Financial stability of an enterprise is the essence of key methods of analysis. Analysis of the financial stability of the organization

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Posted on http://www.allbest.ru/

CONTENT
INTRODUCTION

1.1 Economic essence and importance of financial stability of enterprises in the modern economic situation
1.2 Information base for analyzing the financial stability of an enterprise

Section 2. ANALYSIS OF FINANCIAL STABILITY AND LIQUIDITY OF THE ENTERPRISE

2.1 Analysis of the composition and placement of enterprise assets
2.2 Analysis of the dynamics and structure of the enterprise’s sources of financial resources
2.3 Analysis of the composition and turnover of the enterprise’s working capital
2.4 Analysis of the availability and movement of own working capital
2.5 Determination of the type of current financial stability
2.6 Analysis of receivables and payables
2.7 Analysis of balance sheet liquidity
2.8 Enterprise profit analysis
2.9 Cost-benefit analysis

2.10 Forecasting the probability of bankruptcy of an enterprise

Section 3. RECOMMENDATIONS FOR INCREASING THE FINANCIAL STABILITY OF THE ENTERPRISE
Conclusion
List of used literature

Applications

INTRODUCTION

Analysis of financial stability is an extremely important and pressing problem, both for an individual enterprise and for Russia as a whole. It is quite obvious that in this case, the financial stability of the country, ultimately, directly depends on the financial stability of an individual enterprise.

The transition to a market economy requires the enterprise to increase production efficiency, competitiveness of products and services based on the introduction of scientific and technological progress, effective forms of business and production management, activation of entrepreneurship, etc. To make management decisions in the areas of production, sales, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of initial raw information. an analytical reading of the source data is necessary based on the purposes of analysis and management.

The results of financial analysis make it possible to identify vulnerabilities that require special attention and develop measures to eliminate them. With its help, strategies and tactics for the development of the enterprise are developed, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the activities of the enterprise, its divisions and employees are assessed.

The relevance of the topic lies in the fact that ensuring the financial stability of any commercial organization is the most important task of its management. The financial condition of an organization can be considered stable if, in the event of unfavorable changes in the external environment, it retains the ability to function normally, timely and fully fulfill its obligations for settlements with personnel, suppliers, banks, payments to the budget and extra-budgetary funds, and at the same time fulfill its current plans and strategic programs.

The financial capabilities of an organization are almost always limited. The goal of ensuring financial sustainability is to ensure that these restrictions do not exceed acceptable limits. At the same time, it is necessary to comply with the obligatory financial planning requirement of prudence, the formation of reserves in case of unforeseen circumstances that could lead to a loss of financial stability.

A prerequisite for ensuring the financial stability of an organization is a sufficient sales volume. If the proceeds from the sale of products or services do not cover costs and do not provide the profit necessary for normal functioning, then the financial condition of the organization cannot be sustainable.

Thanks to analysis, it is possible to study planned and actual data, identify reserves for increasing production efficiency, evaluate performance results, make management decisions, and develop an enterprise development strategy.

Thus, the importance of financial stability in the activities of an enterprise is noticeable, as well as its constant maintenance at a certain level favorable for the organization, and the development of measures that contribute to the effective growth of the company’s financial stability.

An analysis of the stability of the financial position of an enterprise must be carried out not only in cases of economic difficulties, but also in order to anticipate them, avoid them, and make the most rational use of long-term, intangible, current (working) assets, own and borrowed capital. The sound financial condition of an enterprise is an important condition for its continuous and effective functioning. To achieve it, it is necessary to ensure the constant solvency of the entity, high liquidity of its balance sheet, financial independence and high business performance.

The purpose of the course project is to study the analysis of financial stability and analyze the types, coefficients of financial stability and creditworthiness of the enterprise OJSC Rostelecom.

The object of the financial analysis is OJSC Rostelecom. The main activity of this enterprise is the provision of communication services, Internet services, as well as digital television.

The subject of the study is the financial condition of the organization according to financial statements.

The analytical and calculation part was carried out on the basis of the enterprise’s balance sheet (Form No. 1) and an appendix to the balance sheet (Form No. 2) of OJSC Rostelecom for 2005.

Section 1. BASIC THEORETICAL INFORMATION ABOUT THE ANALYSIS OF THE FINANCIAL STABILITY OF THE ENTERPRISE

1.1 Economic essence and importance of financial stability of enterprises in the modern economic situation

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 related to the structure of the enterprise’s balance sheet, the degree of its dependence on creditors and investors. Problems of financial management / Ed. L.A. Muravya V.A. Yakovleva. M.: Unity, 1998. - 82 p..

Financial stability is the key to survival and the basis for the stability of an enterprise.

A stable financial condition is formed in the process of all production and economic activities of the enterprise. Determining it on a particular date answers the question of how correctly the enterprise managed financial resources during the reporting period. However, partners and shareholders are not interested in the process, but in the result, that is, the indicators and assessments of financial condition themselves, which can be determined on the basis of official public reporting data. Management of an enterprise and analysis of its activities / Ed. V.N. Titaeva. M.: Finance and Statistics, 1998. - 44 p..

Financial stability is the stability of the financial position of an enterprise, ensured by a sufficient share of equity capital as part of the sources of financing. A sufficient share of equity capital means that borrowed sources of financing are used by the enterprise only to the extent that it can ensure their full and timely repayment. From this point of view, short-term liabilities should not exceed the value of liquid assets. In this case, liquid assets are not all current assets that can be quickly converted into money without significant loss of value compared to the balance sheet, but only a part of them. Liquid assets include inventories and work in progress. Their conversion into money is possible, but it will disrupt the smooth operation of the enterprise. We are talking only about those liquid assets, the transformation of which into money is a natural stage of their movement. Kreinin M.N. Financial stability of an enterprise: assessment and decision making // Financial management. - No. 2. - 2001-23s..

In addition to the cash and financial investments themselves, this includes accounts receivable and inventories of finished products intended for sale.

The ratio of the value of either all assets of the organization or their main component - inventories and costs with the amount (cost) of equity and/or borrowed capital as the main sources of their formation determines the degree of financial stability. The provision of at least only reserves and upcoming costs with sources of their formation expresses the essence of financial stability, while solvency is its external manifestation.

But the degree of dependence on creditors is assessed not only by the ratio of borrowed and own sources of funds. This is a more multifaceted concept, including the assessment of equity capital, the composition of current and non-current assets, and the presence or absence of losses, etc.

The sustainability of an enterprise is influenced by various factors:

· position of the enterprise in the product market;

· production and release of cheap, high-quality products that are in demand on the market;

· its potential in business cooperation;

· degree of dependence on external creditors and investors;

· presence of insolvent debtors;

· efficiency of economic and financial operations, etc.

