Analysis of financial condition in dynamics. Group A2 adjustment

Modern requirements for analysis results financial condition outside enterprises wide range external users are forced to look for new sources of financial data in addition to accounting, which for a long time was sufficient to form an information base financial analysis.

Information for financial analysis

The information for performing an analysis of the financial condition of an enterprise, according to published textbooks and manuals, is the official accounting (financial) statements of the organization. Only in very rare cases did any author dare to recommend primary accounting data and specifically indicate the sources and methods of calculation and their application in analysis.

The purpose is to determine the most effective ways to achieve enterprise profitability; the main tasks are to analyze profitability and assess the company’s risks.

Allows the analyst to understand the competitive position of the organization at the current time. Public reporting of commercial organizations contains a lot of numbers; the ability to read this information allows analysts to know how efficiently and effectively their company and competing companies are operating.

Ratios allow you to see the relationship between sales profit and expenses, between fixed assets and liabilities. There are many types, they are usually used to analyze five main aspects of a company's activities: liquidity, debt-equity ratio, asset turnover, profitability and market value.

Figure 1. Structure financial indicators

Analysis of ratios and indicators is a tool that provides an idea of ​​the financial condition of the organization, its competitive advantages and development prospects.

1. Performance Analysis. This group indicators allows you to analyze changes in performance by indicators net profit, use of capital and control the level of costs. Financial ratios allow you to analyze the financial liquidity and stability of an enterprise through the effective use of a system of assets and liabilities.

2. Assessing market business trends. By analyzing the dynamics of financial indicators and ratios over a period of several years, it is possible to study the effectiveness of trends in the context of the existing business strategy.

3. Analysis of alternative business strategies. By changing the indicators of the coefficients in the business plan, it is possible to analyze alternative options for the company's development.

4. N monitoring the company's progress. Having chosen the optimal business strategy, company managers, continuing to study and analyze the main current odds, can see deviations from the planned indicators of the implemented development strategy.

Ratio analysis is the study of the relationship between two or more indicators characterizing the financial activities of an organization. More full picture Analysts can see performance results over several years, and additionally comparing the company's performance with industry averages.

It is worth noting that this is not crystal ball, in which you can see everything that was and what will be. It's just a convenient way to summarize a large amount of financial data and compare performance results various enterprises. Financial ratios themselves help the company's management to focus attention on weak and strengths the company's activities, correctly formulate questions that these coefficients can rarely answer.

It is important to understand that financial analysis does not end with the calculation of financial indicators and ratios, it only begins when the analyst has carried out their full calculation.

The real usefulness of the calculated coefficients is determined by the tasks set. First of all, ratios make it possible to see changes in the financial position or results of production activities, help determine trends and the structure of planned changes; which helps management see the threats and opportunities inherent in this particular enterprise.

A company's financial reports are about the company not only for analysts, but also for the management of the enterprise and a wide range of external users. For effective ratio analysis, it is important for users of financial ratio information to know the basic characteristics of major financial statements and the concepts of ratio analysis. However, when conducting financial analysis, it is important to understand: the main thing is not the calculation of indicators, but the ability to interpret the results obtained.

When analyzing financial indicators, it is always worth keeping in mind that the assessment of operating results is made on the basis of data from past periods, and on this basis, extrapolation of the future development of the company may be incorrect.

System of financial indicators and ratios

Total financial ratios, which can be used to analyze the activities of a commercial organization - about two hundred. As a rule, only a small number of financial indicators are used and, accordingly, the main conclusions that can be drawn on their basis.

When conducting analysis, financial indicators are usually divided into groups, most often into groups that reflect the interests of certain stakeholders. The main groups of such persons include: owners, management of the enterprise, creditors. It is important to understand that the division is conditional and indicators for each group can be used by different stakeholders.

Analysis of financial indicators involves at least three stages:

Stage 1. Selection of the necessary indicators to illuminate a specific aspect of the organization’s financial situation, for example solvency.

Stage 2. Development of financial indicators that quantitatively express the analyzed side of the organization’s financial position, for example, the overall solvency ratio.

Stage 3. Evaluation of numerical values ​​of indicators (coefficients).

