Comprehensive assessment of the financial condition of the enterprise and its solvency. Methodology for a comprehensive rating assessment of the financial condition of an enterprise
Financial condition is the most important characteristic of the economic activity of an enterprise in the external environment. It determines the competitiveness of the enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial and other relations are guaranteed. Therefore, we can assume that the main task of analyzing the financial condition is to show the state of the enterprise for internal and external consumers, the number of which grows significantly with the development of market relations.
The purpose of the analysis of the financial condition of the enterprise is to assess its current state, as well as to determine in what areas it is necessary to work to improve this state. At the same time, it is desirable to have such a state of financial resources in which the enterprise, freely maneuvering funds, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as the costs of its expansion and renewal.
The main purpose of this course work is to substantiate the principles and methods of analysis of the financial and economic condition of domestic enterprises.
According to the goal in the course work, the following tasks :
· study of the economic essence of such a concept as „financial condition of an enterprise”;
· definition of a role of a financial condition in efficiency of economic activity of the enterprise;
· a comprehensive assessment of the financial condition of an operating domestic enterprise;
Subject of study models are diagnostics of the financial and economic condition of domestic enterprises.
Object of study is the diagnostics of the financial and economic condition of ChMP OJSC.
The course work consists of three chapters, which consistently explore the problem posed.
1. CHARACTERISTICS OF COMPREHENSIVE ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES IN MODERN CONDITIONS
1.1. Preliminary assessment of the financial condition of the enterprise
Financial analysis is used both by the company itself and by external market participants in the implementation of various transactions or to provide information about the financial condition of the company to third parties. As a rule, financial analysis is carried out when:
restructuring. In the process of separating structural units into separate business units, it is necessary to evaluate such indicators of their current activities as the size of receivables and payables, profitability, inventory turnover, labor productivity, etc. The favorable financial condition of a structural unit may serve as an additional factor in favor of leaving her in the company;
· valuation of the business, including for its sale/purchase. A reasonable assessment of the financial condition allows you to set a fair price for the transaction and can serve as a tool for changing the amount of the transaction;
obtaining a loan/attracting an investor. The results of the financial analysis of the company's activities are the main indicator for the bank or investor when making a decision on issuing a loan;
Listing on the stock exchange (with bonds or stocks). According to the requirements of Russian and Western stock exchanges, a company is required to calculate a certain set of ratios reflecting its financial position and publish these ratios in its performance reports. For example, under Russian law, a company's prospectus is required to indicate the degree of coverage of debt service payments, the level of overdue debt, net asset turnover, the share of income tax in profit before tax, etc.
Financial analysis can be carried out to compare your own company with another (benchmarking). To conduct one-time assessments of the financial condition of an enterprise, it makes sense to involve professional appraisers and auditors. This will increase the reliability of the assessment in the eyes of third parties.
In operational activities, financial analysis is used to:
assessment of the financial condition of the company;
Establishing limits in the formation of plans and budgets. For example, you can limit the liquidity of the company (indicate that it must not be below a certain level), inventory turnover, the ratio of equity to debt, the cost of raising capital, etc. Many companies have a practice of setting limits for branches and subsidiaries based on such indicators as profitability, production cost, return on investment, etc.;
· Evaluation of predicted and achieved performance results.
The analysis begins with a review of the main performance indicators of the enterprise. This review should consider the following questions:
· the property status of the enterprise at the beginning and end of the reporting period;
operating conditions of the enterprise in the reporting period;
the results achieved by the enterprise in the reporting period;
· prospects of financial and economic activity of the enterprise.
The property position of the enterprise at the beginning and end of the reporting period is characterized by balance sheet data. Comparing the dynamics of the results of sections of the asset balance, you can find out the trends in the change in property status. Information about changes in the organizational structure of management, the opening of new types of activities of the enterprise, the features of working with counterparties, etc. is usually contained in an explanatory note to the annual financial statements. The effectiveness and prospects of the enterprise's activities can be generally assessed according to the analysis of profit dynamics, as well as a comparative analysis of the growth elements of the enterprise's assets, the volume of its production activities and profit. Information about shortcomings in the work of the enterprise may be directly present in the balance sheet in an explicit or veiled form. This case may occur when there are articles in the reporting that indicate the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the “Losses” article). In the balance sheets of quite profitable enterprises, articles may also be present in a hidden, veiled form, indicating certain shortcomings in their work.
This can be caused not only by falsifications on the part of the enterprise, but also by the accepted reporting methodology, according to which many balance sheet items are complex (for example, the items “Other debtors”, “Other creditors”).
1.2.Methodology for analyzing the financial and economic condition
The methodology for analyzing financial and economic activities is a set of analytical procedures used to determine the financial and economic condition of an enterprise.
Experts in the field of analysis give different methods for determining the financial and economic condition of an enterprise.2 However, the basic principles and sequence of the procedural side of the analysis are almost the same with slight differences. Detailing the procedural side of the methodology for analyzing financial and economic activities depends on the goals set and various factors of information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic activities of an enterprise, however, in all significant aspects, the procedural aspects are similar.
Information support is important for analysis. This is due to the fact that, in accordance with the Law of the Russian Federation "On Informatization and Information Protection", an enterprise may not provide information containing a trade secret. But usually for making many decisions by potential partners of the company, it is sufficient to conduct an express analysis of financial and economic activities. Even to conduct a detailed analysis of financial and economic activities, information constituting a commercial secret is often not required. To conduct a general detailed analysis of the financial and economic activities of an enterprise, information is required according to the established forms of financial statements, namely:
form No. 1 Balance sheet
form No. 2 Profit and loss statement
Form No. 3 Capital flow statement
Form No. 4 Statement of cash flows
form No. 5 Appendix to the balance sheet
This information, in accordance with Decree of the Government of the Russian Federation of December 5, 1991 No. 35 "On the list of information that cannot be a trade secret" cannot be a trade secret.
Analysis of the financial and economic activities of the enterprise is carried out in three stages.
At the first stage, a decision is made on the appropriateness of the analysis of financial statements and its readiness for reading is checked. The problem of the appropriateness of the analysis allows you to solve the familiarization with the audit report. There are two main types of audit reports: standard and non-standard. A standard audit report is a unified summary document containing a positive assessment of the audit firm on the reliability of the information presented in the report and its compliance with current regulations. In this case, the analysis is expedient and possible, since the reporting in all significant aspects objectively reflects the financial and economic activities of the enterprise.
A non-standard audit report is drawn up in cases where the audit firm cannot draw up a standard audit report for a number of reasons, namely: some errors in the company's financial statements, various uncertainties of a financial and organizational nature, etc. In this case, the value of the analytical conclusions drawn up on the basis of these statements is reduced.
Checking the readiness of statements for reading is of a technical nature and is associated with a visual check of the availability of the necessary reporting forms, details and signatures on them, as well as the simplest accounting check of subtotals and balance sheet currency.
The purpose of the second stage is to get acquainted with the explanatory note to the balance sheet, this is necessary in order to assess the conditions for the functioning of the enterprise in this reporting period and take into account the analysis of the factors whose impact led to changes in the property and financial position of the organization and which are reflected in the explanatory note.
The third stage is the main one in the analysis of economic activity. The purpose of this stage is to evaluate the results of economic activity and the financial condition of an economic entity. It should be noted that the degree of detail of the analysis of financial and economic activities may vary depending on the goals.
At the beginning of the analysis, it is advisable to characterize the financial and economic activities of the enterprise, indicate industry affiliation and other distinguishing features.
Then, an analysis is made of the state of “sick reporting items”, namely loss items (form No. 1 - lines 310, 320, 390, form No. 2 lines - 110, 140, 170), long-term and short-term bank loans and loans outstanding in lines ( form No. 5 lines 111, 121, 131, 141, 151) overdue receivables and payables (form No. 5 lines 211, 221, 231, 241) as well as overdue bills (form No. 5 line 265).
If there are amounts under these items, it is necessary to study the reasons for their occurrence. Sometimes information in this case can only be provided by further analysis and final conclusions can be drawn later.
1.3.Indicators of financial condition
The analysis of the financial and economic condition of the enterprise consists in general of the following main components:
analysis of property status;
liquidity analysis;
· analysis of financial stability;
analysis of business activity;
Profitability analysis.
These components are closely interconnected and their separation is necessary only for a clearer separation and understanding of the conclusions on the analytical procedures for analyzing the financial and economic activities of the organization.
Analysis of property status consists of the following components:
Analysis of assets and liabilities of the balance sheet
Analysis of indicators of property status
When analyzing the assets and liabilities of the balance sheet, the dynamics of their condition in the analyzed period is traced. It should be borne in mind that under conditions of inflation, the value of analysis in terms of absolute indicators is significantly reduced, and in order to neutralize this factor, analysis should also be carried out in terms of relative indicators of the balance sheet structure.
When assessing the dynamics of property, the state of all property is traced as part of immobilized assets (I section of the balance sheet) and mobile assets (II section of the balance sheet - inventories, receivables, other current assets) at the beginning and end of the analyzed period, as well as the structure of their growth (decrease).
The analysis of indicators of property status consists in the calculation and analysis of the following main indicators:
the amount of economic resources at the disposal of the enterprise;
This indicator gives a generalized valuation of assets listed on the balance sheet of the enterprise;
The share of the active part of fixed assets.
The active part of fixed assets should be understood as machines, machine tools, equipment, vehicles, etc. The growth of this indicator is considered as a positive trend.
Depreciation coefficient - it characterizes the degree of depreciation of fixed assets as a percentage of the original cost. Its high value is an unfavorable factor. The addition of this indicator to 1 is the coefficient of validity.
The renewal ratio shows what part of the fixed assets available at the end of the period are new fixed assets.
Retirement ratio - shows what part of fixed assets retired from economic turnover for the reporting period due to wear and tear.
Analysis of the company's liquidity is based on the calculation of the following indicators:
· Maneuverability of functioning capital. It characterizes that part of own working capital, which is in the form of cash, i.e. funds with absolute liquidity. For a normally functioning enterprise, this indicator usually varies from zero to one. Ceteris paribus, the growth of the indicator in dynamics is considered as a positive trend. An acceptable indicative value of the indicator is set by the enterprise independently and depends, for example, on how high the daily need of the enterprise for free cash resources is.