This variety of factors also divides resistance itself by type. So, in relation to an enterprise, it can be: depending on the factors influencing it - internal and external, general (price), financial.

Internal stability Pyastolov S.M. Economic analysis of enterprise activities. - M.: Academic project, 2003. - 204 p. - this is the general financial condition of the enterprise, which ensures consistently high results of its functioning. Its achievement is based on the principle of active response to changes in internal and external factors.

External stability Blank I.B. Financial management. Kyiv: Nika - Center - Elga, 2003. - 246 p. enterprise is determined by the stability of the economic environment within which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country.

The overall sustainability of an enterprise is a movement of cash flows that ensures that the receipt of funds (income) always exceeds their expenditure (costs).

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

The highest form of enterprise sustainability is its ability to develop in an unstable internal and external environment. To do this, the enterprise must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, that is, be creditworthy. Funds additionally mobilized in the loan capital market also have a great influence on financial stability. The more money an enterprise can attract, the higher its financial capabilities, but the financial risk also increases - will the enterprise be able to pay its creditors on time Grachev A.V. Financial stability of an enterprise: analysis, assessment and management. - M, 2004. - 361 p..

An analysis of the stability of the financial condition of an enterprise on a particular date allows us to answer the question: how correctly the enterprise managed its financial resources during the period preceding this date. It is important that the state of financial resources meets the requirements of the market and meets the development needs 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 enterprise’s costs with excess inventories and reserves. Thus, the essence of financial sustainability is determined by the effective formation, distribution and use of financial resources.

Financial stability is the most important characteristic of the financial and economic activity of an enterprise in a market economy.

If an enterprise is financially stable, then it has an advantage over other enterprises of the same profile and in attracting investments, in obtaining loans, in choosing suppliers, it does not come into conflict with the state and society, since it pays taxes to the budget, contributions to social funds, wages - to workers and employees, dividends - to shareholders, and banks are guaranteed the repayment of loans and the payment of interest on them.

1.2 Information base for analyzing the financial stability of an enterprise

One of the requirements of modern business conditions is the creation of an information base that would take into account the requirements of national as well as international financial reporting standards. The problem is that for many companies, income and profit indicators compiled according to national and international standards differ significantly. This difference has a significant impact on the decisions of especially foreign investors regarding investing in the company. Therefore, the formation of an information base for analysis and control to ensure the management of financial resources of companies is one of the priority tasks in modern conditions.

The main sources of information for analyzing financial stability are accounting data and accounting (financial) reporting Vakulenko T.V. Fomina L.F. Analysis of accounting (financial) statements for enterprise management decisions. - M.: Gerda, 2001. - 55 p. The following forms of accounting reporting are used:

1. Balance sheet, form No. 1, which reflects retained earnings or uncovered losses of the reporting and previous periods (section III of liabilities);

2. The profit and loss statement, form No. 2, is prepared for the year and for intra-annual periods.

The central form of accounting is the balance sheet.

The balance sheet characterizes the financial position of the enterprise as of a certain date and reflects the resources of the enterprise in a single monetary value according to their composition and areas of use, on the one hand (asset), and according to the sources of their financing, on the other (liability).

The balance sheet consists of two parts: assets and liabilities. The balance sheet contains a detailed description of the enterprise's resources.

An enterprise's assets reflect the investment decisions made by the company during its period of operation. The arrangement of balance sheet items is based on the liquidity criterion (the ability to convert the enterprise's funds into cash), which is one of the most important indicators of the financial condition of the enterprise.

Fundamental for financial analysis is the division of assets into long-term and short-term Balabanov I.T. Fundamentals of financial management. - M.: Finance and Statistics, 1997. - 215 pp..

Long-term assets are funds that are used for more than one reporting period, are acquired for the purpose of use in business activities and are not intended for sale within a year. Long-term assets are presented in the first section of the balance sheet “Non-current assets”.

Short-term assets or current assets (assets) are funds used, sold or consumed during one accounting period, which is usually one year. Current assets are presented in the balance sheet in the second asset section.

It is very important to highlight the following groups of resources from working capital: cash; short-term financial investments; accounts receivable; inventories.

The most liquid part of current assets is cash. These include: cash on hand and cash in banks, including cash in foreign currency. Cash is used for current cash payments.

Short-term financial investments reflect an enterprise's investments in securities of other enterprises, bonds, as well as loans provided for a period of no more than a year. The purchase of these securities is not made with the aim of conquering sales markets or spreading influence over other companies, but in the interests of profitable investment of temporarily free funds.

The next balance sheet item is accounts receivable, i.e. funds owed to the company, but not yet received by it. Current assets include accounts receivable, the maturity of which does not exceed one year. Accounts receivable are accounted for in the balance sheet at the actual cost of sales, i.e. based on the amount of money that should be received when repaying this debt.

Inventories are tangible assets that are intended to be: sold during the normal business cycle; industrial consumption within the enterprise; industrial consumption for the purpose of further production of sold products.

This item includes raw materials and materials, work in progress, finished products, as well as other items that characterize short-term investments of the enterprise's funds in economic activities prior to the sale of products.

Analysis of the article “Inventories” is of great importance for effective financial management.

The following summarizes information about the enterprise's fixed assets and other non-current assets. This group of funds includes fixed assets, intangible assets, long-term financial investments Bocharov V.V. Management of cash flow of enterprises and corporations. - M.: Finance and Statistics, 2001. - 178 p..

Fixed assets (assets) are durable goods that have a material form. This category of assets includes buildings and structures, machinery and equipment, transport, etc. All items of real fixed assets are subject to depreciation. As a rule, all items in this section of the balance sheet are included in the statements at their original cost, which means all costs for the acquisition of these funds, delivery and installation.

Intangible assets are assets that do not have a physically tangible form, but generate income for the enterprise. Intangible assets include: patents, trademarks, trademarks, copyrights, licenses, research and development costs, software development costs. Intangible assets are subject to depreciation, just like other assets whose useful life exceeds one year.

Long-term financial investments, i.e. investments in securities of other companies, bonds and loans to other enterprises for a period of more than one year. Together with the item of short-term financial investments, this item reflects the activity of the enterprise in the financial market.

The liability side of the balance sheet reflects the enterprise's decisions regarding the choice of source of financing.

The following groups of liability items are distinguished: equity capital; Short-term liabilities; long term duties;

Current liabilities are obligations that are covered by current assets, or are repaid as a result of the formation of new short-term liabilities. Short-term liabilities are usually repaid over a relatively short period (usually no more than one year). Current liabilities include such items as: bills and bills payable; debt certificates of receipt by the enterprise of a short-term loan; tax debt; wage arrears; the portion of a long-term liability that is due to be paid in the current period.