To control business entities and create guidelines for adoption management decisions such values ​​are normalized. The specifics of these norms are established as a result of the combination of many factors, including administrative interests, accumulated experience, common sense etc. Their purpose is to serve as objective evaluation criteria, as well as unique beacons in establishing and maintaining the course of economic development in a given direction. However, it seems that effective guidelines should be more flexible, taking into account relevant differences by region, type of activity of economic entities, etc.

As an option, it is possible to organize and analyze financial indicators into groups that characterize the main properties of the company’s activities: liquidity and solvency; management efficiency; profitability (profitability) of activities.

The division of financial indicators into groups characterizing the characteristics of the enterprise’s activities is shown in the following figure.

Figure 2. Structure of the company’s financial indicators

Let's take a closer look at the groups of financial indicators.

Transaction cost indicators: Analysis of transaction costs allows us to consider the relative dynamics of shares various types costs in the structure of the total costs of the enterprise and is an addition. These indicators allow us to find out the reason for changes in the company's profitability indicators.

Indicators of effective asset management: These indicators allow us to determine how effectively the company manages the assets entrusted to it by the company's owners. The balance sheet can be used to judge the nature of the assets used by the company. It is important to remember that these indicators are very approximate, because On the balance sheets of most companies, a wide variety of assets acquired at different times are reported at historical cost. Consequently, the book value of such assets often has nothing to do with their market value, a condition that is further aggravated in conditions of inflation and when the value of such assets increases.

Another distortion of the current situation may be associated with the diversification of activities, when specific types of activities require attracting a certain amount of assets to obtain a relatively equal amount of profit. Therefore, when analyzing, it is advisable to strive to separate financial indicators by certain types of company activities or by types of products.

Liquidity indicators: These indicators evaluate companies based on short-term debt. The essence of these indicators is to compare the amount of the company's current debts and its working capital, which will ensure the repayment of these debts.

Profitability (profitability) indicators: Allows you to evaluate the effectiveness of the company's management using its assets. Operating efficiency is determined by the ratio of net profit, determined different ways, with the amount of assets used to generate this profit. shaped by the emphasis of the effectiveness study. Following the objectives of the analysis, the components of the indicator are formed: the amount of profit (net, operating, profit before tax) and the amount of the asset or capital that forms this profit.

Capital structure indicators: With the help of these indicators it is possible to analyze the extent of the company in connection with the use of borrowed financial resources. With an increase in the share of borrowed capital, the risk of bankruptcy increases, because the volume of the company's obligations increases. This group of ratios is primarily of interest to the company’s existing and potential creditors. Management and owners evaluate the company as a continuously operating business entity; creditors have a two-fold approach. On the one hand, creditors are interested in financing the activities of a successfully operating company, the development of which will meet expectations; on the other hand, creditors assess how significant the claim for debt repayment will be if the company experiences significant difficulties in repaying a long-term loan.

A separate group is formed by financial indicators that characterize the company’s ability to service debt using funds received from current operations.

The positive or negative impact increases in proportion to the amount of debt capital used by the company. The lender's risk increases along with the owners' risk.

Debt service indicators: Financial analysis is based on balance sheet data, which is an accounting form that reflects the financial condition of a company at a certain point in time. Whatever the coefficient describing the capital structure is considered, the analysis of the share of borrowed capital, in essence, remains statistical and does not take into account the dynamics of the company’s operating activities and changes in its economic value. Therefore, debt service indicators do not provide a complete picture of the company's solvency, but only show the company's ability to pay interest and the principal amount within the agreed time frame.

Market indicators: These are some of the most interesting for company owners and potential investors. In a joint stock company, the owner - the holder of shares - is interested in the profitability of the company. This refers to the profit received through the efforts of the company’s management using funds invested by the owners. Owners are interested in the impact of the company's performance on the market value of their shares, especially those freely traded on the market. They are interested in the distribution of their profits: what share of it is reinvested in the company, and what part is paid to them as dividends.

