4. Critical financial situation.

This situation means that the company cannot pay its creditors on time. In a market economy, if the situation recurs chronically, the enterprise must be declared bankrupt.

For evaluation financial stability apply a methodology for calculating a three-component indicator of the type of financial situation.

To characterize the sources of inventory formation and costs, indicators are used that reflect various types sources.

1) Availability of own working capital (SOC), defined as the difference between equity and cost outside current assets.

2) Availability of own and long-term borrowed (DP) sources for the formation of reserves and costs (SOS + DP).

3) Availability of own, long-term and short-term (CP) sources for the formation of reserves and costs (SOS + DP + CP).

Three indicators of the availability of sources of formation of reserves and costs (ZiZ) correspond to three indicators of the provision of reserves and costs with sources of formation:

1. Surplus (+) or deficiency (-) of own working capital (F s):

± F s = SOS – ZiZ (2.17)

2. Excess (+) or deficiency (-) of own and long-term borrowed sources of formation of reserves and costs (F t):

± F t = (SOS + DP) – ZiZ (2.18)

3. Excess (+) or deficiency (-) total value main sources for the formation of reserves and costs (F o):

± F o = (SOS + DP + KP) – ZiZ (2.19)

Using these indicators, you can determine a three-component indicator of the type of financial situation.

There are four types of financial situations:

1. Absolute independence of financial condition meets the following conditions: Ф с ≥ 0; F t ≥ 0; F o · 0; that is, a three-component indicator of the type of situation:

S = (1,1,1) (2.20)

2. Normal independence of financial condition, which guarantees solvency:

F s< 0; Ф т ≥ 0; Ф о ≥ 0, то есть S = {0,1,1} (2.21)

3. Unsustainable financial condition, associated with a violation of solvency, but in which it is still possible to restore balance by replenishing sources of own funds (reducing accounts receivable, accelerating inventory turnover):

F s< 0; Ф т < 0; Ф о >0; that is, S = (0,0,1) (2.22)

4. Crisis financial condition, in which the enterprise depends entirely on borrowed sources of financing. Own capital and long- and short-term credits and borrowings are not enough to finance working capital, that is, replenishment of inventories comes from funds generated as a result of repayment of accounts payable, S = (0,0,0).

To determine the type of financial stability, let us analyze the dynamics of the sources of funds necessary for the formation of reserves in the table.

Table 2.11 - Indicators of the type of financial stability

Indicators	At the beginning of the period	At the end of the period	Changes
			Thousand rub.	%
1	2	3	4	5
1. Sources of own funds	3534015	4599513	1065498	30
2. Non-current assets	6095813	8706995	2611182	43
3. Availability of own working capital (column 1-column 2)	2561798	4107482	1545684	60
4. Long-term loans and borrowings	1000000	377097	-622803	-62,2
5. Availability of own and long-term borrowed funds for the formation of reserves (gr. 3 + gr. 4)	3561798	4484579	922781	26
6. Short-term loans and borrowings	135683	1119982	984299	725
7. The total value of the main sources of funds to cover inventories and costs (column 5 + column 6)	3697481	5604561	1907080	51,5
8. Inventories and costs	740525	1290014	549489	74,2
9. Surplus (+), lack (-) of own working capital to cover inventories and costs (column 3 - column 8)	(2561798-740525)	(4107482-1290014)	996195	55
10. Surplus (+), shortage (-) of own working capital and long-term borrowed funds to cover inventories and costs (column 5 - column 8)	(3561798-740525)	(4484579-1290014)	373292	13,2
11. Surplus (+), deficiency (-) of the total amount of sources of funds to cover inventories and costs (column 7 - group 8)	(3697481-740525)	(5604561-1290014)	1357591	46
12. Three-component indicator of the type of financial stability	(1,1,1)	(1,1,1)

As the table data shows, both at the beginning and at the end of the analyzed period, the enterprise does not have a shortage of its own and attracted sources of funds for the formation of reserves and therefore belongs to the first type - an absolutely financially independent enterprise.

Solvency characterizes the ability of an enterprise to timely repay payment obligations in cash. Thus, an enterprise is solvent subject to the availability of free cash resources sufficient to repay existing obligations.

An enterprise can be solvent in the absence of the required amount of available funds. cash, if it is able to sell its current assets to pay creditors.

In the practice of financial analysis, a distinction is made between current and long-term solvency. Long-term solvency refers to the ability of an enterprise to pay its long-term obligations. The ability of an enterprise to pay its short-term obligations characterizes its current solvency.

The balance sheet is used to assess the solvency of an enterprise.

The absolute liquidity ratio (K al) is determined by the ratio of the most liquid assets - cash (CD) and short-term financial investments (SFI) to the amount of short-term debt obligations according to the formula:

K al = (DS + KFV) / KDO (2.23)

The absolute (quick) liquidity ratio shows what part of the current debt can be repaid in the near future. A number of authors recommend a normal limit for this indicator in the range of 0.2 - 0.5.

The quick or critical liquidity ratio (K cl) is determined by the ratio of the amount of the most liquid funds and quickly salable assets - short-term receivables (RS) and other current current assets (TA pr) - to the amount of short-term debt obligations according to the formula:

K cl = (DS + KFV + DZ + TA pr) / KDO (2.24)

This indicator characterizes that part of current liabilities that can be repaid not only from cash, but also from expected receipts for products shipped, work performed or services rendered.

The critical liquidity ratio reflects the projected payment capabilities of the enterprise, subject to timely settlements with debtors. The recommended value of this indicator is 0.8 - 1.

The current liquidity ratio (Ktl), or the total coverage ratio, is equal to the ratio of the value of all current current assets (TA) to the amount of short-term debt obligations:

K tl = TA / KDO (2.25)

The current liquidity ratio characterizes the expected solvency of the enterprise for a period equal to average duration one turnover of all current assets. It shows the payment capabilities of the enterprise, subject to not only timely settlements with debtors and the sale of finished products, but also in the case of the sale of other elements of material working capital.

The conditional normative value of the coefficient varies from 1.5 to 2.

In the world practice of market relations, the optimal ratio is 1:2, that is, to ensure a minimum investment guarantee, for every ruble of short-term debt there are two rubles working capital. The coefficients characterizing the solvency and liquidity of the enterprise are given in Table 2.12.

Table 2.12 - Analysis of liquidity indicators

	Indicators	To the beginning		Deviation
1	Initial data for calculation:
2	Cash, thousand rubles.	139959	129114	-10845
3	Short-term financial investments, rub.	84	1422	1338
4	Total most liquid assets, rub.	140043	130536	-9507
5	Quick sale assets (short-term receivables), rub.	715250	885424	170174
6	6Total of the most liquid and quickly sold assets, rub.	855293	1015960	160667
7	Slowly realizable assets (inventories, VAT), rub.	740525	1290014	549489
8	Total liquid assets, rub.	1595818	2305974	710156
9	Short-term debt obligations, rub.	1895031	4065627	2170596
10	Relative odds:
11	Absolute liquidity ratio (K al)	140043/1895031= 0,07	130536/4065627= 0,03	-0,04
12	Critical liquidity ratio (K cl)	855293/1895031= 0,45	1015960/4065627= 0,25	-0,17
13	Current ratio (K tl)	1595818/1895031= 0,84	2305974/4065627= 0,6	-0,24

The table data indicates that the company is insolvent. Liquidity ratios for the reporting period decreased slightly and were significantly below the recommended values.

The absolute liquidity ratio decreased from 0.07 to 0.04 points and shows that by the end of the year 3% of short-term liabilities can be repaid through the use of cash and securities of the enterprise. If we compare the value of the indicator with the recommended level (0.2 - 0.3), it can be noted that the company has a cash shortage to cover current liabilities. This circumstance may cause distrust of this enterprise on the part of suppliers of material and technical resources.

The critical liquidity ratio shows that at the beginning of the period, short-term debt obligations were covered by 45% by cash, securities and settlement funds. By the end of the reporting period, the value of the ratio decreased by 0.17 points and shows that current liabilities can be repaid by the most liquid assets and quick-sale assets by only 25%. Moreover, the repayment of short-term debt obligations (the current solvency of the enterprise) largely depends on the quality of receivables and the financial condition of the debtor. In general, this coefficient can be called predictive, since the company cannot know exactly when and in what quantity debtors will repay their obligations, that is, the liquidity of the company depends on their solvency. In our example, the level of the quick liquidity ratio is below the recommended value (0.8 - 1) and indicates that the amount of liquid assets of the enterprise does not meet the requirements of current solvency.

The current liquidity ratio (or coverage ratio) during the reporting period decreased by 0.24, reaching 0.6 by the end of the year. The company covers only 60% of its short-term debt obligations with liquid assets.

To illustrate the presented conclusions, you can use graphs, the construction of which is based on a comparison of the absolute amounts of liquid assets with short-term debt obligations.

Necessary element financial analysis is the study of the results of financial economic activity enterprises that are characterized by the amount of profit or loss.

Profit is the standard for successful operation of an enterprise. The amount of profit depends on production, supply, sales and commercial activities enterprises. Profits are used to repay the enterprise's debt obligations to creditors and investors.

Analysis financial results includes assessment the following indicators profit: gross, profit from sales, profit before tax, profit from ordinary activities, net profit of the enterprise.

The final financial result (net profit or loss) is made up of the financial result from ordinary activities, as well as other income and expenses.

The results of the analysis are used to make economic decisions aimed at efficient use resources, choice the best option investments, justification of the development prospects of the enterprise, etc.

Table 2.13 - Analysis of the dynamics of the financial results of the enterprise

Indicators	Previous period Thousands rub.	Reporting period	Change (+,-)
			Thousand rub.	%
1	2	3	4	5
1. Profit (loss) from product sales	917850	1187835	269985	29,4
2. Interest receivable	1054	2608	1554	147
3. Interest payable	67189	187870	120681	180
4.Other operating income	27359	1183693	1156334	4226
5.Other operating expenses	291913	390876	98963	34
6. Income from participation in other organizations	604	10700	10096	1671
7.Non-operating income	102218	96479	-5739	-6
8.Non-operating	373870	285745	-88125	-23,5
9. Profit (loss) up to taxation	316113	1616824	1300711	411
10. Income tax and other similar	133398	471496	338098	253
11. Profit (loss) from ordinary activities	182715	1145328	962613	526
12. Extraordinary income	106	546	440	415
13. Extraordinary expenses	36	1685	1649	4580
14. Net profit (retained profit (loss) of the reporting period)	182785	1144189	961404	525

The table shows that the amount of profit before tax increased fourfold in the reporting year. This led to a corresponding increase in the profit remaining at the disposal of the enterprise. The following positive changes can be noted in the dynamics of financial results.

Net income is growing faster than sales profit and profit before taxes.

