The assessment of the financial activity of each economic entity is carried out with the help of economic analysis, which makes it possible to comprehensively determine its effectiveness in a synthetic form.

The main objects of financial analysis are the final results of management and the financial position of the enterprise. These two final indicators characterize not only the efficiency of the entity's activity, but also become a decisive prerequisite for its continuous functioning and development in a market economy.

It is no coincidence that in the theory and practice of enterprise management, financial analysis is considered to be the most important tool, at the same time an obligatory stage of this process. With his help:

control over the course of production processes, proper coordination of the movement of material and financial resources is carried out, shortcomings are identified that should be eliminated;

initial data are determined to substantiate current and strategic decisions, taking into account the actual state of resources, financial capabilities and expected results;

the choice of optimal options for planned targets and their implementation in terms of estimated costs and income is ensured.

A real assessment of the financial position of an enterprise is of interest not only to its managers, employees, shareholders, but also to partners in all financial transactions (banks, financial and insurance companies, sellers, buyers). They are mainly concerned about the solvency of the subject, the real possibility of fulfilling their financial obligations on time.

Evaluation of financial activity is carried out on the basis of generalization and analysis of extensive information that characterizes the internal processes of management in their value terms.

Continuous and effective activity of each economic entity is possible only with its stable financial position, which is primarily characterized by its financial capabilities. They should differ in the planned cash flow, ensuring the timeliness of settlements with participants in the production process.

Enterprises that are deprived of the opportunity to pay their employees, banks, budget, partners in a timely manner are not able to function normally. In such a situation, the acquisition of new values ​​for the rhythmic production of products is difficult, losses and unproductive costs (penalties, fines, etc.) increase.

The protracted difficult financial situation becomes one of the most important reasons for bankruptcy, termination of the economic activity of the entity. Therefore, it is necessary to constantly study the financial situation of the enterprise, take urgent measures to stabilize it. In the realities of a market, especially a transitional economy, this is not easy, since the financial condition of an enterprise is influenced by many internal and external factors.

The financial condition of the enterprise actually acts as a result of many actions of the enterprise itself, as well as factors that do not directly depend on it. Therefore, the assessment of this multifaceted phenomenon is carried out using an integral system of various indicators and coefficients.

The object of the study is the financial condition and activities of the enterprise. The subject of the study is the assessment and analysis of the financial condition and activities of the enterprise.

1. Collection of information and processing of financial statements

The analysis of the financial and economic condition of the organization begins with the preparatory stage, which includes the collection of information, verification and processing of the financial statements of the organization.

The result of the analysis of the financial and economic condition of the organization is a conclusion on the financial condition of the organization, which provides initial information for making economically sound management decisions in the field of financial and economic activities of the organization in order to increase the efficiency of the use of financial, material and labor resources. The basis for the analysis of the financial and economic condition of the organization is its financial and statistical reporting.

The annual financial (accounting) statements of enterprises consist of five main forms:

balance sheet - form No. 1;

profit and loss statement - form No. 2

statement of changes in equity - Form No. 3;

cash flow statement - Form No. 4;

appendix to the balance sheet - form No. 5.

These and some other forms of reporting are mandatory for enterprises and organizations engaged in entrepreneurial activities and are legal entities, regardless of the form of ownership.

2. Balance sheet of the enterprise

The most informative for the analysis and assessment of the financial and economic condition of the organization is form No. 1 "Balance sheet" . It reflects the value (monetary value) of the balances of non-current and current assets, capital, funds, profits, loans and borrowings, accounts payable and other liabilities.

The balance sheet contains a generalization of information about the state of the organization's economic assets included in the asset, and the sources of their formation that make up the liability. This information is presented "at the beginning of the year" and "at the end of the year", which makes it possible to analyze, compare indicators, identify their growth or decline.

The assets of the balance sheet include articles that combine certain elements of the organization's property on a functional basis. The asset balance consists of two sections.

Section I "Non-current assets" reflects the cost of land, buildings, structures, machinery, equipment, construction in progress; long-term financial investments; intangible assets and other non-current assets.

Section II of the balance sheet asset "Current assets" reflects the amount of material working capital: inventories, work in progress, finished products, the organization's free cash, short-term financial investments, the amount of receivables and other current assets.

In the Russian Federation, the asset balance is built in ascending order of the rate of transformation of these assets in the process of economic turnover into a monetary form, i.e. in ascending order of the degree of liquidity of assets.

So, in section I of the balance sheet asset, property is shown that, almost until the end of its existence, retains its original form and purpose. From the standpoint of assessing the current liquidity of assets, this group of assets is classified as illiquid or hard-to-sell assets, since their sale requires a rather long time.

Section II of the asset balance shows such elements of the organization's property, which during the reporting period repeatedly change their form and purpose. The assets of this section of the balance sheet are classified as liquid assets, the elements of the assets of this section, depending on the degree of their transformation into cash, are divided into three groups:

Slow-selling assets (stocks, work in progress, finished products);

Medium-sold assets (accounts receivable);

Highly liquid (quickly realizable) assets (cash).

In the liabilities side of the balance sheet, the grouping of articles is given according to the legal basis. The entire set of obligations of the organization for the received values ​​and resources is divided by subjects: to the owners of the economy and to third parties (creditors, banks, etc.).

Liabilities to owners (ownership) consist, in turn, of two parts:

1) from the capital that the organization receives from shareholders and shareholders at the time of establishment of the economy and subsequently in the form of additional contributions from outside;

2) from the capital that the enterprise generates in the course of its activities, funding part of the profits received in the form of savings.

External liabilities of the organization (borrowed capital or debts) are divided into long-term (over a year) and short-term (up to 1 year).

External liabilities are the legal rights of investors, creditors to the organization's property. From this point of view, external liabilities are a source of formation of the organization's assets, and from a legal point of view, it is the organization's debt to third parties.

Liabilities of the balance sheet are grouped according to the degree of urgency of repayment (repayment) of obligations in ascending order. The first place is occupied by the authorized capital as the most constant (permanent) part of the balance sheet. Other articles follow.

The balance sheet makes it possible to assess the effectiveness of the organization's capital allocation, its sufficiency for current and future business activities, to assess the size and structure of borrowed sources, as well as the effectiveness of their attraction.

The analysis of the financial and economic condition is carried out on the basis of the analytical balance sheet of the organization, which differs from the balance sheet by some adjustment of the data presented in the balance sheet in order to clarify the cost values ​​of individual items and sections of the balance sheet, based on their economic nature.

3. General economic interpretation of sections and balance sheet items

An asset is the sum of non-current and current assets, which should be considered as the value of the property of the organization, or the size of the advanced capital of the organization, or the amount of investments invested in the activities of the organization. In contrast to the balance sheet, the value of the organization's property is reduced by the amount of debt of participants (founders) for contributions to the authorized capital (line 300 - line 244)

Non-current assets in their economic essence are fixed assets, or fixed capital. Their size is determined by the amount of balances on the results of section I "Non-current assets" (p. 190) and the amount of the expected receipt of long-term receivables (p. 230).

Current assets, based on the economic essence of their constituent elements, should be considered as working capital, or working capital, or current assets. Their size, in contrast to the data of the balance sheet (line 290), is reduced by the amount of balances in lines 230, 244.

The liability of the analytical balance as the sum of the sections "Capital and reserves", "Long-term liabilities" and "Short-term liabilities" reflects the sources of formation of the organization's property, in contrast to the balance sheet, the total amount of the organization's sources actually decreases by the amount of the balance of funds (p. 244).

According to the form of ownership, all sources of the organization are divided into own and borrowed. Own funds, or the amount of equity capital, in the analytical balance sheet is determined as the result of the following calculations: line 490 - line 244 - line 450 + line 640 + line 650.

In other words, the outcome of Section III " Capital and reserves" is reduced by the amount of funds in the lines "Debt to participants" and "Target financing and receipts", and increases by the amount of deferred income and reserves for future expenses.

Borrowed funds, or the amount of borrowed capital, is defined as the sum of long-term liabilities (p. 590), increased by the amount of earmarked funding and receipts (p. 450) and short-term liabilities, reduced by balances (p. 640) "Deferred income", (p. 650) "Reserves for future expenses", i.e. is determined as the result of the following calculations: p.590 + p.450 + + p.690 - p.640 - p.650.

Depending on the time of attraction, borrowed sources are divided into short-term and long-term. Long-term borrowings, or long-term liabilities, are the sum of balances on lines 590 and ) earmarked by organizations, state bodies in the form of subsidies for a period of more than one goal.If the funds are allocated for a period of up to one year, then the amounts under this code refer to short-term borrowed funds).

Short-term borrowed and borrowed funds, or current liabilities, are the result of the following calculations: str.690 - str.640 - str.650. In other words, short-term borrowings and borrowings are defined as the amount of short-term liabilities (p. 690), reduced by the amount of deferred income (p. 640) and reserves for future expenses (p. 650).

In general, all sources of the organization according to the time of their use in production and commercial activities are divided into sources of long-term and short-term use.

Sources of long-term use, or permanent capital, include own funds (str. 490 - str. 244 + str. 640 + str. 650) and long-term borrowed funds (str. 590). Sources of short-term use include short-term borrowed and borrowed funds, or current liabilities (str.690 - str.640 - str.650).

Analysis and assessment of the financial and economic condition of the organization on the basis of the analytical balance sheet involves not only assessing the structure of individual sections, items of the organization's property and sources of its financing, but also the ratio of sections and items of assets and liabilities to each other, as well as checking compliance with the rule for financing the activities of the organization, reflecting economic feasibility and expediency of using the sources of the organization in its activities.

The rule for financing the activities of the organization is as follows: the financing of fixed assets, or non-current assets, is carried out at the expense of own funds and long-term borrowed funds, and the financing of working capital, or current assets, is partially at the expense of own funds (own working capital) and short-term borrowed funds and attracted funds.

Despite the fact that the balance sheet is the most important form of financial statements used for analysis, it does not fully provide an information base for the analysis of all aspects of the organization's financial and economic activities, since (the balance sheet contains information about the organization's property and sources of its financing only on a certain date, while for a deeper and more comprehensive analysis, additional data from the following reporting forms is used):

Form No. 2 "Profit and Loss Statement";

Form No. 3 "Statement of changes in equity";

Form No. 5 "Appendix to the balance sheet";

"Explanatory note" outlining the main factors that influenced the final results of the organization's activities in the reporting year, with an assessment of its financial condition;

The final part of the audit report (for enterprises subject to mandatory audit), confirming the degree of reliability of the information included in the financial statements of the enterprise.

The accounting regulation "Accounting statements of the organization" singles out and requires separately disclosing at least the proceeds from the sale of goods, products, works, services; interest receivable; income from participation in other organizations, other operating income and expenses; non-operating income and expenses; emergency income and expenses.

Profit and Loss Statement is the most important source of information for analyzing the indicators of the organization's business activity, profitability of its assets, profitability of sales, forecasting the bankruptcy of the organization.

The statement of changes in capital and the statement of cash flows supplement the balance sheet and income statement, allow you to reveal the factors that determined the change in the financial stability and liquidity of the enterprise, help build forecasts for the coming period based on extrapolation of existing trends, taking into account new conditions, make more clear conclusions during the analysis.

Statement of changes in capital "(form No. 3) shows the structure of the organization's equity capital (authorized, reserve, additional, etc.), presented in dynamics. For each element of equity, it reflects data on balances at the beginning of the year, replenishment of the source of equity , its spending and balance at the end of the year.

Statement of cash flows "(f. No. 4) reflects the cash balances at the beginning and end of the reporting period and cash flows (receipts and expenditures) in the context of the current, investment and financial activities of the organization.

Some of the most important balance sheet items are deciphered in the Appendix to the balance sheet (Form No. 5), which consists of the following sections.

1.Movement of borrowed funds (long-term credits and loans, short-term credits and loans) with the allocation of loans not repaid on time.

2. Accounts receivable and accounts payable (long-term and short-term).

3. Depreciable property: intangible assets; fixed assets and profitable investments in material assets; low-value and fast-wearing items.

4. Movement of funds for financing long-term investments and financial investments.

5. Financial investments (long-term and short-term, shares and shares of other organizations, bonds and other securities, loans, etc.)

6. Costs incurred by the organization (by elements).

7. Social indicators: deductions for social needs (to the Social Insurance Fund, to the Pension Fund, to the Employment Fund, for health insurance), the average number of employees; cash payments and incentives, income from shares and contributions to the property of the organization.

Data f. No. 5 are used to calculate individual indicators of business activity, profitability, price competitiveness of the organization.

Along with financial statements, if necessary, statistical reporting can be used for analysis - forms of federal state statistical observation No. P-1 "Information on the production and shipment of goods, services" and No. P-4 "Information on the financial condition of the organization on a cumulative basis since the beginning of the year."

4. Profit and loss statement

One of the most important reporting documents is the profit report, which is analyzed by the company's management in terms of the successes achieved and the loss of opportunities in the most important areas of activity.

