Under the financial condition of the enterprise refers to the ability of the enterprise to finance its activities. The financial condition of an enterprise is a set of indicators that reflect its ability to pay off its debt obligations.

The financial condition can be stable, unstable and crisis. The ability of the enterprise to make payments in a timely manner, to finance its activities on an expanded basis, indicates its good financial condition. The financial condition of an enterprise depends on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. Conversely, as a result of underperformance in the production and sale of products, its cost increases, revenues and profits decrease, and as a result, the financial condition of the enterprise and its solvency worsen.

The main objectives of the analysis of the financial condition of the enterprise are:

- analysis of absolute and relative indicators of the financial stability of the enterprise and assessment of changes in its level,

- analysis of the solvency of the enterprise and the liquidity of the assets of its balance sheet.

The tasks of assessing the financial condition of the enterprise are:

– assessment of the dynamics of the composition and structure of assets, their condition and movement,

– assessment of the dynamics of the composition and structure of sources of equity and debt capital, their state and movement,

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

There are 2 types of analysis of the financial condition of the enterprise:

1. Internal analysis is carried out by the enterprise services and its results are used for planning, controlling and forecasting the FSP. Its purpose is to establish a systematic flow of funds and place own and borrowed funds in such a way as to ensure the normal functioning of the enterprise, maximizing profits and avoiding bankruptcy.

2. External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its goal is to establish an opportunity to invest funds profitably in order to ensure maximum profit and eliminate the risk of losses.

Profit and loss characterize the financial result of the enterprise and can only be determined in the accounting system. From an accounting point of view, profit reflects the financial result from economic activity, received by the enterprise for the reporting period (in case of excess of income over expenses). Profit is one of the most important indicators for evaluating the work of enterprises and determining the effectiveness of activities.

Indicators of financial results characterize the absolute efficiency of the management of the enterprise. Profit growth creates a basis for self-financing, expansion of production, solving problems of social and labor conflicts. At the expense of profit, a part of the enterprise's obligations to the budget, banks and other enterprises and organizations is also fulfilled.

The theme of my course work "Analysis and assessment of the financial condition of an enterprise" that I have chosen is relevant today. Many enterprises in our country are on the verge of bankruptcy, the reason for this could be an untimely or incorrect analysis of the enterprise's activities. Therefore, it is necessary to conduct a thorough analysis of the financial condition of the enterprise as a whole.

The purpose of the course work : based on the available data, determine the financial position of the enterprise and evaluate the financial performance, as well as identify the main problems of financial activity and give recommendations on financial management.

Based on the set goals, it is possible to form

Objectives of the course work:

– study of the property status of the enterprise, determination of the composition and structure of property;

- evaluate own and borrowed funds;

- to determine the security of the enterprise with its own working capital;

- assess the financial stability of the enterprise, its solvency;

- clarify the efficiency of the use of current assets;

- analyze the composition, dynamics of the enterprise's profit and determine the factors influencing its change;

– give an overall assessment of financial results and recommendations for strengthening the financial position of the enterprise.

The analysis and assessment of the financial condition of an enterprise, organization is carried out by managers and relevant services, as well as founders, investors in order to study the effective use of resources. Banks - to assess the conditions for granting a loan and determine the degree of risk, suppliers - to receive payments in a timely manner, tax inspectorates - to fulfill the plan for the receipt of funds to the budget, etc. The financial analysis is an flexible tool in the hands of company leaders.

To analyze the financial condition of the enterprise, we used the balance sheet (form No. 1), profit and loss statement (form No. 2) and other forms of reporting for the period from 2006–2009, primary and analytical accounting data that decipher and detail individual balance sheets for the enterprise.

1. Theoretical aspects of the analysis and assessment of the financial condition of the organization

1.1 Significance and sources of information for financial analysis

A feature of the formation of civilized market relations is the strengthening of the influence of such factors as tough competitive fight, technological changes, computerization of the processing of economic information, continuous innovations in tax legislation, changing interest rates and exchange rates against the backdrop of ongoing inflation. Under these conditions, many questions arise before managers and leaders of the organization: What should be the strategy and tactics modern organization during the transition to the market? How to rationally organize the financial activities of the organization for its further prosperity? How to improve the efficiency of financial resource management?

These and other vital questions can be answered by an objective financial analysis, which allows the most rational distribution of material, labor and financial resources. It is known that any resources are limited and the maximum effect can be achieved not only by regulating their volume, but also by the optimal ratio of different resources. Of all types of resources, financial ones are of paramount importance, since this is the only type of organization's resources that can be transformed directly and with minimal time into any other type of resource.

Financial analysis is an essential element of financial management and audit. Almost all users of financial statements of enterprises 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 decisions made depends entirely on the quality of the analytical justification of the decision. AT last years a lot of serious and relevant publications devoted to financial analysis have appeared. Actively mastered Foreign experience financial analysis and management of organizations, banks, insurance organizations, etc. However, it should be noted that the presence a large number 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.

The introduction of a new chart of accounts, bringing the forms of financial 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. This technique is needed for informed choice business partner, determining the degree of financial stability of the organization, assessing business activity and efficiency 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 an organization in a market economy is based on a generalization of financial accounting data and is an information link connecting the organization with society and business partners - users of information about the organization's activities.

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

The methodology of financial analysis consists of three interrelated blocks:

1. Analysis of the financial performance of the organization;

2. Analysis of the financial condition;

3. Analysis of the effectiveness of financial and economic activities.

In a market economy, the financial statements of economic entities become the main means of communication and the most important element of information support for financial analysis. Any organization, to one degree or another, constantly needs additional sources of funding. You can find them on the capital market, attracting potential investors and creditors by objectively informing them about your financial and economic activities, that is, mainly through financial reporting. As attractive as the published financial results are, showing the current and prospective financial condition of the organization, the probability of obtaining additional sources of financing is also high.

The main requirement for the information presented in the reporting is that it be useful to users, i.e. so that this information can be used to make informed business decisions. To be useful, information must meet the following criteria:

1. Relevance means that the information is relevant and has an impact on the user's decision. Information is also considered relevant if it provides the possibility of prospective and retrospective analysis;

2. The reliability of information is determined by its truthfulness, the predominance of economic content over legal form, the possibility of verification and documentary validity;

3. Information is considered true if it does not contain errors and biased assessments, and also does not falsify the events of economic life;

4. Neutrality implies that financial reporting does not focus on meeting the interests of one group of users of general reporting to the detriment of another;

5. Understandability means that users can understand the content of the reporting without special professional training;

6. Comparability requires that data about the activities of the organization be comparable with similar information about the activities of other firms.

During the formation of reporting information, certain restrictions on the information included in the reporting must be observed:

1. Optimal cost-benefit ratio, meaning that the costs of reporting should be reasonably balanced against the benefits that organizations derive from making these data available to interested users;

2. The principle of caution (conservatism) implies that reporting documents should not allow overestimation of assets and profits and underestimation of liabilities;

3. Confidentiality requires that reporting information does not contain data that could harm the competitive position of the organization.

Users of information are different, their goals are competitive, and often opposite. The classification of users of financial statements can be done in various ways, however, as a rule, there are three enlarged groups of them: users external to a particular enterprise; the organizations themselves (more precisely, their management personnel); actual accountants.

The financial statements of organizations, with the exception of the statements of budgetary organizations, consist of:

1. Balance sheet;

2. Profit and loss statement;

3. Statement of changes in capital, statement of cash flows, appendices to the balance sheet;

4. An auditor's report confirming the reliability of financial statements, if they are subject to mandatory audit in accordance with the Federal Law;

5. Explanatory note.

The Law “On Accounting” notes that the explanatory note to the annual financial statements should contain significant information about the organization, its financial position, comparability of data for the reporting period and the year preceding it, etc.

The concept, goals and objectives of the analysis of the financial condition of the organization.

The ability of the organization to make payments on time, to finance its activities on an expanded basis, indicates its good financial condition. The financial condition of the organization depends on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the organization. And, on the contrary, as a result of underperformance in the production and sale of products, its cost increases, revenues and profits decrease, and as a result, the financial condition of the organization and its solvency worsen. The financial condition can be stable, unstable and crisis.

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

The main goal of financial activity is to decide where, when and how to use financial resources for the effective development of production and maximum profit. In order to survive in a market economy and prevent the bankruptcy of an organization, you need to know well how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be occupied by own funds, and which should be borrowed. You should also know such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of an organization, profitability threshold, financial stability margin (safety zone), degree of risk, effect financial leverage and others, as well as the methodology for their analysis.

The main purpose of the 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 organization's periodic accounting or financial statements are only “raw information” prepared in the course of accounting procedures at the enterprise.

In order to make management decisions in the areas of production, marketing and 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.

In this case, it is necessary to solve the following tasks:

1. 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;

2. Forecasting possible financial results, economic profitability, based on the actual conditions of economic activity and the availability of own and borrowed resources, the development of financial condition models for various options for using resources;

3. Development of specific activities aimed at more effective use financial resources and strengthening the financial condition of the organization.

To assess the financial condition of the organization, a whole scorecard characterizing the changes:

1. The structure of the organization's capital in terms of its placement and sources of education;

2. Efficiency and intensity of its use;

3. Solvency and creditworthiness of the organization;

4. Stock of its financial stability.

The analysis of the financial condition of the organization is based mainly on relative indicators, since the absolute indicators of the balance sheet in terms of inflation are almost impossible to bring into a comparable form. The relative indicators of the analyzed organization can be compared:

1. With generally accepted "norms" for assessing the degree of risk and predicting bankruptcy opportunities;

2. With similar data from other enterprises, which allows you to identify the strengths and weaknesses of the organization and its capabilities;

3. With similar data for previous years to study the trends of improvement and deterioration of the financial condition of the organization.

The analysis of the financial condition is carried out not only by the heads and relevant departments of the organization, but also by its founders, investors in order to study the efficiency of the use of resources, tax inspectorates to fulfill the plan for the receipt of funds to the budget, etc. In accordance with this, the analysis is divided into internal and external.

Internal analysis is carried out by the organization's services and its results are used to plan, control and forecast the financial condition. Its goal is to establish a systematic flow of funds and place own and borrowed funds in such a way as to ensure the normal functioning of the organization, maximizing profits and eliminating bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its goal is to establish the possibility of a profitable investment in order to ensure maximum profit and eliminate the risk of loss.

Financial analysis is part of a general, complete analysis of economic activity, which consists of two closely related sections: financial analysis and production management analysis.

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

Features of external financial analysis are:

1. Plurality of subjects of analysis, users of information about the activities of the organization;

2. Variety of goals and interests of the subjects of analysis;

3. Availability of standard methods of analysis, accounting and reporting standards;

4. Orientation of the analysis only to the public, external reporting of the organization;

5. Limited analysis tasks as a consequence of the previous factor;

6. Maximum openness of the results of the analysis for users of information about the activities of the organization.

Financial analysis, based on data only from financial statements, acquires the character of an external analysis, i.e. analysis conducted outside the organization by its interested counterparties, owners or government bodies. This analysis, based only on reporting data, which contains only a very limited part of information about the activities of the organization, does not reveal all the secrets of the firm's success.

