the value of indicators.

However, there are also a number of disadvantages:

terminological uncertainty, when the same coefficient can be called differently. In some cases, there are differences in the formulas for calculating individual indicators.

quantitative assessment of the values of the coefficients, going beyond which is regarded as a probable decrease (or loss) of financial stability. To determine the normative values, the regularities that have developed, first of all, in world practice, are taken into account. However, it should be taken into account that the balance sheet prepared according to the Russian accounting system and IFRS (or US GAAP, or UK GAAP) will have different values for almost all indicators, which is due to the peculiarities of the methodology for forming the amount of assets and sources of their financing in the format of each of the specified systems. Therefore, the cost of assets identical in name will be different, which has been repeatedly confirmed by the calculated data.

These and other shortcomings of this method require increased attention from practitioners and improvement regulatory framework the procedure for calculating the financial stability ratios, taking into account the ongoing changes in the financial statements.

· prospective (predictive, preliminary) analysis,

· operational analysis,

· current (retrospective) analysis based on the results of activities for a given period.

A prospective analysis is an analysis of the results of the financial and economic activities of an enterprise in order to determine their possible values in the future. Forward-looking analysis allows you to predict the future, which allows you to make appropriate solutions to problems to achieve the desired results. In practical methods and research, the tasks of prospective analysis are specified by: objects of analysis; performance indicators; the best justification for long-term plans.

Operational analysis is carried out for the purpose of daily studying the implementation planned assignments, which allows you to quickly respond to negative phenomena in financial and economic activities. During operational analysis, a study of natural indicators is carried out, relative inaccuracies are allowed in the calculations, since there is no completed process.

A feature of operational analysis is its proximity in time to the time of business transactions. For its implementation, data from primary (accounting and static) accounting are used.

The current (retrospective) analysis is based on accounting and static reporting. This method allows you to evaluate economic activity for the month, quarter and year on an accrual basis. It is better to apply the current analysis by the end of the reporting period, since this method allows you to objectively evaluate the results of economic activity and identify available reserves.

The advantage of this method is the ability to compare the actual results obtained with the plan and data for previous analytical periods. The disadvantage of the current analysis is the impossibility of using the identified reserves, since they refer to the previous period.

Thus, the methodology for analyzing financial stability is a set of methods and techniques, the composition of which is determined in the theory of economics or by a specialist directly conducting the analysis.

The methodology is necessary to analyze the financial results of the enterprise, financial condition and efficiency of financial and economic activities for a certain period.

Having studied the domestic economic literature on financial analysis, we can conclude that there are a fairly large number of various methods and techniques for analyzing and predicting the financial stability of an organization.

The most widespread in the classical methods of financial stability analysis are logical methods of information processing and economic and mathematical methods in terms of coefficient analysis.

1.3 Main indicators and types of financial stability

The most popular and simple method for analyzing the financial stability of an enterprise in domestic practice is the coefficient method. The essence of the coefficient method is the calculation of absolute and relative indicators.

Absolute coefficients include indicators that characterize the state of finance and the sources of their formation of the enterprise. These indicators determine the ratio of income and expenses, the degree of free maneuvering of funds and their effective use.

The sources of stock formation are characterized by three main indicators, which are called criterial, because they form the criteria by which the quality of the financial condition is determined:

) the value of own working capital (SOS);

) the value of own and long-term borrowed sources of formation of reserves and costs (SD);

) the total value of the main sources of formation of reserves and costs (OI).

Own working capital (hereinafter referred to as SOS) is a part of the company's current assets financed from its own and long-term sources. In other words, SOS is the amount by which current assets exceed the short-term liabilities of the enterprise. This indicator is used to assess the company's ability to pay off its short-term liabilities by selling all of its current assets.

The methodological recommendations of the Goskomstat of Russia do not provide a formula for calculating the SOS indicator. In practice, various options for calculating this indicator have been developed. In the economic literature, the following formula for calculating this indicator is often found:

SOS \u003d P3 + P4 - A1,

PZ - Capital and reserves,

P4 - Long-term liabilities,

A1 - Long-term liabilities.

Consider another formula for calculating this indicator, since it seems to us to be simpler. It consists in calculating the difference between current assets and short-term liabilities. In the practical part of the dissertation, we will use this formula for calculating SOS:

SOS = current assets - short-term liabilities.

Net working capital (NWC) is a part of equity and long-term sources aimed at financing current activities (invested in current assets). Arithmetically, this is the same value from two points of view: asset and liability balance.

PSC = equity + long-term liabilities - non-current assets.

The absolute indicator of the availability of own and long-term borrowed sources for the formation of reserves and costs (hereinafter referred to as SD) is determined by the formula:

SD = SOS + DP,

where DP - long-term liabilities.

The total value of the main sources of formation of reserves and costs (hereinafter referred to as OI) also refers to absolute indicators and allows you to determine the type of financial stability of the enterprise.

This indicator is determined by the formula:

OI \u003d SD + KZS,

where KLC - short-term borrowed funds.

The considered indicators correspond to three indicators of the provision of reserves with sources of their formation. The calculation of the indicators of the provision of reserves with sources of their formation reveals surpluses (shortcomings) of sources of funds to cover reserves and costs, and allows you to determine the type of financial stability of the enterprise.

There are four types of financial stability of the enterprise:

1)absolute financial stability, which is achieved by the full provision of reserves and costs with own working capital and is set by the condition:< СОС. Предприятие с абсолютной финансовой устойчивости независимо от внешних займов, собственные ресурсы полностью покрывают запасы и затраты. Среди отечественных предприятий абсолютная финансовая устойчивость встречается крайне редко и представляет собой крайний тип финансовой устойчивости;

The absolute stability of the financial condition is characterized by the following conditions: SOS >= 0; SD >= 0; OI >= 0,

where SD - own and long-term sources of formation of reserves and costs;

OI - the main sources of formation of stocks and costs.

) normal financial stability is determined by the provision of reserves and costs with own working capital and long-term borrowed sources. An enterprise with normal financial stability is solvent.

This type of financial stability can be expressed through the formula:

Z \u003d SOS + ZS,

where ZS - borrowed funds. With normal financial stability, the following conditions must be met:

SOS< 0; СД >= 0; ROI >= 0.

) the unstable financial condition of the enterprise causes problems with solvency, but at the same time it remains possible to restore solvency by replenishing sources of own funds and increasing SOS.

The unstable financial condition is given by the formula:

Z=SOS +ZS+I 0,

where I 0- this is a part of own funds intended for servicing other short-term liabilities (for example, reserves for future expenses, debt to pay income to participants (founders), bank loans for temporary replenishment of working capital and other borrowed funds).

An unstable financial condition is determined by the following conditions: SOS< 0; СД < 0; ОИ >= 0. Such a financial situation threatens the company with a significant deterioration in its financial condition.

) a financial crisis occurs in an organization when reserves and costs are not provided by the sources of their formation, and the enterprise is threatened with bankruptcy. In a crisis financial condition of the enterprise, there is an acute shortage of “normal” sources of covering reserves and costs.

Crisis instability is expressed by the formula - C > COS + COS and is given by the following conditions: COS< 0; СД < 0; ОИ < 0.

Let's reflect the types of financial stability in table 2.

A special place in the analysis of financial stability is occupied by the calculation of relative coefficients, the use of which makes it possible to smooth out the distorting effect of inflation.

Relative indicators of financial stability can be considered as a tool for searching for "problem areas" in the balance sheet of an enterprise. The presence of a high share of liabilities necessitates a mandatory analysis of the structure of equity and borrowed capital, cash flow analysis in terms of generating cash flows to pay off debts, profitability analysis, etc.

Table 2. Types of financial stability of an enterprise

Type of financial stability Sources of funding reserves Characteristic features financial stability Absolute financial stability Own working capital (SOS) High level of solvency and independence from external creditors Normal financial stability SOS and long-term loans and borrowings Normal level of solvency, efficient use of borrowed funds, high profit volume Unstable financial condition SOS, long-term and short-term loans, loans Solvency is impaired, the company needs additional sources financing Crisis financial condition SOS, long-term and short-term loans, loansInsolvency of the enterprise, the threat of bankruptcy

Relative coefficients are classified into three groups:

The first group includes coefficients that determine the state of working capital. These include the coefficient of security with own working capital, the ratio of the provision of inventories with own funds, the coefficient of maneuverability of equity capital.

The second group includes indicators characterizing the state of fixed assets. These include the coefficient of the real value of the property, the coefficient of industrial property.

The third group includes indicators characterizing the degree of financial independence. These include the coefficient of autonomy, the ratio of borrowed and own funds.

Let us consider in more detail the system of coefficients proposed for the analysis of the financial stability of an enterprise by the domestic legislator in methodological recommendations on analysis of financial and economic activities of organizations:

. The ratio of borrowed and own funds (it is also called the financial leverage ratio) determines the security of borrowed funds with own funds, that is, the guarantee of repayment of the debt to the creditor. The indicator of financial leverage characterizes the use of borrowed funds by the enterprise, which affect the change in the profitability ratio of own funds. The growth of this indicator indicates an increase in dependence on external sources financing. This trend threatens the company with an increase financial risk, that is, the possibility of loss of solvency. This ratio is calculated by the formula: K = borrowed funds / own funds.

The coefficient under consideration is the most unstable of all indicators of financial stability. Its calculation in terms of increasing inventories and even higher receivables turnover can significantly exceed one, while the normal limit for this indicator is: K ≤ 1 (≤ 100%).

2. The coefficient of autonomy (or the coefficient of concentration of own funds) determines the degree of independence of the enterprise from external sources of financing. The growth of this ratio means a decrease in the dependence of the enterprise on borrowed sources of financing, which increases the guarantees of repayment by the enterprise of its obligations and expands the possibilities for attracting funds from outside. The level of autonomy is important not only for the enterprise itself, but also for its creditors.

There is no consensus on the ratio of own and borrowed funds in the literature. The most common point of view is that their ratio should be 50% to 50%.

According to another point of view, borrowed sources should prevail in the capital structure, which indicates a high level of confidence on the part of creditors and financial reliability. For capital-intensive enterprises with a long period of turnover of funds, which have a significant specific gravity special purpose assets, a large share of borrowed funds can be dangerous for financial stability.

Thus, the ratio of own and borrowed capital should be specified based on the specifics of the activity and industry affiliation of the enterprise. The recommended value is above 0.5 (50%). This value of the indicator suggests that all the obligations of the enterprise can be covered by its own capital. This ratio is calculated by the formula: K = own funds / balance sheet currency.

3. The agility ratio determines the share of own funds invested in the most agile assets of the enterprise. The greater the coefficient of maneuverability, the better the financial condition. The recommended value is 0.5-0.6 (50%-60%). This indicator is calculated by the formula: K = SOS / SC.

4. The coefficient of security with own material current assets characterizes the level of security of material reserves with own sources. If the value of inventories exceeds the level of reasonable need for them, then own working capital will cover only part of the inventories. It should be noted that the insufficiency of inventories for the smooth operation of an enterprise with a high rate is not a sign of good financial condition. The optimal value of this indicator is 0.6 (60%). The formula for calculating the coefficient:

K = own working capital / stocks

5. The coefficient of security with own current assets determines the share of current assets of the enterprise, which is financed from its own sources. The status of this indicator depends on a number of circumstances. In this regard, in international analytical practice, generally accepted recommendations regarding its size and dynamics are not given. In domestic legislation, the normative value of this indicator is 0.1 (10%). This indicator is calculated by the formula:

K \u003d SOS / OA,

where OA - current assets.

. Debt to capitalization (capitalization ratio). There is no normative value of the indicator, since it strongly depends on the industry, the technology of the enterprise. But, as a rule, investors and business partners prefer enterprises whose equity capital prevails over borrowed funds. The growth of this indicator is a negative trend, which means increased dependence on external factors. The formula for calculating this indicator: K = long-term liabilities / (own funds + long-term liabilities)

7. The financial stability ratio determines the proportion of funding sources used by the organization for a long time. The standard value is 0.5-0.6 (50% -60%). The formula for calculating the coefficient:

K = own funds + long-term liabilities / balance sheet currency

. The net assets of the enterprise are the assets involved in the calculation, minus the liabilities involved in the calculation. Net assets determine the liquidity of the enterprise. Net assets must be greater than the authorized capital. Calculation formula: NA = assets - liabilities.

9. Working capital determines the deficit or surplus of short-term assets over short-term liabilities. A decrease in this indicator indicates a negative trend. Calculation formula: OK = short-term assets - short-term liabilities.

10. The absolute liquidity ratio determines the amount of short-term liabilities that can be repaid on a specific date. The amount of cash is a kind of safety stock, which is intended to cover short-term imbalances in cash flows. And since cash does not generate income, its size should be maintained at a safe minimum. When analyzing the result obtained, it is necessary to take into account industry specifics, the heterogeneous structure of current assets and debt maturities. Recommended value: > 0.2 (20%).

Calculation formula: K = cash + short-term financial investments / short-term liabilities.

11. The liquidity ratio characterizes what part of the company's short-term liabilities can be repaid at the expense of cash and expected receipts. Standard value of the indicator: 0.8-1 (80 - 100%). Calculation formula:

K \u003d cash + short-term financial investments + short-term receivables / short-term liabilities.

12. The current liquidity ratio determines the extent to which current assets cover short-term liabilities. This ratio defines the margin of safety for a possible decrease in the market value of the company's assets caused by uncertain circumstances that can suspend or reduce cash inflows.

The optimal value of the indicator is 2 (200%). It should be noted that the value of the indicator drops below 1, which indicates the inability to pay current bills by the enterprise. An increase in the indicator above 3 indicates an irrational capital structure.

Calculation formula: K = short-term assets / short-term liabilities.

When determining the values of relative indicators of financial stability, it should be taken into account that the values vary from 0 to 7.

In legal acts and in the literature, only the recommended values of the above indicators are given. This is due to the dependence of the values of indicators on many factors, for example, on credit conditions, types of activities, the structure of sources of funds, etc. Therefore, it is advisable to make acceptable values for the indicators under consideration by groups of related enterprises.

We examined in detail the system of indicators proposed by the State Statistics Committee. In principle, it allows you to give a comprehensive assessment of the state of affairs in the enterprise. However, when applying it, one cannot overestimate the role of individual coefficients.

The list of coefficients can be continued, since it is possible to calculate the share of borrowed capital as a result of the balance sheet, the amount of own funds per ruble of borrowed funds, the capital multiplier, the share of own and long-term borrowed funds, etc. But they all characterize the structure of funding sources. Their diversity is due to different tasks of financial management and their inclusion in factorial analytical models.

When analyzing financial stability, the analyst is faced with the question of choosing a system of relative indicators. To date, among the authors there are significant contradictions and different points of view, both in composition and in the methodology for calculating financial stability indicators.

It should be noted that most scientists agree that analysis should use not one generalizing indicator, but a system of indicators. Let us present the different points of view of the authors regarding the set of indicators necessary to assess financial stability.

Thus, most foreign authors propose to consider the financial stability of an enterprise on the basis of the capital structure. Holt R.N. offers the following system of indicators: the share of borrowed funds in assets; share of share capital in assets; financial structure company capital; share of long-term debt in capital; share of borrowed funds in capital.

