slide 2
Key goal financial analysis is to obtain a certain number of basic (most representative) parameters that give an objective and reasonable characterization financial condition enterprises.
slide 3
Local goals of financial analysis: - determination of the financial condition of the enterprise; - identification of changes in the financial condition in the spatio-temporal context; - establishment of the main factors causing changes in the financial condition; - forecast of the main trends in the financial condition.
slide 4
The objectives of the study are achieved as a result of solving a number of analytical tasks:- preview financial statements; - characteristics of the property of the enterprise: non-current and current assets; - assessment financial stability;- characteristics of sources of funds: own and borrowed;- profit and profitability analysis;- development of measures to improve financial and economic activity enterprises.
slide 5
With the help of financial analysis, decisions are made on: 1) short-term financing of the enterprise (replenishment of current assets); 2) long-term financing (investment in effective investment projects and issue-grade securities); 3) payment of dividends to shareholders; 4) mobilization of economic growth reserves (growth in sales and profits).
slide 6
Analysis of the financial condition of the enterprise 1. Analysis of profitability (profitability) .2. Analysis of financial stability.3. Creditworthiness analysis.4. Analysis of the use of capital.5. Analysis of the level of self-financing,6- Analysis of currency self-sufficiency and self-financing.
Slide 7
Profitability is the profitability (profitability) of the production and trade process. The level of profitability of trade enterprises, Catering is established by the ratio of profit from the sale of goods (public catering products) to the turnover.
Slide 8
where R is the level of profitability,%; P - profit from the sale of goods (public catering products), rub., T - turnover, rub.
Slide 9
Financially stable is such an economic entity that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time.
Slide 10
The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources: where Ka is the coefficient of autonomy; M is own funds, rubles; S I is the total amount of sources of funds, rubles.
slide 11
The financial stability ratio is the ratio of own and borrowed funds: where Ku is the coefficient of financial stability; K - accounts payable and other liabilities, rub.; 3 - borrowed funds, rub.
slide 12
Under the creditworthiness of an economic entity, it is understood that it has the prerequisites for obtaining a loan and repaying it on time. The creditworthiness of the borrower is characterized by its accuracy in the calculations of previously received loans, the current financial condition and the ability, if necessary, to mobilize funds from various sources.
General tasks, goals and stages of analysis.General assessment of the financial condition.
Liquidity assessment.
Assessment of financial stability.
Cash flows and their impact on
financial stability.
Evaluation of efficiency of use
property. Before proceeding with the behavior of financial analysis
state of the enterprise, it is required to accurately determine
the original purpose of the analysis. The level of detail depends on the goal.
and depth of research in certain areas of analysis:
Cost structure analysis
Analysis of the balance sheet structure and working capital
Analysis of liquidity and financial stability
Analysis cash flow
Turnover analysis
Profitability Analysis
Analysis of the performance of companies It is recommended to carry out the following types analysis:
Express diagnostics of the enterprise
Assessment of the financial activity of the enterprise
Preparation of justifications for investments The analysis makes it possible to evaluate:
Company financial position
Property condition of the enterprise
The degree of entrepreneurial risk (the ability to repay
obligations to third parties)
Capital adequacy for current activities and long-term
investment
The need for long-term sources of financing
Ability to build capital
Rational use of borrowed funds
Company performance Analysis principles
Evaluation of data is impossible without comparison
Inaccurate data
imprecise
results
Don't mix incompatible data
Consider Relationships
Draw your own conclusions. Make decisions Analysis steps
collection and
preparation
initial
information
Analytical
treatment
Interpretation
results
Financial
reporting
Balance
Analytical Statistical Interviews
references
information
Form
№
Calculation of the necessary
data
Conclusions and
Recommendations
Interrelation of indicators
Possible Solutions
problems Tasks to be solved
express diagnostics
Diagnostics is carried out to obtain a small
number of key, most informative
indicators that give an accurate and objective
picture of the financial condition of the enterprise
Express diagnostics allows you to identify pain
points in the activities of the enterprise and offer
possible ways out of critical situations Using the proposed methods, the company
can find a solution to some account problems
own funds and resources
In the process of working on the proposed
methods of managers and specialists
various services performing analytical
functions, thinking is formed that meets
market requirements Analysis of financial indicators
Implementation Analysis
- Analysis of the structure of the income statement
- Cost analysis
Analysis of changes in items and balance sheet structure
- Asset analysis
- Analysis of liabilities
Motion analysis MoneyAnalysis of liquidity and financial
-
sustainability
Turnover analysis
Turnover of current assets and liabilities
The duration of the financial cycle
Performance analysis
companies
Asset turnover
Profitability of sales
Return on assets Financial Statement Analysis
results
During the analysis of this document
Shares are calculated according to
Individual elements:
Cost price
Operating profit
Payment of interest and taxes
Net profit
Reinvested profit
This makes it possible to assess the degree
influence of individual indicators
on the final value of the net and
reinvested earnings
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
I year
II year
III year The structure of the aggregated
balance
ASSETS
Current assets
located
in order
descending
liquidity
LIABILITIES
Current
obligations
Long term
obligations
Permanent
assets
Own
capital
located
in order
distance
repayment
debt
Joint Stock
capital
Own working capital \u003d Current assets - Current liabilities Linking the income statement to the balance sheet (in aggregate form)
balance sheet
Gains and losses report
A
TO
T
AND
V
S
Commercial and
management expenses
Expenses not related to
core business
Interest for
loans
Tax
and
P
A
WITH
WITH
AND
V
S
other expenses
Dividends
Increase
assets
Increase
own
capital Revenues from sales
Gross profit
Operating profit
Earnings before interest and taxes
Profit before taxes
Net profit
Reinvested profit Analysis of the structure of assets
It is necessary to determine the ratio and change of articles:
Current assets
Cash
Accounts receivable
- for goods and services
- according to advances issued
- for other debtors
Stocks
- raw materials and supplies
- work in progress
- finished products
Non-current (permanent) assets
- fixed assets
- intangible assets
- other non-current assets
Cash
Accounts receivable
debt
Stocks
Non-current
(permanent)
assets Analysis of the structure of liabilities
Current
obligations
In the structure of liabilities
calculate:
Short term
obligations
short-term
loans
creditor
debt
Long-term loans
Equity
authorized capital
Extra capital
reinvested profit
Short term
loans
Creditor
debt
Long term
loans
Own
facilities Own working capital
The amount of working capital is
difference between current assets
and current liabilities.