Current liquidity ratio. Gives a general assessment of the liquidity of assets, showing how many rubles of the company's current assets account for one ruble of current liabilities. The logic of calculating this indicator is that the company repays short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered as successfully functioning (at least theoretically). The amount of excess and is set by the current liquidity ratio. The value of the indicator may vary by industry and type of activity, and its reasonable growth in dynamics is usually regarded as a favorable trend. In Western accounting and analytical practice, the 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 liquidity ratio. By semantic purpose, the indicator is similar to the current liquidity ratio; however, it is calculated for a narrower range of current assets, when the least liquid part of them - inventories - is excluded from the calculation. The logic behind this exclusion is not only that inventories are significantly less liquid, but, more importantly, that the cash that can be raised in the event of a forced sale of inventories can be significantly lower than the cost of acquiring them. In particular, in a market economy, a typical situation is when, upon liquidation of an enterprise, they receive 40% or less of the book value of reserves. In Western literature, an approximate lower value of the indicator is given - 1, however, this estimate is also conditional. In addition, when analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change.
Absolute liquidity ratio (solvency). It is the most stringent criterion for the liquidity of an enterprise; shows what part of short-term borrowings can be repaid immediately if necessary. The recommended lower limit of the indicator given in Western literature is 0.2. In domestic practice, the actual average values of the considered liquidity ratios, as a rule, are significantly lower than the values mentioned in Western literary sources. Since the development of industry standards for these coefficients is a matter of the future, in practice it is desirable to analyze the dynamics of these indicators, supplementing it with a comparative analysis of available data on enterprises that have a similar orientation of their economic activity.
The share of own working capital in covering stocks. Characterizes that part of the cost of inventories, which is covered by own working capital. Traditionally, it is of great importance in the analysis of the financial condition of trade enterprises; the recommended lower limit of the indicator in this case is 50%.
Reserve coverage ratio. Calculated by correlating the value of "normal" sources of coverage of reserves and the amount of reserves. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered as unstable.
One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is connected with the general financial structure of the enterprise, the degree of its dependence on creditors and investors.
Financial stability in the long term is characterized, therefore, by the ratio of own and borrowed funds. However, this indicator gives only a general assessment of financial stability. Therefore, in the world and domestic accounting and analytical practice, a system of indicators has been developed.
Equity concentration ratio. Characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities. The higher the value of this ratio, the more financially stable, stable and independent of external loans the enterprise. An addition to this indicator is the concentration ratio of attracted (borrowed) capital - their sum is equal to 1 (or 100%).
Financial dependency ratio. It is the inverse of the equity concentration ratio. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise.
Equity maneuverability ratio. Shows what part of equity is used to finance current activities, i.e. invested in working capital, and what part is capitalized. The value of this indicator can significantly vary depending on the capital structure and industry sector of the enterprise.
Long-term investment structure ratio. The logic for calculating this indicator is based on the assumption that long-term loans and borrowings are used to finance fixed assets and other capital investments. The coefficient shows what part of fixed assets and other non-current assets is financed by external investors, i.e. (in a sense) belongs to them, and not to the owners of the enterprise.
Ratio of own and borrowed funds. Like some of the above indicators, this ratio gives the most general assessment of the financial stability of the enterprise. It has a fairly simple interpretation: its value of 0.25 means that for every ruble of own funds invested in the assets of the enterprise, there are 25 kopecks. borrowed money. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e., a slight decrease in financial stability, and vice versa.
The indicators of the business activity group characterize the results and efficiency of the current main production activity.
The generalizing indicators for assessing the efficiency of the use of enterprise resources and the dynamism of its development include the indicator of resource efficiency and the coefficient of sustainability of economic growth.
Resource productivity (turnover ratio of advanced capital). It characterizes the volume of sold products per ruble of funds invested in the activities of the enterprise. The growth of the indicator in dynamics is considered as a favorable trend.
Economic Growth Sustainability Ratio. Shows the average rate at which an enterprise can develop in the future, without changing the existing ratio between various sources of financing, capital productivity, production profitability, etc.
When analyzing profitability, the following main indicators used in countries with market economies to characterize the profitability of investments in activities of one type or another are used: return on advanced capital and return on equity. The economic interpretation of these indicators is obvious - how many rubles of profit fall on one ruble of advanced (own) capital. When calculating, you can use either the total profit of the reporting period, or net profit.
COMPREHENSIVE ASSESSMENT OF FINANCIAL AND ECONOMIC ACTIVITIES OF AN ENTERPRISE ON THE EXAMPLE OF CHMK JSC
2.1. Assessment of the balance sheet structure
The basis for the analysis of assets and liabilities of ChMK OJSC is the analytical aggregated balance sheet, which is presented in Appendix A and B. After analyzing the company's balance sheet, we identified both positive and negative trends.
Positive:
· there is an increase in the property of the enterprise for the period 2000-2001. - by 26808 thousand rubles. or 30.87%;
· the increase in property was mainly due to the increase in current assets by 29,630 thousand rubles. or 219.08% and reserves for 23976 thousand rubles. or 603.17% (period 2000-2001);
for the period 2001-2002 there is a decrease in debt on short-term loans by 5841 thousand rubles. or 37.39%
Negative:
for the period 2001-2002 there was a decrease in the property of the enterprise by 2878 thousand rubles. or 2.53%;
· the decrease occurred mainly due to the reduction of current assets by 5466 thousand rubles. or 12.67% and reserves for 16414 thousand rubles. or 58.72%;
for the period 2000-2001 there is a reduction in the equity capital of the enterprise by 3049 thousand rubles. or 3.91%;
· cash assets of the enterprise decreased by 124 thousand rubles. or 16.71% (2000-2001) and 45 thousand rubles. or 7.28% (2001-2002);
· non-current assets decreased by 2822 thousand rubles. or 3.85% (2000-2001);
· there is an increase in accounts payable of the enterprise by 14842 thousand rubles. or 179.75% (2000-2001) and 2736 thousand rubles. or 11.84% in 2001-2002.
· Accounts receivable of the enterprise also tends to increase (for the period 2000-2001 - by 5487 thousand rubles or 88.26%; for the period 2001-2002 - by 11827 thousand rubles or 101.05%).
2.2. Assessment of solvency and liquidity
One of the most important characteristics of the financial condition of the enterprise is financial stability. Financial stability characterizes the degree of financial independence of the enterprise regarding the ownership of its property and its use.
In accordance with the availability of reserves with possible financing options, four types of financial stability are possible.
1. Ultimate durability- to ensure stocks (Z) enough own working capital; the solvency of the enterprise is guaranteed: FROM< СОК .
2. Normal durability- to ensure reserves, in addition to own working capital, long-term loans and loans are attracted; solvency guaranteed: FROM< СОС + КД .
3. Unstable financial condition- to ensure reserves, in addition to own working capital and long-term credits and loans, short-term credits and loans are attracted; solvency is broken, but it is possible to restore it: FROM< СОС + КД + КК .
4. Crisis financial condition– there are not enough “normal sources” of their formation to ensure reserves; The company is in danger of bankruptcy C > SOS + KD + KK .
Table 2.1 contains the calculation of financial stability for OAO ChMK.
Table 2.5
Financial Strength Analysis for OAO ChMK
| No. p / p | Index | 2000 | 2001 | 2002 |
| a | 1 | 2 | 3 | 4 |
| 1 | Equity | 77973,00 | 74924,00 | 75151,00 |
| 2 | Non-current assets | 73310,00 | 70488,00 | 73076,00 |
| 3 | Own working capital (r.1-r.2) | 4663,00 | 4436,00 | 2075,00 |
| 4 | long term duties | 0,00 | 0,00 | 0,00 |
| 5 | Availability of own and long-term sources of reserves coverage (р.3 + р.4) | 4663,00 | 4436,00 | 2075,00 |
| 6 | Short-term loans and loans | 600,00 | 15620,00 | 9779,00 |
| 7 | The total size of the main sources of reserves coverage (r.5+r.6) | 5263,00 | 20056,00 | 11854,00 |
| 8 | Stocks | 3975,00 | 27951,00 | 24,60 |
| 9 | Excess or shortage of own working capital (р.3-р.8) | 688,00 | -23515,00 | 2050,40 |
| 10 | Excess or shortage of own funds and long-term credits and loans (р.5-р.8) | 688,00 | -23515,00 | 2050,40 |
| 11 | Excess or shortage of the main sources of reserves coverage (s.7-s.8) | 1288,00 | -7895,00 | 11829,40 |
| 12 | Type of financial strength | absolute | crisis | absolute |
As the data in Table 2.1 show, the enterprise in 2000 had absolute financial stability, in 2001 - a crisis financial condition, in 2002 - absolute financial stability. The company was able to move from a crisis financial state to absolute stability by greatly reducing its own reserves. Such strong jumps in the financial stability of the enterprise have a very negative impact on the financial condition of the enterprise.
Table 2.2 shows the calculation of indicators of financial stability.
Table 2.2
Analysis of indicators of financial stability of ChMK OJSC
Let's take a closer look at the indicators in Table 2.2. Yes, index working capital flexibility characterizes a part of stocks in own circulating assets. The direction of positive changes in this indicator is a decrease. In this case, at first there is a strong decrease, therefore, an increase in the indicator to 5.56. Such "leaps" have a very negative impact on the work of the enterprise.
Financial Independence Ratio characterizes the ability of the enterprise to fulfill external obligations at the expense of its own assets. Its standard value must be greater than or equal to 0.5. As you can see, during the analyzed period, this indicator is more than the normative value, which indicates the financial independence of the enterprise.
Financial Stability Ratio shows the ability to secure the debt with their own funds. The excess of own funds over loans indicates the financial stability of the enterprise. The standard value of the indicator must be greater than one. In our case, its value indicates the high financial stability of the enterprise.
Financial Strength Ratio characterizes a part of stable sources of financing in their total volume. It should be in the range of 0.85-0.90. For the analyzed enterprise, its value is 0.90 only in 2000, then this indicator decreases to the level of 0.66 (2001) and 0.68 (2002).