Long-term liabilities are obligations that must be repaid within a period exceeding one year. The main types of long-term liabilities are long-term loans and credits, bonds, long-term notes payable, obligations for pension payments and rental payments under long-term leases.

The next indicator is equity or, if the company is a joint stock company, share capital.

As part of equity capital, it is necessary to highlight the share of its individual components, as well as reflect the dynamics of its composition and structure over recent periods. The need to separately consider items of equity capital is due to the fact that each of them is a characteristic of legal and other restrictions on the ability of an enterprise to dispose of its assets.

Authorized capital is a cost reflection of the total contribution of the founders (owners) to the property of the enterprise upon its creation. In accordance with the Civil Code of the Russian Federation, joint-stock companies and other commercial organizations (limited liability companies, additional liability companies) have authorized capital. Only in joint stock companies (JSC) the authorized capital is divided into shares expressed in shares certifying the property rights of shareholders.

The legal significance of the authorized capital of a joint-stock company lies, first of all, in the fact that its size determines the limits of the minimum property liability that the joint-stock company has and bears for its obligations.

Additional capital - a component of equity capital in its present interpretation - unites a group of rather heterogeneous elements: the amount from the additional valuation of the non-current assets of the enterprise; values received free of charge; share premium of a joint stock company, etc.

Reserves are formed in accordance with legislation, constituent documents and accounting policies adopted by the enterprise. The main source of formation of reserves (funds) is net profit.

Reserve capital is formed in accordance with the procedure established by law and has a strictly designated purpose. In a market economy, reserve capital acts as an insurance fund created for the purpose of compensating losses and ensuring the protection of the interests of third parties in the event of insufficient profit from the enterprise.

Information about the amount of reserve capital in the balance sheet of an enterprise is or should be extremely important for external users of financial statements who consider the reserve capital of an enterprise as a reserve of its financial strength.

Retained earnings represent the profit remaining after paying taxes and other payments and forming reserves (funds). In terms of economic content, retained earnings are so close to reserves that they are considered as a free reserve. The funds of reserves (funds) and retained earnings are placed in specific property or are in circulation. Their value characterizes the result of the enterprise’s activities and indicates how much the enterprise’s assets have increased from its own sources

Section 2. ANALYSIS OF FINANCIAL STABILITY AND LIQUIDITY OF THE ENTERPRISE

2.1 Analysis of the composition and placement of enterprise assets

Analysis of the financial stability of an enterprise involves, first of all, an analysis of the composition and placement of assets. Let us analyze the property of the enterprise under study according to the data in Table. 2.1.

Table 2.1. Changes in the property status of the enterprise in 2005

Indicators (balance sheet asset items)	To the beginning	At the end of the year	Change


Total property (form 1 page 300), including:
1. immobilized assets (non-current assets) (form 1 p. 190)
1.1.intangible assets (form 1 p.110)
1.2. fixed assets (form 1 p. 120)
1.3. other non-current assets (form 1 line 190 - line 110 - line 120)
2. mobile assets (current assets) (form 1, page 290)
2.1. cash (form 1 p.260)
2.2. inventories (form 1 p. 210)
2.3. accounts receivable (form 1 p.230 + p.240)
2.4. Other current assets (form 1 p.290 - (p.210 + 230 + 240 + 260))

Using the data in Table 2.1, we will construct a diagram of the dynamics of the composition of the enterprise’s property (current and non-current assets) (see Fig. 2.1).

At the beginning of the year At the end of the year

Rice. 2.1. Dynamics of the composition of the enterprise's property

Based on the results of the analysis of Table 2.1, we draw a conclusion: during the analyzed period, non-current assets increased by 3,252,245 thousand rubles, current assets increased by 2,730,017 thousand rubles. In general, the balance sheet increased, but at the same time decreased: intangible assets - at the beginning of the reporting period amounted to 18 thousand rubles, at the end of the reporting period it became 17 thousand rubles, fixed assets - at the beginning of the reporting period 18,109,844, and the end of the reporting period amounted to already 17871850 thousand rubles.

We will analyze changes in the production potential of the enterprise in Table 2.2.

Table 2.2. Change in the production potential of the enterprise

Indicators (balance sheet asset items)	To the beginning	Rate of change	Change (abs.)


1.Fixed assets (form 1 page 120)
2.Inventory (form 1 page 211)
3. Work in progress (form 1 page 213)
4.Production potential: 4.1. in thousand rubles (page 1 + page 2 + page 3)
4.2. as a percentage of property (page 4.1 table 2.2 / f.1 page 300) x 100

Let's construct a diagram of the dynamics of the composition of the enterprise's production potential, using the data in Table 2.2. (See Figure 2.2.).

Beginning of the year End of the year

Rice. 2.2. Dynamics of the composition of the enterprise's production potential

Based on the results of the analysis of table 2.2, we draw a conclusion: fixed assets at the end of the reporting period decreased by 237,994 thousand rubles, inventory decreased by 6,476 thousand rubles. In general, production potential during the reporting period decreased by 841,039 thousand rubles.

2.2 Analysis of the dynamics and structure of sources of financial resources of the enterprise

To assess the financial stability of the enterprise, we will analyze the dynamics and structure of sources of financial resources, for which we use table 2.3.

Table 2.3. Dynamics and structure of sources of financial resources

Types of sources of financial resources (balance sheet liability items)	To the beginning	Finally	Abs. change
	Thousand		Thousand	Thousand

1. Own capital (capital and reserves) (form 1 p. 490)
1.1. Authorized capital (form 1 p.410)
1.2. Profit (form 1 p.470)
1.3. Losses (form 1 p.470)
2. Long-term liabilities (form 1 p.590)
2.1 Loans and credits
2.2 Other long-term liabilities
3. Current liabilities (form 1 p.690)
3.1 Loans and credits
3.2 Accounts payable
3.3 other current liabilities
Total economic assets (balance sheet) (form 1 p.700)

Let's construct a diagram of the dynamics of the composition of the sources of financial resources of the enterprise, using the data in Table 2.3. (see Fig. 2.3.).

Based on the results obtained in Table 2.3, we draw a conclusion: at the end of the reporting period, equity capital increased by 4%. Long-term liabilities at the end of the reporting period amounted to 3,511,683 thousand rubles, i.e., compared to the beginning of the reporting period (4,040,019 thousand rubles) decreased by 2%. Short-term liabilities at the end of the reporting period increased by 554,996 thousand rubles.

Further analysis of financial stability consists of calculating ratios and comparing them with specified indicative values. To calculate and summarize the results of calculations of financial stability coefficients, we use table. 2.4.