In domestic economic theory (Korotnev V.D., Bondina N.N., Bondin I.A.), the following groups of indicators are proposed to assess financial stability: indicators characterizing the ratio of own and borrowed funds; indicators characterizing the state of working capital; indicators characterizing the state of fixed assets.

Dontsova L.V. and Nikiforova N.A. propose to determine financial stability by the structure of sources of property formation. At the same time, in our opinion, the authors' statement is justified that when assessing financial stability, it is necessary to take into account the solvency of the organization.

Most domestic scientists recognize that the most important relative indicator of financial stability is the coefficient of autonomy (financial independence). The addition to this indicator is the coefficient of concentration of attracted funds. Along with the listed indicators, the capitalization ratio is calculated (shoulder financial leverage, the ratio of borrowed and own funds). The coefficient of provision with own working capital is one of the main analytical indicators in predicting the bankruptcy of an organization.

Vakhrin P.I., Vasilyeva L.S., Dontsova L.V., Bondina N.N., Selezneva N.N., Kovaleva A.M., Lapusta M.G. and others believe that the composition of the main relative indicators of financial stability should include the coefficient of maneuverability of equity capital, which shows how mobile the organization's own sources of funds are from a financial point of view.

Savchenko T.B. believes that the following three ratios are the most popular among domestic analysts: liquidity ratio, intermediate coverage ratio and current ratio.

One of the main indicators that determine the financial stability of an enterprise is net profit, the value of which is influenced by ".... the factor of proceeds from the sale of goods compared with the factors of fixed assets and stocks of raw materials and materials."

Summing up the definition of the economic essence and the recommended values of the main indicators of financial stability, we can draw the following conclusion.

In the proposed systems of indicators, some of them duplicate or complement each other, in particular: the capital structure is characterized by the coefficients of concentration of equity capital or the coefficient of autonomy, the coefficient of financial dependence, the ratio of own and borrowed funds; the structure of long-term investments is determined by the coefficient of long-term borrowing and the coefficient of sustainable financing; the rationality of the formation of property of enterprises at the expense of appropriate sources is estimated by the coefficients of the structure of long-term investments, the provision of reserves with own sources of financing, the flexibility of equity capital.

In this regard, it is proposed to single out the main and additional indicators from the entire set of indicators of financial stability, which quite fully characterize the sources of property formation, their placement and use in Table 3.

The main indicators characterize:

the structure of the sources of formation of the property of the enterprise (coefficients of autonomy, capitalization, sustainable financing);

the rationality of their placement (the coefficient of security of current assets with own working capital).

Additional indicators include the characteristic:

use of capital (ratios of equity flexibility and return on equity and sales);

solvency of the enterprise (coefficients of current liquidity and critical assessment).

When conducting financial analysis, relative indicators are most often used, because absolute balance indicators in inflationary conditions are difficult to bring into a comparable form. The relative performance of the analyzed enterprise can be compared with data for previous years to study the trend of deterioration or improvement in financial condition; with data from other enterprises to identify strengths and weaknesses enterprise and its capabilities.

The considered system of evaluation indicators of financial stability allows for targeted work on the financial analysis of the enterprise, the formation of a rational capital structure, finding the main factors that affect financial results, and developing measures to optimize the volume and rate of profit growth. As a result of the analysis and evaluation of the system of indicators, the search for untapped opportunities to improve the financial stability of the enterprise is carried out.

Table 3. Relative indicators of the financial stability of the enterprise

IndicatorsRange of recommended restrictions Main Autonomy ratio 0.4-0.6 Capitalization ratio 1-1.5 Capitalization ratio of current assets 0.1-0.8 Sustainable financing ratio 0.6-0.9 Additional1. Indicators of the use of capital Capital maneuverability coefficient 0.1-0.5 Return on equity Return on sales2. Solvency indicators Current liquidity ratio 1-2 Critical assessment coefficient 0.7-0.8

In this way, financial ratios widely used by financial analysts. The coefficient method has a number of advantages and disadvantages.

This method has a number of advantages:) analysis of the coefficients allows you to obtain information that will be relevant for all categories of users;

) the coefficient method allows you to identify trends in the change in the financial position of an economic entity;

) when using the coefficient method, the financial analyst has the opportunity to assess the financial condition of the enterprise and compare it with other similar enterprises;

) coefficients eliminates the distorting effect of inflation.

Despite the widespread use of financial ratios, there are certain disadvantages of the coefficient method:

there is no unified approach and unified formulas for calculating indicators;

indicators of the formula for calculating the coefficients used and the recommended limits for changing these indicators are not indisputable;

The coefficients are not linked to the value added indicator, which is very important for the enterprise;

the calculation of coefficients at the beginning and end of the reporting period, and the identification of their deviations from the standard values does not yet reveal the mechanism for achieving the standard values themselves;

assessment of the financial and economic condition of the enterprise only at the beginning and only at the end of the reporting period does not give an idea about the work of the enterprise for the entire reporting period.

In the practical part of the dissertation, we will adhere to the formulas given in the Methodological Recommendations.

The study of the system of financial stability ratios allows us to draw the following conclusions:

most of the coefficients are aimed at assessing the structure of funding sources. Therefore, the main task of the analysis of financial stability is to determine the degree of dependence of the enterprise on borrowed sources and the adequacy of equity, taking into account the structure of assets;

many indicators are interdependent on each other - the level of one affects the level of another;

some coefficients give the same information, but they are calculated in different ways, which gives the analyst the choice of one of them.

Thus, in practice, to assess financial stability, it is not necessary to use the entire set of coefficients. It is advisable to identify the key ones that allow you to make specific decisions related to the level of financial stability of the enterprise.

CHAPTER II. ANALYSIS OF THE FINANCIAL STABILITY OF AN ENTERPRISE (ON THE EXAMPLE OF JSC "AVIAAGREGAT")

.1 Organizational and economic characteristics of the enterprise

Aviaagregat Open Joint Stock Company (hereinafter referred to as the Company) was established in 1971. Since then, it has changed and since 1992 the enterprise has been operating in the organizational and legal form - an open joint stock company.

The founders of the company are the labor collective and the authorized body - State Committee for the management of state property.

The company is registered at: Russian Federation, The Republic of Dagestan, Makhachkala, st. I. Cossack, 37. In accordance with current national legislation and founding documents the company carries out various types of economic activity. The company as a legal entity owns separate property, acquires property and non-property rights and bears obligations on its own behalf, can act as a plaintiff and defendant in judicial bodies.

In its activities, the company is guided by the following tasks: meeting the needs of the population in industrial and technical products, consumer goods, works and services; and making a profit.

The Company independently manages economic activity, determines financial policy, approves current and prospective, targeted and other development programs, taking into account market conditions, demand and supply for products, works and services produced by the Company.

In accordance with the Charter, the enterprise carries out a wide range of economic activities. We list some of them:

production of technical products;

Issuance of ground handling equipment for aircraft civil and defense value;

production of life-saving appliances;

production of technical means for the oil and gas industry and others.

In general, the economic activity of the company is focused on the production of special-purpose goods and consumer goods. The range of manufactured products, today, is wide, which contributes to maintaining financial stability in the face of economic crises and rapidly changing market conditions.

The company may also carry out other types of economic activity that do not contradict the current legislation and the charter of the company. For example, a company may carry out investment, financial, credit and other activities.

The structure of the governing bodies includes the following system of bodies (in descending order of primacy):

General Meeting of Shareholders;

Board of Directors;

CEO and Board of JSC;

audit committee.

The CEO is top management society. Chief Engineer manages the technical side of the company's activities. Under his leadership, middle managers manage their departments. The main production of the plant is managed by the Deputy General Director for Production.

The Deputy General Director for Logistics and Finance directly manages the procurement and logistics department, the sales department, the printing house, the office, the transport department, the recreation center, and the finance department. The chief inspector of the plant is engaged in technical control services. The Chief Economist manages the work of the Departments of Economics and Planning (OEiP) and Labor and Wages (OH&W). Chief Accountant manages the company's accounting department.

Financial and economic activity of the company. During the period under review, we observe a steady increase in the volume of output (in 2012 by 34.8 million rubles, in 2013 by 38.9 million rubles); balance sheet profit increased in 2011 by 2 million rubles, in 2012 by 2.7 million rubles. During the period under review, the company did not receive external investments. In 2012, the amount of accounts receivable decreased by 4 million rubles, but already in 2013, we trace the growth of accounts receivable by 5.7 million rubles. In 2012, the amount of accounts payable of the enterprise was 152.2 million rubles, and in 2013 - 68 million rubles.

In the reporting period, the company did not fulfill the production plan by 17% due to an increase in the cost of production and sale of products compared to the planned ones by 52%. In 2012, the cost increased by 1.4%, which was caused by the cost of purchasing machinery and equipment related to technological innovation, to expand production in connection with new large orders from consumer enterprises. The use of progressive technology and computerization of design and calculation work ensured the growth of labor productivity and production. The average salary of the company's employees increases annually and in 2012 is 11,816 rubles, but does not keep pace with the "consumer basket". Also in the analyzed period, there is a decrease in the cost of fixed assets and working capital (change - 11.5 million rubles). The assessment of the production potential of the enterprise in the period from 2010 to 2012 can be called average. We will group the main technical and economic indicators of the financial and economic activities of the company in table 4.

Table 4. Main technical and economic indicators of financial and economic activity of Aviaagregat JSC for 2011 - 2012

Indicators change 2010 2011 2012 RUB 1470.21 505.01 543.9 Volume of sales mln rub. rub. 9095.39 124.59 083.8 RUB 961.91 183.91 219.9 Balance profit mln. RUB5.97.910.6 Net profit mln. rub.0.82.69.6Uncovered lossesmln. rub.---Production profitability% 0.32.01.7 Amount of investments - total including: - own funds - funds of the republic. budget - other sourcesmln. rub. -«- -«- -«-35.0 35.0 Accounts receivable, including overdue mln. RUB 165.6 -161.6 -167.3 - Accounts payable, including overdue mln. RUB 120.3 -152.2 -68.0 - Staff turnover% 12,614,516.5

To compile the table, data for 2010 - 2012 from the official website of the analyzed enterprise were used.

Position of Aviaagregat OJSC in the market. The main activities carried out by the company relate to the aviation industry. This industry is currently represented by three large enterprises Republic of Dagestan: JSC "Buinaksky Aggregate Plant", JSC "Concern" KEMZ "and the company analyzed by us.

Each of these enterprises produces specific products that are not produced by other enterprises. In this regard, these enterprises are not competitors in the market.

In 2011, the company produced industrial products worth more than 1,505.0 million rubles, which is about 14% of the total industrial output of engineering and metalworking enterprises of the Republic of Dagestan and 30.76% of the total industrial output of aviation enterprises of the Republic of Dagestan.

In 2012, the amount of industrial output was 1,544.0 million rubles, which is 17.6% of the total industrial output of the region's machine-building and metalworking enterprises and 30.23% of the total industrial output of aviation enterprises in Dagestan.

It should be noted that, taking into account the economic activity in recent years, 2011 was not the most significant year for the company, since the reserves and opportunities it had at that time would have made it possible to achieve better results in its activities. So, for example, in 2000-2008 the company increased its volume of industrial production from 45.7 million rubles. up to 1,902.6 million rubles or almost 45 times.

The negative consequences of the global financial and economic crisis had a negative impact on the activities of the company. So, for example, the decrease in orders for the EURU of AvtoVAZ OJSC negatively affects the financial condition of the company.

In 2012, the absence of orders for the supply of products from the AvtoVAZ enterprise also had a negative impact. OAO AvtoVAZ is the main consumer of the company's civilian products.

In this regard, the company did not fully realize its opportunities and did not achieve a significant increase in production volumes and improvement in the main socio-economic indicators.

The limited financial resources of the enterprise, in particular, the lack of the necessary working capital, did not allow the enterprise to increase production volumes, introduce the production of new types of products and ensure proper production preparation for them.

Also in 2012-2013, the enterprise failed to provide large-scale supply to consumers of newly mastered new products (reducer, windshield wipers, power windows, etc.).

In general, despite the existing difficulties, the company continues to occupy a leading position in the industrial sector of the Republic of Dagestan.

It should be noted that over the past two years there has been an increase in the volume of production of the company. Such a successful functioning of the enterprise is not possible without effective management enterprise and the implementation of sound financial policies.

In our opinion, the company has been operating on the market for quite a long time and is successfully developing, but there are certain negative trends in the financial condition of the enterprise.

We will analyze the composition and structure of property and analyze the indicators of the financial stability of the company and develop possible directions for its increase.

2.2 Analysis of the composition and structure of the property of the enterprise and sources of formation

As previously noted, the issues of analyzing the financial condition, in particular, the financial stability of an enterprise, are becoming relevant among Russian business entities in connection with the transition from a planned economy to market relations.

Financial analysis allows you to answer the question: how well the company managed financial resources during the analyzed period. The need for constant monitoring of the state of financial resources is caused by high market requirements and competition. Monitoring is also necessary to control the level of financial stability, since insufficient financial stability can lead to the company's insolvency and lack of funds for the development of production, and excessive financial stability can hinder development, burdening the company's costs with excessive stocks and reserves.

An analysis of the financial stability of an organization is a set of analytical procedures used to diagnose the financial stability of an economic entity in retrospect using tools from the developed methods for analyzing financial stability based on the current methodology (methods and techniques) of economic analysis.

Today, the analysis of the financial stability of an enterprise plays a significant role in the information support of a retrospective analysis of the activities of both the business entity itself and its internal and external counterparties, as well as in the information substantiation of management decisions within the organization itself and its external counterparties.

When conducting an analysis of financial stability, it is necessary to determine the objectives of the analysis and clearly formulate them. Analysis of the financial stability of Aviaagregat OJSC implies the solution of a number of sequential tasks:

general diagnostics of the financial condition;

identification of "pain points" of the financial condition of the enterprise and the study of the causes of their occurrence;

search for reserves to stabilize and improve the financial condition;

Let's start the analysis of the financial condition of Aviaagregat OJSC by studying the composition and structure of the enterprise's property according to the asset balance, using the methods of vertical and horizontal analysis for the period from 2010 to 2012.

The aggregate balance sheet of the company for the period from 2010 to 2012 is given in Appendix 1. We need balance sheet data for a general assessment of changes in the property of enterprises and for studying the dynamics of its structure.

An analysis of the dynamics of the composition and structure of property is used to determine the level of financial stability and makes it possible to establish the size of the absolute and relative increase or decrease in the entire property of the enterprise and its individual types. The increase (decrease) of the asset indicates the expansion (contraction) of the enterprise.

When analyzing the composition and structure of property, a financial analyst faces the following problems:

The balance sheet of the enterprise, on the basis of which financial analysis is carried out, has a number of features that complicate the analysis. He divides the property in form (assets) and in content (liabilities), as a result of which the connection between the individual items of the asset and capital is lost. The balance sheet does not allow you to accurately determine in which assets equity is invested, and which assets are acquired with borrowed funds.

In the theory of economics, the capital of an enterprise is the total value of assets minus liabilities. If we consider this indicator on the balance sheet, then we get net assets, or equity. Thus, when conducting an analysis, we are faced with two points of view on capital (as on all property and as only on own property).

