Financial and economic analysis of the enterprise. Assessment of creditworthiness and bankruptcy risk. Scientific Literature Analysis

where D - cash and short-term financial investments;

KP - short-term liabilities.

This indicator belongs to the class of normalized indicators, and experts believe that the theoretically normal value of the coefficient is 0.2 - 0.3.

Liquidity ratios should be considered in dynamics over a number of years, which makes it possible to assess the trend in their change. If the current liquidity ratio does not reach the recommended value, but shows an upward trend over the study period, the solvency recovery indicator should be calculated:

Kvp \u003d [Kt.l1 + 0.5 (Kt.l1 - Kt.l0)] / Kt.l (norm) , where (20)

Kvp - solvency recovery ratio,

Kt.l1, Kt.l0, Kt.l(norms) - the values of the current liquidity ratio (reporting, base period and standard, respectively).

The value of this coefficient is the higher, the higher the possibility of restoring the company's solvency.

The opposite situation is also possible - the value of the current liquidity ratio corresponds to the standard, but it decreases during the study, then the probability of loss of solvency by the enterprise should be predicted by calculating the coefficient of loss of solvency (Kup):

Coup \u003d [Kt.l1 + 0.25 (Kt.l1 - Kt.l0)] / Kt.l (norm) (21)

If the value of this indicator is greater than one, the company is likely to lose solvency in the short term.

After assessing the solvency of the enterprise, its financial stability should be analyzed, for which the data of the balance sheet are used and the following coefficients are calculated:

1. Coefficient of financial independence (autonomy) - shows the share of own funds in the value of the property of the enterprise. It is calculated as the ratio of the amount of own funds to their entire amount, that is, it is determined by the share of own sources of funds in their total value according to the balance sheet, that is:

, (22)

The independence coefficient reflects the independence of the enterprise from borrowed sources; the increase in its value should be carried out mainly at the expense of the profit remaining at the disposal of the enterprise (net profit).

In practice, an independence coefficient of 0.5 or more is considered optimal, since in this case the risk of creditors is minimized: by selling half of the property formed at the expense of its own funds, the enterprise can pay off its debt obligations.

2. Debt financing ratio - shows the share of borrowed funds in the total value of the company's property. It is calculated using the following formula:

, (23)

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. This indicator is very widely used in practice; one of the reasons for its appearance is the convenience of use in deterministic factor analysis. It is logical that in the sum of the coefficient of independence, the coefficient of debt financing is 1.

3. The dependence of an enterprise on external loans characterizes the ratio of borrowed and own funds and is calculated by the formula:

, (24)

The higher the value of this indicator, the higher the risk of shareholders, since in the event of an increase in payment obligations, the possibility of bankruptcy increases. The valid value is between 0.5–0.9. For critical take equal to one. A value of more than 1.0 indicates that the financial stability of the enterprise is in doubt.

4. The debt coverage ratio with equity is the inverse of the financial risk ratio:

, (25)

5. Ratio financial stability enterprises (the share of own and long-term borrowed funds in the value of property):

, (26)

6. The coefficient of capital maneuverability shows - what part of equity capital is in circulation, goods in the form that allows you to freely maneuver these funds. It is calculated by the formula:

, (27)

This factor should be high enough to allow flexibility in use. The normal limit is greater than or equal to 0.5. If the value of the calculated coefficients of the enterprise is lower than the maximum limit of the above coefficients, then this indicates its unstable financial condition.

After assessing the financial stability of the company, an analysis of its business activity should be carried out. The information base for calculating business activity indicators will be the balance sheet and the “profit and loss statement.” This group includes various turnover indicators:

1. Asset turnover ratio - the ratio of proceeds from product sales to the total balance sheet asset, characterizes the efficiency of the company's use of all available resources, regardless of the sources of their attraction, i.e. shows how many times a year (or other reporting period) a full cycle of production and circulation takes place or how many monetary units of sold products each unit of assets brought. This coefficient varies depending on the industry, reflecting the characteristics of the production process.

2. Accounts receivable turnover ratio - it is used to judge how many times, on average, accounts receivable turned into cash during the reporting period. The ratio is calculated by dividing the proceeds from the sale of products by the average annual value of net receivables.

3. Accounts payable turnover ratio - is calculated as a quotient of the cost of goods sold divided by the average annual cost of accounts payable, and shows how much the organization needs to turn over to pay its bills.

For receivables and payables, you can also calculate the duration of the turnover in days. To do this, you need the number of days in a year (360 or 365) divided by the turnover ratio. Then we find out how many days on average it takes to pay receivables or payables, respectively.

4. The inventory turnover ratio reflects the speed of realization of these stocks. It is calculated as the quotient of sales revenue divided by the average annual cost of inventories. To calculate the duration of turnover in days, you need to divide 360 or 365 days by the inventory turnover ratio. Then you can find out how many days it takes to sell (without payment) inventory.

5. The turnover ratio of fixed assets (capital productivity). It characterizes the effectiveness of the organization's use of fixed assets at its disposal. The higher the value of the coefficient, the more efficiently the organization uses fixed assets. A low rate of return on capital indicates insufficient sales or too high a level of capital investment. In addition to indicators of turnover in the analysis of business activity, the duration of the operating and financial cycles is used. The formula for calculating the duration of the operating cycle of an enterprise is:

POC=POMZ+POGP+PODZ (28)

where POC is the duration of the operating cycle of the enterprise, in days;

POMZ - the duration of the turnover of stocks of raw materials, materials and other material factors of production as part of current assets, in days;

POGP - the duration of the turnover of stocks of finished products, in days;

POdz - the duration of the turnover of the current receivables, in days.

The financial cycle (cash turnover cycle) of an enterprise is the period of time between the start of payment to suppliers of raw materials and materials received from them (repayment of accounts payable) and the beginning of receipt of funds from buyers for the products supplied to them (repayment of receivables).

The duration of the financial cycle (or cash flow cycle) of an enterprise is determined by the following formula:

PFC \u003d POC - POKZ, (29)

where PFC is the duration of the financial cycle (money turnover cycle) of the enterprise, in days; POC - the duration of the operating cycle of the enterprise, in days;

POKZ - the average period of turnover of the current accounts payable, in days.

Generalizing performance indicators of financial and economic activity enterprises are indicators of profitability. The profitability ratios show how profitable the company's activities are. The growth of these coefficients is a positive trend in the financial and economic activities of the organization.

The value of profitability ratios has no norms. The higher their value, the better the company works. The value of profitability ratios can be negative, in which case they demonstrate the unprofitability of the company's activities.

The profitability ratio of sales or overall profitability is the main indicator of the effectiveness of the sale of the company's products.

The essence and purpose of the analysis of financial economic condition enterprises. Analysis of the financial and economic state of the enterprise. Efficiency of economic activity of the enterprise.

Moscow Power Engineering Institute (Technical University)

Financial management

Course work

Financial and economic analysis of the enterprise

1. The essence and purpose of the analysis of the financial and economic condition of the enterprise

1.1. Goals and objectives of the analysis

To ensure effective operation in modern conditions, management needs to be able to realistically assess the financial and economic condition of its enterprise, as well as the state of business activity of partners and competitors. For this you need:

master the methodology for assessing the financial and economic condition of the enterprise;

use formal and informal methods of collecting, processing, interpreting financial information;

attract analysts who are able to implement this technique in practice.

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 liabilities, 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:

1) identification of the financial and economic situation;

2) changes in the financial and economic state in the spatio-temporal context;

3) the main factors that caused changes in the financial and economic situation;

4) on-farm reserves to strengthen the financial position.

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 on the most favorable terms, invest with the greatest effect, and 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.

The wide development of economic relations between enterprises, including at the international level, banking and insurance business implies 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 an audit organization. The main functions of the audit are:

Conducting consulting activities (consulting assistance);

Checking the validity of the business plan;

Checking documents and workflow;

Analysis of the financial and economic state;

Evaluation of trade and production activities and its financial results(typical for internal audit), etc.

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.

The strategic objectives of the financial policy of the enterprise are as follows:

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;

The 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. in the strategic development of the enterprise.

The main goal of the development strategy is 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:

Assessment of the dynamics of the structure and composition of assets, their condition and movement;

Assessment of the dynamics of the structure and composition of sources of equity and debt capital, their status and changes;

Assessment of the solvency of the enterprise and assessment of the liquidity of the balance sheet;

Analysis of relative and absolute indicators of the financial stability of the enterprise, assessment of changes in its level;

Evaluation of the effectiveness of the use of funds and resources of the enterprise.

1.2. Methods of analysis and information support

For the organization at enterprises of modern financial management systems and their practical application Order of the Ministry of Finance of the Russian Federation of October 1, 1997 No. 118 approved the Guidelines for the development of the financial policy of the enterprise.

The analysis of the financial and economic state of the enterprise is carried out using a set of methods and working methods (methodology) that allow structuring and identifying the relationship between the main indicators.

The analysis of absolute indicators is the study of the data presented in the financial statements: the composition of the enterprise's property, the structure of financial investments, the sources of equity capital formation are determined, the amount of borrowed funds, the amount of sales proceeds, the amount of profit, etc.

Horizontal (temporal) analysis is a comparison of each reporting position with the previous period, which allows you to identify trends in balance sheet items or their groups and, on the basis of this, calculate the basic growth (growth) rates.

Vertical (structural) analysis is carried out in order to determine the structure of the final financial indicators, i.e. identifying the share of individual reporting items in the overall final indicator (identifying the impact of each reporting item on the result as a whole).

Trend (dynamic) analysis is based on comparing each reporting position for a number of years and determining the trend, i.e. the main trend of the indicator dynamics without taking into account random influences and individual features individual periods. With the help of the trend, a prospective, predictive analysis is carried out.

The leading method for analyzing the financial and economic condition is the calculation of financial (analytical) ratios required by various user groups: shareholders, analysts, managers, creditors, etc. The analysis of such ratios (relative indicators) is the calculation of the ratios between the relative positions of the report or positions of different reporting forms , determining their relationships.

Dozens of relative indicators are known, but for ease of use they are grouped into several groups:

liquidity;

Solvency;

financial stability;

Intensity of resource use;

business activity;

Characteristics of the property structure.

The information base for analyzing the financial and economic state of the enterprise is financial statements. The reporting of an organization (economic entity) is a system of indicators that characterizes the results and reflects the conditions of its work over the past period.

The reporting includes all types of current accounting: accounting, statistical and operational and technical. Thanks to this, it is possible to reflect in the reporting the whole variety of entrepreneurial activities of the enterprise.

The analysis of the financial and economic state of the enterprise is mainly based on the financial (external) accounting statements of the enterprise.

Financial accounting statements consist of several reporting documents that form a single whole:

balance sheet, form No. 1;

profit and loss statement, Form No. 2;

capital flow statement, Form No. 3;

cash flow statement, Form No. 4;

appendices to the balance sheet, form No. 5.

At the end of the year, in addition to the above documents, enterprises are required to provide additional information, including the opinion of auditors, notes to financial statements, etc.

Analysis of the financial and economic state of the enterprise according to external financial statements is a classic method of analysis. Its implementation includes the following steps:

1. Collection of information and assessment of its reliability, selection of data from accounting forms for the required period of time.