"The income statement is the most important source of information for analyzing the performance of an organization, the profitability of its assets, profitability of sales, as well as predicting the bankruptcy of an organization. "

"The profit report contains important information on cash receipts, costs and financial results in each area of ​​​​activity. Their comparison with planned targets, achievements of previous years allows us to identify certain trends in the formation of profit, to assess the influence of decisive factors on its value" .

The profit and loss statement contains data on the income, expenses and financial results of the organization, which are presented in the amount of an accrual total from the beginning of the year to the reporting date.

The income statement becomes a guideline for further actions aimed at eliminating weaknesses in the work.

5. Analysis of liquidity and solvency of the organization

Estimation of the destruction of the balance sheet is carried out on the basis of comparisons of the calculated coefficients of liquidity, solvency, financial independence, stability and stability of the analyzed organization with their normative (recommended) values.

The main indicators characterizing the liquidity and solvency of the organization are the coefficients of absolute, critical (immediate) and current liquidity, solvency ratio.

"Liquidity is the ability of an economic entity to repay its financial obligations in a timely manner due to the unimpeded transformation of its current assets (part of property) into cash resources. In foreign practice, coefficients of three degrees (1,2,3) are used to calculate it, which we usually call absolute, intermediate and general liquidity."

"The liquidity of an organization is the ability of an organization to meet its short-term obligations in a timely manner."

It should be noted that the basic liquidity ratios for organizations of the consumer cooperation system have been lowered. This is justified by the fact that the activities of its organizations are not commercial and, according to the Law of the Russian Federation "On consumer cooperation (consumer societies, their unions) in the Russian Federation", is considered as a kind of system that acts as a guarantor of social and economic protection of the interests of shareholders, whom it serves.

At this stage of the analysis, it is necessary to establish whether the organization is liquid, what is the reason for its possible illiquidity and what needs to be done to restore or preserve it.

Under the conditions of the transition period, it is advisable to assess the financial liquidity of enterprises by two indicators: the overall ratio and the intermediate liquidity ratio.

In the first case, the overall liquidity ratio (total coverage) determines the extent to which current assets (all current assets) cover current liabilities. These are payments to suppliers of raw materials and other material values, to the budget, special state funds, obligations to their employees and the bank.

A satisfactory level of the overall ratio means that maintaining the financial balance of the enterprise requires that the amount of working capital be almost twice as large as current liabilities.

However, this coefficient to some extent obscures the ability of the subject to fulfill all urgent obligations in a timely manner, since a significant part of working capital can be frozen in inventories. Since these values ​​cannot always be quickly converted into cash, they are excluded from current assets and then the interim liquidity ratio is estimated.

In the most accurate definition, this ratio is calculated as the ratio of current assets minus inventories to current liabilities.

A satisfactory level of the coefficient is more than one (1 - 1.3), which shows that the company will be able to quickly fulfill its current obligations.

Only when inflation is high can a lower interim liquidity ratio be justified.

Liquidity indicators should also be compared with previous achievements and at the same time the change in the difference between intermediate and general liquidity should be analyzed.

If the growth rate of the general liquidity ratio exceeds the intermediate one, it means a rapid increase in inventories or a slowdown in capital turnover.

A high indicator of intermediate liquidity may be caused by inefficient use of funds, their accumulation in bank accounts, or an increase in receivables.

If the low liquidity of the balance sheet is a signal of difficulties in repaying the debt, then too high liquidity adversely affects the profitability of the enterprise.

Absolute liquidity ratio (K al) is calculated by the formula:

(K al) \u003d Cash + Short-term financial investments /

short-term obligations

The share of own working capital in the formation of reserves (Kobzap) is calculated by the formula:

Kob.zap \u003d Own working capital / Inventory

The organization is considered financially independent in terms of inventory financing, i.e. in financing its current activities, if the share of own sources in financing reserves is from 60 to 80% (Kob.zap varies from 0.6 to 0.8). For trade organizations and organizations of the consumer cooperation system - the recommended value is more than 50% (more than 0.5).

This indicator is of particular importance in assessing the creditworthiness of the organization. So, if its value is less than the normative, then the organization is considered insolvent, not borrowable. And vice versa.

A financially independent organization is recognized only if the actual values ​​of these two indicators The critical liquidity ratio shows how much cash and expected cash receipts from receivables account for 1 rub. short term liabilities.

The normative value for this indicator, equal to 1, means that the amount of cash, short-term financial investments and forthcoming proceeds from current activities (expected receivables) should not be less than the amount of the organization's short-term debt (str. 690 - str. 640 - str. 650 ), and for trade organizations of consumer cooperation - at least half of it.

The current liquidity ratio (Ktl) is calculated by the formula:

Ktl = Current assets / Current liabilities

The current liquidity ratio shows how many current assets account for 1 rub. short term liabilities.

The normative value for this indicator, equal to 2, indicates that the size of current assets (current assets) must exceed the size of short-term liabilities by at least 2 times (and for trade organizations of the consumer cooperation system - 1.5 times; the minimum allowable value is 1 ,one). Otherwise, the balance sheet structure is considered unsatisfactory, and the organization is considered illiquid.

The most common indicator that quickly signals the financial well-being of an enterprise is its solvency, i.e. the ability to repay their financial obligations in a specific period of time. The most important signs of solvency are the availability of funds in bank accounts, the absence of overdue debts, the ability to cover current liabilities by mobilizing working capital.

"Solvency is the real state of the enterprise's finances, which can be determined on a specific date or for the analyzed period of time. In order to establish the possibility of repaying current payments on time, the solvency is assessed according to the report at the beginning and end of the year (quarter, month). In addition, the balance of upcoming payments with cash receipts for a short period of time (month, decade, five days). "

Signs of insolvency or financial difficulties in each period are expressed in the lack of cash resources to meet urgent obligations. In this regard, there may be arrears in paying bills for the delivery of raw materials, materials and other necessary elements of the normal conduct of production. Mandatory payments to the budget, the bank for loans received, and sometimes wage payments become overdue. In such a situation, consistency in the movement of material and monetary resources is violated, and the continuity of the enterprise is under threat. However, insolvency may be a temporary phenomenon caused by a violation of the payment discipline of buyers, and does not reflect the actual financial position of an economic entity. Therefore, it cannot be judged only by the volume of financial obligations overdue on a specific date, for the liquidation of which it is necessary to take urgent measures.

"The solvency of an organization is the ability of an organization to fulfill all its obligations (both short-term and long-term) in a timely manner."

The main indicator of solvency is the overall solvency ratio (K op). The formula for calculating this coefficient is as follows:

K op \u003d Property of the organization / Amount of borrowed capital

The normative value of the overall solvency ratio: (Kop) > 2.0, means that the size of the entire property must exceed all the obligations of the organization by 2 times, otherwise it is considered insolvent.

6. Analysis of financial independence and sustainability of the organization

For a more complete characterization of the financial position, it is advisable to study the coefficients of independence and financial stability, which largely depend on the structure of assets and liabilities (the so-called property-capital) and for this purpose the balance sheet data is analyzed vertically and horizontally. The structure of property differs significantly at different enterprises, depending on the specifics of the activity, the nature of production and its technology, the organization of labor, the production process, marketing, and many other features of the relevant economic entities.

Therefore, the analysis of assets is carried out primarily on the basis of the formation of rational proportions between fixed assets and working capital and their individual elements.

For this purpose, the share of fixed and current assets in the total volume of property is calculated, and then the structure of each of these groups is analyzed in more detail at the beginning and end of the current period and changes over a number of years.

Analyzing the structure of property, one should always take into account the specifics of this enterprise. However, it must be remembered that a high proportion of fixed assets in the total amount of property to some extent reduces the possibility of increasing income, freezes the financial resources of the enterprise for a longer period. Therefore, it is advisable to study in more detail the structure of fixed assets, the efficiency of their use, the technical level of production equipment, and to reveal the reasons for their low productivity. On the basis of a deep analysis of the movement of fixed assets, measures are subsequently substantiated that contribute to their more rational use.

For example, a high level of stocks of material assets (a significant share in the volume of working capital) adversely affects the profitability of property, capital, sales, financial liquidity and some other performance indicators.

All items of receivables and funds in settlements are also subject to careful analysis. Growing amounts of debt (primarily the growth of overdue payments) indicate shortcomings in the management of this process: the choice of non-cash payments, control over the collection of these payments, the application of appropriate sanctions, etc. Changes in receivables should also be analyzed in conjunction with an increase in the volume of sales of products.

To determine the level of financial independence and stability of the financial position of the enterprise, it is necessary to assess the structure and changes in sources of financing.

To do this, the balance sheet liabilities are analyzed, primarily taking into account the possibilities of self-financing the current and strategic needs of the enterprise, its debts and the ability to cover them.

The financial position of the organization in terms of financial stability, independence and stability is characterized by the values ​​of such indicators as the autonomy coefficient, the share of working capital in the formation of reserves, financial stability ratios, the difference between net assets and authorized capital, the type and type of financial stability.

Based on the calculated values ​​of these indicators, it is established how financially dependent or independent the organization is from external sources of financing in its current and investment activities, and it is assessed how financially stable or unstable its activities are in general.

"Financial independence (dependence) of an organization is determined by the extent to which its activities do not depend (depend) on external sources of funding, i.e. how much its activities are financed from its own funds (sources)."

Let us dwell on the economic interpretation of the main indicators of the organization's financial independence. The coefficient of autonomy (financial independence) (K a) is calculated by the formula:

Ka \u003d Equity capital / Total sources of the organization

The coefficient is determined by the ratio of own sources to the total amount of sources available to the organization, and thus shows the share of own sources in the total amount of sources.

In general, an organization is considered financially independent if the share of its own sources in the balance sheet currency of the organization is at least 60%, and the consumer cooperation organization is at least 50%. In other words, an organization is considered financially independent if each ruble of all sources available to it includes at least 60 kopecks. own funds.

The share of own working capital in the formation of reserves (Kobzap) is calculated by the formula:

Kobzap = Own working capital / Inventory

The coefficient is determined by the ratio of own working capital to the amount of stocks available in the organization.

The organization is considered financially independent in terms of inventory financing, i.e. in financing its current activities, if the share of own sources in financing reserves is from 60 to 80% (Kobzap varies from 0.6 to 0.8). For trade organizations and organizations of the consumer cooperation system - the recommended value is more than 50% (more than 0.5).

This indicator is of particular importance in assessing the creditworthiness of the organization. So, if its value is less than the normative one, then the organization is considered insolvent, non-loanable. And vice versa.

The general conclusion about the financial independence (dependence) of the organization is formed based on the results of the analysis of indicators of the autonomy coefficient and the share of own working capital in the formation of reserves.

A financially independent organization is recognized only if the actual values ​​of these two indicators (the autonomy coefficient and the share of working capital in the formation of reserves) meet the recommended ones.

The financial stability of an organization is characterized by the level of provision of its activities with sources of financing for long-term use (own and long-term borrowed funds). In other words, financial stability shows the extent to which the financing of the organization's activities is stably provided for the long term. The economic interpretation of the main indicators of financial stability is as follows.

The financial stability ratio of the organization as a whole (Ku) is determined by the share of long-term sources of financing in the balance sheet and is calculated by the formula:

Ku \u003d Permanent capital / Total sources of the organization

If there are no long-term liabilities in the organization (section IV of the Balance is equal to 0), then the recommended value of this indicator can be taken at the level of the autonomy coefficient.

There is no strictly regulated value of this indicator, but, given the above, its value cannot fall below the value of the autonomy coefficient. If there are long-term liabilities, the value of the financial stability ratio should be significantly higher than 0.6 (provided that the autonomy ratio should be higher than 0.6).

The financial stability of the current activities of the organization (F y). An organization is recognized as financially stable if the size of its reserves is less than the sum of its own working capital and short-term loans and borrowings [f. No. 1; p.210< (стр.490 + + стр.640 + стр.650 - стр.244 + стр.590 - стр. 190 - стр.230 + + стр.610)].

The economic meaning of this indicator lies in the fact that the organization is considered financially stable in terms of the formation of reserves if the amount of own working capital (availability of own working capital) and short-term loans and credits is greater than the amount of reserves.

The smaller the amount of reserves (f. No. 1; p. 210) in comparison with the amount of short-term loans and credits, the higher the financial stability of the enterprise in terms of financing reserves.

The difference between net assets and authorized capital (N a - U k) is calculated by the formula:

H a - U k \u003d (p. 300 - p. 244 - p. 590 - p. 450 - p. 690 + + p. 640 + p. 650) - (p. 410) > 0.

The economic meaning of this indicator is that, comparing the amount of net assets (N a) and real equity capital (f. No. 1; p. 300 - p. 244 - p. 590 - p. 690 + p. 640 + p. 650) with the size of the authorized capital (f. No. 1; p. 410), determine whether funds were formed in the organization, and whether it received profit as a result of its activities.