Gain total amount profit was due to an increase in profit from the sale of products by 269,985 rubles, or 29.4%, as well as a reduction in non-operating expenses by 88,125 rubles, or 23.5%. At the same time, the dynamics of financial results also include negative changes. In the reporting year, compared to the previous period, there was a reduction in other non-operating income by 5,739 rubles, or 6%.

Let's consider the influence of factors on the relative change in the amount of taxable profit. If a change in an indicator helps to increase profits, then the factor has positive value, and vice versa.

1. The impact of an increase in the amount of profit from sales on the amount of taxable profit: 269958/316113*100 = + 85.3%.

2. The impact of an increase in other operating income on the amount of taxable profit: 1156334 /316113 · 100 = + 365%.

3. The impact of a decrease in non-operating income on the amount of taxable profit: -5739 / 316113 · 100 = - 1.8%.

4. The impact of an increase in other operating expenses on the amount of taxable profit: 98963 /316113 · 100 = - 31.3%.

5. The impact of reducing non-operating expenses on the amount of taxable profit: -88125 / 316113 · 100 = + 28%.

6. Summary of factors: 85.3 + 365 - 1.8 – 31.3 + 28 = 445.2

Results factor analysis showed that the greatest impact on the increase in taxable profit was had by an increase in profit from other operating income (365%) and the amount of profit from sales (85.3%). Negative influence by the amount of profit due to an increase in other operating expenses. Consequently, reducing costs and increasing income are reserves for increasing the profit of an enterprise.

To assess the efficiency of using resources consumed in the production process, profitability indicators are used.

Profitability indicators characterize the relative profitability or profitability of various areas of the enterprise's activities. They reflect the final results of business more fully than profit, since their value shows the relationship between the effect and the available or used resources. Indicators are measured in relative values ​​(percentages, coefficients).

1. Cost profitability (R s) is characterized by the ratio of profit from the sale of products (P r) to full cost products sold(C p), %:

R z = (P r / C p) 100%, (2.26)

The coefficient shows the level of profit per 1 ruble of funds spent. It is calculated for the enterprise as a whole, its individual divisions and types of products.

2. Return on sales (R p) is measured by the ratio of profit to sales volume. Sales volume is expressed by revenue from the sale of products minus value added tax, excise taxes and similar mandatory payments.

Depending on the profit indicator, profitability of sales is distinguished:

a) as the ratio of profit from the sale (P r) to the proceeds from the sale (R pr), %:

R pr = (P r / V r) · 100%, (2.27)

b) as the ratio of taxable profit (P n) to sales proceeds (R n), %:

R n = (P n / V pv) 100% (2.28)

c) as the ratio of net profit (P h) to sales revenue (R h), %:

R h = (P h / V r) 100% (2.29)

Return on sales characterizes efficiency entrepreneurial activity: shows how much profit was made per ruble of sales. Calculated as a whole for the enterprise, certain species products.

3. Return on capital ratios are calculated by the ratio of the amount of profit to the average annual amount of capital and its components. When calculating the coefficients, taxable profit (P n) and net profit (P h) are used.

Depending on the type of capital, profitability indicators are distinguished. a) Profitability of all property (R and) - as the ratio of the taxable profit of the enterprise to the average annual value of the enterprise’s property, %:

R and = (P n /<И>) · 100%, (2.30)

<И>- average annual value of the enterprise’s property, determined according to the balance sheet asset data as the arithmetic mean at the beginning and end of the analyzed period, rub.:

<И>= (VB n + VB k) 0.5, (2.31)

VB n, VB k - balance sheet currency (total value of property) at the beginning and end of the reporting period, respectively, which is equal to the sum of the totals of sections I and II of the balance sheet asset

VB = I r AB + II r AB (2.32)

The coefficient shows how much monetary units profit received by the enterprise from a unit of property (assets) value, regardless of the sources of raising funds.

b) Profitability equity(R ck) is calculated by the ratio of net profit to the average annual value of equity (shareholder) capital, %:

R sk = (P h /<СК>) · 100%, (2.33)

<СК>- average annual cost of equity capital, defined as the arithmetic average total own sources funds of the enterprise (result of section III of the liabilities side of the balance sheet) at the beginning (SC n) and end (SC k) of the analyzed period, rub.:

SK = (SK n + SK k) 0.5 (2.34)

The coefficient plays important role when assessing the level of quotation of shares of joint-stock companies on the stock exchange.

The profitability of property differs from the profitability of the corresponding capital, since in the first case all sources of financing, including external ones, are assessed, and in the second - only one’s own.

If borrowed funds bring more profit than paying interest on this borrowed capital, then the difference can be used to increase the return on equity capital. However, if the return on assets is less than the interest paid on borrowed funds, the impact of borrowed funds on the activities of the enterprise should be assessed negatively.

Analysis of profitability indicators is carried out on the basis of financial reporting data (forms No. 1, 2) using analytical table 2.14.

Table 2.14 - Dynamics of profitability ratios

Indicators	Previous period	Reporting period	Change
Initial data, thousand rubles.
1.Proceeds (net) from sales products	6846740	8938445	2091705
2. Full cost products sold	5928890	7750610	1821720
3. Profit from product sales	917850	1187835	269985
4. Profit before tax	316113	1616824	1300711
5. Net profit	182785	1144189	961404
Profitability ratios
6. Cost profitability, %	917850/5928890*100 =15,4	1187835/7750610*100 = 15,3	-0,1
7.Sales profitability on taxable profit, %	316113/6846740*100 = 4,6	1616824/8938445*100 = 18	13,4
8. Sales profitability by profit from sales, %	917850/6846740*100 = 13	1187835/8938445*100 = 13	0
9. Sales profitability by net profit, %	182785/6846740*100 = 2,6	1144189/8938445*100 = 13	10,4
10. Profitability of property, %	316113/6095813*100 = 5	1616824/8706995*100 = 19	14
11.Profitability of own capital, %	182785/3534015*100 = 5	1144189/4599513*100= 25	20

These tables allow us to draw the following conclusions.

In general, the enterprise has seen an improvement in the use of property. For every ruble of funds invested in assets, the company received more profit in the reporting year than in the previous period. If previously every ruble invested in property brought almost 5 kopecks. arrived, now - 19 kopecks.

Return on equity increased during the reporting period by 20 percentage points. The profitability of sales in terms of net profit also increased. The reason for the positive changes in the level of profitability was the faster growth rate of profit received from the results of financial and economic activities (profit before tax) and net profit, compared to the growth rate of property value and sales volume. An increase in sales profitability can mean an increase in demand for products and an improvement in their competitiveness.

At the same time, there was a decrease in the level of profitability of costs calculated by profit from sales. The return on sales ratio, calculated on the basis of taxable profit, is higher than the level of return on sales, calculated on the basis of profit from sales.

In domestic economic practice, a system of criteria is used to determine the unsatisfactory structure of the balance sheet and the possibility of restoring or losing the solvency of the enterprise.

Indicators for assessing the balance sheet structure are:

Current ratio;

Own funds ratio.

1. The current liquidity ratio characterizes the overall security of the enterprise working capital for conducting business activities and timely repayment of urgent obligations of the enterprise. To calculate the current liquidity ratio (K 1), the formula is used:

PA - the result of section II of the balance sheet asset;

VP - the result of section V of the liability side of the balance sheet;

630, 640, 650 - the corresponding liability lines of the balance sheet.

Standard value K 1 ≥ 2.

2. The equity ratio characterizes the availability of the enterprise’s own working capital, which is necessary for its financial stability.

The equity capital ratio (K 2) is defined as the ratio of the difference between the volume of sources of equity (the total of Section III of the liabilities side of the balance sheet) and the actual cost of non-current assets (the total of Section I of the assets of the balance sheet) to the actual cost of the working capital available to the enterprise (the total of Section II of the balance sheet) balance sheet asset) according to the formula:

IIIП - the result of section III of the liability side of the balance sheet;

IA - the result of section I of the balance sheet asset;

IIA - the result of section II of the balance sheet asset.

Standard value K 2 ≥ 0.1.

The basis for recognizing the structure of the balance sheet of an enterprise as unsatisfactory is the fulfillment of one of following conditions:

The current ratio at the end of the reporting period is less than 2;

The equity ratio at the end of the reporting period is less than 0.1.

3. If the balance sheet structure is unsatisfactory for verification real possibility for an enterprise to restore its solvency, the solvency restoration coefficient is calculated for a period of 6 months, determined by the formula:

K 1f - the actual value (at the end of the reporting period) of the current liquidity ratio (K 1);

K 1н - the value of the current liquidity ratio at the beginning of the reporting period;

K 1norm - standard value of the current liquidity ratio;

K 1norm = 2;

6 - period of restoration of solvency in months;

T - reporting period in months.

Standard value K 3 ≥ 1.

The solvency restoration coefficient is calculated if at least one of the coefficients K 1, K 2 takes a value less than the standard one.

The solvency restoration coefficient, which takes a value greater than 1, indicates that the enterprise has a real opportunity to restore its solvency in the near future.

The solvency restoration coefficient, which takes a value less than 1, indicates that the enterprise in the near future (within 6 months) has no real opportunity to restore solvency.

K 1n = 1666306/1895031 – (10943 + 83084 + 71617) = 0.96

K 1f = 2389253/4065627 – (12047 +78816 +400804) = 0.66

K 2n = 3534015 – 6095813/1666306 = - 1.5

K 2f = 4599513 – 8706995/2389253 = - 1.7

Coefficients K 1 and K 2 at the time of assessment have values ​​below the recommended level, and therefore the solvency recovery coefficient K 3 is calculated.

K 3 = 0.66 + 6/12 * (0.66 – 0.96)/2 = - 0.405

6 - period of restoration of solvency (in months), accepted for calculation;

12 - reporting period (in months) according to the annual financial statements.

The calculation results are presented in an analytical table.

These calculations allow us to draw the following conclusions:

1. The current liquidity ratio at the end of the reporting period is less than 2, which shows the insufficiency of working capital to cover the short-term debt of the enterprise.

2. The equity ratio at the time of assessing the balance sheet structure is less than 0.1, that is, the enterprise is experiencing financial instability due to a lack of equity to replenish current assets.

3. The enterprise has an unsatisfactory balance sheet structure, since the current liquidity ratio and the equity ratio are below standard values.

4. The recovery coefficient is less than 1, therefore, the company does not have the opportunity to restore solvency within six months from the date of assessment.

3.1 Conceptual approach to assessing the financial condition of an enterprise

Among the most important tasks financial management at the level of an industrial enterprise include: assessment of the actual level of solvency, assessment of the level of asset management, assessment of the degree of dependence on external sources financing, as well as calculation of indicators characterizing changes in the level business activity, economic and financial profitability.