1. Analysis of absolute profit indicators;

2. Analysis of relative profitability indicators;

3. Analysis of the financial condition, market stability, liquidity of the balance sheet, solvency of the organization;

4. Analysis of the effectiveness of the use of borrowed capital;

5. Economic diagnostics of the financial condition of the organization and the rating of issuers.

There is a variety of economic information about the activities of enterprises and many ways to analyze these activities. Financial analysis according to financial statements is called the classic method of analysis. On-farm financial analysis uses other system accounting data, data on the technical preparation of production, regulatory and planning information as a source of information.

The main content of on-farm financial analysis can be supplemented by other aspects that are important for optimizing management, such as analysis of the effectiveness of capital advances, analysis of the relationship between costs, turnover and profit. In the system of on-farm management analysis, it is possible to deepen financial analysis by attracting data - management production accounting, in other words, it is possible to conduct a comprehensive economic analysis and evaluate the effectiveness of economic activity. The issues of financial and production analysis are interrelated in the justification of business plans, in monitoring their implementation, in the marketing system, i.e. in the management system for the production and sale of products, works and services oriented to the market.

Features of management analysis are:

1. Orientation of the results of the analysis to their management;

2. Use of all sources of information for analysis;

3. Lack of regulation of analysis from outside;

4. The complexity of the analysis, the study of all aspects of the organization's activities;

5. Integration of accounting, analysis, planning and decision making;

6. Maximum secrecy of the analysis results in order to preserve commercial secrets.

The content and main target of financial analysis is the assessment of the financial condition and the identification of the possibility of improving the efficiency of the functioning of an economic entity with the help of a rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other economic entities.

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an organization based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by employees of the organization (financial managers). External reviews are performed by analysts who are external to the organization (for example, auditors).

Analysis of the financial condition of the organization has several goals: determination of the financial position; identification of changes in the financial condition in the spatio-temporal context; identification of the main factors causing changes in the financial condition; forecast of the main trends in financial condition. Achieving these goals is achieved using various methods and techniques.

Classification of methods and techniques of financial analysis

Exist various classifications methods of financial analysis. The practice of financial analysis has developed the basic rules for reading (method of analysis) of financial statements. Among the main ones are:

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

Vertical analysis (structural) - 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, i.e. the main trend of the indicator dynamics. With the help of the trend, a prospective predictive analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of relationships between individual report items or positions different forms reporting on individual indicators of the company, determining the relationship of indicators.

Comparative analysis is both an on-farm analysis of summary reporting indicators for individual indicators of a company, divisions, workshops, and an inter-farm analysis of the indicators of a given company with those of competitors, with average industry and average economic data.

1.2 Basic approaches to financial analysis

Different authors offer different methods of financial analysis. The detailing of the procedural side of the methodology of financial analysis depends on the goals set, as well as various factors of information, time, methodological and technical support. The logic of analytical work assumes its organization in the form of a two-module structure:

1. Express analysis of the financial condition,

2. Detailed analysis of the financial condition.

VV Kovlev considers an express analysis of the financial condition of the organization.

Its purpose is a clear and simple assessment financial well-being and dynamics of development of an economic entity. In the process of analysis, V.V. Kovalev proposes to calculate various indicators and supplement them with methods based on the experience and qualifications of a specialist. The author believes that express analysis should be performed in three stages: preparatory stage, preliminary review of financial statements, economic reading and analysis of statements.

The purpose of the first stage is to decide on the appropriateness of the analysis of financial statements and to make sure that they are ready for reading. Here, a visual and simple counting check of reporting is carried out on formal grounds and in essence: the presence of all necessary forms and applications, details and signatures, the correctness and clarity of all reporting forms are checked; balance currency and all subtotals are checked.

The purpose of the second stage is to get acquainted with the explanatory note to the balance sheet. This is necessary in order to assess the working conditions in the reporting period, to determine the trends in the main performance indicators, as well as qualitative changes in the property and financial position of an economic entity.

The third stage is the main one in express analysis; its purpose is a generalized assessment of the results of economic activity and the financial condition of the object. Such an analysis is carried out with varying degrees of detail in the interests of various users (table 1).

Table 1. Set of analytical indicators for express analysis

Direction of analysis	Indicators
1. Assessment of the economic potential of a business entity.
1.1. Assessment of property status	The amount of fixed assets and their share in the total assets. Depreciation coefficient of fixed assets. The total amount of economic funds at the disposal of the organization.
1.2. Assessment of the financial situation.	The amount of own funds and their share in the total amount of sources. Coverage ratio (general). Share of own working capital in their total amount. The share of long-term borrowed funds in the total amount of sources. Inventory coverage ratio.
1.3. The presence of "sick" articles in the reporting.	Loans and loans not repaid on time. Overdue accounts receivable and accounts payable. Bills issued (received) overdue.
2. Evaluation of the results of financial and economic activities.
2.1. Profitability assessment.	overall profitability. Profitability of the main activity.
Continuation of the table. one
2.2. Evaluation of dynamism.	Comparative growth rates of revenue, profit and advanced capital. Asset turnover The duration of the operating and financial cycle. Repayment ratio of receivables.
2.3. Evaluation of the effectiveness of the use of economic potential.	Return on advanced capital. Profitability equity.

V.V. Kovalev proposes to carry out an express analysis of the financial condition according to the above method. Express analysis may end with a conclusion about the advisability or need for a more in-depth and detailed analysis of financial results and financial position.

The purpose of a detailed analysis of the financial condition is a more detailed description of the property and financial position of an economic entity, the results of its activities in the expiring reporting period, as well as the possibilities for the development of the entity in the future. It concretizes, supplements and expands individual express analysis procedures. In this case, the degree of detail depends on the desire of the analyst.

V.V. Kovalev offers the following program for an in-depth analysis of the financial and economic activities of the organization:

1. Preliminary review of the economic and financial situation of the business entity;

- characteristics of the general direction of financial and economic activities;

– identification of “sick reporting items.

2. Assessment and analysis of the economic potential of a business entity;

– assessment of property status;

– construction of analytical net balance;

– vertical balance analysis;

– horizontal balance sheet analysis;

– analysis of qualitative changes in property status;

– assessment of the financial situation;

– liquidity assessment;

– assessment of financial stability.

3. Evaluation and analysis of the effectiveness of the financial and economic activities of a business entity.

– assessment of the main activity;

– profitability analysis;

– assessment of the situation in the securities market.

The characteristics of the main indicators used in the analysis of financial and economic activities will be carried out in the practical part of this work.

Let us further consider the methodology for analyzing the financial condition proposed by I.T. Balabanov. The movement of any goods and materials, labor and material resources is accompanied by the formation and expenditure of funds, so the financial condition of an economic entity reflects all aspects of its production and trading activities. Characteristics of the financial condition of I.T. Balabanov proposes to carry out according to the following scheme:

– analysis of profitability (profitability);

– analysis of financial stability;

– analysis of creditworthiness;

– analysis of the use of capital;

– analysis of the level of self-financing;

– Analysis of currency self-sufficiency.

Analysis of the profitability of an economic entity is characterized by absolute and relative indicators. The absolute indicator of profitability is the amount of profit, or income. The relative indicator is the level of profitability. Profitability is the profitability, or profitability of the production and trade process. Its value is measured by the level of profitability. The level of profitability of economic entities associated with the production of products (goods, works, services) is determined by the percentage of profit from the sale of products to the cost of production.

In the process of analysis, the dynamics of volume changes is studied net profit, the level of profitability and the factors that determine them. Such an organization is considered financially stable, which at its own expense covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time. The main thing in financial activity, I.T. Balabanov, are the correct organization and use of working capital. Therefore, in the process of analyzing the financial condition, the issues of rational use of working capital are focused on.

The characteristic of financial stability includes an analysis of:

- composition and placement of assets of an economic entity;

– dynamics and structures of sources of financial resources;

– availability of own working capital;

- accounts payable;

– availability and structure of working capital;

- accounts receivable;

- solvency.

A number of indicators are used in the analysis of creditworthiness. The most important of these are the rate of return on invested capital and liquidity. The rate of return on invested capital is determined by the ratio of the amount of profit to the total amount of liabilities on the balance sheet. The liquidity of an economic entity is its ability to quickly repay its debt. It is determined by the ratio of the amount of debt and liquid funds. Capital investment must be efficient. The efficiency of capital use is understood as the amount of profit attributable to one ruble of invested capital. Capital efficiency is a complex concept that includes the use of working capital, fixed assets and intangible assets. Therefore, the analysis of capital efficiency is carried out in separate parts:

1. The efficiency of the use of working capital is characterized, first of all, by their turnover. The turnover of funds is understood as the duration of the passage of funds through the individual stages of production and circulation. The turnover of working capital is calculated by the duration of one turnover in days or the number of turnovers for the reporting period.

2. Efficiency in the use of capital in general. Capital as a whole is the sum of working capital, fixed assets and intangible assets. The efficiency of the use of capital is best measured by its return on investment. The level of return on capital is measured by the percentage of balance sheet profit to the amount of capital.

Self-financing means financing from own sources: depreciation and profits. The effectiveness of self-financing and its level depend on the share of own sources. The level of self-financing can be determined using the self-financing ratio:

However, an economic entity cannot always fully provide itself with its own financial resources and therefore widely uses borrowed and borrowed funds as an element that complements self-financing. The principle of currency self-sufficiency is the excess of currency receipts over its expenses. Compliance with this principle means that an economic entity does not “eat up” its currency fund, but constantly accumulates it.

E.S. Stoyanova Special attention focuses on a specific method of analysis: these are calculations of the effect of financial leverage and operating leverage, as well as the calculation of financial ratios.

The most important reporting ratios used in financial management according to E.S. Stoyanova are:

– liquidity ratios (current liquidity ratio, quick liquidity ratio and net working capital);

- coefficients of business activity or efficiency of resource use (turnover of assets, turnover of receivables, turnover of inventories and the duration of the operating cycle);

- profitability ratios (profitability of all assets of the organization, profitability of sales, return on equity);

– capital structure ratios (ownership ratio, financial dependence ratio, creditor protection ratio);

– market activity ratios (earnings per share, book value of one share, ratio of the market price of a share and its book value, return on a share and share of dividends paid).

An important tool of financial management is not only the analysis of the level and dynamics of the main ratios in comparison with a certain base, the author believes, but also the determination of the optimal proportions between them in order to develop the most competitive financial strategy.

The effect of financial leverage is an increment to the return on equity obtained through the use of a loan, despite the payment of the latter. An organization using only its own funds limits their profitability to about two-thirds of economic profitability. An organization using a loan increases or decreases the return on equity, depending on the ratio of own and borrowed funds in liabilities and on the interest rate. Then there is the effect of financial leverage.

Much attention to E.S. Stoyanova pays attention to operational analysis, also called “cost-volume-profit” analysis, which reflects the dependence of the financial results of a business on costs and production volumes.

The key elements of operational analysis are: operating leverage, margin of profitability and margin of financial safety.

Operational leverage is manifested in the fact that any change in sales revenue always generates a stronger change in profit. In practical calculations, to determine the strength of the impact of operating leverage, the ratio of the gross margin (the result of the sale after reimbursement variable costs) to profit.