Along with the absolute indicators of financial stability, it is advisable to calculate a set of relative analytical indicators - liquidity ratios (see Table 2.3).
Table 2.3
Analysis of the liquidity of ChMK OJSC
Coverage ratio characterizes the sufficiency of working capital to pay off debts throughout the year. If the coefficient value is less than 1, the enterprise has an illiquid balance sheet. As you can see, the value of this indicator for ChMK OJSC indicates the liquidity of the enterprise in the analyzed period.
Ratio of accounts payable to accounts receivable shows the ability of the enterprise to pay off creditors at the expense of debtors throughout the year. The recommended value of this indicator is 1. For ChMK OJSC, this indicator approaches the standard only in 2002.
Absolute liquidity ratio characterizes the readiness of the enterprise to immediately liquidate short-term debt. The standard value of this indicator is in the range of 0.20 - 0.35. In the period under consideration, the value of this coefficient does not correspond to the normative ones.
2.3. Analysis of the financial results of the enterprise
Table 2.4 provides an analysis of the financial results of OAO ChMK.
Table 2.4
Analysis of the financial results of OAO ChMK
| No. p / p | Index | Period | Changes over the period | ||
| 2002 | 2001 | thousand roubles. (group 1-group 2) |
% (group 3:group 2) * 100 |
||
| a | b | 1 | 2 | 3 | 4 |
| 1 | Net income (revenue) from product sales | 434678,00 | 488906,00 | -54228 | -11,09 |
| 2 | Cost of goods sold | 241513,00 | 308783,00 | -67270 | -21,79 |
| 3 | Gross profit from sales | 193165 | 180123 | 13042 | 7,24 |
| 4 | Administrative costs | 34272,00 | 41495,00 | -7223 | -17,41 |
| 5 | Selling costs | 20832,00 | 34810,00 | -13978 | -40,16 |
| 6 | Other operating costs | 13129,00 | 2711,00 | 10418 | 384,29 |
| 6 | Cost of goods sold including costs | 309746,00 | 387799,00 | -78053 | -20,13 |
| 7 | Profit from sales | 124932 | 101107 | 23825 | 23,56 |
| 8 | Other income | 1211,00 | 7149,00 | -5938 | -83,06 |
| 9 | Profit from operating activities | 126143 | 108256 | 17887 | 16,52 |
| 10 | Equity Profit | 240,00 | 365,00 | -125 | -34,25 |
| 11 | Profit from ordinary activities | 137742,00 | 96619,00 | 41123 | 42,56 |
| 12 | income tax | 35113,00 | 15403,00 | 19710 | 127,96 |
| 13 | Net profit | 102629 | 81216 | 21413 | 26,37 |
As evidenced by the data in Table 2.4, the net profit of the enterprise in the analyzed period increased by 21,413 thousand rubles. or 26.37%, which is a positive trend. If we analyze due to what the increase in net profit occurred, then the situation here is not unambiguous, so we can observe a decrease in the volume of sales of products by 54,228 thousand rubles. or 11.09%. But at the same time, there is a decrease in the cost of goods sold by 67,270 thousand rubles. or 21.79%, and taking into account administrative costs and sales costs, the cost reduction amounted to 20.13%. We cannot say what activities led to such a cost reduction, it is possible that the cost reduction led to a deterioration in product quality, since there was a decrease in sales volume. In any case, the management of the enterprise needs to take measures to increase the volume of sales, since its decrease, even against the background of an increase in net profit, in the future can lead to a significant deterioration in the financial condition of the enterprise, even to bankruptcy.
2.4. Business activity analysis
Let's consider indicators of business activity of the enterprise in the analyzed period (see tab. 2.5).
Table 2.5
Indicators of business activity of ChMK OJSC
| No. p / p | Index |
for calculation |
2000 | 2001 | 2002 |
| 1 | 2 | 3 | 4 | 5 | 6 |
| 1 | return on assets | Net revenue / Basic production assets |
8,92 | 6,93 | 6,37 |
| 2 | Working capital turnover ratio (turnover) | Net revenue / Current assets |
16,69 | 36,15 | 10,07 |
| 3 | Period of one turnover of working capital (days) |
/ Ratio turnover. turnover. funds |
21,57 | 9,96 | 35,74 |
| 4 | Inventory turnover ratio (turns) | Cost price / Average stocks |
35,93 | 77,68 | 8,64 |
| 5 | Period of one inventory turnover (days) |
/ Coef. rev. reserves |
10,02 | 4,63 | 41,66 |
| 8 | Payables repayment period (days) | Average accounts payable * 360 / Cost of sales |
30,91 | 10,33 | 57,42 |
Let's consider each of the above indicators separately:
1. capital productivity - shows how much revenue falls on the unit of fixed assets. As you can see, this indicator tends to decrease, which is a somewhat negative trend and indicates a decrease in the efficiency of the use of fixed assets of the enterprise;
2. period of one turnover of working capital- determines the average period from the expenditure of funds for the production of products to the receipt of funds for the sold products. A decrease in this indicator indicates a more efficient use of working capital at the enterprise. In our case, there is first an increase (2001), and then a significant decrease in this indicator;
3. period of one turnover of stocks is the period during which inventories are converted into cash. There is a very strong increase in this indicator (from 10 days in 2000 to 42 days in 2002), which is a negative trend;
4. indicators of the period of repayment of receivables and payables indicate that the company has been using essentially free credit from its own creditors for much more time than lending itself (free of charge) to other enterprises.
2.5. Bankruptcy Probability Assessment
The issue of predicting insolvency has always been dealt with by both academic circles and business consultants. Therefore, we can talk about both theoretical and practical approaches to the problem.
The first experiments to assess the state of the company were started in the nineteenth century. The creditworthiness index was, apparently, the first indicator that was used for such purposes. Merchants were especially active in this area, being especially interested in determining the potential solvency of their customers. In 1826, the first digest of companies that refused to pay their obligations was published, which was later known as Stubbs Gazette .
However, it was only in the twentieth century that financial and economic indicators began to be widely used, not only for predicting bankruptcy as such, but also for predicting various financial difficulties.
Thus, up to the present moment, there are more than a hundred different works devoted to predicting the bankruptcy of an enterprise. However, almost all the works known to the author were made in the West (mainly in the USA). Accordingly, the question of their applicability in Russian conditions still remains open.
It should also be noted that the accumulated experience shows that bankruptcy forecasting models, as a rule, consist of different coefficients with some weights. Moreover, which coefficients are included in the model is determined either on the basis of statistical or expert assessments.
To assess the possibility of bankruptcy of ChMK OJSC, we use the Taffler indicator (Z T).
Z T \u003d 0.03x1 + 0.13x2 + 0.18x3 + 0.16x4
x2 = 
;
x3 = 
x4 = 
.
If Z T > 0.3 - the company has good long-term prospects, with Z T< 0,2 – имеется вероятность банкротства.
Let's calculate the Taffler index for ChMK OJSC:
ZТ = 0.03* 10.495+ 0.13* 0.3403 + 0.18* 0.0883+ 0.16* 3.9243 = 1.0029
According to the calculated coefficient, the company has good long-term prospects.
2.6. Break-Even Estimation
All costs of the enterprise can be divided into two parts: variable costs (production), which change in proportion to the volume of production, and fixed costs (periodic), which, as a rule, remain stable with changes in output. The proceeds from the sale of products minus the cost in the volume of production variable costs is the marginal income, which is an important parameter in the assessment of management decisions.
Variable (production) costs include direct material costs, wages of production personnel with appropriate deductions, as well as the costs of maintaining and operating equipment and a number of other overhead costs.
Fixed costs include administrative and management expenses, depreciation, sales and marketing expenses, market research expenses, other general management, commercial and general business expenses.
One of the main practical results of using the classification of enterprise expenses according to the principle of dependence on the volume of production is the possibility of forecasting profits based on the expected state of expenses, as well as determining for each specific situation the volume of sales that ensures break-even activity. The amount of proceeds from sales, at which the enterprise will be able to cover its costs without making a profit, is commonly called the critical volume of production ("dead point").
Let's carry out a break-even assessment for OAO ChMK. For calculations, we take the following data:
Revenue = 434678 rubles.
Fixed costs = 55104 rubles.
· Variable expenses = 14313 rubles.
· Sales volume = 10,000 pcs.
Selling price = 43.47 rubles.
Let's calculate the break-even point using the analytical method:
Break-even point in natural units = Fixed costs / (Price - Variable costs per unit of output)
Calculate the variable costs per unit of output:
14313 / 10000 = 1.43 (rub.)
Break-even point in natural units = 55104 / (43.47 - 1.43) = 1311 (pcs.)
Let's determine the break-even point using a graphical method (Fig. 2.1)
Rice. 2.1 Break-even point of OAO ChMK
If we draw a perpendicular from the point of intersection of the graphs of revenue and total costs, we get that the break-even level under these conditions is 1311 units. From the calculations carried out, we can conclude that the enterprise under study is profitable.
3. DEVELOPMENT OF RECOMMENDATIONS FOR THE STABILIZATION OF THE FINANCIAL AND ECONOMIC ACTIVITIES OF THE ENTERPRISE
Based on the results of the analysis, we can draw the following conclusions. The company, although profitable, has a number of problems. Thus, there are problems with the financial stability of the enterprise, as evidenced by sharp jumps in indicators of financial stability. The indicator of absolute liquidity of the enterprise does not correspond to the normative values, which indicates that the enterprise will not be able to quickly cover all its obligations. Although the overall liquidity of the company's balance sheet in the long run is normal.
The situation with the cost of production is not clear, in 2002 it decreased by more than 20%, but it is not clear why. Sales volumes fell, although the company received more net profit in the reporting period due to a decrease in cost.
Based on the identified imbalances in the financial and economic activities of the enterprise, we can recommend the following to the management of the enterprise. First, the management of the enterprise needs to eliminate spasmodic changes in the financial stability of the enterprise. Secondly, it is necessary to bring the indicators of quick liquidity to the normative values, this can be done by increasing the funds in the company's current account. Thirdly, it is necessary to clarify the situation with a decrease in the cost of production and a decrease in the volume of sales. It is possible to give any recommendations in this regard only after receiving full information.
