Overall rating financial condition.
Liquidity assessment.
Grade financial stability.
Cash flows and their impact on
financial stability.
Evaluating the effectiveness of use
property. Before proceeding with the analysis of financial
state of the enterprise, it is necessary to accurately determine
the original purpose of the analysis. The level of detail depends on the goal
and depth of research in individual areas of analysis:
Cost structure analysis
Analysis of the structure of the balance sheet and working capital
Liquidity and financial stability analysis
Analysis cash flow
Turnover analysis
Profitability Analysis
Analysis of company performance It is recommended to carry out the following types analysis:
Express diagnostics of the enterprise
Assessment of the financial performance of an enterprise
Preparation of justification for investments The analysis makes it possible to evaluate:
Financial position of the company
Property status of the enterprise
Degree of business risk (possibility of repayment
obligations to third parties)
Capital adequacy for current activities and long-term
investment
Need for long-term sources of financing
Capacity to increase capital
Rational use of borrowed funds
Company performance Principles of analysis
Data assessment is impossible without comparing them
Invalid data
inaccurate
results
Don't mix incompatible data
Consider relationships
Draw conclusions. Make decisions Analysis stages
Collection and
Preparation
original
information
Analytical
treatment
Interpretation
results
Financial
reporting
Balance
Analytical Statistical Interview
certificates
information
Form
№
Calculation of necessary
data
Conclusions and
Recommendations
Relationship between indicators
Possible solutions
problems Problems solved
express diagnostics
Diagnostics are carried out to obtain a small
number of key, most informative
indicators that provide accurate and objective
picture of the financial condition of the enterprise
Express diagnostics allows identifying painful
points in the activities of the enterprise and offer
Possible ways out of critical situations Using the proposed methods, the company
may find a solution to some account problems
own funds and resources
In the process of working on the proposed
techniques from managers and specialists
various services performing analytical
functions, thinking is formed that meets
requirements of work in market conditions Analysis of financial indicators
Implementation analysis
- Analysis of the structure of the financial results report
- Cost analysis
Analysis of changes in items and balance sheet structure
- Asset analysis
- Liability analysis
Cash flow analysis Liquidity and financial analysis
-
sustainability
Turnover analysis
Turnover of current assets and liabilities
Duration of the financial cycle
Performance analysis
companies
Asset turnover
Return on sales
Return on assets Analysis of financial statements
results
During the analysis of this document
The shares are calculated according to
Individual elements:
Cost price
Operating profit
Payment of interest and taxes
Net profit
Reinvestment profit
This allows you to assess the degree
influence of individual indicators
to the final value of net and
reinvested profits
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
I year
II year
III year Aggregated structure
balance
ASSETS
Current assets
Are located
in order
descending
liquidity
LIABILITIES
Current
obligations
Long-term
obligations
Permanent
assets
Own
capital
Are located
in order
distance
repayment
debt
Joint Stock
capital
Own working capital= Current assets – Current liabilities Relationship between the income statement and the balance sheet (in aggregate form)
Balance sheet
Gains and losses report
A
TO
T
AND
IN
Y
Commercial and
administrative expenses
Expenses unrelated to
main activity
Interest for
loans
Tax
And
P
A
WITH
WITH
AND
IN
Y
other expenses
Dividends
Increase
assets
Increase
own
capital Revenues from sales
Gross profit
Operating profit
Profit before interest and taxes
Profit before taxes
Net profit
Reinvested earnings Asset structure analysis
It is necessary to determine the ratio and change of articles:
Current assets
Cash
Accounts receivable
- for goods and services
- on advances issued
- for other debtors
Inventories
- raw materials and materials
- work in progress
- finished products
Non-current (permanent) assets
- fixed assets
- intangible assets
- other non-current assets
Cash
Accounts receivable
debt
Reserves
Non-negotiable
(permanent)
assets Liability structure analysis
Current
obligations
In the structure of liabilities
calculate:
Short term
obligations
short-term
loans
creditor
debt
Long-term loans
Equity
authorized capital
Extra capital
reinvested profits
Short term
loans
Accounts payable
debt
Long-term
loans
Own
facilities Own working capital
The amount of own working capital is
difference between current assets
and current obligations.
Current
assets
Current
obligations
Own
negotiable
facilities Balance assessment
Analysis of changes in structure and changes in articles
balance shows:
what is the value of current and permanent assets, how
their ratio changes, and also due to what they
are funded
which articles are growing at a faster pace, and how
affects the structure – balance
what proportion of assets are inventories
inventories and receivables how large is the share of own funds and in
to what extent does the company depend on debt?
funds
what is the spread of borrowed funds across
urgency
what share of liabilities is debt?
before the budget, banks and labor collective Cash flows
Cash flows are distinguished:
from the main activity (operating): movement
funds in progress
production and sales of main products
from investment activities: income and expenses from
investing funds and
sale of non-current assets
from financial activities: receipt and payment
loans, issue of shares, etc. Cash flow generation scheme
Raw materials
Unfinished
production
Salary,
expenses
Finished products
Accounts receivable
debt
Accounts payable
debt
Cash
facilities
operating room
profit
Depreciation "tributaries"
"outflows"
Interest on
loans
Taxes
Payment from profit
Sale
long term
assets
Acquisition
long-term assets
Capital
construction
Sale of shares
Loan repayment
Receipt
loans
Dividends
BASIC
ACTIVITY
INVESTMENT
ACTIVITY
FINANCIAL
ACTIVITY Cash flows
Cash flow analysis allows you to get
answers on questions:
1.What explains the differences between the profit received and
availability of cash
funds?