Profitability threshold - this is such sales revenue at which the organization no longer has losses, but still does not have profit. Having calculated the threshold of profitability, we obtain the threshold (critical) value of the volume of production - it is not profitable for the enterprise to produce below this amount: it will cost itself more. After passing the threshold of profitability, the firm has additional amount gross margin for each regular unit of goods. The amount of profit is also growing. The difference between the achieved actual sales proceeds and the threshold of profitability is the margin of financial safety.

2 Analysis of the financial condition of the enterprise

2.1 Organizational and economic characteristics of the enterprise

As the object under study in the course work, the organization LLC "Oktyabrskoye" is considered.

Limited Liability Company OOO Oktyabrskoye was registered on December 21, 2005 in the city of Svetlograd.

Type of activity of the enterprise:

- Agriculture;

- crop production.

All activities of the company are carried out under the direction of CEO Dzhatdoev Sergey Alexandrovich. The company is located at: 115201 Svetlograd, st. Pervomaiskaya, 13.

The organizational and legal form of the enterprise is a limited liability company. The Company is a legal entity and operates in accordance with the Civil Code of the Russian Federation, the Federal Law "On Limited Liability Companies".

The company has the rights of a legal entity from the moment of its state registration in accordance with the established procedure, has a settlement and other accounts in banking institutions, a seal and a stamp with its name and an indication of the location of the Company, forms of the established form, trademark and service marks.

The Company owns separate property recorded on its independent balance sheet, can acquire and exercise property and personal non-property rights on its own behalf, bear obligations, be a plaintiff and defendant in court and arbitration.

The Company has civil rights and bears civil obligations necessary for the implementation of any types of activities not prohibited by federal laws, in accordance with the purpose and subject of activity specified in Art. 2 of this Statute.

The Company shall be liable for its obligations with all its property.

The Company is not liable for the obligations of its members.

Members of the Company are not liable for its obligations and bear the risk of losses associated with the activities of the Company, within the value of their contributions.

Members of the Society who contributed to authorized capital Companies are not fully, bear joint and several liability for its obligations within the value of the unpaid part of the contribution of each of the members of the Company.

In case of insolvency (bankruptcy) of the Company due to the fault of its participants or through the fault of other persons who have the right to give instructions binding on the Company or otherwise have the opportunity to determine its actions, the said participants or other persons in case of insufficiency of the Company's property may be assigned subsidiary liability for his obligations.

2.2 Analysis and assessment of the financial condition of the enterprise

The financial condition of the enterprise characterizes how successfully the processes in the enterprise are going. Indicators of financial condition reflect the availability, placement and use of financial resources. Ultimately, the financial condition largely determines the competitiveness of the enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial and other economic relations are guaranteed.

A stable financial condition is formed in the course of the entire economic activity of the enterprise. Defining it on a particular date helps answer a number of important questions:

How correctly the company managed financial resources during the period preceding this date;

How did it use the property?

What is the structure of this property;

How rationally it combined its own and borrowed sources;

How effectively did you use your own capital?

What is the return of production potential;

Are the relationships with debtors, creditors, the budget, shareholders, etc. normal?

An enterprise can realize its economic interests only through ensuring normal, uninterrupted relationships with partners. Financial activity includes all monetary relations associated with the production and sale, reproduction of fixed and circulating assets, the formation and use of income. All this activity can practically be carried out only through relationships with partners of the enterprise.

Thus, the financial condition of the enterprise is formed in the process of its relationship with suppliers, buyers, shareholders, tax authorities, banks and other partners. From the improvement of the financial condition of the enterprise depends on its economic future.

Assessment of the financial condition is not equivalent to its analysis. Analysis is only the basis, although necessary, for assessing the financial condition. The evaluation includes the consideration of each indicator obtained as a result of the analysis in terms of its compliance with the normal level for a given enterprise; factors that influenced the value of the indicator, and its possible changes when one or another factor changes; the required value of the indicator for the future and ways to achieve this value; interdependence of indicators of the financial condition and ensuring the purposefulness of their system for the correct orientation of the enterprise's specialists in methods of improving the financial condition.

The main purpose of the analysis is the timely identification and elimination of shortcomings in financial activities and the identification of reserves for improving the financial condition of the enterprise and its solvency.

The analysis of the financial condition is based mainly on relative indicators, since it is difficult to bring the absolute balance sheet indicators in inflationary conditions to a comparable form. The relative indicators of the financial condition of the analyzed enterprise can be compared with generally accepted norms, with similar data from other enterprises, which makes it possible to identify strong and weak sides enterprise and its capabilities, with similar data for previous years to study the trend of improvement or deterioration of the financial condition.

Financial analysis begins with the calculation of the financial performance of the enterprise. The calculated indicators are combined into groups. The composition of the indicators of each group includes several main generally accepted indicators and a number of additional indicators calculated depending on the goals of the analysis, the characteristics of the management of the enterprise that acts as the object of analysis. However, in all cases, the financial ratios calculated in the course of the analysis characterize the ratios between the various articles of the financial statements. For example, the solvency and liquidity ratios make it possible to compare the debt obligations of an enterprise with its assets, the autonomy coefficient determines the share of equity in the total liabilities of the economy, etc.

The first group includes coefficients characterizing the solvency of the enterprise. A certain level of solvency is often prerequisite the very possibility of attracting additional borrowed funds, obtaining loans. This group also includes indicators that make it possible to judge the ability of the enterprise to function successfully in the foreseeable future. For example, the indicator of net current assets makes it possible to judge how successfully an enterprise is able to pay off its short-term obligations and continue its production and financial activities.

The second group includes indicators of financial stability. They are called indicators of the capital structure and solvency, and sometimes the coefficients of management of sources of funds.

The third group is represented by indicators of asset turnover.

The fourth group includes indicators of profitability of various elements of property, cost effectiveness, profitability of sales, profitability of capital. This group of indicators allows you to get a generalized assessment of the enterprise, its ability to generate and increase profits from production and financial activities.

Further, in the course work, in the above order, an analysis was made of indicators for assessing the solvency of Oktyabrskoye LLC, its financial stability, business activity (it is also called market activity), profitability. The results and corresponding calculations are summarized in tables.

2.3 Assessment and analysis of the solvency of Oktyabrskoye LLC

The solvency of an enterprise is its ability to repay its debts in a timely manner and in full. financial obligations. Liquidity is the ability of individual property assets to turn into cash without loss of book value. The concepts of solvency and liquidity are close in content, but not identical. With a high level of solvency, the financial position of the enterprise can be characterized as stable. A stable financial position is the most important factor in preventing the possibility of bankruptcy of an enterprise. Therefore, it is always important to know how solvent the enterprise is and what is the degree of liquidity of its assets. To do this, determine the value of the following indicators:

1) current liquidity ratio (other names of this ratio are used as synonyms: total coverage ratio; current solvency; total liquidity). This coefficient, regardless of its name, characterizes the extent to which all short-term obligations of the enterprise are secured by its current assets;

2) intermediate coverage ratio (the following names are used as synonyms: quick liquidity ratio; intermediate solvency and liquidity ratio; quick liquidity, etc.). This ratio shows what the company's ability to repay short-term liabilities with available cash, financial investments and receivables;

3) the absolute liquidity ratio (sometimes it is called the absolute solvency ratio). The ratio shows what part of short-term liabilities can be repaid with available cash and short-term financial investments.

These coefficients were calculated for the end of 2006, 2007 and 2008 according to the company's balance sheets. The end of the year is taken to identify trends in the calculated coefficients. The calculation and dynamics of solvency indicators are reflected in table 1.

Table 1 - Calculation and dynamics of solvency indicators

Indicators	Units	research
1. Short-term debt
2. Current assets, incl.
2.1. Stocks
2.2. Accounts receivable with expected payments within 12 months
2.3. Cash and short-term financial investments
3. Absolute liquidity ratio
4. Intermediate coverage ratio
5. General coverage ratio, or current ratio

The table shows that the organization for the periods under review had a sufficient level of solvency. In 2008, its highest level was observed, but in the future there was a tendency for all coefficients to decrease. The company needs to increase their values, thereby improving its solvency.

Various liquidity indicators not only characterize the stability of the financial condition of the organization with different methods accounting for the liquidity of funds, but also meet the interests of various external users of analytical information.

An increase or decrease in the level of solvency of an organization is established by a change in the indicator of working capital (working capital), which is defined as the difference between all current assets and short-term debt. The comparison shows an increase in the organization's working capital. In general, we can say that the organization is not solvent.

2.4 Assessment of financial stability ratios

A financially stable enterprise is one that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital) and does not allow unjustified receivables and payables and pays its obligations on time.

If the enterprise has a stock of own funds, then this characterizes the margin of stability, provided that its own funds exceed borrowed ones.

The coefficients of the financial stability of an enterprise characterize the structure of the capital used by it from the standpoint of its solvency and financial stability of development. These indicators should be of most interest to lenders and investors, since the corresponding ratios make it possible to assess the degree of their protection from the inability of an economic entity to repay long-term obligations. Subsequently, the amount of such loans increased sharply. An assessment of the ability of an enterprise to repay long-term obligations is carried out using a system of nine (sometimes more) coefficients. These are the following indicators:

1. The coefficient of maneuverability of own funds. Shows what share is occupied by equity capital invested in working capital in the total equity capital of the enterprise.

2. Coefficient of autonomy (there are other names for this indicator: coefficient of independence; coefficient of ownership; coefficient of concentration of own capital). The autonomy coefficient shows the extent to which the assets used by the enterprise are formed at the expense of equity.

3. The coefficient of provision of reserves with own working capital, calculated as a quotient of dividing own working capital by tangible current assets;

4. Permanent asset index. It is determined by dividing the value of non-current assets by the cost of capital and reserves.

5. Long-term borrowing ratio - the ratio of long-term loans and borrowings to the total amount of the company's debt.

6. Coefficient of the real value of property - the share of production potential in the total value of assets. The composition of the production potential includes fixed assets, inventories, work in progress, low-value and wearing items.

These 6 coefficients are calculated on the basis of the balance sheet indicators (form 1) of Oktyabrskoye LLC for 2006–2008. This is done to identify trends in coefficients.

The calculation results are shown in Table 2.

Table 2. Calculation of indicators of financial stability

Indicators		Study periods
1. Capital and reserves
2. Borrowed funds
3. Current assets
4. Non-current assets
5. Own working capital
6. Long-term liabilities
7. The amount of fixed assets, raw materials and materials, work in progress
8. Asset value
9. Ratio of borrowed and own funds
10. Equity ratio
11. Equity flexibility ratio
13. Autonomy coefficient
14. Long-term leverage ratio
15. Coefficient of real property value
16. Losses

The table shows that the organization in 2006 had absolute financial stability, however, starting from the end of 2007, the state began to deteriorate sharply, the organization does not have enough sources to form reserves and costs, which means that the organization is in a crisis, it is necessary to increase the values ​​​​of indicators by increasing its own working capital funds and reduce the share of stocks.