Characteristics of financial condition according to balance sheet data

According to current regulatory documents, the balance is currently compiled in a net assessment. The balance sheet total gives an approximate estimate of the amount of funds at the disposal of the enterprise. This estimate is an accounting estimate and does not reflect the actual amount of money that can be obtained for the property, for example, in the event of liquidation of the enterprise. The current “price” of assets is determined by market conditions and can deviate in any direction from the accounting value, especially towards inflation.

Balance sheet analysis is carried out using one of the following methods:

Analysis directly from the balance sheet without first changing the composition of balance sheet items;

Construction of a compacted comparative analytical balance by aggregating some elements of balance sheet items that are homogeneous in composition;

Carrying out additional adjustments to the balance sheet for the inflation index with subsequent aggregation of items in the necessary analytical sections.

Analysis directly from the balance sheet is quite labor-intensive and ineffective, because Too many calculated indicators do not allow us to identify the main trends in the financial condition of the organization.

One of the creators of balance science, N.A. Blatov, recommended researching structure and dynamics of the financial condition of the enterprise using a comparative analytical balance. A comparative analytical balance can be obtained from the original balance sheet by condensing individual items and supplementing it with structure indicators; dynamics and structural dynamics.

When analyzing the comparative balance, it is necessary to pay attention to the change in the specific gravity of the value equity in the value of property, on the ratio of growth rates of receivables and payables. With stable financial stability, the organization should increase in dynamics the share of its own working capital, the growth rate of borrowed capital, and the growth rate of receivables and payables should balance each other.

Of great importance in assessing the financial condition is the vertical analysis of the assets and liabilities of the balance sheet, which gives a presentation of the financial report in the form of relative indicators. The purpose of vertical analysis is to calculate the share of individual items in the balance sheet and evaluate its changes. Using vertical analysis, you can make inter-farm comparisons of enterprises, and smooth out relative indicators Negative influence inflationary processes.

Horizontal analysis consists of constructing one or more analytical tables in which relative balance sheet indicators are supplemented by relative growth (decrease) rates. The value of the results of horizontal analysis is significantly reduced in conditions of inflation, but these data can be used for inter-farm comparisons. The purpose of horizontal analysis is to identify absolute and relative changes in the values ​​of various balance sheet items for a certain period and to evaluate these changes.

Horizontal and vertical analyzes complement each other. Therefore, in practice, it is possible to construct analytical tables that characterize both the reporting structure and the dynamics of its individual indicators.

A variant of horizontal analysis is the analysis of development trends (trend analysis), in which each reporting item is compared with a number of previous periods and a trend is determined, that is, the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of the periods. This analysis is forward-looking and predictive in nature.

Analysis of the dynamics of the balance sheet currency, the structure of assets and liabilities of the organization allows us to draw a number of important conclusions necessary both for the implementation of the current financial and economic activity, and for making management decisions for the future.

IN general outline Signs of a “good” balance are:

- increase in balance sheet currency at the end of the reporting period compared with the beginning;

Exceeding the growth rate of current assets over the growth rate of non-current assets;

The excess of the organization's own capital over borrowed capital and the rate of its growth exceeding the growth rate of borrowed capital;

The same ratio of growth rates of receivables and payables.

Analysis of liquidity and solvency of the enterprise

In conditions of mass insolvency and the application of bankruptcy procedures (recognition of insolvency) to many enterprises, an objective and accurate assessment of the financial and economic condition becomes of paramount importance. The main criterion for such an assessment is the solvency indicators and the degree of liquidity of the enterprise.

The solvency of an enterprise is determined by its ability and ability to simultaneously and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature.

The liquidity of an enterprise is determined by the availability of liquid assets, which include cash, funds in bank accounts and easily salable elements of working resources. Liquidity reflects the ability of an enterprise to make necessary expenses at any time.

To assess solvency and liquidity, the following basic techniques can be used (Fig. 2.1)

Rice. 2.1. Techniques for assessing the solvency and liquidity of an enterprise.

Balance sheet liquidity analysis consists of comparing assets, grouped by the degree of their liquidity, with liabilities, grouped by their maturity. Calculation and analysis of liquidity ratios allows us to identify the degree to which current liabilities are covered by liquid funds. the main objective motion analysis cash flows- assess the ability of the enterprise to generate cash in the amount and time frame necessary to implement planned expenses and payments.