2. Where did they come from and what were they used for? cash?
3. Are the funds received sufficient for maintenance?
current activities?
4. Does the enterprise have enough funds for investment?
activities?
5. Is the company able to pay off its current
debts? Liquidity analysis
Balance sheet liquidity shows to what extent
the company is able to pay
short-term liabilities with current assets.
total liquidity. Two other coefficients
used when deepening is necessary
analysis to reflect the impact of individual items
current assets. Coefficient
general
liquidity
Coefficient
fast
(urgent)
liquidity
Coefficient
absolute
liquidity
Current assets
Current responsibility
Den. Wed va Krat. Finnish enclosed Deb. h.
Current responsibility
Den. Wed va Krat. Finnish invest
Current responsibility Balance sheet liquidity assessment
companies (example)
OJSC "Oil and Fat Plant "Solntse"
1.1.02
1.1.03
1.1.04
Total coefficient
liquidity
1,37
1.98
1,16
Fast ratio
liquidity
0,88
0,51
0,29
0,01
0,02
0,01
Coefficient
absolute liquidity 1,40
1,20
1,00
0,80
0,60
0,40
0,20
1.1.02
1.1.03
Total liquidity ratio
Quick ratio
Absolute liquidity ratio
1.1.04The dynamics of liquidity indicators indicate
slight decrease in overall liquidity with
a sharp drop in the quick liquidity ratio.
This indicates an increase in low liquidity
elements (stocks) in the structure of current assets. All
this indicates an increase in the riskiness of activities
companies from the point of view of non-repayment of debts and reduction
real level of solvency.
In addition, it is necessary to analyze the degree
accounts receivable and inventory to receive
a more realistic picture. Financial stability assessment
Financial stability reflects the level of risk
activities of the company and dependence on borrowed funds
capital.
You can use the coefficient as a base
financing. Autonomy coefficients and
maneuverability of own funds allow us to give
more detailed assessment of the capital structure.
The following are used as evaluation coefficients:
Coefficientfinancing
Own funds
Borrowed funds
Coefficient
autonomy
Own funds
Total assets
Coefficient
maneuverability
own
funds
Own working capital
Own funds Turnover of current assets and liabilities
Turnover
accounts receivable
debt
Turnover
reserves
Implementation
Cost price
Deb. debt
Reserves
Turnover
creditor
debt
Cost price
Credit. debt Turnaround period
accounts receivable
debt
(Implementation period)
turnover period
reserves
Turnaround period
creditor
debt
360
360
360
Obor. deb. debt
Inventory turnover
Revolving credit debt Financial cycle
Based on current asset turnover indicators
liabilities, the duration of the financial period is calculated
cycle.
It is defined as the sum of the turnover period
accounts receivable and inventories less
period of turnover of accounts payable. Period
turnover
reserves
Turnaround period
accounts receivable
debt
Turnaround period
creditor
debt
Financial
cycle
The higher
duration
financial cycle,
the higher the need
in working capital Period of turnover of current assets and
liabilities (example)
OJSC Oil and Fat Plant "Solntse"
Turnaround period
(days)
Accounts receivable
2002
37,2
85,8
117,9
Inventories
26,4
96,4
270,3
Credit. debt
39,8
64,9
209,3
Manufacturer - commercial
cycle
23,8
117,3
178,9
2003
2004The increase in the duration of the financial cycle in 2004 was caused by
a sharp increase in the inventory turnover period, which does not
could be compensated by a slowdown in the turnover period
accounts payable.
This is due to the stockpiling policy pursued by
management of the enterprise. Turnover periods of current assets and liabilities (days)
0,0
100,0
200,0
300,0
400,0
Inventories
Accounts receivable
debt
Accounts payable
debt
2004
2003
2002
Financial cycle
2004
2003
2002
0,0
20,0
40,0
60,0
80,0
100,0
120,0 140,0 160,0 180,0Asset turnover
The asset turnover ratio reflects
how many times during the turnover period, capital
invested in the assets of the enterprise. Growth of this
indicator indicates an increase in their efficiency
use.