2. Transformation of standard forms of financial statements into an analytical form.

3. Characteristics of the report structure ( vertical analysis) and changes in indicators (horizontal analysis).

4. Calculations and grouping of indicators in the main areas of analysis.

5. Identification and change of groups of indicators for the study period.

6. Establishing relationships between the main studied indicators and interpreting the results.

7. Preparation of an opinion on the financial and economic condition of the enterprise.

8. Identification of "bottlenecks" and search for reserves.

The structure of the analysis of the financial and economic state of the enterprise consists of an assessment of five main block parameters (Fig. 1.6.):

1. Composition and structure of the balance sheet.

2. Financial stability of the enterprise.

3. Liquidity and solvency of the enterprise.

4. Profitability.

5. Business activity.

These blocks represent the structure of the analysis, on the basis of which calculations and grouping of indicators are made, giving the most accurate and objective picture of the current economic state of the enterprise.

2. Analysis of the financial and economic condition of the enterprise

2.1. Structure and dynamics of the balance sheet

The analysis of the financial and economic state of the enterprise begins with the study of the balance sheet, its structure, composition and dynamics.

The balance sheet is information about the financial position of an economic unit at a certain point in time, reflecting the value of the property of the enterprise and the value of sources of financing. The balance sheet is a way of reflecting in monetary terms the state, placement, use of enterprise funds in relation to their sources of financing. In form, the balance sheet consists of two rows of numbers, the results of which are equal to each other, therefore, the most important external sign of a correct balance sheet is the observance of the principle of balance of the parties.

In a market economy, the balance sheet is the main source of information through which a wide range of users can:

Familiarize yourself with the property status of an economic entity;

Determine the solvency of the enterprise: will the organization be able to fulfill its obligations to third parties - shareholders, investors, creditors, buyers, etc.

Determine the final financial result of the enterprise, etc.

The structure of the balance sheet is such that the main parts of the balance sheet (assets and liabilities) and their articles are grouped in a certain way. This is necessary to perform analytical studies and assess the structure of the asset and liability.

2.1.1. Balance asset

Under the assets understand the property (resources of the enterprise), in which the money is invested. Asset items are arranged depending on the degree of liquidity (mobility) of the property, i.e. on how quickly this type of asset can acquire a monetary form. Sections of the asset balance are also built in ascending order of liquidity.

1. Non-current assets (immobilized funds):

Fixed assets (property, buildings, equipment, land, i.e. tangible assets with a relatively long useful life);

Capital investments (construction in progress, long-term financial investments, etc.).

2. Current assets (mobile funds):

Stocks of inventory items and costs (a set of items that characterize property:

a) held for sale;

b) in the process of production for sale;

c) constantly spent on the production of products);

Accounts receivable;

Short-term financial investments (investments in securities, investments, etc.);

Cash.

Current assets are more liquid than non-current assets. This is due to the fact that non-current assets represent that part of the enterprise's property that is not intended for sale, but is constantly used in the production, storage and transportation of products. Current assets are involved in a constant cycle of turning them into cash. Current assets can also be divided according to the degree of liquidity: the most liquid current assets are cash, securities, then, according to the degree of decreasing liquidity, accounts receivable, stocks and costs follow.

2.1.2. Balance liability

The liability of the balance sheet reflects the sources of financing of the enterprise's funds, grouped on a certain date according to their ownership and purpose. Passive shows:

The amount of funds (capital) invested in the economic activity of the enterprise;

The degree of participation in the creation of the property of the organization.

Liabilities are obligations for the received values or claims for the resources (assets) received by the enterprise.

1. Legal affiliations:

Own capital (obligations to the owners of the enterprise);

Borrowed capital (liabilities to third parties - creditors, banks, etc.).

2. The urgency of the return of obligations:

Durables;

Means of short-term use.

Liabilities to owners constitute an almost permanent part of the balance sheet liability, which is not subject to redemption during the operation of the organization. Liabilities to third parties have different maturity periods: less than one year - short-term, more than one year - long-term.

One of the important aspects of the analysis of the structure of the balance sheet is the determination of the relationship between the asset and the liability, since in the process of production activities there is a constant transformation of individual elements of the asset and liability of the balance sheet.

Each group of liabilities is functionally related to a certain part of the asset balance. For example, short-term loans are designed to replenish working capital. Some of the long-term liabilities finance both current and non-current assets. The same interaction is observed in the case of repayment of external obligations. It is believed that in a normally functioning enterprise, current assets should exceed short-term liabilities, i.e. part of the current asset repays short-term liabilities, the other part repays long-term liabilities, the rest goes to replenish equity (becomes the property of the owner of the enterprise).

2.1.3. Dynamics of the composition and structure of the balance sheet asset

The analysis of the financial and economic state of the enterprise should begin with a general description of the composition and structure of the asset (property) and liability (balance sheet liabilities). Analysis of the asset balance makes it possible to establish the main indicators characterizing the production and economic activities of the enterprise:

1. The value of the property of the enterprise, the total balance sheet.

2. Immobilized assets, summary of Sect. I balance.

3. The cost of working capital, the result of Sec. II balance.

With the help of horizontal (temporal) and vertical (structural) analysis, you can get the most general idea of the qualitative changes that have taken place in the structure of the asset, as well as the dynamics of these changes.

Table 2.1

Analysis of the composition and structure of the balance sheet asset

Balance asset	At the beginning of the period	At the end of the period	Absolute deviation, rub.	Growth rate,


Intangible assets
fixed assets
Construction in progress
Long-term financial investments
Other extra- company assets


Stocks and costs
Accounts receivable
Short-term financial investments
Cash
Other non-current nye assets


Total assets

Based on the analytical table 2.1. the following conclusions can be drawn:

1) the total value of the property decreased during the reporting period by 2% (100.0 - 98.0), which indicates a decline in the economic activity of the enterprise;

2) decrease in the value of property by 1,511,896 rubles. was accompanied by internal changes in the asset: with a decrease in the value of non-current assets by 2,403,982 rubles. (decrease by 3.6%) there was an increase in working capital by 892,086 rubles. Their share at the end of the period was 13.01% (an increase of not 1.44 points);

3) the decrease in the value of non-current assets as a whole was due to a decrease in intangible assets by 8.65% and a decrease in the cost of fixed assets by 4.34%. The increase in long-term financial investments by 3.37% did not affect the general downward trend;

4) with a general decrease in the cost of the enterprise, the main financing was directed to replenish working capital. Of all the groups of current assets, there is only a decrease in short-term financial investments by 10.2%, in the rest - an increase;

5) the largest increase in the share, by 1.25 points, is observed in settlements with debtors - the increase in accounts receivable amounted to 443.95%. At the beginning of the period, it was equal to 268,917 rubles, and by the end of the period it increased to 1,193,852 rubles. This is the highest indicator of dynamics relative to other items of the asset balance.

On the basis of a general assessment of the balance sheet asset, a decrease in the production potential of the enterprise was revealed. However, this change was accompanied by an increase in working capital financing, which is regarded as a positive trend: the possibility of increasing asset turnover is a prerequisite for improving financial performance.

2.1.4. Dynamics of the Composition and Structure of the Liabilities of the Balance Sheet

For a general assessment of the property potential of the enterprise, an analysis of the dynamics of the composition and structure of liabilities (liabilities) of the balance sheet is carried out. These positions are considered on the example of accounting data (f. No. 1 and No. 5).

Particular attention is paid to a number of important indicators (Form No. 1) characterizing the financial and economic state of the enterprise:

1) The cost of equity capital of the enterprise (the result of section IV of the balance sheet "Capital and reserves" and srt.630-660);

2) Borrowed capital (results of section V of the balance sheet “Long-term liabilities” and section VI of the balance sheet “Short-term liabilities” without lines 630-660);

3) Long-term borrowed funds (the result of section V of the balance sheet "Long-term liabilities");

4) Short-term borrowed funds (the result of section VI of the balance sheet "Short-term liabilities" without lines 630-330);

5) Accounts payable (pp. 621-628).

Table 2.2

Analysis of the composition and structure of liabilities of the balance sheet

Balance liability	At the beginning of the period	At the end of the period	Absolute deviation, rub.	Growth rate,

Immobilized funds (non-current assets)
Authorized capital
Extra capital
Reserve capital
accumulation funds
Social Funds
Undestributed profits
Target financing, funds and reserves

Mobile funds (non-current assets)
Long-term credits and loans
Short-term credits and loans
a) bank loans
b) accounts payable
Other turnover- nye assets

Total liabilities

The data of the analytical table. 2.2 indicate that the decrease in the value of property is mainly due to a decrease in the company's own funds. Equity capital decreased by 1,671,106 rubles, or by 2.23%. In parallel with this, there was an increase in short-term liabilities by 19.26%, their share increased by 0.24 points.

The enterprise practically does not attract long-term borrowed funds, i.е. there is no investment in production. This is confirmed by the data of the appendix to the balance sheet (form .. No. 5): there is a disposal of fixed assets (left by 3.56%) in the absence of receipt (input).

In the composition of short-term liabilities, a significant amount is occupied by accounts payable in the absence of short-term bank loans, i.e. Financing of working capital comes mainly from accounts payable. Its share in the structure of the company's liabilities increased to 1.33%. In general, there is a high autonomy of the enterprise (high share of equity - 98.67%) and a low degree of use of borrowed funds.

]2.2. Analysis of the financial stability of the enterprise

One of the main tasks of the analysis of the financial and economic state is the study of indicators characterizing the financial stability of the enterprise. The financial stability of an enterprise is determined by the degree of provision of reserves and costs by own and borrowed sources of their formation, the ratio of own and borrowed funds and is characterized by a system of absolute and relative indicators.

Practical work is carried out on the basis of financial reporting data. The necessary information base is the balance sheet. For a complete study, the data contained in the appendix to the balance sheet (form No. 5) are involved.

2.2.1. Absolute indicators of financial stability

In the course of production activities at the enterprise, there is a constant formation (replenishment) of stocks of inventory items. For this, both own working capital and borrowed funds (long-term and short-term loans and borrowings) are used. Analyzing the compliance or mismatch (surplus or shortage) of funds for the formation of reserves and costs, determine the absolute indicators of financial stability.

To fully reflect different types of sources (own funds, long-term and short-term loans and borrowings), the following indicators are used in the formation of reserves and costs:

1. Availability of own working capital

It is defined as the difference between the value of sources of own funds and the value of fixed assets and investments (non-current assets):

Ec \u003d Is - F,

where Ес – availability of own working capital; IS - sources of own funds (the result of section IV "Capital and reserves"); F - fixed assets and investments (the result of section I of the balance sheet "Non-current assets").

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

It is defined as the sum of own working capital and long-term loans and borrowings:

Et \u003d Ec + Kt \u003d (Is + Kt) - F,

where Et - the availability of own working capital and long-term borrowed sources for the formation of reserves and costs; Кт - long-term loans and borrowed funds (the result of section V of the balance sheet "Long-term liabilities").

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

Calculated as the sum of own working capital, long-term and short-term loans and borrowings:

E \u003d Et + Kt \u003d (Is + Kt + Kt) - F,

where E is the total value of the main sources of funds for the formation of reserves and costs; Кt – short-term loans and borrowings (total of section IV of the balance sheet “Long-term liabilities”).