Balance sheet liquidity assessment

The task of assessing the balance sheet is to determine the amount of coverage of the enterprise's liabilities with its assets, the period of transformation of which into monetary form (liquidity) corresponds to the period of repayment of obligations (urgency of return).

To carry out the analysis, the assets and liabilities of the balance sheet are grouped (Fig. 2.2) according to the following criteria:

By descending degree of liquidity (asset);

According to the degree of urgency of payment (passive).

Fig.2. 2. Grouping of asset and liability items to analyze balance sheet liquidity.

A 1 - the most liquid assets. These include enterprise cash and short-term financial investments (p. 260+p. 250).

A 2 - quickly realizable assets. Accounts receivable and other assets (line 240+line 270).

A 3 - slowly selling assets. These include articles from Sect. II balance sheet “Current assets” (page 210+page 220-page 217) and the article “Long-term financial investments” from section. I balance “Outside” current assets” (p. 140).

A 4 - hard-to-sell assets. These are the articles in section. I balance sheet “Non-current assets” (line 110+line 120-line 140).

Liabilities are grouped according to the degree of urgency of their return:

P 1 - most short-term liabilities. These include the items “Accounts payable” and “Other short-term liabilities” (p. 620+p. 670).

P 2 - short-term liabilities. Articles “Borrowed funds” and other articles section. III balance sheet “Short-term liabilities” (line 610+line 630+line 640+line 650+line 660).

P 3 - long-term liabilities. Long-term loans and borrowed funds (p. 510+p. 520).

P 4 - permanent liabilities. Articles of section IV of the balance sheet “Capital and reserves” (page 490-page 217).

When determining the liquidity of the balance sheet, the groups of assets and liabilities are compared with each other (Fig.).

Conditions for absolute liquidity of the balance sheet:

A necessary condition for absolute liquidity of the balance sheet is the fulfillment of the first three inequalities; the fourth inequality is of a so-called balancing nature: its fulfillment indicates that the enterprise has its own working capital. If any of the inequalities has a sign opposite to that fixed in optimal option, then the balance sheet liquidity differs from absolute.

In this case, the lack of funds in one group of assets is compensated by an excess in another, but in practice, less liquid funds cannot replace more liquid ones.

A comparison of liquid funds and liabilities allows one to calculate current liquidity indicators, which indicate the solvency (+) or insolvency (-) of the organization.

Assessment of relative indicators of liquidity and solvency

The purpose of the calculation is to assess the ratio of existing assets, both intended for direct sale and those involved in the technological process, with a view to their subsequent sale and reimbursement of invested funds and existing obligations that must be repaid by the enterprise in the coming period.

Assessment of insolvency (insolvency of organizations)

A system of criteria for assessing the satisfactory structure of the organization’s balance sheet has been defined Federal law RF No. 6-FZ of January 8, 1998 (as amended on March 21, April 25, 2002)

In accordance with this law, the Federal Office of Insolvency (Bankruptcy) approved Methodological Regulations for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure.

According to this Methodological Regulation, the analysis and assessment of the organization’s balance sheet structure is carried out on the basis of indicators:

Current ratio;

Own funds ratio;

Coefficients of restoration (loss) of solvency.

In order for an organization to be recognized as solvent, the values ​​of these ratios must comply with the normative ones.

According to Article 1 of the Law of the Russian Federation “On the Insolvency (Bankruptcy) of Enterprises,” an external sign of insolvency is the suspension of current payments, the inability to repay obligations to creditors within 3 months from the date they become due.

According to the Methodological Provisions, if at least one of the indicators is less than the standard value, then the solvency recovery coefficient is calculated for a period of 6 months. It is defined as the ratio of the calculated coefficient that does not meet the standard to its established value or:

where: L 4f - actual value (at the end of the reporting period) of the current liquidity ratio;

t - reporting period in months;

L 4 - absolute deviation of the current liquidity ratio, equal to the difference between its value at the end and at the beginning of the reporting period;

L 4norm. - normative meaning current ratio (L 4norm = 2).