To analyze the composition and structure of the sources of formation of the enterprise's property, on the basis of the financial data of the company, we will construct a settlement and analytical table 5. The data for the table are taken from the official website of the analyzed enterprise.

Based on the data in Table 5, the following conclusions can be drawn:

1.We see that the balance sheet has a tendency to increase in 2011, and in 2012 - to decrease. In 2011, the balance sheet increased by 29,188 thousand rubles, and in 2012 it decreased by 40,685 thousand rubles, which indicates a reduction in the financial and economic activities of the company over the last reporting period.

2. Non-current assets prevail in the assets of the company's balance sheet, and they increased in 2011 by 21,449 thousand rubles, and decreased by the same amount in 2012. Thus, non-current assets amounted to 94.37% of the balance sheet in 2010, 94.30% - in 2011, 94.49% - in 2012, which is explained by the depreciation of assets, which is typical for enterprises operating for a long time.

3. During the analyzed period, the structure of the company's working capital has changed:

The share of reserves in 2010 amounted to 345,949 thousand rubles, in 2011 it increased by 10,934 thousand rubles, and in 2012 it decreased by 39,454 thousand rubles. In 2011, the company began to build up reserves to protect its cash assets from depreciation due to inflation. Under the conditions of domestic inflation, the “reserve” serves as a reserve that increases the financial reliability of the enterprise, provided that it is possible to maneuver this reserve. But already in 2012, the company revised its policy in the direction of reducing stocks, since the presence of mobile stocks determines the growth of the enterprise's activity.

In the balance sheet section "Non-current assets" fixed assets in the period from 2010 to 2011. increased from 8,582,733 to 8,604,182 thousand rubles. (change: 21,449 thousand rubles), and from 2011 to 2012. decreased from 8,604,182 to 8,591,563 thousand rubles. (change: - 12,619 thousand rubles). The presence of a high proportion of fixed assets indicates the growth of the production potential of the enterprise.

Long-term financial investments for the analyzed period have not changed.

In the period under review, there is an increase in the volume of funds. So, in 2010, the amount of cash was 361 thousand rubles, in 2011 - 1,691 thousand rubles, in 2012 - 6,851 thousand rubles. The growth of the amount of cash in dynamics is a positive trend in the development of the enterprise. But at the same time, an unreasonable increase in funds due to their withdrawal from circulation may adversely affect the financial condition of the enterprise.

The receivables of the enterprise for the period under review changed both upwards and downwards. In 2010, it amounted to 165,627 thousand rubles, in 2011 - 161,602 thousand rubles, in 2012 - 167,330 thousand rubles. This is due to the fact that the company has a large number of customers who are budget institutions. Delays in transferring funds from the budget for these enterprises increase the accounts receivable of Aviaagregat OJSC.

Table 5. Composition and structure of the property of the enterprise

Balance items201020112012Change (2010-2011)Change (2011-2012) thous. RUB thousand RUB thousand RUB thousand RUB thousand rub.I. Внеоборотные активы85834528604901858345221 449- 21 449Основные средства85827338604182859156321 449-12 619Долгосрочные финансовые вложения71971971900II.Оборотные активы511 937519 676491 6107 739-28 066Запасы345 949356 883317 42910 934-39 454Дебиторская задолженность, в том числе просроченная165 627 161 602167 330-4 0255 728Short-term financial investments----- Cash 36116916 8511 3305 160Other current assets-----BALANCE9 095 3899 124 5779 083 89229 188-40 685

Accordingly, the enterprise, taking into account the specifics of its activities, needs to determine the optimal amount of borrowed funds or adhere to standard values. Solutions to the above problems can be found by analyzing the indicators of the financial stability of the enterprise. Let us analyze the composition and structure of the sources of formation of the property of the enterprise based on the data in Table 6.

Table 6. Composition and structure of sources for the formation of enterprise property

Balance items201020112012Change (2010-2011)Change (2011-2012) thous. RUB thousand RUB thousand RUB thousand RUB thousand руб.Капитал и резервы8 966 9488 969 5658 979 1492 6179 584Уставный капитал47 37847 37847 4870109Добавочный капитал8 902 9738 902 9738 902 97300Резервный капитал16 59719 21419 2142 6170Нераспределенная прибыль 009 52409 524Долгосрочные пассивы4 30169 21635 70664 915-33 510Краткосрочные пассивы12414085 79669 037-38 344-16 759Заемные funds-35 00065 00035 00030 000Accounts payable, including123 12684 78268 023- 38 344-16 759other liabilities -----BALANCE9 095 3899 124 5779 095 38929 188-29 188

The data for the table are taken from the official website of the analyzed enterprise.

The third section "Capital and reserves" dominates in the liability of the enterprise's balance sheet. The share of the company's own funds in 2010 amounted to 8,966,948 thousand rubles, in 2011 the equity increased and amounted to 8,969,565 thousand rubles, in 2012 - 8,979,149 thousand rubles. An increase in the company's own funds is a positive trend, as it indicates an increase in financial stability and a decrease in dependence on borrowed funds.

The structure of borrowed funds underwent significant changes during the analyzed period. So, in 2010 the company did not raise borrowed funds, in 2011 the amount of borrowed funds amounted to 35,000 thousand rubles, in 2012 - 65,000 thousand rubles.

The share of accounts payable of the enterprise has significantly decreased (in 2011 by 38,344 thousand rubles, in 2012 by 16,759 thousand rubles). This change should be assessed positively. Reducing loans allows the company to save on interest costs. The company's liability balance in 2011 increased by 29,188 thousand rubles, and in 2012 it decreased by 29,188 thousand rubles.

The company does not use short-term borrowed funds. This can be assessed as a positive trend, since the lack of short-term borrowed funds allows the financial service not to conduct constant operational work aimed at monitoring their timely return.

At this stage of the analysis, we identified the sources of increase and decrease in the assets of the enterprise, identified the asset items for which these changes occurred.

Calculations made in the analysis of non-current assets show that the total increase for the entire analyzed period is zero, since in 2011 non-current assets increased by 21,449 thousand rubles, but in 2012 they decreased by the same amount.

Thus, according to the data obtained from the analysis, we can conclude that the enterprise as a whole has a positive financial condition, but to determine the level of financial stability, it is necessary to analyze financial ratios.

2.3 Analysis of financial stability indicators

We will analyze the financial stability indicators of Aviaagregat OJSC using the methodology discussed in the first chapter of the dissertation, in three stages:

the first stage is the analysis and calculation of absolute indicators of the financial stability of the enterprise, characterizing the ratio of own and borrowed funds;

second stage - based on the results of the first stage, we will determine the type of financial stability of Aviaagregat OJSC using three-dimensional indicators;

the third stage is the calculation of relative indicators of the company's financial stability.

Starting the first stage of the analysis, we will calculate the absolute indicators characterizing the sources of reserves and costs.

Let us designate through the index 1 - indicators for 2010, 2 - indicators for 2011, 3 - indicators for 2012.

Calculate the value of SOS according to one of the previously considered formulas:

COS = current assets - short-term liabilities,

SOS 1= 511 937-124 140 = 387 797 thousand rubles,

SOS 2= 519 676-85 796 = 433 880 thousand rubles,

SOS 3\u003d 491 610-69 037 \u003d 422 573 thousand rubles,

Calculate the SD value using the formula:

SD = SOS + DP,

SD 1= 387,797 +4,301= 392,098 thousand rubles,

SD 2= 433 880 + 69 216 = 503 096 thousand rubles,

SD 3= 422,573 + 35,706= 458,279 thousand rubles,

Calculate the value of ROI according to the formula:

OI \u003d SD + KZS,

OI 1=392,098 + 0=392,098 thousand rubles,

OI 2= 503,096 + 0 = 503,096 thousand rubles,

OI 3= 458 279 + 0 = 458 279 thousand rubles,

Let us determine the indicators of the provision of reserves and costs by the sources of their formation:

Surplus (+) or deficiency (-) SOS according to the formula:

∆SOS = SOS - 3,

∆SOS 1\u003d 387 797 - 345 949 \u003d 41 848 thousand rubles,

∆SOS 2= 433 880 -317 429 = 116 451 thousand rubles,

∆SOS 3= 422,573 -356,883= 65,690 thousand rubles,

Surplus (+) or deficiency (-) SD according to the formula:

∆SD = SD - 3,

∆SD 1= 392,098 - 345,949 = 46,149 thousand rubles,

∆SD 2= 503,096 - 317,429 = 185,667 thousand rubles,

∆SD 3= 458,279 -356,883= 101,396 thousand rubles,

Surplus (+) or deficiency (-) ROI according to the formula:

∆OI = OI - 3,

∆OI 1= 392,098 - 345,949 = 46,149 thousand rubles,

∆OI 2= 503 096 -317 429 = 185 667 thousand rubles,

∆OI 3=458 279 -356 883=101 396 thousand rubles,

The second stage of the analysis involves determining the type of financial stability. Using the indicators calculated by us, we define a three-component indicator of the type of financial situation (S):

= (∆SOS; ∆SD; ∆OI),

where ∆SOS>0, ∆SD>0, ∆OI>0,

then S(1; 1; 1).

The obtained data characterizes the financial stability of the enterprise analyzed by us as absolute. This means that the management of the company does not use or does not have the opportunity to use borrowed funds. The results of the two stages of analysis are grouped in Table 7.

Table 7. Indicators of the availability of reserves with sources of their formation

Indicators 2010 2011 2012 Changes (2010-2011) Changes (2011-2012) Own current assets (SOS)387 797433 880422 57346 083-11 307Long-term liabilities (LT)4 30169 21635 70664 Own long-term borrowed sources of reserves and costs (TS)392 098503 096458 279110 998- 44 817Short-term borrowed funds (SLC)00000Total value of the main sources of reserves and costs (OI)46 149503 096458 279456 947- 44 817Total reserves3935 (S)3935 883-28 52039 454 Surplus (+) or shortage (-) of own working capital 41 848116 45165 69074 603- 50 761 Surplus (+) or shortage (-) of own and long-term sources of stock formation46 149185 667101 396139 518- 84 271 Surplus (+) or shortage (-) the total value of the main sources of reserves formation46 149185 667101 396139 518- 84 271Three-factor indicator of the type of financial stability (S)(1,1,1)(1,1,1)(1,1,1)--

Also, to determine financial stability, you can use the balance formula, which determines the balance of the asset and liability indicators of the balance sheet:

VA + OA \u003d KR + DO + KO,

where VA - non-current assets; OA - current assets.

It should be noted that OA includes inventories, cash and receivables; KR - capital and reserves of the enterprise, i.e. own funds; DO - long-term liabilities; TO - short-term liabilities.

Calculate the balance formula for the analyzed reporting periods:

583 452+511 937=8 966 948+4 301+124 140

095 389=9 095 389

604 901+519 676=8 969 565+69 216+85 796

124 577=9 124 577

592 282+ 491 610= 8 979 149+ 35 706+ 69 037

083 892=9 083 892 .

For all three analyzed years, the condition of equality of the indicators of the asset and liabilities of the balance sheet is observed, which indicates the financial stability of the enterprise;

If the enterprise's non-current and current assets are covered by its own funds with the possible attraction of long-term and short-term loans, and the funds are sufficient to repay urgent liabilities, then the enterprise is more or less financially stable.

Financial stability, based on the above formula, is characterized by a system of inequalities:

(VO + PZ) ≤ (KR + PS) + DO + ZS;

TO ≥ KZ, where PZ - production stocks, PS - other funds, ZS - borrowed funds.

yr: (8 583 452+345 949)≤(8 966 948+0)+ 4 301+0

8 929 401≤8 971 249

yr: (8 604 901+356 883)≤(8 969 565+0)+69 216+0

8 961 784≤9 038 781

yr: (8 592 282+ 317 429) ≤ (8 979 149+0)+ 35 706+0

8 909 711≤ 9 014 855

Thus, for the analyzed periods, the enterprise provided its non-current assets with its own funds.

Starting the third stage of financial stability, we will calculate the relative indicators, where through index 1 we denote data for 2010, through index 2 - data for 2011, through index - data for 2012. We take thousand rubles as a unit of calculation.

1.The ratio of borrowed and own funds is calculated by the formula: K = borrowed funds / own funds.

To 1=0/ 8 966 948=0;

To 2 = 65 000/ 8 969 565= 0,007;

To 3= 35 000/ 8 979 149= 0,003.

There is no consensus on the ratio of own and borrowed funds among the authors. The most common point of view is that their ratio should be 50% to 50%. It should be taken into account that there is no single optimal ratio of equity and debt capital for all enterprises. The indicators of this coefficient at the beginning and end of the period are within the recommended limits and indicate a minimum dependence on external sources of financing. The company is not threatened with insolvency.

2.The most important coefficient that is used in the analysis of financial stability is the coefficient of autonomy (financial independence):

K = own funds / balance sheet currency.

To 1=8 966 948/9 095 389=0,985;

To 2=8 969 565/9 124 577=0,983;

To 3=8 979 149/ 9 083 892=0,988.

The indicator for both reporting periods approaches one, which indicates a high degree of independence of the company from borrowed sources of financing.

3.An important characteristic of financial stability is the coefficient of maneuverability, equal to the ratio of own working capital to own funds. This ratio will allow us to determine which part of our own funds is invested in current assets, and which part is invested in non-current assets:

K = own working capital / own funds.

To 1=387 797/8 966 948=0,043;

To 2=433 880/8 969 565=0,048;

To 3=422 573/8 979 149=0,047.

The maneuverability coefficient is very low and goes beyond the recommended values. This means that a significant part of the company's own funds is in an immobile form and cannot be quickly converted into cash. By the end of the period, this indicator decreased by 0.013, which indicates a negative trend in the increase in the share of immobilized capital.

4.The coefficient of security with own tangible current assets:

K = own working capital / stocks.

To 1=387 797/345949=1,12;

To 2=433 880/356 883=1,21;

To 2=422 573/317 429=1,33.

It should be noted that the excess of own working capital over the amount of reserves is a positive factor, because reserves are the least liquid part of working capital and they must be financed from own and (or) long-term borrowed funds. The excess also confirms the absolute financial stability of the society. The growth of this indicator in dynamics indicates a positive trend.

5.The coefficient of provision with own current assets:

K = own working capital / current assets.

To 1=387 797/511937=0,75;

To 2=433 880/519 676=0,83;

To 3=422 573/491 610=0,85.

6.Capitalization ratio

K = long-term liabilities / (own funds + long-term liabilities).

To 1=4 301/(8 966 948+4 301)= 0,0004;

To 2=69 216/(8 969 565+69 216)=0,007;

To 3=35 706/(8 979 149+35 706)=0,003.

7.Financial Stability Ratio:

K = own funds + long-term liabilities / balance sheet currency.

To 1=(8 966 948+4 301)/ 9 095 389=0,98;

To 2=(8 969 565+69 216)/ 9 095 389= 0,99;

To 2=(8 979 149+35 706)/ 9 124 577=0,98.

8. The Law of the Russian Federation "On Joint Stock Companies" gives the main role in assessing financial stability to the indicator of net assets. Subject to the provisions of the Procedure estimating the value of net assets of joint-stock companies we calculate the net assets of the company. As assets of the enterprise for calculation, we will take non-current and current assets minus the debt of the participants on their contributions to the authorized capital and the book value of their own shares purchased from shareholders.