Analyzing and evaluating the financial stability of the enterprise (Table 2.3), we can say that it is in an absolutely stable financial condition, and this condition is fixed both at the beginning and at the end of the period. This conclusion is made on the basis of the following conclusions:

Stocks and costs are fully covered by own working capital (EU). If at the beginning of the year 75.4% of own working capital went to cover stocks and costs, then by the end of the year - 65.4%.

The main reason for maintaining a good financial position of the enterprise is the excess of growth rates of sources of formation over the growth of inventories and costs: own working capital increased by 19.3%, the total value of sources of formation increased by 10.2%, while the cost of inventories and costs increased by 3.5%.

The negative point is the unsatisfactory use of external borrowed funds by the enterprise. Long-term credits and loans are not involved. Short-term liabilities are presented in the statements only as accounts payable, but it decreased over the analyzed period by 32.7%, i.e. the administration of the enterprise does not want, does not know how or cannot use borrowed funds for production activities;

The enterprise has an excess of its own working capital, which indicates their inefficient use in economic activity. It is necessary to reduce the level of own working capital to cover industrial stocks.

Table 2.3

Analysis of the financial stability of the enterprise

Index	At the beginning of the period	At the end of the period	absolute deviation,	Growth rate,
1. Sources of own funds (IS)
2. Non-current assets (F)
3. Own working capital (EU)
4. Long-term loans and borrowings (Kt)
5. Availability of own working capital and long-term borrowed sources for the formation of reserves and costs Et
6. Short-term loans and borrowings (Кt)
7. The total value of the main sources of formation of reserves and costs
8. The amount of stocks and costs (Z)
9. Excess (shortage) of own working capital for the formation of stocks and costs
10. Surplus (shortage) of own working capital and long-term borrowed funds for the formation of reserves and costs
11. Surplus (deficiency) of the total value of the main sources of formation of reserves and costs
12. Three-dimensional indicator of the type of financial stability	to the beginning	at the end of the period

2.2.2. Relative indicators of financial stability

One of the main characteristics of the financial and economic condition of an enterprise is the degree of dependence on creditors and investors. The owners of the enterprise are interested in minimizing equity and maximizing borrowed capital in the financial structure of the organization. Borrowers evaluate the stability of the enterprise by the level of equity capital and the probability of bankruptcy.

The financial stability of an enterprise is characterized by the state of its own and borrowed funds and is analyzed using a system of financial ratios. The information base for calculating such coefficients are absolute indicators assets and liabilities of the balance sheet.

The analysis is carried out by calculating and comparing the obtained values of the coefficients with the established base values, as well as studying the dynamics of their change over a certain period.

Base values can be:

Values of indicators for the past period;

Industry average values of indicators;

Values of indicators of competitors;

Theoretically substantiated or established with the help of an expert survey, optimal or critical values of relative indicators.

An assessment of the financial stability of an enterprise is carried out using a sufficiently large number of relative financial ratios (Table 2.4).

Table 2.4.

Financial ratios used to assess the financial stability of an enterprise

Coefficient

What shows

How is it calculated

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INTRODUCTION

2. ANALYSIS OF THE FINANCIAL POSITION OF F-STROY LLC

2.1 Organizational and economic characteristics of the enterprise

2.2 Analysis of the assets and liabilities of the enterprise

2.3 Analysis of solvency, liquidity and financial stability of the enterprise

2.4 Analysis of business activity and profitability of F-Stroy LLC

CONCLUSION

BIBLIOGRAPHY

APPS

INTRODUCTION

In the conditions of market relations, the enterprise is required to increase the efficiency of production, the competitiveness of products and services based on the implementation of achievements scientific and technological progress, efficiency of forms of management and production management. Activation of entrepreneurship, etc. An important role in the implementation of this task is assigned to the analysis of the economic activity of enterprises. With its help, a strategy and tactics for the development of an enterprise are developed, plans and management decisions are substantiated, control over their implementation is carried out, reserves for increasing production efficiency are identified, and the performance of the enterprise, its divisions and employees is evaluated.

Analysis is a way of knowing objects and phenomena environment, based on the division of the whole into its constituent parts and the study of them in all the variety of connections and dependencies. The content of the analysis follows from the functions. One of these functions is the study of the nature of the action of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise. solvency liquidity financial

The next function of analysis is monitoring the implementation of plans and management decisions, and the economical use of resources. The central function of the analysis is to search for reserves to improve production efficiency based on the study of best practices and achievements of science and practice. Also, another analysis function is to evaluate the results of the enterprise's activities in fulfilling plans, the level of economic development achieved, and the use of available opportunities. And, finally, the development of measures for the use of identified reserves in the process of economic activity.

The analysis of the financial condition of an enterprise, organization is carried out by managers and relevant services, as well as founders, investors in order to study the efficiency of resource use. Banks to assess the terms of the loan and determine the degree of risk, suppliers to receive payments on time, tax inspectorates to fulfill the plan for the receipt of funds to the budget, etc.

Financial analysis is a flexible tool in the hands of business leaders. The financial condition of the enterprise is characterized by the placement and use of the enterprise's funds. This information is presented in the balance sheet of the enterprise. The main factor determining the financial condition of the enterprise is, firstly, the implementation of the financial plan and replenishment as the need arises for its own capital turnover at the expense of profits and, secondly, the turnover rate of working capital (assets).

The signal indicator in which the financial condition is manifested is the solvency of the enterprise, which means its ability to meet payment requirements on time, repay loans, pay staff, make payments to the budget.

The analysis of the financial condition of the enterprise includes an analysis of accounting, liabilities and assets of the balance sheet, their relationship and structure; analysis of the use of capital and assessment of financial stability; analysis of the solvency and creditworthiness of the enterprise, etc.

This paper analyzes the financial condition of one of the enterprises in Penza - F-Stroy LLC and considers ways to improve it for internal use and operational financial management.

The main purpose of this work is to investigate the financial condition of F-Stroy LLC, identify the main problems of financial activity and give recommendations on financial management.

To achieve these goals, it is necessary to solve the following tasks:

to study the scientific and theoretical foundations of financial analysis;

give a brief organizational and economic description of the enterprise;

analyze the property of the enterprise;

assess the financial stability of the enterprise;

analyze solvency and liquidity indicators;

analyze profit and profitability;

develop measures to improve financial and economic activities.

The object of the study is F-Stroy LLC.

The subject of analysis is the financial processes of the enterprise and the final production and economic results of its activities.

When conducting this analysis, the following techniques and methods were used: horizontal, vertical and comparative analysis, analysis of coefficients (absolute and relative indicators).

The practical significance of the work lies in the fact that the theoretical provisions and conclusions on the research topic can be used in teaching special disciplines of the financial block, and the analysis of the financial condition of F-Stroy LLC and recommendations for its improvement are important for improving the financial management of F-Stroy LLC. -Build.

1. THEORETICAL FOUNDATIONS FOR ANALYSIS OF THE FINANCIAL STATE OF THE ENTERPRISE

1.1 The concept, essence and objectives of the analysis of the financial condition

One of essential conditions successful management the finance of the enterprise is the analysis of its financial condition. The financial condition of an enterprise is a complex concept characterized by a system of indicators reflecting the availability, distribution and use of financial resources, which is the result of the interaction of all elements of the system of financial relations of an enterprise, determined by the entire set of production and economic factors.

In a market economy, the financial condition of an enterprise reflects the final results of its activities. The final results of the enterprise's activities are of interest not only to the employees of the enterprise itself, but also to its partners in economic activity, state, financial, tax authorities, etc. All this predetermines the importance of analyzing the financial condition of the enterprise and increases the role of such analysis in the economic process. Financial analysis is a variable element of both financial management at an enterprise and its economic relations with partners, the financial and credit system.

Financial analysis is necessary for the following groups of its consumers:

- managers of enterprises and, first of all, financial managers. It is impossible to manage an enterprise and make economic decisions without knowing its financial condition. For managers, it is important to evaluate the effectiveness of decisions made, the resources used in economic activity and the financial results obtained;

- owners, including shareholders. It is important for them to know what will be the return on investment in the enterprise, the profitability of the enterprise, as well as the level of economic risk and the possibility of losing their capital;

- lenders and investors. They are interested in what is the possibility of returning loans, as well as the ability of the enterprise to implement an investment program;

- to suppliers. For them, it is important to assess the payment for the delivered products, work performed and services.

Thus, all participants in the economic process need financial analysis.

At present, economic analysis and, as an integral part of it, financial analysis is considered as one of the functions of managing an enterprise. The place of analysis in the control system can be simplified by the diagram shown in Fig. 1.1.

Rice. 1.1. The place of economic analysis in the management system

Planning is an important function in the production management system at the enterprise. With its help, the direction and content of the activities of the enterprise, its structural divisions and individual employees are determined. The main task of planning is to ensure the planned development of the enterprise's economy, to determine ways to achieve the best final production results.

To manage the enterprise, you need to have complete and truthful information about the current activities of the enterprise, the progress of the plans. Therefore, one of the management functions is accounting. It ensures the constant collection, systematization and generalization of the data necessary for managing and monitoring the progress of the plans and activities of the enterprise.

However, to manage an enterprise, it is necessary to have an idea not only about the progress of the plan, the results of economic activity, but also about the trends and nature of the ongoing changes in the economy of the enterprise. Comprehension, understanding of information is achieved with the help of economic analysis and, as an integral part of it, the analysis of the financial condition of the enterprise. In the process of analysis, primary information undergoes analytical processing: a comparison of the achieved results with data for past periods of time, with indicators of other enterprises is carried out, the influence of various factors on the magnitude of performance indicators is determined, shortcomings, errors, unused opportunities, prospects, etc. are identified.

Based on the results of the analysis, management decisions are developed and justified. Financial analysis precedes decisions and actions, justifies them and is the basis scientific management enterprise, ensures its efficiency and objectivity.

The purpose of financial analysis is to assess the past performance and current position of the enterprise, as well as to assess the future potential of the enterprise.

The objectives of the economic analysis of the financial condition of the enterprise are: an objective assessment of the use of financial resources in the enterprise, the identification of on-farm reserves to strengthen the financial position, as well as the improvement of relations between the enterprise and external financial, credit authorities, etc.

The purpose of studying the financial condition of the enterprise is to find additional funds of funds for the most rational and economic management of business activities. A good financial condition is a steady payment readiness, sufficient security of own working capital and their effective use with economic expediency, a clear organization of payments, the availability of a stable financial base. The unsatisfactory financial condition is characterized by inefficient allocation of funds, their immobilization, poor payment readiness, overdue debts to the budget, suppliers and the bank, insufficiently stable real and potential financial base due to unfavorable trends in production.

The study of the financial position of the enterprise should give the management of the enterprise a picture of its actual state, and to persons 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.

The financial condition of the enterprise is the most important characteristic of its business activity and reliability. It determines the competitiveness of the enterprise and its potential in business cooperation, is a guarantor in the effective implementation of the economic interests of all participants in economic activity, both the enterprise itself and its partners.