If the difference between net assets and authorized capital is negative, then we can talk about the unprofitable activity of the organization, therefore, about its financial instability. In this case, the organization is obliged to announce a reduction in the size of the authorized capital (Law "On Joint Stock Companies", paragraph 4, article 35.) To the level of own real capital.

In the event that the value of real equity capital is a negative value, which is already visible in the balance sheet (the result of Section III of the Balance Sheet), then there can be no talk of reducing the authorized capital, and in this case the organization can be declared bankrupt.

In this case, the joint-stock company does not have the right to make a decision on the payment of dividends, as well as in the event that the value of net assets may turn out to be less than the specified value after the payment of dividends.

The value of this indicator is also important because on its basis the book value of shares is determined.

The type and type of financial stability of an organization is determined by the size of the fluctuation of the coefficients characterizing the liquidity and financial independence of the organization, as well as the nature of the trend in their change.

If the size of the absolute growth and the growth rate of the values ​​of these indicators are positive and approximately equal, then the organization's activity can be recognized as financially steadily growing.

And if the values ​​are negative - financially stably declining. If the size of the absolute growth of indicators change both in size and direction during the analyzed period, then the organization's activity is recognized as financially unstable and unstable.

7. Analysis of business activity and profitability of the organization

The next step in the analysis of the financial condition of the organization is the analysis of business activity and profitability.

Analysis and evaluation of the business activity of the organization are carried out at the qualitative and quantitative levels. An analysis at a qualitative level involves an assessment of the organization's activities according to informal criteria: the breadth of the product sales market; reputation of the organization; fame and reliability of customers using the services of the organization; availability of long-term sales contracts; presence of a trademark; the nature of relations with local authorities, etc.

Analysis of the assessment of business activity at a quantitative level is carried out on the basis of the results of calculating a number of indicators that characterize the effectiveness of the organization as a whole.

The indicators of business activity include: indicators that characterize the efficiency of the use of property, capital, fixed assets, the level of price competitiveness of the organization, as well as the growth rate of the organization's development, taking into account how certain financial results of its activities were achieved (due to rising prices on the product or by reducing the cost of its production).

It should be noted that the basic values ​​in the basis of all indicators of business activity are their average or best industry values ​​in the system of homogeneous organizations.

Let us dwell on the main indicators of the organization's business activity.

The amount of net profit (profit remaining at the disposal of a commercial organization) (PE).

The value of the indicator is defined in f. № 2; 190. The higher the amount of profit, the more effective the organization's activities.

The value of gross profit (gross profit) from sales of products (VP). The value of the indicator is defined in f. No. 2; p.140.

Gross profit shows how profitable its core business is. The higher the gross profit, the more efficient the main activities of the organization.

Capital productivity of fixed assets (F os) is calculated by the formula:

F os \u003d Revenue \ Average annual cost of fixed assets

This ratio shows how much revenue each ruble invested in fixed assets provides.

The growth of this indicator means an increase in the efficiency of the use of fixed assets. It should be noted that the value of the indicator under consideration should not be lower than 0.022, which is determined by the current corporate property tax rates (2.2% of the average annual value of property). For certain categories of payers, local governments may establish a preferential rate for property tax.

The turnover ratio of all capital (capital return on advanced capital) (How). This ratio determines how much revenue each ruble of advanced capital provides or each ruble invested in the property of the organization. The formula for calculating the indicator is as follows:

How = Revenue / Average annual property value

The growth of this indicator means an increase in the efficiency of using the advanced capital (property of the organization). And vice versa.

Equity turnover ratio (capital return on equity). The indicator is calculated by the formula:

Revenue / Average annual cost of equity

The value of this coefficient shows how much revenue each ruble of equity provided.

The growth of this indicator means an increase in the efficiency of the use of equity capital. And vice versa.

In this regard, it becomes necessary to analyze the performance of the enterprise on the basis of relative values, the so-called profitability. Profitability is calculated on the basis of profit, as an index calculated on the basis of such important indicators as sales (turnovers from sales), property and capital.

"Sales profitability is defined as the ratio of profit to sales volume or the total amount of production and sales costs associated with the sale of products. Balance or net profit (gross, net) is taken into account for calculation, sales volume is mainly taken into account without indirect taxes (VAT and excises). "

Profitability analysis. Profitability characterizes the economic efficiency of the organization, and reflects how profitable or unprofitable its activities. It can be defined as a percentage or as a ratio.

In this case, we are considering profitability ratios, the economic content of which lies in the fact that they show how much profit (book, net, profit from sales) falls either on 1 ruble invested in property, or on 1 ruble. own capital, or 1 rub. revenue. The higher the value of the coefficient, the more efficient the activity of the enterprise.

It should be noted that the basic values ​​of all indicators are their average or best values ​​in the industry (system of homogeneous organizations).

Consider the main profitability ratios, which are most often calculated in the practical activities of the organization.

Profitability ratio of all capital (total assets) based on accounting (balance sheet) profit. It is calculated by the formula:

Balance sheet profit / Average annual property value

In general, this ratio shows the efficiency of using the entire property of the organization. In other words, it reflects how much book profit the organization receives from each ruble invested in total assets. A decrease in the value of the coefficient often indicates a falling demand for the organization's products, an overaccumulation of assets.

Return on equity ratio based on accounting (total) profit. It is calculated by the formula:

Accounting profit / Average annual cost of equity

The ratio of the total return on equity shows the effectiveness of the use of equity capital. This indicator is especially important for joint-stock companies, since its dynamics affects the level of quotation of their shares on stock exchanges.

The return on equity ratio for net profit is calculated by the formula:

The economic meaning of this indicator is the same as the ratio of the total return on equity for accounting (total) profit, only we are talking about net profit.

The profitability ratio of sales by profit from sales is calculated by the formula:

Profit (loss) from sales / Revenue

Profitability of sales by profit from sales shows how much profit falls on a unit of sold products. The growth of the indicator is a consequence of an increase in prices for products sold at constant unit costs for production or a decrease in unit costs for production at constant prices for sales. A decrease in it indicates a decrease in prices at constant production costs or an increase in production costs at constant prices.

The profitability ratio of sales on balance sheet and net profit is calculated by the formula:

Balance sheet profit / Revenue

This ratio shows how much book profit falls on a unit of sales. Its economic meaning is the same as the profitability ratio of sales based on net profit from sales.

At the same time, the analysis should compare the rate of change in this indicator with the rate of change in the profitability ratio of sales in terms of net profit in order to identify the impact of the tax pressure on the performance of the organization.

So, if the growth rate of the sales profitability ratio on balance sheet profit is higher than the growth rate of the sales profitability ratio on net profit (the latter indicator is calculated as the ratio of f. No. 2; line 190 q.g. / f. No. 2; line 010 .), then this indicates an increase in the tax pressure on the financial results of the organization. And vice versa.

Comparing the growth rates of the return on sales ratio based on sales profit (form No. 2; line 050 of the fiscal year / form No. 2; line 010 of the current year) and the return on sales ratios based on balance sheet profit (form No. 2 ; p.140 KG / f. No. 2; p.010 NG), we can talk about the effectiveness of the main activities of the organization.

If the growth rate of balance sheet profit is greater than the growth rate of profit from sales, this indicates that profit from core activities is declining, while profit from operating and non-operating operations is increasing. And vice versa. Therefore, a re-profiling of production is necessary.

Conclusion

The materials of the analysis not only evaluate the actual state of the respective subject, but also its tendencies and development prospects. This becomes the starting point for eliminating the identified shortcomings, continuing positive actions, and the basis for substantiating new, rational decisions. It is only necessary to emphasize that with a high or galloping level of inflation, the reality of assessing financial indicators is achieved with proper adjustment of reporting and planned data.

Evaluation of financial activity is carried out with the help of specific indicators established for each of its sections or objects. In this case, the following methods generally accepted in economic analysis are used.

Comparative analysis, the purpose of which is to identify deviations of actual data from accepted postulates. This is achieved by comparing reporting materials with planned targets or achievements of previous periods, sometimes with the corresponding indicators of similar enterprises, industry average data and even world standards.

Multivariate analysis, which consists in determining the influence of decisive factors on the change in the analyzed indicators, revealing the causes of these phenomena and assessing them. At the same time, it is necessary to establish the nature of the influence of these factors on the overall financial results of the enterprise and its condition. It is advisable to analyze subjective factors in more depth, in detail in conjunction with dependent indicators.

A correct assessment of the financial activity of an enterprise is achieved only when a comparative and multivariate analysis of reliable and comparative (in measurement and in time) extensive information is simultaneously applied.

Equally important is the form of presentation of the results of the analysis. It should comprehensively characterize in writing the real financial situation of the analyzed subject, the effectiveness of actions in all areas of economic activity.

The main conclusions must be confirmed by appropriate calculations, tables and graphs, which reflect the most important changes in absolute numbers, relative indicators (in coefficients, percentage deviations from specified requirements, average data, etc.). On their basis, it is possible to correctly assess the financial condition of the enterprise and its financial results, reveal the reasons for their changes and take immediate measures to improve them.

The analysis of financial indicators covers the entire complex multifaceted process of managing the financial activities of an enterprise. On its basis, the state of all resources, business conditions and financial capabilities at the beginning of the planning period are determined. A reliable analysis of the movement of resources, factors affecting the effectiveness of specific activities, allows for rational maneuvering of funds, stimulating positive phenomena.

In order to summarize the final results of activities based on the intended management goal, the adopted development strategy, at the end of the reporting period, a comprehensive assessment of all indicators characterizing the financial condition of the enterprise is carried out.

Bibliography

1. Belolipetsky VG, Financial management. - M.: KNORUS, 2006. - 448 p.

2. Kovalev VV, Fundamentals of the theory of financial management. M.: Prospekt, 2008. - 544 p.

3. Ogarkov A.A. Management of the organization, - M.: Eksmo, 2006. - 512 p.

4. Rumyantseva Z.P. General management of the organization. Theory and practice. - M.: INFRA-M, 2006. - 304 p.

5. Sukhova L.F., Glaz V.N., Chernova N.A. Analysis of the financial condition and business plan of the trade organization of consumer cooperation. - M.: "Finance and statistics", 2006. - 288 p.

6. Tkachuk M.I., Kireeva E.F., Fundamentals of financial management. - Minsk: Ecoperspective, 2005. - 416 p.

7. Trubochkina M.I., Skamai A.T. Economic analysis of the enterprise. M: "INFRA - M", 2006. - 295 p.

8. Chernyak V.Z. The financial analysis. - M.: "Exam", 2005. - 416s.

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Sukhova L.F., Glaz V.N., Chernova N.A. Analysis of the financial condition and business plan of the trade organization of consumer cooperation. - M.: Finance and statistics, 2006. -56 p.

Kovalev VV, Fundamentals of the theory of financial management. M.: Prospekt, 2008. - 170 p.

Tkachuk M.I., Kireeva E.F., Fundamentals of financial management. - Minsk: Ecoperspective, 2005. 208 p.

Sukhova L.F., Glaz V.N., Chernova N.A. Analysis of the financial condition and business plan of the trade organization of consumer cooperation. - M.: "Finance and statistics", 2006. - 69 p.

Ministry of Education of the Russian Federation

NOU VPO Surgut Institute of World Economy and Business "Planet

COURSE WORK

subject: “Financial management”

topic: Evaluation of the financial activity of an enterprise

Completed by: Zenkevich S.R.

Group: Finances and credit 5k. s/o

Checked by: Shirinkina E.V.

Grade___________

Surgut 2010

INTRODUCTION 3

1. Theoretical part

1.1 Economic essence, purpose and significance of financial analysis

in modern conditions 5

1.2 Types of financial analysis 11

1.3 Classification of methods and techniques of financial analysis 13

1.4 The system of indicators characterizing the financial condition

enterprises 20

CONCLUSION 28

LITERATURE 29

2. Practical part

2.1 Assessment of the property status of the enterprise 30 2.2 Liquidity analysis 33

2.3 Assessing the viability of an enterprise 35

2.4 Business activity indicator 36

2.5 Estimating the capital structure 38

3. Measures to improve the financial condition of the enterprise 39

B E D E N I E

The market economy in the Russian Federation is gaining momentum. In modern economic conditions, the activity of each economic entity is the subject of attention of a wide range of participants in market relations interested in the results of its functioning.

To ensure the survival of an enterprise in modern conditions, management personnel must, first of all, be able to realistically assess the financial condition of both their enterprise and existing potential competitors.

Financial condition is the most important characteristic of the economic activity of an enterprise. It determines the competitiveness, potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners are guaranteed financially and in production.

In these conditions, the financial manager becomes one of the key figures in the enterprise. He is responsible for setting financial problems, analyzing the feasibility of using one or another method of decision taken by the management of the enterprise, and proposing the most appropriate course of action.