The listed tasks are closely interrelated. Therefore, only their systemic solution, only their cumulative results can give an objective picture of the financial condition of the enterprise. Qualitative diagnostics financial parameters of the enterprise allows you to use the obtained data both to correct the existing development strategy and to design a new one.

There are different approaches to conducting financial analysis; this problem can be considered both from within the enterprise and from the outside.

Internal analysis is necessary for the enterprise itself to more effectively plan and manage its activities.

When forming both current and long-term plans, the actual financial position of the enterprise is first assessed, and then the effect of the proposed behavior strategies in the future is determined. As a rule, tasks aimed at adjusting financial policy enterprises are set by its administration. The result of the analysis for the internal user is a set of management decisions - a combination of various measures aimed at optimizing the production and sales of the enterprise's products, taking into account the impact of changes in the macro- and microeconomic environment.

Each enterprise, being a subject of market relations, interacts with other economic agents. These include suppliers, consumers, creditors, investors, etc. Enterprise research by third parties concerns mainly the implementation specific plans in relation to this enterprise: acquisition, lending, conclusion and execution of contracts. In this case, the results of the financial analysis are intended for external users. Organizations providing credit are primarily interested in analyzing the liquidity of the enterprise. Since it is currently possible to obtain only short-term loans, the best way for an enterprise to fulfill these obligations can be assessed through liquidity analysis. Holders of a company's shares want to know about the level of liquidity, mainly about its ability to service debts, that is, pay interest and repay the principal amount of the loan. This ability can be assessed by analyzing the capital structure of the enterprise, the main sources and use of funds, the profitability of the enterprise over a long period and the forecast assessment of profitability in the future. In relation to external management, the main indicator is the rate of return on investments in various assets and the efficiency of managing these assets.

Differences in the formulation of analysis tasks are associated with differences in the choice of indicators that determine management decisions internal and external users of information. Of course, it is possible to highlight indicators in equally important for both external and internal analysts (for example, liquidity, cash flow etc.). However, for each of these groups there is a special set of indicators that are decisive when making a decision regarding the enterprise in question. Thus, the analysis of the financial condition of the enterprise is preceded by certainty as to from whose point of view this work will be carried out.

The main problematic issues that arise and are taken into account during the financial analysis of an enterprise are to identify trends and patterns of development of the enterprise for the period under study; determining production bottlenecks and the degree of their impact on the financial condition; identifying reserves that can be used to improve financial condition.

Financial analysis involves the study of financial statements contained in such sources of information as “Balance Sheet of the Enterprise”, “Profit and Loss Statement”, “Capital Flow Statement”, “Information on the costs of production and sales of products (works, services)”, “Information on availability and movement of fixed assets (funds) and other non-financial assets", a number of others, internal and external for a particular enterprise.

Listed financial statements performs a series important functions. First, it provides a snapshot of a business's funds and liabilities at a specific point in time, usually at the end of the year or quarter. This form is known as balance. Secondly, the profit and loss statement contains information about the revenue, costs, taxes, profits of the enterprise for certain time. But while the balance sheet is a snapshot of a business's financial health, the income statement paints a picture of a business's profitability over a given period. From these documents it is also possible to obtain some derivative information, for example, about retained earnings or about the sources of the formation and use of funds. To answer questions about how much funds the enterprise will need in the future and what will cause this need, analytical tools are used, such as drawing up a report on the sources and use of funds, data on cash flows.

Calculation production capacity and planning of production and economic activities of OJSC "Obukhovskaya Mine Management Unit"

Calculations of the mine's throughput are presented in the form of a planogram (Fig. 1). It can be concluded that as a result of calculating the production capacity of the enterprise, no bottlenecks in production capacity were identified. Rice. 1 Bandwidth mines 3. Planning of production at the mine 3.1 Production plan at the coal mine in physical terms Coal production plan for...

Answer the question how correctly the enterprise managed financial resources during the period preceding this date. Having analyzed the main technical and economic indicators, we can conclude that the financial situation of Obukhovsky Shchebzavod LLC forces management to take urgent measures to improve it. The methodology for analyzing the financial condition of an enterprise includes...

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- an indicator of his position in society. There are currently only four types of this condition. And the following diagram will demonstrate this more clearly:

As you can see from this diagram, there are four main types of financial condition. In the middle is the so-called poverty line, being below which is fraught with big problems in life.

The diagram also shows the paths of transition from one state to another and the main parameters of these states. Let's now look at them in more detail.

Financial pit

Without exaggeration, this is the most problematic condition, characterized by the presence of expenses that are noticeably greater than income, which in itself contributes to the systematic increase in a person’s debts. In this position there are no savings and.

Most often, in this state, people pay their expenses by attracting new loans and advances, which promises a further increase in debt obligations. The only way getting out of here means controlling funds, as well as cutting costs and increasing income.

Financial instability

This is the next financial position below the line. In this case, income and expenses are approximately the same, but, as a rule, there are no savings. There are most likely no investments either. It seems that there is enough money, but if suddenly an unforeseen situation arises, for example, an illness or an accident, then the person is instantly pulled into the previous state. He falls into a financial hole.

To prevent this from happening, you need to approach lending issues wisely and choose profitable offers.

According to numerous financial experts and statistics, in our country this category of people is the most common and makes up about 70 percent.

The name financial instability speaks for itself and characterizes this situation very well.

Financial stability

In this situation, income is greater than expenses, and the following situation arises: cash savings and investments appear. And in the event of any unforeseen situation, he will easily pass the test without incurring debts.

Every year financial situation such a person is strengthened and falling down is no longer likely.

As practice shows, if a person has crossed the poverty line, then most likely he will not return back!

As for the income of such people, they differ from the previous two categories. If a person below the poverty line receives money for his work, then above this line is already in effect, and for such people it can amount to significant amounts.

Financial independence

Such people work mainly because they like it, and money in this case plays a secondary role for them. In addition to savings, there is capital, which brings the lion's share of income.

If a person has achieved financial freedom, then in 99 percent of cases he will retain this position until the end of his days and can even pass it on to his children by inheritance!

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Under 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, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition can be stable, unstable and crisis. The ability of an enterprise to make timely payments and finance its activities on an expanded basis indicates its good financial condition. Financial condition of the enterprise (FSP) depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, this has a positive effect on the financial position of the enterprise. And vice versa, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency

A stable financial position, in turn, has positive influence to fulfill production plans and provide production needs with the necessary resources. Therefore, financial activities as component economic activity is aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use.

The main goal of the analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

Preliminary review of the economic and financial situation of the enterprise

The analysis begins with a review of the main performance indicators of the enterprise. This review should consider the following questions:

the property position of the enterprise at the beginning and end of the reporting period;

operating conditions of the enterprise in the reporting period;

results achieved by the enterprise in the reporting period;

prospects for the financial and economic activities of the enterprise.

The property position of the enterprise at the beginning and end of the reporting period is characterized by balance sheet data. By comparing the dynamics of the results of the asset sections of the balance sheet, you can find out trends in changes in property status. Information about changes in the organizational structure of management, the opening of new types of activity of the enterprise, features of working with contractors, etc. is usually contained in explanatory note to the annual financial statements. The effectiveness and prospects of an enterprise’s activities can be generally assessed based on data from an analysis of profit dynamics, as well as comparative analysis elements of growth of the enterprise's funds, the volume of its production activities and profits. Information about shortcomings in the operation of an enterprise may be directly present in the balance sheet in an explicit or veiled form. This case may occur when the statements contain items indicating the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the item “Losses”). The balance sheets of quite profitable enterprises may also contain hidden, veiled items that indicate certain shortcomings in their work.

This can be caused not only by falsifications on the part of the enterprise, but also by the accepted reporting methodology, according to which many balance sheet items are complex (for example, the items “Other debtors”, “Other creditors”).

Assessment of property status

The economic potential of an organization can be characterized in two ways: from the position of the property status of the enterprise and from the position of its financial position. Both of these aspects of financial and economic activity are interconnected - an irrational structure of property, its poor quality composition can lead to a deterioration in the financial situation and vice versa.

According to current regulations, the balance is currently compiled in net valuation. However, a number of articles are still regulatory in nature. For ease of analysis, it is advisable to use the so-called compacted analytical balance-net , which is formed by eliminating the influence of regulatory items on the balance sheet (currency) and its structure. To do this:

the amounts under the article “Debt of participants (founders) for contributions to the authorized capital” reduce the amount of equity capital and the amount of current assets;

the value of the receivables and equity capital of the enterprise is adjusted by the amount of the article “Valuation reserves (“Provision for doubtful debts”)”;

Elements of balance sheet items that are homogeneous in composition are combined in the necessary analytical sections (long-term current assets, equity and borrowed capital).

The stability of the financial position of an enterprise largely depends on the feasibility and correctness of investing financial resources in assets.

During the operation of an enterprise, the value of assets and their structure undergo constant changes. The most general idea of ​​the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of reporting.

Vertical analysis shows the structure of the enterprise's funds and their sources. Vertical analysis allows us to move to relative estimates and conduct economic comparisons of the economic indicators of enterprises that differ in the amount of resources used, to smooth out the impact of inflationary processes that distort the absolute indicators of financial statements.

Horizontal analysis reporting consists of constructing one or more analytical tables in which absolute indicators are supplemented by relative growth (decrease) rates. The degree of aggregation of indicators is determined by the analyst. As a rule, basic growth rates are taken over a number of years (adjacent periods), which makes it possible to analyze not only changes in individual indicators, but also to predict their values.

Horizontal and vertical analyzes complement each other. Therefore, in practice, it is not uncommon to build analytical tables that characterize both the structure of financial statements and the dynamics of its individual indicators. Both of these types of analysis are especially valuable for inter-farm comparisons, as they allow you to compare the reporting of enterprises that differ in type of activity and production volumes.

Criteria qualitative changes The property status of an enterprise and the degree of their progressiveness include such indicators as:

the amount of economic assets of the enterprise;

share of the active part of fixed assets;

wear rate;

share of quickly salable assets;

share of leased fixed assets;

share of accounts receivable, etc.

Formulas for calculating these indicators are given in Appendix 2.

Let's consider their economic interpretation.

The amount of economic assets at the disposal of the enterprise. This indicator provides a generalized valuation of the assets listed on the balance sheet of the enterprise. This is an accounting estimate that does not coincide with the total market valuation of its assets. The growth of this indicator indicates an increase in the property potential of the enterprise.

Share of the active part of fixed assets. The active part of fixed assets refers to machinery, equipment and vehicles. The growth of this indicator in dynamics is usually regarded as a favorable trend.