The stable financial position of the enterprise is the result of skillful and calculated management of the entire set of production and economic factors that determine the results of the enterprise. These are internal factors, illustrative results, the impact of which is the state of assets and their turnover, the composition and ratio of financial resources. The financial well-being of the company is also influenced by the external environment or external factors, among which are the state policy of taxes and expenditures, market position (including financial), unemployment and inflation, average labor productivity, average profit level, etc. . From this point of view, sustainability is the process of the firm's resistance to negative external circumstances. For a market economy, stability is important, which is based on feedback control, i.e. active response of management to changes in external and internal factors.

From the point of view of company management, the reasons for insolvency can be reduced to two main ones: insufficient consideration of market requirements (in terms of the offered range, product quality, price, etc.) and poor financial management of the enterprise, when it incorrectly takes into account risks, makes serious mistakes , is overburdened with obligations. In the first case, they talk about the disease of business, in the second - about the disease of financial management.

In modern Russian conditions, serious analytical work at the enterprise, related to the study and forecasting of its financial condition, is of particular importance. Timely and complete identification of the "pain points" of the company's finances allows for a set of proactive measures to prevent its possible bankruptcy.

The choice of business partners should be based on an assessment of the financial viability of enterprises and organizations. That is why it is so important for each business entity to systematically monitor their own "health", having objective criteria for assessing the financial condition. Therefore, the analysis of the financial condition is a very important part of all economic work, necessary condition competent enterprise management, an objective prerequisite for sound planning and rational use of financial resources.

Quantitative and qualitative parameters of the financial condition of the enterprise determine its place in the market and the ability to function in the economic space. All this has led to an increase in the role of financial management in the overall process of managing the economy.

The effectiveness of enterprise management is largely determined by the level of its organization and the quality of information support. In the information support system, accounting data is of particular importance, and reporting becomes the main means of communication that provides a reliable presentation of information about the financial condition of the enterprise. 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 existing and potential counterparties. For this you need:

Own the methodology for assessing the financial condition of the enterprise;

Have appropriate information support;

Have qualified personnel capable of implementing this technique in practice.

In an effort to obtain a qualified assessment of the financial situation, business leaders are increasingly resorting to this technique.

It is possible to identify the main requirements for analyzing the financial condition of the enterprise. It must contain the data necessary for:

Making informed management decisions in the field of investment policy;

Assessment of the dynamics and prospects for changes in the profit of the enterprise;

Estimates of the resources available to the enterprise, the changes taking place in them and the effectiveness of their use.

Financial analysis is closely related to planning and forecasting, since without deep analysis it is impossible to carry out these functions. The important role of analyzing the financial condition of an enterprise in preparing information for planning, assessing the quality and validity of planned indicators, in checking and objectively assessing the implementation of plans. Financial analysis is not only a means of substantiating plans, but also monitoring their implementation. Planning begins and ends with an analysis of the results of the enterprise. It allows you to increase the level of planning, to make it scientifically sound.

A large role is given to financial analysis in determining and using reserves to improve the efficiency of the enterprise. It promotes the economical use of resources, the scientific organization of labor, the prevention of unnecessary costs, various shortcomings in work, etc. As a result, the economy of the enterprise is strengthened, the efficiency of its activities is increased.

Thus, the analysis of financial condition is important element in the management system of the enterprise, a means of identifying on-farm reserves, the basis for the development of scientifically based plans and management decisions. The role of analysis as a means of managing activities in an enterprise is increasing every year. This is due to various circumstances: a departure from the command and administrative management system and a gradual transition to market relations, the creation of new forms of management in connection with the denationalization of the economy, the privatization of enterprises and other measures of economic reform.

Under these conditions, the head of the enterprise cannot rely only on his intuition. Management decisions and actions today should be based on accurate calculations, deep and comprehensive financial analysis. They must be reasonable, motivated, optimal.

Underestimation of the role of analysis of the financial condition of the enterprise, errors in plans and management actions in modern conditions bring sensitive losses. Conversely, those enterprises that take financial analysis seriously have good results, high economic efficiency.

1.2 Techniques and tools for analyzing the financial condition

To conduct a financial analysis of an enterprise, a set of interrelated and interdependent methods of analysis is used, aimed at achieving certain results in specific conditions, i.e. a certain method of analysis. There are various classifications of financial analysis methods.

Rusak N.A. proposes to subdivide the entire set of special methods of analysis into four groups, shown in Fig. 1.2.

Economic and logical methods include comparison, detailing, grouping, average and relative values, balance method, methods of sequential isolation of factors, absolute and relative differences, equity participation .

The economic and mathematical methods most often used in economic analysis include integral, graphical, correlation-regression methods, as well as other, more complex methods.

The complexity and ambiguity of the processes of formation of the financial position of the enterprise predetermine the need to use heuristic methods, i.e. non-formalized methods for solving economic problems. The basic receptions and methods of the financial analysis are presented on fig. 1.2. These methods are mainly used to predict the state of the object of study in the future under conditions of partial or complete uncertainty. The state of uncertainty is characterized by the absence of any specific data on the possible directions of development of events, and on the probabilities of each of them occurring in the future. The quality of the results of these methods is determined by the breadth of coverage of the studied phenomena, the level of analytical generalization of known facts of reality, taking into account the prospects for the development of accompanying phenomena and processes. The most widely used heuristic method in financial analysis is the expert method.

Rice. 1.2. Classification of financial analysis techniques

The essence of the expert method lies in the organized collection of opinions and proposals of specialists (experts) on the issue under consideration, followed by processing the answers received and bringing them to the form most convenient for solving the problem. The basis of the method is a survey: individual, collective, face-to-face, correspondence. A group of specialists - organizers of the survey is being created. They determine the purpose of the examination, justify its object, determine the stages of the study, select experts, check their competence, conduct a survey and agree on the assessments obtained, analyze the final results of the examination.

Comparison is the most important method of financial analysis. Its essence is to compare homogeneous objects in order to identify similarities or differences between them. Comparison establishes changes in the level economic indicators, trends and patterns of their development are studied, the influence of individual factors is measured, an assessment of the results of the enterprise is given, intra-production reserves are identified, development prospects are determined.

Main types of comparison:

Actual indicators with accepted development indicators (planned, normative);

With indicators of past periods;

With average data;

With indicators of related enterprises (including other countries);

Various solutions in order to choose the most optimal of them;

Comparison of parallel and dynamic series of numbers in order to establish and justify the presence, form and direction of the relationship between indicators.

Comparison imposes certain requirements on the compared values. They must be comparable and qualitatively homogeneous. For this it is necessary to provide:

Comparability of calendar time periods when studying the dynamics of indicators (by the number of days, months, etc.)

Unity of assessment (neutralization of the price factor). For example, to identify changes in the volume of production, output is estimated at comparable prices, price indices are used;

The unity of quantitative and structural factors, for this, compared qualitative indicators (for example, cost) are recalculated for the same quantity and structure (actual).

A prerequisite for the comparability of the compared indicators is the unity of the methodology for their calculation, since it is not uncommon for indicators to be planned according to one method, and another is used to actually determine them. This condition is especially important for comparing data with enterprises in other countries.

When studying and evaluating indicators, various types of comparative analysis are used: horizontal, vertical, trend.

The transition to a relative indicator 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 indicators smooth out to a certain extent Negative influence inflationary processes that can significantly distort the absolute figures of financial statements and thus make it difficult to compare them in dynamics.

Trend analysis is based on the calculation of relative deviations of indicators for a number of years from the level of the base year, for which all indicators are taken as 100%. With the help of trend analysis, possible values of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out.

Detailing as a technique is widely used in the analysis of the division of factors and results of economic activity in time and place (space). With its help, the positive and negative effects of individual factors are revealed, the results of the influence of which, as a rule, cancel each other out in the final performance indicators of the enterprise for the reporting period, especially for the year.

Grouping as a way of subdividing the population under consideration into groups that are homogeneous according to the characteristics under study is used in the analysis to disclose the average final indicators and the influence of individual units on these averages.

Groupings are divided into typological, structural and analytical. Typological groupings serve to highlight certain types of phenomena or processes, structural ones make it possible to study the structure of certain phenomena according to certain characteristics, analytical ones are used to establish a connection between a grouping attribute and indicators that characterize groups.

The average values better reflect the essence of the ongoing process, the patterns of its development, than a multitude of separately taken positive and negative deviations. Average values are widely used in analysis, especially in the study of mass phenomena, such as average output, average working hours, average balances, etc. Weighted arithmetic mean and chronological mean are used. The use of average values makes it possible to obtain a generalized characteristic of each individual feature and their entire set.

Relative values(percentages, coefficients, indices) make it possible to abstract from the absolute values of the studied indicators, to better understand the essence and nature of the deviation from the base. Relative values are especially necessary to study the dynamics of indicators for a number of reporting periods, and growth or decline can be calculated in relation to a single base, taken as the original, or in relation to a moving base, i.e. to the previous indicator.

The balance method is used in cases where it is necessary to study the ratio of two groups of interrelated economic indicators, the results of which should be equal to each other. This technique was most widely used in the analysis of the financial condition of enterprises. Familiarization with the content of the balance sheet allows you to see the main sources of funds (own, borrowed), the main areas of investment, the composition of funds and sources, the composition of receivables and payables

debt, etc. The balance method is widely used in the analysis of the security of the enterprise with labor, financial resources, raw materials, fuel, materials, fixed assets, etc., as well as in the analysis of the completeness of their use. To determine the solvency of the enterprise, the balance of payments is used, which correlates means of payment with payment obligations. This technique is used to check the completeness and correctness of the calculations made to determine the influence of individual factors on the total deviation for the indicator under study. In all cases when the effect of a factor is completely independent, although it is interconnected with other factors, the algebraic result of the sum of the influence of individual factors should be equal to the total deviation for the indicator as a whole. The absence of this equality testifies to incomplete detection or errors in the calculation of the level of influence of individual factors.

The method of successive isolation of factors (chain substitutions) is used to quantitatively measure the level of influence of factors when building models of factor systems. This technique is based on a method that allows you to explore a large number of combinations with a simultaneous change in all or part of the factors. In this case, the factors can change to the same or to a different extent, in the same or in opposite directions. The result of any possible combination is calculated by treating each of the factors sequentially as a variable, assuming the rest to be constant.

The essence of this method of analysis is the successive replacement of the planned (basic) value of individual factors included in the model of the factor system of the effective indicator with the actual one. As a result of such a replacement, one or more conditional performance indicators, called substitutions, are calculated. This conditional indicator is compared with the planned (basic) or other conditional performance indicator. The result of the comparison shows the magnitude of the influence of the changed factor, since the rest should be taken unchanged.

The most widely used tools (techniques) for analyzing the financial position are relationships (financial ratios), the calculation of which is based on the existence of certain relationships between individual balance sheet items, which is a mathematical relationship between two quantities. Financial ratios are calculated as ratios of absolute indicators of financial condition or their linear combinations. According to the classification of one of the founders of balance science N.A. Blatov, relative indicators of financial condition are divided into distribution coefficients and coordination coefficients.

Distribution coefficients are used in cases where it is required to determine what part one or another absolute indicator of financial condition is from the total of the group of absolute indicators that includes it. Distribution coefficients and their changes during the reporting period play an important role in the course of preliminary acquaintance with the financial condition according to the comparative analytical balance.

The coefficients of coordination are used to express the ratios of essentially different absolute indicators of financial condition or their linear combinations that have different economic meanings.