Current
assets
Current
obligations
Own
negotiable
facilities Balance score
Analysis of structure changes and article changes
balance shows:
what is the value of current and permanent assets, how
their ratio changes, and also due to what they
funded
which articles are growing at a faster rate, and how
affects the structure - balance
what proportion of assets are inventory
inventories and receivables how large is the share of own funds and in
the extent to which the company is dependent on debt
funds
what is the distribution of borrowed funds across
urgency
what proportion of liabilities is debt
before the budget, banks and labor collective cash flows
There are cash flows:
from the main activity (operational): movement
cash in progress
production and sale of the main products
from investment activities: income and expenses from
investment and
sale of non-current assets
from financial activities: receiving and paying
loans, issue of shares, etc. Scheme of formation of cash flows
Raw materials
unfinished
production
Salary,
costs
Finished products
Accounts receivable
debt
Creditor
debt
Cash
facilities
operating room
profit
Depreciation "tributaries"
"outflows"
Interest on
loans
taxes
Payout from profit
Sale
long-term
assets
Acquisition
long-term assets
Capital
building
Sale of shares
Repayment of loans
Receipt
loans
Dividends
MAIN
ACTIVITY
INVESTMENT
ACTIVITY
FINANCIAL
ACTIVITY cash flows
Cash flow analysis allows you to get
answers on questions:
1. What explains the difference between the received profit and
availability of cash
funds?
2. Where did the money come from and what was it used for?
3. Are funds received sufficient for maintenance?
current activity?
4. Does the enterprise have enough funds for investment
activities?
5. Is the company able to pay its current
debts? Liquidity analysis
The liquidity of the balance sheet indicates to what extent
the company is able to pay
short-term liabilities with current assets.
general liquidity. Two other coefficients
used when deepening is required
analysis to reflect the impact of individual articles
current assets. Coefficient
general
liquidity
Coefficient
fast
(urgent)
liquidity
Coefficient
absolute
liquidity
current assets
Current responsibility
Den. Wed va Krat. fin. invest Deb. h.
Current responsibility
Den. Wed va Krat. fin. investment
Current responsibility Balance liquidity assessment
companies (example)
JSC "Oil and Fat Plant "Solntse"
1.1.02
1.1.03
1.1.04
Overall coefficient
liquidity
1,37
1.98
1,16
Fast
liquidity
0,88
0,51
0,29
0,01
0,02
0,01
Coefficient
absolute liquidity 1,40
1,20
1,00
0,80
0,60
0,40
0,20
1.1.02
1.1.03
Total liquidity ratio
Quick liquidity ratio
Absolute liquidity ratio
1.1.04The dynamics of liquidity indicators speaks of
a slight decrease in overall liquidity due to
a sharp drop in the quick liquidity ratio.
This indicates the growth of low-liquid
elements (stocks) in the structure of current assets. Everything
this indicates an increase in the riskiness of activities
companies in terms of non-repayment of debts and reduction
real level of solvency.
In addition, it is necessary to analyze the degree
accounts receivable and inventory to receive
more realistic picture. Financial stability assessment
Financial strength reflects the level of risk
activities of the company and dependence on borrowed
capital.
The coefficient can be used as a base
financing. Autonomy coefficients and
maneuverability of own funds allow us to give
a more detailed assessment of the capital structure.
As evaluation coefficients are used:
Coefficientfunding
Own funds
Borrowed funds
Coefficient
autonomy
Own funds
Total assets
Coefficient
maneuverability
own
funds
Own working capital
Own funds Turnover of current assets and liabilities
turnover
accounts receivable
debt
turnover
reserves
Implementation
Cost price
Deb. debt
Stocks
turnover
creditor
debt
Cost price
Credit. debt Turnover period
accounts receivable
debt
(Implementation period)
turnover period
reserves
Turnover period
creditor
debt
360
360
360
Obor. deb. debt
Inventory turnover
Debt recovery financial cycle
Based on the turnover of current assets
liabilities, the duration of the financial
cycle.