Table 2.4. Dynamics of indicators of financial stability of the enterprise for 2005

Indicators		Approximate meaning	to the beginning	Deviation

1. Coefficient concentrations own capital (coefficient autonomy)	Own capital (form 1 line 490) Total economic funds (form 1 p.700)
2. Coefficient financial dependence	Total economic funds (form 1 p.700) Own capital (form 1 line 490)
3. Concentration factor attracted (borrowed) capital	Attracted (borrowed capital (form 1 page 590 + 690) Total economic funds (form 1 p.700)
4. Ratio of borrowed and own funds	Attracted (borrowed capital (form 1 page 590 + 690) Own capital (form 1 line 490)

Let's present the value of the equity capital concentration coefficient (autonomy coefficient) on the diagram in comparison with the recommended (indicative) value (see Fig. 2.4).

Rice. 2.4. Dynamics of the equity capital concentration ratio

According to the calculation results presented in table. 2.4, we draw a conclusion: according to the table it is clear that the indicators at the beginning and end of the reporting period correspond to the indicative values.

2.3 Analysis of the composition and turnover of the enterprise’s working capital

We will analyze the composition of the company's working capital using table 2.1.

Let us present the dynamics of the structure of the enterprise's current assets in Fig. 2.5.

Rice. 2.5 Dynamics of the structure of the enterprise’s current assets

According to the data on the dynamics of the composition and structure of the enterprise's working capital, presented in table. 2.1 we draw a conclusion: the diagram shows that current assets at the end of the reporting period increased several times compared to the beginning of the reporting period.

Next, in the process of analysis, it is necessary to establish how quickly funds invested in assets turn into real money, and also to establish the direct dependence of the financial position of the enterprise on the speed of turnover of working capital.

Let's calculate the working capital turnover indicators in Table 2.5.

Table 2.5. Dynamics of the enterprise's working capital turnover indicators for the analyzed year 2005

Indicators	Calculation formula	Last year (beginning of the reporting year)	Reporting year (end of year)	Abs. deviations

1. Revenue from sales of products (works, services), thousand rubles.	F.2 page 010
2. Average balances of all working capital, thousand rubles.	F.1 page 290
3.Turnover ratio, number of revolutions	Revenues from sales /Average working capital balance
4. Duration of one revolution, days	Reporting period in days /Turnover ratio	270 days: 1.51 = 178.81	270 days: 1.42 = 190.14
5. Working capital consolidation ratio	Average working capital balance /Revenues from sales

Based on the results of Table 2.5, we conclude: Revenue from product sales increased by 2,116,860 thousand rubles. The average balances of all working capital also increased and amounted to 2,730,017 thousand rubles.

Accelerating capital turnover helps to reduce the need for working capital (absolute release of capital occurs), an increase in production volumes (relative release) and, therefore, an increase in profits. As a result, the financial condition of the enterprise improves and its solvency is strengthened.

The slowdown in turnover requires the attraction of additional funds to continue the economic activities of the enterprise at least at the level of the previous period.

Let's calculate the amount of absolute savings (additional attraction) of working capital using formulas 2.1 and 2.2. Let's take the data for calculation in the table. 2.5.

CO = CO1 - CO0 x Krv, (2.1)

where?SO is the amount of savings (“-”) or additional attraction (“+”) of working capital;

CO1, CO0 - the average amount of working capital for the reporting and base periods;

Krv is the growth rate of revenue from product sales,

Krv = Revenue for the reporting period / Revenue for the base period.

CO = (D1 - D0) x Vodn1, (2.2)

where D1, D0 - the duration of one turnover of working capital in days for the past and reporting periods, respectively;

Vodn1 - one-day revenue from sales of products for the reporting period, thousand rubles.

Let's calculate the amount of savings (additional needs) of working capital using formulas 2.1 and 2.2:

CO = 20983748 - 18253731 * (29762247 / 27645387) = 20983748 - 18253731 * 1.08 = 20983748 - 19714029.48 = 1269718.52

CO = (190.14 - 178.81) * 110230.54 = 1248612.02

Based on the calculation results obtained, we can conclude: the amount of additional attraction of working capital amounted to 1269718.52 thousand rubles.

The amount of increase (decrease) in production volume due to acceleration (slowdown) of working capital turnover (all other things being equal) can be determined using the chain substitution method using formula 2.3.

Vpr = (cob1 - cob0) x CO1, (2.3)

where kob1, kob0 are the working capital turnover ratio for the reporting and previous periods.

Let's calculate the amount of increase (decrease) in production volume:

Vpr = (1.42 - 1.51) * 20983748 = - 0.09 * 20983748 = - 1888537.32

Based on the calculation result obtained, we draw a conclusion: the volume of production for the period decreased by 1888537.32 thousand rubles.

The influence of working capital (capital) turnover on the increase (decrease) in profit can be calculated using formula 2.4.

P = P0 x cob1 / cob0 - P0, (2.4)

where P0 is profit for the base period (form 2, page 050).

Let's calculate the amount of increase (reduction) in profit:

P = 9465553 * 1.42/ 1.51 - 9465553 = 13441085.26 / 1.51 - 9465553 = 8901380.97 - 9465553 = - 564172.03

Based on the result of the calculation, we draw a conclusion: the formula shows that profit decreased by 564,172.03 thousand rubles.

2.4 Analysis of the availability and movement of own working capital

Depending on what kind of sources of funds are used to form reserves (in purely arithmetic terms), one can judge with a certain degree of confidence the level of solvency of an economic entity.

The value of own working capital (SOC) characterizes that part of the enterprise's equity capital, which is the source of covering the current assets of the enterprise (i.e., 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. All other things being equal, the growth of this indicator in dynamics is considered as a positive trend.

The calculation of the SOS value can be performed using formula 2.3.

Own Long-term Non-current

SOS = capital + liabilities - assets (2.3)

(form 1 p.490) (form 1 p.590) (form 1 p.190)

To analyze the presence and movement of the enterprise's SOS, we will determine the actual size of the SOS and the factors influencing their dynamics. We use the data from the table. 2.6.

Table 2.6. Analysis of the composition and dynamics of the enterprise’s own working capital, thousand rubles.