The analysis of financial ratios consists in comparing their values with base values, as well as in studying their dynamics for the reporting period and for a number of years. The base values are time-series averaged values of indicators of a given enterprise, related to past financially favorable periods, industry average values of indicators, and indicator values calculated according to the reporting data of the most successful competitor. In addition, theoretically substantiated or obtained as a result of expert surveys values that characterize the optimal or critical values of relative indicators from the point of view of financial stability can serve as a basis for comparison. Such values actually play the role of standards for financial ratios, although the methodology for calculating them, depending, for example, on the industry, has not yet been created, since at present the set of relative indicators used to analyze the financial condition of an enterprise is not well-established and therefore lacks full orderliness. Too many indicators are often offered. For an accurate and complete characterization of the financial condition of the enterprise and its trends, a relatively small number of financial ratios is sufficient. It is important that each of these indicators reflect the most significant aspects of the financial condition. The system of relative financial ratios in terms of economic meaning can be divided into a number of characteristic groups.

Indicators for assessing the profitability of the enterprise. The indicators of this group are relative characteristics of financial results and are intended to assess the overall effectiveness of investing in a given enterprise. They measure the profitability of an enterprise from various positions and are grouped according to the interests of the participants in the economic process. Profitability indicators are important characteristics of the factor environment for the formation of profits and income of enterprises. When analyzing production, profitability indicators are used as an instrument of investment policy.

Indicators for assessing business activity or capital productivity. The business activity of the enterprise in the financial aspect is manifested in the speed of turnover of its funds. The analysis of business activity indicators consists in the study of the levels and dynamics of various financial turnover ratios, which are relative indicators of the financial performance of an enterprise.

Indicators for assessing market stability. Market stability indicators characterize the ratio of own and borrowed capital, as well as the structure of own and borrowed funds. Indicators for assessing market stability should be considered in dynamics when determining a promising option for organizing finance and developing a financial strategy.

Liquidity assessment indicators as the basis of solvency. The indicators of this group make it possible to describe and analyze the company's ability to meet its current obligations. The algorithm for calculating these indicators is based on the idea of comparing current assets (working capital) with short-term liabilities. As a result of the calculation, it is established whether the enterprise is sufficiently provided with working capital necessary for settlement with debtors for current operations. Since different types of working capital have different degrees of liquidity (the ability to quickly convert into absolutely liquid funds - cash), several liquidity ratios are calculated.

The method of factor analysis is a method of complex and systematic study and measurement of the impact of factors on the value of effective indicators using deterministic or stochastic research methods. Moreover, factor analysis can be both direct, when the performance indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common performance indicator. The quantitative characteristic of interrelated phenomena is carried out with the help of signs (indicators). Signs that characterize the cause are called factorial (independent); the signs characterizing the consequence are called effective (dependent).

Each performance indicator depends on numerous and varied factors. The more detailed the influence of factors on the value of the effective indicator is studied, the more accurate the results of the analysis and assessment of the quality of the work of enterprises. Without a deep and comprehensive study of the factors, it is impossible to draw reasonable conclusions about the results of activities, identify production reserves, justify plans and management decisions.

Deterministic factor analysis is a technique for studying the influence of factors whose relationship with the performance indicator is functional in nature, i.e. the effective indicator can be represented as a product, private or algebraic sum of factors.

Stochastic analysis is a technique for studying factors whose relationship with a performance indicator, in contrast to a functional one, is incomplete, probabilistic (correlation), when each value of a factor attribute corresponds to a set of values of a performance indicator.

1.3 Methodology for analyzing the financial condition of the enterprise

On the present stage development of our economy, the issue of financial analysis of enterprises is very relevant. The success of its activities largely depends on the financial condition of the enterprise. Therefore, much attention is paid to the analysis of the financial condition of the enterprise.

The relevance of this issue led to the development of methods for analyzing the financial condition of enterprises. These techniques are aimed at an express assessment of the financial condition of an enterprise, preparing information for making managerial decisions, and developing a strategy for managing the financial condition.

The existing methods and models for assessing the financial condition of an enterprise are basic and are rarely used in practice in their pure form, so in order to obtain more accurate results, it is proposed to use some kind of combined assessment model. This is due to the presence of shortcomings and limitations in each individual basic method, which are neutralized with their complex application. Basic Methods combined complement each other.

Many sources define financial analysis as a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. In V. Kovalev's textbook "Financial Analysis: Methods and Procedures", financial analysis is defined as "analytical procedures that allow making decisions of a financial nature". A more complete definition of this term is given in the article by M.D. Gaidenko “Methods of financial analysis of an enterprise”: “Financial analysis is a set of methods for determining the property and financial position of an economic entity in the past period, as well as its capabilities in the short and long term”.

The purpose of financial analysis is to determine the most effective ways to achieve the profitability of the company, the main tasks are to analyze the profitability and risks of the enterprise.

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

1) Assessment of the dynamics of the composition and structure of assets, their condition and movement.

2) Assessment of the dynamics of the composition and structure of sources of equity and borrowed capital, their status and movement.

3) Analysis of the absolute relative indicators of the financial stability of the enterprise, assessment of changes in its level.

4) Analysis of the solvency of the enterprise and the liquidity of the assets of its balance sheet.

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

- determination of the financial position;

- identification of changes in the financial condition in the spatio-temporal context;

- identification of the main factors causing changes in the financial condition;

- forecast of the main trends in the financial condition.

Assessment of the financial condition of the company consists of several stages:

- a comprehensive assessment of several areas of the enterprise;

- the use of a wide range of indicators for the purpose of a comprehensive study of the financial condition of the enterprise;

- use of expert methods to identify quantitative criteria.

The algorithm of traditional financial analysis includes the following steps:

1. Collecting the necessary information (the amount depends on the tasks and type of financial analysis).

2. Information processing (compilation of analytical tables and aggregated reporting forms).

3. Calculation of indicators of changes in the articles of financial statements.

4. Calculation of financial ratios for the main aspects of financial activity or intermediate financial aggregates (financial stability, solvency, profitability).

5. Comparative analysis of the values of financial ratios with standards (generally recognized and industry average).

6. Analysis of changes in financial ratios (detection of deterioration or improvement trends).

7. Preparation of an opinion on the financial condition of the company based on the interpretation of the processed data.

The financial condition of an enterprise is a set of indicators that reflect its ability to pay off its debt obligations. Financial activities cover the processes of formation, movement and preservation of the property of the enterprise, control over its use.

The financial condition is the result of the interaction of all elements of the system of financial relations of the enterprise, and therefore is determined by a combination of production and economic factors.

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

In the traditional sense, financial analysis is a method for assessing and forecasting the financial condition of an enterprise based on its financial statements.

Financial analysis is based on standard accounting data of enterprises, and, of course, all of these programs allow you to enter it manually. However, for many users (especially those who have financial analysis on stream) a very important feature is the ability to import data from accounting programs.

The most typical indicators used in almost all sectors of the real sector of the economy, used in conducting external financial analysis, are shown in Table 1.1.

Internal financial analysis is more demanding on the original information. In most cases, the information contained in standard accounting reports is not enough for him, and it becomes necessary to use internal management accounting data.

Table 1.1

Financial indicators used to manage the enterprise (calculation frequency - quarter / year)

Indicators	Calculation algorithm
liquidity
Current liquidity ratio	The ratio of current assets to short-term liabilities (current liabilities)
Interim liquidity ratio	The ratio of the company's most liquid assets and receivables to short-term liabilities
Absolute liquidity ratio	The ratio of the company's most liquid assets to short-term liabilities
financial sustainability
Overall solvency ratio (share of own sources of asset financing)	Ratio of share capital to total assets
Autonomy coefficient	Ratio of equity to total assets
Financial dependency ratio	The ratio of borrowed and equity capital
Share of own sources of financing current assets	The ratio of equity (net of non-current assets, long-term liabilities and losses) to current assets
Interest coverage ratio	Ratio of operating profit to interest expense
Efficiency of core business
Profitability of sales	The ratio of profit from sales to sales revenue
Product profitability	The ratio of profit from sales to production and sales costs
Capital Efficiency
Return on assets, ROA	The ratio of net profit to the average annual value of assets
Return on invested capital, ROIC	The ratio of earnings before interest and taxes, multiplied by the difference between the unit and the tax rate, to the sum of debt and equity
Profitability working capital	The ratio of net income to current assets
Return on equity, ROE	The ratio of net profit to equity
business activity
return on assets ratio	The ratio of sales proceeds to the average cost of non-current assets for the period
Turnover ratio of all assets	The ratio of revenue from sales of products to the average value of assets for the period
Inventory turnover ratio	The ratio of the cost of products sold during the reporting period to the average value of stocks in this period
Working capital turnover ratio	The ratio of revenue to the average value of working capital for the period

In the process of analysis, the greatest emphasis is placed on understanding the causes of the ongoing changes in the financial condition of the enterprise and the search for solutions aimed at improving this condition. At the same time, it does not matter at all whether the goal is achieved by using standard or original methods.

Unlike external, internal analysis is not limited to consideration of the enterprise as a whole, but almost always goes down to the analysis of individual divisions and activities of the enterprise, as well as types of products.

Table 1.2 compares the two approaches to financial analysis.

Table 1.2

Comparison of external and internal financial analysis

	External analysis	Internal analysis
	Assessment of financial condition (problem of choice)	Improving financial condition
Initial data	Open (standard) financial statements	Any information necessary to solve the task
Methodology	Standard	Any corresponding to the solution of the task
	Comparison with other enterprises	Identification of causal relationships
Object of study	Enterprise as a whole	The enterprise, its structural subdivisions, activities, types of products

In the operational internal activities of the enterprise, financial analysis is used:

To assess the financial condition of the company;

To set 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. In many companies, there is a practice of setting limits for branches and subsidiaries based on such indicators as profitability, production cost, return on investment, etc.;

Estimates of predicted and achieved performance results.

Financial analysis is used in the construction of budgets, to identify the causes of deviations of actual indicators from planned and correction of plans, as well as in the calculation of individual projects. The main tools used are horizontal (dynamics of indicators) and vertical (structural analysis of items) analysis of management accounting reporting documents, as well as calculation of coefficients. Such an analysis is carried out for all major budgets: BDDS, BDR, balance sheet, sales budgets, purchases, inventory.

Horizontal analysis is carried out by items in the context of responsibility centers (RC) on a monthly basis. At the first stage, the share of certain items of expenditure in the total amount of DH expenses and the compliance of this share with the established standards are determined. The costs that can be classified as variables are then compared with the sales volume. After that, the values of both indicators are compared with their values for previous periods. The company is growing at about 40-50% per year, and it is pointless to analyze two- and three-year-old indicators, so information is usually estimated at a maximum of a year ago, taking into account business growth. In parallel, the compliance of the actual indicators of the monthly budget with the planned indicators of the annual one is checked. Financial analysis is also used to determine the company's development guidelines. For example, the liquidity and profitability of a business in the preparation of operational budgets for income and expenses are given values. When approving the annual budget, the main indicator is the efficiency of working capital use.

The liquidity of the balance sheet of an enterprise is the degree to which the obligations of the enterprise are covered by its assets, the term for converting them into cash corresponds to the maturity of the obligations.

Solvency indicates the ability of the enterprise to pay off existing debts.