It is defined as the sum of the turnover period
receivables and inventories less
the period of turnover of accounts payable. Period
turnover
reserves
Turnover period
accounts receivable
debt
Turnover period
creditor
debt
Financial
cycle
The higher
duration
financial cycle,
the higher the need
in working capital The period of turnover of current assets and
liabilities (example)
OJSC Solntse Oil and Fat Plant
Turnover period
(days)
Accounts receivable.
2002
37,2
85,8
117,9
Stocks
26,4
96,4
270,3
Credit. zadol.
39,8
64,9
209,3
Manufacture - commercial
cycle
23,8
117,3
178,9
2003
2004The increase in the duration of the financial cycle in 2004 was caused by
a sharp increase in the period of inventory turnover, which is not
could be offset by a slowdown in the turnover period
accounts payable.
This is due to the stockpiling policy pursued by
enterprise management. Periods of turnover of current assets and liabilities (days)
0,0
100,0
200,0
300,0
400,0
Stocks
Accounts receivable
debt
Creditor
debt
2004
2003
2002
financial cycle
2004
2003
2002
0,0
20,0
40,0
60,0
80,0
100,0
120,0 140,0 160,0 180,0Asset turnover
The asset turnover ratio reflects,
how many times during the turnover period, capital
invested in company assets. The growth of this
indicator indicates an increase in the efficiency of their
use.
Another parameter that evaluates the intensity
asset utilization, is an indicator of the period
turnover in days, calculated as a ratio
the duration of the selected period to the turnover
assets for this period. Report on
financial
results
R
E
A
L
AND
W
A
C
AND
I AM
Balance
(are used
medium
values for
period)
A
TO
T
AND
V
S
P
A
WITH
WITH
AND
V
S Profitability of sales
Revenues from sales
7 110
Production cost
Operating profit
5 434
1 676
Non-operating income and losses
1 050
Profit from activities
2 726
Interest
0
Profit before tax
Budget payments from profit
other expenses
562
- 398
Net profit
Dividends paid
0
Reinvested profit
II quarter. 2004
2 726
2 562
0
JSC "Electroinstrument"
Operating profit
Revenues from sales Return on sales =
Operating profit
Revenues from sales
Return on sales = 23.6%
Return on sales shows
what percentage of operating profit
enterprise for a given sales volume. Return on assets
Return on assets -
It is a comprehensive indicator that allows you to evaluate
results of the main activity of the enterprise. He
expresses the return that falls on the ruble
company assets.
Profitability
assets
=
Operating profit
Assets To assess the influence of various factors
you can use another formula:
Profitability Profitability Turnover
=
*
assets
sales
assets Return on assets
Plant "Electroinstrument" II quarter 2004
Profit loss statement
Revenues from sales
Operating profit
Balance (Average values for the period)
7 110
1676
Profit from activities
Interest
2 726
Profit before tax
Budget payments from profit
other expenses
2 726
2 565
565
Net profit
Dividends paid
0
Current assets
7 609
Permanent assets
Current
obligations
9 283
Long term
loans
200
Own
facilities
- 398
0
78 868
Reinvested profit
operating room
profit
86 478
Assets
76 995
86 478Profitability
=
assets
Operating profit
Assets
Profitability of sales
Profitability
= Operating profit *
assets
Revenues from sales
Asset turnover
Revenues from sales
Assets
Introduction.
1. Essence, task, information base of financial analysis.
1.1 The essence of financial analysis in a market economy.
1.2 Purposes and types of financial analysis.
2. Methods of financial analysis.
2.1 Horizontal analysis.
2.2 Vertical analysis.
2.3 Trend analysis.
2.4 Factor analysis.
3. The main problems of the development of financial analysis in Russia.
Conclusion.
Bibliography.
Introduction
An analysis of economic activity is a scientifically developed system of methods and techniques by which the economy of an enterprise is studied, production reserves are identified on the basis of accounting and reporting data, and ways of their most effective use are developed.
The analysis of the financial condition has its sources, its purpose and its methodology. Sources of information are forms of quarterly and annual reports, including annexes to them, as well as information drawn from the accounting itself, when such an analysis is carried out within the enterprise itself.
The purpose of the analysis of the financial condition is to give the management of the enterprise a picture of its actual state, and to persons who do not directly work at this enterprise, but are interested in its financial condition, - the information necessary for an impartial judgment, for example, on the rationality of using additional investments invested in enterprises and similar.
An assessment of the financial position of an enterprise is a set of methods that make it possible to determine the state of affairs of an enterprise as a result of an analysis of its activities over a finite time interval.
As a final result, the analysis of the financial position of the enterprise should give the management of the enterprise a picture of its actual state, and for persons not directly working at this enterprise, but interested in its financial condition - the information necessary for an impartial judgment, for example, on the rationality of using additional investments invested in the enterprise etc.