Another parameter that evaluates the intensity
asset utilization is an indicator of the period
turnover in days, calculated as a ratio
duration of the selected period to turnover
assets for a given period. Report on
financial
results
R
E
A
L
AND
Z
A
C
AND
I
Balance
(are used
average
values for
period)
A
TO
T
AND
IN
Y
P
A
WITH
WITH
AND
IN
Y Return on sales
Revenues from sales
7 110
Product cost
Operating profit
5 434
1 676
Non-operating income and losses
1 050
Profit from activities
2 726
Interest
0
Profit before tax
Budget payments from profits
other expenses
562
- 398
Net profit
Dividends paid
0
Reinvested earnings
II quarter 2004
2 726
2 562
0
JSC "Electroinstrument"
Operating profit
Revenues from sales Return on sales =
Operating profit
Revenues from sales
Return on sales = 23.6%
Return on sales shows
what percentage of operating profit does
enterprise for a given sales volume. Return on assets
Return on assets –
This is a comprehensive indicator that allows you to evaluate
results of the main activities of the enterprise. He
expresses the return per ruble
company assets.
Profitability
assets
=
Operating profit
Assets To assess the influence of various factors
You can use another formula:
Profitability Profitability Turnover
=
*
assets
sales
assets Return on assets
Plant "Electrotool" II quarter 2004
Profit and loss statement
Revenues from sales
Operating profit
Balance (Average values for the period)
7 110
1676
Profit from activities
Interest
2 726
Profit before tax
Budget payments from profits
other expenses
2 726
2 565
565
Net profit
Dividends paid
0
Current assets
7 609
Permanent assets
Current
obligations
9 283
Long-term
loans
200
Own
facilities
- 398
0
78 868
Reinvested earnings
operating room
profit
86 478
Assets
76 995
86 478Profitability
=
assets
Operating profit
Assets
Return on sales
Profitability
= Operating profit *
assets
Revenues from sales
Asset turnover
Revenues from sales
Assets
Introduction.
1. Essence, task, information base financial analysis.
1.1 The essence of financial analysis in a market economy.
1.2 Goals and types of financial analysis.
2. Methods of financial analysis.
2.1 Horizontal analysis.
2.2 Vertical analysis.
2.3 Trend analysis.
2.4 Factor analysis.
3. The main problems of the development of financial analysis in Russia.
Conclusion.
Bibliography.
Introduction
Analysis economic activity is a scientifically developed system of methods and techniques through which the economy of an enterprise is studied, production reserves are identified on the basis of accounting and reporting data, and ways of their most effective use are developed.
Financial analysis has its own sources, its own purpose and its own methodology. Sources of information are quarterly and annual reports, including appendices to them, as well as information drawn from the accounting itself, when such an analysis is carried out within the enterprise itself.
The purpose of analyzing the financial condition is to give the management of an enterprise a picture of its actual condition, and to persons who do not directly work for this enterprise, but are interested in its financial condition, the information necessary for an impartial judgment, for example, about the rationality of using additional investments made in the enterprise, etc. similar.
Assessment of the financial position of an enterprise is a set of methods that make it possible to determine the state of affairs of an enterprise as a result of an analysis of its activities over a finite time interval.
As a final result, an analysis of the financial position of an enterprise should give the management of the enterprise a picture of its actual state, and persons who do not directly work at this enterprise, but are interested in its financial condition - the information necessary for an impartial judgment, for example, about the rationality of using additional investments made in the enterprise and so on.
1.1 The essence of financial analysis in a market economy
Financial analysis is an essential element of financial management and auditing. Almost all users of financial statements of enterprises use financial analysis methods to make decisions to optimize their interests. Thus, owners analyze financial statements to increase the return on capital and ensure the stability of the company's position, and creditors and investors analyze financial statements to minimize their risks on loans and deposits.
Financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements.
In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. This kind of analysis can be performed both by the management personnel of a given enterprise and by any external analyst, since it is mainly based on publicly available information. However, it is customary to distinguish two types of financial analysis: internal and external.
Internal analysis is carried out by employees of the enterprise. Information base such analysis is much broader and includes any information circulating within the enterprise and useful for adoption management decisions. Accordingly, the possibilities of analysis are expanded. External financial analysis is carried out by analysts who are outsiders to the enterprise and therefore do not have access to the internal information base of the enterprise. External analysis is less detailed and more formalized.
To ensure the survival of an enterprise in modern conditions, management personnel must, first of all, be able to realistically assess the financial condition of both their enterprise and its real and potential counterparties. To do this, it is necessary: a) to master the methodology for assessing the financial condition of an enterprise; b) have appropriate information support; c) have qualified personnel capable of implementing this technique in practice.
An assessment of the financial condition can be performed with varying degrees of detail depending on the purpose of the analysis, available information, software, technical and personnel support.
The basis information support analysis of the financial condition, as noted above, must be prepared by financial statements. Of course, it can be used in analysis Additional Information, mainly of an operational nature, but it is only auxiliary in nature.