CONCLUSION
As a conclusion, we summarize the main provisions of the course work:
· the development of market relations increases the responsibility and independence of enterprises and other market entities in the preparation and adoption of managerial decisions. The effectiveness of these decisions largely depends on the objectivity, timeliness and thoroughness of the assessment of the existing and expected financial and economic condition of the enterprise;
· the net profit of OAO ChMP in the analyzed period increased by 21,413 thousand rubles. or 26.37%, which is a positive trend. If we analyze due to what the increase in net profit occurred, then the situation here is not unambiguous, so we can observe a decrease in the volume of sales of products by 54,228 thousand rubles. or 11.09%. But at the same time, there is a decrease in the cost of goods sold by 67,270 thousand rubles. or 21.79%, and taking into account administrative costs and sales costs, the cost reduction amounted to 20.13%. We cannot say what measures led to such a decrease in the cost, it is possible that the decrease in the cost led to a deterioration in the quality of products, since there was a decrease in the volume of sales;
· the management of the enterprise needs to eliminate spasmodic changes in the financial stability of the enterprise;
· it is necessary to bring indicators of quick liquidity to the normative values, this can be done by increasing the funds in the current account of the enterprise.
LIST OF USED LITERATURE
1. Blank I.A. Fundamentals of financial management. - Kyiv: Nika-Center Publishing House, 1999
2. Bobyleva A.Z. Financial management: - M.: ROU Publishing House, 99-152s.
3. Bocharov V.V. Financial modeling. Textbook - St. Petersburg: Peter, 2000.
4. Vakulenko T.G., Fomina L.F. Analysis of financial statements for decision making. M .: Publishing house "Gerda", 1999.
5. Gramotenko T.A. Bankruptcy of enterprises: economic aspects. M.: Prior, 1998
6. Grebnev L.S. Nureev R.M. Economy. M.: -Vita-Press, 2000, p.432.
7. Dyagterenko V.G. Fundamentals of logistics and marketing. - Rostov-on-Don: Expert Bureau, M.: Gardarika, 1996. -120 p.
8. Dontsova L.V. Analysis of financial statements. - M .: DIS, 1999, p. 234.
9. Efimova O.V. Financial analysis. - M .: Publishing house "Accounting", 2002, p.528.
10. Zhuravlev V.V. Analysis of the financial and economic activities of enterprises: ChIEM SPbGTU. Cheboksary, 1999 - 135p.
11. Kovalev A.I. Analysis of the financial condition of the enterprise. - M.: Center for Economics and Marketing, 2000. - 480s.
12. Kovalev V.V. The financial analysis. M.: Finance and statistics, 2001. - 512p.
14. Kozlova O.I. Assessment of the creditworthiness of the enterprise. M.: JSC "ARGO", 1999, p. 274.
15. Lyubushin N.P. Analysis of the financial and economic activity of the enterprise. M.: UNITI, 1999. - 471s.
16. Nerushin Yu.M. Commercial logistics. M.: Banks and stock exchanges, UNITI, 1997. - 271p.
17. Makaryan E.K. , Gerasimenko G.L. The financial analysis. M.: PRIOR, 1999. p. 319.
18. International Financial Reporting Standards. – M.: Askeri-Assa, 1999, p.120.
19. Muravyov A.I. Theory of economic analysis. M.: Finance and statistics, 1998, p.495.
20. Pavlova L.N. Financial management. M.: Banks and stock exchanges, 1998. - 400p.
Financial condition is the most important characteristic of the economic activity of an enterprise in the external environment. It determines the competitiveness of the enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial and other relations are guaranteed. Therefore, we can assume that the main task of analyzing the financial condition is to show the state of the enterprise for internal and external consumers, the number of which grows significantly with the development of market relations.
The purpose of the analysis of the financial condition of the enterprise is to assess its current state, as well as to determine in what areas it is necessary to work to improve this state. At the same time, it is desirable to have such a state of financial resources in which the enterprise, freely maneuvering funds, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as the costs of its expansion and renewal.
The main purpose of this course work is to substantiate the principles and methods of analysis of the financial and economic condition of domestic enterprises.
According to the goal in the course work, the following tasks :
· study of the economic essence of such a concept as „financial condition of an enterprise”;
· definition of a role of a financial condition in efficiency of economic activity of the enterprise;
· a comprehensive assessment of the financial condition of an operating domestic enterprise;
Subject of study models are diagnostics of the financial and economic condition of domestic enterprises.
Object of study is the diagnostics of the financial and economic condition of ChMP OJSC.
The course work consists of three chapters, which consistently explore the problem posed.
1. CHARACTERISTICS OF COMPREHENSIVE ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES IN MODERN CONDITIONS
1.1. Preliminary assessment of the financial condition of the enterprise
Financial analysis is used both by the company itself and by external market participants in the implementation of various transactions or to provide information about the financial condition of the company to third parties. As a rule, financial analysis is carried out when:
restructuring. In the process of separating structural units into separate business units, it is necessary to evaluate such indicators of their current activities as the size of receivables and payables, profitability, inventory turnover, labor productivity, etc. The favorable financial condition of a structural unit may serve as an additional factor in favor of leaving her in the company;
· valuation of the business, including for its sale/purchase. A reasonable assessment of the financial condition allows you to set a fair price for the transaction and can serve as a tool for changing the amount of the transaction;
obtaining a loan/attracting an investor. The results of the financial analysis of the company's activities are the main indicator for the bank or investor when making a decision on issuing a loan;
Listing on the stock exchange (with bonds or stocks). According to the requirements of Russian and Western stock exchanges, a company is required to calculate a certain set of ratios reflecting its financial position and publish these ratios in its performance reports. For example, under Russian law, a company's prospectus is required to indicate the degree of coverage of debt service payments, the level of overdue debt, net asset turnover, the share of income tax in profit before tax, etc.
Financial analysis can be carried out to compare your own company with another (benchmarking). To conduct one-time assessments of the financial condition of an enterprise, it makes sense to involve professional appraisers and auditors. This will increase the reliability of the assessment in the eyes of third parties.
In operational activities, financial analysis is used to:
assessment of the financial condition of the company;
Establishing limits in the formation of plans and budgets. For example, you can limit the liquidity of the company (indicate that it must not be below a certain level), inventory turnover, the ratio of equity to debt, the cost of raising capital, etc. Many companies have a practice of setting limits for branches and subsidiaries based on such indicators as profitability, production cost, return on investment, etc.;
· Evaluation of predicted and achieved performance results.
The analysis begins with a review of the main performance indicators of the enterprise. This review should consider the following questions:
· the property status of the enterprise at the beginning and end of the reporting period;
operating conditions of the enterprise in the reporting period;
the results achieved by the enterprise in the reporting period;
· prospects of financial and economic activity of the enterprise.
The property position of the enterprise at the beginning and end of the reporting period is characterized by balance sheet data. Comparing the dynamics of the results of sections of the asset balance, you can find out the trends in the change in property status. Information about changes in the organizational structure of management, the opening of new types of activities of the enterprise, the features of working with counterparties, etc. is usually contained in an explanatory note to the annual financial statements. The effectiveness and prospects of the enterprise's activities can be generally assessed according to the analysis of profit dynamics, as well as a comparative analysis of the growth elements of the enterprise's assets, the volume of its production activities and profit. Information about shortcomings in the work of the enterprise may be directly present in the balance sheet in an explicit or veiled form. This case may occur when there are articles in the reporting that indicate the extremely unsatisfactory performance of the enterprise in the reporting period and the resulting poor financial position (for example, the “Losses” article). In the balance sheets of quite profitable enterprises, articles may also be present in a hidden, veiled form, indicating certain shortcomings in their work.
This can be caused not only by falsifications on the part of the enterprise, but also by the accepted reporting methodology, according to which many balance sheet items are complex (for example, the items “Other debtors”, “Other creditors”).
1.2.Methodology for analyzing the financial and economic condition
The methodology for analyzing financial and economic activities is a set of analytical procedures used to determine the financial and economic condition of an enterprise.
Experts in the field of analysis give different methods for determining the financial and economic condition of an enterprise.2 However, the basic principles and sequence of the procedural side of the analysis are almost the same with slight differences. Detailing the procedural side of the methodology for analyzing financial and economic activities depends on the goals set and various factors of information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic activities of an enterprise, however, in all significant aspects, the procedural aspects are similar.
Information support is important for analysis. This is due to the fact that, in accordance with the Law of the Russian Federation "On Informatization and Information Protection", an enterprise may not provide information containing a trade secret. But usually for making many decisions by potential partners of the company, it is sufficient to conduct an express analysis of financial and economic activities. Even to conduct a detailed analysis of financial and economic activities, information constituting a commercial secret is often not required. To conduct a general detailed analysis of the financial and economic activities of an enterprise, information is required according to the established forms of financial statements, namely:
form No. 1 Balance sheet
form No. 2 Profit and loss statement
Form No. 3 Capital flow statement
Form No. 4 Statement of cash flows
form No. 5 Appendix to the balance sheet
This information, in accordance with Decree of the Government of the Russian Federation of December 5, 1991 No. 35 "On the list of information that cannot be a trade secret" cannot be a trade secret.
The use of traditional methods for assessing the financial condition of organizations based on calculations of a different number of individual financial ratios does not always allow one to obtain unambiguous conclusions.
Since in this case conflicting conclusions can be obtained in certain areas of assessment. For example, conflicting conclusions can be obtained about the organization's satisfactory solvency and unsatisfactory financial stability. Such a situation can objectively develop when the organization's insufficient solvency is compensated by borrowed funds to the detriment of its financial stability. How, in this case, to unequivocally characterize its financial condition? This shortcoming is eliminated by various methods of integrated assessment.
The calculation of financial ratios is the basis for a comprehensive assessment of the financial condition of the organization, development, adoption of effective financial decisions. For a comprehensive assessment of the financial condition of an organization, it is recommended to calculate the following indicators from the whole variety in the following areas:
* to assess solvency, liquidity absolute liquidity ratio (&|), quick liquidity ratio (kg), current liquidity ratio (kj);
* to assess financial stability - the coefficient of autonomy (& ");
* to assess business activity - the turnover ratio of current assets (kb):
* to assess the profitability of the profitability ratio of sales
Other financial ratios can be used for more detailed analysis. In addition, not all financial ratios have optimal, critical values due to significant dependence on the specifics of the organization, industry affiliation, and other specific conditions.