2.5 Analysis of the effectiveness of the enterprise

Turnover analysis activity

To characterize the use of working capital, turnover ratios are calculated. Turnover indicators show how many times a year (or for the analyzed period) certain assets of the enterprise “turn around”. The reciprocal value multiplied by 360 days (or the number of days in the analyzed period) indicates the duration of one turnover of these assets.

Turnover indicators are of great importance for assessing the financial position of the enterprise, since the rate of turnover of funds, i.e. the speed of their transformation into a monetary form, has a direct impact on the solvency of the enterprise.

The turnover rate of current assets is calculated by the formula:

To the turnover of current assets = net sales / average annual value of current assets.

The duration of one turnover in days will be calculated as follows: = 360 / asset turnover.

For the enterprise under study, the calculation and characteristics of changes in the turnover of working capital are given in table 3.

Table 3. Calculation and dynamics of asset turnover indicators

The data in table 3 indicate a deterioration in the financial position of the enterprise. Compared to 2006, the duration of turnover in 2007 decreased by 68 days, while the turnover of current assets increased by 0.8 times. If we compare 2007 and 2008, we can draw the following conclusions: in 2008, compared to the previous year, the turnover of current assets decreased by 1.93 times, but the duration of the turnover of current assets increased by 343 days.

Analysis of profitability indicators of the organization

In the conditions of market relations, the role of indicators of profitability of products characterizing the level of profitability (unprofitableness) of its production is great. Profitability indicators are relative characteristics of the financial results and performance of the enterprise. They characterize the relative profitability of the enterprise, measured as a percentage of the cost of funds or capital from various positions.

Profitability indicators are the most important characteristics of the actual environment for generating profits and income for enterprises. For this reason, they are mandatory elements of comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as a tool investment policy and pricing.

The profitability of products shows how much profit falls on a unit of sold products. The growth of this indicator is a consequence of rising prices at constant costs for the production of sold products (works, services) or a decrease in production costs at constant prices, that is, a decrease in demand for the company's products, as well as a faster increase in prices than costs.

The product profitability indicator includes the following indicators:

1. Return on assets ratio (economic profitability). This indicator characterizes how efficiently the company uses all its assets. It is no coincidence that this indicator has synonyms: return on capital, profitability (profitability) of total capital.

2. Return on equity (financial profitability). Synonyms: return on equity, return on equity. This indicator reflects the efficiency (return) of the use of equity capital.

3. Profitability of products (profitability of current costs, profitability of products sold). Shows what is the profit per 1 rub. costs incurred for the production and sale of marketable products.

4. Return on investment. Shows how much profit the company receives for 1 rub. the amount of equity and attracted long-term loans and borrowings.

Table 4. Calculation and dynamics of profitability indicators

From table 4, one can draw unambiguous conclusions and conclusions. They consist in stating an indisputable fact: absolutely all indicators of profitability and efficiency of managerial work, the work of managers of the economy have been deteriorating every year, and significantly.

The above indicators, indicating a decrease in the profitability of the enterprise, seem to be caused by a complex set of reasons. Some of them are located outside the enterprise and are described in a number of economic works. These reasons are related to the deteriorating conditions for the acquisition of resources and services for all agricultural producers in comparison with the conditions under which agricultural products are sold in different markets. The measures for state regulation of agro-industrial production outlined in the Federal Law do not work or are not implemented at all.

However, as observations show, there are also internal reasons, one way or another connected with the imperfection of the management of the financial activities of the enterprise. They will be discussed in the next, final section of the work.

3. Measures to improve the economic efficiency and profit of the enterprise

3.1 Development and development in practice OOO Oktyabrskoe organizational and managerial measures to improve the economic efficiency of the enterprise

From the previous sections of the course work, it can be seen that the management of the surveyed enterprise often finds and implements relatively effective organizational and managerial measures that provide the economy with a significantly lower level of final results than are obtained in other enterprises of the Stavropol Territory.

The company seeks relatively high yields major crops, animal productivity, and also sell their products at relatively competitive prices. This is ensured primarily by two circumstances. Firstly, Oktyabrskoye LLC sells large volumes of crop products. Prices are often not high. Secondly, in Oktyabrskoye LLC, from a third to a half of the marketable crop production is sold in the first half of the year. During this period, buyers are willing to pay more for grain and sunflower than in the months following the next harvest, when agricultural markets are filled with products.

However, the company is experiencing a steady decline in return on costs and assets, as well as return on sales. This requires the management of the enterprise to develop and master in the practice of enterprise management additional measures to improve the efficiency of its production and commercial activities. Part of the measures of this kind depends on the regulatory influences of the state. Generalization of works on agricultural economics, financial management, management accounting, analysis of the experience of the country's leading agricultural enterprises, as well as scientific publications on the transfer of the agro-industrial complex to sustainable economic development, allow us to present a system of measures that can significantly increase the financial stability of agricultural producers.

When analyzing issues related to wages on the farm, it was revealed that there are practically no payments and bonuses at Oktyabrskoye LLC at the end of the year. All remuneration is issued at the end of the next month and in crop production does not depend on the final results of work. Salary in this industry is charged only for the amount of work performed. True, in animal husbandry, wages are charged for the achieved production volumes - the weight gain of cattle and pigs, milk yield, and offspring. In crop production, the final result is formed only at the end of the agricultural year. Therefore, it is very difficult to pay for labor according to the final result. Apparently, this is why in OOO Oktyabrskoye for several years the salary of crop workers has not been connected with the final results. It depends only on intermediate results - the fulfillment of production standards (how much plowed, sown, cultivated, harvested, etc.). In connection with the above, it seems that one of the reserves that the enterprise should use to improve the efficiency of its activities could be the deepening of on-farm accounting, following the example of advanced agricultural enterprises in the Krasnodar Territory. It is known that cost accounting is an important factor in increasing the efficiency of an enterprise. In the form of management accounting, such methods of organizing and managing intra-company labor collectives are widely used in developed capitalist countries. In the most successful enterprises of these countries, intra-company centers of financial responsibility are created - cost centers, profit centers, investment centers.

Such organizational and financial forms of management and labor motivation, according to available data, allow enterprises to function more efficiently.

In the surveyed farm, everything depends on the will and decisions of the manager. Here, a consistently authoritarian method of management is applied. Its effectiveness, according to major experts in the field of modern management, is limited. The management method based on material interest, initiative and broad independence of the primary production teams is considered more promising. Therefore, as a first step that can ensure that the economy overcomes negative trends in the dynamics of the profitability of production and commercial activities, it is necessary to point out the need for widespread introduction of management accounting methods that develop the methods of on-farm accounting previously used in the Russian economy.

The second such step should be the introduction into the practice of economic management of modern methods of financial planning used by budgeting.

When applying these methods on the farm, for each regular financial year it is recommended to draw up the following private budgets: 1) sales budget; 2) production budget; 3) the budget of the payroll fund; budget for material costs; 5) the budget for the consumption of fuels and lubricants and electricity; 6) budget for depreciation and repairs; 7) budget for other expenses. The most important starting point for all other budgets is the sales budget. It is calculated on the basis of market research. After calculating the sales budget, they proceed to determine the costs of their implementation. To do this, make up the production budget and predict the cost of production and distribution costs. The production budget includes the budget for the receipt of materials needed for production. Payments to off-budget social funds (UST) are connected with the budget of the payroll fund. The material cost budget reflects the material costs of production (including payment for third-party services). The budget for the consumption of fuels and lubricants and electricity reflects the costs and receipt of these values. The depreciation budget to a large extent determines the investment activity of the enterprise. The miscellaneous expenses budget covers all other expenses.

The calculation of private budgets makes it possible to make a forecast of production costs and distribution costs with great reliability, and then sales, revenues, profits (or losses - after all, they are also found in Oktyabrskoye LLC for certain types of products). Separately, two more private budgets should be drawn up - long-term capital investments and repayment of accounts payable. The long-term investment budget is nothing more than the expense and income accounts for investment activities, and the loan repayment budget should be the credit plan of the enterprise.

Budgeting involves not only making a forecast of the income and expenses of the enterprise, but also systematic - at least once a month - comparing forecast and actual indicators, identifying the causes of deviations, clarifying budget indicators or taking additional measures aimed at fulfilling previously calculated budget indicators.

It seems that the introduction of the principles and methods of management accounting (or in-depth on-farm accounting) into the practice of Oktyabrskoye LLC, together with the budgeting of the enterprise's activities (especially investment activities), should stop a further decrease in its profitability indicators, and allow increasing the mass of profit while limiting production and commercial costs.

3.2 Ways to increase the profit of Oktyabrskoye LLC

Systematic profit is a necessary goal of the entrepreneurial activity of any enterprise. Therefore, the dominant problem for the enterprise is profit maximization, which means developing a strategy to systematically increase profits and minimize costs. This task is multifaceted, which is why it requires a systematic approach to solve it.

It follows from this that profit maximization is connected with the process of increment of entrepreneurial profit. This, in turn, means that calculations require the use of limit values: marginal profit, marginal revenue and marginal cost.

In order to solve the issue of profit maximization, it is also important to know whether the enterprise operates in a free competition or monopoly market.

For the enterprise, profit maximization consists in choosing such a volume of sales of products at which the marginal cost of the enterprise in production and sale would be equal to the market price. In other words, in a free competition market, income is equal to the market price.

1. Strict observance of the concluded contracts for the performance of agricultural work. It is especially important for the enterprise to find customers for the performance of work.

2. Conducting a large-scale and effective policy in the field of personnel training, which is a special form of capital investment.

3. Increasing the efficiency of the enterprise for the sale of products. First of all, it is necessary to pay more attention to increasing the speed of movement of working capital and reducing all types of stocks.

4. To improve the quality of work performed, which will lead to competitiveness and interest in choosing this enterprise by customers of work.

5. Also, an important role is played by the increase in the volume of agricultural work due to a more complete use of the production capacities of the enterprise.

6. Reduction of production costs by increasing the level of labor productivity, economical use of raw materials, materials, fuel, electricity and equipment.

7. The use of the most modern mechanized and automated means to perform work.

9. Consider and eliminate the causes of overspending of financial resources on administrative and commercial expenses.

11. Implement an effective pricing policy, differentiated in relation to certain categories buyers.

12. To carry out measures aimed at improving the material climate in the team, which will ultimately affect the increase in labor productivity.

13. To exercise constant control over the conditions of storage and transportation of raw materials and finished products.

The implementation of these proposals will significantly increase the profit received by the enterprise. It is necessary that the enterprise devote much more time to such areas as the sale and marketing of products, as the needs and demands of consumers become extremely individualized, and markets are very diverse in their structure. The maximum profit is mainly associated with a reduction in production costs. However, in conditions when the enterprise can manage the costs themselves, basically only the consumption of their quantity, and the price for each input material(resource) is practically uncontrollable, and in conditions of unstoppable inflation and lack of control, the enterprise is extremely limited in its ability to reduce production costs, thus achieving an increase in profits. Therefore, here there is a need to reassess other qualitative characteristics that affect the increase in the income of the enterprise. A modern agricultural enterprise must meet the following parameters:

1. Have great flexibility, the ability to quickly change the services offered, since the inability to constantly adapt to the needs of consumers will doom the enterprise to bankruptcy.

2. The technology of production has become so complicated that it requires completely new forms of control, organization and division of labor.