1.2. Goals and types of financial analysis
To provide effective activities in modern conditions, management needs to be able to realistically assess the financial and economic condition of their enterprise, as well as the state business activity partners and competitors. To do this you need:
Financial and economic condition is the most important criterion for business activity and reliability of an enterprise, determining its competitiveness and potential for 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 the sources of their formation ( equity and obligations, i.e. liabilities). The main goal of the analysis is to identify the most complex problems of managing an enterprise in general and its financial resources in particular.
The main tasks of analyzing the financial and economic state of an enterprise are correct assessments of the initial financial position and the dynamics of its further development, which consists of the following stages:
Analysis of the financial and economic condition of an enterprise is an essential element of financial analysis, as well as financial management and audit.
Analysis of financial and economic condition is an integral part of financial analysis. The basis of financial analysis is the analysis of financial statements. This determines the use of methods and working techniques of financial analysis when assessing the financial and economic condition. The essence of financial management lies in such an organization of financial management that allows you to attract additional financial resources at the most favorable conditions, invest with the greatest effect, carry out profitable transactions 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 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 studying financial statements. In this case, the leading position is occupied by the analysis of the financial and economic condition of the enterprise.
Wide development economic ties between enterprises, including at the international level, banking and insurance business implies a significant increase in the requirements for objectivity and validity in assessing the financial and economic condition of both the business entity itself and its counterparties. One of the prerequisites for solving this problem is the functioning of the auditing institution.
An audit is a check for accuracy, completeness, compliance with current legislation of the accounting and financial statements of an enterprise, carried out on a contractual basis by an independent auditor or audit organization. The main functions of audit are:
As a result of checking and analyzing the financial condition of the enterprise, auditors in an official form present a substantiated conclusion on the results of the activities of controlled economic entities for a certain period.
The subjects of analysis of the financial and economic state of an enterprise are both directly and indirectly interested in the activities of the enterprise, users of information.
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 analysis users studies financial information from their own positions, based on their interests. Owners of enterprise funds are primarily interested in increasing or decreasing the share of equity capital and the efficiency of use of resources by the enterprise administration. Lenders and investors pay attention to the feasibility of extending a loan, loan conditions, money back guarantees, and the return on investment of their capital. Suppliers and clients are interested in the solvency of the enterprise, the availability of liquid funds, etc.
The second group of users includes subjects of analysis who are not directly interested in the activities of the enterprise, but must, by agreement, protect the interests of the first group.
Each enterprise, planning its economic behavior (developing a flexible strategy and tactics) in a changing market environment, strives to strengthen its competitive position. Therefore, a certain part of financial information becomes a trade secret, which becomes the prerogative of internal economic management analysis. Analysis of the financial and economic condition, based on financial statements, takes on the character of an external analysis, i.e. analysis carried out without the involvement and publication of internal management accounting data (cost calculations, cost estimates, direct and indirect costs, etc.), and therefore the reporting data contains rather limited information about the activities of the enterprise.
The above determines the specifics of analyzing the financial and economic condition of an enterprise, while limiting the use of all methods of financial analysis.
The importance of analyzing the financial and economic state of an enterprise can hardly be overestimated, since it is precisely this that is the basis on which development is built financial policy enterprises.
| - maximizing the profit of the enterprise; |
| - optimization of the capital structure and ensuring its financial stability; |
| - ensuring the investment attractiveness of the enterprise; |
| - achieving transparency of the financial and economic condition of the enterprise for owners (participants, founders), investors, creditors; |
| - creation of an effective enterprise management mechanism; |
| - the enterprise’s use of market mechanisms to attract financial resources, etc. |
Based on the results of the analysis, the choice of financial policy directions is made.
Of great importance for the enterprise are the results of the analysis of management decisions in the investment, supply, household, and pricing areas, i.e. V strategic development enterprises.
the main objective development strategies – a stable position in the market, based on the effective distribution and use of all resources (material, financial, labor, land, intellectual, etc.). At the same time, the leading method of resource management is the method of analytical assessment and forecasting of business results.
In order to make effective and efficient decisions in the field of technology, finance, sales, investment and production renewal, management personnel need constant and continuous monitoring of the current situation of the enterprise. Analysis of the financial and economic state is one of effective ways assessment of the current situation, which reflects the immediate state of the economic situation and allows us to identify the most complex problems of managing available resources and thus minimize efforts to align the goals and resources of the organization with the needs and capabilities of the current market. This requires ongoing business awareness of relevant issues, which results from the selection, evaluation, analysis and interpretation of financial statements.
The main tasks of analyzing the financial and economic condition of an enterprise include:
Financial analysis, most often in the applied aspect, is understood as the process of studying the financial condition and main results of the financial activities of an enterprise in order to identify reserves for further increasing its market value. Financial analysis is divided into individual species depending on the following signs:
1. According to organizational forms, internal and external financial analyzes of the enterprise are distinguished.
Internal financial analysis is carried out financial managers enterprise or the owners of its property using the entire set of available informative indicators. The results of such analysis may constitute a trade secret of the enterprise.