The absolute liquidity ratio (Jt|) shows the organization's potential to cover short-term liabilities with instantly realizable assets - cash, calculated as the ratio of the organization's cash to the amount of its short-term liabilities.
where £>„ - normal receivables, rub.
The current liquidity ratio (kg) shows the organization's ability to cover short-term liabilities with liquid current assets and is calculated as the ratio of the organization's liquid current assets to the amount of short-term liabilities \"
where Ai - liquid current assets of the organization, rub.
To calculate the current liquidity ratio, “Accounts receivable”, payments on which are expected in more than 12 months, “Inventories” and “Other current assets”, respectively, are adjusted for the amount of actually identified bad receivables, illiquid and hard-to-sell inventories and costs. The amount of the debit balance on account 83 "Deferred income" (exchange differences) is deducted from "Short-term liabilities". According to international standards, the value of the current liquidity ratio should be in the range from one to two, that is, working capital should be at least sufficient to pay off short-term obligations. The value of the current liquidity ratio is less than one, which means that the amount of liquid assets of the organization is less than the maturity debt. Such organizations are insolvent. The excess of working capital over short-term liabilities by more than two or three times is considered an undesirable phenomenon, and indicates an irrational capital structure
The risk of a decrease in the financial stability of an organization is assessed by the ratio of equity and debt capital as sources of formation of the organization's assets. The autonomy coefficient characterizes the organization's ability to form reserves and costs at its own expense, shows how the risk is distributed between the owners of the organization and their creditors.
The coefficient of autonomy (kj) shows what share in the sources of formation of the organization's funds falls on equity, that is, it characterizes how independent the organization is from attracting external sources of financing.
where Сn is the equity capital of the organization rub.; Vb balance sheet currency of the organization, rub.
Business activity ratios allow you to evaluate the effectiveness of the use of funds. This group includes various indicators of turnover. Turnover indicators of current assets are of great importance for assessing the financial condition of the organization, since the rate of turnover of funds, that is, the transformation of them into cash, characterizes the solvency of the organization.
The turnover of various elements of current assets is calculated in days, based on the value of daily sales. The sum of average daily sales is calculated by dividing the sales proceeds by the number of days in the period (90, 180, 270 or 360
days). The average size of current assets is calculated as And the sums for the beginning and end dates of the period and the total values of indicators for intermediate dates, divided by the number of terms minus one. The turnover of current assets (OA) is determined by:
where (Yo is the turnover of current assets, taken as a comparison base, turnovers, (Yi is the compared turnover of current assets, turnovers.
Profitability is assessed based on the use of the sales profitability ratio (A*), which is defined as the ratio of sales profit to sales revenue:
where /?i - profit from the sale of products, goods, works, services, rubles; G, - proceeds from the sale of products, goods, works, services, rub.
The following are accepted as normative values of financial ratios: k, > OD; *2 > 0.8; *h > 2; > 0.7; *5> 1.02; K 2 0.15. Integrated
assessment of the financial condition of the organization is carried out as follows.
1) based on the results of calculating the coefficients and comparing them with the standard values, each coefficient is assigned a class from 1 to 3 according to the data given in table 3.1;
2) taking into account the value of the specific weight of the coefficient in the comprehensive assessment of the financial condition of the organization, the number of points for each indicator is calculated, on the basis of which the class of the financial condition of the organization is determined
Table 3.1 - Classes of financial ratios
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Introduction
The chosen topic of the course work is very relevant today, since financial analysis is one of the most effective ways to comprehensively and objectively assess the financial condition of an enterprise. In the face of increasing competition, a timely analysis of the financial stability and solvency of an enterprise is an additional factor in competitiveness.
The object of the study is the Open Joint Stock Company Nizhny Novgorod Aircraft Building Plant Sokol.
The purpose of this work is to analyze the financial condition of the enterprise as a tool for taking measures to improve its financial condition and stabilize the situation. To achieve this goal, the most important points and directions in financial analysis, both theoretically and practically, are considered.
The main tasks of the work:
1. Analyze the financial statements of OAO NAZ Sokol.
2. To analyze the economic coefficients of OAO NAZ Sokol.
3. To identify ways to optimize the financial condition of OAO NAZ Sokol.
The basis of this work was the accounting information for the study period 2010-2011.
The work consists of three chapters, including analytical tables: "Theoretical aspects of a comprehensive assessment of the financial condition of enterprises"; “Comprehensive assessment of the financial condition of OAO Nizhny Novgorod Aircraft Building Plant Sokol”; “Measures to improve the financial condition of OAO NAZ Sokol.
The appendix includes financial statements for the period 2010-2011. (balance sheet; income statement; cash flow statement).
This work is a real reflection of the financial situation of the enterprise and specific proposals for a number of activities useful for stabilizing and improving the financial condition of the object under study.
1. Theoretical aspects of a comprehensive assessment of the financial condition of enterprises
1.1 Essenceconducting a comprehensive financial assessmentnew state of the enterprise
Ensuring the sustainability and success of any business, determining the conditions for its further development is impossible without a thorough analysis of its economic activity. The most important component of such an analysis is a comprehensive assessment of the financial condition of the enterprise.
Under the financial condition of the company refers to its ability to finance its activities. It is characterized by the availability of financial resources necessary for normal functioning, their appropriate placement and effective use, financial relationships with other legal entities and individuals, solvency and creditworthiness, and financial stability.
In order to develop in a market economy and avoid bankruptcy, you need to know how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be occupied by own funds, and which should be borrowed.
The ability of an enterprise to successfully operate and develop, maintain a balance of its assets and liabilities in a changing internal and external environment, constantly maintain its solvency and investment attractiveness within the limits of an acceptable risk level indicates its stable financial condition, and vice versa.
Modern financial analysis covers a fairly wide range of issues that go far beyond the traditional assessment of the financial condition, carried out, as a rule, on the basis of financial statements.
At the same time, the assessment of the current financial condition should be considered as the initial stage of financial analysis, for which, first of all, financial statements are involved, including explanations to them, as well as the necessary external information: analytical forecasts about the state of the capital market and the stock market, the inflation rate in the country and others
The main purpose of the analysis of the financial condition is to identify, on the basis of an objective assessment of the use of financial resources, intra-economic reserves to strengthen the financial situation and increase solvency.
In this case, it is necessary to solve the following tasks:
1. Based on the study of the relationship between various indicators of industrial, commercial and financial activities, evaluate the implementation of the plan for the onset of financial resources and their use from the standpoint of improving the financial condition.
2. Build models for assessing the financial condition, conduct a factor analysis, determining the influence of various factors on the change in the financial condition of the enterprise.
3. Predict possible financial results based on the actual conditions of economic activity, the availability of own and borrowed resources and the developed models for assessing the financial condition with a variety of options for using resources.
4. Develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition.
A comprehensive analysis of the financial condition of an enterprise consists of the following main components:
1) solvency analysis;
2) assessment of financial stability;
3) analysis of the effectiveness of financial and economic activities;
4) cash flow analysis;
5) business activity analysis.
The results of the analysis of the financial condition are the basis for the development of management decisions on the attraction and placement of funds to achieve the goals.
1.2 The system of indicators characterizing the financial condition of the enterprise
The financial condition of the enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time.
Thus, a comprehensive assessment of the financial condition of an enterprise is based on a system of financial ratios. Characterizing the structure of the sources of capital formation and its placement, the balance between the assets and liabilities of the enterprise, the efficiency and intensity of the use of capital, the liquidity and quality of assets, etc. for this purpose, the dynamics of each indicator is studied, comparisons are made with average and standard values for the industry.
Indicators characterizing the financial condition can be divided into groups, reflecting various aspects of the financial condition of the enterprise. These include liquidity and solvency ratios; financial stability ratios; profitability ratios; business activity ratios.
Liquidity and solvency assessment.
The financial condition of an enterprise from a short-term perspective is assessed by indicators of liquidity and solvency, in the most general form characterizing whether it can timely and in full make settlements on short-term obligations to counterparties.
Therefore, speaking of the liquidity and solvency of an enterprise as characteristics of its current financial condition, it is quite logical to compare short-term liabilities with current assets as their real and economically justified provision.
The liquidity of an asset is understood as its ability to be transformed into cash in the course of the envisaged production and technological process, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets.
In other words, liquidity means a formal excess of current assets over short-term liabilities.
Solvency means that the enterprise has cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment. The main features of solvency are: the presence of sufficient funds in the current account; no overdue accounts payable.
Thus, the concepts of solvency and liquidity are very close, but the second is more capacious. The solvency of the enterprise depends on the degree of liquidity of the balance sheet.
To assess the liquidity of an enterprise, the following indicators are calculated:
1. The absolute liquidity ratio (the rate of cash reserves) is determined by the ratio of cash and short-term financial investments to the total amount of short-term debts of the enterprise. Its level shows what part of short-term liabilities can be repaid at the expense of available cash.
2. Quick (urgent) liquidity ratio - the ratio of cash, short-term financial investments and short-term receivables, payments on which are expected within 12 months after the reporting date, to the amount of short-term financial liabilities. A ratio of 0.8-1 usually satisfies.
3. Current liquidity ratio (general debt coverage ratio) - the ratio of the total amount of current assets, including reserves minus deferred expenses, to the total amount of short-term liabilities. It shows the extent to which current assets cover current liabilities. Satisfies usually a coefficient > 0.2.
Assessment of financial stability.
The key to the survival of an enterprise in a market economy is its financial stability, that is, the ability of an enterprise to carry out its current activities.
Financial stability ratios include:
1. The coefficient of security of current assets (OA) with own working capital (K OB. SOS). This indicator characterizes the degree of security with own working capital of the enterprise. The normative value of the coefficient is > 0.1.
2. The coefficient of security of material reserves with own working capital (K OB. MZ). Shows the extent to which inventories (W) are covered by own sources. The normative value of the coefficient = 0.5 - 0.8.