Indicators (Articles III, IV and I of sections of the balance sheet)	To the beginning	deviation

1. Authorized capital
2. Additional capital
3. Reserve capital
4. Targeted funding and revenues
5. Retained earnings
6. Long-term loans and credits
7. Other long-term liabilities
8. Total SOS sources (sum p.1-7)
9. Intangible assets
10. Fixed assets
11. Profitable investments in material assets
12. Long-term financial investments
13. Other non-current assets
14. Uncovered loss
15. Total excluded (sum pp. 9-14)
16. Total SOS (page 8 - page 15)

According to the results obtained in table. 2.6, we draw a conclusion: despite the fact that at the end of the reporting period, additional capital decreased by 549,060 thousand rubles, intangible assets by 1 thousand rubles, fixed assets by 237,994 thousand rubles. The total of own working capital still increased by 179,292,777 thousand rubles at the end of the reporting period.

2.5 Determining the type of current financial stability

To form reserves, an enterprise can use, in addition to its own working capital (SOS), another calculation indicator - normal sources of reserve formation (IFZ). The value of the IPE can be determined using formula 2.4.

Bank loans and borrowings, Settlements with creditors

IPE = SOS + used for + for goods (2.4)

cover inventory operations

(form 1 p.610) (form 1 p.621 +622 +627)

Depending on the ratio of the value of industrial reserves (IP) and the sources of their financing, the following types of current financial stability can be distinguished with a certain degree of convention:

1. Absolute financial stability.

This situation is characterized by inequality: PP< СОС.

This ratio shows that all inventories are fully covered by its own working capital, i.e. the enterprise does not depend on external creditors. This situation is extremely rare. Moreover, it can hardly be considered ideal, since it means that the administration is unable, unwilling or unable to use external sources of funds for core activities.

2. Normal financial stability: SOS< ПЗ < ИФЗ.

The above ratio corresponds to the situation when a successfully functioning enterprise uses various “normal” sources of funds - its own and borrowed ones - to cover its reserves.

3. Unstable financial situation: PZ > IFZ.

This ratio corresponds to the situation when an enterprise, in order to cover part of its reserves, is forced to attract additional sources of coverage that are not in a certain sense “normal,” i.e., justified.

4. Critical financial situation.

It is characterized by a situation where, in addition to the previous inequality, the enterprise has loans and borrowings that are not repaid on time, as well as overdue accounts payable and receivable. This situation means that the company cannot pay its creditors on time. In market conditions, if the situation recurs chronically, the enterprise must be declared bankrupt.

To analyze the dynamics of the financial stability of the enterprise, we use table. 2.7.

Table 2.7. Dynamics of financial stability of the enterprise

According to table 2.7. Let's build a diagram of the dynamics of indicators of the financial stability of the enterprise in absolute terms (see Figure 2.6).

Rice. 2.6. Dynamics of enterprise financial stability indicators

Let's draw a conclusion based on the results presented in table. 2.7:

OJSC Rostelecom has absolute financial stability. The sources used to cover costs are its own working capital. High solvency; the enterprise does not depend on creditors.

To assess the financial stability of an enterprise, we will also use relative indicators of financial stability. The calculated actual ratios for the reporting period are comparable with the norm, with their value for the previous period, and thereby the real financial condition, strengths and weaknesses of the company are revealed.

Let's calculate relative indicators of financial stability using the data in Table 2.3. We summarize the calculation of indicators and results in table. 2.8.

Table 2.8. Assessment of relative indicators of financial stability

Indicators	Calculation formula	Calculation of the value for	Proposed	Changes
		beginning of the year	the end of the year

1. Coefficient security own funds	Current assets
2. Ratio of provision of inventories with own funds	(Equity - Non-current assets) /
3. Equity capital agility ratio	(Equity - Non-current assets) / Equity
	Fixed assets / Equity

Let us draw a conclusion based on the results of assessing the relative indicators of financial stability: the table shows that the enterprise OJSC Rostelecom is above the norm in all respects, hence the conclusion that the enterprise is completely financially stable.

2.6 Analysis of receivables and payables

The analysis of accounts receivable begins with a consideration of its absolute and relative values.

The state of receivables and payables of the enterprise we are analyzing is reflected in the table. 2.9.

Table 2.9. Assessment of the state of receivables and payables of the enterprise

Index (Article II of the asset section of the balance sheet)	Amount, thousand rubles	Specific gravity, %	Changes
	To the beginning		To the beginning	Amounts, thousand rubles	Specific gravity,%
1. Accounts receivable (payments for which are expected more than 12 months after the reporting date)
including: 1.1. buyers and customers
1.2. bills receivable
1.3. debt of subsidiaries and dependent companies
1.4. advances issued
1.5. other debtors
2. Accounts receivable (payments for which are expected within 12 months after the reporting date)
including: 2.1. buyers and customers
2.2. bills receivable
2.3. debt of subsidiaries and dependent companies
2.4. debt of participants (founders) for contributions to the authorized capital
2.5. advances issued
2.6. other debtors
Total accounts receivable
Index (Article V of section balance)	Amount, thousand rubles	Specific gravity, %	Changes
	To the beginning		To the beginning	Amounts, thousand rubles	Specific gravity,%

1. suppliers and contractors
2. bills payable		...

Financial sustainability analysis: What is it?

Financial stability- an integral part of the overall sustainability of the enterprise, the balance of financial flows, the availability of funds that allow the organization to maintain its activities for a certain period of time, including servicing received loans and producing products.

Key indicators of the financial stability of the organization

Index	Description of the indicator and its standard value
Autonomy coefficient	The ratio of equity to total equity. Generally accepted normal value: 0.5 or more (optimal 0.6-0.7); however, in practice it varies greatly by industry.
Financial leverage ratio	The ratio of debt to equity capital.
Provision ratio of own working capital	The ratio of equity capital to current assets. Normal value: 0.1 or more.
	The ratio of equity and long-term liabilities to total equity. Normal value for this industry: 0.7 or more.
Equity agility ratio	The ratio of own working capital to sources of own funds.
Property mobility coefficient	The ratio of current assets to the value of total property. Characterizes the industry specifics of the organization.
Working capital mobility coefficient	The ratio of the most mobile part of working capital (cash and financial investments) to the total value of current assets.
	The ratio of own working capital to the amount of inventories. Normal value: 0.5 or more.
Short-term debt ratio	The ratio of short-term debt to total debt.

The main indicator influencing the financial stability of an organization is the share of borrowed funds. It is generally believed that if borrowed funds make up more than half of a company's funds, then this is not a very good sign for financial stability; for different industries, the normal share of borrowed funds may fluctuate: for trading companies with large turnovers it is much higher.

In addition to the above ratios, the financial stability of an enterprise reflects the liquidity of its assets in comparison with its liabilities by maturity: the current ratio and the quick ratio.

Autonomy coefficient

Autonomy coefficient(financial independence coefficient) characterizes the ratio of equity capital to the total amount of capital (assets) of the organization. The ratio shows how independent the organization is from creditors.