1.1 The essence of financial analysis in a market economy
Financial analysis is an essential element of financial management and audit. Almost all users of financial statements of enterprises use the methods of financial analysis to make decisions on optimizing their interests. Thus, the owners analyze financial reports to increase the return on capital, ensure the stability of the company's position, and creditors and investors analyze financial reports in order to minimize their risks on loans and deposits.
Financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements.
In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. This kind of analysis can be performed both by the management personnel of the enterprise and by any external analyst, since it is mainly based on publicly available information. However, it is customary to distinguish two types of financial analysis: internal and external.
Internal analysis is carried out by employees of the enterprise. Information base such an analysis is much broader and includes any information circulating within the enterprise and useful for making management decisions. Accordingly, the possibilities of analysis are expanded. External financial analysis is carried out by analysts who are outsiders for the enterprise and therefore do not have access to the internal information base of the enterprise. External analysis is less detailed and more formalized.
To ensure the survival of the enterprise in modern conditions, management personnel must, first of all, be able to realistically assess the financial condition of both their enterprise and its real and potential counterparties. To do this, you must: a) own the methodology for assessing the financial condition of the enterprise; b) have appropriate information support; c) have qualified personnel capable of implementing this technique in practice.
The assessment of the financial condition can be performed with varying degrees of detail, depending on the purpose of the analysis, available information, software, technical and staffing.
The basis of information support for the analysis of the financial condition, as noted above, should be financial statements. Of course, in the analysis can be used Additional Information, mainly of an operational nature, but it is only of an auxiliary nature.
1.2. Purposes and types of financial analysis
To provide efficient operation in modern conditions, management needs to be able to realistically assess the financial and economic condition of their enterprise, as well as the state of business activity of partners and competitors. For this you need:
The financial and economic condition is the most important criterion for the business activity and reliability of an enterprise, which determines its competitiveness and potential in the effective implementation of the economic interests of all participants in economic activity. It is characterized by the placement and use of funds (assets) and sources of their formation ( equity and obligations, i.e. liabilities). The main purpose of the analysis is to identify the most complex problems of managing an enterprise in general and its financial resources in particular.
The main objectives of the analysis of the financial and economic state of the enterprise are the correct assessment of the initial financial position and the dynamics of its further development, which consists of the following stages:
Analysis of the financial and economic state of the enterprise is an essential element of financial analysis, as well as financial management and audit.
Analysis of the financial and economic condition is an integral part of financial analysis. Financial analysis is based on the analysis of financial statements. This leads to the use of methods and working methods of financial analysis in assessing the financial and economic condition. The essence of financial management lies in such an organization of financial management that allows you to attract additional financial resources at the most favorable conditions, invest with the greatest effect, carry out profitable operations in the financial market. Finding financial sources for the development of an enterprise, as well as determining the directions for the most effective investment of financial resources, financial resources and other similar issues of financial management become key in a market economy. Success in the field of financial management largely depends on the comprehensiveness, regularity, and thoroughness of the study of financial statements. In this case, the leading position is occupied by the analysis of the financial and economic state of the enterprise.
Wide development economic relations between enterprises, including at the international level, banking and insurance business involves a significant increase in the requirements for objectivity and validity of assessing the financial and economic condition of both the economic entity itself and its counterparties. One of the prerequisites for solving this problem is the functioning of the audit institution.
Audit is a check for reliability, completeness, compliance with current legislation accounting and financial statements of the enterprise, is carried out on a contractual basis by an independent auditor or audit organization. The main functions of the audit are:
As a result of the audit and analysis of the financial condition of the enterprise, auditors in an official form submit a reasonable opinion on the results of the activities of controlled economic entities for a certain period.
The subjects of the analysis of the financial and economic state of the enterprise are both directly and indirectly interested in the activities of the enterprise users of information.
The financial and economic condition is the most important characteristic of the reliability, competitiveness, and stability of an enterprise in the market. Therefore, each subject of the first group of users of the analysis studies financial information from their positions, based on their interests. Owners of enterprise funds are primarily interested in increasing or decreasing the share of equity capital, the efficiency of resource use by the enterprise administration. Lenders and investors pay attention to the expediency of extending the loan, lending conditions, money back guarantees, and the profitability of investing their capital. Suppliers and customers are interested in the solvency of the enterprise, the availability of liquid funds, etc.
The second group of users includes the subjects of analysis who are not directly interested in the activities of the enterprise, but must, under the contract, protect the interests of the first group.
Each enterprise, planning its economic behavior (development of a flexible strategy and tactics) in a changing market environment, seeks to strengthen its competitive position. Therefore, a certain part of the financial information goes into the area of trade secrets, which becomes the prerogative of internal economic management analysis. An analysis of the financial and economic state, based on financial statements, acquires the character of an external analysis, i.e. analysis carried out without involving and disclosing data from internal management accounting (costing, cost estimates, direct and indirect costs, etc.), and therefore the reporting data contain rather limited information about the activities of the enterprise.
The foregoing determines the specifics of the analysis of the financial and economic condition of the enterprise, while limiting the use of all methods of financial analysis.