3. The coefficient of maneuverability of own capital (To MSK). Shows how mobile the company's own sources of funds are from a financial point of view and is determined by the ratio of own working capital to the sum of sources of own funds (KR). Level = 0.5 is considered optimal.
4. Permanent asset index (K IPA). Shows the ratio of non-current assets (VNA) of the enterprise to its own funds (KR).
5. The coefficient of long-term borrowing (To DZ). Reflects the ratio of the amount of long-term loans and borrowings (DC) to equity (CR). This ratio shows how intensively the company uses borrowed funds to upgrade production.
6. Coefficient of the real value of property (K RSI). It is calculated as the ratio of the total value of own funds (F) and inventories (Z) to the value of the organization's assets (A). Determines what proportion of the value of property is the means of production. The standard value of this indicator is approximately 0.5.
7. Coefficient of autonomy (concentration of equity capital) (K A), which is calculated as the ratio of equity capital (CR) to the balance sheet currency (B). What is the normative value of this coefficient? 0.6.
8. Coefficient of financial dependence (K FZ) (concentration of borrowed capital), which is calculated as the ratio of borrowed funds to the balance sheet currency. Normative value? 0.4.
9. Ratio of financial activity (shoulder of financial leverage) (K FA). Reflects the ratio of borrowed and own funds of the enterprise.
10. The financing ratio (K FIN) is the ratio of own and borrowed funds. Normative value of the funding ratio? one.
11. The coefficient of financial stability (the share of long-term sources of financing in assets) (To FU), is calculated as the ratio of own (KR) and long-term borrowed sources (DK) to the balance sheet currency (B).
Profitability assessment.
Profitability is the degree of profitability, profitability, profitability of a business. It is measured using a whole system of relative indicators that characterize the efficiency of the enterprise as a whole, the profitability of various activities, the profitability of the production of certain types of products and services.
In the practice of economic analysis, two groups of profitability indicators are distinguished: profitability of products; return on capital.
Product profitability includes the following indicators:
1) profitability of certain types of products (R PROD);
2) product profitability (R PR);
3) marginal profitability (R PREV).
Return on equity indicators include:
1) return on assets (R A);
2) profitability of non-current assets, fixed assets;
3) profitability of current assets (R ТА);
4) profitability of production assets;
5) profitability of financial investments.
Assessment of business activity.
In a broad sense, business activity means the whole range of efforts aimed at promoting the company in the product, labor, and capital markets. In the context of managing the financial and economic activities of an enterprise, this term is understood in a narrower sense - as its current production and commercial activities.
The business activity of an enterprise is measured using a system of quantitative and qualitative indicators.
The qualitative characteristics of the enterprise's business activity include: the breadth of sales markets, the business reputation of the enterprise, its competitiveness, the presence of regular suppliers and buyers of finished products.
Quantitative indicators of business activity are characterized by absolute and relative indicators.
The absolute indicators include: sales volumes, profit, amount of advanced capital.
Relative indicators of business activity characterize the efficiency of resource use. These include:
1. Turnover of all assets (K OA). Shows the rate of turnover of all advanced capital, i.e. the number of turnovers made by him for the analyzed period.
2. Period of asset turnover (T OA). It characterizes the duration of one turnover of the advanced capital (in days).
3. The turnover ratio of non-current assets (K O.VA).
4. Turnover of current assets - characterizes the rate of turnover of current assets (K OOA).
5. The turnover of material working capital characterizes the rate of turnover of tangible assets (TO O.MA).
6. The turnover of receivables (To ODZ) characterizes the rate of turnover of the company's funds invested in receivables.
7. The volume of sales per employee is the ratio of sales proceeds to the average number of employees.
In addition to these indicators, others can be used to assess business activity.
financial economic reporting
1.3 Review of modern methods and approaches to a comprehensive assessment of the financial condition of an enterprise
Achieving the goals of analyzing the financial condition of the enterprise is carried out using various methods. There are various classifications of financial analysis methods. The practice of financial analysis has developed the basic rules for reading (method of analysis) of financial statements. There are six main ones among them:
1) horizontal (temporal) analysis - comparison of each reporting position with the previous period;
2) vertical (structural) analysis - determining the structure of the final financial indicators and identifying the impact of each reporting position on the result as a whole;
3) trend analysis - comparison of each reporting position with a number of previous periods and determination of the main trend in the dynamics of the indicator, cleared of random external and individual features of individual periods - prospective forecast analysis;
4) analysis of relative indicators (financial ratios) - calculation of numerical ratios of various forms of reporting, determination of interrelations of indicators;
5) comparative analysis - is divided into: intra-economic - comparison of the main indicators of the enterprise and subsidiaries or divisions; inter-farm - comparing the performance of the enterprise with the performance of competitors with the industry average;
6) factor analysis - analysis of the influence of individual factors (reasons) on the result indicator.
Analytical calculations are performed either as part of an express analysis or an in-depth analysis.
Express analysis. Its purpose is to obtain a prompt, visual and simple assessment of the financial well-being and dynamics of the development of an economic entity. In other words, such an analysis should not take much time, and its implementation does not involve any complex calculations and a detailed information base. This set of analytical procedures can also be called reading a report (reporting). The sequence of procedures (stage analysis) is as follows:
1) viewing the report on formal grounds. It includes checking the correctness of filling out reporting forms, the presence of all obviously required indicators, the conformity of the results, checking the control ratios between reporting items;
2) familiarization with the auditor's report;
3) familiarization with the accounting policy of the enterprise;
4) general assessment of the property and financial condition according to the balance sheet data;
5) formulation of conclusions based on the results of the analysis. At this stage, the express analysis is summarized from the standpoint of the goal that was formulated before it was carried out.
Deep Analysis. If express analysis, in fact, comes down to just reading the annual report, then in-depth analysis involves the calculation of a system of analytical coefficients that allows you to get an idea of the following aspects of the company's activities: property status, liquidity and solvency, financial stability, business activity, profit and profitability, market activity. In addition, in-depth analysis involves horizontal and vertical analyzes of reporting forms.
It is important to note that not only the content, but also the method of modern financial analysis has its own characteristics, due to its targeted focus on justifying management decisions: a systematic and integrated approach; comparison of costs and benefits; continuity of the results of the analysis; probabilistic approach; orientation to the needs of a particular subject of analysis.
The method of modern financial analysis can be considered as a systematic comprehensive study of the financial condition of an economic entity in order to assess its financial stability and performance under conditions of uncertainty and risk.
Systematic and integrated approach follows from the general methodology of economic analysis, which involves considering the object of study as a system. With regard to financial analysis, this is reflected in the fact that at the initial stage of the analysis, the overall assessment of the financial condition is divided into separate components: analysis of current solvency and liquidity, capital structure, business activity, profitability of activities. At the next stage, the results of the analysis of individual aspects of the financial condition are interconnected and generalized in order to form an analytical conclusion about the current state and possible changes related to the decisions made and the influence of the external and internal environment.
Cost-benefit requirement follows from the understanding of financial analysis as an action, the benefits of which must exceed the costs of its implementation. In this case, the benefits can be considered as a reduction in losses associated with the maintenance of excess inventory, losses from the write-off of uncollectible receivables or from delays in their collection, losses from idle capacity and a number of other costs and losses that can be avoided as a result of timely identification of financial problems. This requirement determines the reasonable complexity of analytical work for each specific enterprise.
Requirement of succession of financial analysis results determines the methodology for its implementation, according to which the results of the final (retrospective) analysis become the basis for predictive analysis. At the next stage of the analysis, as a result of comparing the actual and forecast data, the quality of the forecast analysis is assessed and the methodology used is refined.
The probabilistic approach to financial analysis is determined by the fact that the financial decisions made based on the results of the analysis are future-oriented, which implies the need to take into account the uncertainty and risk factor.
This approach is widely used in predictive analysis of cash flows, return on investment and other areas of financial analysis related to the justification of specific investment and financial decisions.
Orientation to the requests of a specific subject of analysis- a requirement that determines the effectiveness of the analysis. Depending on who is the subject of analysis, its target orientation changes. So, for owners, the main criterion for evaluating activities is the increase in profit on invested capital, for creditors, the key indicators will be the characteristics of solvency, for personnel - the sufficiency of funds to pay wages and make additional payments, etc.
Knowledge of the primary interests of the subjects of analysis, on the one hand, allows you to most fully satisfy their information needs, on the other hand, it makes it possible to minimize the formation of the resulting analytical information.
2. Comprehensive assessment of the financial condition of JSC« Nizhny Novgorod Aircraft Building Plant"FROMabout»
2.1 Brief organizational and economicJSC characteristic"NAZ "Falcon"
The analyzed JSC Nizhny Novgorod Aircraft Building Plant Sokol is one of the leading enterprises of the modern Russian aviation industry. Registered September 22, 1994. During its existence, the plant has produced more than 43.5 thousand aircraft.
The history of the aircraft factory began with the production of aviation equipment developed in the experimental design bureaus of N.N. Polikarpov (aircraft I-5, I-16) and S.A. Lavochkin (fighters LaGG-3, La-5, La-7, La-9, La-11, La-15, La-17). 19.2 thousand aircraft produced in 1941-1945 are the contribution of the Gorky aircraft plant to the victory of the Soviet people in the Great Patriotic War.
The Sokol Aircraft Building Plant has close cooperation with dozens of the largest enterprises throughout the country. Since 1949, the Russian Aircraft Corporation MiG has been the main partner enterprise. The plans for joint activities provide for the launch of new promising aircraft of the MiG brand.
Since 1949, the plant has been cooperating with the experimental design bureau of A.I. Mikoyan, produces fighters of the MiG family. The most famous aircraft of this brand in the world, supplied by the plant, include the MiG-21, MiG-25, MiG-29UB / UBT, MiG - 31. These aircraft are in service with the Air Force of the Russian army and the armies of a number of countries near and far abroad. In total, about 13.5 thousand MiG fighters were built.