Capitalization ratio

Capitalization rate(capitalization ratio) is an indicator that compares the size of long-term accounts payable with total sources of long-term financing, including, in addition to long-term accounts payable, the organization's own capital. The capitalization ratio allows you to assess the adequacy of the organization's source of financing its activities in the form of equity capital.

Inventory coverage ratio

Inventory coverage ratio is an indicator of the financial stability of an organization, determining the extent to which the organization’s material reserves are covered by its own working capital.

Asset coverage ratio

Asset coverage ratio (asset coverage ratio) measures an organization's ability to pay off its debts with its existing assets. The ratio shows how much of the assets will be used to cover debts.

Investment coverage ratio

Investment coverage ratio is a financial ratio showing what part of the organization’s assets is financed from sustainable sources: equity and long-term liabilities.

Interest coverage ratio

Interest coverage ratio(interest coverage ratio, ICR) characterizes the organization’s ability to service its debt obligations. The metric compares earnings before interest and taxes (EBIT) over a specified period of time (usually one year) with interest paid on debt obligations over the same period.

The key to survival and the basis for the stability of an enterprise’s position is its sustainability. The financial stability of an enterprise is the state of its financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk.

The sustainability of an enterprise, first of all, depends on the optimal composition and structure of assets, as well as on the correct choice of their management strategy.

Another important factor of financial stability is the composition and structure of financial resources and the correct management of them. Funds additionally mobilized on the loan capital market have a great influence on the financial stability of the enterprise. The more funds an enterprise can attract, the higher its financial capabilities, but the financial risk also increases: will the enterprise be able to pay its creditors on time.

The analysis of financial stability should begin with the degree to which reserves and costs are covered by their own sources of their formation. Lack of funds for the acquisition of inventories can lead to failure to fulfill the production program, and then to a reduction in production. On the other hand, excessive diversion of funds into reserves that exceed the actual need leads to the deadening of resources and their ineffective use. Since working capital includes both material and monetary resources, not only the process of material production, but also the financial stability of the enterprise depends on their organization and management efficiency.

The external manifestation of the financial stability of an enterprise is its solvency. An enterprise is considered solvent if its available funds, short-term financial investments (securities, temporary financial assistance to other enterprises) and active settlements (settlements with debtors) cover its short-term obligations. The solvency of an enterprise acts as an external manifestation of financial stability, the essence of which is the provision of current assets with long-term sources of formation. Greater or lesser current solvency (or insolvency) is due to a greater or lesser degree of security (or lack of security) of current assets from long-term sources. To assess the solvency of an enterprise, three relative indicators are used, differing in the set of liquid assets considered as covering short-term liabilities. The immediate solvency of an enterprise is characterized by:

· absolute liquidity ratio - showing what part of the short-term debt the organization can cover with available cash and short-term financial investments, quickly implemented if necessary. Current liabilities include: short-term bank loans and other short-term loans, short-term accounts payable, including dividend arrears, reserves for future expenses and payments, and other short-term liabilities. The indicator is calculated using the formula:

K AL = DS + FVl KR/SR. /About KR/SR. i

where DS is cash;

The solvency of an enterprise, taking into account upcoming receipts from debtors, is characterized by:

· critical (interim) liquidity ratio - shows what part of the current debt the organization can cover in the near future, subject to full repayment of receivables:

K CL = DS + FVl KR/SR. + DZ KR/SR. /About KR/SR.

where DS is cash;

FVl KR/SR. - short-term financial investments;

DZ KR/SR. - short-term accounts receivable;

About KR/SR. - Short-term liabilities.

This limitation is established by the “Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure.” The officially recommended standard for the indicator should be considered somewhat overestimated.

The overall solvency of an enterprise is defined as the ability to cover all the obligations of the enterprise (short-term and long-term) with all its assets:

current ratio:

K TL = A/V i 2,

where A - assets of the enterprise;

About - obligations.

The main factor determining the overall solvency is the presence of real equity capital in the enterprise. In contrast to the concepts of "solvency", the concept of "financial stability"

Wider and vague, because it includes an assessment of various aspects of the enterprise’s activities. The financial condition of an enterprise can be assessed from a long-term and short-term perspective. In the first case, the evaluation criterion is the indicators of the financial stability of the enterprise, in the second - liquidity and solvency. The stability of an enterprise's activities in the light of a long-term perspective is one of the most important characteristics of its financial condition. It is related to the general financial structure of the enterprise, the degree of its dependence on external creditors and investors, and the conditions under which external sources of funds are attracted.

To assess financial stability, a set or system of coefficients is used. Let us name the most important of them, given by M.A. Kreinina:

1. Provision ratio of own working capital:

K OSS = SC - VnA/OBA,

VNA - non-current assets;

Both are current assets.

Characterizes the degree of security of the enterprise with its own working capital, necessary for financial stability. The minimum coefficient value is 0.1, recommended 0.6.

2. Ratio of provision of material reserves with own funds:

K OMZ = SK - VnA/Z,

where SK is the enterprise's own capital;

VNA - non-current assets;

Z - reserves.

It shows what part of tangible current assets is financed by equity capital. The level of this coefficient, regardless of the type of activity of the enterprise, should be close to 1, or more precisely > 0.6о0.8.

3. Equity capital agility ratio:

K M = SS/SK,

where CC - own working capital;

SK - equity capital.

It shows what part of equity capital is used to finance current activities, i.e. invested in working capital.

The value of this indicator can vary significantly depending on the type of activity of the enterprise and the structure of its assets. For industrial enterprises, the maneuverability coefficient should be 0.3.

4. Ratio of own and borrowed funds:

K SZS = ZK/SK,

where ZK is borrowed capital;

SK - equity capital.

This ratio gives the most general assessment of the financial stability of the enterprise. For example, its value at the level of 0.5 shows that for every ruble of own funds invested in the assets of the enterprise, there are 50 kopecks. borrowed sources. An increase in the indicator indicates an increase in the enterprise's dependence on external financial sources, i.e., in a certain sense, a decrease in its financial stability.

5. Long-term borrowing ratio:

K DPA = P DL/SR. /P DL/SR. + SK,

where P DL/SR. - long-term liabilities;

SK - equity capital.

This is the share of long-term borrowed sources in the total amount of equity and borrowed capital of the enterprise, on the one hand; the presence of long-term loans indicates the trust in the enterprise on the part of creditors, the confidence of creditors in the sustainable development of the enterprise in the future. But on the other hand, the growth of this indicator in dynamics can also mean a negative trend, meaning that the enterprise is increasingly dependent on external investors

6. Autonomy coefficient.

K A = SK/VB,

where SK is equity capital;

VB - balance sheet currency.