3. The structure of production costs has changed dramatically. At the same time, the share of costs associated with the sale of products is increasing. All this requires fundamentally new approaches to the management and organization of production, and directly relates to profit management. Moreover, they must find their rightful place in the development of its management within the enterprise as a whole.

4. A special problem is the increase in the efficiency of the enterprise in finding a customer. First of all, more attention must be paid to increasing the speed of circulation of working capital, reducing all types of stocks, and striving to complete work as quickly as possible.

Conclusion

The paper focuses on the analysis of the balance sheets of OOO Oktyabrskoye for 3 years, from 2006 to 2008 inclusive. In addition, based on the analysis of the financial condition of OOO Oktyabrskoye, a system of organizational and managerial measures aimed at improving the results of the production and financial activities of the enterprise is substantiated. At the same time, the justified activities are not only of an on-farm nature, but also have a sector-wide aspect. The fact is that a number of important conditions for the stability of the financial condition of even the best agricultural enterprises cannot be ensured without the implementation of measures state regulation agro-industrial complex.

OOO Oktyabrskoye is characterized by a relatively large amount of cultivated arable land transferred to it on a long-term (10-year) lease by the owners of land shares - former collective farmers. The area of ​​cultivated arable land of Oktyabrskoye LLC is slightly more than 10 thousand hectares. This is a big area.

The enterprise has maintained a diversified structure of production activities. Here they not only grow wheat, barley, peas and sunflowers, but also breed cattle, pigs and sheep, produce milk, meat, and wool.

When analyzing the results of the production and financial activities of the enterprise, all forms of annual accounting statements for 2006–2008 were used. The composition of these forms, which together form the balance sheet of the economy for the corresponding year, is shown in one of the work tables. The study of the listed balance forms made it possible to construct a large number of analytical tables included in the work with relevant findings and conclusions. Of great importance for the analysis and evaluation of the economic processes that have taken place in Oktyabrskoye LLC in the last 3 years, to characterize its financial position, is a table that reflects the dynamics of revenue, cost of goods sold, profit from sales, as well as from the excess of operating and non-operating income over their expenses.

The farm renews and replenishes the fleet of equipment, builds new production facilities and residential buildings, buys breeding stock. However, it is impossible not to note the extremely uneven, spasmodic nature of investment.

The results of the financial analysis are also mixed. From the tables, which present an assessment of the solvency and liquidity of the economy, it is clear that financial ratios, although sometimes worsening, still indicate a significant margin of financial strength of the enterprise. The company has something to pay its debts. So far, he has nothing to fear from the threat of insolvency and bankruptcy. However, the table with profitability indicators shows that the economic efficiency of management in Oktyabrskoye LLC is constantly decreasing.

The observed decrease in cost recovery and, in general, of all assets, as well as the equity capital of the economy, requires the development and development of a system of measures to increase the financial stability of the enterprise, to increase its economic efficiency.

This system of activities was substantiated in the third chapter of the course work. The designed measures are primarily of an on-farm nature. Among them: 1) deepening of intra-farm accounting, wages based on the final result; 2) the introduction of management accounting, combined to save labor of accountants with tax accounting; 3) the introduction of budgeting as a method of managing income and expenses; 4) management financial flows; 5) improvement marketing activities; 6) business planning of investment activities.

Measures are also needed to improve state regulation of the agro-industrial complex, since external environment economy has no less impact on its results than the internal one. More purposeful government interventions in procurement and commodity interventions in the grain markets, customs regulation of food imports and exports, greater state participation in insuring the risks of the agro-industrial complex are required, the issue of concessional lending, the development of resource markets infrastructure, without which price disparity cannot be overcome, has not been resolved. Only since 2004, preferential taxation of incomes of agricultural producers has been introduced.

Thus, the implementation of these measures will contribute to overcoming negative trends in the dynamics of economic efficiency and financial stability of Oktyabrskoye LLC.

List of used literature

1. Kreinina M.N. Assessment of the financial condition of an organization using international standards / Educational and methodological center under the Ministry of the Russian Federation for taxes and fees. – Moscow, 2007

2. Savitskaya G.V. Analysis of the economic activity of the enterprise: 3rd ed. - Mn.: IP "Ekoperspektiva"; "New knowledge", 1999

3. Kravchenko L.I. Analysis of economic activity -

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5. Raizberg B.A., Lozovsky L.Sh., Starodubtseva E.B. Modern economic dictionary. – M.: INFRA-M, 1997

6. Dybal S.V. Economic analysis: teaching aid. - St. Petersburg, 1997

7. E.A. Markaryan, G.P. Gerasimenko Financial analysis - M .: "Prior", 1997.

8. Bakanov M.I. Theory of economic analysis / M.I. Bakanov, A.D. Sheremet. - M.: Finance and statistics, 2000

9. Gradov A.P. Strategy and tactics of anti-crisis management of the company. - St. Petersburg. Specialist. literature - 2006

10. Efimova O.V. Financial analysis / O.V. Efimov. - M .: Accounting, 1996.

11. Kovalev A.I. Analysis of the financial state of the enterprise / A.I. Kovalev, V.P. Privalov. - M .: Center for Economics and Marketing, 1997

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14. Savitskaya G.V. Analysis of the economic activity of the agro-industrial complex enterprise. - Minsk: New knowledge, 2001.

15. Dobrynin V.A. Actual problems of the economy of the agro-industrial complex. – M.: MSHA, 2001.

16. Balabanov I.T. Financial analysis and planning of an economic entity. - M.: Finance and statistics, 2000

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

The financial condition can be stable, unstable and crisis. The ability of the enterprise to make payments in a timely manner, to finance its activities on an expanded basis, indicates its good financial condition.

Financial condition of the enterprise (FSP) depends on the results of its industrial, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. And vice versa, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency

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

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

Analysis of the financial condition of the organization involves the following steps.
1. Preliminary review of the economic and financial situation of a business entity.
1.1. Characteristics of the general direction of financial and economic activity.
1.2. Estimation of reliability of the information of articles of the reporting.
2. Assessment and analysis of the economic potential of the organization.
2.1. Assessment of property status.
2.1.1. Construction of analytical net balance.
2.1.2. Vertical balance analysis.
2.1.3. Horizontal balance sheet analysis.
2.1.4. Analysis of qualitative changes in property status.
2.2. Assessment of the financial situation.
2.2.1. Liquidity assessment.
2.2.2. Assessment of financial stability.
3. Evaluation and analysis of the effectiveness of the financial and economic activities of the enterprise.
3.1. Evaluation of production (main) activities.
3.2. Profitability analysis.
3.3. Assessment of the situation in the securities market.

information base this methodology is a system of indicators given in Appendix 1.

8.1. Preliminary review of the economic and financial situation of the enterprise

The analysis begins with a review of the main performance indicators of the enterprise. This review should consider the following questions:
· the property status of the enterprise at the beginning and end of the reporting period;
operating conditions of the enterprise in the reporting period;
the results achieved by the enterprise in the reporting period;
· prospects of financial and economic activity of the enterprise.

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

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

8.2. Assessment and analysis of the economic potential of the organization

8.2.1. Assessment of property status

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

According to current regulations, the balance sheet is currently compiled in net valuation. However, a number of articles are still regulatory in nature. For ease of analysis, it is advisable to use the so-called condensed analytical net balance , which is formed by eliminating the influence on the balance sheet result (currency) and its structure of regulatory articles. For this:
· amounts under the item “Debts of participants (founders) on contributions to the authorized capital” reduce the amount of equity capital and the amount of current assets;
· by the value of the item “Evaluated reserves (“Reserve for doubtful debts”)”, the value of receivables and equity of the enterprise is adjusted;
· elements of balance sheet items that are homogeneous in composition are combined in the necessary analytical sections (long-term current assets, equity and borrowed capital).

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

In the course of the functioning of the enterprise, the value of assets, their structure undergo constant changes. Most general idea about the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of reporting.

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

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

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

Criteria qualitative changes in the property status of the enterprise and the degree of their progressiveness are indicators such as:
the amount of economic assets of the enterprise;
The share of the active part of fixed assets;
The wear factor
· the share of quickly realizable assets;
the share of leased fixed assets;
The share of accounts receivable, etc.

Formulas for calculating these indicators are given in Appendix 2.

Consider their economic interpretation.

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

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

Wear factor. The indicator characterizes the share of the value of fixed assets remaining to be written off as expenses in subsequent periods. The coefficient is usually used in the analysis as a characteristic of the state of fixed assets. The addition of this indicator to 100% (or one) is the coefficient validity. The depreciation factor depends on the accepted depreciation calculation method and does not fully reflect the actual depreciation of fixed assets. Likewise, shelf life does not provide an accurate estimate of their present value. This is due to a number of reasons: the rate of inflation, the state of the conjuncture and demand, the correctness of determining the useful life of fixed assets, etc. However, despite the shortcomings, the conditionality of indicators of wear and tear, they have a certain analytical value. According to some estimates, a wear factor value of more than 50% is considered undesirable.

update rate. Shows what part of the fixed assets available at the end of the reporting period are new fixed assets.

Dropout rate. Shows what part of the fixed assets with which the company began operations in the reporting period, retired due to dilapidation and other reasons.

8.2.2. Assessment of financial position

Financial position enterprises can be evaluated from the point of view of the short and long term. In the first case, the criteria for assessing the financial position are the liquidity and solvency of the enterprise, i.e. the ability to timely and in full make settlements on short-term obligations.

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

Speaking of company liquidity, have in mind the presence of working capital in the amount theoretically sufficient to repay short-term obligations, even if with a violation of the repayment periods stipulated by the contracts.

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

Obviously, liquidity and solvency are not identical to each other. Thus, liquidity ratios may characterize the financial position as satisfactory, however, in essence, this assessment may be erroneous if a significant proportion of current assets falls on illiquid assets and overdue receivables. Here are the main indicators to assess the liquidity and solvency of the enterprise.

The amount of own working capital. It characterizes that part of the company's own capital, which is the source of coverage of its current assets (ie, assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. The indicator has a special importance for enterprises engaged in commercial activities and other intermediary operations. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend. Main and constant source Increasing equity is profit. It is necessary to distinguish between "working capital" and "own working capital". The first indicator characterizes the assets of the enterprise (section II of the balance sheet asset), the second - the sources of funds, namely the part of the enterprise's own capital, considered as a source of coverage of current assets. The value of own working capital is numerically equal to the excess of current assets over current liabilities. A situation is possible when the value of current liabilities exceeds the value of current assets. The financial position of the enterprise in this case is considered as unstable; immediate action is required to correct it.

Maneuverability of functioning capital. It characterizes that part of own working capital, which is in the form of cash, i.e. funds with absolute liquidity. For a normally functioning enterprise, this indicator usually varies from zero to one. Ceteris paribus, the growth of the indicator in dynamics is considered as a positive trend. An acceptable indicative value of the indicator is set by the enterprise independently and depends, for example, on how high its daily need for free cash resources is.

