Indicators for assessing the financial condition of enterprises. Criteria for assessing the level of financial condition of an enterprise

Financial condition indicators	Conditions for reducing the criterion	Class boundaries according to criteria
1st class	2nd grade	3rd grade	4th grade	5th grade
1.absolute liquidity ratio		0.7 or more is assigned 14 points	0.69-0.5 we assign from 13.8 to 10 points	0.49-0.3 we assign from 9.8 to 6 points	0.29-0.10 we assign from 5.8 to 2 points	Less than 0.10 we assign from 1.8 to 0 points
2. quick ratio	For every 0.01 point reduction, 0.2 points are deducted	1 or more – 11 points	0.99-0.80 – 10.8-7 points	0.79-0.70 – 6.8-5 points	0.69-0.60 – 4.8-3 points	0.59 or less – from 2.8 to 0 points
3. current ratio	For every 0.01 point reduction, 0.3 points are deducted	2 or more – 20 points, 1.70-2.0 – 19 points	1.69-1.50 – from 18.7 to 13 points	1.49-1.30 – from 12.7 to 7 points	1.29-1.00 – from 6.7 to 1 points	0.99 or less – from 0.7 to 0 points
4. Share working capital in assets	* * *	0.5 or more – 10 points	0.49-0.40 – from 9 to 7 points	0.39-0.30 – from 6.5 to 4 points	0.29-0.20 – from 3.5 to 1 points	Less than 0.20 – from 0.5 to 0 points
5. the coefficient is provided by own funds	For every 0.01 point reduction, 0.3 points are deducted	0.5 or more – 12.5 points	0.49-0.40 – from 12.2 to 9.5 points	0.39-0.20 – from 9.2 to 3.5 points	0.19-0.10 – from 3.2 to 0.5 points	Less than 0.10 – 0.2 points
6.financial risk coefficient	For every 0.01 point increase, 0.3 points are deducted	Less than 0.70 – 17.5 1.0-0.7 – 17.1-17.4 points	1.01-1.22 – from 17.0 to 10.7 points	1.23-1.44 – from 10.4 to 4.1 points	1.45-1.56 – from 3.8 to 0.5 points	1.57 or more – 0.2 to 0 points
7.autonomy coefficient	For every 0.01 point reduction, 0.4 points are deducted	0.5-0.6 or more – 9-10 points	0.49-0.45 - from 8 to 9 points	0.44-0.4 - from 6 to 4.4 points	0.39-0.31 - from 4 to 0.8 points	0.3 or less – from 0.4 to 0 points
8. financial stability coefficient	For every 0.1 point reduction, 1 point is deducted	0.8 or more – 5 points	0.79-0.7 - 4 points	0.69-0.6 - 3 points	0.59-0.5 - 2 points	0.49 or less – from 1 to 0 points
9. Class boundaries	X	100 – 97.6 points	93.5 – 67.6 points	64.4 – 37 points	33.8 – 10.8 points	7.6 – 0 points

Table 22

Assessment of the level of financial condition…………….

The concept of an enterprise's creditworthiness is closely related to the level of its liquidity and financial stability, since the higher the degree of liquidity, the higher the degree of confidence in this enterprise as a partner of investors and creditors. From these positions, it is advisable to assess the creditworthiness of an enterprise using m methodology for rating assessment of creditworthy borrowers, used by individual banks. Its essence is as follows: the system of criteria is based on a general indicator, which is based on several indicators of the financial condition of the borrower enterprise. For each financial indicator, a class is established:

Creditworthiness class 1 corresponds to very good financial condition, class 2 – good, class 3 – average, class 4 – weak and class 5 – poor financial condition. Accordingly, enterprises belonging to class 1 are absolutely creditworthy, enterprises of 2 and 3 classes – limited to creditworthy, and 4-5 grades – uncreditworthy.

To everyone financial indicator weight expressed in shares or percentages is also assigned.

The sequence for calculating the general indicator is as follows. Received class number creditworthiness for each indicator multiplied by specific gravity(weighting coefficient) indicator, then the results are summed up, and a general indicator of creditworthiness, expressed in points, is obtained.

Table 23

Assessment of the enterprise's creditworthiness at .... G.

Indicators	Credit class	Ud. weight	Analyzing enterprise
meaning	point
Current ratio	>2,5	2-2,5	1,5-2	1-1,5	<1,0	0,1
Quick ratio	>1,2	1-1,2	0.7-1,0	0,5-0,7	<0,5	0,25
Financial stability ratio	>0,6	0,5-0,6	0,4-0,5	0,3-0,4	<0,3	0,15
Inventory coverage ratio with own working capital	>0,7	0.5-0,7	0,3-0,5	0,1-0,3	<0,1	0,2
Coverage ratio of % payments (profit from main activities/% payable)	>6	5-6	4-5	3-4	<3	0,05
Debt service ratio (property/short-term liabilities + % on long-term loan)	>3,5	3-3,5	2,5-3	2-2,5	<2	0,05
Product profitability (profit before tax/revenue),%	>40	30-40	25-30	20-25	<20	0,2

Based on the table data, calculate the creditworthiness class of the analyzed enterprise and draw a conclusion.

You can also use a simplified method for assessing the creditworthiness of an enterprise.