Financial stability is a reflection of a stable excess of income over expenses, provides free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted production and sale of products.

In other words, the financial stability of a company is the state of its financial resources, their distribution and use, which ensure the development of the company on the basis of profit and capital growth while maintaining solvency and creditworthiness under an acceptable level of risk. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.

An analysis of the stability of the financial condition on a particular date allows you to answer the question: how correctly did the company manage financial resources during the period preceding this date. It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess financial stability can hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation.

An assessment of the financial condition of an enterprise will be incomplete without an analysis of financial stability. Analyzing the liquidity of the company's balance sheet, compare the state of liabilities with the state of assets; this makes it possible to assess the extent to which the company is ready to pay off its debts. The task of financial stability analysis is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the enterprise from a financial point of view, is the level of this independence growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. Indicators that characterize independence for each element of assets and for property as a whole, make it possible to measure whether the analyzed property is sufficiently stable. entrepreneurial organization financially.

The financial stability of an enterprise is related to the overall financial structure enterprise and the degree of its dependence on creditors and debtors. For example, an enterprise that is financed mainly by borrowed money, in a situation where several creditors simultaneously demand their loans back, may go bankrupt. In this case, the structure of the enterprise "own capital - borrowed capital" has a significant preponderance towards the latter. Thus, we can conclude that the financial stability of an enterprise in the long term is characterized by the ratio of its own and borrowed funds. The provision of reserves and costs with sources of formation is the basis of financial stability.

The analysis of financial stability comes from the main balance formula, which establishes the balance of the asset and liability indicators of the balance sheet, which has the following form:

AB + AO = KS + ZD + ZKR (1.1)

where AB - non-current assets (the result of section I of the asset balance); AO - current assets (the result of section II of the balance sheet asset), which include production reserves (PZ) and cash, non-cash forms and settlements in the form of accounts receivable (DZ); KS - the capital and reserves of the enterprise, i.e. the equity capital of the enterprise (the result of section III of the liability of the enterprise's balance sheet); ZD - long-term credits and loans taken by the enterprise (the result of section IV of the liability of the enterprise's balance sheet); ZKR - short-term loans and borrowings taken by the enterprise, which, as a rule, are used to cover the lack of working capital of the enterprise (AS), the company's accounts payable, for which it must pay almost immediately (KZ) and other funds in settlements (PS) (total section V of the liability of the balance sheet of the enterprise).

...

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Analysis of the financial condition of the enterprise. The economic essence of the solvency and financial stability of the enterprise. Legal and information base analysis of financial stability. Implementation of the method of operational controlling.

At the present stage of development of our economy, the issue of analyzing the financial condition of an enterprise is very relevant. The success of its activities largely depends on the financial condition of the enterprise. Therefore, much attention is paid to the analysis of the financial condition of the enterprise.

The relevance of this issue has led to the development of methods for assessing the financial condition of enterprises. These methods are aimed at express assessment of the financial condition of the enterprise, preparation of information for making management decisions, development of a strategy for managing the financial condition.

Because existing methods and models for assessing the financial condition of an enterprise are basic and are rarely used in practice in their pure form, then in order to obtain more accurate results, it is proposed to use some kind of combined assessment model. This is due to the presence of shortcomings and limitations in each individual basic method, which are neutralized in their complex application. The basic methods as part of the combined complement each other.
The main objectives of the analysis of the financial condition of the enterprise are:

· Evaluation of the dynamics of the composition and structure of sources of own and borrowed capital, their condition and movement.

· Analysis of the absolute relative indicators of the financial stability of the enterprise, assessment of changes in its level.

· Analysis of the solvency of the enterprise and the liquidity of the assets of its balance sheet.

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

· Identification of changes in the financial condition in the spatio-temporal context;

Identification of the main factors causing changes in the financial condition;

· Forecast of the main trends in financial condition.

The algorithm of traditional financial analysis includes the following steps:

1. Collecting the necessary information (the amount depends on the tasks and type of financial analysis).

2. Information processing (compilation of analytical tables and aggregated reporting forms).

3. Calculation of indicators of changes in the articles of financial statements.

4. Calculation of financial ratios for the main aspects of financial activity or intermediate financial aggregates (financial stability, solvency, profitability).

5. Comparative analysis of the values of financial ratios with standards (generally recognized and industry average).

6. Analysis of changes in financial ratios (detection of deterioration or improvement trends).

7. Preparation of an opinion on the financial condition of the company based on the interpretation of the processed data.

8. In modern economic conditions, the activity of each economic entity is the subject of attention of a wide range of participants in market relations (organizations and individuals) interested in the result of its functioning.

Based on the reporting and accounting information available to them, these persons seek to assess the financial position of the enterprise.
The main tool for this is financial analysis, with the help of which it is possible to objectively assess the internal and external relations of the analyzed object: to characterize its solvency, efficiency and profitability of activities, development prospects, and then, based on its results, make informed decisions.

Financial analysis makes it possible to evaluate:

· The degree of entrepreneurial risk, in particular the possibility of paying off obligations to third parties;

· Capital adequacy for current activities and long-term investments;

· The need for additional sources of financing;

· Ability to increase capital;

· Rationality of attraction of borrowed funds;

· Validity of profit distribution policy, etc.

Modern financial analysis has certain differences from the traditional analysis of financial and economic activities. First of all, this is due to the growing influence of the external environment on the work of enterprises. In particular, the dependence of the financial condition of economic entities on inflationary processes, the reliability of counterparties (suppliers and buyers), and the increasingly complex organizational and legal forms of functioning has increased.

As a result, the tools of modern financial analysis are expanding due to new techniques and methods that allow taking into account these phenomena.

For the purposes of market relations, the role of analyzing the financial condition of an enterprise is extremely important. This is due to the fact that enterprises acquire independence, bear full responsibility for the results of their production and economic activities to co-owners (shareholders), employees, banks and creditors.
The financial condition of the enterprise - it is a set of indicators reflecting its ability to repay its debt obligations. Financial activities cover the processes of formation, movement and preservation of the property of the enterprise, control over its use.

The financial condition is the result of the interaction of all elements of the system of financial relations of the enterprise and therefore is determined by a combination of production and economic factors.

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

Our company has rich experience in financial analysis of enterprises. You can apply for a financial analysis of an enterprise by e-mail or by calling our office.

MINISTRY OF EDUCATION AND SCIENCE OF THE REPUBLIC OF KAZAKHSTAN.

KAZAKH AUTOMOBILE AND ROAD INSTITUTE IM. L. B. GONCHAROV.

DEPARTMENT "ECONOMY"

GRADUATE WORK

THEME OF THE THESIS:

Analysis and assessment of the financial and economic condition of the enterprise

Completed by student Orlova V.S.

Head Associate Professor Sabirova M.Kh.

Norm control Art. Lecturer Shepteva Z.M.

Head Department of "Economics" Ph.D., Assoc. Ekeyeva Z.Zh.

Almaty 2010

INTRODUCTION

The relevance of the chosen topic of this work is due to the need to study the theoretical and methodological aspects of the analysis of the financial condition, in order to improve the efficiency of business entities

Finances play a huge role both in the structure of market relations and in the mechanism of their regulation. They are an integral part of market relations and at the same time an important tool for implementing economic policy. That is why today, more than ever, it is important to know the nature of finance well, to deeply understand the features of their functioning, to see ways to use them to the fullest in the interests of the effective development of an enterprise. Bringing to the fore the financial aspects of the activities of business entities, the increasing role of finance is a characteristic feature and trend throughout the world.

Professional financial management inevitably requires in-depth analysis, allowing the most accurate assessment of the uncertainty of the situation with the help of modern methods research. In this regard, the priority and role of financial analysis significantly increases, the main content of which is a comprehensive systematic study of the financial condition of the enterprise.

Analysis is understood as a way of cognition of objects and phenomena of the environment, based on the division of the whole into its component parts and the study of them in all the variety of connections and dependencies. The content of the analysis follows from the functions. One of these functions is the study of the nature of the action of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise. The next function of analysis is monitoring the implementation of plans and management decisions, and the economical use of resources.

The central function of the analysis is to search for reserves to improve production efficiency based on the study of best practices and achievements of science and practice. Also, another analysis function is to evaluate the results of the enterprise's activities in fulfilling plans, the level of economic development achieved, and the use of available opportunities.

Given the above, the topic of this work is relevant and is of interest for further research.

Management of current costs that form the cost of products today is a priority in obtaining competitive advantage Kazakh enterprises in the process of globalization of the world economy.

The purpose of the thesis is to analyze and evaluate the financial and economic condition of the enterprise, including the analysis and planning of costs using modern methods on the example of the studied enterprise LLP "ExLine".

The purpose of the analysis of the financial and economic condition of the enterprise is to assess their actual value for the reporting period compared with their planned indicators in dynamics, to identify reserves for cost savings and cost reduction per unit of production, and to determine specific measures for the use of these reserves in current activities and in the future.

Based on the goal, the following tasks were set:

· study of the value and structure of total costs for the reporting period and the rate of its change in comparison with planned data, in dynamics and with the rate of change in sales of products;

analysis of the actual production and full cost with planned indicators and in dynamics and the influence of the main factors on the deviation of these indicators;

study of permanent and variable costs, determination of the break-even point of the financial strength and operating leverage for the main types of products and for the enterprise as a whole;

Establishing the validity of the choice of distribution base various kinds costs (general production, general business, non-production)

Forecasting current costs by different methods;

substantiation of proposals for the effective management of the current costs of the enterprise

To solve the problem of reducing production costs and sales of products in the thesis, a concept is proposed that depends on the specifics of the enterprise, the current state and prospects for its development. When planning the company's costs, the following methods can be used: direct calculation method, normative method, factorial method, cost planning in standard costing and direct costing systems, planning taking into account marginal costs.

In the thesis, new cost management methods were also considered - classic standard costing, target costing, kaizen costing, which have proven their effectiveness in practice and are used in the largest corporations in the world.

The information base was the works of domestic and foreign scientists on the management and analysis of current costs, financial condition, working capital, financial management, as well as the financial statements of the enterprise under study.

I VALUE OF ASSESSING THE FINANCIAL STATE OF THE ENTERPRISE AT THE PRESENT STAGE OF DEVELOPMENT OF THE MARKET ECONOMY

1.1 Methodology for assessing the financial condition of an enterprise

Any financial analysis is better to start with the financial monitoring of the enterprise. In order to identify the main financial characteristics of the enterprise for the past certain period, their trend. At the same time, the trend is more important than the value of the indicators themselves, since it characterizes the direction, speed of movement and thus shows the ability or inability to achieve the intended results. The tasks of financial monitoring include the determination of financial indicators: stability, liquidity and other characteristics for a certain period and their trend. These and other indicators are the language of communication in the world of business and investment, so knowing and understanding them is essential. An analysis of the results obtained, conclusions and suggestions are also required.

To conduct financial monitoring, the following documents are required: balance sheet (Appendix No. 28), reduced to a more simplified form by combining some items for clarity overall structure balance; profit and loss statement (Appendix No. 29) on a non-cumulative basis in order to be able to monitor; cash flow statement (Appendix No. 30) on a non-cumulative basis.