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

Quick liquidity ratio. The indicator is similar to the current liquidity ratio; however, it is calculated on a narrower range of current assets. The least liquid part of them - production stocks - is excluded from the calculation. The logic behind this exclusion is not only that inventories are significantly less liquid, but, more importantly, that the cash that can be raised in the event of a forced sale of inventories can be significantly lower than the cost of acquiring them.

Approximate lower value of the indicator - 1; however, this assessment is also conditional. Analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change. So, if the growth of the quick liquidity ratio was associated mainly with growth. unjustified receivables, this cannot characterize the activity of the enterprise on the positive side.

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

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

Inventory coverage ratio. Calculated by correlating the value of "normal" sources of coverage of reserves and the amount of reserves. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered as unstable.

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

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

Equity concentration ratio. 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, stable and independent of external loans the enterprise. An addition to this indicator is the concentration ratio of attracted (borrowed) capital - their sum is equal to 1 (or 100%).

Coefficient of financial dependence. It is the inverse of the equity concentration ratio. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise.

The coefficient of maneuverability of equity capital. Shows what part of equity is used to finance current activities, i.e. invested in working capital, and what part is capitalized. The value of this indicator can significantly vary depending on the capital structure and industry sector of the enterprise.

Coefficient of structure of long-term investments. The logic for calculating this indicator is based on the assumption that long-term loans and borrowings are used to finance fixed assets and other capital investments. The ratio shows what part of fixed assets and other non-current assets is financed by external investors.

Long-term borrowing ratio. Characterizes the structure of capital. The growth of this indicator in dynamics is a negative trend, which means that the company is becoming more and more dependent on external investors.

The ratio of own and borrowed funds. Like some of the above indicators, this ratio gives the most general assessment of the financial stability of the enterprise. It has a fairly simple interpretation: its value, for example, equal to 0.178, means that for every ruble of own funds invested in the assets of the enterprise, 17.8 kopecks are accounted for. borrowed money. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e. about some decrease in financial stability, and vice versa.

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

8.3. Evaluation and analysis of the effectiveness of financial and economic activities

8.3.1. Business Activity Assessment

The assessment of business activity is aimed at analyzing the results and the effectiveness of the current main production activity

An assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of a given enterprise and related enterprises in terms of capital investment. Such qualitative (i.e., non-formalizable) criteria are: the breadth of sales markets for products; the availability of products supplied for export; the reputation of the enterprise, expressed, in particular, in the popularity of customers using the services of the enterprise, etc. Quantitative assessment is done in two directions :
the degree of fulfillment of the plan (established by a higher organization or independently) according to the main indicators, ensuring the specified rates of their growth;
· level of efficiency of use of resources of the enterprise.

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

T pb > T p > T ak > 100%,

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

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

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

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

At analysis of working capital turnover special attention should be paid to inventories and receivables. The less the financial resources in these assets become dead, the more efficiently they are used, the faster they turn around, and the more and more profits they bring to the enterprise.

The turnover is estimated by comparing the indicators of the average balances of current assets and their turnover for the analyzed period. Turnovers in the assessment and analysis of turnover are:
For inventories - the cost of production of sold products;
for receivables - sales of products for non-cash payment(since this indicator is not reflected in the financial statements and can be identified from accounting data, in practice it is often replaced by an indicator of sales proceeds).

Let's give an economic interpretation of the turnover indicators:
· turnover in turnover indicates the average number of turnovers of funds invested in assets of this type in the analyzed period;
· turnover in days indicates the duration (in days) of one turnover of funds invested in assets of this type.

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

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

The generalizing indicators for assessing the efficiency of the use of enterprise resources and the dynamism of its development include the indicator of resource efficiency and the coefficient of sustainability of economic growth.

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

Coefficient of sustainability of economic growth. Shows what average pace the company can develop in the future, without changing the already established ratio between various sources of financing, capital productivity, production profitability, dividend policy, etc.

8.3.2. Profitability assessment

The main indicators of this block, used in countries with market economies to characterize the profitability of investments in activities of a particular type, include return on advanced capital and return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit fall on one ruble of advanced (own) capital. Enough attention is paid to the calculation of these indicators in topic No. 7.

8.3.3. Assessment of the situation in the securities market

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

Earnings per share. It is the ratio of net income, less dividends on preferred shares, to the total number of ordinary shares. It is this indicator that largely affects the market price of shares. Its main drawback in analytical terms is the spatial incompatibility due to the unequal market value shares of various companies.

Share value. It is calculated as the quotient of dividing the market price of a share by earnings per share. This indicator serves as an indicator of demand for the shares of this company, since it shows how much investors are willing to pay at the moment for one ruble of earnings per share. The relatively high growth of this indicator in dynamics indicates that investors expect faster growth in the profits of this firm compared to others. This indicator can already be used in spatial (inter-farm) comparisons. Companies with a relatively high value of the economic growth stability coefficient are also characterized, as a rule, by a high value of the “share value” indicator.

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

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

Share quote ratio. It is calculated by the ratio of the market price of a share to its accounting (book) price. The book price characterizes the share of equity per share. It consists of the nominal value (i.e., the value affixed on the letterhead of the share for which it is accounted for in the share capital), share premium (the accumulated difference between the market price of the shares at the time of sale and their nominal value) and the share accumulated and invested in profit firm development. The value of the quote coefficient greater than one means that potential shareholders, when purchasing a share, are ready to give a price for it that exceeds the accounting estimate of the real capital attributable to the share at the moment.

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

The given system is based on the following rigidly determined factor dependence:

where KFZ- coefficient of financial dependence, VA- the amount of assets of the enterprise, SC- equity.

From the presented model it can be seen that the return on equity depends on three factors: the profitability of economic activity, resource efficiency and the structure of the advanced capital. The significance of the identified factors is explained by the fact that, in a certain sense, they generalize all aspects of the financial and economic activities of the enterprise, in particular the financial statements: the first factor summarizes form No.

8.4. Determination of the unsatisfactory structure of the balance sheet of the enterprise

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

In this regard, the issue of assessing the structure of the balance sheet is of particular relevance, since decisions on the insolvency of an enterprise are made upon recognition of the unsatisfactory structure of the balance sheet.

The main purpose of conducting a preliminary analysis of the financial condition of the enterprise is to justify the decision to recognize the balance sheet structure as unsatisfactory, and the enterprise as solvent in accordance with the system of criteria approved by the Decree of the Government of the Russian Federation dated May 20, 1994 No. 498 “On Certain Measures to Implement Insolvency Law ( bankruptcy) of enterprises. The main sources of analysis are f. No. 1 "Balance of the enterprise", f. No. 2 "Profit and Loss Statement".

Analysis and assessment of the structure of the enterprise's balance sheet are carried out on the basis of indicators: current liquidity ratio; coefficient of provision with own funds.

The basis for recognizing the balance sheet structure of an enterprise as unsatisfactory, and the enterprise as insolvent is one of the following conditions:
the current liquidity ratio at the end of the reporting period is less than 2; (K tl);
the equity ratio at the end of the reporting period is less than 0.1. (K oss).

The main indicator characterizing the presence real opportunity for an enterprise to restore (or lose) its solvency within a certain period, is the coefficient of restoration (loss) of solvency. If at least one of the coefficients is less than the standard ( K tl<2, а K oss<0,1), то рассчитывается коэффициент восстановления платежеспособности за период, установленный равным шести месяцам.

If the current liquidity ratio is greater than or equal to 2, and the equity ratio is greater than or equal to 0.1, the solvency loss ratio is calculated for a period set equal to three months.

Solvency recovery ratio Sun is defined as the ratio of the estimated current liquidity ratio to its standard. The estimated current liquidity ratio is determined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and the change in the value of this ratio between the end and the beginning of the reporting period in terms of the solvency recovery period, set equal to six months:

,

where K ntl- normative value of the current liquidity ratio,
K ntl\u003d 2; 6 - the period of restoration of solvency for 6 months;
T - reporting period, months.

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

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

,

where That- the period of loss of solvency of the enterprise, months.

The calculated coefficients are entered in the table (Table 29), which is available in the annexes to the "Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure."

Table 29

Assessment of the balance sheet structure of an enterprise

	Name of indicator	At the beginning of the period	At the time of establishment of solvency	coefficient
	Current liquidity ratio			At least 2
	Equity ratio			Not less than 0.1
	The coefficient of restoration of solvency of the enterprise. According to this table, the calculation according to the formula: p. lrp.4+6: T(p. 1gr.4-p. 1gr.3)			Not less than 1.0
	The coefficient of loss of solvency of the enterprise. According to this table, calculation according to the formula: line 1gr.4 + 3: T (str.1gr.4-tr.1gr.Z), where T takes the values ​​​​of 3, 6, 9 or 12 months

Questions for self-control
1. What is the procedure for analyzing the financial condition of the enterprise?
2. What are the sources of information for the analysis of the financial condition?
3. What is the essence of the vertical and horizontal analysis of the balance sheet of the enterprise?
4. What are the principles of building an analytical balance - net?
5. What is the liquidity of the enterprise and how does it differ from its solvency?
6. Based on what indicators is the analysis of the liquidity of the enterprise?
7. What is the concept and assessment of the financial stability of the enterprise?
8. What indicators are used to analyze the business activity of the enterprise?
9. Under what conditions are solvency recovery ratios calculated?

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Financial positionorganizations

Under financial position refers to the ability of an enterprise to finance its activities. The financial condition characterizes a set of indicators reflecting the availability, placement and use of the financial resources of the enterprise, as well as the state of capital in the process of its circulation.

The stability of the financial position is achieved with the adequacy of equity capital, good quality of assets, high business activity of the enterprise, a sufficient level of profitability, stable income and wide opportunities to attract borrowed funds.

The financial position of the enterprise is evaluated, first of all, by its financial stability and payment method b ness . Financial stability of the enterprise - is the ability to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, guaranteeing its constant solvency. Pla solvency reflects the ability of the enterprise to pay its debts and obligations in a given specific period of time.

There are 4 types of financial stability:

Absolute financial stability

SOBC - Z? 0

Normal financial stability

(SOBK + Dl.Z.) - Z? 0

Unstable financial condition

(SOBK + Dl.Z. + Kr.Z) - Z? 0

If the result of the calculation is a negative value, then this indicates a crisis state.

SOBC - own working capital;

З - stocks (costs);

L.Z. - long-term credits and loans

Kr.Z - short-term credits and loans

The purpose of studying the financial position of the enterprise consists in finding additional funds for the most rational and economical management of economic activity. A stable financial condition is the result of skillful management of the whole complex of factors that determine the results of the financial and economic activities of the enterprise. An essential role in solving these issues belongs to financial analysis.

Main factors that determine the financial condition are, First of all, fulfillment of the financial plan and replenishment, as necessary, of own working capital from profits and, Secondly, turnover rate of working capital. The implementation of the financial plan mainly depends on the results of the production and marketing activities of the enterprise as a whole.

The main sources of information for financial analysis are accountingltersky reporting: form No. 1 "Balance sheet", form No. 2 "Profit and loss statement", form No. 3 "Statement of the movement of funds and other funds", form No. 4 "Statement of cash flows", form No. 5 "Appendix to the accounting balance."

An analysis of the financial situation is recommended to be carried out in the next e consistency.

Stage 1. Analysis of current liquidity and provision with own working capital.