It should be noted that the solvency restoration coefficient, taking a value greater than 1, calculated for a period of 6 months, indicates that the organization has a real opportunity to restore its solvency.

Determining the nature of the organization's financial stability

One of the main tasks of analyzing the financial and economic condition is the study of indicators characterizing the financial stability of the enterprise.

The financial stability of an enterprise is determined by the degree of provision of reserves and costs with its own and borrowed sources of their formation, the ratio of the volumes of own and borrowed funds and is characterized by a system of absolute and relative indicators.

In the course of production activities at the substation, there is a constant formation (replenishment) of inventories. For this purpose, both own working capital and borrowed funds are used. By analyzing the compliance or non-compliance of funds for the formation of reserves and costs, absolute indicators of financial stability are determined (Fig. 2.3).

Fig.2.3. Determination of absolute indicators of financial stability.

For total reflection different types sources in the formation of inventories and costs the following indicators are used:

1. Availability of own working capital:

E c = U c - F = capital and reserves - non-current assets.

2. Availability of own working capital and long-term borrowed sources for the formation of reserves and costs:

E t = E c + K t = (U c + K t) - F = (capital and reserves + long-term liabilities) - non-current assets.

3. The total amount of the main sources of funds for the formation of reserves and costs:

E = E t + K t = (U c + K t + K t) - F = (capital and reserves + long-term liabilities + long-term liabilities + short-term loans and borrowings) - non-current assets.

Three indicators of the availability of sources of inventory formation correspond to three indicators of the provision of inventories and costs with sources of formation:

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

E c = E c - Z

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

E t = E t - Z = (E c + K t) - Z

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

E = E - Z = (E c + K t + K t) - Z

Using these, we can determine a three-component indicator of the type of financial situation:

It is possible to distinguish 4 types of financial stability.

1. Absolute stability of financial condition.

Determined by the following conditions:

Three-dimensional indicator.

The absolute stability of the financial condition shows that reserves and costs are fully covered by own working capital. The company is practically independent of loans. This situation refers to the extreme type of financial stability and is quite rare in practice. However, it cannot be considered ideal, since the enterprise does not use external sources financing in its business activities.

2. Normal stability of financial condition.

Determined by the following conditions:

The company makes optimal use of credit resources. Current assets exceed accounts payable.

Three-dimensional indicator.

3. Unstable financial condition.

Determined by the following conditions:

Three-dimensional indicator.

An unstable financial situation is characterized by a violation of solvency: the enterprise is forced to attract additional sources to cover inventories and costs, and there is a decrease in production profitability. However, there is still room for improvement.

4. Crisis (critical) financial condition.

Determined by the following conditions:

Three-dimensional indicator.

A financial crisis is the brink of bankruptcy: the presence of overdue accounts payable and receivable and the inability to repay them on time. In a market economy, if this situation is repeated several times, the enterprise faces the risk of declaring bankruptcy.

However, in addition to absolute indicators, financial stability is also characterized by relative ratios.

Establishment critical point at the level of 50% is quite arbitrary and is the result of the following reasoning: if at a certain moment the bank and creditors present all debts for collection, then the organization will be able to repay them by selling half of its property formed from its own sources, even if the second half of the property turns out to be - for reasons of illiquidity.

Taking into account the variety of financial processes, the multiplicity of financial stability indicators, the difference in the level of their critical assessments, the emerging degree of deviation from them of the actual values ​​of the coefficients and the difficulties arising in connection with this in the overall assessment of the financial stability of organizations, many domestic and foreign analysts recommend making an integral assessment of financial stability .

All organizations, according to the criteria for assessing their financial condition, are divided into five classes:

Class I - organizations whose loans and obligations are supported by information that allows one to be confident in the repayment of loans and the fulfillment of other obligations in accordance with contracts with a good margin for a possible error.

Class II - organizations that demonstrate a certain level of risk in debt and obligations and exhibit a certain weakness in financial performance and creditworthiness. These organizations are not yet considered risky.

Class III - these are problem organizations. There is hardly a threat of loss of funds, but full receipt of interest and fulfillment of obligations seems doubtful.