For a deeper analysis, additional accounting documents will be required. The minimum period for which financial monitoring of the enterprise should be carried out is one year. The analyzed period, into which the analyzed period is divided, should not exceed a quarter.

At this stage, the analysis of parameters can be carried out without taking into account the fact that the actual cash flow consists of barter and netting.

The accuracy of the analysis corresponds to the accuracy of the reflection of data in accounting accounting documents (Appendix No. 28,29,30). However, even if the accuracy in the reporting documents does not correspond to the true state of affairs in the enterprise, the trend still corresponds to it, and this is the purpose of the financial monitoring of the enterprise.

One of the most important conditions for successful financial management of an enterprise is the analysis of its financial condition. The financial condition of an enterprise is a complex concept characterized by a system of indicators reflecting the availability, distribution and use of financial resources, which is the result of the interaction of all elements of the system of financial relations of an enterprise, determined by the entire set of production and economic factors.

Financial analysis is necessary for the following groups of its consumers:

Managers of enterprises and, first of all, financial managers. It is impossible to manage an enterprise and make economic decisions without knowing its financial condition. For managers, it is important to evaluate the effectiveness of decisions made, the resources used in economic activity and the financial results obtained;

Owners, including shareholders. It is important for them to know what will be the return on investment in the enterprise, the profitability of the enterprise, as well as the level of economic risk and the possibility of losing their capital;

Lenders and investors. They are interested in what is the possibility of returning loans, as well as the ability of the enterprise to implement an investment program;

Suppliers. For them, it is important to assess the payment for the delivered products, work performed and services.

Thus, all participants in the economic process need financial analysis. At present, economic analysis and, as an integral part of it, financial analysis is considered as one of the functions of managing an enterprise.

Based on the results of the analysis, management decisions are developed and justified. Financial analysis precedes decisions and actions, justifies them and is the basis of scientific enterprise management, ensures its efficiency and objectivity.

The purpose of financial analysis is to assess the past performance and current position of the enterprise, as well as to assess the future potential of the enterprise.

The purpose of studying the financial condition of the enterprise is to find additional funds of funds for the most rational and economic management of business activities. A good financial condition is a stable payment readiness, sufficient security of own working capital and their effective use with economic expediency, a clear organization of settlements, and the presence of a stable financial base. The unsatisfactory financial condition is characterized by inefficient allocation of funds, their immobilization, poor payment readiness, overdue debts to the budget, suppliers and the bank, insufficiently stable real and potential financial base due to unfavorable trends in production.

The study of the financial position of the enterprise should give the management of the enterprise a picture of its actual state, and persons 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.

In modern conditions, serious analytical work at the enterprise associated with the study and forecasting of its financial condition is of particular importance. Timely and complete identification of the "pain points" of the company's finances allows for a set of proactive measures to prevent its possible bankruptcy.

The choice of business partners should be based on an assessment of the financial viability of enterprises and organizations. That is why it is so important for each business entity to systematically monitor their own "health", having objective criteria for assessing the financial condition. Therefore, the analysis of the financial condition is a very important part of all economic work, a necessary condition for competent enterprise management, an objective prerequisite for sound planning and rational use of financial resources.

Financial management - financial management, i.e. the process of managing cash flow, the formation and use of financial resources of the enterprise. It is also a system of forms, methods and techniques by which the management of money circulation and financial resources is carried out. Financial management as a science has a complex structure. Its integral part is financial analysis based on accounting data and probabilistic estimates of future factors of economic life. The connection between financial analysis and management has been noted for a long time. To manage means to make decisions. But conscious and justified decisions can only be made on the basis of reliable information and analytical calculations.

Financial management is based on several basic concepts: time value monetary resources, cash flows, entrepreneurial and financial risk, cost of capital, efficient market, etc. Time value is an objectively existing characteristic of monetary resources. For financial management in an enterprise, this concept is of particular importance, since in analytical calculations it is necessary to compare cash flows generated in different periods of time.

The basis of business activity is building up the economic potential of the enterprise. By investing capital in any investment project, the entrepreneur believes, after a certain period of time, not only to reimburse the capital put into circulation, but also to receive a certain profit. The valuation of this profit, i.e. the solution to the dilemma of whether or not the project is profitable is based on projections of future investment returns.

Any investment decision is based on:

Assessing the company's own financial condition and the feasibility of participating in investment activities;

Assessing the size of investments and sources of financing;

Estimating future income from project implementation.

The concept of entrepreneurial and financial risk decision-making depends on various factors, including the accuracy of predicted dynamics cash flow, prices of sources of funds, the possibility of obtaining them, etc. Such estimates are based on statistical data, analytical calculations and analysis.

The process of functioning of any enterprise is cyclical. Within one cycle, the following is carried out: attracting the necessary resources, combining them into manufacturing process, sale of manufactured products and obtaining final financial results. In a market economy, there is a shift in priorities in the objects and targets of the management system of the economic object. Enlarged and relatively independent economic objects that make up the scope of application of general management functions are cash and objects of labor. In a centrally planned economy, the priorities in the management of these objects, as a rule, were not placed.

The total planning, centralization, and limited resources inherent in this type of economy provided for the introduction of their rigid funding. Freedom in the manipulation of resources and their mutual substitution was very limited. Enterprises were placed in a rigid financial framework and could not choose the most rational (in their subjective opinion) structure of all resources used.

In a market economy, these restrictions are largely removed (limits are canceled, the role of centralized supply is reduced, etc.), and effective management involves optimizing the resource potential of an enterprise. In this situation, the importance of effective management of financial resources and the role of financial analysis for decision-making are sharply increased. The financial well-being of the enterprise as a whole, its owners and employees depends on how efficiently and expediently financial resources are transformed into fixed and working capital, as well as into means of stimulating the workforce. Thus, financial management, as one of the main functions of the management apparatus, acquires a key role in a market economy.

The transition to a market economy required new approaches to financial management, contributed to the birth of a new specialty in the field of management - a financial manager. In a market economy, the financial manager becomes one of the key figures in the enterprise. He is responsible for setting financial problems, analyzing the feasibility of using methods to solve them. The financial manager carries out operational financial activities and is part of the top management personnel of the company. At the enterprise, the scope of tasks of the financial manager includes: general financial analysis and planning; providing the enterprise with financial resources (management of sources of funds); allocation of financial resources (investment policy and asset management).

Own the methodology for assessing the financial condition of the enterprise;

Have appropriate information support;

Have qualified personnel capable of implementing this technique in practice.

In an effort to obtain a qualified assessment of the financial situation, business leaders are increasingly resorting to this technique.

It is possible to identify the main requirements for analyzing the financial condition of the enterprise. It must contain the data necessary for:

Making informed management decisions in the field of investment policy;

Assessment of the dynamics and prospects for changes in the profit of the enterprise;

Estimates of the resources available to the enterprise, the changes taking place in them and the effectiveness of their use.

Thus, the analysis of the financial condition is an important element in the management system of the enterprise, a means of identifying on-farm reserves, the basis for the development of scientifically based plans and management decisions. The role of analysis as a means of managing activities in an enterprise is increasing every year. This is due to various circumstances: the departure from the command - administrative management system and the gradual transition to market relations, the creation of new forms of management in connection with the denationalization of the economy, the privatization of enterprises and other measures of economic reform.

Assessment of the financial condition of the enterprise includes:

General assessment of changes in balance sheet items;

financial stability;

Liquidity;

Profitability.

The general change in the trend of balance sheet items over periods can give one of the most accurate characteristics of the enterprise. Comparison of final indicators is best done on one chart: balance sheet, non-current assets, current assets, own sources of financing, long-term liabilities, short-term liabilities. The change in the main sections of the balance, as a rule, has a pronounced trend.

The purpose of the analysis of the financial stability of the enterprise is to assess the ability of the enterprise to repay its obligations and retain the rights of ownership of the enterprise in the long term.

Liquidity analysis is aimed at assessing the ability of the enterprise to fulfill short-term obligations in a timely manner and in full at the expense of current assets.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to successfully function 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.

If solvency is an external manifestation of financial condition, then financial stability is its internal side, reflecting the balance of cash and commodity flows, income and expenses, means and sources of their formation.

To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for normal functioning.

The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. On the contrary, as a result of a decline in production and sales of products and an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency. Consequently, a stable financial condition is not a game of chance, but the result of skillful management of the entire complex of factors that determine the results of the financial and economic activities of an enterprise.

A stable financial condition, in turn, has a positive effect on the volume of core activities, providing the needs of production with the necessary resources. Therefore, financial activity component economic activity should be aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

The analysis of the financial condition is divided into internal and external, the goals and content of which are different.

Internal analysis is a study of the mechanism for the formation, placement and use of capital in order to search for reserves to strengthen the financial condition, increase profitability and increase the equity capital of a business entity.

External financial analysis is a study of the financial condition of a business entity in order to predict the degree of risk of investing capital and the level of its profitability.

The analysis of the financial condition of the enterprise is based mainly on relative indicators, since the absolute balance sheet indicators in terms of inflation are very difficult to bring into a comparable form.

1.2 Assessment of the composition and dynamics of the property of the enterprise and the sources of its formation

The financial condition of the enterprise, its stability largely depend on optimal structure sources of capital (the ratio of own and borrowed funds) and on the optimal structure of the enterprise's assets, primarily on the ratio of fixed and working capital, as well as on the balance of certain types of assets and liabilities of the enterprise.

Indicators of financial stability, characterizing the constant solvency of the enterprise, are closely related to indicators of solvency (liquidity). The essence of financial stability is the provision of enterprise assets with appropriate sources of their formation, and solvency acts as an external manifestation of financial stability.

The objective of the analysis of financial stability is to assess the degree of independence of the organization from borrowed sources of financing and the optimality of the structure of the assets and liabilities of the organization.

The main financial stability ratios used in the analysis of the financial condition of an organization are the following: autonomy ratio, financial dependence ratio, financial stability ratio, ratio of borrowed and own funds, maneuverability ratio, current assets security ratio with own working capital.

The procedure for calculating financial stability indicators based on the financial statements of the enterprise:

1. Coefficient of autonomy (financial independence), reflects the share of assets covered by equity;

2. The coefficient of financial dependence, reflects the increase in total assets over the amount of equity capital;

3. Financial stability ratio, reflects the share of assets covered by permanent (own and long-term borrowed) capital);

4. Ratio of borrowed and own funds (financial activity ratio, leverage financial leverage) - , reflects the amount of borrowed funds attributable to each ruble of own funds invested in the assets of the organization;

5. The concentration ratio of attracted capital, reflects the share of borrowed capital in the total amount of the organization's property;

6. Equity flexibility ratio reflects the part of equity used to finance current activities, i.е. invested in working capital;

7. The coefficient of security of current assets with own working capital, establishes the security of the organization with its own funds to replenish working capital and conduct business;

8. Permanent asset index reflects the share of real estate (non-current assets) in the sources of own funds.

One of the indicators characterizing the financial position of an enterprise is its solvency, i.e. the ability to timely repay their payment obligations in cash.

The assessment of solvency on the balance sheet is carried out on the basis of the characteristics of the liquidity of current assets, which is determined by the time required to convert them into cash. The less time it takes to collect a given asset, the higher its liquidity. The liquidity of the balance sheet is the ability of a business entity to turn assets into cash and pay off its payment obligations, or rather, it is the degree of coverage of the enterprise's debt obligations by its assets, the period of conversion of which into cash corresponds to the maturity of payment obligations. It depends on the extent to which the amount of available means of payment corresponds to the amount of short-term debt obligations.