In accordance with Chapter 3 "Instructions for the analysis and control of the financial condition and solvency of business entities", the recognition of the structure of the balance sheet as unsatisfactory, and the organization insolvent, the following conditions must be simultaneously observed:

The current liquidity ratio at the end of the reporting period, depending on the industry affiliation of the organization, has a value below the standard;

The coefficient of provision with own working capital at the end of the reporting period, depending on the industry affiliation of the organization, has a value less than the norm.

Stage 2. Analysis of the dependence of the established insolvency of the organization on the debt of the state to it.

The debt of the state to the organization is understood as the obligations of the executive authority of the Republic of Belarus not fulfilled in time to pay for the order, the execution of which the organization is not entitled to refuse. On the basis of documents for each of the state obligations not fulfilled on time, the volumes of state debt and the timing of their occurrence are determined, if the submitted documents do not prove the presence of state obligations not fulfilled on time, the dependence of the organization's insolvency on the state's debt to it is considered not established.

Stage 3. Analysis of the security of financial liabilities with assets.

The asset-backed ratio of financial liabilities characterizes the organization's ability to pay off its financial liabilities after the sale of assets and is determined by the ratio of all the organization's liabilities to the total value of property (the standard value for all sectors of the economy is not more than 0.85).

Stage 4. Detailed analysis of the financial statements of the organization.

Purpose of analysis - identification of the reasons for the deterioration of the financial condition of the organization. When analyzing the dynamics of the balance sheet currency, data on the balance sheet currency at the beginning and end of the reporting period are compared. The decrease in the currency of the balance sheet (balance sheet total) is a consequence of the organization's reduction in economic turnover.

When considering the structure of the balance sheet in order to ensure comparability of the studied data on articles and sections of the balance sheet at the beginning and end of the reporting period, the analysis is carried out on the basis of specific indicators calculated on the balance sheet currency, which is taken as 100 percent.

After studying the structure of the balance sheet, an analysis of the turnover of working capital is carried out.

Analysis of the balance sheet ends with an analysis of the liquidity of the balance sheet. The task of analyzing the liquidity of the balance arises in connection with the need to assess the creditworthiness of the organization. Balance liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities.

Depending on the degree of liquidity, i.e. on the rate of conversion into cash, enterprise assetsefall into the following groups:

- the most liquid assets (А1)- all items of funds of the enterprise and financial investments;

- marketable assets (A2)- accounts receivable, payments on which are expected within 12 months after the reporting date, goods shipped, work performed, services rendered and taxes on acquired valuables;

- slow-moving assets (A3)- finished products, raw materials, materials, work in progress;

- hard-to-sell assets (A4)- fixed assets;

- illiquid assets (A5)- uncollectible receivables, stale material assets.

Liabilities of the balance are grouped according to the degree of urgent aboutpayment methods:

The most urgent liabilities (P1) - accounts payable and bank loans, the repayment period of which has come;

- short-term liabilities with a maturity of up to 1 year (P2)- short-term bank loans;

- long-term liabilities (P3)- long-term bank loans and borrowed funds;

- permanent liabilities (P4)- sources of own funds;

- revenue of the future periods, which are expected to be received in the future (P5).

The balance is considered to be absolutely liquid if the following correlations take placeaboutsolutions:

A1? P1, A2? P2, A3? P3, A4? P4, A5? P5

With stable financial stability, the organization should dynamically increase the share of its own turnover t fund, the growth rate of own fund must be higher than the growth rate of the loan fund, and the growth rate of receivables and payables must balance and whack each other.

System of indicators of financial condition

To analyze and evaluate the financial position of an enterprise, a whole system of indicators is used that characterizes: the availability of capital and the efficiency of its use; the structure of the company's liabilities, its financial independence; the structure of the enterprise's assets and the degree of production risk; structure of sources of working capital formation; solvency and liquidity of the enterprise; the risk of bankruptcy; margin of financial strength. The usefulness of any financial indicator depends on the accuracy of the financial statements and the forecasts derived from them. financial stability asset liquid

In the Republic of Belarus, when determining creditworthiness, taking into account the coefficient analysis of the financial position, banks are guided by the standard values ​​of the coefficients of current liquidity and the provision with own working capital, differentiated by industry.

The composition of the estimated indicators of the financial condition and the algorithms for calculating each of them are presented in a formalized form in Table No. 1.

Table No. 1Characteristics and procedure for calculating estimatedPaboutindicators of financial condition

Indicators	Characteristic indicator	Algorithm
Coefficients characterizing solvency
Current liquidity ratio (norm 1.7)	Shows the company's ability to pay off short-term liabilities with its current assets
Interim liquidity ratio (norm not less than 0.5-0.8)	Reflects the solvency of the enterprise, taking into account upcoming receipts from debtors, showing what part of the current debt the organization can cover in the short term, subject to repayment of receivables
Absolute liquidity ratio (standard 0.2)	It characterizes the instant solvency of the enterprise and shows what part of the short-term debt the enterprise can cover at the expense of available funds and short-term financial investments, quickly realized if necessary
Financial independence ratio (autonomy ratio) (norm 0.5)	Reflects the independence of the enterprise from borrowed sources
Coverage ratio of total financial liabilities with assets (norm 0.85)	An increase in the values ​​of this indicator indicates an increase in the dependence of the enterprise on the conditions put forward by creditors, and, consequently, a decrease in the financial stability of the enterprise
Coverage ratio of long-term liabilities with assets	Shows what proportion of the company's assets is financed by long-term loans
The coefficient of maneuverability of own working capital	Shows what part of the company's own funds is in a mobile form, allowing relatively free maneuvering of these funds
Financial risk ratio (shoulder of financial leverage) (standard 0.5)	It shows how much borrowed funds the company has attracted for the ruble of its own. The growth of the indicator indicates an increase in the dependence of the enterprise on external financial sources, that is, in a certain sense, a decrease in financial stability and often makes it difficult
Financial stability ratio (standard 2)	Shows how each ruble of debt is backed by its own funds. A decrease in this indicator indicates the insolvency of the enterprise.
Equity ratio of total financial liabilities	The lower the ratio, the more stable the financial position of the enterprise
Coverage ratio of long-term liabilities with non-current assets	Shows what share of hard-to-sell non-current assets (fixed assets) is financed by long-term loans
Working capital ratio	Characterizes the presence of own working capital necessary to ensure financial stability
Coefficients characterizing business activity
Return on sales, %	Demonstrates the share of net profit (Pch) in the sales volume (VR) of the enterprise
Return on equity, %	Allows you to determine the effectiveness of the use of capital invested by the owners of the enterprise. The return on equity shows how many monetary units of net profit each unit invested by the owners earned.
Return on assets, %	Allows you to determine the efficiency of the use of enterprise assets. Shows how many monetary units of net profit earned each unit of assets
Return on current assets, %	Demonstrates the ability of the enterprise to provide a sufficient amount of profit in relation to the working capital used by the enterprise
Return on non-current assets, %	Demonstrates the ability of the enterprise to provide a sufficient amount of profit in relation to the fixed assets of the enterprise
Return on investment, %	Shows how many monetary units it took the company to receive one monetary unit of profit. This indicator is one of the most important indicators of competitiveness and investment attractiveness.
business activity ratio	Shows how many rubles of net sales proceeds have been transformed from each ruble of assets, or how intensively the assets of the enterprise are being turned around.
Accounts receivable turnover ratio	Indicates an increase or decrease in commercial credit provided by the organization. If the ratio is calculated on sales revenue generated as invoices are paid, its growth means a decrease in sales on credit.
Accounts payable turnover ratio debt	It means an increase in the speed of paying the organization's debts, a decrease - an increase in purchases on credit. Reflects an increase or decrease in commercial credit provided to an organization.
Equity turnover ratio	Characterizes the rate of turnover of equity capital.

Conventions adopted when calculating estimated financial indicatorsIenterprise:

non-current assets of the enterprise (VNA);

current assets of the enterprise (ObA);

cash (DS);

short-term financial investments (KFI);

accounts receivable (DZ);

accounts payable (KrZ);

balance currency (balance total) (WB);

short-term liabilities (KO);

long-term liabilities (DO);

equity capital (SC);

borrowed capital (LC);

proceeds from the sale of products (works, services) (VR);

net profit of the enterprise.

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The main elements of financial statements and their users. Methodology for analyzing the financial condition of the enterprise. Comprehensive assessment of the financial position of LLC "MF "Tommedfarm"". Analysis of solvency and financial stability of the organization.

In the financial management system of an enterprise, in its most general form, it is a method of accumulation, transformation of a financial nature, with the aim of assessing the current and prospective property and financial condition of an enterprise, identifying available sources of funds and assessing the possibilities and expediency of their mobilization.

The need for financial analysis is the ability to explore the financial condition and the main results of the economic activity of the enterprise in order to identify reserves to increase its market value and ensure effective development.

The financial position of the enterprise is characterized by the availability of financial resources necessary for the normal production, commercial and other activities of the enterprise, the expediency and efficiency of their placement and use, financial relationships with other business entities, solvency and financial stability. The ability of an enterprise to make payments on time indicates its good financial position.

The financial condition of the enterprise is expressed in the formation, distribution and use of financial resources.

The financial situation is revealed as a result of calculating various indicators that reflect only its individual aspects, based on their study, assessing the impact of each of them on the overall assessment and ranking the indicators of their degree of significance. Ultimately, the financial position of the enterprise should testify to the reliability, stability and prospects of the enterprise in a competitive economy that does not spare the weak and unviable.

Reporting is a system of indicators reflecting the results of the economic activity of the enterprise for the reporting period. Reporting includes tables that are compiled according to accounting, statistical and operational accounting.

Accounting in LLC “TiM” is carried out in accordance with the Regulation on accounting and financial reporting in the Russian Federation, approved by order of the Ministry of Finance of the Russian Federation dated March 24, 2000 No. 31n, the Chart of Accounts for accounting of financial and economic activities of organizations and Instructions for its application, approved by order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. No. 94n, Federal Law of the Russian Federation of November 21, 1996 No. 129-FZ "On Accounting".

The accounting policy of this enterprise regulates the following provisions:

Isolation of the enterprise in terms of property and obligations from the property and obligations of the owners of the enterprise and other enterprises, property that does not belong to the enterprise on the basis of ownership rights is subject to accounting on off-balance accounts;

Continuity of operation during the reporting period;

Ensuring the completeness, reliability and timeliness of the reflection of business transactions in accounting;

Compliance of analytical and synthetic accounting data with financial statements indicators;

Reflection of the facts of economic activity in the reporting period in which they took place, regardless of the actual time of receipt, payment of funds;

A reliable assessment of incoming property and other assets at the actual cost of their acquisition and creation;

Registration of the facts of economic and financial activity by legally full-fledged documents;

LLC "TiM" submits the following forms of reporting to the Ministry of Taxation of the Russian Federation for the city of Dimitrovgrad: balance sheet, income statement, property tax calculation, income tax return, value added tax (VAT) return, sales tax return etc.

The financial results of the enterprise are characterized by the amount of profit received by the level of profitability. The profit of the enterprise is mainly received from the sale of products, as well as from other activities (leasing fixed assets, commercial activities on financial and currency exchanges, etc.).