Wear rate. The indicator characterizes the share of the cost of fixed assets remaining to be written off as expenses in subsequent periods. The ratio is usually used in analysis as a characteristic of the state of fixed assets. The addition of this indicator to 100% (or one) is the coefficient suitability. The depreciation coefficient depends on the adopted methodology for calculating depreciation charges and does not fully reflect the actual depreciation of fixed assets. Likewise, the usefulness ratio does not provide an accurate estimate of their current value. This happens due to a number of reasons: the rate of inflation, the state of the market and demand, the correctness of determining the useful life of fixed assets, etc. However, despite the shortcomings and conventionality of wear and serviceability indicators, they have a certain analytical significance. According to some estimates, a wear rate of more than 50% is considered undesirable.

Renewal factor. Shows what portion of the fixed assets available at the end of the reporting period consists of new fixed assets.

Attrition rate. Shows what part of the fixed assets with which the enterprise began operations in the reporting period was disposed of due to disrepair and other reasons.

Financial position assessment

The financial position of an enterprise can be assessed from the point of view of short-term and long-term prospects. In the first case, the criteria for assessing the financial position are the liquidity and solvency of the enterprise, i.e. the ability to timely and fully make payments on short-term obligations.

Under liquidity any asset understand its ability to be transformed into cash, and the degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of asset.

Talking about liquidity of the enterprise, they mean the presence of working capital in an amount theoretically sufficient to repay short-term obligations, even if in violation of the repayment terms stipulated by the contracts.

Solvency means that the enterprise has cash and cash equivalents sufficient to pay accounts payable requiring immediate repayment. Thus, the main signs of solvency are: a) the presence of sufficient funds in the current account; b) absence of overdue accounts payable.

It is obvious that liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, but in essence this assessment may be erroneous if current assets have a significant share of illiquid assets and overdue receivables. We present the main indicators that allow us to assess the liquidity and solvency of an enterprise.

The amount of own working capital. Characterizes that part of the enterprise’s equity capital that is the source of covering it current assets(i.e. assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. The indicator is especially important for enterprises engaged in commercial activities and other intermediary operations. All other things being equal, the growth of this indicator in dynamics is considered as a positive trend. The main and constant source of increasing equity is profit. It is necessary to distinguish between “working capital” and “own working capital”. The first indicator characterizes the assets of the enterprise (Section II of the assets of the balance sheet), the second - the sources of funds, namely the part of the enterprise's own capital, considered as a source of covering current assets. The amount of own working capital is numerically equal to the excess of current assets over current liabilities. A situation is possible when the value of current liabilities exceeds the value of current assets. The financial position of the enterprise in this case is considered as unstable; immediate measures are required to correct it.

Maneuverability of functioning capital. Characterizes that part of own working capital that is in the form of cash, i.e. funds with absolute liquidity. For a normally functioning enterprise, this indicator usually varies from zero to one. All other things being equal, the growth of the indicator in dynamics is considered as a positive trend. An acceptable indicative value of the indicator is established by the enterprise independently and depends, for example, on how high its daily need for available cash resources is.

Current ratio. Gives overall rating asset liquidity, showing how many rubles of current assets account for one ruble of current liabilities. The logic for calculating this indicator is that the company pays off short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered to be operating successfully (at least in theory). The value of the indicator can vary by industry and type of activity, and its reasonable growth in dynamics is usually considered as a favorable trend. In Western accounting and analytical practice, the lower critical value of the indicator is given - 2; however, this is only an indicative value, indicating the order of the indicator, but not its exact normative value.

Quick ratio. The indicator is similar to the current ratio; however, it is calculated over a narrower range of current assets. The least liquid part of them - industrial reserves - is excluded from the calculation. The logic of such an exception consists not only in the significantly lower liquidity of inventories, but, what is much more important, in the fact that the funds that can be raised in the event of a forced sale inventories, can be significantly lower than the costs of their acquisition.

The approximate lower value of the indicator is 1; however, this assessment is also conditional. When analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that determined its change. So, if the increase in the quick ratio was mainly due to growth. unjustified receivables, then this cannot characterize the activity of the enterprise from a positive side.

Absolute liquidity (solvency) ratio is the most stringent criterion for the liquidity of an enterprise and shows what part of short-term borrowed obligations can be repaid immediately if necessary. The recommended lower limit of the indicator given in Western literature is 0.2. Since the development of industry standards for these coefficients is a matter of the future, in practice it is desirable to analyze the dynamics of these indicators, supplementing it with a comparative analysis of available data on enterprises that have a similar orientation of their economic activities.

The share of own working capital in covering inventories. Characterizes that part of the cost of inventories that is covered by its own working capital. Traditionally, it is of great importance in analyzing the financial condition of trading enterprises; the recommended lower limit of the indicator in this case is 50%.

Inventory coverage ratio. It is calculated by correlating the value of “normal” sources of inventory coverage and the amount of inventory. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered unstable.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors.

Financial stability in the long term, it is characterized, therefore, by the ratio of own and borrowed funds. However, this indicator provides only a general assessment of financial stability. Therefore, a system of indicators has been developed in global and domestic accounting and analytical practice.

1. Financial independence (autonomy) coefficient - characterizes what part of the assets is formed from the enterprise’s own funds:

2. Financial dependency ratio:

This is the inverse indicator of the financial independence ratio. It shows how much assets are per ruble of equity. If its value is 1, then this means that all the assets of the enterprise are formed only from its own capital. Its value of 1.5 shows that for every 1.5 rubles invested in assets, there is 1 ruble. own funds and 0.5 rub. borrowed An increase in the share of borrowed funds in the formation of an organization's assets is a sign of increased financial instability of the enterprise and an increase in the degree of its financial risks.

3. The sustainable financing ratio characterizes what part of the balance sheet assets is formed from sustainable sources. If the enterprise does not use long-term loans and borrowings, then its value will coincide with the value of the financial autonomy coefficient. It is calculated as follows:

where DZL is long-term leasing debt (p. 144 f. 5).

4. Current debt ratio - shows what part of the assets is formed from short-term borrowed resources:

where DZL is long-term debt on lease payments (line 144 f.5).

5. Inventory coverage ratio with own capital - shows the share of own capital in the formation of the enterprise’s material reserves:

6. The coefficient of supply of inventories with planned sources of coverage - shows the share of equity capital, bank loans and commercial credit from suppliers in the formation of the enterprise's material inventories:

7. Absolute liquidity ratio - characterizes what part of short-term liabilities can be repaid using free cash balance and short-term financial investments:

where DFV is long-term financial investments (line 080 + line 091 + line 101 + line 102 + + line 111 f.5).

DZL - long-term debt on leasing payments (p. 144 f. 5).

8. Quick (quick) liquidity ratio - characterizes what part of short-term liabilities can be repaid at the expense of absolutely liquid and quickly realizable assets of the enterprise, which include cash, short-term financial investments, short-term receivables, goods shipped, taxes on acquired assets:

9. Debt coverage ratio with equity capital (solvency ratio) - characterizes the extent to which the company’s liabilities are covered by equity capital:

10. Financial leverage ratio (ratio of borrowed funds to equity capital) - characterizes the degree of financial risk:

When determining its normative value, it is necessary to proceed from the actual structure of assets, the speed of their turnover and generally accepted approaches to their financing.

11. The growth rate of equity capital characterizes the rate of increase in equity capital. It is desirable that the growth rate of equity capital be higher than the growth rate of total assets. It is calculated by the ratio of the amount of equity at the end of the period to the amount of equity at the beginning of the period:

where SK is the amount of equity capital according to Section III of the balance sheet minus the debt of the founders for contributions to the authorized capital (page 241 of the balance sheet).

A detailed explanation of the factors of change in the amount of equity capital can be obtained from the data given in Form 3 “Report on changes in capital”.

12. Sustainable economic growth coefficient (the ratio of the increase in retained (accumulated) earnings in the reporting period to the amount of equity capital at the beginning of the period) - reflects the increase in equity capital at the expense of the enterprise’s profit:

An increase in its level indicates the strengthening of the financial position of the enterprise.

There are no uniform normative criteria for the considered indicators. They depend on many factors: the industry of the enterprise, the principles of lending, the existing structure of sources of funds, turnover of working capital, the reputation of the enterprise, etc. Therefore, the acceptability of the values ​​of these coefficients, assessments of their dynamics and directions of change can only be established as a result of comparison by groups.

Business activity assessment

Business activity assessment is aimed at analyzing the results and effectiveness of current core production activities

An assessment of business activity at a qualitative level can be obtained by comparing the activities of a given enterprise and related enterprises in the area of ​​investment of capital. Such qualitative" (i.e. non-formalizable) criteria are: the breadth of markets for products; the availability of products exported; the reputation of the enterprise, expressed, in particular, in the fame of clients using the services of the enterprise, etc. Quantitative assessment is done in two directions :

the degree of implementation of the plan (established by a higher organization or independently) in terms of key indicators, ensuring the specified rates of their growth;

level of efficiency in the use of enterprise resources.

To implement the first direction of analysis, it is also advisable to take into account the comparative dynamics of the main indicators. In particular, the following ratio is optimal:

T pb > T r > T ak >100%,

where T pb > T r -, T ak - respectively, the rate of change in profit, sales, advanced capital (Bd).

This dependence means that: a) the economic potential of the enterprise increases; b) compared to the increase in economic potential, the volume of sales increases at a faster rate, i.e. enterprise resources are used more efficiently; c) profit increases at a faster pace, which, as a rule, indicates a relative decrease in production and distribution costs.

However, deviations from this ideal dependence are also possible, and they should not always be considered as negative; such reasons are: the development of new prospects for the application of capital, the reconstruction and modernization of existing production facilities, etc. This activity is always associated with significant investments of financial resources, which for the most part do not provide immediate benefits, but in the future can fully pay off.

To implement the second direction, various indicators can be calculated that characterize the efficiency of use of material, labor and financial resources. The main ones are production, capital productivity, inventory turnover, operating cycle duration, and advanced capital turnover.

At analysis of working capital turnover Particular attention should be paid to inventories and accounts receivable. The less the financial resources in these assets are deadened, the more efficiently they are used, the faster they turn over, and the more they bring new profits to the enterprise.

Turnover is assessed by comparing the average balances of current assets and their turnover for the analyzed period. Turnovers when assessing and analyzing turnover are:

for inventories – costs of production of sold products;

for accounts receivable - sales of products by bank transfer (since this indicator is not reflected in the reporting and can be identified from the data accounting, in practice it is often replaced by an indicator of sales revenue).

Let us give an economic interpretation of turnover indicators:

turnover in revolutions indicates the average number of turnovers of funds invested in assets of this type during the analyzed period;

turnover in days indicates the duration (in days) of one turnover of funds invested in assets of this type.

A generalized characteristic of the duration of the death of financial resources in current assets is operating cycle time indicator, i.e. how many days on average pass from the moment funds are invested in current production activities until they are returned in the form of revenue to the current account. This indicator largely depends on the nature of production activities; its reduction is one of the main internal tasks of the enterprise.