It is difficult to overestimate the importance of the analysis of the financial and economic state of the enterprise, since it is the basis on which the development is built. financial policy enterprises.
| - maximizing the profit of the enterprise; |
| - optimization of the capital structure and ensuring its financial stability; |
| - ensuring the investment attractiveness of the enterprise; |
| - achieving transparency of the financial and economic state of the enterprise for owners (participants, founders), investors, creditors; |
| - creation of an effective enterprise management mechanism; |
| - use by the enterprise of market mechanisms for raising funds, etc. |
Based on the results of the analysis, the choice of directions of financial policy is carried out.
Of great importance for the enterprise are the results of the analysis of management decisions in the investment, supply and household, price areas, i.e. v strategic development enterprises.
the main objective development strategies - a stable position in the market based on the efficient distribution and use of all resources (material, financial, labor, land, intellectual, etc.). At the same time, the method of analytical evaluation and forecasting of the results of economic activity becomes the leading method of resource management.
In order to make effective and efficient decisions in the field of technology, finance, marketing, investment and production renewal, management personnel need constant and continuous monitoring of the current state of the enterprise. Analysis of the financial and economic condition is one of the effective ways assessment of the current situation, which reflects the momentary state of the economic situation and allows you to highlight the most difficult problems of managing available resources and thus minimize efforts to align the goals and resources of the organization with the needs and opportunities of the current market. This requires ongoing business awareness on relevant issues, which is the result of the selection, evaluation, analysis and interpretation of financial statements.
The main objectives of the analysis of the financial and economic condition of the enterprise include:
Financial analysis, most often in the applied aspect, is understood as the process of studying the financial condition and the main results of the financial activity of an enterprise in order to identify reserves for further increasing its market value. Financial analysis is divided into certain types depending on the following features:
1. According to the organizational forms of conducting, internal and external financial analyzes of the enterprise are distinguished.
Internal financial analysis is carried out by the financial managers of the enterprise or the owners of its property using the entire set of available informative indicators. The results of such an analysis may represent a commercial secret of the enterprise.
External financial analysis is carried out by tax administrations, audit firms, banks, Insurance companies in order to study the correctness of the reflection of the financial results of the enterprise, its financial stability and creditworthiness.
2. According to the scope of the study, full and thematic financial analyzes of the enterprise are distinguished.
A complete financial analysis of the enterprise is carried out in order to study all aspects of the financial activity of the enterprise in the complex.
Thematic financial analysis is limited to the study of certain aspects of the financial activities of the enterprise. The subject of thematic financial analysis may be the efficiency of using the assets of the enterprise, the optimal financing of various assets from individual sources, the state of financial stability and solvency of the enterprise, the optimality of the investment portfolio, the optimality financial structure capital and a number of other aspects of the financial activity of the enterprise.
3. According to the object of analysis, the following types of it are distinguished:
analysis of the financial activity of the enterprise as a whole. In the process of such an analysis, the object of study is the financial activity of the enterprise as a whole, without highlighting its individual structural units and divisions;
· Analysis of the financial activities of individual structural units and subdivisions. Such an analysis is based mainly on the results of management accounting of the enterprise;
· Analysis of individual financial transactions. The subject of such an analysis may be individual transactions associated with short-term or long-term financial investments, with the financing of individual real projects, and others.
4. According to the period of conducting, preliminary, current and subsequent financial analyzes are distinguished.
Preliminary financial analysis with a study of the conditions of financial activity in general or the implementation of individual financial transactions of the enterprise (for example, an assessment of its own solvency if it is necessary to obtain a large bank loan).
Current (or operational) financial analysis is carried out in the process of implementing individual financial plans or the implementation of certain financial transactions with the aim of promptly influencing the results of financial activities. As a rule, it is limited to a short period of time.
Subsequent (or retrospective) financial analysis is carried out by the enterprise for the reporting period (month, quarter, year). It allows a deeper and more complete analysis of the financial condition and results of the financial activities of the enterprise in comparison with the preliminary and current analysis, as it is based on the completed reporting materials of statistical and accounting.
1.3 Information base of financial analysis.
In a market economy, the financial statements of business entities are becoming the main means of communication and essential element information support of financial analysis. Any enterprise, to one degree or another, constantly needs additional sources of financing. You can find them on the capital market, attracting potential investors and creditors by objectively informing them about your financial and economic activities, that is, mainly through financial reporting. How attractive are published financial results, showing the current and prospective financial condition of the enterprise, the probability of obtaining additional sources of financing is so high.
The main requirement for the information presented in the reporting is that it be useful to users, i.e. that this information can be used to make reasonable business decisions. To be useful, information must meet the following criteria:
| Relevance | means that this information is significant and influences the decision made by the user. Information is also considered relevant if it enables prospective and retrospective analysis. |
| Reliability | information is determined by its veracity, the predominance economic content over legal form, verifiability and documentary validity. |
| Information | is considered true if it does not contain errors and biased assessments, and also does not falsify the events of economic life. |
| Neutrality | suggests that financial reporting does not focus on meeting the interests of one group of users of general reporting to the detriment of another. |
| Clarity | means that users can understand the content of the reporting without special professional training. |
During the formation of reporting information, certain restrictions on the information included in the reporting must be observed:
In accordance with Article 13 of Chapter III federal law RF "On Accounting" dated November 21, 1996. No. 129-FZ, all organizations “... are required to draw up financial statements based on synthetic and analytical accounting data.