CRITERIA FOR ASSESSING THE FINANCIAL STABILITY OF AN ENTERPRISE

Assessing the financial condition of an enterprise is becoming increasingly important with the development of market relations in the economy. Depending on the goals of the users, the financial condition is assessed according to various criteria. For controlling shareholders and investors, the most important criterion is the efficiency of invested capital and its profitability. Creditors are most interested in the liquidity of the enterprise, suppliers - its solvency. But regardless of the goals, almost all possible counterparties of an enterprise are interested in its financial stability. The external manifestation of financial stability is the solvency of the enterprise.

Financial stability is an economic category that expresses a system of economic relations in which an enterprise generates effective demand, is able, with a balanced attraction of credit, to ensure active investment and an increase in working capital from its own sources, create financial reserves, and participate in budget formation.

Solvency reflects the ability of a business entity to pay its debts and obligations in a given specific period of time. It is believed that if an enterprise cannot meet its obligations by a specific date, then it is insolvent. At the same time, based on the analysis, its potential capabilities and trends for debt coverage are determined, and measures are developed to avoid bankruptcy.

Solvency is the resulting state of an enterprise's finances, determined by the quality of its financial flows. In the Russian economy, there is an integrating influence of negative factors on the solvency of an enterprise; the influence of these factors is transformed into mass insolvency of companies. At the same time, the current payment ability of an enterprise affects the entire external macroeconomic space, which in turn affects each participant in financial settlements.

You can evaluate and analyze the financial stability of an enterprise by applying a certain system of indicators. This system of indicators is classified as follows: groups of indicators characterizing the result, efficiency, specific characteristics of financial stability, indicators of the specifics of the reproduction process, and preventive indicators are identified.

The first group is indicators of the effect of financial support. This group can be represented by an indicator of equity capital in circulation.

The second group is the efficiency of financial support. Can be represented by the coefficients of autonomy, maneuverability, security of equity capital in circulation, security own funds inventories and costs, the ratio of equity and borrowed funds, long-term borrowing, accounts payable.

The third group of indicators is the specific characteristics of financial support: margin of financial stability (in days), surplus (shortage) of working capital per 1000 rubles. stocks.

The fourth group is indicators of the specifics of the reproduction process: coefficients of the ratio of mobile and immobilized means, property for reproductive purposes.

The fifth group is preventive indicators: liquidity, risk ratios of loan non-repayment, etc.

© I.A. Senyugina

SENYUGINA

Alekseevna,

candidate

Economic Sciences, Associate Professor,

Department of Economics and Management,

"North Caucasian

state

technical

university",

Stavropol

The use of financial stability indicators in dynamics will increase the level of development of management decisions aimed at shaping the trend of stabilization processes. Systematization of indicators provides the basis for monitoring financial stability.

0 The most general indicator of the financial stability of an enterprise is the ISLI-111 shek (lack) of certain types of sources of funds for the formation of reserves and costs. k/1 When establishing the type of financial situation □ a three-dimensional (three-component) indicator is used: surplus (shortage) of own E____working capital; surplus (lack) of property

* natural and long-term (medium-term) borrowed sources of reserves formation and

0 rat; surplus (deficiency) of the total amount

1 main sources of inventory formation and ^ costs.

It is possible to identify four types of financial situations:

£1- - absolute stability of the financial state, which is extremely rare and characterized by a positive value

[ts_(excess) of the three above listed so far

“s^sellers;

Normal stability of financial condition, guaranteeing its solvency;

An unstable financial condition associated with a violation of solvency, in which, however, it remains possible to restore balance by replenishing sources of own working capital and increasing the latter, as well as by additionally attracting long-term and medium-term loans and other borrowed funds;

A crisis financial condition in which the total amount of sources available to the enterprise does not cover the amount of reserves and costs. In such a situation cash, short-term securities and receivables of the enterprise do not even cover its accounts payable and overdue loans; it is almost on the verge of bankruptcy.

As part of production activities at the enterprise, there is a constant formation of inventories of inventory items. By analyzing the compliance or non-compliance of funds for the formation of reserves and costs, absolute indicators of financial stability are determined.

Indicators of the provision of reserves and costs with the sources of their formation Eovs, AEdk, E are the basis for classifying the financial position of the enterprise, the degree of its financial stability.

When determining the type of financial stability, a three-dimensional indicator is used:

5 =(&(*); ED; ZD)

x = Eobs; x2 = ^

and the function 5(x) is determined by the conditions:

5(x) = 1 if x >0;

5(x) = 0 if x<0.

As a result of any business transaction, the financial condition may remain unchanged, improve or worsen. The flow of business transactions carried out daily is, as it were, a definition of any state of financial stability, the reason for the transition from one type of stability to another. Knowing the limits of changes in the volume of certain types of sources of funds to cover capital investments in fixed assets or inventories makes it possible to generate such business transactions that lead to increased financial stability of the enterprise.