The liquidity of a company is general concept than the liquidity of the balance sheet. The liquidity of the balance sheet involves the search for means of payment from the outside, if it has an appropriate image in the business world and a sufficiently high level of investment attractiveness.

The concepts of liquidity and solvency are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. At the same time, liquidity characterizes both the current state of settlements and the future. An entity may be solvent at the balance sheet date but have adverse future opportunities, and vice versa.

The concept of liquidity can be considered from different points of view. So, we can talk about the liquidity of the balance sheet of the enterprise, which is defined as the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into cash corresponds to the maturity of the obligations. The liquidity of assets is the reciprocal of the liquidity of the balance sheet by the time the assets are converted into cash: the less time is required for this type of asset to acquire a monetary form, the higher its liquidity.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity.

Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of the enterprise are divided into four groups:

A1 - the most liquid assets: the company's cash and short-term financial investments;

A2 - quickly realizable assets - accounts receivable and other assets;

A3 - slow-moving assets: stocks and costs, as well as long-term financial investments;

A4 - hard-to-sell assets: non-current assets, with the exception of long-term financial investments.

Liabilities of the balance are grouped according to the degree of urgency of their payment:

P1 - the most urgent liabilities: accounts payable and loans not repaid on time;

P2 - short-term liabilities: short-term credits and loans;

P3 - long-term liabilities: long-term credits and loans;

P4 - permanent liabilities: the company's own capital.

To determine the liquidity of the balance sheet, a reclassified aggregate balance sheet should be drawn up by regrouping the assets and liabilities of the organization in accordance with the above classification, after which it is necessary to compare the results of the received groups of assets and liabilities in pairs (for example, by subtracting the value of the corresponding group of liabilities from the corresponding group of assets, as a result of which payment surplus or shortfall will be received).

The balance is considered to be absolutely liquid if the following ratios take place simultaneously:

Fulfillment entails the fulfillment of the fourth inequality, so in practice it is essential to compare the results of the first three groups. The fourth inequality has a deep economic meaning, since its fulfillment testifies to the observance of the minimum condition for financial stability - the presence of the enterprise's own working capital.

If the liquidity of the balance sheet differs from absolute, it can be considered normal if the following relations are observed:

In addition, several different ratios can be calculated for liquidity analysis

Absolute liquidity ratio (quick liquidity, or absolute solvency), showing what part of the short-term debt the company will be able to repay in the near future,

Critical liquidity ratio (intermediate coverage ratio), characterizing the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables:

Current liquidity ratio (general liquidity ratio, or total coverage ratio), showing the payment capabilities of the enterprise for a period equal to the average duration of one turnover of all working capital.

The grounds for recognizing the balance sheet structure as unsatisfactory, and the enterprise as insolvent according to this method, is the fulfillment of one of the following conditions:

The current liquidity ratio at the end of the reporting period is less than 2;

Equity ratio at the end of the reporting period is less than 0.1. If the results of the financial analysis carried out indicate the insolvency of the enterprise, it is necessary to assess the possibility of restoring its solvency.

If the company is currently quite solvent, it is necessary to assess the probability of loss of solvency in the coming period. This can be done using a special recovery / loss of solvency ratio, which characterizes the presence of a real opportunity for the enterprise to restore (or, conversely, lose) its solvency within a certain period.

1. Absolute liquidity ratio, reflects the availability of the most liquid assets to pay off current short-term liabilities;

2. Ratio of intermediate (critical) liquidity, reflects the availability of liquid assets to pay off current short-term liabilities;

3. Current liquidity ratio (KTL), reflects the availability of current assets to repay short-term liabilities;

4. The coefficient of security of own assets with working capital, establishes the security of the organization with its own funds to replenish working capital and conduct business;

5. Solvency recovery ratio (KTL(kg)+6/12(KTL(kg)-KTL(ng)) 2, determines the ability of the organization to restore its solvency within 6 months if K>1;

6. The coefficient of loss of solvency, determines the possibility of the organization losing its solvency within 3 months, if K>1.

In the system of indicators characterizing the financial condition and efficiency of the enterprise, the leading place is occupied by indicators of profitability and business activity.

Profitability reflects the ability of an enterprise to generate a return on the invested equity capital and assets available to the organization. An analysis of profitability indicators makes it possible to evaluate current economic activity, reveal reserves for increasing its efficiency and develop a system of measures for the use of these reserves. Thus, profitability indicators are the most generalized characteristic of the efficiency of economic activity.

The calculation of profitability indicators is based on the correlation of the amount of profit received with the amount of revenue, assets, equity and other indicators. Based on this, there are such types of profitability as:

Profitability of sales;

Profitability of production;

Return on assets;

Return on equity.

Since both net profit and profit before tax can be used to calculate indicators, a distinction is made between net and total profitability. In addition, profit from sales can also be used in determining the profitability of sales. In each specific case, the choice of the type of profit taken into account in the calculation of the profitability indicator depends on the goals of the analysis.

The procedure for calculating profitability indicators based on the financial statements of the organization:

1. The total return on equity for profit before tax reflects the amount of the organization's balance sheet profit attributable to each ruble of equity;

2. Return on equity in terms of net profit reflects the amount of net profit attributable to each ruble of equity;

3. Return on sales in terms of net profit reflects the amount of net profit attributable to each ruble of equity;

4. Return on sales in terms of profit from sales reflects the amount of net profit attributable to each ruble of equity;

5. The profitability of the full cost of selling products reflects the amount of profit attributable to each ruble of equity;

6. The return on total assets in terms of net profit reflects the amount of net profit attributable to each ruble of equity;

7. The return on total assets for profit before tax reflects the amount of accounting profit attributable to each ruble of equity.

The information basis for the analysis of profitability and turnover is primarily the financial statements of the organization: Form No. 2 "Profit and Loss Statement" and Form No. 1 "Balance Sheet", on the basis of which various indicators are calculated. The most effective is the consideration of profitability indicators in dynamics for 3-5 years. There are no uniform standards for all enterprises, since profitability (profitability) depends primarily on the scope of the enterprise. Nevertheless, it is possible to evaluate profitability indicators based on research and their dynamics. The upward trend in profitability indicators is considered positive, indicating an increase in the efficiency (profitability) of the organization's activities, as the return on equity, on the total capital invested in the assets of the organization, on each ruble of turnover, etc. increases.

The indicators of business activity (turnover) are considered in a similar way, since the turnover rate depends primarily on the industry characteristics of the organization. The study of the dynamics of turnover indicators allows us to conclude that the efficiency of using the company's assets is increasing or decreasing. Positive tendencies are considered to be an increase in turnover ratios, expressed in the number of turnovers made by the assets under consideration during the study period, as well as a decrease in turnover ratios, expressed in days. Thus, the production strategy of the enterprise should be based on reducing the duration of one turnover of assets in days and increasing the turnover of assets in turnover. As a rule, the acceleration of turnover is a consequence of the implementation of a successful production and marketing policy of the enterprise.

Studying the turnover of assets, one can single out the turnover outside of current assets and the turnover of working capital, which in turn can be considered as a set of indicators of the turnover of certain types of working capital. The turnover, expressed in the number of revolutions, in fact, is an indicator of capital productivity, and the inverse indicator to it is capital intensity.

1.3 Assessment of the financial situation

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

The liquidity of an asset is understood as its ability to be transformed into cash, 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.

Speaking about the liquidity of an enterprise, they mean that it has working capital in an amount theoretically sufficient to repay short-term obligations, even if they do not meet the maturity dates stipulated by contracts.

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

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

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

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

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

The current (total) liquidity ratio is defined as the ratio of the actual value of current assets (funds) available, including stocks, finished products, cash, receivables, work in progress, etc. to short-term liabilities (liabilities).

FactorTechLik = _____________

Brief Passive

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

It is calculated according to the company's balance sheet as the quotient of dividing the amount of cash, short-term investments and receivables by current liabilities. It characterizes the company's ability to meet its current obligations using the most liquid (tradable in money) assets.

Calculation formula:

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

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

Where, DS - Cash, KP - short-term liabilities

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

Inventory coverage ratio. Calculated by correlating the value of "normal" sources of coverage of reserves and the amount of reserves.

If the value of this indicator is less than one, then the current financial condition of the enterprise is considered as unstable.

The indicator characterizes at what expense the stocks and costs of the enterprise were acquired: its positive value indicates that the stocks and costs are provided with "normal" sources of coverage, while its negative value indicates that part of the stocks and costs - as a percentage acquired from short-term accounts payable.

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%).

Course work

1. The essence and purpose of the analysis of the financial and economic condition of the enterprise

2. Analysis of the financial and economic condition of the enterprise

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2. ANALYSIS OF THE FINANCIAL POSITION OF F-STROY LLC

2.1 Organizational and economic characteristics of the enterprise

2.2 Analysis of the assets and liabilities of the enterprise

1.1 The concept, essence and objectives of the analysis of the financial condition

Financial analysis is necessary for the following groups of its consumers:

- owners, including shareholders. It is important for them to know what will be the return on investment in the enterprise, the profitability of the enterprise, as well as the level of economic risk and the possibility of losing their capital;

- lenders and investors. They are interested in what is the possibility of returning loans, as well as the ability of the enterprise to implement an investment program;

- to suppliers. For them, it is important to assess the payment for the delivered products, work performed and services.

Thus, all participants in the economic process need financial analysis.

At present, economic analysis and, as an integral part of it, financial analysis is considered as one of the functions of managing an enterprise. The place of analysis in the control system can be simplified by the diagram shown in Fig. 1.1.

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

1) Assessment of the dynamics of the composition and structure of assets, their condition and movement.

2) Assessment of the dynamics of the composition and structure of sources of equity and borrowed capital, their status and movement.

3) Analysis of the absolute relative indicators of the financial stability of the enterprise, assessment of changes in its level.

4) Analysis of the solvency of the enterprise and the liquidity of the assets of its balance sheet.

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

- determination of the financial position;

- identification of changes in the financial condition in the spatio-temporal context;

- identification of the main factors causing changes in the financial condition;

- forecast of the main trends in the financial condition.

Assessment of the financial condition of the company consists of several stages:

- a comprehensive assessment of several areas of the enterprise;

- the use of a wide range of indicators for the purpose of a comprehensive study of the financial condition of the enterprise;

- use of expert methods to identify quantitative criteria.

The algorithm of traditional financial analysis includes the following steps:

1. Collecting the necessary information (the amount depends on the tasks and type of financial analysis).

2. Information processing (compilation of analytical tables and aggregated reporting forms).

3. Calculation of indicators of changes in the articles of financial statements.

4. Calculation of financial ratios for the main aspects of financial activity or intermediate financial aggregates (financial stability, solvency, profitability).

5. Comparative analysis of the values ​​of financial ratios with standards (generally recognized and industry average).

6. Analysis of changes in financial ratios (detection of deterioration or improvement trends).

7. Preparation of an opinion on the financial condition of the company based on the interpretation of the processed data.

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5. Comparative analysis of the values of financial ratios with standards (generally recognized and industry average).