External financial analysis is carried out by tax administrations, audit firms, banks, Insurance companies in order to study the correctness of the reflection of the financial results of the enterprise, its financial stability and creditworthiness.
2. According to the scope of the study, complete and thematic financial analyzes of the enterprise are distinguished.
A complete financial analysis of an enterprise is carried out with the aim of studying all aspects of the financial activities of the enterprise in a comprehensive manner.
Thematic financial analysis is limited to the study of individual aspects of the financial activities of an enterprise. The subject of thematic financial analysis may be the efficiency of using the assets of the enterprise, the optimality of financing various assets from individual sources, the state of financial stability and solvency of the enterprise, the optimality of the investment portfolio, the optimality financial structure capital and a number of other aspects of the financial activity of the enterprise.
3. According to the object of analysis, the following types are distinguished:
· analysis of the financial activities of the enterprise as a whole. In the process of such analysis, the object of study is the financial activity of the enterprise as a whole, without identifying its individual structural units and divisions;
· analysis of the financial activities of individual structural units and divisions. This analysis is based mainly on the results of management accounting of the enterprise;
· analysis of individual financial transactions. The subject of such an analysis may be individual transactions related to short-term or long-term financial investments, the financing of individual real projects, and others.
4. According to the period of conduct, preliminary, current and subsequent financial analyzes are distinguished.
Preliminary financial analysis with the study of the conditions of financial activity in general or the implementation of individual financial transactions of an enterprise (for example, an assessment of one’s own solvency if it is necessary to obtain a large bank loan).
Current (or operational) financial analysis is carried out in the process of implementing individual financial plans or carrying out individual financial transactions for the purpose of promptly influencing the results of financial activities. As a rule, it is limited to a short period of time.
Subsequent (or retrospective) financial analysis is carried out by the enterprise for the reporting period (month, quarter, year). It allows you to deeply and more fully analyze the financial condition and results of the financial activities of the enterprise in comparison with preliminary and current analysis, since it is based on completed statistical and accounting reporting materials.
1.3 Information base of financial analysis.
In a market economy, financial statements of business entities become the main means of communication and the most important element information support for financial analysis. Any enterprise, to one degree or another, constantly needs additional sources of financing. You can find them on the capital market, attracting potential investors and creditors by objectively informing them about your financial and economic activities, that is, mainly through financial statements. How attractive the published financial results are, showing the current and future financial condition of the enterprise, is the likelihood of obtaining additional sources of financing.
The main requirement for information presented in reporting is that it be useful to users, i.e. that this information can be used to make informed decisions. business decisions. To be useful, information must meet the following criteria:
| Relevance | means that this information significant and influences the decision made by the user. Information is also considered relevant if it allows for prospective and retrospective analysis. |
| Credibility | information is determined by its veracity, the prevalence economic content over legal form, verifiability and documentary validity. |
| Information | is considered truthful if it does not contain errors and biased assessments, and also does not falsify events in economic life. |
| Neutrality | assumes that financial reporting does not emphasize the interests of one group of users of common statements to the detriment of another. |
| Understandability | means that users can understand the content of the reporting without special training. |
During the preparation of reporting information, certain restrictions on the information included in the reporting must be observed:
In accordance with Article 13 of Chapter III Federal Law RF "O accounting" dated November 21, 1996 No. 129-FZ, all organizations “... are required to prepare financial statements based on synthetic and analytical accounting data.
The same Law states that explanatory note The annual financial statements must contain significant information about the organization, its financial position, comparability of data for the reporting period and the year preceding it, etc.
2.Methods of financial analysis
To solve specific problems of financial analysis, a number of special methods are used to obtain a quantitative assessment of individual aspects of the enterprise's activities. In financial practice, depending on the methods used, the following systems of financial analysis carried out at the enterprise are distinguished: trend, structural, comparative and ratio analysis.
2.1 Horizontal analysis.
Analysis of financial condition is an obligatory component of the financial management of any company. The task of such an analysis is to determine what our condition is today, which parameters of the company’s work are acceptable and need to be maintained at the current level, which are unsatisfactory and require prompt intervention. In other words, in order to move forward successfully, the company needs to know why its condition has worsened and how to improve the situation (which levers to use most effectively).
In modern conditions, the correct determination of the real financial condition of an enterprise has great value not only for the business entities themselves, but also for numerous shareholders, especially future potential investors
Horizontal analysis allows us to identify trends in changes in individual items of income and expenses and their groups according to financial reporting documents. This type of analysis is based on the calculation of the basic growth rates of income and costs for balance sheet items or income statement items.
Horizontal reporting analysis consists of constructing one or more analytical tables in which absolute indicators complemented by relative growth rates. The degree of aggregation of indicators is determined by the analyst. As a rule, basic growth rates are taken over a number of years, which makes it possible to analyze not only changes in individual indicators, but also to predict their values.
During horizontal analysis, absolute and relative changes in the values of various balance sheet items for a certain period are determined, and the goal is vertical analysis is a calculation specific gravity net.