There are four main types of financial stability:

The absolute stability of the financial condition of the enterprise is determined by the following conditions: 5 = (1; 1; 1), i.e. EOBS > 0, E > > 0, E > 0. This type shows that inventories and costs are fully covered by own working capital;

Normal financial stability is determined by the conditions: 5 = (0; 1; 1), i.e. L EOBS< <0, Едк >0, LE > 0. With normal stability, which guarantees solvency, the enterprise optimally uses its own and credit resources, current assets and accounts payable;

An unstable financial condition is determined by the conditions: 5 = (0; 0; 1), i.e. EOBS< <0, ЕДк < 0, Е >0. It is characterized by a violation of solvency. In this case, the enterprise is forced to attract additional sources to cover inventories and costs, and a decrease in production profitability is observed. However, there is room for improvement;

The crisis (critical) financial condition is determined: 5 = (0; 0; 0), i.e. EOBS< <0 /\Е < 0 ^Е <0

’ DK ’ GEN

The effectiveness of economic ratios is due to the fact that they most accurately allow one to determine the strengths and weaknesses of the financial position of an enterprise, point out issues in its activities that require further study, identify the main directions and influencing factors that cannot be traced by considering individual reporting indicators using methods vertical, horizontal and trend analysis.

The financial stability of an enterprise is characterized by the state of its own and borrowed funds and is analyzed using a system of coefficients with established basic values, as well as studying the dynamics of their changes over a certain period.

The ratio of the value of either all assets of the enterprise, or only current assets or their main component - inventories and costs with the amount (cost) of equity and borrowed capital as the main sources of their formation determine the degree of financial stability. The provision of at least only reserves and future costs with sources of their formation expresses the essence of financial stability, at the same time, solvency is its external manifestation. Sources of coverage and increase (growth) of inventories and costs are:

Equity adjusted by the amount of earmarked proceeds and financing;

Short-term loans and borrowings;

Accounts payable;

Debt to participants for payment of income.

The choice of specific sources of coverage from all those mentioned above is the prerogative of the business entity.

Funds from long-term loans and borrowings are spent, as a rule, on replenishing non-current assets, although enterprises can partially use them in some cases to cover the lack of working capital.

The concepts of solvency and liquidity are very close, but the second is more capacious. Improving the solvency of an enterprise is inextricably linked with a working capital management policy, which is aimed at minimizing financial obligations.

One of the most important criteria for assessing the financial position of an enterprise is its solvency, which is understood as the willingness to repay accounts payable when payments become due with current cash receipts. In other words, an enterprise is considered solvent when it is able to fulfill its short-term obligations by selling current assets. A solvent enterprise is one that has more assets than external liabilities. For a preliminary assessment of the solvency of the enterprise, data is used balance sheet. The information in section II of the balance sheet asset characterizes the value of current assets at the beginning and end of the reporting year.

Thus, the main signs of solvency are:

Availability of sufficient funds in the current account;

No overdue accounts payable.

As part of the solvency analysis, calculations are carried out to determine the liquidity of the enterprise's assets, the liquidity of its balance sheet, and calculate absolute and relative liquidity indicators. Liquidity of assets is the reciprocal of the time required to convert them into money, i.e. The less time it takes to convert assets into cash, the more liquid the assets are. Balance sheet liquidity is expressed in the degree to which the enterprise's liabilities are covered by its assets, the period of transformation of which into money (liquidity) corresponds to the period of repayment of liabilities. ^

Financial condition in terms of payment ^

properties can be changeable. If yesterday the company was solvent, then today the situation has changed - the time has come to pay the creditor, but the company does not have money in its account because it has not been received -

timely payment for delivered products, that is, it became insolvent due to the financial indiscipline of its I -4 "debtors. If the delay in receipt of payments is short-term or accidental, then the situation may change for the better, but less than 75

favorable options.

A sign indicating a deterioration in liquidity is an increase in the immobilization of own working capital, manifested in an increase in illiquid assets, overdue accounts receivable, and more.

Insolvency is indicated by the appearance of such items in the statements as: “Losses”, “Credits and borrowings not repaid on time”, “Overdue accounts payable”.

The solvency of an enterprise is assessed using liquidity ratios, which are relative values. They reflect the enterprise’s ability to repay short-term debt using certain elements of working capital.

The absolute liquidity ratio is the most stringent criterion of solvency and shows what part of the short-term debt the company can repay in the near future.

In modern conditions, based on the actual values ​​of this indicator, it is impossible to draw definite conclusions about the operation of the enterprise, since, firstly, with high inflation, it is inappropriate to maintain a significant share of highly liquid assets in assets, since they depreciate first. Therefore, it makes sense to transfer them to other types of assets that are less susceptible to inflation, i.e. in stocks of raw materials, materials, equipment,

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buildings and structures. Secondly, in conditions of high inflation, it is not profitable for an enterprise to repay accounts payable in a timely manner, since at its expense the process of indirect lending to the enterprise occurs.

The calculation of the overall liquidity ratio of the enterprise's balance sheet indicates the solvency of the analyzed business entity. It is a reliable partner, and the risk of business and credit relationships with it is quite low.

Indicators of liquidity and solvency complement each other and together give an idea of ​​the well-being of the financial condition of the enterprise. If an enterprise has poor liquidity indicators, but its financial stability is not lost, then it has a chance to get out of its difficult situation. Overcoming financial instability is not easy: it takes time and investment.