In accordance with the Decree of the President of the Russian Federation dated February 20, 2006, JSC Nizhny Novgorod Aircraft Building Plant Sokol, among the leading aircraft building enterprises of the country, was included in the United Aircraft Building Corporation. Currently, together with Sukhoi and RAC MiG, it is part of the combat aviation division of OAO UAC. Nizhny Novgorod Aircraft Building Plant operates in the following areas:
Modernization and repair of MiG-31 aircraft for the Ministry of Defense;
Production of the Yak-130 combat training aircraft for the Russian Air Force;
Production in cooperation with RAC "MiG" of the main units for the ship-based fighter MiG-29K/KUB, the MiG-29M/M2 fighter.
Being a city-forming JSC NAZ "Sokol" provides orders to the enterprises of the aircraft building industry of the Nizhny Novgorod region. Among them: OJSC "Hydromash", OJSC "Teploobmennik", OJSC "Hydroagregat", Arzamas Instrument-Making Plant and others.
One of the priorities of activity is the quality of products. Back in the 60s of the XX century, the company developed and implemented its own quality management system CANARSPI (Quality, Reliability, Resource, From the First Products). Currently, the CANARSPI quality management system is certified for compliance with the requirements of the following standards:
National: GOST R ISO 9001 - 2001, GOST RV15.002-2003, OST 1.02773-2004;
International: AS9100/EN9100.
In 2010, the company began work on improving the production system using Lean technologies (“lean production”), the purpose of which is to reduce costs and production costs through the optimal organization of the production process.
The Nizhny Novgorod aircraft building plant Sokol has a modern production base, its own design bureau, as well as a flight test complex, an aviation training center, a civil aircraft maintenance and repair center, which makes it possible to create advanced aviation equipment that meets international requirements.
2.2 Accounting analysiswhich financial statements « NAZ "Falcon"
The stability of the financial position of an enterprise largely depends on the appropriateness and correctness of investing financial resources in assets. Organizational assets are dynamic. In the process of economic activity of the enterprise, both the value of assets and their structure undergo constant changes. The most general idea of the changes that have taken place in the structure of property, as well as its dynamics, can be obtained using a horizontal and vertical analysis of the organization's balance sheet.
The structure of property shows the ratio of individual groups of property as part of its total amount and is determined by calculating the specific weight of each group of property in its total amount.
The dynamics of property is determined by calculating the deviations in the amount and specific gravity compared to the base period, growth rates and growth rates.
The growth rate is defined as the ratio of the sum of the reporting period to the sum of the base period and multiplied by 100%. The growth rate is defined as: the growth rate minus 100%.
Table 1 - Structure and dynamics of the property of the organization
|
Indicators |
Amount, thousand rubles |
Specific weight, % |
Deviations |
||||||
|
at the beginning of the period |
at the end of the period |
at the beginning of the period |
at the end of the period |
by amount, thousand rubles |
by specific weight, % |
growth |
|||
|
1. Non-current assets |
|||||||||
|
3. Accounts receivable |
|||||||||
|
4. Cash and short. fin. investment |
|||||||||
|
5. Other current assets |
|||||||||
|
Balance |
In the structure of total assets, the largest share falls on non-current assets - 33.5%, such a level of non-current assets is normal for this area of activity. As a negative fact, we can note the increase in the level of receivables at the end of the period. And also at the end of the reporting period there was a significant decrease in the amount of cash from 2703690 thousand rubles. (as of December 31, 2010) to 323,216 thousand rubles. (as of December 31, 2011) - by 87.3% (or by 2,361,474 thousand rubles).
A significant amount of cash remained on December 31, 2010 due to the late receipt of an advance payment under the Civil Code for the supply of Yak-130 and loans from OAO UAC and OAO RAC MiG, which could not be used for the necessary payments. The received funds were partially placed on deposits (1,100,000 thousand rubles) and partially remained on settlement accounts (1,603,690 thousand rubles).
Table 2 - Structure and dynamics of non-current assets
The cost of non-current assets at the end of the year amounted to 5168768 thousand rubles. The increase amounted to 561,070 thousand rubles. (12.2%), mainly due to a 1.46-fold increase in the value of deferred tax assets (by 272,051 thousand rubles), as well as the book value of fixed assets by 6.5% (by 251,551 thousand rubles). The increase in the cost of fixed assets was mainly caused by the revaluation of fixed assets under sub-account 140 “Equipment”.
In general, during the year the structure of non-current assets changed insignificantly:
The share of intangible assets decreased by 0.1% due to a decrease in their value by 14.4% and a general increase in non-current assets;
The share of fixed assets decreased by 4.3% due to the accelerated growth in the amount of non-current assets;
The share of construction in progress has not changed;
The share of long-term financial investments increased by 0.6%;
The share of deferred tax assets increased by 3.8% due to the growth of their value by 46.3% - from 587,530 thousand rubles. up to 859581 thousand rubles.
As part of non-current assets, fixed assets play the most significant role. The final results of activity largely depend on the effectiveness of their use.
Indicators of efficiency of use are: capital productivity of fixed assets, capital intensity of production and profitability (R) of fixed assets.
The return on assets of fixed assets is defined as the ratio of revenue to the average annual cost of fixed assets.
Return on assets at the beginning of the period = 3916730 / 3877962 = 1.0;
Return on assets at the end of the period = 3554474 / 3985685.5;
Capital intensity at the beginning of the period = 3877962 / 3916730 = 0.99;
Capital intensity at the end of the period = 3985685.5 / 3554474 = 1.12;
R at the beginning of the period = -2128020 / 3877962 * 100 = -50%;
R at the end of the period = -1828338 / 3985685.5 * 100 = -50%.
Table 3 - Structure and dynamics of current assets
In general, current assets increased by 568,523 thousand rubles. or by 6.2%, amounting to 9,728,375 thousand rubles at the end of the year. This indicates an increase in the economic turnover of the enterprise.
The growth in the value of current assets is due to:
An increase in the amount of reserves by 598,849 thousand rubles. or by 14.0%, which was mainly due to an increase in costs in work in progress;
The growth of short-term receivables by 2621420 thousand rubles. or 150.0%.
Indicators of the effectiveness of current asset management are: the turnover ratio of current assets (To OOA) and the period of turnover of current assets.
K OOA \u003d Revenue (N) / Average annual value of current assets (A O, CP)
TO OOA at the beginning of the period = 3916730 / 7233455.5 = 0.54;
TO OOA at the end of the period = 3554474 / 9444113.5 = 0.37;
Turnover period at the beginning of the period = 360 / 0.54 = 666.6 (days);
Turnover period at the end of the period = 360 / 0.37 = 972.9 (days).
Table 4 - Structure and dynamics of receivables
|
Indicators |
Amount, thousand rubles |
Specific weight, % |
Deviations |
||||||
|
at the beginning of the period |
at the end of the period |
at the beginning of the period |
at the end of the period |
by amount, thousand rubles |
by specific weight, % |
growth |
|||
|
1. Accounts receivable for more than 12 months |
|||||||||
|
2. Accounts receivable less than 12 months old |
|||||||||
|
Accounts receivable |
In the reporting period, the share of receivables in current assets increased from 19.9% to 44.9%, in absolute terms -
increased by 2553912 thousand rubles. and amounted to 4372558 thousand rubles. Which is a negative change and can be caused by problems associated with paying for the products (works, services) of the enterprise, or the active provision of consumer credit to buyers, i.e. diversion of part of current assets and immobilization of part of working capital from the production process.
The receivables turnover ratio (TO ODZ) is equal to the ratio of revenue to the average annual receivables (DZ SR):
K ODZ \u003d N / DZ SR
To ODZ at the beginning of the period = 3916730 / 1577432.5 = 2.48;
To ODZ at the end of the period = 3554474 / 3095602 = 1.15;
Turnover period at the beginning of the period = 360 / 2.48 = 145.2 (days);
Turnover period at the end of the period = 360 / 1.15 = 313 (days).
The sources of financing of the organization are reflected in the liabilities side of the balance sheet. The assessment of the structure and dynamics is also carried out on the basis of the results of a horizontal and vertical analysis of the company's liabilities.
Table 5 - Structure and dynamics of funding sources
The activities of OAO NAZ Sokol are characterized by a long production cycle and long-term nature of contracts. At the same time, the contracts involve a small advance payment (which often does not cover the cost of purchasing materials, PKI), and sometimes a payment deferral for several years. Thus, the company is experiencing significant difficulties with the formation of working capital at its own expense. Therefore, the joint-stock company is forced to attract bank loans, which are secured by the proceeds from the concluded contracts.
Accounts payable for the reporting period decreased by 22.2%
(by 1,019,017 thousand rubles) and amounted to 3,571,523 thousand rubles at the end of 2011.
The decrease was due to the debt of the Ministry of Defense of the Russian Federation for advances received in 2010 for products shipped in 2011.
The growth of accounts payable to other creditors amounted to 954,931 thousand rubles. (3.2 times) - from 434842 thousand rubles. up to 1,389,773 thousand rubles, mainly due to settlements with OAO RAC MiG under a commission agreement
(957280 thousand rubles). In 2010, this debt amounted to 633,603 thousand rubles. and reflected in advances received. Accounts payable to suppliers and contractors decreased in 2011 by 66.2% or by 785,645 thousand rubles. and amounted to 31.12.11, 401,098 thousand rubles.
Table 6 - Structure and dynamics of sources of own funds
As a negative fact, it should be noted that the largest share at the end of 2011 has an uncovered loss (-2708.4%). Moreover, during the analyzed period there was an increase in the amount of uncovered loss. What indicates the low financial stability of the enterprise. The reserve fund is an insignificant share of sources of own funds. As a positive trend, it should be noted that in general, over the reporting period, an increase in sources of own funds by 147.7%.
According to the results of 2011, the company received a loss in the amount of 1618443 thousand rubles.
The financial result of 2011 was formed from the following indicators:
1) A loss in the amount of -709,754 thousand rubles was received from the sale of products, works and services in the reporting period.
2) From other operating and non-sales activities, a loss in the amount of -1,118,584 thousand rubles was received.
3) Deferred tax assets +280298.
4) Deferred tax liabilities -57616.
5) Other -12787.
Financial result of JSC activity « NAZ "Falcon" - RUB 1,618,443 thousand
A significant impact on the formation of the financial result of 2011 was the presence of a loss on sales in the amount of 709,754 thousand rubles. The reason for the loss from production activities is the excess of the actual cost over the planned cost in the amount of 1,021,936 thousand rubles.