The coefficient shows the degree of independence of the enterprise from borrowed sources of funds. The coefficient value must be > 0.5.

7. Financial stability coefficient:

K FU = SK + P DL/SR. /VB,

where SK is equity capital;

P DL/SR. - long-term liabilities;

VB - balance sheet currency.

The coefficient reflects the share of long-term sources of financing in the total volume of the enterprise. Or it shows what part of the enterprise’s property was formed at the expense of long-term financial resources. The coefficient value should be 0.5.

The above list of financial stability ratios shows that there are a lot of such ratios; they reflect different aspects of the state of the assets and liabilities of the enterprise. In this regard, difficulties arise in the overall assessment of financial stability. In addition, there are almost no specific normative criteria for the considered indicators. Their normal level depends on many factors: the industry of the enterprise, credit conditions, the existing structure of sources of funds, turnover of current assets, reputation of the enterprise, etc. Therefore, the acceptability of the coefficient values, assessment of their dynamics and directions, can only be established for a specific enterprise, taking into account the conditions of its activities.

Also, when analyzing financial stability, it is necessary to calculate such an indicator as the surplus or shortage of funds for the formation of reserves and costs, which is calculated as the difference between the amount of sources of funds and the amount of reserves. Therefore, for analysis, first of all, it is necessary to determine the size of the sources of funds available to the enterprise for the formation of its reserves and costs.

In order to characterize the sources of funds for the formation of reserves and costs, indicators are used that reflect different degrees of coverage of types of sources. Among them:

Availability of own working capital:

SOS = SC - VnA,

where SK is the enterprise's own capital;

VnA - non-current assets.

· Own and long-term borrowed sources:

SDZI = SOS + P DL/SR. , (12)

where SOS is own working capital;

P DL/SR. - long-term liabilities.

· Total amount of main sources of financing:

OIF = SDZI + ZS KR/SR. ,

where SDZI - own and short-term borrowed sources;

ZS KR/SR. - short-term borrowed funds.

Based on the above indicators, indicators of the provision of reserves and costs with sources of their formation are calculated.

1. Surplus (+), deficiency (-) of own working capital = SOS - Z, where SOS is own working capital;

Z - reserves.

2. Surplus (+), lack (-) of own and long-term sources of financing = SDZI - Z,

where SDZI - own and long-term borrowed sources;

Z - reserves.

3. Surplus (+), shortage (-) of sources of financing = OIF - Z,

where OIF is the total value of the main sources of financing;

Z - reserves.

According to the degree of financial stability of the enterprise, four types of situations are possible:

· Absolute stability of financial condition . This situation is possible under the following condition: from the above calculated values 1,2,3 > 0.
· Normal stability of financial condition, guaranteeing the solvency of the enterprise. It is possible provided: 1
· An unstable financial situation is associated with a violation of solvency and occurs under the condition: 1.2
· Crisis financial condition: 1,2,3

The calculation of these indicators and the determination of situations based on them make it possible to identify the situation in which the enterprise is located and to outline measures to change it.

Thus, it is important that the state of financial resources meets market requirements and meets the development needs of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise, and excessive financial stability can hinder development, burdening the enterprise’s costs with excess inventories and reserves. Financial stability ratios allow not only to assess one aspect of the financial condition of an enterprise. When used correctly, you can actively influence the level of financial stability, increase it to the minimum required level, and if it actually exceeds the minimum required level, use this situation to improve the structure of assets and liabilities.

4. Operational analysis: analysis of the organization's expenses. Break-even analysis of the organization's activities

5. Analysis of the organization’s equity and net assets

8. Analysis of liquidity and solvency of the enterprise

9. Financial stability analysis

10. Cash flow analysis

9. Financial stability analysis

Financial stability- a characteristic indicating a stable excess of income over expenses, free maneuvering of the enterprise’s funds and their effective use, uninterrupted production and sales of products.

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.

The main sources of information for financial stability analysis are accounting data and accounting (financial) reporting. The following forms of accounting reporting are used:

1. Balance sheet, form No. 1, which reflects retained earnings or uncovered losses of the reporting and previous periods (section III of liabilities);

2. The profit and loss statement, form No. 2, is prepared for the year and for intra-annual periods.

The central form of accounting is the balance sheet

The balance sheet consists of two parts: assets and liabilities. The balance sheet contains a detailed description of the enterprise's resources.

Analysis of types of financial stability of an enterprise

To characterize the financial situation of an enterprise, there are four types of financial stability. When determining the type of financial stability, a three-factor indicator is calculated, which has the following form: M=±Ec,±Et,±Ee.

1) absolute financial stability(the three-factor indicator of the type of financial stability has the following form: M=1,1,1). This type of financial stability is characterized by the fact that all the company’s reserves are covered by its own working capital, i.e. the organization does not depend on external creditors. This situation is extremely rare. Moreover, it can hardly be considered ideal, since it means that the company’s management is unable, unwilling, or unable to use external sources of funds for core activities.

2) normal financial stability(the indicator of the type of financial stability has the following form: M=0,1,1). In this situation, the enterprise uses, in addition to its own working capital, long-term borrowed funds to cover inventories. This type of inventory financing is “normal” from a financial management perspective. Normal financial stability is the most desirable for an enterprise.

3) unstable financial situation(the indicator of the type of financial stability has the following form: M = 0,0,1), characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds, reducing accounts receivable, accelerating inventory turnover.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of reserves does not exceed the total cost of raw materials, materials and finished products.

4) crisis financial condition(the indicator of the type of financial stability has the following form: M = 0,0,0), in which the enterprise is on the verge of bankruptcy, because cash, short-term securities and accounts receivable do not even cover its accounts payable and non-performing loans.

Since a positive factor of financial stability is the presence of sources for the formation of reserves, and a negative factor is the amount of reserves, the main ways out of unstable and crisis financial conditions will be: replenishment of sources for the formation of reserves and optimization of their structure, as well as a reasonable reduction in the level of reserves.

Analysis of enterprise financial stability ratios

To assess the financial stability of an enterprise, a set or system of coefficients is used. There are a lot of such ratios; they reflect different aspects of the state of the assets and liabilities of the enterprise.

A large number of coefficients serve to evaluate the capital structure of an enterprise from different aspects.