UDC 658.8:654

IMPLEMENTATION OF ALTERNATIVE SCHEMES FOR SALES OF PRODUCTS OF JSC CONCERN ENERGOMERA

© S.A. Kaverzin

KAVERSIN

Alexandrovich,

candidate

Economic Sciences, Associate Professor,

Department of Economics and Management

"North Caucasian

state

technical

university",

Stavropol

OJSC Concern Energomera is a fast-growing, diversified industrial company that manages dynamically developing enterprises that occupy leading positions in traditional and high-tech market sectors in Russia and in the world. The company's calling card has become a full range of electronic devices and electrical energy metering systems, as well as corresponding service and metrological equipment.

The Concern's statistics indicate that the electrical engineering sector is a fairly promising and noteworthy activity (Fig. 1).

Total market capacity -Market capacity of 1-phase devices Market capacity of 3-phase devices

Figure 1 - Dynamics of changes in the share of Concern Energomera OJSC in the market for retail sales of electricity metering devices in 2006-2010, in%

The rising cost of electricity and the high importance of accurate metering for its efficient use ensures long-term demand for metering devices. In other words, Energomera Concern OJSC has chosen for itself several of the most promising and necessary areas of activity and production, and therefore has been provided with work in this industry for many years. This is confirmed by the factors determining the future growth of this market segment:

Planned replacement of failed and outdated metering devices in all market segments with new ones (with a fleet of 70 million devices operated in Russia, more than 40 million are induction and require planned replacement. The annual replacement of 10 million devices is limited only by the current insolvency, which will inevitably be restored in the foreseeable future);

Further growth in the cost of electricity and the high importance of accurate metering for its efficient use will ensure long-term demand for metering devices;

Legislative support by the Government of the Russian Federation for measures to save energy and improve energy efficiency, including

The content and main goal of financial analysis is to assess the financial condition and identify the possibility of increasing the efficiency of the functioning of an economic entity with the help of rational financial policy. The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, and 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 enterprise based on its financial statements. It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by enterprise employees (financial managers). External analysis is carried out by analysts who are outsiders to the enterprise (for example, auditors).

Analysis of the financial condition of an enterprise has several goals:

Determination of financial position;

Identification of changes in financial condition in space and time;

Identification of the main factors causing changes in financial condition;

Forecast of main trends in financial condition.

The financial condition of a company is a complex concept and is characterized by a system of indicators that reflect the real and potential financial capabilities of the company as a business partner, an object of capital investment, and a taxpayer. The goal of any company (company, organization, enterprise) is such a financial condition when there is an efficient use of resources, when the company is able to meet its obligations on time and in full, etc.

Adequacy of own funds to eliminate high risk, good prospects for making a profit are also indicators of the good financial condition of the company (organization, enterprise, company). Poor financial condition is expressed in unsatisfactory payment readiness, low efficiency in the use of resources, inefficient allocation of funds, and their immobilization. The limit to the poor financial condition of a company is bankruptcy, i.e. the company's inability to fully meet its obligations.

In a general assessment of the financial condition of an enterprise, the main task of a financier is to identify and analyze trends in the development of financial processes in the enterprise. The content of the analysis consists in processing information that allows us to identify the compliance of certain actions of a company in the financial market with its goals.

Thus, financial analysis makes it possible to answer the following questions:

What is the risk of a financial relationship with the company and what is the expected return?

How will risk and return change over time?

What are the main directions for improving the financial condition of the company?

The information necessary to analyze the financial condition of an enterprise is contained in financial statements, audit reports, operational accounting and other sources.

The main forms of financial (accounting) reporting of Russian enterprises are (Appendix 1):

- “Balance sheet of the enterprise” (form No. 1);

- “Report on financial results and their use” (form No. 2);

- “Cash flow statement” (form No. 4);

- “Appendix to the balance sheet of the enterprise” (form No. 5)

The balance sheet is the main form of accounting reporting. The balance sheet shows the state of the enterprise's assets and the sources of their formation as of a certain date. In financial analysis, it is customary to distinguish between the accounting (gross) balance sheet and the analytical (net) balance sheet.

The differences between the net balance sheet consist in the correction of individual balance sheet items taking into account differences in accounting estimates from market ones. The correction is:

In writing off bad receivables;

In adjusting the value of inventories of material assets to inflation rates and writing off at sales prices of illiquid assets;

In the exclusion of damages;

Taking into account the continuity of inflationary appreciation of fixed assets;

In the valuation of financial assets at market prices.

It should be noted that until 1993, the most important element in transforming the balance sheets of Russian enterprises into analytical balance sheets was the exclusion of depreciation of fixed assets and other non-asset assets from assets and liabilities. current assets. But since 1993, depreciation began to be excluded from the balance sheets from the book value of assets. Continuous modification of the financial statements of Russian enterprises is moving towards convergence with international standards.

The financial results report (form No. 2) contains information about the process of generating profit for a certain period of time. The data in Form No. 2 combines balance sheet indicators at the beginning and end of the reporting period.

The cash flow statement (form No. 4) reflects the cash balance at the beginning of the year, receipts and expenses during the year, and the balance at the end of the year.

The balance sheet appendix (form No. 5) includes nine sections reflecting the movement of equity and borrowed capital, accounts receivable and payable, etc.

For OJSCs, there is another important source of information about the financial condition - the quotation of securities on the exchange or over-the-counter markets. The stock price on an active market objectively reflects the financial condition of companies. When the profitability of stocks decreases or their risk increases, demand decreases, and the price decreases accordingly.