After analyzing the financial statements of NAZ Sokol OJSC, the following conclusions can be drawn: In 2011, the net loss amounted to 1,618,443 thousand rubles, as a result of which own working capital is still a negative value and has a slight positive trend. Thus, the enterprise does not have its own source for the formation of stocks and costs. At the same time, the amount of own and long-term borrowed funds is, in contrast to 2010, positive (due to long-term loans and borrowings). Inventories and costs are still fully funded by borrowed funds.
2.3 Analysis of economic ratios of OJSC « NAZ "Falcon"
Liquidity assessmentandplsolvency.
An organization's liquidity analysis is an analysis of the liquidity of the balance sheet and consists in comparing the funds for an asset, grouped by the degree of liquidity and arranged in descending order, with liabilities for liabilities, grouped by their maturity in ascending order. The liquidity balance is presented in table 7.
Table 7 - Liquidity balance
The liquidity balance of the enterprise JSC "NAZ "Sokol" can be considered non-liquid, since the following ratio of assets and liabilities is not met:
A1? P1; A3? P3;
A2? P2; A4< П4.
At the second stage of the analysis, the calculation of financial liquidity ratios is carried out.
1. Absolute liquidity ratio:
To AL= A1 / P1 + P2.
K AL at the beginning of the period = 2703690 / (4640146 + 6593374) = 0.24;
K AL at the end of the period = 342216 / (3689283 + 2555433) = 0.06.
2. Quick liquidity ratio:
To CL= (A1 + A2) / (P1 + P2).
K CL at the beginning of the period = (2703690 + 2108458) / (4640146 + 6593374) = 0.40;
To CL at the end of the period = (342216 + 4503235) / (3689283 + 2555433) = 0.74.
3. Current liquidity ratio:
To TL= (A1 + A2 + A3) / (P1 + P2).
To TL at the beginning of the period = (2703690 + 2108458 + 4343831) / (4640146 ++ 6593374) = 0.82;
To TL at the end of the period = (342216 + 4503235 + 4875172) / (3689283 + 2555433) = 1.56.
Table 8 - Liquidity ratios
Due to the growth in the value of current assets by 6.2%, and the change in the structure of borrowed funds, in 2011 there was an improvement in two of the three main liquidity indicators.
Current liquidity ratio for 2011 increased to the level of 1.56. This value indicates the ability of OAO NAZ Sokol to fully cover its short-term liabilities at the expense of current assets, subject to timely settlements with debtors, favorable sales of finished products and sale, if necessary, of other current assets.
Quick liquidity ratio is equal to 0.74, which is slightly lower than the standard and indicates the instability of the enterprise in the short term, since due to fast-moving assets (short-term receivables, short-term financial investments and cash), the enterprise can repay only 74% of short-term liabilities.
Absolute liquidity ratio decreased (due to a decrease in the amount of cash by 88%) and amounted to 0.06, which is below the normative level and indicates that the company, if necessary, is able to cover the most urgent obligations at the expense of the most liquid assets (cash) by 6 % (with a standard of 20-25%).
Financial stability assessment.
As absolute indicators of financial stability, indicators are used that characterize the level of provision of reserves and costs with the sources of their formation.
To characterize the sources of formation of reserves, three main indicators are determined:
1. Availability of own working capital (SOS):
SOS = Capital and reserves - non-current assets.
2. Availability of own and long-term sources of formation of reserves and costs (SD):
SD = SOS + long-term credits and loans.
3. The total value of the main sources of formation of reserves and costs (OI):
OI = SD + short-term credits and loans.
1. D SOS means a surplus or shortage of own working capital for the formation of stocks:
DSOS = SOS - Z.
D SOS at the beginning of the period = (- 383885 - 4607698) - 4273131 = - 4991583 - 4273131 = - 9264714;
D SOS at the end of the period = (182995 - 5168768) - 4871980 = - 4985773 - 4871980 = - 9857753;
2. D SD characterizes the excess or lack of own and long-term sources of formation of reserves and costs:
DSD \u003d SD - Z.
D SD at the beginning of the period = (- 4991583 + 2872862) - 4273131 = - 2118721 - 4273131 = - 6391852;
D SD at the end of the period = (- 4985773 + 8236932) - 4871980 = 3251159 - 4871980 = - 1620821.
3. D OI characterizes the surplus or shortage of common sources of formation of reserves and costs:
DOI \u003d OI - Z.
D OI at the beginning of the period = (- 2118721 + 6593374) - 4273131 = 4474653 - 4273131 = 201522;
D OI at the end of the period = (3251159 + 2555433) - 4871980 = 5806592 - 4871980 = 934612.
Identification of excess or shortage of sources of funds for the formation of stocks and costs allows you to determine the type of financial situation in the organization.
Having calculated the absolute indicators of financial stability, we can conclude that the organization of JSC NAZ Sokol has an unstable financial condition both at the beginning and at the end of the period, since D SOS< 0, Д СД < 0,
The analysis of relative indicators of financial stability is an assessment of the composition and structure of sources of funds for financing the activities of the organization and their sufficiency. Based on the results of the analysis, an assessment is made of the degree of independence of the organization from external creditors.
Relative indicators of financial stability can be divided into indicators that characterize:
1) the state of working capital;
2) condition of fixed assets;
3) financial activities.
The state of working capital is characterized by the following indicators:
1. The coefficient of security of current assets with own working capital.
To ABOUT. SOS = SOS / OA.
TO OB. SOS at the beginning of the period = - 4991583 / 9159852 = - 0.54;
TO OB. SOS at the end of the period = - 4985773 / 9728375 = -0.51.
2. The coefficient of security of material reserves with own working capital.
To ABOUT. MOH = SOS / Z.
TO OB. MS at the beginning of the period = - 4991583 / 4273131 = - 1.17;
TO OB. MS at the end of the period = - 4985773 / 4871980 = - 1.02.
3. The coefficient of maneuverability of own capital.
To MSC= SOS / KR.
To Moscow time at the beginning of the period = - 4991583 / (-383885) = 13.00;
To Moscow time at the end of the period = - 4985773 / 182995 = -27.25.
The condition of fixed assets is characterized by the following coefficients:
To IPA= VNA / KR.
To IPA at the beginning of the period = 4607698 / (-383885) = -12.00;
To IPA at the end of the period = 5168768 / 182995 = 28.25.
2. The coefficient of long-term borrowing.
To DZ= DK / KR.
To DZ at the beginning of the period = 2872862 / (-383885) = -7.48;
To DZ at the end of the period = 8236932 / 182995 = 45.01.
3. The coefficient of the real value of the property.
To RSI = (F+ Z) / A.
To RSI at the beginning of the period = (3859910 + 4273131) / 13767550 = 0.59;
To RSI at the end of the period = (4111461 + 4871980) / 14897143 = 0.60.
The structure of financial sources and financial independence are characterized by the following indicators:
1. Coefficient of autonomy.
To BUT= KR / B.
K A at the beginning of the period = -383885 / 13767550 = -0.03;
K A at the end of the period = 182995 / 14897143 = 0.01.
2. Coefficient of financial dependence.
To FZ= (DK + KK) / B.
To the Federal Law at the beginning of the period = (2911557 + 112398780 / 13767550 = 1.03;
To FZ at the end of the period = (8333243 + 6380905) / 14897143 = -0.03.
3. Financial activity ratio.
To F\u003d (DK + KK + KZ) / KR.
To FA at the beginning of the period = (2872862 + 6593374 + 4590540) / (-383885) = -36.62;
To FA at the end of the period = (8236932 + 2555433 + 3571523) / 182995 = 78.49.
4. Funding ratio.
To FIN= KR / (DK + KK + KZ).
To FIN at the beginning of the period = (-383885) / (2872862 + 6593374 + 4590540) = -0.03;
To FIN at the end of the period = 182995 / (8236932 + 2555433 + 3571523) = 0.01.
5. The coefficient of financial stability.
To UGH\u003d (KR + DK) / B.
To FU at the beginning of the period = (-383885 + 2872862) / 13767550 = 0.18;
To FU at the end of the period = (182995 + 8236932) / 14897143 = 0.57.
Table 9
|
Indicators |
standard |
As of December 31, 2010 |
As of December 31, 2011 |
|
|
Autonomy coefficient |
||||
|
Financial dependency ratio |
||||
|
Net asset value |
||||
|
Financial stability ratio |
||||
|
Net working capital |
Values equity concentration ratio and debt capital concentration ratio slightly improved, but still far from the normative, which indicates a strong dependence of the enterprise on external creditors. The value of net assets - the property of the enterprise, free from debt obligations, in the reporting period increased by 566,749 thousand rubles. and amounted to 31.12.11, 183487 thousand rubles.
The amount of own and long-term borrowed funds increased in 2011 (at the expense of long-term borrowed funds), while the volume of short-term liabilities decreased, as a result of which coefficient financial stability reached a value of 0.57 and came close to the normative one.
Net working capital enterprises as a result of changing the structure of liabilities (decrease in the volume and share of short-term liabilities) increased significantly and amounted to 3347470 thousand rubles.
Profitability assessment.
1. Profitability of products:
R PR \u003d P / N \u003d -1828338 / 3554474 \u003d -51.4%
2. Profitability of sales:
R SALES = R H / N = -1618443 / 3554474 = -45.5%
3. Marginal profitability:
R LIMIT = R H / S = -1618443 / (-4257907) = 38%
4. Overall economic profitability:
R A \u003d P / A CP \u003d -1828338 / 14332346 \u003d -12.8%
5. Profitability of current assets:
R TA \u003d R / A O.SR \u003d -1828338 / 9444113.5 \u003d -19.4%
Profitability indicators are characterized by positive dynamics, but still have negative values. In 2011, the gross loss and loss from sales amounted to 703.4 million rubles, respectively. and 709.8 million rubles, which is 16% less than in 2010.
Business Activity Assessment.
1. Turnover of all assets.
To OA = N/ BUT SR.
To OA at the beginning of the period = 3916730 / 11740523 = 0.33;
To OA at the end of the period = 3554474 / 14332346 = 0.25.
2. The period of asset turnover.
T OA= T / K OA .
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