The purpose of this course work is to study the methods of financial analysis, as tools for making managerial decisions and developing, on this basis, practical recommendations and conclusions.

The main tasks set to achieve the goal of the course work can be considered:

The study of the theoretical and methodological foundations for the implementation of financial analysis of the activities of enterprises. As part of solving this problem, it is necessary to consider the conceptual apparatus of financial analysis; tools for financial analysis, implying a set of methods, techniques and methods for analyzing the financial condition of an enterprise, as well as a set of basic economic indicators that make it possible to describe the current and prospective financial condition of an enterprise.

Conducting a financial analysis of the company's activities on the basis of financial statements.

The object of the study is the general construction organization "Stroybytenergo"

The subject of the study is the very methodology for analyzing financial activity and the practice of applying it in management activities.

1. Theoretical part

1.1 Economic essence, purpose and significance of financial analysis in modern conditions

Financial analysis in its traditional sense is a research method by dividing complex phenomena into its component parts. In a broad scientific sense, financial analysis is a method of scientific research (knowledge) and evaluation of phenomena and processes, which is based on the study of the constituent parts, elements of the system under study. The economic essence of financial analysis is best reflected in the following definition: "Financial analysis is an assessment of the financial and economic activities of the company in the past, present and future."

In the economy, an integral element of which is finance, analysis is used to identify the essence, patterns, trends and evaluate economic and social processes, study financial and economic activities at all levels and in different areas of reproduction.

In this paper, we will focus on the definition of financial analysis of the activities of a particular enterprise.

From this point of view, the purpose of financial analysis is to determine the state of the financial health of the enterprise, identify weaknesses, potential sources of problems in its further work, and identify strengths that the enterprise can rely on.

The goals of financial analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational and informational capabilities of the analysis.

If we consider financial analysis as a process of assessing the financial condition of an enterprise based on the study of its financial statements, then we can single out the following as its main goals:

1) Tracking the current state of the enterprise;

2) Analysis of the enterprise's ability to finance investment projects;

3) Analysis of the ability to repay loans;

4) Bankruptcy warning;

5) Formation of forecasts of the financial activity of the enterprise;

6) Estimation of the value of the enterprise in case of its sale or merger;

7) Tracking the dynamics of the financial condition.

When assessing the financial position of an enterprise, various economic entities interested in obtaining the most complete information about its activities resort to the help of financial analysis. These include:

1) Internal - management, shareholders, founders, liquidation or audit commission.

2) External - government agencies, creditors, investors, auditors.

The purpose of financial analysis, the initiative of which does not belong to the enterprise, may be to determine and evaluate the creditworthiness and investment opportunities of the enterprise. So, a bank representative may be interested in the question of the liquidity or solvency of the enterprise. A potential investor wants to know how profitable the enterprise is and what is the degree of risk of losing the deposit when investing it. There is a technique that allows, with the help of financial and reporting documentation and analysis of various financial indicators, to predict the possibility of bankruptcy of an enterprise or to make sure of its stability.

Financial analysis is part of the overall economic analysis of the organization, as well as part of a general, complete analysis of economic activity, which consists of two closely related sections: external financial analysis and intra-economic management analysis. An approximate scheme of financial analysis is as follows (see Figure 1.)

Figure 1. Approximate scheme of financial analysis.

The division of analysis into financial and managerial is due to the division of the enterprise-wide accounting system into financial accounting and management accounting that has developed in practice. This division is somewhat arbitrary, because internal analysis can be seen as a continuation of external analysis, and vice versa. In the interests of business, both types of analysis complement each other with information.

Internal financial analysis - an analysis that is necessary to meet the company's own needs - is aimed at determining the liquidity of the company or at a strict assessment of its results in the last reporting period, in the case, for example, when the company's management and its financial analyst want to know whether the company can afford to allocate funds for the planned production expansion (expansion of production) and how additional costs will affect it.

External financial analysis is carried out by analysts who are outsiders for the enterprise and therefore do not have access to the internal information base of the enterprise.

There are two main differences between them:

1. The breadth and availability of the involved information support;

2. The degree of formalizability of analytical procedures and algorithms.

As part of the internal analysis, it is possible to involve almost any necessary information, including information that is not publicly available, in particular for external analysts.

Methods of external analysis are based on the assumption of a certain informational limitation of the analysis.

Regardless of what caused the need for analysis, its methods are essentially always the same. Its main tool is the derivation and interpretation of various financial ratios. The correct application of these techniques allows you to answer many questions regarding the financial health of the enterprise.

There are three main points to keep in mind when starting your analysis:

• It is necessary to draw up a fairly clear analysis program, including the development of models of analytical tables, algorithms for calculating the main indicators and the information and regulatory support required for their calculation and comparative assessment.
• The scheme of analysis should be built on the principle of "from the general to the particular".
• Any deviations from the normative or planned values ​​of indicators, even if they are positive, should be carefully analyzed.

In the process of complex financial analysis, the potential of a commercial organization is determined. There are two sides of the economic potential: the property status of a commercial organization and its financial position.

The property position is characterized by the size, composition and condition of long-term assets owned and disposed by a commercial organization to achieve its goal.

The financial situation can be characterized both in the short term and in the long term. In the first case, they talk about the liquidity and solvency of a commercial organization, in the second case, about its financial stability.

Both sides of the economic potential of a commercial organization are interconnected.

Analytical calculations are performed either as part of an express analysis or an in-depth analysis.

The purpose of the express analysis is a clear and simple implementation of algorithms in terms of time and complexity, an assessment of the financial well-being and dynamics of the development of a commercial organization.

An in-depth analysis specifies, expands or supplements individual express analysis procedures.

The vast majority of coefficients are calculated according to the balance sheet and income statement; moreover, the calculation can be performed either directly according to the reporting data, or using a compacted balance sheet.

So, financial analysis makes it possible to evaluate:

The property condition of the enterprise;

The degree of entrepreneurial risk;

Capital adequacy for current activities and long-term investments;

The need for additional sources of funding;

Ability to increase capital;

Rationality of attraction of borrowed funds;

Validity of the policy of distribution and use of profits.

Financial analysis of the company's activities includes:

Analysis of the financial condition;

Analysis of financial stability;

Analysis of financial ratios:

Balance liquidity analysis;

Analysis of financial results, profitability ratios and business

activity.

The life of an enterprise is made up of constantly changing situations and complex problems. To organize reliable financial management, it is necessary to understand the real movement of affairs in an enterprise, to know what it does, to have information about its markets, customers, suppliers, competitors, the quality of its products, further goals, etc. One of the means of coordinating the work of the enterprise and controlling its funds is financial analysis. It allows you to answer many questions regarding the movement of funds in the company, the quality of their management and the market position that the company acquires as a result of its activities.

Thus, financial analysis for the management personnel of enterprises, financial and accounting workers and analysts is the most important tool for determining the financial condition of an enterprise, identifying reserves for profitability growth, improving all financial and economic activities and increasing its efficiency. It serves as the starting point for forecasting, planning and managing economic entities.

1.2 Types of financial analysis

Prospective (predictive, preliminary) analysis,

operational analysis,

Current (retrospective)

Analysis based on the results of activities for a particular period.

Figure 2. Classification of types of financial analysis

The current (retrospective) analysis is based on accounting and static reporting and allows you to evaluate the work of associations, enterprises and their divisions for the month, quarter and year on an accrual basis.

The main task of the current analysis is an objective assessment of the results of commercial activities, a comprehensive identification of existing reserves, their mobilization, and the achievement of full compliance with material and moral incentives based on the results of work and the quality of work.

The current analysis is carried out during the debriefing of economic activity, the results are used to solve management problems.

The peculiarity of the methodology of the current analysis is that the actual performance results are evaluated in comparison with the plan and data of the previous analytical period. There is a significant drawback in this type of analysis - the identified reserves are forever lost opportunities for increasing production efficiency, since they refer to the past period.

The current analysis is the most complete analysis of financial activity, incorporating the results of operational analysis and serving as the basis for prospective analysis.

Operational analysis is close in time to the time of business transactions. It is based on primary (accounting and static) accounting data.

Operational analysis is a system of daily study of the fulfillment of planned targets in order to quickly intervene in the production process and ensure the efficiency of the enterprise.

Operational analysis is usually carried out according to the following groups of indicators:

Shipment and sale of products;

use of labor force,

Use of production equipment and material resources;

Cost price;

Profit and profitability;

Solvency.

During operational analysis, a study of natural indicators is carried out, relative inaccuracies are allowed in the calculations, since there is no completed process.

Prospective analysis is the analysis of the results of economic activity in order to determine their possible values ​​in the future.

By revealing a picture of the future, perspective analysis provides the manager with a solution to the problems of strategic management.

In practical methods and research, the tasks of prospective analysis are specified by: objects of analysis; performance indicators; the best justification for long-term plans.

Prospective analysis as intelligence of the future and the scientific-analytical basis of a long-term plan is closely related to forecasting, and such an analysis is called forecasting.

1.3 Classification of methods and techniques

financial analysis

The basis of any science is its subject and method.

The method of financial analysis is understood as a dialectical approach to the study of the financial condition and financial processes in their formation and development.

The characteristic features of the method include: the use of a system of indicators, the identification and change of the relationship between them.

In the process of financial analysis, a number of special methods, techniques are used and certain tools are used.

Methods of applying the methods of financial analysis can be divided into two groups: traditional and mathematical (quantitative).

The dominant methods used for financial and economic analysis are the use of quantitative methods. Their classification can be presented as follows:

Statistical methods, including:

The method of statistical observation is the recording of information according to certain principles and for certain purposes,

The method of absolute and relative indicators (coefficients),

Method for calculating averages - arithmetic averages, simple, weighted, geometric,

Time series method - determination of absolute growth, relative growth, growth rates, growth rates,

The method of summarizing and grouping economic indicators according to certain characteristics,

Method of comparison - with competitors, with standards, in dynamics,

Index method - the influence of factors on the compared indicators,

detailing method,

Graphic methods.

The simplest method is comparison, when the financial indicators of the reporting period are compared either with planned indicators or with indicators for the previous period (basic). When comparing indicators for different periods, it is necessary to achieve their comparability, i.e. indicators should be recalculated taking into account the homogeneity of constituent elements, inflationary processes in the economy, assessment methods, etc.

The next method is grouping, when indicators are grouped and tabulated. This makes it possible to carry out analytical calculations, identify trends in the development of individual phenomena and their relationship, factors that affect the change in indicators.

The chain substitution or elimination method consists in replacing a single reporting indicator with a base one. At the same time, all other indicators remain unchanged. This method allows you to determine the impact of individual factors on the total financial indicator.

Accounting methods, including:

double entry method,

balance sheet method,

Other methods.

Economic and mathematical methods, including:

Methods of elementary mathematics,

Classical methods of mathematical analysis - differentiation, integration, calculus of variations,

Methods of mathematical statistics - the study of one-dimensional and multidimensional statistical sets,

Econometric methods - statistical estimation of the parameters of economic dependencies,

Methods of mathematical programming - optimization, linear, quadratic and non-linear programming, block and dynamic programming,

Operations research methods - game theory, scheduling theory, methods of economic cybernetics,

heuristic methods,

Methods of economic-mathematical modeling and factor analysis.

Most often, when conducting financial analysis, statistical and accounting methods are used. Recently, a factor analysis of the financial and economic indicators of an enterprise based on the use of economic and mathematical methods has become widespread.

Many mathematical methods: correlation analysis, regression analysis, and others entered the circle of analytical developments much later.

The methods of economic cybernetics and optimal programming, economic methods, methods of operations research and decision theory, of course, can be directly applied in the framework of financial analysis (see Figure 3.).

Traditional methods include the main methods of analyzing financial statements:

horizontal analysis,

vertical analysis,

trendy,

method of financial ratios,

comparative analysis,

factor analysis.

Horizontal (temporal) analysis - comparison of each reporting position for the current period with the previous period.

Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole.

Trend analysis - comparing each reporting position with a number of previous periods and determining the trend. With the help of the trend, possible values ​​of indicators are formed in the future, and, therefore, a prospective analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of relations between individual positions of the report or positions of different forms of reporting, determination of the relationship of indicators.

Comparative analysis is both an on-farm analysis of the summary indicators of divisions, workshops, subsidiaries, etc., and an inter-farm analysis of an enterprise in comparison with competitor data, with average industry and average general economic data.

Factor analysis - analysis of the influence and individual factors (reasons) on the performance indicator using deterministic and stochastic research methods. Factor analysis can be both direct and reverse, i.e. synthesis is the combination of individual elements into a common performance indicator.

As a tool for financial analysis, financial ratios are widely used - relative indicators of the financial condition of an enterprise, which express the relationship of some absolute financial indicators to others. Financial ratios are used to compare the indicators of the financial condition of a particular enterprise with similar indicators of other enterprises or industry averages; to identify the dynamics of development of indicators and trends in the financial condition of the enterprise; to define normal limits and criteria

Figure 3. Classification of financial analysis methods

various aspects of the financial situation. Such criteria are: current liquidity ratio, equity ratio, solvency recovery (loss) ratio.