IV class - these are organizations special attention, because there is a risk in relationships with them. Organizations that may lose funds and interest even after taking measures to improve their business.

Class V - organizations of the highest risk, practically insolvent.

Traditional economic analysis was largely concerned with comparing actual data on the results of production and economic activities of organizations with planned indicators, identifying and assessing deviations of the “fact” from the “plan”. Then total amount deviations were decomposed into separate amounts due to the influence of various factors, both positive (favorable) and negative (unfavorable), and proposals were developed on how to strengthen the influence of positive factors and weaken or eliminate the influence of negative factors.

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Comparative analytical balance

Analysis of the financial condition of an organization begins with a comparative analytical balance sheet. This reveals the most important characteristics:

The total value of the organization's property;

Cost of immobilized and mobile equipment;

The amount of the organization’s own and borrowed funds, etc.

Evaluation of comparative analytical balance sheet data is, in fact, a preliminary analysis of the financial condition, allowing one to judge the payment, creditworthiness and financial stability of the organization, the nature of the use of financial resources

The value of intangible assets during the period under study decreased by 829 thousand rubles. and amounted to 5,076 thousand rubles. The largest decrease in intangible assets was observed in the period from 01/01/2014 to 01/01/2015, while the value of intangible assets reached its lowest value for the entire period on 01/01/2015 and amounted to 5,076 thousand rubles.

The cost of fixed assets during the study period decreased by 40,082 thousand rubles. and amounted to 284,433 thousand rubles. A significant disposal of fixed assets occurred from 01/01/2014 to 01/01/2015, when the value of property decreased by 29,982 thousand rubles. and amounted to 284,433 thousand rubles. Lowest value 284433 thousand rubles. the cost of fixed assets reached 01/01/2015.

Profitable investments in material assets decreased by 206 thousand rubles. and amounted to 579 thousand rubles.

In the period from 01/01/2011 to 01/01/2015 there was an increase of 167,962 thousand rubles. or 95.53% of long-term financial investments.

The value of other non-current assets for the period from 01/01/2011 to 01/01/2015 increased by 29,616 thousand rubles. and amounted to 179,201 thousand rubles.

The cost of inventories during the period under study increased by 109,421 thousand rubles. and amounted to 1,014,646 thousand rubles. A significant increase in the value of inventories occurred in the period from 01/01/2014 to 01/01/2015, when their value increased by 90,322 thousand rubles.

Accounts receivable decreased in the analyzed period. A noticeable decrease in the amount of -374,653 thousand rubles. occurred between 01/01/2012 and 01/01/2013. The level of accounts receivable as part of current assets was 45.24% as of 01/01/2011, and 23.27% as of 01/01/2015

At the beginning of the period under study, accounts receivable are of critical importance (exceeding 25-27% of current assets). Thus, for the period from 01/01/2011 to 01/01/2015, the current assets of the enterprise due to a decrease in accounts receivable decreased by 452,129 thousand rubles.

The structure of the balance sheet of Arsenal OJSC (EXAMPLE) both at the beginning and at the end of the period contains short-term financial investments. During the analyzed period, their level decreased by 91,321 thousand rubles.

The amount of available cash at the enterprise for the period from 01/01/2011 to 01/01/2015 increased by 310,592 thousand rubles. and amounted to 368,828 thousand rubles.

The analysis of liabilities is carried out in order to identify internal reserves to ensure the restoration of solvency, identify obligations that can be disputed or terminated, and identify the possibility of restructuring the deadlines for fulfilling obligations.

As can be seen from the diagram above, the balance sheet liabilities as of 01/01/2015 consist of capital and reserves, long-term liabilities, and short-term liabilities. At the same time, equity capital amounts to 60.14% of the total value of the organization’s sources of property, long-term liabilities are at the level of 0.84% ​​of the value of property, specific gravity short-term liabilities is equal to 39.02%.

At the end of the analyzed period, additional capital, reserve capital, and retained earnings are allocated as part of the enterprise's own capital.