Indicators of the efficiency of using individual types of resources are summarized in indicators of equity capital turnover and fixed capital turnover, characterizing, respectively, the return on investment in the enterprise: a) the owner’s funds; b) all means, including those involved. The difference between these ratios is due to the degree of borrowing to finance production activities.

General indicators for assessing the efficiency of using an enterprise's resources and the dynamism of its development include the resource productivity indicator and the coefficient of sustainability of economic growth.

Resource productivity (turnover ratio of advanced capital). Characterizes the volume of products sold per ruble of funds invested in the activities of the enterprise. The growth of the indicator in dynamics is considered as a favorable trend.

Economic growth sustainability coefficient. Shows the average rate at which an enterprise can develop in the future, without changing the already established relationship between various sources of financing, capital productivity, production profitability, dividend policy, etc.

In addition, the following indicators, widely used in world practice, can be used to assess business activity:

1. The turnover ratio of total capital invested in the assets of the enterprise: the ratio of net revenue from payment (positive cash flow) to the average annual amount of assets of the enterprise - characterizes the intensity of capital use:

Data on the amount of positive cash flow (PCF) can be obtained from the Cash Flow Statement or determined indirectly:

RAP = Revenue (by shipment) ±

± Change in accounts receivable ±

± Change in balances of advances received

from buyers and customers

When determining average size assets from the total balance sheet currency, the debt of the founders for contributions to the authorized capital should be excluded (p. 241).

2. The turnover ratio of an enterprise's current assets (the ratio of net payment revenue to the average value of current assets) - characterizes the rate of turnover of capital invested in current assets:

When determining the average value of current assets from their total amount, it is necessary to exclude the debt of the founders for contributions to the authorized capital (p. 241).

3. The duration of capital turnover (total, circulating, including in stocks of raw materials and materials, work in progress, finished products, accounts receivable, cash) - shows how quickly the capital used by the enterprise and its individual elements turn over in the course of its activities:

4. The period of repayment of accounts payable - characterizes the state of settlements with creditors (how many days in average are accounts payable repaid):

Profitability assessment

The main indicators of this block used in countries with market economy to characterize the profitability of investments in activities of a particular type, include return on capital advanced And return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit account for one ruble of advanced (own) capital.

1. Total profitability of total assets (the ratio of the total amount of profit from all types of activities before the payment of interest and taxes) - characterizes how much profit is received per ruble of invested capital for all interested parties: the enterprise, creditors, the state and employees of the enterprise:

2. Profitability of the main (operating) activity - the ratio of the amount of profit from the main activity before the payment of interest and taxes to the average annual amount of assets involved in the main operating process, that is, in the process of supply, production and sales of products, which do not include unfinished construction, not installed equipment, leased property, long-term and short-term financial investments, VAT on acquired assets, debt of founders for contributions to the authorized capital:

3. Return on equity capital (characterizes the level of profitability of equity capital) - the ratio of net profit to the average annual amount of equity capital:

When calculating the average amount of equity capital, it follows from the total in section. III balance sheet, subtract the debt of the founders for contributions to the authorized capital (page 241 of the balance sheet).

4. Return on sales (the ratio of gross profit from product sales to net revenue from product sales) - characterizes the level of product profitability:

5. Cost profitability (the ratio of gross profit from product sales to the total cost of products sold) - characterizes the cost recovery:

Having studied the dynamics of these indicators, comparing their level with the standard value and data from other enterprises, we can draw conclusions about the change in the financial situation of the enterprise and its financial stability.

Assessment of the situation on the securities market

This type of analysis is performed in companies registered on stock exchanges and listing their securities. Analysis cannot be performed directly on financial statement data - additional information is needed. Since the terminology for securities in our country has not yet been fully developed, the given names of indicators are conditional.

Earnings per share. It is the ratio of net profit reduced by the amount of dividends on preferred shares to the total number of ordinary shares. It is this indicator that significantly influences the market price of shares. Its main drawback in analytical terms is spatial incomparability due to the unequal market value of shares of different companies.

Share value. It is calculated as the quotient of the stock's market price divided by its earnings per share. This indicator serves as an indicator of demand for shares of a given company, since it shows how much investors are willing to pay in at the moment per ruble of earnings per share. The relatively high growth of this indicator over time indicates that investors expect faster profit growth for this company compared to others. This indicator can already be used in spatial (interfarm) comparisons. Companies with a relatively high value of the economic growth sustainability coefficient are, as a rule, characterized by high value indicator "share value".

Dividend yield of a stock. Expressed as the ratio of the dividend paid on a stock to its market price. In companies that expand their activities by capitalizing most of their profits, the value of this indicator is relatively small. The dividend yield of a stock characterizes the percentage return on capital invested in the company's shares. This is a direct effect. There is also an indirect one (income or loss), expressed in a change in the market price of the shares of a given company.

Dividend output. Calculated by dividing the dividend paid by the stock by the earnings per share. The most clear interpretation of this indicator is the share of net profit paid to shareholders in the form of dividends. The value of the coefficient depends on the investment policy of the company. Closely related to this indicator is the profit reinvestment coefficient, which characterizes its share aimed at developing production activities. The sum of the values ​​of the dividend yield indicator and the profit reinvestment ratio is equal to one.

Share price ratio. It is calculated by the ratio of the market price of a stock to its book price. The book price characterizes the share of equity capital per share. It consists of the nominal value (i.e. the value indicated on the form of the share at which it is accounted for in the share capital), the share of share premium (the accumulated difference between market price shares at the time of sale and their nominal value) and the share of accumulated profits and invested in the development of the company. A value of the quotation ratio greater than one means that potential shareholders, when purchasing a share, are willing to give a price for it that exceeds the accounting estimate of the real capital per share at the moment.

In the process of analysis, strictly determined factor models can be used, allowing one to identify and give a comparative description of the main factors that influenced the change in a particular indicator .

The above system is based on the following strictly determined factor dependence:

,

Where KFZ- coefficient of financial dependence, VA- the amount of assets of the enterprise, SK- own capital.

From the presented model it is clear that return on equity depends on three factors: profitability of economic activities, resource productivity and the structure of advanced capital. The significance of the identified factors is explained by the fact that they, in a certain sense, summarize all aspects of the financial and economic activities of the enterprise, in particular the financial statements: the first factor summarizes Form No. 2 “Profit and Loss Statement”, the second - the balance sheet asset, the third - the balance sheet liability.

Determination of an unsatisfactory balance sheet structure of an enterprise

Currently, most enterprises in Belarus are in difficult financial condition. Mutual non-payments between business entities, high tax and bank interest rates lead to the fact that enterprises become insolvent. An external sign of the insolvency (bankruptcy) of an enterprise is the suspension of its current payments and the inability to satisfy the demands of creditors within three months from the date of their due date.

In this regard, the issue of assessing the balance sheet structure becomes particularly relevant, since decisions on the insolvency of an enterprise are made upon recognition of the unsatisfactory structure of the balance sheet.

The main purpose of conducting a preliminary analysis of the financial condition of an enterprise is to justify the decision to recognize the balance sheet structure as unsatisfactory, and the enterprise as solvent in accordance with the system of criteria established by the Instruction for the analysis and control of the financial condition and solvency of business entities dated May 14, 2004 No. 81/128/ 65 (as amended by the resolution of the Ministry of Finance of the Republic of Belarus, the Ministry of Economy of the Republic of Belarus and the Ministry of Statistical Analysis of the Republic of Belarus dated April 27, 2007 No. 69/76/52). The main sources of analysis are f. No. 1 “Balance sheet of the enterprise”, f. No. 2 “Profit and Loss Statement.”

Analysis and assessment of the structure of the enterprise's balance sheet is carried out on the basis of indicators: current liquidity ratio; equity ratio.

The basis for recognizing the structure of the balance sheet of an enterprise as unsatisfactory, and the enterprise as insolvent, is one of the following conditions:

The current liquidity ratio at the end of the reporting period is below the standard value; (TO tl ) ;

The equity ratio at the end of the reporting period is below the standard value. (TO oss ) .

Current liquidity ratio (characterizes the degree to which short-term liabilities are covered by the company's current assets). According to the Instructions, it is recommended to calculate it as follows:

The coefficient of provision with own working capital (characterizes what part of the current assets is formed at the expense of the enterprise’s own funds necessary to ensure its financial stability). According to the Instructions, its value is determined as follows:

An enterprise is considered persistently insolvent when there is an unsatisfactory structure of the balance sheet during the four quarters preceding the preparation of the last balance sheet, as well as the presence on the date of preparation of the last balance sheet of a value of the asset coverage ratio of financial liabilities (K3) exceeding 0.85.

The asset coverage ratio of financial liabilities (K3) characterizes the organization’s ability to pay off its financial obligations after the sale of assets. Its level is determined by the ratio of all (long-term and short-term) obligations of the organization to the total value of property (assets):

The asset coverage ratio for overdue financial obligations, which characterizes the enterprise’s ability to pay off overdue financial obligations by selling property (assets), complements the previous indicator. It is calculated by the ratio of the enterprise’s overdue financial obligations (long-term and short-term) to the total value of property (assets):

where KFOpr - overdue short-term financial obligations (form 5 "Appendix to the balance sheet", column 6, page 150 plus overdue obligations on short-term loans and borrowings);

DFOpr - long-term overdue obligations (form 5 "Appendix to the balance sheet", column 6, page 140 plus overdue obligations for long-term loans and borrowings);

VB - balance sheet currency (line 300 or 600 minus line 241).

The main indicator characterizing whether an enterprise has a real opportunity to restore (or lose) its solvency during a certain period is the coefficient of restoration (loss) of solvency.

Solvency recovery ratio TO sun is defined as the ratio of the estimated current liquidity ratio to its standard. The estimated current liquidity ratio is defined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period in terms of the period of restoration of solvency:

,

Where TO NTL- standard value of the current liquidity ratio,

TO NTL = - period of restoration of solvency (number of months);

T - reporting period, months.

The solvency restoration coefficient, which takes a value greater than 1, indicates that the enterprise has a real opportunity to restore its solvency. The solvency restoration coefficient, which takes a value less than 1, indicates that the enterprise has no real opportunity to restore solvency in the next six months.

The loss of solvency coefficient K y is defined as the ratio of the calculated current liquidity ratio to its established value. The estimated current ratio is defined as the sum of the actual value of the current ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period, recalculated for the period of loss of solvency, set equal to three months:

,

Where T at- period of loss of solvency of the enterprise, months.

A preliminary assessment of the financial condition of the enterprise is carried out according to the balance sheet of the enterprise, using its vertical and horizontal analysis. Vertical analysis makes it possible to characterize the structure of generalizing final indicators. An obligatory element of the analysis is the dynamic series of these quantities, which makes it possible to track and predict structural changes in the composition of economic assets and the sources of their coverage.

Horizontal analysis allows us to identify trends in changes in individual items or their groups included in the financial statements. This balance is based on the calculation of the basic growth rates of balance sheet items.