The same law states that explanatory note to the annual financial statements should contain significant information about the organization, its financial position, comparability of data for the reporting period and the year preceding it, etc.
2.Methods of financial analysis
To solve specific problems of financial analysis, a number of special methods are used to obtain a quantitative assessment of certain aspects of the enterprise. In financial practice, depending on the methods used, the following systems of financial analysis conducted at the enterprise are distinguished: trend, structural, comparative and ratio analysis.
2.1 Horizontal analysis.
Analysis of the financial condition is a mandatory component of the financial management of any company. The task of such an analysis is to determine what our current state is, what parameters of the company's work are acceptable and must be maintained at the current level, and which ones are unsatisfactory and require prompt intervention. In other words, in order to successfully move forward, a company needs to know why its condition has worsened and how to correct the situation (which levers to use most effectively).
In modern conditions, the correct definition of the real financial condition of the enterprise has great value not only for the economic entities themselves, but also for numerous shareholders, especially future potential investors
Horizontal analysis allows you to identify trends in individual items of income and expenses and their groups according to accounting documents. This type of analysis is based on the calculation of the basic growth rates of income and costs for balance sheet items or income statement items.
Horizontal reporting analysis consists in building one or more analytical tables in which absolute indicators are supplemented by relative growth rates. The degree of aggregation of indicators is determined by the analyst. As a rule, basic growth rates are taken over a number of years, which makes it possible to analyze not only the change in individual indicators, but also to predict their values.
In the course of horizontal analysis, absolute and relative changes in the values of various balance sheet items for a certain period are determined, and the goal vertical analysis is the calculation specific gravity net.
2.2 Vertical analysis.
The vertical analysis is based on the presentation of accounting data in the form relative values characterizing the structure of the generalizing final indicators. An obligatory element of the analysis is the construction of time series of the values of these quantities, which allows you to track and predict structural shifts in the composition of economic assets and sources of their coverage.
Vertical analysis shows the structure of enterprise funds and their sources. There are two main features that determine the need and expediency of vertical analysis:
the transition to relative indicators allows for inter-farm comparisons of the economic potential and performance of enterprises that differ in the amount of resources used and other volumetric indicators;
relative performance to a certain extent, they smooth out the negative impact of inflationary processes, which can significantly distort the absolute indicators of financial statements and, thereby, make it difficult to compare them in dynamics.
Vertical analysis can be subjected to either the original reporting or modified reporting.
To understand the overall picture of changes in the financial condition, indicators of the structural dynamics of the balance sheet are very important. Comparing the structure of changes in assets and liabilities, we can conclude through which sources the inflow of new funds was mainly and in which assets these new funds were mainly invested.
For a general assessment of the dynamics of the financial condition of the enterprise, it is necessary to group the balance sheet items into separate specific groups on the basis of liquidity (asset items) and the urgency of liabilities (liability items). Based on the aggregated balance sheet, an analysis of the structure of the enterprise's property is carried out.
Reading the balance for such systematized groups is carried out using the methods of horizontal and vertical analysis.
2.3 Trend analysis.
Trend analysis (development trend analysis) is a kind of horizontal analysis oriented to the future. Trend analysis involves the study of indicators for the maximum possible period of time, while each reporting position is compared with the values of the analyzed indicators for a number of previous periods and the trend is determined, i.e. the main recurring trend in the development of the indicator, cleared of the influence of random factors and individual features periods.
One of the tasks that arise in the analysis of time series is to establish patterns of change in the levels of the indicator under study over time.
In some cases, this regularity, the general trend in the development of an object, is quite clearly reflected by the levels of the dynamic series. However, one often encounters such series of dynamics when the levels of the series undergo the most various changes(sometimes increase, then decrease) and we can only talk about the general trend in the development of the phenomenon, either about a tendency to increase or decrease. In these cases, to determine the main trend in the development of a phenomenon that is sufficiently stable over a given period, special methods of processing time series are used.
The levels of a series of dynamics are formed under the combined influence of many long-term and short-term factors, including various kinds of random circumstances. Identification of the main pattern of changes in the levels of a series involves its quantitative expression, to some extent free from random influences: Identification of the main development trend (trend) is also called time series alignment, and methods for identifying the main trend are called alignment methods. Alignment makes it possible to characterize the peculiarity of the change in time of a given dynamic series in the most general view as a function of time, assuming that the influence of all major factors can be expressed through time.
One of the simplest methods for detecting a general trend in the development of a phenomenon is to enlarge the interval of the dynamic series. The meaning of the technique lies in the fact that the initial series of dynamics is transformed and replaced by another one, the indicators of which refer to longer periods of time. For example, a series containing monthly output data can be converted to a quarterly data series. The newly formed series may contain either absolute values for extended periods of time (these values are obtained by simply summing the levels of the original series of absolute values), or average values. When summing levels or when deriving averages over enlarged intervals, deviations in levels due to random causes cancel each other out, smooth out, and the effect of the main factors in changing levels (general trend) is more clearly detected.