There are several types of financial analysis, depending on the goals set for the analyst.:

1. Preliminary analysis (express analysis);

2. Detailed analysis of the financial condition of the company (less stringent restrictions on time and other resources compared to express analysis).

A set of analytical indicators for express analysis

Direction (procedure) of analysis	Indicator
1. ASSESSMENT OF THE ECONOMIC POTENTIAL OF A BUSINESS ENTITY
1.1. Assessment of property status	1. The amount of fixed assets and their share in the total assets. 2. Depreciation rate of fixed assets. 3. The total amount of economic assets at the disposal of the enterprise.
1.2. Financial position assessment	1. The amount of own funds and their share in the total amount of sources 2. Current liquidity ratio. 3. The share of own working capital in their total amount. 4. The share of long-term borrowed funds in the total amount of sources. 5. Inventory coverage ratio.
1.3. Presence of “sick” items in reporting	1. Losses. 2. Loans and loans not repaid on time. 3. Overdue accounts receivable and accounts payable. 4. Bills issued (received) are overdue.
2. ASSESSMENT OF THE PERFORMANCE OF FINANCIAL AND BUSINESS ACTIVITIES
2.1. Profitability assessment	1. Profit 2. Overall profitability. 3. Profitability of core activities.
2.2. Dynamic assessment	1. Comparative growth rates of revenue, profit and advanced capital. 2. Asset turnover. 3. Duration of the operating and financial cycle. 4. Receivables collection ratio
2.3. Assessing the effectiveness of using economic potential	1. Return on advanced capital. 2. Return on equity.

The main analytical procedures of financial analysis are horizontal and vertical analysis of financial documents and factor analysis. Horizontal analysis consists of comparing financial indicators over a number of years and calculating change indices. Vertical analysis consists of studying the structure of financial indicators and forming informative relative indicators. The latter are compared with certain values ​​accepted as standard, with values ​​for previous periods or with similar indicators for other enterprises.

Express analysis consists of processing a small number of significant and easily identifiable indicators and monitoring them. The selection of a system of indicators for express analysis is always subjective. There are no standards here. One of the system options is shown in Table 1.

The purpose of the express analysis is a clear and simple assessment of the financial well-being and dynamics of development of an economic entity. In the process of analysis, it is possible to assume the calculation of various indicators and supplement it with methods based on the experience and qualifications of a specialist.

It is advisable to carry out express analysis in three stages: preparatory stage, preliminary analysis of financial statements, economic reading and analysis of statements.

When performing express analysis financial situation enterprises are assessed from the point of view of short-term and long-term prospects. In the first case, the criteria for assessing the financial condition are the liquidity and solvency of the enterprise, i.e. the ability to timely and fully make payments on short-term obligations.

The liquidity of an asset is its ability to be transformed into cash. The degree of liquidity is determined by the length of the time period during which this transformation can be carried out.

Solvency is the presence of an enterprise with cash and cash equivalents sufficient to pay accounts payable requiring immediate repayment. The main signs of solvency are: a) the presence of sufficient funds in the current account; b) absence of overdue accounts payable.

The effectiveness and economic feasibility of the operation of an enterprise are measured by absolute and relative indicators. In this context, the indicator of economic effect and economic efficiency is distinguished.

Economic effect is an indicator characterizing the result of an activity. Depending on the level of management and industry sector of the enterprise, indicators of gross national product, national income, gross sales income, profit, etc. are used as indicators of effect.

Economic efficiency is a relative indicator that compares the effect obtained with the costs or resources used to achieve this effect. Most overall rating The level of economic efficiency of an enterprise's activities is given by indicators of profitability of advanced capital and equity capital, and their growth in dynamics is considered as a positive trend.

As part of the express analysis, in addition to the above system of indicators, it is advisable to use the following sequence of interrelated indicators:

— economic assets of the enterprise and their structure: the amount of economic assets in a net assessment, fixed assets, intangible assets, working capital, own working capital;

— fixed assets of the enterprise: valuation of fixed assets, including their active part at initial and residual value, the share of leased fixed assets, depreciation and renewal rates;

— structure and dynamics of the enterprise’s working capital: an enlarged grouping of articles in the second and third sections of the balance sheet, as well as a number of specific indicators, such as the amount of own working capital, their share in covering inventory, etc.;

— the main results of the financial and economic activities of the enterprise: sales revenue, profit, profitability, level of gross income, level of distribution costs, capital productivity, production, turnover indicators;

— efficiency of use of financial resources: an indicator of all financial resources, including own, attracted resources, return on advanced capital, return on equity, etc.

Figure 1 shows a generalized block diagram of an express analysis of the financial condition of an enterprise. The most important attribute of financial analysis is its systematic nature. Since the object of analysis (the enterprise) itself is a system, the approach to its study must be systematic. In other words, financial analysis (including express analysis of financial statements) is more than just a set of ratios.

Namely, each of the coefficients (quantitative indicators) occupies a strictly defined place and has a clearly defined economic meaning and economic relationship with other coefficients in the general (end-to-end) block diagram of the analysis. The block diagram (Figure 1) represents a multi-stage hierarchy of analysis factors, at the head of which is the resulting indicator - the target function, the optimization of which is the main criterion for the analyst.

The Methodological Recommendations for the development of an enterprise’s financial policy, approved by the Ministry of Economy of the Russian Federation (Order No. 118 of October 1, 1997), propose everything financial and economic indicators state organizations divided into two levels: first and second. These categories have significant qualitative differences among themselves.