According to Form No. 1 of the annual report "Balance Sheet of the Enterprise", changes in the composition of the enterprise's property and the sources of its formation are determined. For this purpose, the ratios of individual balance sheet asset and liability items, their share in the balance sheet currency are determined, and the amount of deviations in the structure of the main balance sheet items compared to the previous period is calculated.

The information provided in the liability side of the balance sheet makes it possible to determine what changes have occurred in the structure of equity and borrowed capital, how much long-term and short-term borrowed funds have been attracted into the enterprise’s circulation, that is, the liability side of the balance sheet shows where the funds came from and to whom the company is obliged for them.

The financial condition of an enterprise largely depends on what funds it has at its disposal and where they are invested. The need for equity capital is due to the requirement for self-financing of enterprises. It is the basis for the autonomy and independence of the enterprise. However, it must be taken into account that financing the activities of an enterprise only from its own funds is not always beneficial for it, especially in cases where the demand for the enterprise’s products is seasonal. Then in individual periods will accumulate big funds in bank accounts, and at other times they will be missing.

At the same time, if the enterprise’s funds are created mainly through short-term liabilities, then its financial position will be unstable, since short-term capital requires constant operational work aimed at controlling their timely return and attracting others into circulation for a short time capital.

Consequently, the optimal ratio of equity and debt capital largely depends on the financial position of the enterprise. Developing the right financial strategy will help many enterprises improve the efficiency of their activities.

The balance sheet asset contains information about the placement of capital at the disposal of the enterprise, that is, about its investment in specific property and material assets, the enterprise’s expenses for production and sales of products, and the balance of free cash.

There is a close relationship between the assets and liabilities of the balance sheet. Each asset item on the balance sheet has its own sources of financing. The source of financing for long-term assets is usually equity capital and long-term debt. Current assets are formed from both equity capital and short-term borrowed funds. It is desirable that these funds be formed half from equity capital and half from borrowed capital.

In accordance with the indicator of the provision of reserves and costs with own and borrowed sources, they distinguish following types financial stability:

absolute stability of financial condition (extremely rare) - own working capital ensures reserves;

normal financial condition - reserves are provided by the amount of own working capital and long-term borrowed sources;

unstable financial condition - reserves are provided at the expense of own working capital, long-term borrowed sources and short-term loans and borrowings, i.e. due to all main sources of formation;

crisis financial condition - reserves are not provided by the sources of their formation; the company is on the verge of bankruptcy.

In this case, financial instability is considered acceptable if the following conditions are met:

A) reserves plus finished products equal to or greater than the amount of short-term loans and borrowed funds involved in the formation of reserves;

B) deferred expenses are equal to or less than the amount own working capital.

If these conditions are not met, then there is a tendency for the financial condition to deteriorate.

The financial stability of an enterprise is the stability of the enterprise’s activities in the light of a long-term perspective.

The stability of the financial condition of the enterprise can be restored by accelerating the turnover of capital in current assets, which will result in a relative reduction in turnover per ruble; justified reduction of inventories and costs; replenishment of own working capital from internal and external sources.

One of the indicators characterizing the financial condition of an enterprise is its solvency, that is, the ability to pay off its payment obligations with cash.

Solvency analysis is necessary not only for an enterprise for the purpose of assessing and forecasting financial activities, but also for external investors.

The assessment of solvency is carried out on the basis of the liquidity characteristics of current assets, that is, the time required to convert them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of balance sheet liquidity. At the same time, liquidity characterizes not only current state calculations, but also the future.

The solvency of an enterprise only at first glance boils down to the availability of free funds necessary to pay off obligations. In the absence of cash, enterprises can maintain their solvency if they sell part of their property and can pay off their obligations with the proceeds.

When analyzing the state of solvency of an enterprise, it is necessary to consider the causes of financial difficulties, the frequency of their formation and the duration of overdue debts. The reasons for insolvency may be:

Failure to fulfill the production and sales plan;

Increase in cost;

Failure to fulfill the profit plan - and as a result - a lack of the enterprise’s own sources of self-financing;

High percentage of taxation;

Diversion of funds to accounts receivable;

Investment in excess reserves.

The solvency of an enterprise is closely related to the concept of creditworthiness. Creditworthiness is a financial condition that allows you to obtain a loan and repay it on time.

When assessing creditworthiness, the borrower's reputation, the size and composition of his property, the state of economic and market conditions, and the stability of his financial condition are taken into account.

An enterprise is declared insolvent if one of the following conditions is present:

1) the current liquidity ratio at the end of the reporting period is lower normative value for the relevant industry

2) the ratio of provision of own working capital is lower than the standard value for the relevant industry

3) coefficient of restoration (loss) of solvency<1.

If the value of these coefficients exceeds the standard values, then this indicates a critical situation in which the company will not be able to pay off its obligations, even after selling all its property. This situation can lead to a real threat of liquidation of the enterprise through bankruptcy.

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INTRODUCTION

The national economy is made up of the economies of individual firms. No company operates in isolation. In the process of its production and financial activities, an extensive system of relationships arises with other organizations: suppliers and contractors, buyers, banks, tax authorities, insurance organizations, etc. All elements of the national economy are interconnected and interdependent. Therefore, the financial condition of organizations predetermines the condition of the economy as a whole. By improving the fortunes of individual firms, we can eliminate many economic problems at the macro level, i.e. at the country level, and ultimately at the global level.

Ensuring the effective functioning of organizations requires economically competent management of their activities, which is largely determined by the ability to analyze it. With the help of analysis, development trends are studied, factors of changes in performance results are deeply and systematically studied, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, the results of the organization’s activities are assessed, and an economic strategy for its development is developed.

The transition to a market economy requires increasing business efficiency. Of particular importance to achieve this goal is the substantiation of the factors for the formation of performance indicators of each business entity using the analysis of economic activity.

This topic is interesting and relevant. The economy of the Republic of Belarus has a number of complex problems: inflation, unemployment, budget deficit, etc., which need to be solved. Any macroeconomic problem arises at the micro level. It is simply necessary to identify it in time and prevent its expansion and spread. In this case, the analysis of economic activity is of particular importance. It is necessary to constantly monitor the state of affairs of the company, promptly identify shortcomings in its production and financial activities and promptly eliminate them.

Any organization must analyze its financial condition in order to determine its ability to timely make settlements with counterparties, make all mandatory payments, while ensuring a normal rate of profit that allows it to function successfully in the market.

Any organization is assessed by external entities in terms of its investment attractiveness, i.e. the feasibility of investing free funds in it.

In connection with all of the above, the purpose of the work is to analyze the liquidity and solvency of Experiment ODO.

In this regard, it is possible to determine the need to solve a number of problems:

Research theoretical foundations liquidity and solvency management,

Conduct an analysis of the liquidity and solvency of the organization

Identify areas for increasing the liquidity and solvency of the organization.

Thus, the object of the study is ALC "Experiment", the subject of the study is the features of liquidity and solvency management at the enterprise ALC "Experiment"

1. THEORETICAL FOUNDATIONS OF LIQUIDITY AND SOLVENTITY MANAGEMENT

One of the most important criteria for the financial condition of an organization is its solvency. Solvency refers to the ability of an organization to timely repay payments on its short-term obligations while carrying out uninterrupted production activities.

Solvency analysis is necessary for:

· The organization itself when assessing and forecasting financial activities;

· Banks for the purpose of verifying the borrower’s creditworthiness;

· Partners in order to determine the financial capabilities of the organization when providing a commercial loan or deferred payment.

When analyzing the financial condition of an organization, a distinction is made between long-term and short-term solvency. Long-term solvency refers to the ability of an organization to pay off its long-term obligations.

Determination of short-term (current) solvency is carried out according to balance sheet data. To assess the level of solvency, it is necessary to compare the amount of means of payment with short-term liabilities. Payment means include:

· Cash in bank accounts and in cash;

· Financial investments;

· Accounts receivable to the extent that there is no doubt about repayment.

Current liabilities include:

· Short-term loans and borrowings;

· Accounts payable.

The excess of means of payment over external obligations indicates the solvency of the organization. The insolvency of an organization may be indirectly indicated by:

· Lack of funds in accounts and in the cash register;

· Availability of overdue debt on loans and borrowings;

· Availability of debt to financial authorities;

· Violation of deadlines for payment of wages and other reasons.

The reasons for insolvency may be:

· Failure to fulfill the production and sales plan;

· Increase in production costs;

· Failure to fulfill the profit plan;

· Insufficiency of own sources of self-financing;

· High percentage of taxation;

· Irrational use of working capital;

· Diversion of funds into accounts receivable, etc.

The ability of an organization to pay its short-term obligations is usually called liquidity (current solvency). In other words, an organization is considered liquid when it is able to meet its short-term obligations.

Any external partners of the organization (creditors, investors, owners, fiscal services), first of all, are interested in its ability to pay current obligations in a timely manner and in full. Therefore, analysis of the liquidity of the organization’s balance sheet becomes important. There are 2 concepts of liquidity in financial analysis:

1. Short-term liquidity (up to 1 year) refers to the organization’s ability to pay its short-term obligations. In this case, liquidity is close in content to solvency;

2. Liquidity refers to the ability to convert assets into cash and pay off your payment obligations.

When analyzing the liquidity of an organization, it should be taken into account that non-current assets (fixed capital) in most cases cannot be a source of repayment of current debt due to their functional purpose in the production process and the difficulty of their urgent sale. Therefore, they are not included in assets when calculating liquidity ratios.

Within the first approach, liquidity is understood as the ability of an organization to cover its short-term obligations in the short term. An organization is considered illiquid if there is a risk of non-payment of current financial obligations. This may be temporary or indicate serious and permanent problems in the organization's activities. The reasons for this situation may be:

· Tying up the organization’s funds in the form of illiquid assets that cannot be quickly converted into cash;

· Irrational financing of its main production activities, which is characterized by a discrepancy between the timing of debt repayment and the timing of cash generation and the discrepancy between the size of the debt and the ability to receive cash.

Depending on the degree of liquidity, i.e. ability and speed of conversion into cash, the assets of the enterprise are divided into the following groups:

1. The most liquid assets (A1), representing amounts for all items of cash and short-term financial investments (securities). The most liquid assets can be used to pay off current liabilities immediately.

2. Quickly realizable assets (A2), representing short-term receivables and other assets. It takes some time for these assets to turn into cash.

3. Slowly realizable assets (A3) represent inventories, long-term accounts receivable, VAT on acquired assets. Finished goods inventories can only be sold after a buyer has been found. Inventory may require additional processing prior to sale. It is advisable to exclude reimbursement amounts from the organization’s profit from the VAT amount. Deferred expenses are not included in this group.