Identification of the main trend can also be carried out using the moving average method. To determine the moving average, we form enlarged intervals consisting of the same number of levels. Each subsequent interval is obtained by gradually shifting from the initial level of the dynamic series by one level. Then the first interval will include levels y1, y2…mind; the second one will include levels y1, y2……mind+1, etc. Thus, the smoothing interval, as it were, slides along the dynamic series with a step equal to one. Based on the formed enlarged intervals, we determine the sum of the values of the levels, on the basis of which we calculate the moving averages. The resulting average refers to the middle of the enlarged interval. Therefore, when smoothing a moving average, it is technically more convenient to compose an enlarged interval from an odd number of levels of the series. Finding a moving average over an even number of levels creates the inconvenience caused by the fact that the average can only be referred to the middle between two dates. In this case, an additional procedure for centering the means is necessary.
2.4 Factor analysis.
Factor analysis is a method of complex and systematic study and measurement of the impact of factors on the value of effective indicators, a section of multivariate statistical analysis that combines methods for assessing the dimension of a set of observed variables. In other words, the task of the method is the transition from a real large number of signs or causes that determine the observed variability to a small number of the most important variables (factors) with minimal loss of information (methods that are similar in essence, but not in terms of mathematical apparatus - component analysis, canonical analysis, etc.). ). The method arose and was originally developed in the problems of psychology and anthropology (at the turn of the 19th and 20th centuries), but now the scope of its application is much wider. The estimation procedure consists of two stages: evaluation of the factor structure - the number of factors necessary to explain the correlation between the values, and factor loading, and then evaluation of the factors themselves based on the results of the observation.
 |
|
 |  |
In short, factor analysis is understood as a method of complex and systematic study and measurement of the impact of factors on the value of effective indicators.
Factor analysis - determining the influence of factors on the result - is one of the strongest methodological solutions in the analysis of the economic activities of companies for decision making. For managers - an additional argument, an additional "perspective".
As you know, you can analyze everything and ad infinitum. It is advisable at the first stage to implement an analysis of deviations, and where necessary and justified - to apply the factorial method of analysis. In many cases, a simple deviation analysis is sufficient to understand that the deviation is “critical”, and when it is not at all necessary to know the extent of its influence.
However, factor analysis is rarely used in practice due to several reasons: 1) the implementation of this method requires some effort and a specific tool (software product); 2) companies have other "eternal" priorities. It is even better if the factorial method of analysis is “embedded” in the financial model, and not an abstract application.
The selection of factors for the analysis of a particular indicator is carried out on the basis of theoretical and practical knowledge in a particular industry. In this case, they usually proceed from the principle: the larger the complex of factors studied, the more accurate the results of the analysis will be. At the same time, it must be borne in mind that if this complex of factors is considered as a mechanical sum, without taking into account their interaction, without highlighting the main determining ones, then the conclusions may be erroneous. In the analysis of economic activity (AHA), an interconnected study of the influence of factors on the value of effective indicators is achieved through their systematization, which is one of the main methodological issues of this science.
An important methodological issue in factor analysis is to determine the form of the relationship between factors and performance indicators: functional or stochastic, direct or inverse, rectilinear or curvilinear. Here the theoretical and practical experience, as well as methods for comparing parallel and dynamic series, analytical groupings of initial information, graphic, etc.
Modeling economic indicators is also a complex problem in factor analysis, the solution of which requires special knowledge and skills.
The calculation of the influence of factors is the main methodological aspect in AHD. To determine the influence of factors on the final indicators, many methods are used, which will be discussed in more detail below.
Final stage factor analysis- practical use of the factor model for calculating the reserves for the growth of the effective indicator, for planning and forecasting its value when the situation changes.
4. The main problems of financial analysis in Russia.
Since Russia is currently time is running reform process economic system, each coefficient calculated in the course of economic analysis must be approached critically, clearly defining the possibilities for obtaining reasonable and meaningful results on their basis.
It should be noted terminological fuzziness observed in the specialized literature, mainly due to the fact that the methodology of financial analysis in a market economy came to us from abroad. Often in the domestic literature there are several versions of the translation into Russian of the same term. For example, along with the term quick ratio (quick ratio), there are such names as the critical assessment ratio or the immediate assessment ratio, the intermediate liquidity ratio, etc. There is no methodological unity in the Russian literature in the calculations of various financial ratios, and there is no unity even in the regulatory documents. And, finally, understanding the essence of the coefficients calculated in the process of analyzing financial and economic activity makes it possible to clearly understand their possible limitations. This is especially important for the conditions of the Russian economy. The fact is that the coefficients and their recommended numerical values were all originally developed for the conditions of a developed and stable market economy with all its inherent institutions, in which various market instruments normally operate.