Their normal limits are determined, i.e. limit sizes. The financial analysis of an enterprise is performed using certain algorithms and formulas.

All of the above methods of analysis are formalized methods of analysis. However, there are also non-formalized methods: expert assessments, scenarios, psychological, morphological, etc., they are based on the description of analytical procedures at the logical level. At present, it is practically impossible to isolate the techniques and methods of any science as inherent exclusively to it. So in financial analysis, various methods and techniques are used that were not previously used in it.

However, despite the variety of methods of financial analysis (see Figure 3.), the process of financial analysis is carried out on the basis of general principles, the application of which is an important prerequisite for ensuring its high level.

The general principles of financial analysis are:

Sequence;

Complexity;

Comparison of indicators;

Use of the scientific apparatus (toolkit);

Consistency.[, p.10]

The sequence of analysis involves the use of two methods: deductive and inductive.

Deduction is one of the principles of analysis, meaning the sequence of its implementation from the general to the particular. In the process of analysis, first general indicators are sequentially identified, then private ones.

Induction is the principle of analysis, meaning the sequence of its implementation from the particular to the general, from causes to effects.

The complexity of the analysis involves the implementation of financial analysis in the relationship of all financial processes (comprehensive analysis).

Comparison of indicators is a way to study the dynamics of financial indicators. Comparison allows you to evaluate any financial indicator for the actual (reporting) period in relation to the base period or another enterprise, or a set of enterprises.

However, it should be noted that not all of the listed methods of economic analysis can be used in all cases of financial analysis, since their application largely depends on the analyst.

1.4 The system of indicators characterizing the financial condition of the enterprise

Financial activity is the working language of business, and it is almost impossible to analyze the operations or results of an enterprise other than through financial indicators.

Financial indicators characterize the proportions between various reporting items. The advantages of financial ratios are the simplicity of calculations and the elimination of the influence of inflation.

It is believed that if the level of actual financial ratios is worse than the comparison base, then this indicates the most painful places in the enterprise's activities that require additional analysis. True, an additional analysis may not confirm a negative assessment due to the specificity of specific conditions and features of the enterprise's business policy. Financial ratios do not capture differences in accounting methods, do not reflect the quality of the constituent components. Finally, they are static in nature. It is necessary to understand the limitations that their use imposes and treat them as an analysis tool.

For a financial manager, financial ratios are of particular importance, since they are the basis for evaluating his performance by external users of reporting, shareholders and creditors. The targets of the financial analysis being carried out depend on who conducts it: managers, tax authorities, owners (shareholders) of the enterprise or its creditors.

It is important for the tax authority to answer the question of whether the enterprise is capable of paying taxes. Therefore, from the point of view of the tax authorities, the financial situation is characterized by the following indicators:

– balance sheet profit;

– return on assets = book profit as a percentage of the value of assets

- profitability of sales = balance sheet profit as a percentage of revenue from

implementation;

- balance sheet profit per 1 ruble means for wages.

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

Banks should receive an answer to the question about the solvency of the enterprise, that is, about its readiness to return borrowed funds, liquidate its assets.

Enterprise managers are primarily interested in resource efficiency and enterprise profitability.

Analysis of the financial and economic condition of the enterprise can be divided into three main components:

Assessment of the property status of the organization

Assessment of the financial position of the organization

· Evaluation of the effectiveness of financial and economic activities of the organization.

It should be noted that these components are closely interconnected and their differentiation is necessary only for a clearer separation and understanding of the conclusions on the analytical procedures for analyzing the financial and economic activities of the organization as a whole.

Property assessment consists of the following components:

Analysis of the integrated compacted balance sheet - net

Estimates of property dynamics

Analysis of formalized indicators of property status

Property indicators include:

1. "The amount of economic assets at the disposal of enterprises" is an indicator of the generalized value of the valuation of assets on the balance sheet of the enterprise.

2. "The share of the active part of fixed assets." According to regulatory documents, the active part of fixed assets means machinery, equipment and vehicles. The growth of this indicator is estimated positively.

3. "Depreciation coefficient" - is usually used in the analysis as a characteristic of the state of fixed assets. Complementing this indicator to 100% (or one) is the "expiration factor".

4. "Renewal factor" - shows what part of the fixed assets available at the end of the reporting period are new fixed assets.

5. "Retirement rate" - shows what part of the fixed assets retired due to dilapidation and other reasons.

The analysis of the integrated compacted balance sheet - net is based on the construction of a simplified balance sheet model, in which absolute and relative (structural) indicators of items are integrated. This achieves the integration of "horizontal" and "vertical" analysis of the balance sheet, which allows you to more fully trace the dynamics of the balance sheet items. Many experts propose to carry out "vertical" and "horizontal" analysis separately. However, some of them recognize the expediency of conducting such an integrated analysis of balance sheet items.

When assessing the dynamics of property, the state of all property is traced as part of immobilized assets (I section of the balance sheet) and mobile assets (II section of the balance sheet - stocks, receivables, other current assets) at the beginning and end of the analyzed period, as well as the structure of their growth (decrease).

The assessment of the financial position consists of two main components:

Analysis of liquidity and solvency of the company

Analysis of financial stability.

To assess the liquidity and solvency of the company, the following indicators are used:

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

2. "Maneuverability of functioning capital" - characterizes that part of own working capital, which is in the form of cash. For the normal functioning of the enterprise, this indicator varies from 0 to 1.

3. "Coverage ratio" (general) - gives an overall assessment of the liquidity of assets, showing how many rubles of current assets of the enterprise account for one ruble of current liabilities, this is considered as successfully functioning.

4. The "quick liquidity ratio" is similar in meaning to the "coverage ratio", however, inventories are excluded from the calculation. In Western literature, it is tentatively taken below 1, but this is conditional.

5. "Absolute liquidity ratio" (solvency) - shows what part of short-term debt obligations can be repaid immediately.

6. In international practice, it is believed that its value should be greater than or equal to 0.2 - 0.25

7. "The share of own working capital in the coverage of stocks" - characterizes that part of the cost of stocks, which is covered by own working capital, the lower limit of 50% is recommended.

8. "Reserve coverage ratio" - is calculated by the ratio of the values ​​of "normal" sources of coverage of reserves, and the amount of reserves. If the indicator value< 1, то текущее финансовое состояние неустойчивое.

To assess the financial stability of the company, the following indicators are used:

1. "Coefficient of concentration of own capital" - characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities. The higher the value of this ratio, the more financially stable the enterprise.

2. "Coefficient of financial dependence" - is the inverse of the ratio of concentration of equity capital. The growth of this indicator in dynamics means borrowed funds.

3. "Equity capital flexibility ratio" - shows what part of equity capital is used to finance current activities, i.e. invested in working capital.

4. “Coefficient of the structure of long-term investments” - the coefficient shows what part of fixed assets and other non-current assets are financed by external investors.

5. "The coefficient of long-term attraction of borrowed funds" - characterizes the capital structure. The higher the indicator in dynamics, the more the company depends on external investors.

6. "The coefficient of the ratio of own and borrowed funds" - it gives an overall assessment of the financial stability of the enterprise. The growth of the indicator indicates an increase in dependence on external investors.

It must be said that there are no uniform normative criteria for the considered indicators. They depend on many factors: industry affiliation, lending principles, the current structure of sources of funds, etc.

Therefore, the acceptability of the values ​​of these indicators is better to be compiled by groups of related enterprises. The only rule that “works” is that the owners of the enterprise (investors and other persons who have made contributions to the authorized capital) prefer reasonable growth in the dynamics of borrowed funds, and creditors prefer enterprises with a high share of equity capital, with greater financial autonomy.

Analysis of business activity characterizes the results and efficiency of the current main production activities of the company. The general indicators for assessing the efficiency of the use of enterprise resources and the dynamism of its development include the following indicators:

- "Resource return (turnover ratio of advanced capital)" - characterizes the volume of sales per ruble of funds invested in the activities of the enterprise.

- “Coefficient of sustainability of economic growth” - shows what average pace the enterprise can develop.

Qualitative criteria for the analysis of business activity are: the breadth of product sales markets, the reputation of the enterprise, etc. The quantitative assessment is given in two areas:

The degree of implementation of the plan for the main indicators, ensuring the specified rates of their growth;

The level of efficiency in the use of enterprise resources.

In particular, the following ratio is optimal:

Tnb > Tr > So > 100%;

Where Tnb, Tr, So, respectively, the rate of change in financial profit, sales, advanced capital.

This dependency means that:

a) economic potential increases;

b) the volume of sales increases at a higher rate;

c) profit increases at a faster pace.

This is the golden rule of business economics.

The most important part of the overall analysis of the financial and economic activities of the enterprise is the analysis of profitability. The main indicators of this block include the return on advanced capital and the return on equity. Other similar indicators can also be calculated.

The analysis of the financial condition of enterprises is carried out mainly according to the data of annual and quarterly financial statements and, first of all, according to the data of the balance sheet.

The analysis of the financial condition of the enterprise is completed by its comprehensive assessment. When analyzing the financial condition of their enterprise, after a comprehensive assessment, they develop measures to improve the financial condition, paying special attention to the development of the financial strategy of the enterprise for the future and in the coming periods.

Thus, in this chapter, the theoretical foundations of financial analysis were considered, that is, the types, techniques and methods of financial analysis, the methodology for analyzing the financial condition, that is, the main indicators for assessing the financial condition, their structure and coefficients that determine them, as well as the factors on which they depend these indicators.

CONCLUSION

In this paper, the mechanism for conducting a financial analysis of the activities of an enterprise and its significance in modern economic conditions was shown. The main theoretical methods for conducting a financial analysis of an enterprise's activity are considered, the economic essence of the coefficients used in the analysis of the financial condition of an enterprise is disclosed.

Literature

1. Artemenko V.G., Bellindir M.V. Financial Analysis: Textbook. - M.: DIS, NGAEiU, 1999. - 128 p.

2. Balabanov I.T. Financial analysis and planning of an economic entity. - 2nd ed., add. - M.: Finance and statistics, 2001. - 208 p.

3. Vasina A.A. Analysis of the financial condition of the company. - M, ICF "Alf", 2003 - 50 p.

4. Vakhrin P.I. Financial Analysis in Commercial and Non-Commercial Organizations: Textbook. - M.: IKTs "Marketing", 2001. - 320 p.

5. Kovalev V.V. Financial analysis: methods and procedures. – M.: FiS, 2002. – 560 p.

6. Savchuk V.P. Financial analysis of the enterprise activity (international approaches)

7. Sheremet A.D., Saifullin R.S. Finance of enterprises, M.: INFRA-M, 1998.

8. Sheremet A.D., Saifulin R.S. Methods of financial analysis - M.: INFRA-M, 1998. - 328 p.

9. Sheremet A.D., Saifulin R.S., Negaliev E.V. Methods of financial analysis of enterprises - M.: INFRA-M, 2001.

2. Practical part

FINANCIAL ANALYSIS OF THE ACTIVITIES OF OOO STROYBYTENERGO

2.1 Assessment of the property status of the enterprise

Aggregate balance sheet

Indicators		At the beginning of the reporting year		At the end of the reporting year		Abs. Deviation t.r.	Deviations in beats. weight
		t.rub.	% to total	t.rub.	% to total		%
1	2	3	4	5	6	7	8
ASSETS
1. Non-current assets
fixed assets	120	1121	111 0	0.18	0.17	-11	-0.01
Section 1 Total	190	2721	2711	0.44	0.42	-10	-0.02
2. Current assets
stocks, including		1415	24488	0.23	3.79	+23078	+3.56
Value added tax on acquired valuables	220	17892	27933	2.92	4.32	+10041	+1.4
Accounts receivable (payments during the year)	240	475665	830048	77.77	128.35	+354383	+50.58
Short-term financial investments	250	102667	19667	16.78	3.04	-83000	-13.74
Cash	260	11268	258173	1.84	39.92	+246905	+38.08
Section 2 total	290	608909	643964	99.55	99.58	+35055	+0.03
BALANCE (190+290)	300	611630	646674	+35044
LIABILITY
3. Capital and reserves
Authorized capital	410	445400	445400	73.41	71.74	0	-1.94
Undestributed profits	470	161428	113395	26.60	18.17	-48033	-8.43
490	283972	332005	46.80	53.28	+48033	+6.48
4. Long-term liabilities
Accounts payable	620	322648	291025	53.18	46.70	-31623	-6.48
Section 5 total	690	322648	291025	53.18	46.70	-31623	-6.48
BALANCE (490+590+690)	700	606685	623112	+16427

Conclusions.