Main financial stability ratios:

1) ratio of borrowed and equity funds;

2) bankruptcy forecast coefficient;

3) autonomy coefficient;

4) coefficient of property for production purposes;

5) coefficient of maneuverability of own funds;

6) ratio of mobile and immobilized assets;

7) coefficient of working capital provision from own sources of financing

Financial stability coefficients, their characteristics, calculation formulas and recommended criteria are presented in the table

Indicators	Us. About.	Rec. Crete/	Formula calculation	Characteristic
Autonomy coefficient			Ka=Is/B, where Is is own funds, B is the balance sheet currency	Characterizes the independence of the enterprise from borrowed funds and shows the share of its own funds in the total cost of all funds of the enterprise. The higher the value of this ratio, the more financially sound, stable and more independent the enterprise is from external creditors.
Debt to equity ratio			Kz/s=Kt+Kt/Is, where Kt - long-term liabilities (credits and borrowings), Kt - short-term loans	This ratio provides the most general assessment of financial stability. Shows how many units of borrowed funds account for each unit of own funds. The growth of the indicator in dynamics indicates the increasing dependence of the enterprise on external investors and creditors.
Own funds ratio			Ko=Ec/OA, where Ec is the presence of own fixed assets, OA is current assets	Shows that the enterprise has its own funds necessary for its financial stability.
Maneuverability coefficient			Km=Es/Is, where E is the availability of own fixed assets, Is is own funds	Shows what part of own working capital is in circulation. The ratio should be high enough to provide flexibility in using your own funds. A sharp increase in this ratio cannot indicate normal activity of the enterprise, because an increase in this indicator is possible either with an increase in own working capital, or with a decrease in own sources of financing.
Bankruptcy forecast coefficient			Kp/b=OA-Kt/B, where B is the balance sheet currency, OA is current assets, Kt is short-term loans	Shows the share of net current assets in the value of all assets of the enterprise. If the indicator decreases, the organization experiences financial difficulties
Ratio of mobile and immobilized assets			Km/i=OA/F, where OA is current assets, F is non-current assets	Shows how many non-current assets account for each ruble of current assets.
Industrial property ratio			Kipn=F+Z/B, where F - non-current assets, Z - total amount of inventories, B - balance sheet currency	Shows the share of industrial property in the assets of the enterprise.

Calculation of financial stability indicators provides the manager with some of the information necessary to make a decision on the advisability of attracting additional borrowed funds.

Type of financial stability	3D model	Sources of financing for inventories	Brief description of financial stability
Absolute	M = (1,1,1) ?SOS ≥ 0, ?SD ≥ 0, ?OI ≥ 0	Own working capital (net working capital).	High level of solvency. The company does not depend on external creditors.
Normal	M = (0,1,1)?SOS< 0, ?СД ≥ 0, ?ОИ ≥ 0	Own working capital and long-term liabilities (long-term loans and borrowings).	Guarantees fulfillment of obligations. Normal solvency, rational use of borrowed funds, high profitability of current activities.
Unstable financial condition	M = (0,0,1)?SOS< 0, ?СД < 0, ?ОИ ≥ 0	Own working capital and long-term liabilities (long-term loans and borrowings), short-term loans and borrowings.	Violation of normal solvency, there is a need to attract additional funds. sources of financing, it is possible to restore solvency.
Crisis financial condition	M = (0,0,0)?SOS< 0, ?СД < 0, ?ОИ < 0	—	The company is completely insolvent and on the verge of bankruptcy.

Indicator name	Calculation method	Normal limit	Explanations
Capitalization ratio (leverage)	U1 = ZK / SK = (p.590+p.690) / p.490	Not higher than 1.5	Shows how much borrowed funds the organization has raised per rub. own funds invested in assets
Availability ratio of own sources of financing	U2 = (SK - VOA) / OA = (line 490 - line 190) / line 290, where OA - current assets	Lower limit 0.1; Optimal U2 ≥ 0.5	Shows what part of current assets is financed from own sources
Financial Independence (Autonomy) Coefficient	U3 = SC / VB = line 490 / line 700, where VB is the balance sheet currency	0.4 ≤ U3 ≤ 0.6	Shows the share of own funds in the total amount of funding sources
Funding ratio	U4 = SK / ZK = p.490 / (p.590 + p.690)	U4 ≥ 0.7; Optimal = 1.5	Shows which part of the activity is financed from own funds and which part is financed from borrowed funds
Financial stability ratio	U5 = (SC + DO) / VB = (p.490+p.590) / p.700	U5 ≥ 0.6	Shows how much of an asset is financed from sustainable sources

Financial stability of an enterprise is the essence of key methods of analysis. Analysis of the financial stability of the organization

Send your good work in the knowledge base is simple. Use the form below

2.10 Forecasting the probability of bankruptcy of an enterprise

Applications

INTRODUCTION

Thanks to analysis, it is possible to study planned and actual data, identify reserves for increasing production efficiency, evaluate performance results, make management decisions, and develop an enterprise development strategy.

Section 1. BASIC THEORETICAL INFORMATION ABOUT THE ANALYSIS OF THE FINANCIAL STABILITY OF THE ENTERPRISE

1.1 Economic essence and importance of financial stability of enterprises in the modern economic situation

Financial stability is the key to survival and the basis for the stability of an enterprise.

In addition to the cash and financial investments themselves, this includes accounts receivable and inventories of finished products intended for sale.

But the degree of dependence on creditors is assessed not only by the ratio of borrowed and own sources of funds. This is a more multifaceted concept, including the assessment of equity capital, the composition of current and non-current assets, and the presence or absence of losses, etc.

The sustainability of an enterprise is influenced by various factors:

· position of the enterprise in the product market;

· production and release of cheap, high-quality products that are in demand on the market;

· its potential in business cooperation;

· degree of dependence on external creditors and investors;

· presence of insolvent debtors;

· efficiency of economic and financial operations, etc.

This variety of factors also divides resistance itself by type. So, in relation to an enterprise, it can be: depending on the factors influencing it - internal and external, general (price), financial.

The overall sustainability of an enterprise is a movement of cash flows that ensures that the receipt of funds (income) always exceeds their expenditure (costs).

1.2 Information base for analyzing the financial stability of an enterprise

Section 2. ANALYSIS OF FINANCIAL STABILITY AND LIQUIDITY OF THE ENTERPRISE

2.1 Analysis of the composition and placement of enterprise assets

2.2 Analysis of the dynamics and structure of sources of financial resources of the enterprise

Table 2.3. Dynamics and structure of sources of financial resources

Types of sources of financial resources

To the beginning

Finally

Thousand

Thousand

Thousand

2. Long-term liabilities

3. Current liabilities

2.3 Analysis of the composition and turnover of the enterprise’s working capital

2.4 Analysis of the availability and movement of own working capital

2.5 Determining the type of current financial stability

2.6 Analysis of receivables and payables

Similar documents

Financial sustainability analysis: What is it?

Autonomy coefficient

Capitalization ratio

Inventory coverage ratio

Asset coverage ratio

Investment coverage ratio

Interest coverage ratio

9. Financial stability analysis