First, in many cases, in practice, financial analysis is reduced to calculations of structural ratios, rates of change in indicators, and values of financial ratios. The depth of the study is limited, at best, to a statement of the trend of "improvement" or "deterioration". Drawing conclusions and, even more so, recommendations based on the initial information array is an insoluble problem for specialists of companies equipped with special software, but not having sufficient qualifications, professional experience, and a creative attitude to routine calculation operations.
Secondly, often the results of financial analysis are based on unreliable information, while it can be distorted both for subjective and objective reasons. On the one hand, the rule of a “skillful” Russian manager is considered to be an underestimation or concealment by any tricks of the income (profit), therefore, in order to assess the reliability of the initial information and, as a result, to obtain real results of financial analysis, an independent audit is required prior to detecting intentional and unintentional errors. On the other hand, by Russian rules accounting, monetary and non-monetary forms of settlements are not separated in the reporting (the only exception is Form No. 4 “Cash Flow Statement”, but it is annual).
Thirdly, the desire for detailed financial analysis led to the development, calculation and superficial use of a clearly excessive number of financial ratios, especially since most of them are functionally dependent on each other. The developers of new financial analysis software are especially proud of the assertion that the created tool makes it possible to calculate 100 or more financial ratios. In our opinion, it is usually sufficient to use no more than 2-3 indicators for each aspect of financial activity.
Fourth, comparative financial analysis Russian companies almost impossible due to lack of adequate regulatory framework and affordable industry averages.
Fifth, Western integral indicators, which are used by many domestic analysts to assess the probability of bankruptcy of companies, have a rather distant form from Russian practice.
Finally, the initial reporting of the analyzed companies is distorted due to inflationary processes in Russian economy, which mainly affect not the vertical (the main proportions remain unchanged), but the horizontal analysis. In this regard, an obligatory condition for assessing trends in the financial condition of a company is the calculation of comparable prices based on the use of official deflator indicators (industrial producer price index, purchase price index industrial enterprises material and technical resources, price index in capital construction, consumer price index).
Conclusion
Economic analysis - a deep study of economic phenomena in the enterprise, that is, identifying the causes of deviations from the plan and shortcomings in work, opening reserves, studying them, promoting the integrated implementation of economic work and production management, actively influencing the course of production, increasing its efficiency and improving the quality of work .
An analysis of the financial condition shows in what specific areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of this particular enterprise. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the financial condition of a particular enterprise in a particular period of its activity.
The analysis of the financial activity of the enterprise is carried out in various directions. These include identifying the financial stability of an enterprise, determining indicators of solvency and investment attractiveness, etc. In the course of financial analysis, it is determined how efficiently the enterprise's funds are used.
The basis for the analysis are accounting documents, including the balance sheet.
Obviously, financial analysis is one of the main methods that determine the work of an enterprise, so its development is especially relevant.
1. Bocharov V.V. The financial analysis. St. Petersburg: Piter, 2007, 240 p.
2. Richard J. Audit and analysis of economic activities of the enterprise. Moscow: Audit, UNITI, 2007, 375 p.
3. Shulyak P.N. Enterprise finance. Moscow: Dashkov & Co Publishing House, 2006, 752 p.
4. Melnik M.V. "Economic analysis of financial and economic activity" - M .: The Economist, 2008
5. Brigham Yu.F. " Financial management» 10th ed. - Peter, 2008.
6. Financial Accounting: Textbook / Ed. Prof. V.G. Hetman. - M.: Finance and statistics, 2007. - 640 p.: ill.
7. Savitskaya G.V. Analysis of the economic activity of the enterprise: Textbook. - M: INFRA-M, 2008. - 336s.
8. Makarieva V.I., Andreeva L.V. Analysis of the financial and economic activities of the organization. - M.: Finance and statistics, 2006. - 264 p.
9. Economic analysis: Textbook for universities / Ed. E40 L. T. Gilyarovskaya. - 2nd ed., add. - M.: UNITY-DANA, 2007. - 615s
10. Kovalev VV… Financial analysis: methods and procedures. Finance and statistics. M.: 2004.
11. Financial and Credit Encyclopedic Dictionary, ed. A.G. Gryaznovoy, M.: Finance and statistics, 2008
12. Martynova N.V. Finance of the enterprise and organization: Method. decree. / Comp. N.V. Martynov. - Tambov: Tambov Publishing House. state tech. un-ta, 2007. - 24 p.
13. Analysis and diagnostics of the financial and economic activities of the enterprise: Tutorial for universities / Ed. P.P. Taburchak. – Rostov n/a: Phoenix, 2007
14. Kovaleva A.M., Lapusta M.G., Skamai L.G. "Finance of the company": Textbook. - M.: INFRA-M, 2006. - 416 p. - (Series " Higher education»).
15. Artemenko V.G., Bellendir M.V. "The financial analysis". - M., 2007.
16. Kovalev V.V. The financial analysis. Capital Management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 2006
17. Sheremet A.D., Saifulin R.S. Enterprise finance. - M .: INFRA - M, 2005. - 412s
18. Grishchenko O.V. Analysis and diagnostics of the financial and economic activities of the enterprise // Finance, 2007, No. 3
19. Selezneva N.N., Ionova A.F. The financial analysis. – M.: Unity, 2006. – 479 p.
Loading...