NA = assets - liabilities.

CA 1=9,095,389-4,301+124,140-1,014=9,214,214 thousand rubles;

CA 2= 9124577- 69 216+ 85 796-1 014 = 8 968 551 thousand rubles;

CA 3 = 9083892- 35 706 + 69 037-1 014 = 8 978 135 thousand rubles.

We observe a picture when net assets far exceed the authorized capital of the enterprise, this indicates a positive trend in the company's activities and an increase in its own funds.

9.The absolute liquidity ratio is calculated by the formula:

K = cash + short-term financial investments / short-term liabilities.

To 1=361+0/ 124 140=0,002;

To 2= 1 691+0/ 85 796=0,01;

To 3= 6 851+0/ 69 037=0,09.

Unfortunately, the values of the indicator for the periods under review are below the recommended values (>0.2). This means that the available cash and securities are not sufficient to cover the current obligations of the company. It should be noted that there is an increase in the value of the indicator in the analyzed period.

10.liquidity ratio

K = cash + short-term financial investments + short-term receivables / short-term liabilities

To 1=361+0+ 165 627/124 140=1,3;

To 2=1 691+0+161 602/85 796=1,9;

To 3=6 851+0+167 330/69 037=2,5.

11.Current liquidity ratio

K = short-term assets / short-term liabilities

To 1=346 310/124 140=2,7;

To 2=358 074 /85 796= 4,1;

To 3=324 280 /69 037=4,6.

The values of the current liquidity ratio for the analyzed period are more than 2, which confirms the provision of the enterprise with mobile working capital for conducting production and economic activities and repaying the urgent obligations of the enterprise.

We additionally calculate the financial risk indicator required to build a financial model (Chapter III of the dissertation):

Calculate the financial risk ratio using the formula:

GRADUATE WORK

On the topic: “Financial stability of an enterprise on the example of IP Kelyukhova N.P.”

Introduction

Theoretical aspects analysis of the financial stability of the enterprise

2 Methodology for analyzing the financial stability of an enterprise

Analysis of the financial stability of the enterprise IP "Kelyukhova N.P."

Conclusion

Applications

Introduction

The success of business units is directly related to the level of leadership, objectivity, specificity, efficiency and scientific soundness of the decisions that need to be optimized. These decisions, as is known, are connected with the most efficient use of material, labor and financial resources for the implementation of the long-term priority of the country's development - economic.

In conditions market relations the role and importance of financial stability is exceptionally great. This is due to the fact that enterprises acquire independence and are fully responsible for the consequences of their production and economic activities to owners, employees, business partners and other contractors. Entering into a transaction or any entrepreneur is primarily interested in the fact that the solvency of the partner, i.e. readiness and ability to repay the debt on time with the accepted forms of participants in the payment turnover.

Financial stability reflects the state of the financial resources of the enterprise, in which it freely maneuvers with money, is able to ensure an uninterrupted process of production and sale of products through their effective use.

Determining the financial stability of the company is also very important for an investor who intends to purchase securities issued by the company. This problem is particularly acute for the subjects of the Kazakhstani market, since many enterprises are being liquidated due to bankruptcy, the country's economy is characterized by chronic non-payments. The company will be able to avoid loss if, when concluding transactions, it proceeds from preliminary analysis financial position of the partner, its financial stability, reputation conditions.

All its further activities, business relations with partners, banks, investors, creditors, tax authorities, its internal and foreign markets RK. In this regard, it is very important for the management, managers of an economic entity to know the factors that ensure financial stability and take operational management decisions.

Based on the foregoing, the topic of the chosen thesis is very relevant.

The purpose of this thesis is to develop recommendations on the financial stability of the enterprise based on the analysis of the financial condition.

To achieve this goal, it is necessary to solve the following tasks:

explore theoretical basis financial stability of the enterprise in the context of the development of a market system of relations;

consider the methodology for analyzing the financial stability of an enterprise;

to analyze the financial stability of the enterprise IE "Kelyukhova NP";

analyze financial and economic indicators;

to analyze the financial stability of the enterprise;

reveal the problems affecting the financial stability of the enterprise;

justify the economic efficiency of the proposed measures.

The need for such a study of the problem is expressed in the fact that for a correct assessment of the current situation of an enterprise, it is necessary to know the basic methods and tools of economic assessment, as well as indicators and factors that affect the efficiency of its activities. Then use the available information in relation to the IP "Kelyukhova N.P." and analyze the enterprise. The final step will be, based on the collected data, to choose ways to improve the financial stability of the IE Kelyukhova N.P.

Degree of theme development. The works of both Kazakh and Russian economists, such as Batasova E.O., Kovalev V.V., Grachev A.N., Nechitailo A.I., Putilova, M.D., were used to write the graduation project. etc.

Information base of the study. The analysis of the enterprise activity was carried out on the basis of:

enterprise balance sheet for 2012-2014;

profit and loss statement of the enterprise for 2013-2014.

The object of the study is the IE Kelyukhova N.P., which was founded in May 2000 and occupies special place at the confectionery market in Almaty.

The subject of the study is the state of financial stability of a commercial entity in the conditions of the Kazakhstani market.

Theoretical and methodological basis. During the work, various sources were used that reveal the problem and contribute to the achievement of the goal, among them: laws and regulations, publications, science articles, official documentation budget organizations, magazines, financial statements, publications on the Internet. As a method for the study were used: comparison, economic and mathematical, deduction, induction, literature analysis, logical, etc.

The theoretical significance of the work lies in the fact that its results can be used as a methodological guide for developing the financial stability of an enterprise, as well as a basis for conducting a comprehensive analysis of activities.

The practical significance of the work lies in the fact that its results are recommendations for the management financial activities for small enterprises in the conditions of the Kazakhstani market. For this reason, the work is practically applicable and is of high importance for managers, financiers, managers of industrial enterprises, as well as analysts, students and teachers of colleges and universities of economic specialties.

The structure of the thesis consists of an introduction, three chapters, a conclusion, a list of references, applications.

1. Theoretical aspects of the analysis of the financial stability of the enterprise

1 The concept of financial stability of the enterprise

“With the intensification of competition in the world market, firms that do not consider the financial aspects of doing business to commercial risks are inevitably doomed to fruitless failures, even if they produce high quality goods, have qualified personnel and pursue an active marketing policy. Therefore, in the international economic system, the demand for various types of financial services provided by commercial banks, stock exchanges, insurance, audit and consulting companies”.

With the development of market relations in the economy of Kazakhstan, the strengthening of the private sector along with the state and the expansion of foreign economic relations, it is becoming increasingly important to study, master and use, taking into account the peculiarities of domestic practice modern methods financial management applied by foreign firms.

The financial condition of the company is an economic category that reproduces the state of capital in the process of its circulation and the ability for self-development of the subject entrepreneurial activity within a fixed time.

In the process of procurement, production, sales and financial indicators, a continuous process of capital circulation, changes in the structure of assets and sources of their organization, the availability and need for financial resources and, as a result, the financial condition of the company, which acts as an external manifestation of solvency.

The financial condition can be stable and crisis.

To ensure financial stability, companies must have a flexible capital structure in order to be able to create its movement in such a way as to provide a constant improvement in income over expenses in order to remain solvent.

Consequently, the financial stability of an enterprise is the ability of a business entity to function and form in order to balance its assets and liabilities in changing internal and external conditions, which ensures its further solvency and investment attractiveness within the limits of the probable level of risk.

Financial stability reflects the state of financial resources in which the company is free to maneuver cash, able to effectively use them to ensure the sustainability of production and sales, as well as the cost of its expansion and renewal.

The concept of financial stability is directly related to its financial situation.

In the special economic literature published in recent years, the concept of financial position is practiced in different ways. So, Professor A.D. Sheremet writes that "the financial condition of an enterprise is determined by the placement and use of funds (assets) and the sources of their foundation (own capital and liabilities, i.e. liabilities)." A.I. Kovalev considers it this way: "The financial condition is a set of indicators that reflect the availability, distribution and use of financial resources."

Rusak N.A. the professor defines this concept as follows: "The financial condition of the company is reflected in the formation, placement and use of financial resources; the financial situation of the company is characterized by the availability of financial resources necessary for normal production, commercial and other. The activities of the enterprise, the feasibility and effectiveness of their placement and use of financial relationships with other business entities, solvency and financial stability. The company's ability to make payments on time indicates its good financial position."

From domestic economic literature, the definition of Z.K. Duisenbayeva: "The financial situation is a reflection of the company's financial stability over time and the provision of financial resources for the smooth implementation of business activities and the timely repayment of its debt obligations."

Let us consider what is meant by the financial stability of enterprises in the special economic literature. Thus, the authors Abryutina M.S., Grachev A.V. wrote: "The essence of financial stability is determined by the efficiency of the formation, distribution and use of financial resources." Rodionova V.M., Fedotova M.A. interpret this concept as follows: "A kind of mirror of the stability of the image in the enterprise of excess financial stability It reflects the state of financial resources, in which the enterprise, freely maneuvering cash, is able to effectively use them to ensure the sustainability of production and sales, as well as the costs of its expansion and renewal. Financial stability is the main component overall sustainability of the enterprise.

Bazarov M.Yu. the conclusion is that financial sustainability is the prospective ability to pay, depending on the conditions, to ensure the smooth functioning of their own power ... an organization with the efficient use of material, labor and financial resources.

The financial stability of the company is influenced by a huge number of factors that can be classified as follows:

Place of origin - internal and external;

About the importance of the result - basic and auxiliary;

Structure - simple and complex;

Time of action - permanent and temporary.

Absolute indicators of financial stability are indicators that characterize the state of reserves and ensure their sources of formation.

To characterize the sources of reserves, three main indicators are used:

Availability of own working capital SOS - the difference between equity and long-term assets. This indicator measures net working capital. Its increase in comparison with the previous time indicates the further formation of the enterprise.

SOS = SK-YES

where SOS - own working capital (net working capital);

SC - equity;

YES - long-term assets (fixed assets in our case).

Availability of own and long-term borrowed sources for the formation of reserves and costs of the Board of Directors:

SD = SOS + TO

Where TO - long-term liabilities.

Since the company does not have long-term obligations, then SD = SOS.

The total value of the main sources of formation of stocks and costs of waste products:

OI = SD + QC

Where CC - short-term loans.

Since the company did not take loans, the total value of the main sources of formation of reserves and costs of OI is equal to SD.

Accordingly, three indicators of the availability of reserves with sources of their formation can be distinguished.

Surplus (+) or shortage (-) of working capital D SOS:

DSOS = SOS - TMZ

where TMZ - commodity-material stocks.

Surplus (+) or shortage (-) of own and long-term sources of reserves formation D SD:

DSD = SD - TMZ

Surplus (+) or shortage (-) of the total value of the main sources of formation of reserves D OI:

DOI \u003d OI - TMZ

The indicators of the availability of reserves with sources of their formation calculated above are integrated into a three-component indicator S:

S = ( D SOS; DSD; D OI)

Characterizing the type of financial stability:

S=( 1; 1; 1), i.e. D SOS > 0; D SD > 0; D OI > 0,

absolute stability (in modern conditions of development of the economy of Kazakhstan it is extremely rare);

S=(0;1;1), i.e. D SOS< 0; D SD > 0; D OI > 0,

normal stability, which guarantees the solvency of the enterprise;

S=(0;0;1), i.e. D SOS< 0; D SD< 0; DOI > 0,

unstable financial condition, characterized by a violation of the solvency of the enterprise, when the resumption of equilibrium is likely due to the replenishment of sources of own funds and forcing inventory turnover;

S=(0;0;0), i.e. D SOS< 0; D SD< 0; DOI< О,

Another important factor in the financial stability of an enterprise, which is closely related to the types of products and production technology, is the optimal composition and structure of assets, as well as the right choice of tactics and strategic management.

The essence of current asset management is to keep the company's account with only the minimum required amount of liquidity that is necessary for current operations.

A significant internal factor in financial stability are the composition and structure of financial resources, proper optimal management. Own financial resources more company, and above all from net profit, the stability of the company's financial condition. In this important distribution of net income, especially in the part aimed at the development of production.

Considering the above, the following internal factors affecting the financial stability of the company:

Branch of the enterprise;

The structure of products (works, services), its share in the total effective demand;

The amount of paid authorized capital;

The state of property, financial resources, including reserves and costs, their composition and structure;

Efficiency of enterprise management.

External factors include the effect of economic conditions for doing business, modern technology Art, purchasing power and income levels of consumers, tax and credit policies of the state, legislation to control the activities of the enterprise, foreign economic relations.

The financial position determines the competitiveness of the enterprise, its potential in business cooperation, the guarantee of the economic interests of the enterprise itself and its partners in financial and other relations.

Batasova E.O. a classification of the types of financial stability of an economic entity has been developed according to five classification criteria: by the management horizon, by the time aspect, by the sphere of formation, by the goals of formation, by the level of state (table 1).

The main advantage of the proposed classification is the possibility of forming on its basis integrated approach to the identification of factors affecting the level of stability of an economic entity.

Table 1 - Classification of types of financial stability of an economic entity

No. Classification feature Type of stability 1 By management horizon Operational financial stability Long-term financial stability 2 By temporal aspect Static financial stability Dynamic financial stability 3 By sphere of formation external environment Maximizing the welfare of owners Strengthening the competitive advantages of the organization, taking into account the interests of society and the state5 By the level of state Absolutely stable state Fairly stable state Unstable state

Consequently, the financial stability of an enterprise is the ability of a business entity to work and form in order to balance its assets and liabilities in changing internal and external conditions, which ensures its further solvency and investment attractiveness within the limits of the permitted level of risk. Financial stability reflects the state of financial resources, in which the company is free to maneuver cash, able to effectively use them to ensure the sustainability of production and sales, as well as the costs of its expansion and renewal.

1.2 Methodology for analyzing the financial stability of an enterprise

It is possible to identify four stages in the study of the financial stability of an economic entity (Table 2):

Table 2 - Stages of studying the financial stability of an economic entity

Stages Description of the stage 1st stage Statement of the research problem - Definition of the configurator - Definition of the research problem - Selection and justification of goals methods of complementary analysis of the financial stability of an economic entity - Analysis and selection of models for an integral assessment of financial stability - Generation of alternative models for an integral assessment of financial stability calculations in accordance with the formed systems of models - Interpretation of the results of multi-criteria optimization of financial indicators stability of an economic entity4th stage Drawing up an analytical conclusion Drawing up an analytical conclusion on the degree of financial stability of an economic entity and guidelines for improving sustainability

The multifaceted problem of the financial stability of an economic entity is responsible for building a hierarchy of goals based on the decomposition of a global goal. Each of these tasks is described by criteria.

From the point of view of a systematic analysis of the financial stability of an economic entity - about the property. Because emerging properties are not measured directly, the current value (achieved level) of any emerging characteristics is determined on the basis of fixing the quantitative values of indirect features.

However, due to the fact that any characteristic of an economic entity is indirectly related to all its other characteristics and depends on a number of external factors, it is necessary to artificially limit the number of indirect evidence (factors) that will be considered when determining the financial stability of a business entity. A number of indirect indications should be necessary and sufficient for a reasonable statement of the current value (level) of the measured characteristics and forecasting its value in the foreseeable future with a given degree of reliability.