4. Hard-to-sell assets (A4) are non-current assets (1 asset section of the balance sheet). They are intended for use in the economic activities of the organization over an extended period. Their conversion into cash encounters serious difficulties.

The first three groups of assets relate to current assets, because may constantly change during the current business period. They are more liquid than assets included in group 4.

In order to analyze the dependence on increasing maturity of liabilities, liabilities are grouped in relation to the corresponding asset groups as follows:

1. The most urgent liabilities (P1) include accounts payable, dividend payments, other short-term liabilities, loans not repaid on time;

2. Short-term liabilities (P2) represent short-term bank loans and other loans to be repaid within 12 months;

3. Long-term liabilities (P3) - long-term loans and other long-term liabilities (line 720 5 of the liabilities section of the balance sheet);

4. Constant liabilities (P4) - own funds (section 3 of the liabilities side of the balance sheet) and items in section 4 that are not included in the previous groups.

In order for equality between the amounts of assets and liabilities, grouped by degree of liquidity and maturity, to be maintained, the amount of permanent liabilities must be reduced by the amount of deferred expenses and losses.

The sum of an organization's long-term and short-term liabilities represents its external liabilities. To determine the degree of liquidity of the balance sheet, parts of the balance sheet asset that are sold by a certain date are compared with parts of the liability that must be paid by this date. If, upon comparison, it is clear that these amounts are sufficient to pay off obligations, then in this part the balance is considered liquid, and the organization is solvent, and vice versa.

The balance is considered absolutely liquid if the following inequalities are met: A1> P1; A2>P2; A3>P3; A4<П4.

If these inequalities are met, then we can say that the minimum condition for the financial stability of the organization is met. If at least one condition does not match, the balance is not absolutely liquid. A shortage of funds in one group can be compensated by a surplus in another group if it has a higher level of liquidity.

A measure of liquidity and investment attractiveness is working capital (or NWC - net working capital), which represents the excess of current assets over current liabilities. In terms of its economic content, this indicator reflects the availability of its own working capital, which is directed, first of all, to the formation of industrial reserves, i.e. stocks of materials, raw materials, work in progress and finished goods. An insufficient amount of NER for the formation of industrial reserves can lead to dependence on creditors, and ultimately to a stop in production.

Accordingly, the investment attractiveness is very low. Because Liquidity is of great importance for various counterparties of the organization, including investors, during the analysis it is necessary to carefully study the composition of current assets and current liabilities.

Current assets include:

Cash;

Short-term financial investments;

Short-term accounts receivable less provisions for bad debts;

Inventories with the exception of inventories exceeding current needs, justified by standards. Prepaid expenses in inventory are considered current assets not because they can be converted into cash, but because they represent advances for services that require current cash expenditures.

Current liabilities (liabilities) include:

Short-term loans;

Accounts payable;

In some cases, the portion of long-term debt that is due in the current period.

Thus, the solvency, liquidity of the organization and the liquidity of its balance sheet are the main criteria for assessing the financial condition of the organization.

The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. At the same time, liquidity characterizes both the current state of settlements and the future. An enterprise may be solvent at the reporting date, but at the same time have unfavorable opportunities in the future, and vice versa.

The absolute liquidity ratio (the rate of cash reserves) is determined by the ratio of cash and short-term financial investments to the total amount of short-term debts of the enterprise. It shows what portion of short-term liabilities can be repaid using available cash. The higher its value, the greater the guarantee of debt repayment. However, even with its small value, an enterprise can always be solvent if it is able to balance and synchronize the inflow and outflow of funds in terms of volume and timing. Therefore, there are no general standards or recommendations for the level of this indicator.

Kabs liquid = Kr invested + Money / KO, (1)

where Kr invest - Quick (quick) liquidity ratio - the ratio of the totality of cash, short-term financial investments and short-term receivables, payments for which are expected within 12 months after the reporting date, to the amount of short-term financial liabilities. A ratio of 0.7--1 usually satisfies. However, it may be insufficient if a large share of liquid funds consists of receivables, part of which is difficult to collect in a timely manner. In such cases, a higher ratio is required. If cash and cash equivalents (securities) occupy a significant share of current assets, then this ratio may be smaller.

Kb.l 2013 =KA-Inventories/KO=Money+Kr invested+Deb/KO (2)

(total debt coverage ratio Ktl) - the ratio of the total amount of short-term assets to the total amount of short-term liabilities; it shows the degree of coverage of current liabilities by current assets:

K1 2013 =KA/KO (3)

The excess of current assets over short-term financial liabilities provides a reserve stock to compensate for losses that an enterprise may incur when placing and liquidating all current assets other than cash. The larger this reserve, the greater the confidence of creditors that debts will be repaid. A coefficient > 2 usually satisfies.

In the Republic of Belarus, its minimum level has been established: for industrial enterprises- 1.7, agricultural enterprises - 1.5, construction organizations - 1.2, transport - 1.3, trade - 1.0, etc. If its actual value is below this level, then this is one of the grounds for declaring the enterprise insolvent.

The multiple excess of current assets over short-term liabilities allows us to conclude that the organization has a significant amount of free resources generated from its own sources. From the position of creditors, this option for forming working capital is the most preferable. From the point of view of the company's performance, a significant accumulation of inventories and diversion of funds into accounts receivable may be associated with inept asset management. as the main criteria for evaluation financial structure balance sheet and solvency of the enterprise suggests using a limited range of indicators:

Current liquidity ratio, the calculation method for which was given above;

The coefficient of provision of own working capital, which characterizes the availability of the organization's own working capital necessary for its financial stability;

The asset coverage ratio of financial liabilities characterizes the organization's ability to pay off its financial obligations after the sale of assets. The coefficient of provision with own working capital (Koss) is determined by the formula:

The ratio of the security of financial liabilities with assets is defined as the ratio of all (long-term and short-term) liabilities of the organization, with the exception of reserves for future expenses, to the total value of assets. The ratio of security of financial liabilities with assets (KOA) at the end of the reporting period is calculated using formula (1.3) as the ratio of liabilities for deduction to the balance sheet currency:

Thus, the solvency management system in organizations is part of the state’s financial policy. It specifies the main directions of development, the total volume of financial resources, and their effective use. A mechanism is being developed to regulate and stimulate socio-economic processes using financial methods. Financial indicators organizations (for example, profit, liquidity, etc.) are finally approved as the main criterion for the effectiveness of financial and economic activities.

2. ANALYSIS OF THE LEVEL OF LIQUIDITY AND SOLVENTITY OF ODO “EXPERIMENT”

The information base for analyzing the solvency and liquidity of an enterprise is the annual financial statements ODO "Experiment" for 2014. So, having considered the theoretical foundations of analyzing the liquidity of an enterprise in the first chapter of this work, let’s move directly to this analysis using the example of a specific enterprise ODO "Experiment".

Let us divide the balance sheet assets of Experiment ODO according to the degree of liquidity.

Table 2.1 - Structure of the balance sheet asset of ODO "Experiment" by degree of liquidity, million rubles.

Balance sheet asset group by degree of liquidity	12/31/2014	In % of total	12/31/2013	In % of total	Deviation
A 1 - the most liquid assets
A 2 - quickly realizable assets
A 3 - slowly selling assets
A 4 - hard-to-sell assets

The table shows that the most liquid assets in 2013 amounted to 22.7 million rubles, which is 78.1 million rubles more than in 2014 and amounted to 100.8 million rubles. Quickly realizable assets in 2013 amounted to 13.8 million rubles, which is 15.7 million rubles more than in 2014 and amounted to 29.5 million rubles. Slow-to-sell assets decreased by 43.2 million rubles in 2014 compared to 2013 and amounted to 15.3 million rubles. Hard-to-sell assets in 2013 amounted to 403.4 million rubles, which is 39.4 million rubles less, than in 2014 and amounted to 364 million rubles. They occupy the bulk of the balance sheet assets for both 2013 and 2014.

Table 2.2 - Structure of the liabilities side of the balance sheet of ODO "Experiment" by the degree of repayment of obligations, million rubles.

Balance sheet liability group by degree of repayment of obligations	12/31/2014	In % of total	12/31/2013	In % of total	Deviation
P 1 - most urgent obligations
P 2 - short-term liabilities
P 3 - long-term liabilities
P 4 - permanent liabilities

The table shows that the most urgent liabilities in 2013 amounted to 62.8 million rubles, which is 142.5 million rubles more than in 2014 and amounted to 205.3 million rubles. They occupy the bulk of the balance sheet liabilities for 2014. Long-term liabilities in 2013 amounted to 380.0 million rubles, and in 2014 they decreased by 192.0 million rubles and amounted to 188.0 million rubles. They occupy the largest volume in the balance sheet liabilities for 2013. Constant liabilities as of 2013 amounted to 55.6 million rubles, and in 2014 increased by 60.7 million rubles and amounted to 116.3 million rubles.

Table 2.3 - Analysis of liquidity of the balance sheet of ODO "Experiment", million rubles.

Asset condition		Liability state
1. The most liquid assets			1. The most urgent liabilities
2. Quickly marketable assets			2. Short-term liabilities
3. Slow-moving assets			3. Long-term liabilities
4. Hard to sell assets			4. Permanent liabilities

In order to assess the liquidity of an enterprise’s balance sheet, it is necessary to compare each asset group with a corresponding liability group. It is necessary that the following inequalities be satisfied: A1>P1, A2>P2, A3>P3, A4<П4.

Based on the data in the table, let’s create inequalities by year:

2013: A1<П1, A2>P2, A3<П3, A4<П4;

2014: A1<П1, A2>P2, A3<П3, A4>P4.

As we can see, at this enterprise in 2013 some inequalities are not observed, A1<П1, говорит что у предприятия недостаточно наиболее ликвидных активов для покрытия наиболее срочных обязательств. A2><П3данное неравенство говорит о том, что в у предприятия возникли проблемы с получением денежных средств от продажи продукции. A4<П4 можно судить о минимальной финансовой стабильности предприятия, т.е. наличия у него собственных оборотных средств. В 2014 году также не соблюдаются некоторые неравенства. А1<П1, говорит что у предприятия недостаточно наиболее ликвидных активов для покрытия наиболее срочных обязательств. A2>P2 this inequality is satisfied, i.e. The organization's quickly realizable assets are greater than its current liabilities. The company will be able to become solvent when paying creditors and receiving funds from the sale of products. A3<П3 говорит о том, что в у предприятия возникли проблемы с получением денежных средств от продажи продукции. A4>P4 this means that there is no equity capital left to replenish working capital, which will have to be replenished primarily by delaying the repayment of accounts payable in the absence of equity capital. Thus, the enterprise cannot be called liquid, since three of the ratios of groups of assets and liabilities do not meet the conditions of absolute liquidity of the balance sheet (the most liquid assets are less than the most urgent liabilities; slowly realizable assets are less than long-term liabilities and hard-to-realize assets are more than permanent liabilities).