2.2 Vertical analysis.
Vertical analysis is based on the presentation of accounting data in the form relative values, characterizing the structure of generalizing final indicators. An obligatory element of the analysis is the construction of time series of the values of these quantities, which makes it possible to track and predict structural changes in the composition of household assets and the sources of their coverage.
Vertical analysis shows the structure of the enterprise's funds and their sources. There are two main features that determine the need and feasibility of vertical analysis:
the transition to relative indicators allows for inter-farm comparisons of the economic potential and performance of enterprises that differ in the amount of resources used and other volumetric indicators;
relative indicators smooth out to a certain extent Negative influence inflation processes that can significantly distort the absolute indicators of financial statements and thereby complicate their comparison over time.
Vertical analysis can be carried out on either original reporting or modified reporting.
To understand the overall picture of changes in financial condition, indicators of the structural dynamics of the balance sheet are very important. By comparing the structure of changes in assets and liabilities, we can draw a conclusion about through what sources the influx of new funds was mainly and in what assets these new funds were mainly invested.
For a general assessment of the dynamics of the financial condition of an enterprise, balance sheet items should be grouped into separate specific groups based on liquidity (asset items) and maturity of liabilities (liability items). Based on the aggregated balance sheet, the structure of the enterprise's property is analyzed.
Reading the balance for such systematic groups is carried out using methods of horizontal and vertical analysis.
2.3 Trend analysis.
Trend analysis (analysis of development trends) is a type of horizontal analysis focused on the future. Trend analysis involves studying indicators for the maximum possible period of time, while each reporting item is compared with the values of the analyzed indicators for a number of previous periods and a trend is determined, i.e. the main recurring trend in the development of the indicator, cleared of the influence of random factors and individual characteristics periods.
One of the tasks that arises when analyzing time series is to establish a pattern of changes in the levels of the studied indicator over time.
In some cases, this pattern, the general trend in the development of an object, is quite clearly reflected by the levels of the time series. However, one often encounters such series of dynamics when the levels of the series undergo the most various changes(they either increase or decrease) and we can only talk about the general trend of development of the phenomenon, either a tendency to increase or decrease. In these cases, to determine the main trend in the development of the phenomenon, which is quite stable over a given period, special techniques are used for processing dynamics series.
The levels of a number of dynamics are formed under the combined influence of many long- and short-term factors, including various types of random circumstances. Identification of the main pattern of changes in the levels of a series presupposes its quantitative expression, to some extent free from random influences: Identification of the main development tendency (trend) is also called time series alignment, and methods for identifying the main trend are called alignment methods. Alignment allows you to characterize the peculiarity of the change over time of a given dynamic series in the most general view as a function of time, assuming that the influence of all main factors can be expressed in terms of time.
One of the simplest methods for detecting a general trend in the development of a phenomenon is to enlarge the interval of a time series. The meaning of the technique is that the original series of dynamics is transformed and replaced by another, the indicators of which relate to longer periods of time. For example, a series containing monthly output data can be converted to a quarterly data series. The newly formed series can contain either absolute values for periods of time enlarged in duration (these values are obtained by simply summing the levels of the original series of absolute values), or average values. When summing up levels or deriving averages over enlarged intervals, deviations in levels due to random causes are cancelled, smoothed out, and the effect of the main factors of changes in levels (general trend) is more clearly revealed.
The main trend can also be identified using the moving average method. To determine the moving average, we form enlarged intervals consisting of the same number of levels. Each subsequent interval is obtained by gradually shifting from the initial level of the dynamic series by one level. Then the first interval will include levels y1, y2...mind the second - levels y1, y2......mind+1, etc. Thus, the smoothing interval seems to slide along the time series with a step equal to one. Based on the formed enlarged intervals, we determine the sum of the level values, on the basis of which we calculate the moving averages. The resulting average refers to the middle of the enlarged interval. Therefore, when smoothing a moving average, it is technically more convenient to compose the enlarged interval from an odd number of levels of the series. Finding a moving average over an even number of levels creates the inconvenience that the average can only be attributed to the midpoint between two dates. In this case, an additional procedure for centering the averages is necessary.
2.4 Factor analysis.
Factor analysis is a technique for a comprehensive and systematic study and measurement of the impact of factors on the value of performance indicators, a section of multivariate statistical analysis that combines methods for assessing the dimension of many observed variables. In other words, the task of the method is to move from a real large number of signs or causes that determine the observed variability to a small number of the most important variables (factors) with minimal loss of information (methods that are similar in essence, but not in mathematical terms - component analysis, canonical analysis, etc. ). The method arose and was initially developed in problems of psychology and anthropology (at the turn of the 19th and 20th centuries), but now the scope of its application is much wider. The assessment procedure consists of two stages: assessment of the factor structure - the number of factors necessary to explain the correlation between values, and factor loading, and then assessment of the factors themselves based on observation results.