The main difficulty in the analysis lies in the fact that the same goals, for example, due to the crisis of the financial condition of an economic entity, are described differently in all known methods. integrated assessment his financial condition. In this regard, the problem arises of assessing the quality of these methods with the possibility of their working position, on the one hand, and the formation of alternative models focused on significantly complementing the description of goals, on the other.

Within the framework of the general approach to the formation of a system for diagnosing the financial stability of an economic entity, there cannot be any deep light and research on many aspects of an economic entity that are difficult to structure and formalize, but will undoubtedly affect its financial stability.

At the stage of optimizing the financial stability of an economic entity, the most important task is the choice of tools. The fact is that the formation of the trajectories of the financial stability of an economic entity must take into account a large number of criteria, which determines the need to use multi-criteria modeling technology. Based on the multi-variant alternatives for building models of financial stability of enterprises, its openness is determined as the main requirements for the basic model - both in terms of increasing the number of criteria, and also in terms of additional restrictions on the objective function.

When analyzing the financial stability of the following methods of financial analysis:

Horizontal analysis;

Vertical analysis;

trendy;

Comparative;

Coefficient;

The method of financial ratios.

Horizontal (temporal) analysis - comparison of each reporting belief with the previous stage. It allows you to establish unconditional and comparative deviations of various items of financial statements compared to the previous period.

Vertical (structural) analysis - the definition of final financial indicators in identifying the impact of each reporting position on the result as a whole, it shows the share of individual items in the final conditions of the balance sheet as a whole or its sections.

Horizontal and vertical analyzes complement each other. So often create tables showing how the structure of the balance sheet forms and the dynamics of its individual indicators.

Trend analysis based on the calculation of relative deviations of indicators for a number of years from the level of the base year, for which all parameters are taken as 100%.

The most common method of financial analysis in a market economy is the use of various financial ratios.

Coefficients are relative values in a calculation where one of the values is taken as a whole and the other is expressed as a ratio to unity. Calculation of financial ratios based on the existence of certain ratios between individual balance sheet items.

We should not overestimate the role of relationship analysis, since they do not have a universal value and cannot be an indicator for diagnosis. A deeper analysis does not always confirm the conclusions drawn on the basis of relationships, since their level of influence is the specifics of individual enterprises, on average industry data, the suboptimal level actually achieved in previous years, or its optimal level for those years, but the inconsistency of the requirements of current and forecasted conditions.

Comparative (spatial) analysis - is the analysis of on-farm aggregates reporting on individual indicators of the company, subsidiaries, divisions, departments and inter-farm analysis of the performance of a given firm in comparison with those of competitors, with average and average scales of the entire economy data.

Factor analysis - consideration of the impact of some factors (causes) on an effective indicator using deterministic or stochastic survey methods.

Along with the above methods, the analysis of the financial situation using traditional methods of economic analysis (elimination, balance compounding, etc.), economic and mathematical statistics (grouping, average and relative values, graphs and methods of indices, correlation, regression, etc.) d.).

The delimitation of financial stability is one of the most significant economic problems in the transition to a market economy, since insufficient financial stability can lead to an enterprise's lack of funds for the development of production, their insolvency and "exceeding" resistance to prevent development costs from burdening enterprises with excess reserves and reserves.

Perhaps a choice of four types of financial stability:

1. The absolute stability of the financial condition is rare and of an extreme type of financial stability. It is determined by the conditions:

Ez<Es + Ccc, (1)

where Ez - the amount of reserves and costs;

Ec - own working capital;

Ccc - bank loans for inventory items, taking into account loans for goods shipped and part of accounts payable offset by the bank in lending.

2. Normal stability of the financial condition of the enterprise, guaranteeing its solvency

Ez \u003d Ec + Csk; (2)

An unstable financial condition, combined with a violation of solvency, in which, however, they retained the ability to restore balance through additional sources of replenishment of equity capital and an increase in own working capital

Ез = Ес + Скк + Сo, (3)

where Co - sources, weakening the financial tension;

Financial instability is considered normal if the number of short-term loans and borrowings involved in the formation of stocks and costs does not exceed the total value of stocks and finished products, that is, if the following conditions are met:

where Z1 - inventories; - work in progress; - deferred expenses; - finished products; - part of short-term loans and borrowings involved in the formation of reserves and costs;

Et - the presence of own and long-term borrowed sources of formation of reserves and costs.

If these conditions are not met, financial instability is abnormal and reflects a trend towards the existing deterioration in the financial condition.

A critical financial situation in which the company is on the verge of ruin, since in this situation, cash, short-term securities and receivables of the enterprise do not even cover its receivables and overdue loans:

Ез > Ес + Скк (5)

Quantitative financial stability is assessed in two ways: firstly, in terms of the structure of sources of funds, and secondly, in terms of costs associated with servicing external sources. Accordingly, there are two groups of indicators, conditionally called the capitalization ratio and the coverage ratio.

Factor capital concentration (k tdc ) characterizes the share of property owners of an economic entity in the total amount of funds advanced in its activities:

where TL is the total amount of sources of funds (long-term and short-term), i.e. the balance sheet total.

The higher the ratio, the more financially stable, stable and independent of external creditors the company is - in addition to this indicator is the borrowed funds concentration ratio (Ktdc), calculated by the ratio of the amount of funds raised to the total amount of sources. Undoubtedly, the sum of the coefficients is equal to 1 (or 100%).

Indicators characterizing the structure of long-term sources of financing are two complementary indicators: the capitalization ratio of capitalized sources (kdtc) and the coefficient of financial independence of capitalized sources (ketc)> calculated by the formulas:

Level of financial leverage (kbfl). This coefficient is considered one of the main ones in characterizing the financial stability of an economic entity.

Obviously, the value of the tie must be greater than one, otherwise the company will not be able to fully repay foreign investors to short-term obligations. If the stability indicator is of the greatest importance, and this can be seen when analyzing the dynamics, we can talk about very favorable prospects in relations with suppliers of borrowed capital - the company generates profit in an amount sufficient to perform calculations.

One of the most important indicators of a company's financial stability is the autonomy ratio. It is judged as an enterprise, regardless of borrowed capital.

For financial manager financial ratios are of particular importance because they are the basis for evaluating its performance reporting by external users, shareholders and creditors.

The tax authority is essential to answering the question of whether a company has the ability to pay taxes. Thus, from the point of view of the financial position of the tax authorities, it is characterized by the following indicators:

income tax;

Return of assets = book profit as a % of the value of assets

- Gross profit margin = book profit as a % of sales revenue;

Income tax 1 tenge funds for the payment of wages.

Based on these figures, the tax authorities can determine the receipt of payments to the budget in the future.

Banks must acquire an answer to the question of the company's solvency, that is, its willingness to return borrowed funds, the elimination of its assets.

. "The amount of working capital" - characterizes that part of the company's equity, which is the source of coverage of current assets. The value of working capital is numerically equal to the excess of current assets over current liabilities.

. "The dexterity of functioning capital" - characterizes that part of personal working capital, which is in the form of cash. For normal business operation, this indicator should be in the range from 0 to 1.

Maneuverability= (9)

"Cover Ratio" (general) - gives an overall assessment of the liquidity of assets, depicting how many tenge of the company's current assets account for one tenge of current liabilities, this is considered as safely functioning.

Coverage = (10)

4. "The share of the population in the working-age capital reserves to cover" - characterizes the share of the cost of stocks, which is offset by own working capital, the recommended lower limit is 50%

5. "Reserve coverage ratio" - is calculated as the ratio of "normal" sources of coverage of reserves, and the amount of reserves. If the index value<1, текущее финансовое состояние неустойчиво.

Inventory coverage = (11)

Financial stability assessment

One of the main characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective.

"Equity concentration ratio" - characterizes the owners of the company's shares in the total amount of funds put forward in its activities. The higher the ratio, the more financially stable the company.

Kconcentration of equity = (12)

The "financial ratio" is the reciprocal of the capital concentration ratio. The growth of this indicator over time means an increase in borrowing.

To financial dependence = (13)

"equity capital flexibility ratio" - shows how much capital is used to finance current activities, ie. E. Invested in working capital.

To equity maneuverability = (14)

"Factor structure of long-term investments" - the ratio shows how much fixed assets and other non-current assets financed by external investors.

To the structure of long-term investments = (15)

The main goal of short-term financial planning is to ensure and maintain the liquidity of the company, it is necessary to analyze the current ratio, determined by dividing the value of current assets in the amount of short-term liabilities and characterizes the level of liquidity of the company. And position ratios of liquid assets, calculated by dividing the liquid part of current assets (cash, valuable papers and receivables) for the amount of projected daily cash outflows.

The purpose of the chapter was to study the financial stability of the enterprise. In this regard, methods of financial analysis have been developed that can be used to assess financial stability. This is a horizontal balance sheet analysis; vertical balance analysis; trend, comparative, factor analyzes and the method of financial ratios.

Based on the results of the theoretical study, the following conclusions can be drawn:

financial stability reflects such a state of the financial resources of the enterprise, in which it freely maneuvers with cash, is able, through their effective use, to ensure an uninterrupted process of production and sales of products;

financial condition refers to the ability of an enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise and the efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability;

financial stability is determined in accordance with the structure of the balance sheet of the enterprise, and in this regard, in practice, certain rules for measuring the ratios between individual balance sheet indicators, group totals and the total balance sheet as a whole have developed, and the most characteristic ratios have even received specific generally accepted names.

In the following chapters, we will analyze the financial stability of an enterprise using a specific example.

2. Analysis of the financial stability of the enterprise IE "Kelyukhova N.P."

1 General characteristics of the enterprise's activities

The confectionery shop of IP "Kelyukhova" was founded in May 2000 and occupies a special place in the confectionery market in Almaty.

The assortment of the enterprise is very wide, therefore it satisfies the taste of the most demanding customers. IP produces cakes with a variety of creams and biscuits, pies and rolls, cakes, eclairs, fluffy muffins, cookies and other delicious desserts every day. One of the activities is also the production of confectionery products to order.

The pride of the workshop is the production of original cakes to order for any occasion: holiday, children's, wedding, anniversary, comic, corporate, photo cakes<#"224" src="doc_zip13.jpg" />

Figure 1 - Organizational structure of IP "Kelyukhova"

The main economic indicators of the enterprise are presented in table 3.

financial sustainability economic

Table 3 - Main economic indicators of activity of IP "Kelyukhova N.P.", thousand tenge

Name of indicator201220132014Abs. growth2014/2013Revenue4443151708185 385133677 3.6 rub. Cost of goods sold 4916248607150067101460 3.1 rub. Gross profit -533131013531832217 11.4 rubles. Administrative expenses36444467128518384 2.9 rub. Profit (loss) before tax -9070-13662246723833- 16.4 rubles. Total profit (loss) for the period -9070-13661797319339- 13.2 rubles. Note - compiled by the author according to IP

In 2014, the income from sales of products amounted to 185.4 million tenge, which is more than 3.6 times more than in 2013 (an increase of 133.7 million tenge). The dynamics of revenue is shown in Figure 23.

The cost of goods and services sold in 2013 was 48.6 million tenge, in 2014 it increased by 101.5 million tenge to 150.1 million tenge, or 3.1 times. The cost dynamics is shown in Figure 24.

In 2013, the share of prime cost in the selling price was 94%, in 2014 it decreased to 80.9% (Figure 25). By reducing the share of prime cost in sales proceeds, gross profit increased by 11.4 times: from 3.1 million tenge to 35.3 million tenge.

Figure 2. Dynamics of revenue of IP Kelyukhova N.P., million tenge

Administrative expenses for IP Kelyukhova N.P. in 2013 amounted to 4.5 million tenge, at the end of 2014 there was a significant increase to 12.9 million tenge or 8.4 million tenge - 2.9 times.

Figure 3. Dynamics of the cost of goods sold and services of IE Kelyukhova N.P., million tenge

Figure 4. Share of prime cost in revenue, %

The result of the enterprise's activities are losses in 2013 in the amount of 1366 thousand tenge, according to the results of 2014, the enterprise is profitable, net profit amounted to 17973 thousand tenge, which is shown in Figure 26.

Figure 5. Dynamics of profit/loss of IP Kelyukhova N.P., KZT million

In 2014, IE Kelyukhova N.P. was profitable - 9.7%.

2 Analysis of financial and economic indicators

The main sources of information for the analysis of corporate finance, the formation and placement of its capital statements are the balance sheet, profit and loss statements, changes in equity, cash flow statements and other forms of reporting, primary and analytical accounting data, which deciphers and details individual balance sheet items.

The balance sheet contains a detailed description of the company's resources. However, for financial management, it is necessary to highlight some basic parameters that characterize the effectiveness of decisions made in previous years and the basis for future financial decisions.

We will evaluate the assets of IP Kelyukhova N.P. (table 4).

Table 4 - Assets of IP Kelyukhova N.P., thousand tenge

I. Current assets201220132014Abs. growth in 2014/2013, % Cash 2998331575014917 18.9 rub. accounts receivable226.71451597115826 110.1 rub. Inventories87219561765-19190.2%Other current assets56547312855175.3%Total current assets70533007336143060711.2 rub. II.Long-term assetsFixed assets731944812545-193656.8%Total long-term assets731944812545-193656.8%Balance (line 100+line 200)14372748836159286714.8r.

In particular, cash increased by 18.9 times, accounts receivable - by 110 times, inventories - decreased by 9.8%, other short-term assets increased by 75.3%.

Figure 6. Dynamics of assets of IP Kelyukhova N.P., million tenge

Cash funds of IE Kelyukhova N.P. in 2012 they amounted to 199 thousand tenge, in 2013 they increased to 833 thousand tenge (4.2 times), at the end of 2014 they increased to 15,750 thousand tenge, the increase over the last year was almost 19 times (Figure 7).

Figure 7. Dynamics of cash at the end of the year, thousand tenge

Thus, the analysis of the state of cash showed that the company has some shortcomings both in the reflection of cash in the financial statements and in the cash flow of the company.

We present the structure of assets in Table 5.

Table 5 - Structure of assets of IE Kelyukhova N.P., %

I. Current assets 201220132014Change -21.2%Other current assets39.3%1.0%0.4%-0.6%Total current assets49.1%40.2%93.0%52.8%II. Long-term assets0.0%0.0%0.0%0.0% Fixed assets50.9%59.8%7.0%-52.8%Total long-term assets50.9%59.8%7.0%- 52.8% Balance 100.0% 100.0% 100.0% 0.0% Note - compiled by the author according to IP

In 2012, fixed assets accounted for 50.9% of the total assets, and current assets accounted for 49.1%, of which 6.1% - inventory, 2.1% - cash, other short-term assets - 39.3 % (Figure 8).

Figure 8. The structure of the assets of the IP "Kelyukhova N.P." in 2012

If in 2013 fixed assets accounted for 59.8% of the total assets, and current assets accounted for 40.2%, of which 26.1% were stocks, 11.1% were cash, then at the end of 2014 the specific the weight of short-term assets increased to 93%, while the share of fixed assets, which represent long-term assets, amounted to 7% (Figure 9).