The level of additional capital increased by 240,328 thousand rubles. and amounted to 608,013 thousand rubles. Also in the balance sheet structure there is reserve capital in the amount of 2338 thousand rubles. Both at the beginning and at the end of the period under study, the enterprise’s balance sheet contains retained earnings. At the same time, its level increased by 532,031 thousand rubles. and amounted to 839,853 thousand rubles.

Long-term liabilities, reaching their maximum in the amount of 20,933 thousand rubles. by 01/01/2015 increase by the end of the period compared to the level as of 01/01/2011 by 763 thousand rubles. and amount to 20933 thousand rubles. or 96.36% of the initial level. The structure of long-term liabilities at the beginning of the period contains deferred tax liabilities. At the end of the period, long-term liabilities consist of deferred tax liabilities.

According to line 1510 of the balance sheet (Short-term borrowed liabilities), the amount of borrowed funds as of 01/01/2015 decreased compared to the position as of 01/01/2011 by 687,754 thousand rubles. and amounted to 0 thousand rubles.

The amount of accounts payable as of 01/01/2015 decreased compared to the situation as of 01/01/2011 by 41,602 thousand rubles. and amounted to 907,014 thousand rubles. Significant reduction in accounts payable by -155,639 thousand rubles. occurred between 01/01/2013 and 01/01/2014. There is a high share of accounts payable. As of 01/01/2011, its amount is 38.94% of the total value of the enterprise’s property, and as of 01/01/2015 - 36.41%.

The liability structure of the balance sheet as of the end of the period under study also contains deferred tax liabilities, reserves for future expenses, and other short-term liabilities.

The ratio of receivables and payables did not change in the period under study. At the same time, as of 01/01/2011, accounts payable exceeds accounts receivable by 7.9%, and as of 01/01/2015 by 112.4%.

Increase in assets by -719239 thousand rubles. is accompanied by a simultaneous decrease in the enterprise’s liabilities by 718,476 thousand rubles. Since solvency depends on the coverage of the enterprise's obligations with its assets, it can be argued that due to the fact that the organization's assets have increased, the ratio of current liabilities to current assets has changed and entailed a significant improvement in solvency.

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

Financial analysis functions

1) Objective and timely assessment of the financial condition of the institution.

2) Establishing “weak” aspects of the financial condition and identifying the reasons for their formation.”

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

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

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

6) Forecasting possible financial results when various options resource use.

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

1) Time (horizontal) analysis.

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

2) Structural (vertical) analysis.

Determining the structure of the enterprise’s financial indicators, identifying the impact of each value on the final result as a whole. This financial assessment allows an organization to determine the share of a particular balance sheet item in the overall result. A mandatory element of this type of analysis is the time series of these values. Using them, you can track and predict structural changes in balance sheet assets and determine the sources of their coverage.

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

3) Trend analysis.

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

4) Analysis of relative coefficients.

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

5) Spatial (comparative) analysis.

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

6) Factor analysis.

Definition of influence individual factors to the final score. This type of analysis can be direct—splitting a resultant indicator into components—or reverse—combining its individual elements into one final indicator.

General assessment of the financial condition of the enterprise

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

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

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

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

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

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

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

Assessing the financial stability of an enterprise

Assessing the financial stability of an enterprise is the most important element of financial analysis. When determining the liquidity of a company's balance sheet, the state of liabilities is compared with assets. This indicator allows you to realistically assess whether you can repay your debts to various counterparties without any problems. This element of financial analysis is very important. This makes it possible to answer the question - what degree of dependence does the company have on its creditors, does it increase or decrease, and does the state of liabilities and assets correspond to the main objectives of the company’s financial and economic activities. Using indicators that make it possible to assess the independence of each individual element of the balance sheet, it is possible to determine how financially stable a given enterprise is.

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

Conducting a financial analysis for a specific date allows us to answer the question - how correctly the company managed its financial resources during the accounting period that preceded the reporting date. Thus, financial sustainability is effective formation, distribution and use of financial assets. Solvency is only its external manifestation.

The analysis of financial stability is carried out on the basis of the balance sheet formula, which allows us to determine the balance of all liability and asset items of the enterprise’s balance sheet.

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