In the process of analyzing economic activity, the following profit indicators are used: balance sheet profit, profit from the sale of products, works and services, profit from other sales, financial results from non-sales operations, taxable profit, net profit.

The balance sheet profit includes financial results from the sale of products, works and services, from other sales, income and expenses from non-sales operations.

Taxable income is the difference between the balance sheet profit and the amount of income taxable on income (from securities and from equity participation in joint ventures), as well as the amount of income tax benefits in accordance with tax legislation.

Net profit is the profit that remains at the disposal of the enterprise after paying all taxes, economic sanctions and contributions to charitable funds.

For the tax authorities and the enterprise, taxable profit is of the greatest interest, since the amount of income tax depends on it, and, accordingly, the amount of net income.

In the balance sheet, the financial result of the reporting period is reflected as retained earnings (uncovered loss), that is, as the final financial result revealed for the reporting period, minus taxes due from profits and other similar obligatory payments, including sanctions for violation of tax legislation and fees. Before drawing up the annual financial report, the amount of retained earnings (loss) of the reporting year is debited from account 99 “Profit and Loss” to the credit (debit) of account 84 “Retained earnings (uncovered loss)”, subaccount “Retained earnings (uncovered loss) of the reporting year”.

According to the balance sheet and income statement of LLC "TiM" in 2010, the amount of proceeds from sales is 24498761 rubles, operating income - 1861321 rubles, operating expenses - 1746443 rubles, non-operating income - 22310 rubles, non-operating expenses - 495571 rubles, net profit - 1418766 rubles.

Accounting for bank loans received and granted loans. In June 2001, a loan in the amount of 100,000 rubles for a period of six months was received from a branch of OAO AvtoVAZbank. Interest on the loan amounted to 26% per year. The purpose of obtaining a loan is the purchase of raw materials. Also, on the basis of an agreement, a credit line was opened in the branch of OAO AvtoVAZbank (the amount of debt should not exceed 150,000 rubles) for settlements with suppliers of raw materials. Interest for using the credit line amounted to 26% per annum. On the basis of a loan agreement between the founders and OOO "TiM", an interest-free loan was received for settlements with suppliers of agricultural products.

Loans received are reflected in the accounting registers of financial statements in accordance with the terms of the loan agreement or credit agreement in the amount of actually received funds or the valuation of other things.

Long-term debt, when, according to the terms of the agreement, 365 days remain until the return of the principal amount of the debt, it is transferred to short-term debt.

Expenses (%%) on received loans and credits are reflected in operating expenses of the reporting period in which they were incurred (PBU 10/99 “Enterprise Expenses”).

Analytical accounting of debt under loan obligations is carried out by types of loans and credits, by credit institutions by types of loan obligations.

The excess of current assets over current liabilities provides a buffer to compensate for losses. The greater the value of this reserve, the greater the confidence of creditors that the debts will be repaid. In other words, the coverage ratio defines the margin of safety for any possible decline in the market value of current assets caused by unforeseen circumstances. Usually satisfies the coefficient > 2. The coverage ratio is the ratio of the amount of current assets to the total amount of short-term liabilities. As of January 1, 2002, Tim LLC was able to cover its debts by 68%.

Tim LLC, a small business entity that is not subject to mandatory audit. There is no internal audit service at this enterprise. OOO "TiM" did not resort to the services of third-party audit firms. But during the internship at this enterprise, the issue of taxation of manufactured products with value added tax was discussed.

According to the explanatory note to the report for 9 months of 2001, the purchase of raw materials was mainly carried out from the population at contractual prices. According to chapter 21 of the Tax Code and the list of agricultural products approved by Government Decree No. 383 for sausages made from such raw materials, Tim LLC calculated VAT on the cost of processing raw materials at a rate of 9.09%. For products manufactured from raw materials from organizations, VAT was calculated at the full rate. Separate accounting of raw materials with input VAT and without VAT was carried out, as well as separate accounting of finished products.

In the process of work, disagreements arose on this issue. Letters were sent to the Ministry of the Russian Federation for Taxes and Duties, the Ministry of Finance of the Russian Federation, the Ministry of Taxes and Taxes of Russia for the Ulyanovsk region with a question about the correctness of the calculation of value added tax.

Questions:

1. Goals, objectives and methods of analyzing the financial condition

2. Analysis of property and sources of its financing

3. Analysis of liquidity and solvency

4. Analysis of financial stability

5. Analysis of the financial results of the enterprise

6. Cash flow analysis

7. Analysis of the business activity of the enterprise

8. Assessment of the probability of bankruptcy

1. Goals, objectives and methods of analyzing the financial condition

The financial position is the most important characteristic of the business activity and reliability of the enterprise. The results of economic analysis provide an answer to the question of what are the most important ways to improve the financial condition of an enterprise in a particular period of its activity. The purpose of the analysis is not only to establish and evaluate the state of the enterprise, but also to constantly carry out work aimed at improving it.

The main objectives of the financial analysis of the enterprise are:

The share of own funds in current assets is more than 10%,

No uncovered losses, overdue debts, etc.

Indicators of structure and dynamics balance sheet are important for understanding the overall picture of the financial condition. Comparing structural changes in assets and liabilities, we can conclude through which sources the inflow of new funds was and in which assets these funds were invested. The deterioration of the financial situation can be judged by the unfavorable ratio between the value of current assets and short-term liabilities. The difference between them will show the presence (+) or lack (-) of own working capital.

When analyzing assets, you should find out what types of assets have changed the total value of the property. At the same time, it is preferable to increase the share of current assets as the most liquid part of the property and their faster growth compared to non-current assets.

A more detailed assessment of the composition, structure and dynamics of working capital will make it possible to draw reasonable conclusions about the mobility of current assets, possibly unreasonable diversion of funds into receivables or illiquid stocks of inventory.

Comparing the rate of change in stocks on the balance sheet and sales proceeds, we can conclude that the turnover of current assets is accelerating or slowing down. The decrease in the share of mobile funds, the slowdown in the turnover of current assets indicate a deterioration in the financial condition.

Analysis of structure and dynamics liabilities allows you to establish the possible causes of financial stability (instability) of the organization. At the same time, they evaluate changes in the sources of financial resources. The attraction of a share of equity from any of the sources helps to increase the financial stability of the organization, and the presence of retained earnings is considered as a source of replenishment of working capital and a reserve for reducing the level of accounts payable, as a margin of financial strength.

It is necessary to evaluate in detail the dynamics and structure of borrowed funds, especially short-term ones, using, if necessary, data on their composition contained in the appendix to the balance sheet. At the same time, attention is paid to the sharp increase in the most dangerous types of debt for the financial condition (to the budget and off-budget funds, overdue debt).

It is advisable to compare not only the absolute amounts, but also the growth rates of receivables and payables, since they must balance each other.

The deterioration of the financial position of the organization can be judged by the change in receivables and payables:

The sharp growth and increase in the share of receivables in the composition of current assets means a deterioration in the state of settlements, weakening control over the timeliness of settlements, and a decrease in balance sheet liquidity;

Sharp differences in the dynamics and amounts of receivables and payables may mean a violation in payment discipline, imbalances between receivables and payables.

Analysis of the dynamics of the balance sheet, the structure of assets and liabilities allows us to draw conclusions about the financial position of the organization. A decrease in the size of the balance sheet currency for the reporting period may indicate a decrease in the turnover of funds, a decrease in property potential under the influence of various factors (the insolvency of an organization or its partners, the sale of a part of assets, etc.). In stable conditions of activity, an increase in the total balance sheet is evaluated positively, and a decrease is negatively.

3. Analysis of liquidity and solvency

The financial condition of organizations can be assessed on the basis of consolidated items of the balance sheet of indicators, which are combined into four groups:

1) indicators of liquidity and solvency;

2) indicators of financial stability;

3) indicators of business activity;

4) indicators of profitability.

The first group includes indicators of liquidity and solvency.

Solvency of the enterprise called his readiness to repay debts in the event of a simultaneous demand for payments from all creditors. To determine the readiness to repay their debt, indicators of the organization's solvency and balance sheet liquidity are used.

This indicator measures financial risk, that is, the probability of bankruptcy. In general, an organization is considered solvent if its total assets exceed its external liabilities. Therefore, the more total assets exceed external liabilities, the higher the degree of solvency. Here are the indicators of liquidity and solvency:

Indicators	Method of calculation	Comment
1. Solvency ratio	current assets Long-term + short-term liabilities	Shows the ability to cover their debts at the expense of current assets, without resorting to the sale of property. More than 1.
2. Total liquidity ratio	current assets Short-term liabilities	Shows the extent to which liabilities are covered by current assets. It characterizes the ability to pay off debts. 2 to 3.
3. Quick liquidity ratio	Fast-liquid current assets Short-term liabilities	Determines the organization's ability to meet obligations from liquid assets. From 0.7 to 1.
4. Absolute liquidity ratio	Den. funds + briefly urgent fin. investments Short-term liabilities	It characterizes the ability of the organization to pay off the debt immediately. The higher it is, the more reliable the organization. From 0.2 to 0.3.
5. Equity ratio	Equity - Fixed assets current assets	Shows how much own working capital accounts for 1 ruble of current assets. Value greater than 0.1.
6. The ratio of accounts payable and receivable	Creditor debt Accounts receivable debt	Shows how many times accounts payable exceeds accounts receivable. The higher the indicator, the greater the dependence on creditors.

These figures are of interest not only for the management of the enterprise, but also for external subjects of analysis: absolute liquidity ratio - for suppliers of raw materials and materials, quick liquidity ratio - for banks, general liquidity ratio - for investors.

Analysis of the liquidity of the balance - a comparison of funds for the asset, grouped by the degree of decreasing liquidity, with short-term liabilities for liabilities, which are grouped by the degree of urgency of their repayment.

The first group (A 1) includes absolutely liquid assets, such as cash and short-term financial investments.

The second group (A 2) includes quickly realizable assets: goods shipped, receivables, taxes on acquired values. Their liquidity depends on the timeliness of shipment of products, forms of payment, demand for products, solvency of buyers, etc.

The third group (A 3) is slowly realizing assets (industrial stocks, work in progress, finished products). A much longer period will be needed to convert them into cash.

The fourth group (A 4) is hard-to-sell assets (fixed assets, intangible assets, long-term financial investments, construction in progress, long-term receivables).

Accordingly, obligations are divided into four groups:

P 1 - the most urgent obligations (accounts payable and bank loans, the repayment period of which has come, overdue payments);

P 2 - short-term bank loans and loans;

P 3 - long-term bank loans and loans;

P 4 - equity capital at the disposal of the enterprise.

The balance is considered absolutely liquid if:

A x >P 1 ; A 2 >P 2 ; A 3 >P 3 ; A 4<П 4 .

The study of the ratios of groups of assets and liabilities for a number of periods will allow us to establish trends in the structure of the balance sheet and its liquidity.

4. Analysis of financial stability

The financial condition of the organization must be assessed not only in the short term, as shown by solvency indicators, but also in the long term by calculating financial stability indicators. Here are the indicators of financial stability:

Indicators

Method of calculation