To the first level includes indicators for which standard values ​​have been determined. These include indicators of solvency and financial stability.

When analyzing the dynamics of these indicators, you should pay attention to the trend of their change. If their values ​​are lower or higher than the normative ones, then this should be considered as a deterioration in the characteristics of the analyzed organization. There are several states of first-level indicators (Table 1.13):

Table 1.13. State of first level indicators

State I.1- the indicator values ​​are within the recommended range of standard values ​​(“corridor”), but at its boundaries. Analysis of the dynamics of indicators indicates that the movement is towards the most acceptable values ​​(movement from the borders to the center of the “corridor”). If the group of indicators of this level is in state I.1, then this aspect of the financial condition of the organization can be rated “excellent”.

State I.2- the indicator values ​​are within the recommended limits, and the analysis of dynamics shows their stability. In this case, for this group of indicators, the financial condition of the organization can be defined as “excellent” (the indicator values ​​are in the middle of the “corridor”) or “good” (the value is at one of the boundaries of the “corridor”).

State I.3- the indicator values ​​are within the recommended limits, but analysis of the dynamics indicates their deterioration (movement from the middle of the “corridor” to its borders). The assessment of financial condition in this case is “good”.

Condition II.1- the indicator values ​​are outside the recommended limits, but there is a trend towards improvement. In this case, depending on the deviation from the norm and the pace of movement towards it, the financial condition of the organization can be characterized as “good” or “satisfactory”.

Condition II.2- indicator values ​​are consistently outside the recommended “corridor”. Rating: “satisfactory” or “unsatisfactory”. The choice of assessment is determined by the magnitude of the deviation from the norm and assessments of other aspects of the financial and economic condition of the organization.

Condition II.3- the indicator values ​​are outside the norm and are getting worse all the time. The rating is “unsatisfactory.”

Applying this methodology to the obtained results of calculating solvency and financial stability ratios, the following conclusions can be drawn (Table 1.14):

Table 1.14. Assessment of the state of first level indicators

Indicator name	Compliance	Trend	Indicator status
General solvency indicator	Complies with the standard	improvement
Absolute set liquidity K AL	Doesn't match standard	deterioration
	Doesn't match standard	deterioration
Current liquidity ratio K TL	Doesn't match standard	deterioration
	Compliant standard	improvement
Property security kit sources of funding for OSI	Compliant standard	improvement
Capitalization set K K	Doesn't match standard	deterioration
	Doesn't match standard	deterioration
K-financing K F	Doesn't match standard	deterioration
	Doesn't match standard	deterioration

Conclusion. Thus, for most indicators, MUP “Management Technologies” has unsatisfactory performance.

This means that not everything is so “excellent” in assessing the financial condition of our organization. Unfortunately, this method does not answer the question about the financial condition of an organization that has different values ​​of first-level indicators.

This opportunity is provided by a technique based on a scoring of financial condition. The essence of this technique is to classify organizations according to the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the number of points “scored”, based on the actual values ​​of its financial ratios.

Column 1 records the names (symbols) of the coefficients (indicators) of solvency and financial stability.

In column 2 it is written “conforms to the standard” or “does not correspond to the standard”.

Column 3 describes the trend “deterioration”, “improvement”, “sustainable”.

Column 4 records one of six indicator states: I.1; I.2; I.3; II.1; II.2; II.3.

Column 5 gives the rating “excellent”, “good”, “satisfactory”, “unsatisfactory” in accordance with the noted status of the indicator.

Then a general conclusion is made about the financial condition of the enterprise.

The analysis reveals indicators with different estimates. This indicates that not everything is so “excellent” in assessing the financial condition of the enterprise under study. Unfortunately, this technique does not answer the question about the financial condition of an enterprise that has different values ​​of first-level indicators.

It should be noted that the methodology includes the analysis of not only indicators of the first level (standardized), but also indicators of the second level (non-standardized).

To the second level includes indicators whose values ​​cannot be used to assess the efficiency of the enterprise and its financial and economic condition without comparison with the values ​​of these indicators at enterprises that produce products similar to the products of our enterprise and have production capacities comparable to those of the enterprise, or to analyze trends changes in these indicators. This group includes profitability indicators, characteristics of the property structure, sources and condition of working capital. For this group of indicators, it is advisable to rely on an analysis of trends in indicators and identify their deterioration or improvement. The second group of indicators is proposed to be characterized by the following states:

"improvement" - 1,

“stability” - 2,

“deterioration” - 3.

For some indicators, it is possible to determine “corridors” of optimal values ​​depending on their belonging to different types of activities and other features of the functioning of the enterprise.

In order to obtain a more objective assessment of the financial and economic condition of the enterprise, it is proposed to compare the status of indicators of the first and second levels (Table 1.15).

Table 1.15. Comparison of the states of indicators of the first and second levels

It should be noted that the presented methodology gives a very approximate and rather general result of assessing the financial and economic condition and does not indicate to the management of the enterprise directions for improving management.

Taking into account the variety of financial processes, the multiplicity of indicators of financial condition, differences in the level of 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 position of the enterprise, it is recommended to make a point assessment of the financial condition.