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In short, factor analysis is understood as a technique for a comprehensive and systematic study and measurement of the impact of factors on the value of performance indicators.
Factor analysis - determining the influence of factors on the result - is one of the strongest methodological solutions in analyzing the economic activities of companies for decision making. For managers - an additional argument, an additional “angle of view”.
As you know, you can analyze everything ad infinitum. It is advisable at the first stage to implement an analysis of deviations, and where necessary and justified, to apply the factor analysis method. In many cases, a simple analysis of deviations is enough to understand that the deviation is “critical”, and when it is not at all necessary to know the degree of its influence.
However, in practice, factor analysis is rarely used for several reasons: 1) the implementation of this method requires some effort and a specific tool (software product); 2) companies have other “eternal” priorities. It is even better if the factor analysis method is “built-in” into the financial model, and is not an abstract application.
The selection of factors for the analysis of a particular indicator is carried out on the basis of theoretical and practical knowledge in a particular industry. In this case, they usually proceed from the principle: the larger the complex of factors studied, the more accurate the results of the analysis will be. At the same time, it is necessary to keep in mind that if this complex of factors is considered as a mechanical sum, without taking into account their interaction, without identifying the main, determining ones, then the conclusions may be erroneous. In business activity analysis (ABA), an interconnected study of the influence of factors on the value of performance indicators is achieved through their systematization, which is one of the main methodological issues of this science.
An important methodological issue in factor analysis is determining the form of dependence between factors and performance indicators: functional or stochastic, direct or inverse, linear or curvilinear. Here we use theoretical and practical experience, as well as methods for comparing parallel and dynamic series, analytical groupings of initial information, graphical, etc.
Modeling economic indicators also represents a complex problem in factor analysis, the solution of which requires special knowledge and skills.
Calculation of the influence of factors is the main methodological aspect in ACD. To determine the influence of factors on the final indicators, many methods are used, which will be discussed in more detail below.
Final stage factor analysis- practical use of the factor model for calculating reserves for the growth of an effective indicator, for planning and forecasting its value when the situation changes.
4. The main problems of financial analysis in Russia.
Since in Russia currently time is running reform process economic system, each coefficient calculated during economic analysis must be approached critically, clearly defining the possibilities of obtaining reasonable and meaningful results based on them.
It should be noted that the terminological vagueness observed in the specialized literature is mainly due to the fact that the methodology of financial analysis in a market economy came to us from abroad. Often in Russian literature there are several versions of the translation into Russian of the same term. For example, along with the term quick ratio, there are such names as the critical assessment ratio or the immediate assessment ratio, the intermediate liquidity ratio, etc. There is no methodological unity in the calculations of various financial ratios in the Russian literature, and there is no unity even in the normative documents And, finally, understanding the essence of the coefficients calculated in the process of analyzing financial and economic activities makes it possible to clearly understand their possible limitations. This is especially important for the conditions of the Russian economy. The fact is that the coefficients and their recommended numerical values were all initially developed for the conditions of a developed and stable market economy with all its inherent institutions, in which various market instruments operate normally.
Firstly, in many cases, in practice, financial analysis comes down to calculations of structural relationships, rates of change in indicators, and values of financial ratios. The depth of the study is limited, at best, to a statement of the trend of “improvement” or “deterioration.” Drawing conclusions and, even more so, recommendations based on the initial information array is an insoluble problem for company specialists equipped with special software, but who do not have sufficient qualifications, professional experience, creative attitude to routine calculation operations.
Secondly, the results of financial analysis are often based on unreliable information, and it can be distorted for both subjective and objective reasons. On the one hand, the rule of a “skillful” Russian manager is to understate or conceal by any means the received income (profit), therefore, in order to assess the reliability of the initial information and, as a result, obtain real results of financial analysis, a preliminary independent audit is required to detect intentional and unintentional errors. On the other hand, according to Russian rules accounting, monetary and non-monetary forms of payment are not separated in the reporting (the only exception is Form No. 4 “Cash Flow Statement”, but it is annual).
Thirdly, the desire for detailed financial analysis led to the development, calculation and superficial use of a clearly excessive number of financial ratios, especially since most of them are functionally dependent on each other. The developers of new financial analysis software are particularly proud of the fact that the created tool makes it possible to calculate 100 or more financial ratios. In our opinion, it is usually sufficient to use no more than 2-3 indicators for each aspect of financial performance.
Fourth, comparative financial analysis Russian companies is practically impossible due to the lack of adequate regulatory framework and affordable industry averages.
Fifthly, Western integral indicators, which are used by many domestic analysts to assess the likelihood of bankruptcy of companies, are quite distant from Russian practice.
Finally, the initial reporting of the analyzed companies is distorted due to inflationary processes in Russian economy, which mainly affect not the vertical (the main proportions remain unchanged), but the horizontal analysis. In this regard, a mandatory condition for assessing trends in changes in the financial condition of a company is to calculate comparable prices based on the use of official deflator indicators (industrial producer price index, acquisition price index industrial enterprises material and technical resources, price index in capital construction, consumer price index).