Figure 9. The structure of the assets of IP "Kelyukhova N.P." in 2013

The share of inventories decreased to 4.9%, cash increased its share from 11.1% to 43.6% (by 32.4%), accounts receivable in assets amounted to 1.9% in 2013, in 2014 its share increased by 42.2%, amounting to 44.2% (Figure 10).

Figure 10. The structure of the assets of the IP "Kelyukhova N.P." in 2014

Let's analyze the composition of liabilities (Table 6).

Table 6 - Liabilities of IP Kelyukhova N.P., thousand tenge

LIABILITIES201220132014Abs. growth in 2014/2013, %III. Short-term liabilitiesShort-term accounts payable1771817718Current tax liabilities for income tax Прочие краткосрочные обязательства21608153864578-1080829,8%Итого краткосрочных обязательств2161016092222966204138,6%КапиталУставный капитал110110110100,0%Нераспределенная прибыль-7347-87131375322466-157,8%Итого капитал-7237-86031386322466-161,1%Баланс1437274883615928671 4,8р. Note - compiled by the author according to IP

The dynamics of retained earnings and equity is shown in Figure 18.

Borrowed capital of IP Kelyukhova N.P. represented by short-term liabilities. If in 2013 short-term liabilities amounted to 16.1 million tenge, then in 2014 they increased by 38.6% or 6.2 million tenge. The dynamics of short-term liabilities is shown in Figure 19.

If in 2013 borrowed capital was represented by other short-term liabilities in the amount of 15.4 million tenge and current income tax liabilities in the amount of 706 thousand tenge, then in 2014 other short-term liabilities decreased by 10.8 million tenge (by 70.2%) and amounted to 4.6 million tenge. On the other hand, short-term accounts payable in the amount of 17.7 million tenge were formed.

Figure 11. Dynamics of equity capital and retained earnings/uncovered loss of IP Kelyukhova N.P., million tenge

Figure 12. Dynamics of short-term liabilities of IP Kelyukhova N.P., million tenge

We present the structure of liabilities in Table 7.

Table 7 - The structure of liabilities of IP Kelyukhova N.P.,%

Liabilities201220132014Abs. Growth, 2014-2013III. Current liabilitiesShort-term accounts payable49.0%49.0%Current income tax liabilities9.4%-9.4%Other current liabilities150.3%205.5%12.7%-192.8%Total current liabilities150.4% 214.9%61.7%-153.2%IV Equity0.0%Share capital0.8%1.5%0.3%-1.2%Retained earnings-51.1%-116.4%38, 0% 154.4% Total capital-50.4% -114.9% 38.3% 153.2% Balance 100.0% 100.0% 100.0% Note - compiled by the author according to IP

In 2012-2013, due to the negative amount of equity capital, short-term liabilities exceeded the amount of liabilities by 2.1 times. The structure of liabilities in 2014 is shown in Figure 20.

Figure 13. The structure of liabilities of IP Kelyukhova N.P. in 2014, %

3 Analysis of the financial stability of the enterprise

The solvency of a company is one of the most important criteria for its financial stability and, therefore, is inextricably linked to it. Therefore, in a market economy, an important factor.

Under the solvency of the company should be understood as its willingness to make timely payments on all its obligations.

The analysis carried out by the solvency of the company compared the presence and flow of funds to pay for essentials. Distinguish between current and expected salaries.

Current solvency is determined on the date of the balance sheet. A company is considered insolvent if it has no debts to suppliers, bank loans and other settlements.

In terms of the solvency of the solvency of relations - the current liquidity ratio and the ratio of own funds.

The liquidity of an economic entity is its ability to quickly repay its debt. It is determined by the amount of debt and liquidity, i.e. funds that can be used to pay off the debt.

The liquidity of a company's balance sheet, which is expressed in lightening the obligations of an economic entity by its assets, the conversion period in which the money corresponds to the obligation to repay. Liquidity means the unconditional solvency of the enterprise and offers a constant equality between assets and liabilities, both in terms of the total price and the redemption of funds. The main indicators of liquidity include: the overall ratio of liquidity; Quick liquidity ratio; absolute liquidity ratio.

The general liquidity ratio reflects the company's ability to cover current liabilities with current assets, and is calculated using formula (1).

More accurately determine the level of liquidity allows the ratio of absolute liquidity (the ratio of the most liquid assets to short-term liabilities), according to the formula (10, 11). Inventories and advances are excluded from the total current assets used in determining this ratio; the most liquid assets are summed up and divided into short-term liabilities (deferred income tax and advances received are excluded from short-term liabilities):

Table 8 - Liquidity ratios of IP Kelyukhova N.P.

Indicators201220132014Recommended criterionTotal liquidity ratio0.3260.1871.508> 2.0Quick liquidity ratio0.0240.0651.428>1.0Absolute liquidity ratio0.0140.0520.706>0.2Note - compiled by the author based on IP data

The calculated indicators show that in 2012-2013 the coefficients were several times less than the recommended criteria, that is, such values characterize the absolute non-liquidity of the enterprise's balance sheet.

The overall liquidity ratio in 2014 was equal to 1.5, with the recommended criterion being greater than 2, which is below the critical level.

The quick liquidity ratio in 2014 reached the level of 1.428, with a critical level of 1.0, which indicates a good level of quick liquidity of IE Kelyukhova N.P.

The absolute liquidity ratio in 2014 was at a level above the norm - more than 0.2 (0.706), which indicates that the absolute liquidity criteria were met (Figure 21).

Figure 14. Dynamics of liquidity ratios, %

After a general description of the financial condition and its changes during the reporting period, the next important task of financial analysis is to study the financial stability of the enterprise.

Financial stability is found out on the basis of the analysis of absolute and relative sustainability indicators.

Let's calculate the absolute indicators of financial stability for the IP "Kelyukhova N.P." and put them in table 9.

Table 9 - Absolute indicators of financial stability for IE "Kelyukhova N.P."

ПоказательОбозначение201220132014Собственный капиталСК-7237-860313863Долгосрочные активыДА731944812545Долгосрочные обязательстваДО000краткосрочные кредитыКК000товарно-материальные запасыТМЗ87219561765Собственные оборотные средстваСОС=СК-ДА-14556-1308411318Наличие собственных и долгосрочных заемных источников формирования запасов и затратСД= СОС + ДО-14556-1308411318Общая величина основных источников формирования запасов и затратОИ = СД + КК -14556-1308411318 Surplus (+) or shortage (-) of own working capital D SOS = SOS - TMZ-15428-150409553 Surplus (+) or shortage (-) of own and long-term sources of reserves formation D SD = SD - TMZ-15428-150409553 Surplus (+) or shortage (-) of the total value of the main sources of reserves formation D OI = OI - TMZ-15428-150409553 Three-component indicator of the availability of reserves with sources of their formation S = ( D SOS; D SD; D OI)S = (-1; -1; -1)S = (-1; -1; -1)S = (1; 1; 1) Note - compiled by the author according to IP

For IP "Kelyukhova N.P." it can be concluded that in 2012-2013 there was a state - a crisis, the enterprise was insolvent and was on the verge of bankruptcy, because the main element of working capital - inventory costs were not provided with sources of their coverage. In 2014, the financial condition of IE Kelyukhova N.P. - sustainable.

Consider the financial condition of the IP "Kelyukhova N.P." according to the results of 2012-2014.

Calculate the autonomy coefficient according to the formula (9):

autonomy coefficient =

This indicator characterizes the share of equity capital in the total amount of capital. The share must exceed 50%.

The meaning of the word "autonomy" can be revealed as self-government, independence in management.

Autonomy ratio 2014==38.3%(21)

The calculation of the coefficient for 2013 does not make sense, since the amount of equity capital is negative and the autonomy coefficients are equal to 0.

The coefficient of financial dependence is an indicator showing the share of borrowed funds in the total amount of capital.

To fin. head =

Financial dependency ratio 2012 ==150.4%

Financial dependency ratio 2013 ==214.9%

Financial dependency ratio 2014 ==61.7%

From the calculated coefficients, it can be seen that in 2012-2013 the share of equity in the total amount of capital was negative, borrowed capital exceeded the advanced capital by more than 1.5-2 times, in 2014 the financial dependence ratio was 61.7%.

The borrowing ratio, equal to the ratio of the company's liabilities to equity, characterizes the share of liabilities in equity capital, formula (11). Large debts mean that the debtor is required to pay significant periodic amounts of interest, as well as repay the principal amount of the debt. In addition, a heavily indebted business is more at risk of running out of cash during hard times.

Debt Ratio =

Leverage ratio 2012 == -2.98

Leverage ratio 2013 == -1.87

Leverage ratio 2014 == 1.61

In 2014, the borrowed capital was 61% more than the amount of own capital, in 2013 there was an excess of borrowed capital over the negative amount of own capital by 1.87 times, in 2012 - the excess amounted to 2.98.

investment coverage ratio =

Investment coverage ratio 2014==38.3%

The calculation of coefficients for 2012-2013 does not make sense, since the amount of equity capital is negative and the investment coverage ratio is 0.

The calculated investment coverage ratio in 2014 due to the lack of IP Kelyukhova N.P. long-term liabilities remained at the level of autonomy coefficients.

The company is financially unstable.

The coefficient of maneuverability of working capital characterizes what part of own current assets is in a mobile form

where: Own current assets 2012 = -7237-7319= -14556 thousand tenge

Own current assets 2013 = -8603-4481= -13084 thousand tenge

Own current assets 2014 = 13863-2545= 11318 thousand tenge

The calculation of the maneuverability coefficient in 2012-2013 does not make sense, since own current assets in the IE Kelyukhova N.P. no. All current assets are formed at the expense of borrowed capital.

Agility coefficient 2014= =0.156

Permanent asset index - characterizes the share of fixed assets and non-current assets in the sources of own funds, formula (26)

I permanent asset = (26)

I permanent asset 2012 == -1.01

I permanent asset 2013 == -0.52

I permanent asset 2014 == 0.18

If in 2012-2013 the fixed asset index is negative, that is, fixed assets were financed only by borrowed capital, in 2014 fixed assets amounted to 18% of equity.

The permanent asset index in 2012-2013 shows that the value of fixed assets of the IP Kelyukhova N.P. fully secured by the borrowed capital of the enterprise, in 2014 - 18% secured by equity capital.

Coefficient of real property value 2012 == 0.51

Real property value coefficient 2013 == 0.598

Coefficient of real property value 2014 ==0.07

Coefficients for IP Kelyukhova N.P. does not meet the norm - more than 50% - in 2014, while in 2012-2013 they were within the norm (51% and 59.8%). Real assets account for only about 7% of total capital in 2014. The remaining 93% of the total amount of capital is stock in the warehouse, receivables for work, services, goods.

This ratio must be greater than the debt-to-equity ratio.

Leverage to SC ratio 2012 == -1.99

Leverage to SC ratio 2013 == -1.87

Leverage to SC ratio 2014 == 1.61

For IP Kelyukhova N.P.:

This situation occurs due to the lack of own capital and the low performance of fixed assets of the enterprise.

Thus, for IP "Kelyukhova N.P." we can conclude that the financial condition is unstable, the enterprise is insolvent, because the main element of working capital - inventory costs are not provided with sources of their coverage.

This is confirmed by the coefficients of financial dependence. The amount of borrowed funds in 2012-2013 was 1.5-2 times higher than the amount of advanced capital, while in 2014 it was equal to 61.7% of the amount of capital. If, in 2014, borrowed capital exceeded the amount of equity capital by 61%, then in 2013, there is an excess of borrowed capital over the negative amount of own capital by 1.87 times.

Table 10 - Summary table of financial indicators for 2012-2014

Indicator201220132014Recommended criterionCharacterizing the ratio of own and borrowed fundsAutonomy ratio--38.3%> 0.5Financial dependence ratio150.4%214.9%61.7%Debt ratio-2.98-1.871.61 Investment coverage ratio--38.3% Characterizing the state of fixed assets Permanent asset index-1.01-0.520.18 Coefficient of real value of property 0.510.5980.07> 0.5 Coefficient of the ratio of current assets and real estate 0.960.6713.2 Coefficient of the ratio of borrowed funds and SK-1.99-1.871, 61Note - compiled by the author based on IP data

As a result of the analysis of the practical aspects of the financial stability of the IP "Kelyukhova N.P.", the following conclusions were made:

To date, the confectionery shop of IP "Kelyukhova N.P." is one of the competitive enterprises in the Almaty market. But despite this, the enterprise has some shortcomings both in the reflection of cash in the financial statements, and in the cash flow of the enterprise.

Capital of IP Kelyukhova N.P. in 2012-2013 it had a negative value of 7.2-8.6 million tenge due to uncovered losses in the amount of 7237-8713 thousand tenge, the amount of the authorized capital of the enterprise is a stable value and is equal to 110 thousand tenge. According to the results of 2014, a profit was received, which covered losses and formed retained earnings in the amount of 13,753 thousand tenge.

For IP "Kelyukhova N.P." it can be concluded that the calculated liquidity indicators indicate that in 2012-2013 the balance sheet of the enterprise was illiquid, in 2014 only the general liquidity condition was not met. The coefficients of absolute and quick liquidity are above the norm, which indicates a good level of liquidity of IE Kelyukhova NP.

Thus, for IP "Kelyukhova N.P." it can be concluded that in 2012-2013 there was a state - a crisis, the enterprise was insolvent and was on the verge of bankruptcy, because the main element of working capital - inventory costs were not provided with sources of their coverage. In 2014, the financial condition of IE Kelyukhova N.P. - sustainable.

From the calculated financial stability ratios it can be seen that in 2014 the share of equity in the total capital was 38.3%, in 2012-2013, due to the fact that the amount of equity was a negative value, we conclude that the capital of the enterprise was created only through borrowed funds.

For 2014, it is required to increase equity capital, which was 61% less than borrowed capital.

1 Problems affecting the financial stability of the enterprise

The activity of any enterprise is a complex of interrelated business processes that depend on many factors. If any factor is left out of our attention, the assessment of the influence of other factors taken into account, as well as the conclusions, run the risk of being wrong. These factors, being closely related, often affect the company's results in different directions: one may have a positive impact, while others - negatively. And negative influences can sometimes minimize positive influences.

Consider the factors of activity of IP "Kelyukhova N.P." and their impact on the financial stability of the confectionery (table 11).

Table 11 - Classification of the financial stability of the enterprise

Feature Type of financial stability For IP Kelyukhova N.P. Place of origin Inheritance (genetic), external, internal internal Validity Short-term, long-term long-term Inventory ratio Absolute, normal, unstable, crisis normal Sufficiency of components Liquid, payment, active, property, investment-attractive Liquid Enterprise scale High, medium, low low Time monitoringStatistical, dynamicdynamic

The first group of factors is related to the mode of operation of the enterprise. Symptom classification - place of origin.

Department for the same reason, internal and external financial stability due to the fact that, firstly, the company is both the subject and object of relations in a market economy; Secondly, each company has different opportunities to influence the dynamics of various factors.

Domestic financial stability depends on the activities of the enterprise, foreign practically not subject to the enterprise. In our opinion, this division should be guided by imitating the company's activities and trying to manage its financial stability through the introduction of an integrated search for reserves in order to improve production efficiency.

Key internal factors may include:

Selection of the composition and structure of products and services;

Optimal composition and structure of assets;

The composition and structure of financial resources, and some others.