Non-current assets remained unchanged. The entity has not made any purchases of equipment, machinery or other types of OS. Maximal growth Ob.Akt. occurred in accounts receivable for 354,383 tr, this indicates an unprudent policy and may aggravate the financial position of the enterprise. Decreased short-term financial investments by 83,000, which indicates the lack of free funds. Cash increased by 246,905. The structure of property shows that the largest share is occupied by current assets. Total amount Ob.Akt. increased by 35,055 tr due to the increase in money. by 246,905 tr, I can assume that the company received payments on receivables for the past year, but receivables increased at the end of the reporting period, work in this area most likely was not carried out. The main contribution to the formation of Ob.Akt was made by receivables, such a structure indicates problems associated with paying for the services of an enterprise, and the non-monetary nature of settlements. The company has a surplus. The enterprise provides a commercial loan in an amount exceeding the funds received in the form of deferred payments to commercial creditors.

The main source of formation of total assets are own funds. The share of borrowed funds has decreased, which may indicate an increase in financial independence. The increase in reserves and capital may be the result of the efficient operation of the enterprise. The structure of borrowed capital is dominated by suppliers and contractors, taxes and other creditors, by 104503t.r 108599t.r 106743t.r respectively. Long-term liabilities increased by 17t.r. The predominance of short-term liabilities in the borrowed structure is a negative fact that characterizes the deterioration of the balance sheet structure and increased risk of financial stability, but short-term debts decreased by 31,623, which indicates ongoing work in this area and some improvement in financial stability.

The share of borrowed funds in the total amount of capital is.

At the beginning of the period 46.8% at the end of the period 53.3% abs change = -6.5%, which is a negative fact, the share of borrowed capital > 50% is a negative moment, because penalties are charged, percent. the stakes are quite high. Increases the likelihood of being matched. 3. Bankruptcy law. There is a need for an additional analysis of accounting.

2.2 Liquidity analysis

ASSETS	For the beginning of the year	At the end of the year	deviations	LIABILITY	For the beginning of the year	At the end of the year	deviations
1	2	3	4	5	6	7	8
1.A1	113935	277840	-208713	1. P1	322648	291025	-13185
2. A2	475665	830048	+475665	2. P2	0	0	+830048
3. A3	0.03	0.08	-64.7	3. P3	65	82	-81.92
4. A4	2721	2711	-281251	4. P4	283972	332005	-329294
BALANCE	611630	646674	+4945	BALANCE	606685	623112	+23564

A1= 250+ 260 A3=210+220/290 P1=620+660 P3=590

A2= 230+240+270 A4=190 P2= 630+610 P4= 490

Starting year model A1< П1, А2>P2, A3< П3, А4 <П4

Model con.g A1<П1, А2 >P2, A3<П3, А4 <П4

The liquidity model of the balance sheet indicates that the company at the beginning of the year is not absolutely liquid. All inequalities are violated except for the 2nd one. At the end of the year, the situation has not changed.

Absolute liquidity ratio - shows what part of short-term debt obligations can be repaid immediately at the expense of highly liquid assets.

K ab.l.n = A1/P1 = 0.35

K ab.l.k = A1/P1 = 0.95

Intermediate critical liquidity ratio - shows whether the company will be able to pay off its short-term debt obligations on time.

K sp.l.n \u003d A1 + A2 / P1 + P2 \u003d 1.83

K pr.l.k \u003d A1 + A2 / P1 + P2 \u003d 0.68

The current liquidity ratio is practically the calculation of the entire amount of current assets per ruble of short-term debt. This indicator is adopted as the official criterion for the insolvency of an enterprise (organization). Its advantage over other indicators of solvency is that it is generalizing, taking into account the entire value of current assets.

K t.l.n = A1+A2+A3/P1+P2 = 1.82

K t.l.k \u003d A1 + A2 + A3 / P1 + P2 \u003d 3.80

To assess the liquidity of the balance sheet, the following relative coefficients are used:

1) Cab.l > or = 0.2

Shows the ability of the enterprise to quickly liquidate the obligation, the term of which has already come.

K ab.l k = 0.95 >0. 2. => the company is able to quickly liquidate the obligation, the term of which has already come.

2) To pr.l. > or =1.

Shows the possibility of quickly realizable assets to repay the existing short-term debt.

K ex.l = 0.68< 1 =>the enterprise is not able to repay short-term debt with the available marketable assets. Another negative point is that the situation has worsened over the period under review.

3) K t.l\u003e either \u003d 2

Shows that the enterprise has all the Assets should be sufficient not only to cover short-term liabilities, but also to carry out business activities.

K t.l = 3.80 > 2 => the company has enough current assets to cover all short-term liabilities and continue to engage in economic activities. On the positive side, the situation has improved over the period under review. The company has acquired current liquidity, which indicates the restoration of the financial condition of the enterprise.

2.3 Assessment of the solvency of the enterprise

An assessment of the financial condition of an enterprise will be incomplete without an analysis of financial stability. The financial stability of an enterprise is characterized by the state of financial resources that ensure an uninterrupted process of production and sale of products (services) based on real profit growth.

To assess the insolvency, 2 indicators are calculated Kt.l and Ksos

Ksos \u003d own equipment av.va (290-690) / Ob.act (290) \u003d 0.1 (normative)

The coefficient of provision with own obor.sr. shows the share of own funds in the total amount of current assets.

Kt.l \u003d total act (290) / cr. average obligatory (690) = 2 (normative)

If at least one of the indicators takes on a value less than the normative value, then it is determined whether the enterprise has the opportunity to restore its solvency.

Ksos.n = 0.47 > 0.1 above the standard.

Ksos.k = 0.55 > 0.1 above the standard. the share of own funds in the total amount of current assets increased over the period.

Ct.l.n = 1.89< 2 ниже норматива.

K t.l.k = 2.21 > 2 above the standard. => the company is wealthy and has the ability to repay its obligations on time. I would like to note that during the reporting period the company has increased its performance, but there is a threat to lose solvency.

2.4 Business performance

Allows you to analyze how effectively the company uses its own funds. Business activity indicators are of great importance for assessing the financial position of the enterprise.

The inventory turnover ratio shows how many turnovers per year make inventory.

K o.z \u003d Ex. From sales (010) / stocks (210) (number of turns)

Kt of the duration of the turnover of stocks

Pz \u003d Days of the period 360 / Ko.z (days)

Accounts receivable turnover

Kob.dz. = Ext. From. Real(010)/Deb.set(230+240)

Debt repayment period

P dz. = days 360/Kob.dz

Kt turnover of accounts payable.

To ob.k.z \u003d cost price pr. (020) / Credit. ass (620)

Accounts payable turnover period.

P k.z \u003d Days 360 / K ob.k.z (days)

A generalizing indicator of the business activity of an enterprise is the duration of the financial cycle - this is the time during which funds are diverted from circulation.

FC \u003d Pz + Pdz + Pk.z

The shorter the financial cycle, the less business activity.

The financial cycle at the enterprise increased by 454.71 days, which indicates a deterioration in the business activity of the enterprise and a high decrease in cash turnover, this decrease in turnover was strongly influenced by an increase in the repayment period for accounts receivable, accounts payable and inventory turnover.

2.5 Estimating the capital structure

1) To autonomy = own capital (art. 490) / total ∑ of capital (art. 700)> 0.5 (50%)

2) K of borrowed capital \u003d borrowed capital (st. 590 + 690) / total ∑ capital (700)<0,5

3) To financial dependence \u003d borrowed capital (art. 590 + 690) / equity capital (art. 490)<1

4) To immobilization \u003d sbt.

At the end of the year, the share of equity was 53%, which indicates a low financial autonomy of the enterprise, but it is positive that there was an increase in equity by 7% over the reporting period.

Kfz=0.88 corresponds to the standard. A positive fact, decreased by 26%, which means that work is underway to stabilize the financial situation of the enterprise.

Kz.k< 0.5 соответствует нормативу, положительно, что произошло снижение показателя на 7%.

It can be concluded that, although not significant, but nevertheless, the financial situation has become more stable.

3. Measures to improve the financial condition of the enterprise.

The main goal of a commercial enterprise in modern conditions is to maximize profits, which is impossible without effective capital management. The search for reserves to increase the profitability of the enterprise is the main task of the manager.

Obviously, the result of the enterprise as a whole depends entirely on the effectiveness of managing financial resources and the enterprise. If the business goes by itself, and the style of management in the new market conditions does not change, then the struggle for survival becomes continuous.

The performed calculations of the turnover of the current assets elements led to the conclusion that the management of the enterprise does not control the factors affecting the turnover indicators, which leads to a decrease in the latter and affects the business activity of the enterprise. The financial cycle at the enterprise increased by 454.71 days, which indicates a deterioration in the business activity of the enterprise and a high decrease in the turnover of funds.

There is a tendency to reduce the financial stability of the company. Therefore, to stabilize the financial condition of the enterprise, it is proposed to carry out the following measures:

First of all, it is necessary to change the attitude towards production management,

Learn new management methods and techniques

Improve the management structure

Improve and train staff

Improve personnel policy

Think over and carefully plan pricing policy,

Look for reserves to reduce production costs,

Actively engage in planning and forecasting enterprise finance management.

Thesis

Topic of the thesis:

Analysis and evaluation of the financial activities of the organization (on the example of Prospekt LLC)

Introduction

Theoretical foundations for the analysis and evaluation of the financial activities of the organization

1 The value and information support of the analysis of the financial activities of the organization

2 Tasks of analysis and evaluation of the financial activities of the organization

3 Profitability and profit as indicators of the organization's performance

Analysis and evaluation of the financial activities of Prospekt LLC

1 Organizational and economic characteristics of Prospekt LLC

2 Analysis of the financial performance of the organization

3 Evaluation of the financial performance of the organization

Improving the financial activities of Prospekt LLC

1 Ways of financial recovery of the organization

2 Financial outlook for the organization

Conclusion

Bibliography

Applications

financial business balance sheet

Introduction

Today, the stage of rapid development of the market has practically passed, and a new stage of economic relations is beginning, when the success of the organization largely depends on the art of managing it.

An important role in the implementation of this task is assigned to the analysis and diagnostics of the financial and economic activities of organizations. With their help, a strategy and tactics for the development of the organization are developed, plans and management decisions are justified, their implementation is monitored, reserves for increasing production efficiency are identified, and the performance of the organization, its divisions and employees is evaluated. A modern leader must know well not only the general patterns and trends in the development of the economy in the transition to market relations, but also subtly understand the manifestations of general, specific and particular economic laws in the practice of his organization, timely notice trends and opportunities to improve production efficiency. He must be proficient in modern methods of economic research, methods of systematic, comprehensive economic analysis, the skill of accurate, timely, comprehensive analysis of the results of economic activity.

Management of an organization based on the analysis of financial activity is possible if the management of the organization really knows its capabilities, and this is possible only after the analysis of production and economic activities, since it helps to substantiate plans and management decisions, identify reserves for increasing production efficiency and, as a result, develop a strategy and organization development tactics. In this regard, the study of the fundamentals of the analysis of financial activity is particularly relevant today.

The relevance of the chosen topic is also confirmed by the fact that the overwhelming majority of directors of domestic organizations have higher education in the field of "technical" sciences, where they are specialists whose qualifications are many times higher than the world level. At the same time, in the field of economics, namely in the field of managing an organization in a market economy, they do not have the necessary theoretical or practical base.

Analysis of financial and economic activity is the link between accounting and management decision-making. In the process of its accounting information is subject to analytical processing: a comparison is made of the achieved results of activities with data for past periods of time, with indicators of other organizations and industry averages; the influence of various factors on the results of economic activity is determined; shortcomings, mistakes, unused opportunities, prospects, etc. are identified. Through the analysis of the organization's activities, comprehension and understanding of information is achieved. Based on the results of the analysis, management decisions are developed and justified. Economic analysis precedes decisions and actions, justifies them and is the basis of scientific production management, increases its efficiency.

Therefore, economic analysis can be viewed as an activity for the preparation of data necessary for the scientific substantiation and optimization of management decisions.

A large role is given to analysis in determining the use of reserves to improve the efficiency of the organization. It promotes rationalization, economical use of resources, identification and implementation of best practices, scientific organization of labor, new equipment and production technology, prevention of unnecessary costs, shortcomings in work, etc. As a result, the economy of the organization is strengthened, the efficiency of its activities is increased.

Consequently, the analysis of the financial and economic activities of the organization is not only to evaluate the implementation of plans and establish the results achieved, but also to identify internal reserves and find ways to better use them.

On the other hand, when analyzing an organization, the financial results of the organization's activities are taken into account, which are characterized by the amount of profit received and the level of profitability. The greater the amount of profit and the higher the level of profitability, the more efficiently the organization functions, the more stable its financial condition. Therefore, the search for reserves to increase profits and profitability is one of the main tasks in any business area. Great importance in the process of managing financial results is given to economic analysis.