Table 2.4 - Solvency indicators

Indicator	Calculation formula	Meaning	Optimal value
Current ratio
Provision ratio of own working capital	SK+DO-DA/KA
Asset coverage ratio of financial liabilities
Quick ratio	Money+Kr invest+Deb/KO			K b. l. >=1
Absolute liquidity ratio	Kr invest+Money/KO			K abs>=0.2

Calculation of solvency ratios

Current ratio

K1 2013 =KA/KO=97/62.8=1.54

K1 2014 =KA/KO=147.5/205.3=0.72

Provision ratio of own working capital:

K2 2013 =SC+DO-DA/KA=57.6+380.0-403.4/97.0=0.35

K2 2014 =SC+DO-DA/KA=118.2+188.0-364.0/147.5=-0.39

Asset coverage ratio of financial liabilities:

K3 2013 =KO+DO/IB=62.8+380.0/500.4=0.88

K3 2014 =KO+DO/IB=205.3+188.0/511.5=0.77

Quick ratio:

Kb.l 2013 =KA-Inventories/KO=Money+Kr invested+Deb/KO= 22.7+0+13.8/62.8 =0.58

Kb.l 2014 =KA-Inventories/KO=Money+Kr invested+Deb/KO=100.8+29.5/205.3 =0.63

Absolute liquidity ratio:

Cubs liquidation 2013 = Kr invested + Money / KO = 22.7/62.8 = 0.36

Cubs liquidation 2014 =Kr invested+Money/KO=100.8/205.3=0.49

Based on the data in the table and the above calculations, we can conclude that K1 for 2013 was 1.54 and corresponds to the standard value >= 1.0-1.7, and as of 2014 K1 was 0.72, which does not correspond to the standard meaning. It follows from this that the degree of coverage of current liabilities by current assets is low; the enterprise is unable to cover part of the short-term debt at the expense of available funds and short-term financial investments. K2 for 2013 was 0.35, which corresponds to the standard value >=0.1-0.3, and in 2014 it was -0.39, which does not correspond to the standard value. This reduces the financial stability of the enterprise. K3 for 2013 was 0.88, and for 2014 0.77, which corresponds to the standard value<= 0,85. К быстр ликв на 2013 год составил 0,58,что не соответствует нормативному значению, а по состоянию на 2014 год составил 0,63 и также не соответствует. Кабс ликв по состоянию на 2013 год составил 0,36,что соответствует нормативному значению >0.2, and for 2014 it was 0.49, which also corresponds to the standard value. The organization is insolvent, but not bankrupt. It is necessary to take measures to restore solvency.

To improve solvency and liquidity, the following directions for improving financial and economic activities can be recommended to the enterprise OJSC Ilyinogorskoye:

Take measures to improve the quality, range and competitiveness of its services;

Search for new markets for your services;

Search for legal ways to minimize tax payments: drawing up a payment calendar;

Improving the state of accounting and reporting; formation of optimal accounting policies;

Analysis of concluded contracts for their potential tax consequences;

Carefully monitor the return of receivables and use legal procedures to recover them. If it is impossible to collect the debt, even on the basis of a court decision, the company still has the opportunity to attribute the amount of outstanding debt to reduce taxable profit, which will at least reduce payments to the budget;

Look for opportunities to shorten the enterprise’s production cycle, for example, by reducing raw material balances;

Development of a system for providing discounts and using markups.

The value of liquidity ratios can be improved through a number of management decisions, the most effective of which are:

· Reduction of non-production costs.

· Sale of unused non-current assets.

· Attracting long-term sources of financing.

· Increased sales profitability (due to increased selling prices and reduced production costs).

Note that the current ratio can be increased by paying off short-term liabilities. This method, for example, by postponing the next purchase of raw materials and materials on the eve of drawing up the balance sheet and directing temporarily freed funds to cover accounts payable, can be used to artificially inflate the level of the enterprise’s overall solvency. The immediate consequence of such an operation is a decrease in the absolute liquidity of the enterprise.

The value of the quick ratio can be improved through a number of management decisions. In addition to those already listed when describing the current ratio, you should point out:

Rationing or revision downwards of existing standards that determine the amount of production inventories and inventories of finished products. - Sale (even without making a profit) of unused inventory.

The value of the absolute liquidity ratio can be improved through a number of management decisions. In addition to those already listed when describing the current and quick ratio, you should point out:

Using a system of discounts to speed up the turnover of accounts receivable.

Increase in terms of payment of submitted invoices.

Dividing payments to suppliers into several stages.

To improve the financial position of an enterprise, it is necessary to direct the main forces of the enterprise to the reduction and effective management of receivables and payables.

To manage accounts receivable at OJSC Ilyinogorskoye, it is necessary to develop appropriate regulations for managing accounts receivable. Accounts receivable management must include the following mandatory procedures:

Accounting for settlements with debtors;

Analysis and ranking of receivables (by date of occurrence, by amount, by managers responsible for working with this debtor, etc.);

Regular work with current accounts receivable:

Claim work with overdue accounts receivable;

The procedure for collecting overdue receivables through the court. It is advisable to set a limit on receivables at the enterprise, if exceeded, the provision of services to the debtor should cease.

In addition, it is necessary to systematically check the payment discipline and business reputation of the company’s debtors and daily monitor the status of receivables. And as already noted, one of the most effective tools for maximizing cash flow and reducing the risk of overdue receivables is a system of penalties and fines. It is applied in case of violation of the payment terms established by the debt repayment schedule, and must be provided for in the contract. It should also be noted that in order to increase its own creditworthiness, the company must take care of its own image in business circles, namely, try to establish itself as a reliable partner who fulfills all its obligations in a timely manner. A positive credit history, participation in major projects, high quality of goods and services produced, adaptability to new management methods and technologies, influence in business and financial circles - all this will help improve the image of Ilnogorskoye OJSC, and therefore strengthen its creditworthiness.

One of the main and most radical directions for the financial recovery of an enterprise is the search for internal reserves to increase the profitability of trading activities and achieve break-even operation: improving the quality and competitiveness of goods, reducing their cost, rational use of material, labor and financial resources, reducing unproductive expenses and losses.

The main attention should be paid to the study and implementation of best practices in implementing the economy regime, material and moral incentives for workers in the struggle to save resources and reduce unproductive expenses and losses.

In special cases, it is necessary to radically revise the program for the purchase and sale of goods, logistics, labor organization and payroll, selection and placement of personnel, quality management of goods, markets for raw materials and sales markets for goods, investment and pricing policies and other issues.

CONCLUSION

Summarizing the material presented, it can be noted that analysis of the financial condition of an organization plays an important role and is necessary both for the organization itself in order to assess and forecast economic and financial activities, and for its counterparties, i.e. institutions and firms with which it enters into direct relations in the course of its functioning. These are banks, suppliers and contractors, buyers, tax authorities, insurance organizations, etc.

The purpose of analyzing the financial condition is to establish the current state of affairs and try to predict the possibility of changing the situation (if it is unsatisfactory) for the object in the future. Without a clear and reliable statement of the current situation, it is impossible to assess alternatives for the development of the object under study.

The financial condition of the organization is expressed using a system of indicators: solvency and liquidity. The calculation and analysis of these indicators makes it possible to assess the actual state of affairs of the organization, establish its real capabilities, identify deviations in its activities and outline measures to eliminate and prevent negative trends in its functioning in the future.

When writing the course work, the calculation of all the considered indicators was made on the basis of digital material from the accounting and statistical reporting of ODO "Experiment". Analysis of the calculated indicators made it possible to assess the financial condition of the organization, identify the strengths and weaknesses of its activities, determine the financial capabilities of the organization and reserves for increasing the efficiency of its functioning, etc.

It should be noted that the analytical function should not occupy the last place in the activities of any business entity. The results of the organization’s economic activities directly depend on timely and high-quality analysis.

LIST OF SOURCES USED

liquidity solvency financial negotiable

1. Instructions on the procedure for calculating solvency ratios and analyzing the financial condition of business entities: resolution of the Ministry of Finance of the Republic. Belarus and the Ministry of Economy of the Republic. Belarus from December 27. 2011, No. 140/206 // National. economic newspaper. - 2012. - No. 14. - P.4-6

2. Instructions for analysis and control over the financial condition and solvency of business entities: resolution of the Ministry of Finance of the Republic. Belarus, Ministry of Economy Rep. Belarus and the Ministry of Statistics and Analysis Rep. Belarus dated May 14, 2004 No. 81/128/65 (as amended on May 5, 2008 No. 79/99/50 // Chief Accountant. - 2008. - No. 22. - P. 22 - 30.

3. Analysis of economic activity in industry: textbook. for universities / V.I. Strazhev [and others]; under general ed. V.I. Strazheva. - 5th ed., revised. and additional - Mn.: Higher. school, 2007. - 480 p.

4. Analysis of the economic activity of an enterprise: textbook / Ermolovich L.L. [etc.]; under general ed. L.L. Ermolovich. - Mn.: Interpressservice; Eco-perspective, 2004.-576 p.

5. Baynev, V. Problems of anti-crisis management. Multicriteria model for assessing the possibility of bankruptcy of a company / V. Baynev // Finance, accounting, audit. - 2011. - No. 5. - P.40-44.

6. Efimova, O.V. Financial analysis / O. V. Efimova. - M.: Bukhg. accounting, 2008. - P.208.

7. Kovalev, L. Financial position of the enterprise: express analysis / L. Kovalev // Nat. economic newspaper. - 2012. - No. 21. - P. 21-24.

8. Kreinina, M. N. Financial management: textbook. allowance / M. N. Kreinina. - M.: Publishing house "Business and Service", 2008. - 304 p.

9. Markaryan, E.A. Financial analysis: textbook. for universities / E. A. Markaryan, G.P. Gerasimenko.- M.: ND FBK-PRESS, 2007.- P.215.

10. Enterprise finance: textbook / L.G. Kolpina [and others]; edited by L.G. Kolpina. - Mn.: Higher. school, 2003. - 336 p.

11. Savitskaya, G. V. Analysis of the economic activities of an organization: textbook. manual for universities / G. V. Savitskaya. - 7th ed. - Minsk: New knowledge,

12. Enterprise finance: textbook / ed. Kolchina N.V. -M.: Finance, 2004. - 413 p.

13. Kozharsky, V.V. Analysis of the efficiency of capital use / V.V. Kozharsky // Economics. Finance. Control. - 2010. - No. 12. - P. 15-19.

14. Susha, G.Z. Enterprise development strategy: textbook. allowance / G. Z. Susha. - Mn.: Academy of management. under the President of the Republic Belarus, 2006.- 216 p.

15. Popov, E. M. Finance of organizations: textbook. for universities / E. M. Popov. - Minsk: Vysh.shk., 2009. - 573 p.

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