Consider, for example, affect the optimal composition and structure of assets. Of course they are associated with the right choice strategic management. It depends on the "quality" of current asset management, how much is involved in the turnover (what is the value of shares and assets in monetary form) depends on the stability of the company and the potential performance of the business. There is a model that if a company reduces reserves and liquid assets, that is, it can direct more money in circulation, and therefore get more profit. But by pursuing such a policy, the enterprise increases the risk of insolvency and reduce production due to lack of stock.

According to the balance sheet of IP Kelyukhova N.P. fixed assets decreased in 2014 by 43.2%, short-term assets increased by 11.2 times. In particular, cash increased by 18.9 times, accounts receivable - by 110 times, inventories - decreased by 9.8%, other short-term assets increased by 75.3%. If in 2013 fixed assets accounted for 59.8% of the total assets, and current assets accounted for 40.2%, of which 26.1% were stocks, 11.1% were cash, then at the end of 2014 the specific the weight of short-term assets increased to 93%, while the share of fixed assets, which represent long-term assets, amounted to 7%. Cash increased its share from 11.1% to 43.6% (by 32.4%), accounts receivable as assets amounted to 1.9% in 2013, in 2014 its share increased by 42.2% , amounting to 44.2%.

When studying the influence of the composition and structure of financial resources, it is important to pay attention not so much to the total amount of profit, but to its distribution in two directions:

to finance current activities (formation of working capital, increase of solvency and liquidity);

for investment in capital expenditures, investments in the authorized capital of other enterprises, etc.

The enterprise needs to strive to reinvest profits, and not to finance current activities. Current activities should be financed by attracting short-term bank loans. Consequently, the financial stability of the enterprise is influenced by funds additionally mobilized in the loan capital market.

From the calculated coefficients of financial stability of IP "Kelyukhova N.P." it can be seen that in 2014 the share of equity in the total amount of capital was 38.3%, in 2013, due to the fact that the amount of equity was a negative value, we conclude that the capital of the enterprise was created only at the expense of borrowed funds. This is confirmed by the coefficients of financial dependence. The amount of borrowed funds in 2013 was 2 times the amount of advanced capital, while in 2014 it was equal to 61.7% of the amount of capital.

Thus, IP Kelyukhova N.P. is financially unstable and insolvent. This situation is due to the lack of equity capital and low capital assets.

There is the following pattern: the more money a company can attract, the higher its financial capabilities, but the financial risk also increases - to be able to take the risk of fulfilling its obligations to creditors in a timely manner? In this case, the company may be engaged in reserves created for such purposes, which form the solvency of the guarantee financial company's.

So that the internal factors affecting the financial stability of the company include: industry affiliation; Composition and structure of products and services; Dynamics and structure of distribution costs (production) in relation to income; The composition and condition of the property (pay attention to the amount of inventory and receivables); financial resources (here, pay special attention to the size of the paid-up authorized capital and profit).

External stability in relation to the enterprise is determined by the stability of the economic environment in which the conditions in the enterprise. It has achieved a corresponding market economy management system throughout the state.

External factors affecting the company's financial stability may include financial and credit policies pursued by the government of the Republic of Kazakhstan and its decisions, regulations and laws.

One of the most large-scale unfavorable external factors that destabilize the financial position of an enterprise is inflation.

Crises make significant adjustments to the activities of any business entity. During a crisis, the rate of sales of products lags behind the rate of its production. Investment in inventory is significantly reduced, which, in turn, reduces sales and negatively affects the final financial result (profit).

Distinguish between the internal crisis of the enterprise and the external crisis (crisis in the market). Main differences:) the degree of influence of crisis factors; b) a set of management tools.

We are interested in the last stage of the crisis, namely the crisis of liquidity (solvency).

In this case, the control mechanism can be proposed:

a) analysis of alternatives, "liquidation" and "further operation" of the company through a comprehensive assessment of its value;

b) complex restructuring of the company.

The characteristic of the crisis is the fall in effective demand, which leads not only to an increase in non-payments, but also to increased competition. And, as a result, the severity of competition is important external factor financial stability of the enterprise.

On the provision of funding sources, the inventory highlights the analysis of the current financial stability, since the absence of such a provision makes it almost impossible to proceed with the normal course of business.

Evaluation of the effectiveness of the capital structure determines the long-term financial stability of the enterprise. The ratio of equity and debt capital sources and capital structure there. Particular attention should be paid here not to the entire mass of liabilities and capital of long-term loans and borrowings, as well as to finance the current activities of the enterprise involved in short-term liabilities.

As for the company's equity capital, often not enough, so in order to increase the income and profits of the enterprise to take sources. Based on the foregoing, it follows that the current and long-term financial stability of the enterprise system is characterized by different indicators. The leading place in assessing the financial stability of an enterprise is to hold shares and provide a source of financing. Funding sources include: own working capital (SOS), as well as normal sources of coverage (NIP), the latter include:

Working capital (COC);

Credits and loans are accepted in accordance with the provisions of the reserves (Kz and Zz);

Accounts payable to suppliers.

The choice of funding sources depends on many external and internal factors, which include:

The specifics of the enterprise;

Credit policy of the company;

Size and structure of assets and liabilities;

The value and dynamics of stocks;

Supplier structure;

The cost of long-term and short-term credits and loans, etc.

Given that estimated sources cover stocks, this means comparing long-term and short-term stock funding sources.

Comparing the size of reserves to the size of working capital and normal sources of coverage, determine the type (level, degree) of financial stability: absolute, normal, unstable, crisis.

Financial stability affects the volume of the enterprise as well as its scope.

Thus, optimization of the process of creating a vertically integrated complex (VIC) and managing one's own financial flows is one of the factors contributing to the increase in the financial stability of the industrial complex. The regulation of this factor largely affects not only the activities of the integrated structure, but also the macroeconomic situation in the country. Control methods to find the optimal combination of conditions for integration, strategizing and group tactics.

If you create a complex industrial conglomerate, it becomes a major problem to find the optimal form of an enterprise cluster of various industries and new economic structures. The path to sustainable and stable development for enterprises of any size through the diversification of production. Its deployment is achievable as own production and the financial base of the enterprise, as well as the selection of partners on mutually beneficial terms.

The financial stability of an enterprise is a characteristic of its activities and its financial well-being is the result of its current, financial and investment development, contains the necessary information for the investor, reflects the company's ability to fulfill its obligations and forecast for further development.

In our opinion, further search for factors influencing financial stability is necessary. A financially stable enterprise has advantages in attracting investments, obtaining loans, choosing suppliers and consumers; it is more independent of unexpected changes in market conditions, therefore, the less risk it has of becoming insolvent and on the verge of bankruptcy.

For IP "Kelyukhova N.P." it can be concluded that the calculated liquidity indicators indicate that in 2013 the balance sheet of the enterprise was illiquid in 2014, only the general liquidity condition was not met. The coefficients of absolute and quick liquidity are above the norm, which indicates a good level of liquidity of IE Kelyukhova NP.

It can be seen from the calculated coefficients that in 2014 the financial dependence coefficient is 61.7%.

If in 2013 the permanent asset index is negative, that is, fixed assets were financed only by borrowed capital, in 2014 fixed assets amounted to 18% of equity.

The permanent asset index in 2013 shows that the value of the fixed assets of the IP Kelyukhova N.P. fully secured by the borrowed capital of the enterprise, in 2014 - 18% secured by equity capital.

The coefficient of the real value of property according to IP "Kelyukhova N.P." does not meet the norm - more than 50%. Real assets account for only about 18% of total capital in 2014. The remaining 82% of the total amount of capital is stock in the warehouse, receivables for work, services, goods.

For IP "Kelyukhova N.P." it can be concluded that in 2013 there was a state of crisis, the enterprise was insolvent and was on the verge of bankruptcy, because the main element of working capital - inventory costs were not provided with sources of their coverage. In 2014, the financial condition of the IP is stable.

The range of measures to improve the performance of enterprises is quite wide. Moreover, some of them require investments in the creation of favorable external conditions: in the formation and development of related enterprises and industries, in the creation of the necessary production and market infrastructure, in the development of the raw material base, in the formation of the competitive status of the company, etc. Feasible methods for the enterprise to implement this kind of investment may be equity financing of joint projects with other enterprises, as well as the activities of the enterprise in the securities markets.

Another area of investment activity may be the development of the internal potential of the enterprise through the increment logistical, technological, spatial and other resources. Among the activities in this area include an increase in output, expansion of its range, the introduction of new equipment and technology, increasing the level of competitiveness of products, conducting a rational personnel policy, improving organizational structure management, improvement of all elements of the marketing complex, development of a fundamentally new concept of business and management, etc. Events.

Such measures can be defined as tactically active.

Along with them, enterprises can choose measures that are in the nature of a defensive reaction. This is the liquidation of unprofitable industries, and the reduction in production volumes, and the removal from production of unprofitable types of products, and the reduction in prices, and the reduction in the number of people employed in production, and the reduction of the market segment, etc. Insolvent enterprises resort to such measures quite often due to the fact that these measures do not require additional costs for their implementation and, moreover, contribute to cost reduction.

The choice of preferred measures for the financial recovery of the enterprise should be determined, first of all, by what are the reasons for its unprofitability.

Typical reasons why a company may go bankrupt are:

incorrect production orientation of the enterprise;

low quality management team. The quality of the management team in this case is understood not only as the low professionalism of the management team, but also as a lack of entrepreneurial abilities;

low qualification of performers;

miscalculations in marketing policy;

wrong financial strategy;

expenses of the period that are inadequate to the results (general and administrative expenses, interest expenses, implementation expenses), etc.

The determining factor in both the success of the company and its failures, according to American management experts, is the level of quality of the management team. 90% of failures in business are associated with the incompetence of the management, its inability to adequately respond to the constantly changing conditions of the enterprise, abuse, aging, loss of a creative approach to business, inability to create an atmosphere of cooperation in the team.

According to the Americans, the solution to the problem of management quality is facilitated by the constant rotation of personnel, the retraining of newly recruited personnel, and the invitation of outside specialists to manage the company. The Japanese use a different approach to solving this problem, relying on creating an atmosphere of continuity, stability (up to the introduction of a lifelong employment system), confidence in the future, preferring the promotion of personnel from their own environment, instilling in employees corporate culture based on fostering professional pride in your firm.

Another direction of the financial stabilization of the enterprise is to reduce production costs by eliminating unnecessary and obsolete production facilities, reducing the material consumption of products, eliminating defects, reducing losses from staff turnover, and reducing unnecessary management costs.

It is no less important to prevent bankruptcy by taking measures to improve all elements of the marketing complex. Inadequate assessment of the influence of market factors on the demand for products, overestimation or underestimation of prices for it, unreasonably high advertising costs, failure to take measures to effectively promote the product on the market - these and many others negative sides marketing activities of the enterprise can intensify the crisis trends in the development of enterprises. The influence of factors external to the enterprise and, above all, the fiscal and monetary policy of the state should not be discounted. And although the enterprise cannot influence these factors, it is necessary to take them into account when determining the influence of internal factors. It improves the accuracy of estimates of the effectiveness of measures for the financial recovery of the company.

Essentially, all of the above measures (or at least most of them) in one way or another affect the change in production volumes, current costs and product prices. As a result, the impact of activities on the final results of the enterprise can be expressed through a change in individual indicators or their combination.

So, for example, measures that improve product quality, as a rule, are reflected in an increase in the unit cost of production. However, positive economical effect from these activities should be expected in connection with an increase in demand for products and an adequate increase in the quality of products by an increase in the price of it. The main question is what should be the degree of increase in price and demand in order to ensure profit even with an increase in production costs.

Also relevant is the question of what should be the ratio between the degree of change in fixed costs and the growth in demand when conducting an advertising company or marketing research, so that the company can get out of a state of unprofitability and become profitable.

The subject of consideration in this section can be selected measures that do not require significant capital investments for their implementation.

In particular, the impact on the final results of the enterprise's activities can be assessed:

-increase in the price of products (works, services) while maintaining the same volume of production;

-lower prices to stimulate demand for products;

decrease variable costs and permanent;

marketing research in order to identify new markets for raw materials and sales, etc.

measures of a complex nature, providing for a change in two or more parameters in the "enterprise-market" system.

These measures can be calculated on the basis of the analysis made in this thesis.

The mechanism for implementing the proposed methodology for substantiating measures for the financial recovery of an enterprise is based on the establishment of rational proportions between the quantitative parameters of the elements of the marketing complex. The plan for improving the financial condition of the enterprise, formed on the proposed methodological basis, should become an integral part of the financial section of the business plan.

Most of the recommended anti-crisis measures are associated with the need to attract additional financial resources, which makes the issue of finding sources of their compensation especially relevant. If we take into account that we are talking about enterprises experiencing significant financial difficulties, then the solution to this issue should be based not so much on finding internal sources, but on substantiating the expediency of attracting borrowed funds, determining their size and acceptable conditions for borrowing them. On the other hand, the enterprise must convince the investor of the reality of the return of borrowed funds, subject to the requirements of the lender to increase them. When forming the investment policy of an enterprise and evaluating its effectiveness, the approaches analyzed in Section 2 to modeling a given value of net income at a given enterprise should be applied.

The resulting calculation formulas for determining net income allow us to determine the impact of the designed activities aimed at generating demand and stimulating sales.

The areas of practical implementation of investments can be:

-the sphere of capital construction, i.e. the sphere of creation and modernization of fixed assets and working capital;

-innovation sphere - sphere of implementation scientific and technical and intellectual products;

sphere of circulation of financial capital (cash, loan, long-term and short-term financial investments).

In accordance with the legislation in force in the Republic of Kazakhstan, the sources of financing of investment activities can be:

-own financial resources of the enterprise (net income, depreciation, insurance payments, and other funds);

-borrowed funds of the investor (bank and budget loans, bonded loans, etc.);

attracted financial resources of the investor (funds from the sale of shares and other securities, shares and other contributions of members of labor collectives, etc.);

funds accumulated at the level of association (association) of enterprises;

appropriations from the republican and local budgets, receipts from off-budget funds;

foreign investment.

The ability of the enterprise to use its own sources of financing is currently limited, while attracting credit and other resources requires the borrower to provide documents confirming its ability to repay obligations upon the expiration of the loan, which requires a feasibility study containing a calculation of the economic efficiency of the return on investment costs. Of particular importance in this regard is the justification of measures that ensure the receipt of the desired net income, which can serve as a guarantee of repayment of the obligations assumed by the enterprise. It should be noted that there is currently no single methodological basis for calculating investment efficiency indicators. It is known that abroad each corporation has an individual approach to the process of evaluating the effectiveness of investments, based on its goals and available opportunities.

3 Economic efficiency proposed activities

IE Kelyukhova N.P., like any enterprise, faces the problem of managing the liquidity and financial stability of the enterprise in order to avoid its deterioration and aimed at strengthening it.

Thus, we will build a strategy for strengthening the financial condition of the IP Kelyukhova N.P.

Thus, the proposed measures to improve the creditworthiness of IP Kelyukhova N.P. the following:

The financial results of the activities of an economic entity have an important impact on the formation of liabilities balance items.

The result of the enterprise's activity is losses in 2013 in the amount of 1366 thousand tenge, according to the results of 2014, the enterprise is profitable, net profit amounted to 17973 thousand tenge.