The purpose of the final qualification work is to study the existing theoretical methods for analyzing the financial activities of an organization, presenting a clear and understandable methodology for analyzing the management of an organization based on an analysis of financial activities, as well as developing measures and practical recommendations for optimizing the financial condition and improving financial results, with respect to a specific organization that can serve as both a methodological and practical basis for managing an organization.

This goal of the work is defined objectively: it is of particular importance for Russia. Indeed, if we do not touch upon the analysis of the internal political situation of our state, we can say that the Russian Federation is potentially one of the richest countries in the world. Practice says that one of the determining factors hindering the economic development of the country is the insufficiently high level of qualification of managerial employees of domestic organizations in the field of economics.

In the current economic conditions, the modern head of the organization must have the skills not only to manage the team, not only to manage production, but also to be a specialist in the field of financial management of the organization.

The main objectives of this work are as follows:

-reveal the meaning and information support of the analysis of the financial activities of the organization;

-disclose the tasks of analysis and evaluation of the financial activities of the organization;

-characterize the concepts of profitability and profit as the main indicators of the effectiveness of the organization;

-conduct an analysis of the financial activities of Prospekt LLC;

-assess the financial performance of the organization;

-develop ways of financial recovery of the organization;

-outline the prospects for the financial activities of the organization.

The object of study in this paper is the trade organization Prospekt LLC.

The subject of the study is the financial aspects (financial condition and financial results) of the organization's activities for the reporting period from 2006 to 2007.

1. Theoretical foundations for the analysis and evaluation of the financial activities of the organization

.1 Significance and information support of the analysis of the financial activities of the organization

Financial analysis is an essential element of financial management and audit. Almost all users of financial statements of organizations use the methods of financial analysis to make decisions on optimizing their interests.

The owners analyze the financial statements to increase the return on capital, ensure the stability of the firm's improvement. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. We can firmly say that the quality of the decisions made depends entirely on the quality of the analytical justification of the decision.

In recent years, a lot of serious and relevant publications on financial analysis have appeared. Foreign experience in financial analysis and management of organizations, banks, insurance organizations, etc. is being actively mastered. At the same time, it should be noted that the presence of a large number of interesting and original publications on various aspects of financial analysis does not reduce the need and demand for special methodological literature, in which a complex logically coherent procedure of financial analysis would be reproduced step by step.

Bringing the forms of accounting statements in line with the requirements of international standards necessitates the use of a new method of financial analysis that meets the conditions of a market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree of financial stability of an organization, assessing business activity and the effectiveness of entrepreneurial activity.

The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The reporting of organizations in a market economy is based on a generalization of financial accounting data and is an information link that connects organizations with society and business partners, users of information about the organization's activities.

The subjects of analysis are, both directly and indirectly, users of information interested in the activities of the organization.

The first group of users includes the owners of the organization's funds, lenders (banks, etc.), suppliers, customers (buyers), tax authorities, organization personnel and management.

Each subject of analysis studies information based on their interests. So, the owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by the administration of the organization; creditors and suppliers - the feasibility of extending the loan, credit conditions, loan repayment guarantees; potential owners and creditors - the profitability of placing their capital in the organization.

It should be noted that only the management (administration) of the organization can deepen the analysis of reporting using production accounting data as part of the management analysis carried out for management purposes.

The second group of users of financial statements are the subjects of analysis, which, although they are not directly interested in the activities of the organization, must, under the contract, protect the first group of users of statements. These are audit firms, consultants, legal exchanges, the press, associations, trade unions.

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Separate user groups, such as management and auditors, have the opportunity to involve additional sources (production and financial accounting data). However, more often than not, annual and quarterly reports are the only source of external financial analysis.

The methodology of financial analysis consists of three interrelated blocks:

-analysis of the financial results of the organization;

-analysis of the financial condition;

-analysis of the effectiveness of financial and economic activities.

The main source of information for analyzing the financial condition is the organization's balance sheet (Form No. 1 of annual and quarterly reporting). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The source of data for the analysis of financial results is the report on financial results and their use (Form No. 2 of annual and quarterly reporting). The source of additional information for each of the blocks of financial analysis is the appendix to the balance sheet (Form No. 5 of the annual reporting).

In accordance with the Methodological recommendations on the procedure for the formation of indicators of the financial statements of an organization, approved by order of the Ministry of Finance of the Russian Federation of June 20, 2000, No. 60n, the financial statements should include the data necessary for the formation of a reliable and complete presentation; on the financial position of the organization, the financial results of its activities and changes in its financial position. In the event that insufficient data is revealed to form a complete picture of the organization's financial position, the organization's financial statements include appropriate additional indicators and explanations. At the same time, the neutrality of the information contained in the financial statements must be ensured, i.e. unilateral satisfaction of the interests of some groups of interested users of financial statements in front of others is excluded. The data of the financial statements of the organization should include the performance indicators of all branches, representative offices and other divisions. The consistency and complexity of the information contained in the financial statements is a consequence of the following requirements for its preparation:

-completeness of reflection in accounting for the reporting year of all business transactions carried out in the current year;

-the correctness of attributing income and expenses to the reporting period in accordance with the chart of accounts and the Regulation on accounting and financial reporting in the Russian Federation;

the identity of analytical accounting data to turnovers and balances of synthetic accounting accounts as of the date of the annual inventory;

compliance with the adopted accounting policy during the reporting year.

The financial statements of the organization is the main source of information about its activities. A careful study of accounting reports reveals the reasons for the successes achieved, as well as shortcomings in the work of the organization, helps to identify ways to improve its activities.

The main purpose of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the organization and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

But not only time limits determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it must be borne in mind that the periodic accounting or financial statements of an organization are only raw information , prepared during the implementation of accounting procedures in the organization.

In order to make management decisions in the areas of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information. An analytical reading of the source data is necessary based on the goals of analysis and management.

The basic principle of analytical reading of financial statements is the deductive method, i.e. from the general to the particular, but it must be applied repeatedly. In the course of such an analysis, as it were, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

The market economy contributes not only to strengthening, but also to a qualitative change in the role of financial analysis, which turns into the main method for assessing the financial condition of an organization. It allows you to identify the efficiency of resource use, assess the profitability and financial stability of an economic entity, establish its position in the market, and also quantify the degree of riskiness of activities and competitiveness.

.2 Tasks of analysis and evaluation of the organization's financial performance

The main task of analyzing the financial activity of an organization is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the organization and its solvency. In this case, it is necessary:

) based on the study of the causal relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the standpoint of improving the financial condition of the organization;

) predict possible financial results, economic profitability based on the actual conditions of economic activity and the availability of own and borrowed resources and developed models of financial condition with a variety of options for using resources;

) develop specific activities aimed at more efficient use of financial resources and strengthening the financial condition of the organization.

The financial condition of the organization, its sustainability and stability depend on the results of its production, commercial and financial activities. If the tasks set in the listed activities are successfully implemented, this has a positive effect on the financial position of the organization. And, conversely, due to a decline in production and sales of products, as a rule, the volume of revenue and the amount of profit will decrease, and as a result, the financial condition of the organization worsens. Thus, the stable financial condition of the organization is the result of competent and rational management of the whole complex of factors that determine the results of the financial and economic activities of the organization.

The practice of analysis has developed the main methods for its implementation.

-horizontal (temporal) analysis - comparison of each reporting position with the corresponding position of the previous period, consists in building one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates.

-vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole. Such an analysis allows you to see the share of each balance sheet item in the total. An obligatory element of the analysis is the dynamic series of these values, by means of which it is possible to track and predict structural changes in the composition of assets and their sources of coverage.

Horizontal and vertical analysis complement each other, so in practice it is possible to build analytical tables that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators.

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

-analysis of relative indicators (coefficients) - calculation of reporting ratios, determination of the relationship of indicators.

comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as a comparison of the organization's financial indicators with those of competing organizations, industry average and average general economic data.

factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator. Factor analysis can be direct (analysis itself), i.e. splitting the performance indicator into its constituent parts, and the reverse (synthesis), when its individual elements are combined into a common performance indicator.

As a tool for analyzing the financial condition of an entrepreneurial firm, financial ratios are widely used - relative indicators of the financial condition of an organization that express the relationship of some absolute financial indicators to others. Financial ratios are used:

-to compare the indicators of the financial condition of a particular company with basic (normative) values, similar indicators of other organizations or industry average indicators;

-identifying the dynamics of development of indicators and trends in the financial condition of the company;

determination of the normal limit and criteria for various aspects of the financial condition of an entrepreneurial firm.

Theoretically substantiated or obtained as a result of expert surveys are used as basic values, which characterize the optimal or critical values ​​of financial ratios from the point of view of the stability of the financial position of the organization. In addition, the comparison can be based on the time-series averaged values ​​of the indicators of a given organization related to financially favorable periods, industry average values ​​of indicators, and indicator values ​​calculated from the reporting data of similar organizations. Such basic values ​​actually play the role of standards for the coefficients calculated in the course of the analysis of the financial condition.

The financial condition of the organization is characterized by the placement and use of funds (assets) and the sources of their formation (equity and liabilities, i.e. liabilities).

The balance sheet asset contains information about the placement of capital at the disposal of the organization. Each type of allocated capital corresponds to a separate balance sheet item.

For analysis, indicators are calculated that characterize the structure (shares, shares) and dynamics (growth and growth rates) of property (assets) and sources of financing (liabilities).

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Financial analysis at the enterprise is needed for an objective assessment of the economic and financial condition in the periods of past, present and predicted future activities. To identify weak production areas, hotbeds of problems, to identify strong factors that management can rely on, the main financial indicators are calculated.

An objective assessment of the company's position in terms of economy and finances is based on financial ratios, which are a manifestation of the ratio of individual accounting data. The purpose of financial analysis is to solve a selected set of analytical tasks, that is, a specific analysis of all primary sources of accounting, management and economic reporting.

The main objectives of economic and financial analysis

If the analysis of the main financial indicators of the enterprise is considered as revealing the true state of affairs in the enterprise, then the results are answers to the following questions:

• the company's ability to invest in investing in new projects;
• the present course of affairs in relation to tangible and other assets and liabilities;
• the state of loans and the ability of the enterprise to repay them;
• the existence of reserves to prevent bankruptcy;
• identification of prospects for further financial activities;
• valuation of the enterprise in terms of cost for sale or conversion;
• tracking the dynamic growth or decline of economic or financial activity;
• identifying the causes that negatively affect the results of management and finding ways out of the situation;
• consideration and comparison of income and expenses, identification of net and total profit from sales;
• study of the dynamics of income for the main goods and in general from the entire sale;
• determination of the part of income used for reimbursement of costs, taxes and interest;
• study of the reason for the deviation of the amount of balance sheet profit from the amount of income from sales;
• study of profitability and reserves for its increase;
• determination of the degree of conformity of own funds, assets, liabilities of the enterprise and the amount of borrowed capital.

Stakeholders

The analysis of the main financial indicators of the company is carried out with the participation of various economic representatives of departments interested in obtaining the most reliable information about the affairs of the enterprise:

• internal entities include shareholders, managers, founders, audit or liquidation commissions;
• external are represented by creditors, audit firms, investors and employees of state bodies.

Financial Analysis Capabilities

The initiators of the analysis of the work of the enterprise are not only its representatives, but also employees of other organizations interested in determining the actual creditworthiness and the possibility of investment in the development of new projects. For example, bank auditors are interested in the liquidity of a firm's assets or its current ability to pay its bills. Legal entities and individuals who wish to invest in the development fund of this enterprise are trying to understand the degree of profitability and the risks of the contribution. Evaluation of the main financial indicators using a special methodology predicts the bankruptcy of an institution or speaks of its stable development.

Internal and external financial analysis

Financial analysis is part of the overall economic analysis of the enterprise and, accordingly, part of a complete economic audit. The full analysis is subdivided into on-farm managerial and external financial audit. This division is due to two practically established systems in accounting - managerial and financial accounting. The division is recognized as conditional, since in practice external and internal analysis complement each other with information and are logically interconnected. There are two main differences between them:

• by accessibility and breadth of the information field used;
• degree of application of analytical methods and procedures.

An internal analysis of the main financial indicators is carried out to obtain generalized information within the enterprise, determine the results of the last reporting period, identify free resources for reconstruction or re-equipment, etc. To obtain the results, all available indicators are used, which are also applicable in the study by external analysts.

External financial analysis is performed by independent auditors, outside analysts who do not have access to the firm's internal results and performance. Methods of external audit suggest some limitation of the information field. Regardless of the type of audit, its methods and methods are always the same. Common in external and internal analysis is the derivation, generalization and detailed study of financial ratios. These basic financial indicators of the company's activities provide answers to all questions regarding the work and prosperity of the institution.