The essence of this technique is to classify enterprises according to the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the number of points “scored”, based on the actual values ​​of its financial ratios (Table 1.15).

• 1st Class- these are enterprises with absolute financial stability and absolutely solvent, whose financial condition allows you to be confident in the timely fulfillment of obligations in accordance with contracts. These are enterprises that have a rational structure of property and its sources, and, as a rule, are quite profitable.
• 2nd Class- these are enterprises with normal financial condition. Their financial indicators as a whole are very close to optimal, but there is some lag in certain ratios. These enterprises, as a rule, have a suboptimal ratio of their own and borrowed sources of financing, shifted in favor of borrowed capital. At the same time, there is a rapid increase in accounts payable compared to the increase in other borrowed sources, as well as compared to the increase in accounts receivable. These are usually profitable enterprises.
• 3rd Class- these are enterprises whose financial condition can be assessed as average. When analyzing the balance sheet, the “weakness” of individual financial indicators is revealed. Either their solvency is on the border of the minimum acceptable level, and their financial stability is normal, or, on the contrary, they have an unstable financial condition due to the predominance of borrowed sources of financing, but there is some current solvency. When dealing with such enterprises, there is hardly a threat of loss of funds, but fulfilling obligations on time seems doubtful.
• 4th Class- These are enterprises with an unstable financial condition. There is a certain financial risk when dealing with them. They have an unsatisfactory capital structure, and their solvency is at the lower limit of acceptable values. Such enterprises, as a rule, have no profit at all or very little, sufficient only for mandatory payments to the budget.
• 5th Class- These are enterprises with a crisis financial condition. They are insolvent and completely unsustainable from a financial point of view. These enterprises are unprofitable.

Table 1.16. Boundaries of classes of enterprises according to the criteria for assessing financial condition

	Criterion conditions	Class boundaries according to criteria
Absolute liquidity bank		0.70 or more is assigned 14 points	0.69 - 0.50 we assign from 13.8 to 10 points	0.49 - 0.30 we assign from 9.8 to 6 points	0.29 - 0.10 we assign from 5.8 to 2 points	Less than 0.10 we assign from 1.8 to 0 points
Set of intermediate coating	For every 0.01 point reduction, 0.2 points are deducted	1 or more > 11 points	0.99 - 0.80 > 10.8 - 7 points	0,79 - 0,70 > 6.8 - 5 points	0,69 - 0,60 > 4.8 - 3 points	0.59 or less > from 2.8 to 0 points
Current liquidity ratio	For every 0.01 point reduction, 0.3 points are deducted	2 or more > 20 points 1.70 - 2.0 > 19 points	from 18.7 to 13 points	from 12.7 to 7 points	from 6.7 to 1 points	0.99 or less > from 0.7 to 0 points
Share of working capital in assets		0.5 or more > 10 points	from 9 to 7 points	from 6.5 to 4 points	from 3.5 to 1 points	Less than 0.20 > From 0.5 to 0 points
Security kit own by means of the OSS or Financing security kit	For every 0.01 point reduction, 0.3 points are deducted	0.5 or more > 12.5 points	from 12.2 to 9.5 points	from 9.2 to 3.5 points	from 3.2 to 0.5 points	Less than 0.10 > 0.2 points
Capitalization set	For every 0.01 point increase, 0.3 points are deducted	Less than 0.70 > 17.5 points 1.0 - 0.7 > 17.1 - 17.4 points	from 17.0 to 10.7 points	from 10.4 to 4.1 points	from 3.8 to 0.5 points	1.57 or more > from 0.2 to 0 points
Set of financial independence	For every 0.01 point reduction, 0.4 points are deducted	0.50 - 0.60 and more > 9 - 10 points	from 8 to 6.4 points	from 6 to 4.4 points	from 4 to 0.8 points	0.30 or less > from 0.4 to 0 points
Financial stability kit	For every 0.01 point reduction, 1 point is deducted	0.80 or more > 5 points	0,79 - 0,70 > 4 points	0,69 - 0,60 > 3 points	0,59 - 0,50 > 2 points	0.49 or less > from 1 to 0 points
		100 - 97.6 points	93.5 - 67.6 points	64.4 - 37.0 points	33.8 - 10.8 points	7.5 - 0 points

A general assessment of the financial condition of the analyzed enterprise is carried out in tabular form (Table 1.17).

Table 1.17. Classification of the level of financial condition

Financial condition indicators	At the beginning of the year	At the end of the year
	Number of points	Actual coefficient value	Number of points
Absolute liquidity ratio K AL
Set of intermediate coating K PP
Current liquidity ratio K TL
Share of working capital in assets D OS
K-t of security with own funds K OSS or Sufficiency of own sources of financing K OSI
Capitalization set K K
Financial Independence Committee K FN
Financial stability committee for financial institutions

According to calculations, it turns out that the organization we are analyzing belongs to class 3 (average) financial condition, but by the end of the year the indicators became slightly better.

One of the most important characteristics the financial condition of the enterprise - 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. In market conditions when economic activity enterprise and its development is carried out through self-financing, and if its own financial resources are insufficient - through borrowed funds, an important analytical characteristic is the financial stability of the enterprise. Financial stability is a certain state of the company’s accounts, guaranteeing its constant solvency.

The solvency of an enterprise is determined by its ability and ability to timely 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.