Since IP "Kelyukhova N.P." was a loss-making enterprise in 2013, the resulting losses reduced the equity capital of the enterprise.

Capital of IP Kelyukhova N.P. in 2013 had a negative value of 8.6 million tenge due to uncovered losses in the amount of 8713 thousand tenge, the amount of the authorized capital of the enterprise is a stable value and is equal to 110 thousand tenge. According to the results of 2014, a profit was received, which covered losses and formed retained earnings in the amount of 13,753 thousand tenge.

A gradual increase in own funds will lead to the full financial stability of the enterprise, which takes time and compliance with this asset and liability management policy. The increase in equity capital depends on the received retained earnings, which directly depends on financial result. Consequently, the strategy for increasing the financial stability of the IP "Kelyukhova N.P." it is necessary to develop a strategy for getting the enterprise out of the crisis and increasing the efficiency of activities, that is, obtaining a net profit.

Losses at the enterprise are formed due to the excess of the cost over the level of income: in 2014 - 3.2 times (Table 12).

Table 12 - The share of costs in the volume of implementation of IP "Kelyukhova N.P.", mln. tenge

20132014 Income from sales of products and services 51708185385 Cost of production 48607150067 Share of cost in sales income, times 94% 80.9% Note - compiled by the author according to IP

Since IP "Kelyukhova N.P." except for the cost also has administrative costs, then we summarize these indicators and calculate the share of the main indicators of the costs of the enterprise (table 13).

Table 13 - Composition and cost structure of the enterprise

20132014Total income, thousand tenge51708185385Cost, thousand tenge48607150067Expenses of the period, thousand tenge446712851Total expenses, thousand tenge53074162918Ex. cost weight,% 94.0% 80.95% weight of period expenses, %8.64%6.93% weight of costs,% 102.64% 87.88% Note - compiled by the author according to IP

cost of sales;

administrative expenses.

Taking into account the current situation at the enterprise, we will make a forecast of the company's balance sheet for the near future with the condition of maintaining the achieved position in terms of sales volume and income in the future in order to study the further formation of indicators of the financial stability of the enterprise.

Consider the formation of performance indicators of the enterprise and indicators of assets and liabilities of the balance sheet for 2015-2017 (table 14).

Table 14 - Forecast of performance indicators of IP Kelyukhova N.P. and balance of the enterprise for 2015-2017

Indicator 2013 2014 2015 (forecast) 2016 (forecast) 2017 (прогноз)Выручка51708185385213193245172281948Себестоимость реализованных товаров и услуг48607150067172580198467228237Административные расходы446712851147741699019539Итоговая прибыль (убыток) за период -136617973206712377227338Собственный капитал-860313863345345830685644Текущие обязательства 1609222296222962229622296Валюта баланса 7488361595683080602107940Коэффициент автономии (СК/АК)-1,1490,3830,6080,7230,793Коэффициент финансирования (СК/ПК)-0 ,5350.6221.5492.6153.841 Financial stability ratio (SC+DO/AC)-1.1490.3830.6080.7230.793 Financial dependency ratio (PC/AC)2.1490.6170.3920.2770.207 risk (PC / SK) -1,8711,6080,6460,3820,260 Note - compiled by the author according to IP

We will make up the income received from the activities of the enterprise in 2015 in the forecast, based on the following considerations:

income from the sale of products, works, services - we increase by 15% from the level of 2014 (in order to cover the inflation rate of 10% and a minimum profit of 5%):

In 2015: 185385*1.15=213193 thousand tenge

In 2016: 213193 * 1.15 = 245172 thousand tenge

In 2017: 245172*1.15=281948 thousand tenge

We will fix the cost price at the level of 2014 - 80.95% of income:

In 2015: 213193*0.8095=172580 thousand tenge

In 2016: 245172 * 0.8095 = 198467 thousand tenge

In 2017: 281948 * 0.8095 = 228237 thousand tenge

we will set administrative expenses at a minimum level for two years of 6.93% of sales revenue:

In 2015: 213193*0.0693=14774 thousand tenge

In 2016: 245172*0.0693= 16990 thousand tenge

In 2017: 281948 * 0.0693 = 19539 thousand tenge

net profit of IP Kelyukhova N.P. is calculated as the difference between sales revenue and costs, reduced by the amount of CIT (20%) (Figure 38):

In 2015: 213193-172580 -14774=25839-5167.8= 20671.2 thousand tenge

In 2016: 245172-198467-16990= 29715-5943 = 23772 thousand tenge

In 2017: 281948 - 228237 -19539= 34172-6834.4= 27338 thousand tenge

Figure 15. Forecast of net profit, million tenge

The amount of equity capital will be increased by the amount of the projected net income of the enterprise in the balance sheet of 2015 (Figure 39):

In 2015: 13863+20671=34534 thousand tenge

In 2016: 34534+23772 =58306 thousand tenge

In 2017: 58306 +27338 = 85644 thousand tenge.

Figure 16. Equity forecast, mln. tenge

We will leave the borrowed capital at the same level - 22296 thousand tenge.

The balance sheet currency will increase accordingly due to an increase in the amount of equity capital (Figure 40):

In 2015: 34534 + 22296= 56830 thousand tenge

In 2016: 58306 +22296= 80602 thousand tenge

In 2017: 85644 +22296= 107940 thousand tenge

If the autonomy ratio is gradually increasing due to the growth of equity capital (in 2015 it will be 60.8% with the required level of 50%), in 2016-2017 the level of equity capital will be 72.3% and 79.3% of the total liabilities of the enterprise.

Figure 17. Balance forecast, KZT million

Figure 18. Forecast of financial stability (dynamics of the autonomy coefficient)

The share of borrowed capital, respectively, will decrease - in 2015 to 39.2%, in 2016 - to 27.7%, in 2017 - to 20.7%.

IE Kelyukhova N.P., like any enterprise, faces the problem of managing the liquidity and financial stability of the enterprise in order to avoid its deterioration and aimed at strengthening it.

2. Thus, the proposed measures to improve the creditworthiness of IP Kelyukhova N.P. the following:

1.improving the quality of inventory management;

2.strengthening control over the state of accounts payable to suppliers and contractors;

.control over the state of income and expenses, timely planning of their activities;

.increase in the company's own capital.

Thus, the costs of IP Kelyukhova N.P. in 2013 exceeded the company's income by 2.64%, in 2014 - amounted to 87.88% of the company's income. This circumstance is the reason for the unprofitable activity of the enterprise. Thus, it is necessary to reduce:

cost of sales;

administrative expenses.

You can also suggest the following methods to improve financial stability, applicable to the IP "Kelyukhova N.P.":

Firstly, the management of inventories: if in 2013 their level was 1956 thousand tenge, then in 2014 - their level is 1765 thousand tenge, which is a decrease in the diversion of funds from circulation, nevertheless, the enterprise faces the question stock management;

Secondly, the improvement of work with accounts payable: as already mentioned, almost all the property of the enterprise is formed from borrowed sources. Under these conditions, it is necessary to carefully monitor the upcoming deadlines for paying invoices from suppliers and contractors, work with letters from creditors, and so on.

According to the compiled forecast balance, the forecasted level of financial stability of the IE "Kelyukhova N.P." was calculated for 2015-2017.

In order to, at a given level of production efficiency, IE Kelyukhova N.P. was able to achieve financial stability, the enterprise will need one year, that is, with a given level of production and property status, the enterprise will achieve financial stability by the end of 2015.

Thus, within the framework of the third chapter, a strategy was proposed to improve the financial condition of the IE Kelyukhova N.P.

Conclusion

The success of business units is directly related to the level of leadership, objectivity, specificity, efficiency and scientific soundness of the decisions that need to be optimized. These decisions are known to be associated with the most effective, efficient use of material, labor and financial resources for the implementation of the country's long-term priority - economic growth.

Under market conditions and guarantee the stability of the enterprise's survival fund is its financial stability, reflecting the state of its financial resources, in which it is free cash maneuvering, can effectively use them to ensure the sustainability of production and sales.

As part of the thesis, an analysis of the balance sheet of the IP "Kelyukhova N.P." (The confectionery shop of IP "Kelyukhova" was founded in May 2000 and occupies a special place in the confectionery market in Almaty.): an analysis of the sources of formation of the property of a business entity was carried out, an analysis of financial stability:

The total amount of property in 2014 increased by 4.8 times (from 7488 thousand tenge to 28.7 million tenge, amounting to 36.159 million tenge) - which is shown in Figure 14, including fixed assets decreased by 43.2% , short-term assets - increased by 11.2 times.

In 2012, fixed assets accounted for 50.9% of the total assets, and current assets accounted for 49.1%, of which 6.1% - inventory, 2.1% - cash, other short-term assets - 39.3 %.

The share of inventories decreased to 4.9%, cash increased its share from 11.1% to 43.6% (by 32.4%), accounts receivable in assets amounted to 1.9% in 2013, in 2014 year, its share increased by 42.2%, amounting to 44.2%.

Thus, for IP "Kelyukhova N.P." it can be concluded that the calculated liquidity indicators indicate that in 2012-2013 the balance sheet of the enterprise was illiquid, in 2014 only the general liquidity condition was not met. The coefficients of absolute and quick liquidity are above the norm, which indicates a good level of liquidity of IE Kelyukhova NP.

For IP "Kelyukhova N.P." we can conclude that the financial condition is unstable, the enterprise is insolvent, because the main element of working capital - inventory costs are not provided with sources of their coverage.

If in 2014 borrowed capital exceeded the amount of equity capital by 61%, then in 2013 there is an excess of borrowed capital over the negative amount of own capital by 1.87 times.

Thus, IP Kelyukhova N.P. is financially unstable and insolvent. This situation occurs due to the lack of own capital and the low performance of fixed assets of the enterprise.

improving the quality of inventory management;

strengthening control over the state of accounts payable to suppliers and contractors;

control over the state of income and expenses, timely planning of their activities;

increase in the company's own capital.

In the thesis work, the following methods were proposed to improve financial stability, applicable to the IP "Kelyukhova N.P.":

firstly, the management of inventories: if in 2013 their level was 1956 thousand tenge, then in 2014 - their level is 1765 thousand tenge, which is a decrease in the diversion of funds from circulation, however, the enterprise faces the question stock management;
secondly, the improvement of work with accounts payable: as already mentioned, almost all the property of the enterprise is formed from borrowed sources. Under these conditions, it is necessary to carefully monitor the upcoming deadlines for paying invoices from suppliers and contractors, work with letters from creditors, and so on.

Taking into account the current situation at the enterprise, a forecast of the enterprise's balance sheet for the near future was made with the condition of maintaining the achieved position in terms of sales volume and income in the future in order to study the further formation of indicators of the financial stability of the enterprise.

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Attachment 1

Profit and loss statement for 2012 IE "Kelyukhova", thousand tenge

Description of indicatorsCode page For the reporting period Income from sales of products and services 01044430 Cost of sales and services 02049762 Gross profit (str. 060-Administrative expenses 0703699Financing expenses 080-Other expenses 090-Share of the organization's profit/loss accounted for using the equity method 100-Profit (loss) for the period from continuing operations 110-9030Profit (loss) from discontinued operations 120-Profit (loss) before tax (line 110+line 120) 130-9030Corporate income tax expense 140-Net profit (loss) for the period (line 130-line 140) before minority interest 150-9030Minority interest 160-Final income (loss) ) for the period (line 150-line 160) 170-9030 Earnings per share 180-

Appendix 2

Profit and loss statement for 2013 IE "Kelyukhova", thousand tenge

Description of indicatorsCode page For the reporting period Income from sales of products and services 01051708 Cost of goods sold and services rendered 02048607 Gross profit (str. Administrative expenses 0704467 Financing expenses 080-Other expenses 090-Share of profit/loss of the organization accounted for using the equity method 100-Profit (loss) for the period from continuing operations 110-Profit (loss) from discontinued operations 120-Profit (loss) before tax (line 110+line 120) 130-1366 Corporate income tax expense 140-Net profit (loss) for the period (line 130-line 140) before deducting minority interest 150-1366 Minority share 160-Total profit (loss) for period (line 150-line 160) 170-1366 Earnings per share 180-

Annex 3

Profit and loss statement for 2014 IE "Kelyukhova", thousand tenge

Description of indicatorsCode page For the reporting period Income from sales of products and services 010185385 Cost of sales and services 020150067 Gross profit (p. Administrative expenses 07012851 Financing expenses 080-Other expenses 090-Share of profit/loss of the organization accounted for using the equity method 100-Profit (loss) for the period from continuing operations 110-Profit (loss) from discontinued operations 120-Profit (loss) before tax (line 110+line 120) 13022467 Corporate income tax expense 1404494 Net profit (loss) for the period (line 130-line 140) before minority interest 15017973 Minority share 160-Total profit (loss) for the period (line 150- 160) 17017973 Earnings per share 180-

Appendix 4

Balance sheet for 2012 IP "Kelyukhova", thousand tenge

ASSETCode pI. CURRENT ASSETS Cash 010300Short-term receivables 012-Inventories 013872Current tax assets 014227Other current assets 0165654 Total current assets 1007053II. LONG-TERM ASSETS Fixed assets 0247319 Intangible assets 027- Total long-term assets 2007319 BALANCE 25014372 EQUITY AND LIABILITIESCode page III. CURRENT LIABILITIES Tax liabilities 0321.9 Other current liabilities 03321607 Total current liabilities 30021609IV. LONG-TERM LIABILITIES Total long-term liabilities 400-V. CAPITAL Authorized capital 050110 Retained earnings (uncovered loss) 055-7347 Total capital 500-7237 BALANCE 55014372

Annex 5

Balance sheet for 2013 IE "Kelyukhova", thousand tenge

ASSETCode pI. SHORT-TERM ASSETS Cash 010833Short-term accounts receivable 012145Inventories 0131956Current tax assets 014-Other current assets 01673 Total current assets 1003007II. LONG-TERM ASSETS Fixed assets 0244481 Intangible assets 027- Total long-term assets 2004481 BALANCE 2507488 EQUITY AND LIABILITIESCode page III. CURRENT LIABILITIES Tax liabilities 032706Other current liabilities0331586 Total current liabilities 30016092IV. LONG-TERM LIABILITIES Total long-term liabilities 400-V. CAPITAL Authorized capital 050110 Undistributed income (uncovered loss) 055-8713 Total capital 500-8603 BALANCE 5507488 Appendix 6

Balance sheet for 2014 IE "Kelyukhova", thousand tenge

ASSETCode pI. SHORT-TERM ASSETS Cash 01015750Short-term receivables 01215971Inventories 0131765Current tax assets 014-Other current assets 016128 Total current assets 10033614II. LONG-TERM ASSETS Fixed assets 0242545 Intangible assets 027- Total long-term assets 2002545 BALANCE SHEETS 25036159 EQUITY AND LIABILITIESCode page III. CURRENT LIABILITIES Short-term accounts payable 03217718Other current liabilities0334578 Total current liabilities 30022296IV. LONG-TERM LIABILITIES Total long-term liabilities 400-V. CAPITAL Authorized capital 050110 Retained earnings (uncovered loss) 05513753 Total capital 50013863 BALANCE 55036159

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