Conclusion
Economic analysis is an in-depth study of economic phenomena in an enterprise, that is, identifying the reasons for deviations from the plan and shortcomings in work, revealing reserves, studying them, promoting the comprehensive implementation of economic work and production management, actively influencing the progress of production, increasing its efficiency and improving the quality of work. .
An analysis of the financial condition shows in which specific areas this work needs to be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of a given enterprise. In accordance with this, the results of the analysis answer the question of what are the most important ways to improve the financial condition of a particular enterprise in a particular period of its activity.
Analysis of the financial activities of an enterprise is carried out in various areas. These include identifying the financial stability of the enterprise, determining indicators of creditworthiness and investment attractiveness, etc. During the financial analysis, it is determined how effectively the enterprise’s funds are used.
The basis for the analysis is accounting documents, including the balance sheet.
It is obvious that financial analysis is one of the main methods that determine the operation of an enterprise, so its development is especially relevant.
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Slide 2
The key goal of financial analysis is to obtain a certain number of basic (most representative) parameters that provide an objective and reasonable description of the financial condition of the enterprise.
Slide 3
Local goals of financial analysis: - determination of the financial condition of the enterprise; - identification of changes in the financial condition in a spatiotemporal context; - identification of the main factors causing changes in the financial condition; - forecast of the main trends in the financial condition.
Slide 4
The objectives of the study are achieved as a result of solving a number of analytical problems:- preview accounting statements; - characteristics of the enterprise's property: non-current and current assets; - assessment of financial stability; - characteristics of sources of funds: own and borrowed; - analysis of profit and profitability; - development of measures to improve the financial and economic activities of the enterprise.
Slide 5
With the help of financial analysis, decisions are made on: 1) short-term financing of the enterprise (replenishment of current assets); 2) long-term financing (investing capital in efficient investment projects and emission securities);3) payment of dividends to shareholders;4) mobilization of reserves for economic growth (growth in sales and profits).
Slide 6
Analysis of the financial condition of the enterprise 1. Analysis of profitability (profitability).2. Financial stability analysis.3. Creditworthiness analysis.4. Analysis of capital use.5. Analysis of the level of self-financing, 6- Analysis of currency self-sufficiency and self-financing.
Slide 7
Profitability represents the profitability of the production and trading process. The level of profitability of trading enterprises, Catering is established by the ratio of profit from the sale of goods (catering products) to turnover.
Slide 8
where R is the level of profitability, %; P - profit from the sale of goods (catering products), rub., T - turnover, rub.
Slide 9
A financially stable business entity is one that, at its own expense, covers funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time.
Slide 10
The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources: where Ka is the autonomy coefficient; M is own funds, rub.; S I is the total amount of sources of funds, rub.
Slide 11
The financial stability coefficient is the ratio of equity and borrowed funds: where Ku is the financial stability coefficient; K is accounts payable and other liabilities, rub.; 3 is borrowed funds, rub.
Slide 12
The creditworthiness of a business entity means that it has the prerequisites for obtaining a loan and repaying it on time. The borrower's creditworthiness is characterized by his accuracy in making payments on previously received loans, current financial condition and the ability, if necessary, to mobilize funds from various sources.
Local goals of financial analysis: - determination of the financial condition of the enterprise; - identifying changes in financial condition in space and time; - identification of the main factors causing changes in financial condition; - forecast of main trends in financial condition.
The objectives of the study are achieved as a result of solving a number of analytical problems: - preliminary review of financial statements; - characteristics of the enterprise’s property: non-current and current assets; - assessment of financial stability; - characteristics of sources of funds: own and borrowed; - profit and profitability analysis; - development of measures to improve the financial and economic activities of the enterprise.
With the help of financial analysis, decisions are made on: 1) short-term financing of the enterprise (replenishment of current assets); 2) long-term financing (investment of capital in effective investment projects and equity securities); 3) payment of dividends to shareholders; 4) mobilization of reserves for economic growth (growth in sales and profits).
Analysis of the financial condition of the enterprise 1. Analysis of profitability (profitability). 2. Analysis of financial stability. 3. Creditworthiness analysis. 4. Analysis of the use of capital. 5. Analysis of the level of self-financing, 6- Analysis of currency self-sufficiency and self-financing.
Profitability represents the yield (profitability) of the production and trading process. The level of profitability of trade and public catering enterprises is established by the ratio of profit from the sale of goods (public catering products) to turnover.
A financially stable business entity is one that, using its own funds, covers funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time.
The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources: where Ka is the autonomy coefficient; M own funds, rub.; S And the total amount of sources of funds, rub.
The creditworthiness of a business entity means that it has the prerequisites to receive a loan and repay it on time. The borrower's creditworthiness is characterized by his accuracy in making payments on previously received loans, current financial condition and the ability, if necessary, to mobilize funds from various sources.
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