Four main indicators of financial condition

The main requirement for the break-even functioning of an enterprise in the conditions of market relations is economic and other activities that ensure profitability and profitability. Economic activities are aimed at reimbursement of expenses by the income received, making a profit to meet the economic and social needs of the members of the team and the material interests of the owner. There are many indicators to characterize activities, in particular, they include gross income, turnover, profitability, profit, costs, taxes and other characteristics. For all types of enterprises, the main financial indicators of the organization's activities are identified:

• financial stability;
• liquidity;
• profitability;
• business activity.

Indicator of financial stability

This indicator characterizes the ratio of the organization's own funds and borrowed capital, in particular, how much borrowed funds per 1 ruble of money invested in tangible assets. If such an indicator in the calculation turns out to be more than 0.7, then the financial position of the company is unstable, the activity of the enterprise to some extent depends on the attraction of external borrowed funds.

Liquidity characteristic

This parameter indicates the main financial indicators of the company and characterizes the sufficiency of the organization's current assets to pay off its own short-term debts. It is calculated as the ratio of the value of current current assets to the value of current passive liabilities. The liquidity indicator indicates the possibility of converting the assets and values ​​of the company into cash capital and shows the degree of mobility of such a transformation. The liquidity of the enterprise is determined by two angles:

• the period of time required to turn current assets into money;
• the ability to sell assets at a specified price.

To identify the true indicator of liquidity, the enterprise takes into account the dynamics of the indicator, which allows not only to determine the financial strength of the company or its insolvency, but also to identify the critical state of the organization's finances. Sometimes the liquidity ratio is low due to the increased demand for the industry's products. Such an organization is quite liquid and has a high degree of solvency, since its capital consists of cash and short-term loans. The dynamics of the main financial indicators shows that the situation looks worse if the organization has working capital only in the form of a large amount of stored products in the form of current assets. For their transformation into capital, a certain time for implementation and the presence of a buyer base are required.

The main financial indicators of the enterprise, which include liquidity, show the state of solvency. The firm's current assets should be sufficient to repay current short-term loans. In the best position, these values ​​are approximately at the same level. If the enterprise has working capital much more in value than short-term loans, then this indicates an inefficient investment of money by the enterprise in current assets. If the amount of working capital is lower than the cost of short-term loans, this indicates the imminent bankruptcy of the company.

As a special case, there is an indicator of fast current liquidity. It is expressed in the ability to repay short-term liabilities at the expense of the liquid part of the assets, which is calculated as the difference between the entire current part and short-term liabilities. International standards define the optimal level of the coefficient in the range of 0.7-0.8. The presence of a sufficient number of liquid assets or net working capital in the enterprise attracts creditors and investors to invest in the development of the enterprise.

Profitability indicator

The main financial performance indicators of the organization include the value of profitability, which determines the effectiveness of the use of the funds of the company's owners and, in general, shows how profitable the work of the enterprise is. The value of profitability is the main criterion for determining the level of the exchange quotation. To calculate the indicator, the amount of net profit is divided by the amount of the average profit from the sale of the company's net assets for the selected period. The indicator reveals how much net profit each unit of the sold product brought.

The generated income ratio is used to compare the income of the target enterprise, compared with the same indicator of another company operating under a different taxation system. The calculation of the main financial indicators of this group provides for the ratio of the profit received before taxes and due interest to the assets of the enterprise. As a result, information appears about how much profit was brought by each monetary unit invested for work in the company's assets.

Business activity indicator

It characterizes how much finance is obtained from the sale of each monetary unit of a certain type of asset and shows the turnover rate of the financial and material resources of the organization. For the calculation, the ratio of net profit for the selected period to the average cost of costs in material terms, money and short-term securities is taken.

There is no normative limit for this indicator, but the company's management forces strive to accelerate turnover. The constant use of outside loans in economic activity indicates an insufficient flow of finance as a result of sales, which do not cover production costs. If the amount of turnover assets on the organization's balance sheet is overstated, this results in the payment of additional taxes and interest on bank loans, which leads to a loss of profit. A low number of active funds leads to delays in the implementation of the production plan and the loss of profitable commercial projects.

For an objective visual examination of economic activity indicators, special tables are compiled that show the main financial indicators. The table contains the main characteristics of work for all parameters of financial analysis:

• inventory turnover ratio;
• the indicator of the turnover of accounts receivable of the company in the time period;
• value of return on assets;
• resource return indicator.

Inventory turnover ratio

Shows the ratio of revenue from the sale of goods to the amount in monetary terms of stocks at the enterprise. The value characterizes the rate of sale of material and commodity resources classified as a warehouse. An increase in the coefficient indicates the strengthening of the financial position of the organization. The positive dynamics of the indicator is especially important in the context of large accounts payable.

Accounts receivable turnover ratio

This ratio is not considered as the main financial indicators, but is an important characteristic. It shows the average time period in which the company expects payment after the sale of goods. The ratio of receivables to the average daily sales proceeds is taken for calculation. The average is obtained by dividing the total revenue for the year by 360 days.

The resulting value characterizes the contractual terms of work with buyers. If the indicator is high, it means that the partner provides preferential working conditions, but this causes caution among subsequent investors and creditors. A small value of the indicator leads in market conditions to a revision of the contract with this partner. An option for obtaining the indicator is a relative calculation, which is taken as the ratio of sales proceeds to the company's receivables. An increase in the coefficient indicates an insignificant debt of debtors and a high demand for products.

The value of return on assets

The main financial indicators of the enterprise are most fully complemented by the return on assets indicator, which characterizes the turnover rate of finances spent on the acquisition of fixed assets. The calculation takes into account the ratio of revenue from goods sold to the annual average cost of fixed assets. An increase in the indicator indicates a low cost of costs in terms of fixed assets (machines, equipment, buildings) and a high volume of goods sold. A high return on assets indicates low production costs, and a low return on assets indicates an inefficient use of assets.

Resource return rate

For the most complete understanding of how the main financial indicators of the organization's activities are formed, there is an equally important coefficient of return on resources. It shows the degree of efficiency of the company's use of all assets on the balance sheet, regardless of the method of acquisition and receipt, namely, how much revenue is received for each monetary unit of fixed and current assets. The indicator depends on the depreciation calculation procedure adopted at the enterprise and reveals the degree of illiquid assets, which are disposed of in order to increase the coefficient.

Key financial indicators of LLC

The coefficients for managing sources of income show the structure of finance, characterize the protection of the interests of investors who have made long-term injections of assets into the development of the organization. They reflect the firm's ability to repay long-term loans and credits:

• the share of loans in the total amount of financial sources;
• ownership ratio;
• capitalization ratio;
• coverage ratio.

The main financial indicators are characterized by the amount of borrowed capital in the total mass of financial sources. The leverage ratio determines the specific amounts of asset acquisitions with borrowed money, which include long-term and short-term financial obligations of the firm.

The ownership ratio complements the main financial indicators of the enterprise with a characteristic of the share of equity spent on the acquisition of assets and fixed assets. The guarantee of obtaining loans and investing investor money in the project of development and re-equipment of the enterprise is the indicator of the share of own funds spent on assets in the amount of 60%. This level is an indicator of the stability of the organization and protects it from losses during a downturn in business activity.

The capitalization ratio determines the proportional relationship between borrowings from various sources. To determine the proportion between own funds and borrowed finance, the inverse leverage ratio is used.

The indicator of security of interest payable or the coverage indicator characterizes the protection of all types of creditors from non-payment of the interest rate. This ratio is calculated as the ratio of the amount of profit before paying interest to the amount of money intended for paying interest. The indicator shows how much during the selected period the company gained money to pay borrowed interest.

Market activity indicator

The main financial indicators of the organization in terms of market activity indicate the position of the enterprise in the securities market and allow managers to judge the attitude of creditors to the overall activities of the company over the past period and in the future. The indicator is considered as the ratio of the initial accounting value of the share, the income received on it and the prevailing market price at the given time. If all other financial indicators are in the acceptable range, then the indicator of market activity will also be normal with a high market value of the share.

In conclusion, it should be noted that the financial analysis of the economic structure of the organization is important for all business entities, shareholders, short-term and long-term creditors, founders and management.

Finance valuation is a comprehensive assessment of the company's financial performance. The main purpose of its implementation is to obtain a small number of key indicators that give an accurate and objective picture of the company's activities. Financial assessment indicators are very important, which provide information about the profit and loss of the enterprise, the structure of assets and liabilities, and the state of receivables and payables. It is very important to obtain information not only about the current activities of the company, but also to predict the results for the near future, that is, to calculate the parameters of the financial condition for the future.

Financial analysis functions

1) An objective and timely assessment of the financial condition of the institution.

2) Establishment of "weak" sides of the financial condition and identification of the reasons for their formation.

3) Financial assessment of the results achieved and the reasons for the achieved indicators.

4) Development and justification of the management decisions made on the financial activities of the company.

5) Identification and use of reserves to improve the financial condition of the company, increase the efficiency and profitability of production.

6) Forecasting possible financial results for various options for the use of resources.

Financial assessment of the enterprise: the main methods of its implementation

1) Time (horizontal) analysis.

Its essence is to compare each item of the financial report with the previous period. To conduct a horizontal analysis, several analytical tables are built, which indicate the balance sheet data of the enterprise and the relative growth or decline in percentage terms.

2) Structural (vertical) analysis.

Determination of the structure of financial indicators of the enterprise with the identification of the impact of each value on the final result as a whole. This financial assessment of the organization allows you to determine the share of a separate balance sheet item in the overall result. A mandatory element of this type of analysis is the time series of these values. With their help, you can track and predict structural changes in the asset balance, determine the sources of their coverage.

These two types of analysis complement each other. In practice, an economist maintains analytical tables that characterize the structure of the balance sheet and the dynamics of individual financial indicators.

3) Trend analysis.

Comparison of each reporting indicator with previous periods and determination of the trend, that is, the trend in this result, cleared of the random influence of the characteristics of individual periods. Based on the trend, an assessment of the financial condition of the enterprise for future periods is carried out, a predictive analysis of all indicators is carried out.

4) Analysis of relative coefficients.

Calculation of reporting relationships, identification of the relationship between the obtained indicators.

5) Spatial (comparative) analysis.

Analysis of individual indicators of subsidiaries, divisions, departments, comparing them with data from competing firms that have similar general economic results.

6) Factor analysis.

Determination of the influence of individual factors on the final indicator. This type of analysis can be direct - splitting the effective indicator into components or reverse - combining its individual elements into one final indicator.

General assessment of the financial condition of the enterprise

This type of analysis is carried out to determine the general characteristics of the company's financial indicators, their dynamics and changes for. This type of analysis is carried out on the basis of information contained in the balance sheet. To do this, use one of the following methods:

• analysis by balance sheet items without prior change in their composition;
• assessment based on the construction of a compacted analytical balance, by combining some balance elements similar in composition.

Estimating the financial condition of a company directly from its balance sheet is a complex, time-consuming, but inefficient process. Most of the results obtained do not allow to determine the trends that have occurred in the financial condition of the enterprise.

Mandatory elements of the financial analysis of the company's performance are:

• analysis of changes in each result for the reporting period;
• analysis of the structure of indicators and the reasons for their change;
• identification of the dynamics of changes in financial results for several settlement periods;
• determination of the reasons for the change in the profit of the enterprise, their quantitative assessment.

Liquidity analysis of the balance sheet is a comparison of the funds in the asset, which are grouped by the degree of liquidity and arranged in descending order, with the liabilities in the liabilities side of the balance sheet, which are sorted by their maturity and arranged in ascending order of maturity.

The high solvency of the company is evidenced by the timely payment of wages, settlements with creditors, payment of bank loans. When analyzing solvency for a month on a cumulative basis from the beginning of the year, it is necessary to compare all balances of funds and their receipts (funds from the sale of products, securities, fixed assets). For these purposes, the company develops a payment calendar.

Assessment of the financial stability of the enterprise

An assessment of the financial stability of an enterprise is the most important element of financial analysis. When determining the liquidity of a company's balance sheet, they compare the state of liabilities with assets. This indicator gives a realistic assessment of whether it can easily pay off its debts to various counterparties. This element of financial analysis is very important. This makes it possible to answer the question - what degree of dependence does the company have on its creditors, does it increase or decrease, does the state of liabilities and assets correspond to the main tasks of the company's financial and economic activities. With the help of indicators that make it possible to assess the independence of each individual element of the balance sheet, it is possible to determine how financially stable the enterprise is.

The financial stability of a company is the state of its financial resources, the distribution and use of them, which guarantees the development of the enterprise on the basis of the profit and capital received, while maintaining its creditworthiness and solvency under conditions of a moderate level of risk. That is why the financial stability of the company is formed in the process of its production and economic activities. This is the most important indicator of its activity.

Conducting a financial analysis on a specific date allows you to answer the question - how well the company managed its financial resources during the billing period that preceded the reporting date. Thus, financial stability is the effective formation, distribution and use of financial assets. Solvency is only its external manifestation.

The analysis of financial stability is carried out on the basis of the balance formula, which allows you to determine the balance of all liabilities and assets of the balance sheet of the enterprise.

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