Assets, depending on the speed of conversion into cash (liquidity), are divided into the following groups:

Al are the most liquid assets. These include enterprise cash and short-term financial investments.

A2 - quickly realizable assets. Accounts receivable and other assets

A3 - slowly selling assets. These include “Current assets” and the article “Long-term financial investments” from section I of the balance sheet “Non-current assets”.

A4 - hard-to-sell assets. These are "Non-current assets"

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

P1 - the most short-term liabilities. These include the items "Accounts payable" and "Other short-term liabilities"

P2 - short-term liabilities. Items "Loans and credits" and other items of section V of the balance sheet "Current liabilities"

LP - long-term liabilities. Long-term loans and borrowed funds

P4 - permanent liabilities. "Capital and reserves".

When determining the liquidity of the balance sheet, asset and liability groups are compared with each other.

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 the optimal option, then the balance sheet liquidity differs from absolute.

For a qualitative assessment of the solvency and liquidity of an enterprise, in addition to analyzing the balance sheet liquidity, it is necessary to calculate the liquidity ratios of current assets. Liquidity indicators are used to assess the ability of an enterprise to meet its short-term obligations.

The absolute liquidity indicator is determined by the ratio of liquid funds of the first group to the entire amount of short-term debts of the enterprise (III section of the balance sheet liabilities).

Cal = A1/(P1+P2)

It is the most stringent criterion for the liquidity of an enterprise: it shows what part of the short-term debt can, if necessary, be repaid immediately with cash.

In domestic practice, the actual average values ​​of this coefficient, as a rule, do not reach the standard value. The normal limit is Cal>0.2~0.5. A low value indicates a decrease in the solvency of the enterprise.

The coverage ratio or current liquidity is calculated as the ratio of current assets (current assets) to the amount of current liabilities (short-term liabilities):

Ktl = (A1+A2+A3) /(P1+P2)

The normal limit is Ktl from 1 to 2. The coefficient shows what part of current obligations on loans and payments can be repaid by mobilizing all working capital

The current ratio summarizes previous indicators and is one of the main indicators characterizing the satisfactory balance sheet. Gives a general assessment of asset liquidity, showing how many rubles of current assets account for one ruble of current liabilities. In Western accounting and analytical practice, the critical lower value of the indicator is given - 2; however, this is only an indicative value indicating the order of the indicator, but not its exact normative value.

Quick ratio. In terms of semantic purpose, the indicator is similar to the coverage ratio; however, it is calculated based on a narrower range of current assets, when the least liquid part of them, industrial inventories, is excluded from the calculation.

Kbl = (Debtors + cash) / current liabilities

Western literature provides an approximate lower value of the indicator - 1, however, this assessment is conditional.

The total liquidity ratio is calculated by the ratio of the total amount of current assets, including inventories and work in progress, to the total amount of current liabilities.

Colb=(A1+0.5A2+0.3A3) /(P1+0.5P2+0.3P3) - used for a comprehensive assessment of the liquidity of the balance sheet as a whole

A coefficient of 1.5-2.0 usually satisfies.

Liquidity ratios are relative indicators and do not change for some time if the numerator and denominator of the fraction increase proportionally. The financial situation itself may change significantly during this time, for example, profit, level of profitability, turnover ratio, etc. will decrease. Therefore, for a more complete and objective assessment of liquidity, the following factor model can be used:

Current assets Balance sheet profit

Cry. = Balance sheet profit * Short-term debts = X1 * X2

Where X1 is an indicator characterizing the value of current assets per 1 ruble of income;

X2 is an indicator that indicates the ability of an enterprise to repay its debts through the results of its activities. It characterizes financial stability. The higher its value, the better the financial condition of the enterprise.

And another indicator of liquidity (self-financing ratio) is the ratio of the amount of self-financing income (income + depreciation) to the total amount of internal and external sources of financial income. This ratio can be calculated by the ratio of self-financing income to value added. It shows the extent to which an enterprise finances its own activities in relation to the wealth created. You can also determine how much self-financing income falls on one employee of the enterprise. Such indicators in Western countries are considered one of the best criteria for determining the liquidity and financial independence of a company and can be compared with other enterprises.

Taking into account the varying degrees of liquidity of assets, it is safe to assume that all assets will be sold in urgently, and consequently, in this situation there is a threat to the financial stability of the enterprise. If the value of Kt.l. significantly exceeds the 1:1 ratio, we can conclude that the enterprise has a significant amount of free resources generated from its own sources.

On the part of the company's creditors, this option for forming working capital is the most preferable. At the same time, from the manager’s point of view, a significant accumulation of inventories at the enterprise and the diversion of funds into accounts receivable may be associated with inept management of the enterprise’s assets.

If an enterprise has a low intermediate liquidity ratio and a high total coverage ratio, a deterioration in the above turnover indicators indicates a deterioration in the solvency of this enterprise.

An analysis of the solvency of an enterprise is carried out by comparing the availability and receipt of funds with essential payments. A distinction is made between current and expected (future) solvency. Current solvency is determined as of the balance sheet date. An enterprise is considered solvent if it has no overdue debts to suppliers, bank loans and other payments.

Expected (prospective) solvency is determined for a specific upcoming date by comparing the amount of its means of payment with the urgent (priority) obligations of the enterprise on this date.